Ocean State

Investment

Pool

Cash Portfolio

James A. Diossa

General Treasurer

Annual Report

June 30, 2024

Contents

Dear Participant,

Thank you for participating in Ocean State Investment Pool (OSIP), a high-quality, cost-effective investment tool designed to help Rhode Island government finance professionals reach their liquidity management objectives. By pooling the funds of eligible investors and creating economies of scale, OSIP offers participants access to a professionally managed, low-cost investment option.

I am pleased to present you with this year’s OSIP Annual Report of financial activities for the fiscal year ended June 30, 2024. Over that period, OSIP’s one-year annualized net return was 5.48% percent, which outperforms its benchmark, the FTSE 3-Month T-Bill Index. Maturity averages for OSIP ranged from 14 to 48 days over that same 12-month period.

Since its inception, OSIP has been managed by one of the nation’s largest providers of institutional liquidity management services, FIAM LLC, a Fidelity Investments company.

If you have any questions, or if you would like to share any feedback about OSIP, please contact the OSIP Client Service team at 1-855-900-OSIP, or visit osip.fidelity.com.

Sincerely,

James A. Diossa

State of Rhode Island

General Treasurer

Past performance is no guarantee of future results.

As of 6/30/24, the 7-Day SEC Yield for the Ocean State Investment Pool was 5.31%. As of 6/30/24, the one-year annualized return for FTSE 3-Month T- Bill index is 5.64%

Source: Fidelity Investments as of 6/30/24

You could lose money by investing in the OSIP. An investment in the OSIP is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although OSIP seeks to preserve the value of the investment at $1.00 per unit, there is no guarantee that it will do so. Neither OSIP’s sponsor, advisor nor any of their affiliates has a legal obligation to provide financial support to the Pool at any time.

No guarantee by the State of Rhode Island or the U.S. Government or any of its agencies.

The Ocean State Investment Pool Trust (OSIP) is offered by The State of Rhode Island and managed by FIAM LLC a Fidelity Investments company. FIAM LLC is an investment adviser registered under the Investment Advisers Act of 1940. Fidelity Distributors Company LLC (FDC), an affiliate of FIAM LLC, is the servicing agent for OSIP. OSIP is not a mutual fund and is exempted from the Investment Company Act of 1940.

Before investing in the Ocean State Investment Pool Trust, consider its investment objectives, risks, charges, and expenses. For additional information, call FDC at 855-900-OSIP (6747) for a free Investment Circular.

To view the Investment Circular online, go to osip.fidelity.com.

Please read the Investment Circular carefully before you invest. The Investment Circular is the only authorized source of definitive information regarding investment in the Ocean State Investment Pool Cash Portfolio.

Fidelity Investments and the State of RI are not affiliated.

Fidelity Distributors Company LLC

500 Salem Street

Smithfield, RI 02917

732168.13.0

Report of Independent Auditors

To the Management of the Ocean State Investment Pool Trust

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of the Ocean State Investment Pool (“OSIP”) Cash Portfolio (a portfolio of the Ocean State Investment Pool Trust) (the “Cash Portfolio”), which comprise the statement of net position as of June 30, 2024, and the related statement of changes in net position for the year then ended, including the related notes.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Cash Portfolio as of June 30, 2024, and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Cash Portfolio and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

As discussed in Note 1, the financial statements of the Cash Portfolio are intended to present the financial position and the changes in financial position of the Ocean State Investment Pool Cash Portfolio and do not purport to, and do not, present fairly the financial position of the Ocean State Investment Pool Trust or the State of Rhode Island as of June 30, 2024 or the changes in its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Cash Portfolio’s ability to continue as a going concern for twelve

Report of Independent Auditors

months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS and Government Auditing Standards, will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS and Government Auditing Standards, we:

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Report of Independent Auditors

Required Supplemental Information

Management has omitted management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information.

Other Information

Management is responsible for the other information included in the annual report. The other information comprises the Treasurer’s Letter, but does not include the basic financial statements and our auditors’ report thereon. Our opinion on the basic financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated September 9, 2024 on our consideration of the Ocean State Investment Pool Cash Portfolio’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Ocean State Investment Pool Cash Portfolio’s internal control over financial reporting and compliance.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

September 9, 2024

OSIP Cash Portfolio

Financial Statements

See accompanying notes which are an integral part of the financial statements.

Financial Statements – continued

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended June 30, 2024

1. Significant Accounting Policies.

Ocean State Investment Pool (“OSIP”) Cash Portfolio (a portfolio of the Ocean State Investment Pool Trust) (the “Cash Portfolio”) (OSIP or the Trust) which is an investment pool established by the General Treasurer of the State of Rhode Island under Declaration of Trust, dated January 25, 2012 under the Rhode Island Local Government Investment Pool Act Ch. 35-10.2 of the Rhode Island General Laws as amended, as a voluntary investment vehicle for funds of, and funds under custody of, agencies, authorities, commissions, boards, municipalities, political subdivisions, and other public units of the State of Rhode Island. FIAM LLC (FIAM) serves as the investment advisor on the Cash Portfolio as explained in Note 4. The Cash Portfolio is not registered with the Securities and Exchange Commission (SEC) as an investment company. The Cash Portfolio is an external investment pool as defined by the Governmental Accounting Standards Board (GASB) and has elected to measure for financial reporting purposes all of its investments at amortized cost. The Cash Portfolio has met the criteria outlined in GASB Statement No. 79 — Certain External Investment Pools and Pool Participants regarding portfolio maturity, quality, diversification and liquidity requirements and shadow pricing requirements which are required for such election. The Cash Portfolio transacts with its participants at a stable net asset value per unit.

This report consists of a Statement of Net Position, which presents information on the Cash Portfolio’s assets and liabilities, and a Statement of Changes in Net Position, which presents information showing how the Cash Portfolio’s net position changed during the year. The Statement of Net Position and Statement of Changes in Net Position presents only the OSIP Cash Portfolio and does not purport to, and does not, present fairly the financial position of the Ocean State Investment Pool Trust or the State of Rhode Island as of June 30, 2024, and the changes to its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

In accordance with the Investment Objectives of the Rhode Island State Investment Commission, the Cash Portfolio may invest in securities which may include certain U.S. government and government agency obligations, U.S. dollar-denominated money market securities of domestic and foreign issuers such as short-term certificates of deposits, commercial paper, corporate bonds and notes, time deposits, municipal securities, asset-backed securities and repurchase agreements. The financial statements for the Cash Portfolio have been prepared in conformance with generally accepted accounting principles for governmental entities as prescribed by the GASB.

Such principles require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through September 9, 2024, the

Notes to Financial Statements – continued

1. Significant Accounting Policies. — continued

date the financial statements were available to be issued, have been evaluated in the preparation of the financial statements.

The following is a summary of the significant accounting policies:

Security Valuation. Investments are valued and net asset value per unit (NAV) is calculated as of 4:00 p.m. Eastern time on the last calendar day of the period. The Cash Portfolio 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 Cash Portfolio’s own assumptions based on the best information available)

The securities owned by the Cash Portfolio are valued at amortized cost, which approximates fair value. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. Securities held by the Cash Portfolio are generally high quality and liquid; however, they are reflected as Level 2 in the hierarchy because the inputs used to determine fair value are not quoted prices in an active market.

Repurchase Agreements. Under the Investment Guidelines of the Trust, the Cash Portfolio may invest in repurchase agreements through joint trading accounts. Affiliates of FIAM have received an Exemptive Order from the SEC which permits accounts advised by FIAM, among others, to use joint trading accounts to invest in repurchase agreements. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The Cash Portfolio may also invest directly with institutions in repurchase agreements. These direct repurchase agreements are collateralized by government and non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value 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.

Federal Income Taxes. Pursuant to Internal Revenue Code Section 115, the Cash Portfolio is not subject to federal income tax.

1. Significant Accounting Policies. — continued

Distribution of Net Investment Income and Capital Gains. Net investment income is determined at the close of business each day and consists of (i) interest accrued or discount earned (including both original issue and market discount); (ii) plus or minus amortization of accumulated gains or losses realized on the sale of Cash Portfolio assets; (iii) less amortization of premium and the estimated expenses of the Trust applicable to the dividend period. For Treasury Inflation-Protected Securities (TIPS) the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Changes in Net Position. All net investment income so determined is declared as a dividend to participants each day and paid monthly.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. For financial reporting purposes, the Cash Portfolio’s investment holdings and net position include trades executed through the end of the last business day of the period. The NAV per unit for processing unit holder transactions is calculated as of the close of business, normally 4:00 p.m. Eastern time, on days when both the Federal Reserve Bank of Boston and the New York Stock Exchange (NYSE) are open and includes trades executed through the end of the current business day.

2. Investment Risk Disclosure

Investments are subject to a variety of risks such as interest rate, credit, foreign currency or custodial credit risk. GASB requires that entities disclose certain essential risk information about deposits and investments.

Investment Guidelines. The Cash Portfolio’s Investment Guidelines address portfolio quality, maturity, diversification and liquidity requirements consistent with the provisions of GASB Statement No.79. as disclosed in the current Investment Circular. The Cash Portfolio’s Investment Circular limits the maximum investment, at the time of purchase, in the securities of any single issuer to 5% of the portfolio.

Interest Rate Risk. Interest rate risk is managed by limiting the weighted average maturity and weighted average life of its investments to not exceed 60 days and 120 days, respectively. The risk associated with changes in interest rates could adversely affect the fair value of the investment. At June 30, 2024, the weighted average maturity for Cash Portfolio was 27 days.

Notes to Financial Statements – continued

2. Investment Risk Disclosure — continued

Credit Risk. Credit risk refers to the ability of the issuer to make timely payments of interest and principal. The Cash Portfolio’s investments are required to be invested in only the “highest quality securities” defined as being rated in one of the highest categories by at least two Nationally Recognized Statistical Rating Organizations. Securities underlying repurchase agreements often take the form of U.S. Treasuries or obligations explicitly guaranteed by the U.S. government, which are not considered to have credit risk, shown as Prime P-1 in the table below. Credit quality for the Cash Portfolio represents ratings assigned at the security level or ratings assigned to the entities that issue the securities. The Cash Portfolio uses short-term ratings from Moody’s Investors Services, Inc. Where Moody’s ratings are not available, Moody’s-equivalent S&P ratings have been used. If a security has two ratings, the security is considered to be in the lower of the two categories. If a security has more than two ratings, the security is considered to be in the highest category of all ratings as determined by at least two rating agencies.

Credit ratings for the securities held are shown in the table below.

2. Investment Risk Disclosure — continued

Foreign Currency Risk. Foreign currency risk represents exposure to changes in the fair value of investments due to volatility in exchange rates. The Cash Portfolio does not have any investments in foreign denominated securities.

Custodial Credit Risk. Custodial credit risk represents the potential inability of a custodian to return the Cash Portfolio’s deposits and investments in the event of a failure. As of June 30, 2024, the Cash Portfolio did not have any cash balances that were subject to custodial credit risk and all investment securities are registered to the Cash Portfolio.

Other. The Cash Portfolio is subject to other various business and market risks. The value of investments made for the Cash Portfolio may increase as well as decrease. No guarantees as to any specific level of performance of the assets or to support the value of units has been obtained or provided by the State of Rhode Island.

3. Units of Participation.

The beneficial interest for the Cash Portfolio shall at all times be divided into an unlimited number of units. Redemption of all or any part of a collected balance in an account may be made on any day the portfolio is open for business. There are no limitations or restrictions on participant withdrawals.

4. Management Fee.

The Cash Portfolio pays one all-inclusive management fee for the investment management, custody, administrative and other participant services. These fees are paid to FIAM pursuant to a contract dated January 25, 2012, as amended from time to time. FIAM is responsible for paying all operating expenses (excluding expenses of the Trustee, brokerage fees, commissions, taxes and extraordinary non-recurring expenses); no direct fees are charged to participants. Under its contract, FIAM provides advice and assistance in the selection of portfolio investments; provides all necessary office space, facilities, and personnel; assists in providing participant communications; pays all operating expenses of the Cash Portfolio; and generally maintains the Cash Portfolio’s organization.

For these services and the assumption of all operating expenses of the Cash Portfolio, the Cash Portfolio pays FIAM a fee that is calculated daily and paid monthly. The fee for the Cash Portfolio is based on a graduated series of rates ranging from .12% to .13% of average net assets. The rates decrease as assets under management increase and increase as assets under management decrease. For the fiscal year ended June 30, 2024, the fee amounted to $2,147,296 and was equivalent to an annual rate of .124% of average net assets for the period.

Notes to Financial Statements – continued

4. Management Fee. — continued

Fidelity Investments Institutional Operations Company LLC, an affiliate of FIAM, performs the processing activities associated with the transfer agent and participant servicing functions for the Cash Portfolio. Fidelity Service Company, Inc., an affiliate of FIAM, determines the net asset value per unit and income distributions and maintains the portfolio and general accounting records of the Cash Portfolio. The Cash Portfolio does not pay any additional fees for these services.

5. Expense Reductions.

The investment advisor or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment advisor at any time. For the period, the fund made no waiver.

6. Other Information.

At the end of the period, the State of Rhode Island or its agencies, authorities, commission, boards, municipalities, political subdivisions, or other public units were the owners of record of 100% of the total outstanding units of the Cash Portfolio.

7. Risk and Uncertainties.

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

8. Schedule of Investments.

The following represents the Cash Portfolio investments shown as a percentage of net position, by category, which are valued at amortized cost.

Notes to Financial Statements – continued

8. Schedule of Investments. — continued

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Notes to Financial Statements – continued

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Notes to Financial Statements – continued

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Notes to Financial Statements – continued

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Notes to Financial Statements – continued

8. Schedule of Investments. — continued

Investment Valuation

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.

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 those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

# Additional information on each counterparty to the repurchase agreement is as follows:

Trustee

James A. Diossa, General Treasurer

Investment Adviser

FIAM LLC

Custodian

State Street Bank & Trust Company

Independent Auditors

PricewaterhouseCoopers LLP

OSIP-ANN-0824

1.945431.112