Ocean State
Investment
Pool
Cash Portfolio
James A. Diossa
General Treasurer
Annual Report
June 30, 2025
2
Thank you for partaking in the Ocean State Investment Pool (OSIP), a reliable and affordable investment tool tailored to support Rhode Island government finance professionals in meeting their short-term cash management goals. By combining the assets of qualified investors, OSIP leverages economies of scale to offer a professionally managed, cost-efficient investment option.
I am pleased to present you with this year’s OSIP Annual Report on financial activities for the fiscal year ended June 30, 2025. OSIP is managed by FIAM LLC, a Fidelity Investments company and one of the nation’s largest providers of institutional liquidity management services.
If you have any questions, would like more information, or 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
3
Past performance is no guarantee of future results.
As of 6/30/25, the 7-Day SEC Yield for the Ocean State Investment Pool was 4.28%. As of 6/30/25, the one-year annualized return for FTSE 3-Month T- Bill index is 4.88%
Source: Fidelity Investments as of 6/30/25
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
732168.14.0
4
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, 2025, and the related statement of changes in net position for the year then ended, including the related notes, which collectively comprise the Cash Portfolio’s basic financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Cash Portfolio as of June 30, 2025, 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, 2025 or the changes in their financial position, or, where applicable, their 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
5
Report of Independent Auditors
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 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:
| • | Exercise professional judgment and maintain professional skepticism throughout the audit. | |
| • | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. | |
| • | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Cash Portfolio’s internal control. Accordingly, no such opinion is expressed. | |
| • | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. | |
| • | Conclude whether, in our judgment, 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 a reasonable period of time. |
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.
6
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.
Supplemental Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that comprise the Cash Portfolio’s basic financial statements. The supplemental statements of net position and of changes in net position due to designated beneficiaries for each of the entities in the Cash Portfolio as of and for the year ended June 30, 2025 (the “supplemental information”) on pages 33 – 34 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The supplemental information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
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.
7
Report of Independent Auditors
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September 9, 2025 on our consideration of the 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 Cash Portfolio’s internal control over financial reporting and compliance.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
September 9, 2025
8
OSIP Cash Portfolio
| Statement of Net Position |
| June 30, 2025 | ||||
| Assets | ||||
| Cash | $ | 146,683 | ||
| Investments in securities, at amortized cost, which approximates fair value (including repurchase agreements of $171,429,000) - See accompanying schedule | 1,497,780,423 | |||
| Interest receivable | 725,512 | |||
| Total assets | 1,498,652,618 | |||
| Liabilities | ||||
| Distributions payable | 568,693 | |||
| Accrued management fee | 137,705 | |||
| Total Liabilities | 706,398 | |||
| Net Position (equivalent to $1.00 Net asset value per unit based on units outstanding) | $ | 1,497,946,220 | ||
| Units outstanding | 1,497,946,220 | |||
See accompanying notes which are an integral part of the financial statements.
9
| Statement of Changes in Net Position |
| Year
Ended June 30, 2025 |
||||
| Additions | ||||
| Interest income | $ | 69,884,237 | ||
| Net increase in fair value of investments | 1,848 | |||
| Management fee | (1,823,573 | ) | ||
| Net Investment Income | 68,062,512 | |||
| Affiliated share transactions at net asset value of $1.00 per unit Proceeds from sales of units and reinvestment of distributions | 4,106,118,537 | |||
| Total additions | 4,174,181,049 | |||
| Deductions | ||||
| Cost of units redeemed | 4,209,029,105 | |||
| Distributions to unit holders | 68,066,027 | |||
| Total deductions | 4,277,095,132 | |||
| Net increase (decrease) in net position | (102,914,083 | ) | ||
| Net Position | ||||
| Beginning of period | 1,600,860,303 | |||
| End of period | $ | 1,497,946,220 | ||
See accompanying notes which are an integral part of the financial statements.
10
For the period ended June 30, 2025
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, 2025, 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, 2025, the
11
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.
12
Notes to Financial Statements – continued
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, 2025, the weighted average maturity for Cash Portfolio was 20 days.
13
2. Investment Risk Disclosure – continued
| Investment Maturities (In days) (at Amortized Cost) | ||||||||||||||||||||
| At Fair Value | 0 - 30 | 31 – 90 | 91 – 180 | 181 – 397 | ||||||||||||||||
| Certificates of Deposit | $ | 4,000,000 | $ | 4,000,000 | $ | — | $ | — | $ | — | ||||||||||
| Commercial Paper | 695,113,076 | 404,730,167 | 221,078,492 | 61,304,417 | 8,000,000 | |||||||||||||||
| Repurchase Agreements | 171,429,000 | 171,429,000 | — | — | — | |||||||||||||||
| Time Deposits | 69,000,000 | 69,000,000 | — | — | — | |||||||||||||||
| U.S. Government Agency - Debt | 347,215,676 | 224,603,924 | 122,611,752 | — | — | |||||||||||||||
| U.S. Treasury Obligations | 196,547,671 | 176,612,510 | 19,935,161 | — | — | |||||||||||||||
| Variable Rate Demand Note | 14,475,000 | 14,475,000 | — | — | — | |||||||||||||||
| Grand Total | $ | 1,497,780,423 | $ | 1,064,850,601 | $ | 363,625,405 | $ | 61,304,417 | $ | 8,000,000 | ||||||||||
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.
| (Credit Risk at Amortized Cost) | ||||||||
| At Fair Value | Sum of P-1 | |||||||
| Certificates of Deposit | $ | 4,000,000 | $ | 4,000,000 | ||||
| Commercial Paper | 695,113,076 | 695,113,076 | ||||||
| Repurchase Agreements | 171,429,000 | 171,429,000 | ||||||
| Time Deposits | 69,000,000 | 69,000,000 | ||||||
| U.S. Government Agency - Debt | 347,215,676 | 347,215,676 | ||||||
| U.S. Treasury Obligations | 196,547,671 | 196,547,671 | ||||||
| Variable Rate Demand Note | 14,475,000 | 14,475,000 | ||||||
| Grand Total | $ | 1,497,780,423 | $ | 1,497,780,423 | ||||
14
Notes to Financial Statements – continued
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, 2025, 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, 2025, the fee amounted to $1,823,573 and was equivalent to an annual rate of .125% of average net assets for the period.
15
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 portfolio 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 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 portfolio will be impacted by the types of securities in which a portfolio invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a portfolio’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 portfolio’s performance.
16
Notes to Financial Statements – continued
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.
| Repurchase Agreements – 11.4% |
| Maturity Amount ($) | Value ($) | ||||||
| Investments in repurchase agreements in a joint trading account at 4.39%, dated 6/30/2025 due 7/1/2025 (Collateralized by U.S. Government Obligations)# | 3,792,462 | 3,792,000 | |||||
| Investments in repurchase agreements in a joint trading account at 4.4%, dated 6/30/2025 due 7/1/2025 (Collateralized by U.S. Government Obligations)# | 58,644,170 | 58,637,000 | |||||
| Repurchase Agreements* | 109,270,177 | 109,000,000 | |||||
| TOTAL REPURCHASE AGREEMENTS | |||||||
| (Cost $171,429,000) | 171,429,000 | ||||||
| Variable Rate Demand Note – 1.0% |
| Principal Amount (a) | Value ($) | ||||||
| Texas - 1.0% | |||||||
| Texas State Gen. Oblig. Series 2023 A, 4.4% 12/1/2054 VRDN (b) (Cost $14,475,000) | 14,475,000 | 14,475,000 | |||||
| Certificates of Deposit – 0.3% |
| Yield (%) (c) | Principal Amount (a) | Value ($) | ||||||||
| Landesbank Baden-Wuerttemberg/New York NY yankee 4.38% 7/7/2025 | 4.38 | 3,000,000 | 3,000,000 | |||||||
| Landesbank Baden-Wuerttemberg/New York NY yankee 4.38% 7/7/2025 | 4.38 | 1,000,000 | 1,000,000 | |||||||
| TOTAL CERTIFICATES OF DEPOSIT | ||||||||||
| (Cost $4,000,000) | 4,000,000 | |||||||||
| Commercial Paper – 46.4% |
| Yield (%) (c) | Principal Amount (a) | Value ($) | ||||||||
| ABN AMRO Funding USA LLC 4.36% 7/16/2025 | 4.37 | 10,000,000 | 9,981,833 | |||||||
| Atlantic Asset Securitization LLC 4.33% 7/1/2025 (Liquidity Facility Credit Agricole Cib Ny Brh) | 4.33 | 14,000,000 | 14,000,000 | |||||||
17
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Atlantic Asset Securitization LLC 4.34% 7/1/2025 (Liquidity Facility Credit Agricole Cib Ny Brh) | 4.34 | 1,600,000 | 1,600,000 | ||||||
| Atlantic Asset Securitization LLC 4.37% 7/10/2025 (Liquidity Facility Credit Agricole Cib Ny Brh) | 4.38 | 12,000,000 | 11,986,890 | ||||||
| Australia & New Zealand Banking Group Ltd U.S. SOFR Index + 0.2%, 4.59% 10/2/2025 (b)(d) | 4.59 | 5,000,000 | 5,000,000 | ||||||
| Australia & New Zealand Banking Group Ltd U.S. SOFR Index + 0.2%, 4.59% 9/23/2025 (b)(d) | 4.59 | 2,000,000 | 2,000,000 | ||||||
| Australia & New Zealand Banking Group Ltd yankee U.S. SOFR Index + 0.16%, 4.55% 9/12/2025 (b)(d) | 4.55 | 1,000,000 | 1,000,000 | ||||||
| Australia & New Zealand Banking Group Ltd yankee U.S. SOFR Index + 0.2%, 4.59% 10/1/2025 (b)(d) | 4.59 | 5,000,000 | 5,000,000 | ||||||
| Autobahn Funding Co LLC 4.35% 7/1/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.35 | 7,000,000 | 7,000,000 | ||||||
| Autobahn Funding Co LLC 4.36% 7/1/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.36 | 1,447,000 | 1,447,000 | ||||||
| Autobahn Funding Co LLC 4.36% 7/7/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.36 | 16,000,000 | 15,988,373 | ||||||
| Autobahn Funding Co LLC 4.37% 7/7/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.38 | 15,000,000 | 14,989,075 | ||||||
| Autobahn Funding Co LLC 4.38% 7/9/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.40 | 9,000,000 | 8,991,240 | ||||||
| Autobahn Funding Co LLC 4.39% 7/2/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.41 | 14,000,000 | 13,998,293 | ||||||
| Autobahn Funding Co LLC 4.39% 7/2/2025 (Liquidity Facility Dz Bank Ag Deutsche Zentral GeNossenschaftsbank) | 4.41 | 12,000,000 | 11,998,537 | ||||||
| Bank of Montreal U.S. SOFR Index + 0.16%, 4.55% 9/4/2025 (b)(d) | 4.55 | 1,000,000 | 1,000,000 | ||||||
| Bank of Montreal U.S. SOFR Index + 0.16%, 4.55% 9/5/2025 (b)(d) | 4.55 | 2,000,000 | 2,000,000 | ||||||
18
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Bank of Montreal yankee 4.38% 7/23/2025 | 4.42 | 3,000,000 | 2,991,970 | ||||||
| Bank of Montreal yankee 4.39% 7/23/2025 | 4.43 | 4,000,000 | 3,989,269 | ||||||
| Bank of Montreal yankee 4.4% 8/27/2025 | 4.45 | 1,000,000 | 993,032 | ||||||
| Bank of Montreal yankee 4.4% 8/28/2025 | 4.45 | 5,000,000 | 4,964,556 | ||||||
| Bank of Montreal yankee 4.4% 9/18/2025 | 4.45 | 4,000,000 | 3,961,378 | ||||||
| Bank of Montreal yankee 4.4% 9/3/2025 | 4.45 | 2,000,000 | 1,984,356 | ||||||
| Bank of Montreal yankee 4.415% 7/25/2025 | 4.45 | 25,000,000 | 24,926,417 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.39% 7/11/2025 (e) | 4.41 | 20,000,000 | 19,975,611 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.415% 8/11/2025 (e) | 4.45 | 2,000,000 | 1,989,943 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.415% 8/29/2025 (e) | 4.45 | 2,000,000 | 1,985,528 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.425% 7/10/2025 (e) | 4.45 | 2,000,000 | 1,997,788 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.425% 7/18/2025 (e) | 4.46 | 2,000,000 | 1,995,821 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.425% 7/22/2025 (e) | 4.46 | 2,000,000 | 1,994,838 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.425% 8/5/2025 (e) | 4.46 | 2,000,000 | 1,991,396 | ||||||
| Barclays Bank PLC / Barclays US CCP Funding LLC yankee 4.45% 7/2/2025 (e) | 4.48 | 2,000,000 | 1,999,753 | ||||||
| Bedford Row Funding Corp 4.35% 11/20/2025 (Liquidity Facility Royal Bank Of Canada) | 4.45 | 1,000,000 | 982,842 | ||||||
| Bedford Row Funding Corp 4.35% 12/3/2025 (Liquidity Facility Royal Bank Of Canada) | 4.46 | 1,000,000 | 981,271 | ||||||
| Bedford Row Funding Corp 4.365% 7/23/2025 (Liquidity Facility Royal Bank Of Canada) | 4.43 | 2,000,000 | 1,994,665 | ||||||
19
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Bedford Row Funding Corp U.S. SOFR Index + 0.2%, 4.59% 10/3/2025 (Liquidity Facility Royal Bank Of Canada) (b)(d) | 4.59 | 1,000,000 | 1,000,000 | ||||||
| Bedford Row Funding Corp U.S. SOFR Index + 0.23%, 4.62% 7/1/2025 (Liquidity Facility Royal Bank Of Canada) (b)(d) | 4.62 | 9,000,000 | 9,000,000 | ||||||
| Bedford Row Funding Corp U.S. SOFR Index + 0.24%, 4.63% 7/15/2025 (Liquidity Facility Royal Bank Of Canada) (b)(d) | 4.63 | 1,000,000 | 1,000,000 | ||||||
| BofA Securities Inc 4.36% 9/2/2025 | 4.43 | 2,000,000 | 1,984,740 | ||||||
| BofA Securities Inc 4.45% 7/15/2025 | 4.50 | 2,000,000 | 1,996,539 | ||||||
| BofA Securities Inc U.S. SOFR Index + 0.17%, 4.57% 8/15/2025 (b)(d) | 4.57 | 2,000,000 | 2,000,000 | ||||||
| Cabot Trail Funding LLC 4.36% 10/31/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.45 | 4,125,000 | 4,064,051 | ||||||
| Cabot Trail Funding LLC 4.36% 11/17/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.46 | 1,000,000 | 983,166 | ||||||
| Cabot Trail Funding LLC 4.36% 11/18/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.46 | 1,000,000 | 983,044 | ||||||
| Cabot Trail Funding LLC 4.36% 11/20/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.46 | 1,000,000 | 982,802 | ||||||
| Cabot Trail Funding LLC 4.36% 11/21/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.46 | 1,000,000 | 982,680 | ||||||
| Cabot Trail Funding LLC 4.36% 11/6/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.45 | 21,875,000 | 21,535,889 | ||||||
| Cabot Trail Funding LLC 4.36% 7/2/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.41 | 13,000,000 | 12,998,426 | ||||||
| Cabot Trail Funding LLC 4.36% 9/2/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.46 | 1,000,000 | 992,370 | ||||||
20
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Cabot Trail Funding LLC 4.37% 8/27/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.47 | 1,000,000 | 993,081 | ||||||
| Cabot Trail Funding LLC 4.445% 7/21/2025 (Liquidity Facility The Toronto Dominion Bank) | 4.50 | 1,000,000 | 997,531 | ||||||
| Canadian Imperial Bank of Commerce U.S. SOFR Index + 0.16%, 4.55% 9/22/2025 (b)(d) | 4.55 | 2,000,000 | 2,000,000 | ||||||
| DNB Bank ASA yankee 4.35% 9/9/2025 | 4.42 | 1,000,000 | 991,541 | ||||||
| DZ Bank NY Branch 4.35% 7/8/2025 | 4.35 | 6,000,000 | 5,994,925 | ||||||
| Federation des Caisses Desjardins du Quebec yankee 4.35% 11/14/2025 | 4.45 | 1,000,000 | 983,567 | ||||||
| Federation des Caisses Desjardins du Quebec yankee 4.395% 9/22/2025 | 4.45 | 2,000,000 | 1,979,734 | ||||||
| Federation des Caisses Desjardins du Quebec yankee 4.395% 9/22/2025 | 4.45 | 2,000,000 | 1,979,734 | ||||||
| Federation des Caisses Desjardins du Quebec yankee 4.395% 9/23/2025 | 4.45 | 1,000,000 | 989,745 | ||||||
| Gotham Funding Corp yankee 4.34% 7/1/2025 (Liquidity Facility Mufg Bank Ltd) | 4.34 | 27,000,000 | 27,000,000 | ||||||
| Gotham Funding Corp yankee 4.395% 8/22/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 1,000,000 | 993,652 | ||||||
| Gotham Funding Corp yankee 4.4% 8/15/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 1,000,000 | 994,500 | ||||||
| Gotham Funding Corp yankee 4.4% 8/20/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 1,000,000 | 993,889 | ||||||
| Gotham Funding Corp yankee 4.4% 9/26/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 23,400,000 | 23,151,180 | ||||||
| Gotham Funding Corp yankee 4.41% 9/17/2025 (Liquidity Facility Mufg Bank Ltd) | 4.46 | 2,000,000 | 1,980,890 | ||||||
| Gotham Funding Corp yankee 4.41% 9/23/2025 (Liquidity Facility Mufg Bank Ltd) | 4.46 | 1,000,000 | 989,710 | ||||||
| ING US Funding LLC 4.4% 8/22/2025 | 4.45 | 2,000,000 | 1,987,288 | ||||||
21
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| JPMorgan Securities LLC U.S. SOFR Index + 0.25%, 4.65% 7/2/2025 (b)(d) | 4.65 | 1,000,000 | 999,999 | ||||||
| Landesbank Baden-Wuerttemberg yankee 4.35% 7/1/2025 | 4.35 | 22,000,000 | 22,000,000 | ||||||
| Liberty Street Funding LLC 4.36% 7/2/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.41 | 1,000,000 | 999,879 | ||||||
| Liberty Street Funding LLC 4.37% 7/29/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.44 | 1,000,000 | 996,601 | ||||||
| Liberty Street Funding LLC 4.37% 7/31/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.44 | 1,000,000 | 996,358 | ||||||
| Liberty Street Funding LLC 4.4% 10/14/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.46 | 1,000,000 | 987,167 | ||||||
| Liberty Street Funding LLC 4.4% 10/17/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.47 | 1,000,000 | 986,800 | ||||||
| Liberty Street Funding LLC 4.4% 10/20/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.47 | 1,000,000 | 986,433 | ||||||
| Liberty Street Funding LLC 4.4% 8/28/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.47 | 18,000,000 | 17,872,400 | ||||||
| Liberty Street Funding LLC 4.44% 8/15/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.51 | 1,000,000 | 994,450 | ||||||
| Liberty Street Funding LLC 4.45% 7/11/2025 (Liquidity Facility The Bank Of Nova Scotia) | 4.50 | 1,000,000 | 998,764 | ||||||
| Manhattan Asset Funding Co LLC 4.35% 7/9/2025 (Liquidity Facility Sumitomo Mitsui Bkg Corp) | 4.42 | 30,000,000 | 29,971,000 | ||||||
| Manhattan Asset Funding Co LLC 4.38% 8/7/2025 (Liquidity Facility Sumitomo Mitsui Bkg Corp) | 4.40 | 18,000,000 | 17,918,970 | ||||||
| Manhattan Asset Funding Co LLC 4.4% 8/28/2025 (Liquidity Facility Sumitomo Mitsui Bkg Corp) | 4.45 | 10,000,000 | 9,929,111 | ||||||
| Mizuho Bank Ltd/New York NY 4.35% 7/11/2025 | 4.36 | 15,000,000 | 14,981,875 | ||||||
22
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| National Australia Bank Ltd U.S. SOFR Index + 0.17%, 4.56% 8/27/2025 (b)(d) | 4.56 | 1,000,000 | 1,000,000 | ||||||
| National Australia Bank Ltd U.S. SOFR Index + 0.19%, 4.58% 10/14/2025 (b)(d) | 4.58 | 1,000,000 | 1,000,000 | ||||||
| National Australia Bank Ltd U.S. SOFR Index + 0.22%, 4.61% 1/22/2026 (b)(d) | 4.61 | 1,000,000 | 1,000,000 | ||||||
| National Australia Bank Ltd yankee 4.35% 7/7/2025 | 4.36 | 3,000,000 | 2,997,825 | ||||||
| National Australia Bank Ltd yankee 4.36% 7/10/2025 | 4.37 | 3,000,000 | 2,996,730 | ||||||
| National Bank of Canada U.S. SOFR Index + 0.16%, 4.55% 9/12/2025 (b)(d) | 4.55 | 2,000,000 | 2,000,000 | ||||||
| National Bank of Canada yankee 4.38% 7/28/2025 | 4.43 | 2,000,000 | 1,993,430 | ||||||
| National Bank of Canada yankee 4.38% 7/30/2025 | 4.43 | 2,000,000 | 1,992,943 | ||||||
| National Bank of Canada yankee 4.39% 7/24/2025 | 4.43 | 9,000,000 | 8,974,758 | ||||||
| National Bank of Canada yankee 4.4% 9/24/2025 | 4.45 | 4,000,000 | 3,958,444 | ||||||
| Podium Funding Trust U.S. SOFR Index + 0.18%, 4.57% 9/4/2025 (Liquidity Facility Bank Of Montreal Que) (b)(d) | 4.57 | 1,000,000 | 1,000,000 | ||||||
| Podium Funding Trust U.S. SOFR Index + 0.22%, 4.61% 9/16/2025 (Liquidity Facility Bank Of Montreal Que) (b)(d) | 4.61 | 1,000,000 | 1,000,000 | ||||||
| Podium Funding Trust U.S. SOFR Index + 0.22%, 4.61% 9/29/2025 (Liquidity Facility Bank Of Montreal Que) (b)(d) | 4.61 | 1,000,000 | 1,000,000 | ||||||
| Podium Funding Trust yankee 4.36% 11/20/2025 (Liquidity Facility Bank Of Montreal Que) | 4.46 | 1,000,000 | 982,802 | ||||||
| Podium Funding Trust yankee 4.36% 11/4/2025 (Liquidity Facility Bank Of Montreal Que) | 4.45 | 1,000,000 | 984,740 | ||||||
| Podium Funding Trust yankee 4.37% 7/23/2025 (Liquidity Facility Bank Of Montreal Que) | 4.43 | 1,000,000 | 997,329 | ||||||
| Podium Funding Trust yankee 4.37% 7/24/2025 (Liquidity Facility Bank Of Montreal Que) | 4.43 | 1,000,000 | 997,208 | ||||||
| Podium Funding Trust yankee 4.45% 7/10/2025 (Liquidity Facility Bank Of Montreal Que) | 4.50 | 1,000,000 | 998,888 | ||||||
23
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Podium Funding Trust yankee 4.45% 7/16/2025 (Liquidity Facility Bank Of Montreal Que) | 4.50 | 1,000,000 | 998,146 | ||||||
| Podium Funding Trust yankee U.S. SOFR Index + 0.22%, 4.61% 9/23/2025 (Liquidity Facility Bank Of Montreal Que) (b)(d) | 4.61 | 1,000,000 | 1,000,000 | ||||||
| Royal Bank of Canada 4.33% 11/20/2025 | 4.43 | 3,000,000 | 2,948,762 | ||||||
| Royal Bank of Canada 4.33% 11/21/2025 | 4.43 | 3,000,000 | 2,948,401 | ||||||
| Royal Bank of Canada 4.4% 9/5/2025 | 4.45 | 9,000,000 | 8,927,400 | ||||||
| Royal Bank of Canada U.S. SOFR Index + 0.18%, 4.57% 9/23/2025 (b)(d) | 4.57 | 5,000,000 | 5,000,000 | ||||||
| Royal Bank of Canada U.S. SOFR Index + 0.18%, 4.57% 9/24/2025 (b)(d) | 4.57 | 5,000,000 | 5,000,000 | ||||||
| Royal Bank of Canada U.S. SOFR Index + 0.18%, 4.57% 9/25/2025 (b)(d) | 4.57 | 2,000,000 | 2,000,000 | ||||||
| Royal Bank of Canada U.S. SOFR Index + 0.18%, 4.57% 9/30/2025 (b)(d) | 4.57 | 5,000,000 | 5,000,000 | ||||||
| Royal Bank of Canada U.S. SOFR Index + 0.21%, 4.6% 1/5/2026 (b)(d) | 4.60 | 5,000,000 | 5,000,000 | ||||||
| Starbird Funding Corp 4.33% 7/1/2025 (Liquidity Facility Bnp Paribas) | 4.33 | 78,000,000 | 78,000,000 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.39% 8/12/2025 | 4.44 | 2,000,000 | 1,989,757 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.39% 8/13/2025 | 4.44 | 2,000,000 | 1,989,513 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.39% 8/14/2025 | 4.44 | 2,000,000 | 1,989,269 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.395% 8/25/2025 | 4.45 | 18,000,000 | 17,879,138 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.395% 9/22/2025 | 4.45 | 15,000,000 | 14,848,006 | ||||||
| Sumitomo Mitsui Trust NY yankee 4.405% 8/7/2025 | 4.45 | 7,000,000 | 6,968,308 | ||||||
| Toronto Dominion Bank U.S. SOFR Index + 0.22%, 4.62% 1/16/2026 (b)(d) | 4.62 | 2,000,000 | 2,000,000 | ||||||
| Toronto Dominion Bank yankee 4.4% 8/21/2025 | 4.45 | 5,000,000 | 4,968,834 | ||||||
| Toronto Dominion Bank yankee 4.4% 8/28/2025 | 4.45 | 2,000,000 | 1,985,822 | ||||||
24
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| Commercial Paper – continued |
| Toyota Motor Credit Corp U.S. SOFR Index + 0.16%, 4.55% 9/8/2025 (b)(d) | 4.55 | 19,000,000 | 19,000,000 | ||||||
| Victory Receivables Corp 4.4% 8/13/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 1,000,000 | 994,744 | ||||||
| Victory Receivables Corp 4.4% 8/5/2025 (Liquidity Facility Mufg Bank Ltd) | 4.45 | 1,000,000 | 995,723 | ||||||
| TOTAL COMMERCIAL PAPER | |||||||||
| (Cost $695,113,076) | 695,113,076 |
| Time Deposits – 4.6% |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Australia & New Zealand Banking Group Ltd 4.34% 7/1/2025 | 4.34 | 3,000,000 | 3,000,000 | ||||||
| Australia & New Zealand Banking Group Ltd 4.35% 7/7/2025 | 4.35 | 3,000,000 | 3,000,000 | ||||||
| Canadian Imperial Bank of Commerce 4.33% 7/1/2025 | 4.33 | 15,000,000 | 15,000,000 | ||||||
| Mizuho Bank Ltd Canada Branch 4.35% 7/2/2025 | 4.35 | 8,000,000 | 8,000,000 | ||||||
| Royal Bank of Canada Toronto 4.34% 7/1/2025 | 4.34 | 8,000,000 | 8,000,000 | ||||||
| Royal Bank of Canada Toronto 4.35% 7/3/2025 | 4.35 | 5,000,000 | 5,000,000 | ||||||
| Skandinaviska Enskild Bkny 4.33% 7/1/2025 | 4.33 | 22,000,000 | 22,000,000 | ||||||
| Toronto Dominion Bank 4.34% 7/1/2025 | 4.34 | 5,000,000 | 5,000,000 | ||||||
| TOTAL TIME DEPOSITS | |||||||||
| (Cost $69,000,000) | 69,000,000 | ||||||||
25
8. Schedule of Investments. – continued
| U.S. Government Agency – Debt – 23.2% |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| Federal Home Loan Bank Discount Notes 0% 7/11/2025 | 4.27 | 25,000,000 | 24,970,576 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/16/2025 | 4.27 | 25,000,000 | 24,955,865 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/18/2025 | 4.27 | 25,000,000 | 24,949,980 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/2/2025 | 4.27 | 20,000,000 | 19,997,644 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/23/2025 | 4.27 | 25,000,000 | 24,935,268 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/25/2025 | 4.27 | 20,000,000 | 19,943,507 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/30/2025 | 4.27 | 30,000,000 | 29,897,606 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/7/2025 | 4.27 | 10,000,000 | 9,992,933 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/8/2025 | 4.25 | 25,000,000 | 24,979,389 | ||||||
| Federal Home Loan Bank Discount Notes 0% 7/9/2025 | 4.27 | 20,000,000 | 19,981,156 | ||||||
| Federal Home Loan Bank Discount Notes 0% 8/1/2025 | 4.27 | 25,000,000 | 24,908,787 | ||||||
| Federal Home Loan Bank Discount Notes 0% 8/15/2025 | 4.27 | 15,000,000 | 14,920,556 | ||||||
| Federal Home Loan Bank Discount Notes 0% 8/6/2025 | 4.27 | 25,000,000 | 24,894,075 | ||||||
| Federal Home Loan Bank Discount Notes 0% 8/8/2025 | 4.27 | 25,000,000 | 24,888,190 | ||||||
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.39% 8/11/2025 (b)(d) | 4.39 | 32,000,000 | 32,000,144 | ||||||
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.39% 8/7/2025 (b)(d) | 4.39 | 1,000,000 | 1,000,000 | ||||||
| TOTAL U.S. GOVERNMENT AGENCY – DEBT | |||||||||
| (Cost $347,215,676) | 347,215,676 | ||||||||
26
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| U.S. Treasury Obligations – 13.1% |
| Yield (%) (c) | Principal Amount (a) | Value ($) | |||||||
| US Treasury Bills 0% 7/1/2025 | 4.26 | 25,000,000 | 25,000,000 | ||||||
| US Treasury Bills 0% 7/10/2025 | 4.26 | 25,000,000 | 24,973,531 | ||||||
| US Treasury Bills 0% 7/15/2025 | 4.26 | 25,000,000 | 24,958,826 | ||||||
| US Treasury Bills 0% 7/22/2025 | 4.26 | 20,000,000 | 19,950,592 | ||||||
| US Treasury Bills 0% 7/3/2025 | 4.25 to 4.26 | 50,000,000 | 49,988,243 | ||||||
| US Treasury Bills 0% 7/8/2025 | 4.25 | 25,000,000 | 24,979,462 | ||||||
| US Treasury Notes 0.25% 7/31/2025 | 4.21 | 20,000,000 | 19,935,161 | ||||||
| US Treasury Notes Inflation-Indexed 0.375% 7/15/2025 | 1.10 to 1.11 | 6,763,750 | 6,761,856 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS | |||||||||
| (Cost $196,547,671) | 196,547,671 | ||||||||
| TOTAL INVESTMENT IN SECURITIES – 100.0% | |||||||||
| (Cost $1,497,780,423) | 1,497,780,423 | ||||||||
| NET OTHER ASSETS (LIABILITIES) – 0.0% | 165,797 | ||||||||
| NET ASSETS – 100.0% | 1,497,946,220 | ||||||||
27
8. Schedule of Investments. – continued
|
Legend (a) Amount is stated in United States dollars unless otherwise noted. (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. (c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. (d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $33,930,678 or 2.3% of net assets. (f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and / or subject to caps or floors. Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. The maturity amount is based on the rate at period end. |
28
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
* Repurchase Agreements
| Counterparty | Lending Rate (%) |
Settlement Date |
Maturity Date |
Repurchase Agreement Value ($) |
Repurchase Agreement Proceeds ($) |
Collateralized By | Collateral Coupon (%) |
Collateral Maturity Date |
Collateral Value Received ($) |
||||||||||
| ABN AMRO Bank NV | 4.43 | 6/30/2025 | 7/1/2025 | 2,000,000 | 2,000,246 | U.S. Treasuries (including strips) |
0.38 – 0.50 | 1/15/2027 – 4/30/2027 | 2,040,294 | ||||||||||
| ABN AMRO Bank NV | 4.42 | 6/30/2025 | 7/1/2025 | 2,000,000 | 2,000,246 | U.S. Treasuries (including strips) |
1.00 – 4.00 | 7/31/2028 – 11/15/2040 | 2,040,314 | ||||||||||
| BMO Capital Markets Corp | 4.36 | 6/27/2025 | 7/3/2025 | 1,000,000 | 1,000,727 | U.S. Treasuries (including strips) |
4.13 | 10/31/2031 | 1,020,579 | ||||||||||
| BMO Chicago Branch | 4.33 | 6/24/2025 | 7/8/2025 | 2,000,000 | 2,003,368 | Agency Collateralized Mortgage Obligation |
5.45 | 4/20/2065 | 2,061,735 | ||||||||||
| BMO Chicago Branch | 4.40 | 6/30/2025 | 7/1/2025 | 1,000,000 | 1,000,122 | Agency Collateralized Mortgage Obligation |
5.45 | 4/20/2065 | 1,030,126 | ||||||||||
| BMO Chicago Branch | 4.39 | 6/30/2025 | 7/1/2025 | 1,000,000 | 1,000,122 | U.S. Treasuries (including strips) |
3.50 | 2/15/2039 | 1,020,129 | ||||||||||
| BNP Paribas, SA | 4.31 | 6/20/2025 | 7/31/2025 | 6,000,000 | 6,029,452 | U.S. Treasuries (including strips) |
1.88 – 4.50 | 4/30/2027 – 2/15/2042 | 6,128,094 | ||||||||||
| BNP Paribas, SA | 4.32 | 6/30/2025 | 7/30/2025 | 3,000,000 | 3,010,800 | U.S. Treasuries (including strips) |
1.25 – 4.38 | 3/31/2028 – 8/15/2034 | 3,060,455 | ||||||||||
| BNP Paribas, SA | 4.32 | 6/27/2025 | 7/28/2025 | 3,000,000 | 3,011,160 | U.S. Treasuries (including strips) |
4.44 – 4.48 | 1/31/2026 – 10/31/2026 | 3,061,505 | ||||||||||
| BNP Paribas, SA | 4.32 | 6/10/2025 | 7/10/2025 | 8,000,000 | 8,028,800 | Agency Mortgage-Backed Securities |
2.11 – 7.50 | 2/1/2027 – 5/20/2055 | 8,169,114 | ||||||||||
| U.S. Treasuries (including strips) |
0.00 – 4.00 | 1/31/2031 – 8/15/2040 | 11,560 | ||||||||||||||||
| 8,180,674 | |||||||||||||||||||
| BNP Paribas, SA | 4.31 | 6/10/2025 | 7/10/2025 | 3,000,000 | 3,010,775 | U.S. Treasuries (including strips) |
4.40 – 4.63 | 4/30/2027 – 5/15/2044 | 3,067,790 | ||||||||||
| BofA Securities, Inc. | 4.40 | (f) | 6/27/2025 | 8/27/2025 | 2,000,000 | 2,014,911 | U.S. Treasuries (including strips) |
0.63 – 6.75 | 8/15/2026 – 5/15/2037 | 2,041,050 | |||||||||
| BofA Securities, Inc. | 4.32 | 5/7/2025 | 8/7/2025 | 1,000,000 | 1,011,040 | Agency Mortgage-Backed Securities |
3.00 – 8.00 | 4/15/2030 – 8/15/2059 | 1,026,733 | ||||||||||
| BofA Securities, Inc. | 4.32 | 6/3/2025 | 7/3/2025 | 2,000,000 | 2,007,200 | U.S. Treasuries (including strips) |
2.25 – 4.75 | 11/15/2027 – 5/15/2045 | 2,046,875 | ||||||||||
| Canadian Imperial Bank of Commerce | 4.34 | 5/28/2025 | 7/31/2025 | 1,000,000 | 1,007,716 | Agency Mortgage-Backed Securities |
1.75 – 7.50 | 12/1/2029 – 10/20/2072 | 995,019 | ||||||||||
| U.S. Treasuries (including strips) |
0.00 – 4.50 | 12/31/2025 – 11/15/2033 | 29,331 | ||||||||||||||||
| 1,024,350 |
29
8. Schedule of Investments. – continued
| Counterparty | Lending Rate (%) |
Settlement Date |
Maturity Date |
Repurchase Agreement Value ($) |
Repurchase Agreement Proceeds ($) |
Collateralized By | Collateral Coupon (%) |
Collateral Maturity Date |
Collateral Value Received ($) |
||||||||||
| Canadian Imperial Bank of Commerce | 4.32 | 6/27/2025 | 7/24/2025 | 2,000,000 | 2,006,480 | U.S. Treasuries (including strips) |
1.13 – 4.38 | 12/15/2026 – 2/15/2043 | 2,041,042 | ||||||||||
| Canadian Imperial Bank of Commerce | 4.32 | 6/2/2025 | 7/2/2025 | 2,000,000 | 2,007,200 | U.S. Treasuries (including strips) |
0.25 – 4.63 | 7/31/2025 – 11/15/2046 | 2,066,839 | ||||||||||
| Canadian Imperial Bank of Commerce | 4.39 | 6/30/2025 | 7/1/2025 | 1,000,000 | 1,000,122 | U.S. Treasuries (including strips) |
1.13 – 4.25 | 1/31/2027 – 2/15/2043 | 1,020,131 | ||||||||||
| Credit AG | 4.40 | 6/30/2025 | 7/1/2025 | 1,000,000 | 1,000,122 | U.S. Treasuries (including strips) |
1.50 | 11/30/2028 | 1,020,211 | ||||||||||
| Goldman Sachs & Co LLC | 4.40 | (f) | 5/28/2025 | 7/28/2025 | 4,000,000 | 4,029,822 | Agency Mortgage-Backed Securities |
3.00 – 6.00 | 10/1/2030 – 6/1/2055 | 4,096,661 | |||||||||
| Goldman Sachs & Co LLC | 4.40 | (f) | 5/27/2025 | 7/28/2025 | 2,000,000 | 2,015,155 | Agency Mortgage-Backed Securities |
4.00 – 5.50 | 3/15/2041 – 1/20/2053 | 2,048,573 | |||||||||
| Goldman Sachs & Co LLC | 4.40 | 6/30/2025 | 7/1/2025 | 6,000,000 | 6,000,733 | Agency Mortgage-Backed Securities |
5.08 – 5.50 | 1/1/2032 – 5/15/2035 | 6,120,748 | ||||||||||
| JP Morgan Securities, LLC | 4.40 | 6/30/2025 | 7/1/2025 | 12,000,000 | 12,001,467 | Agency Mortgage-Backed Securities |
5.00 – 6.50 | 12/1/2054 – 5/1/2055 | 12,241,497 | ||||||||||
| JP Morgan Securities, LLC | 4.40 | 6/30/2025 | 7/1/2025 | 7,000,000 | 7,000,856 | Agency Mortgage-Backed Securities |
6.00 | 6/1/2055 | 7,140,875 | ||||||||||
| JP Morgan Securities, LLC | 4.39 | 6/30/2025 | 7/1/2025 | 11,000,000 | 11,001,341 | U.S. Treasuries (including strips) |
0.50 – 3.13 | 5/31/2027 – 11/15/2049 | 11,221,401 | ||||||||||
| JP Morgan Securities, LLC | 4.39 | 6/30/2025 | 7/1/2025 | 6,000,000 | 6,000,732 | U.S. Treasuries (including strips) |
0.00 – 4.63 | 6/11/2026 – 7/31/2027 | 6,120,801 | ||||||||||
| MUFG Securities (Canada), Ltd. | 4.32 | 6/20/2025 | 7/31/2025 | 1,000,000 | 1,004,920 | U.S. Treasuries (including strips) |
0.50 – 4.75 | 2/28/2026 – 11/15/2053 | 1,021,353 | ||||||||||
| NatWest Market Securities Inc | 4.39 | 6/30/2025 | 7/1/2025 | 1,000,000 | 1,000,122 | U.S. Treasuries (including strips) |
4.00 | 7/31/2029 | 1,020,162 | ||||||||||
| RBC Dominion Securities | 4.31 | 6/20/2025 | 7/31/2025 | 3,000,000 | 3,014,726 | U.S. Treasuries (including strips) |
1.63 – 4.88 | 5/31/2026 – 8/15/2054 | 3,092,772 | ||||||||||
| RBC Financial Group | 4.32 | 5/1/2025 | 7/8/2025 | 6,000,000 | 6,048,960 | Agency Mortgage-Backed Securities |
1.52 – 5.00 | 11/25/2030 – 1/1/2055 | 2,689 | ||||||||||
| U.S. Treasuries (including strips) |
0.00 – 4.39 | 10/23/2025 – 2/15/2053 | 6,136,477 | ||||||||||||||||
| Agency Collateralized Mortgage Obligation |
5.45 – 5.55 | 11/20/2054 – 5/20/2055 | 42,811 | ||||||||||||||||
| 6,181,977 |
30
Notes to Financial Statements – continued
8. Schedule of Investments. – continued
| Counterparty | Lending Rate (%) |
Settlement Date |
Maturity Date |
Repurchase Agreement Value ($) |
Repurchase Agreement Proceeds ($) |
Collateralized By | Collateral Coupon (%) |
Collateral Maturity Date |
Collateral Value Received ($) |
||||||||||
| TD Securities (U.S.A.) | 4.41 | 6/30/2025 | 7/1/2025 | 3,000,000 | 3,000,368 | Agency Mortgage-Backed Securities |
3.00 | 8/1/2050 | 3,060,375 | ||||||||||
| TD Securities (U.S.A.) | 4.40 | 6/30/2025 | 7/1/2025 | 2,000,000 | 2,000,244 | U.S. Treasuries (including strips) |
2.75 | 5/31/2029 | 2,040,343 | ||||||||||
| US Bancorp Inv | 4.39 | 6/30/2025 | 7/1/2025 |
1,000,000 |
1,000,122 |
U.S. Treasuries (including strips) |
0.38 – 3.88 |
1/15/2027 – 8/15/2034 |
1,022,586 |
||||||||||
| Total Repurchase Agreements |
109,000,000 |
109,270,177 |
111,429,050 | ||||||||||||||||
31
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 these securities. For more information on valuation inputs, 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:
| Repurchase Agreement / Counterparty $3,792,000 due 07/01/2025 at 4.39% |
Value ($) | |
| BofA Securities Inc | 2,000 | |
| Citigroup Global Capital Markets Inc. | 2,074,000 | |
| HSBC Securities Inc. (U.S.A.) | 2,000 | |
| MUFG Securities (Canada) Ltd. | 2,000 | |
| Nomura Securities International Inc | 5,000 | |
| Rbc Dominion Securities Inc | 978,000 | |
| Sumitomo Mitsui Banking Corp/New York | 729,000 | |
| 3,792,000 |
| Repurchase Agreement / Counterparty $58,637,000 due 07/01/2025 at 4.40% |
Value ($) | |
| Bank of America NA | 4,840,000 | |
| Bank of Nova Scotia/The | 2,889,000 | |
| Bny Mellon Capital Market LLC | 3,371,000 | |
| MUFG Securities (Canada) Ltd. | 3,846,000 | |
| Rbc Dominion Securities Inc | 13,444,000 | |
| Sumitomo Mitsui Banking Corp | 25,542,000 | |
| Wells Fargo Bank NA | 4,705,000 | |
| 58,637,000 |
32
OSIP Cash Portfolio
The following shows the Statement of Net Position due to designated beneficiaries for each of the entities in OSIP Cash Portfolio as at June 30, 2025. This supplemental information has been prepared in conformance with generally accepted accounting principles for governmental entities as prescribed by the GASB.
33
The following shows the Statement of Changes in Net Position due to designated beneficiaries for each of the entities in OSIP Cash Portfolio as at June 30, 2025. This supplemental information has been prepared in conformance with generally accepted accounting principles for governmental entities as prescribed by the GASB.
| For
the Year Ended June 30, 2025 | ||||||||||||||||
| Primary Government - State of Rhode Island | Component Units | External Government Entities | Total Portfolio | |||||||||||||
| Additions | ||||||||||||||||
| Interest income | $ | 57,746,527 | $ | 7,372,640 | $ | 4,765,070 | $ | 69,884,237 | ||||||||
| Net increase in fair value of investments | 1,527 | 195 | 126 | 1,848 | ||||||||||||
| Management fee | (1,506,849 | ) | (192,383 | ) | (124,341 | ) | (1,823,573 | ) | ||||||||
| Net Investment Income | 56,241,205 | 7,180,452 | 4,640,855 | 68,062,512 | ||||||||||||
| Affiliated share transactions at net asset value of $1.00 per unit Proceeds from sales of units and reinvestment of distributions | 3,542,205,203 | 222,915,242 | 340,998,092 | 4,106,118,537 | ||||||||||||
| Total additions | 3,598,446,408 | 230,095,694 | 345,638,947 | 4,174,181,049 | ||||||||||||
| Deductions | ||||||||||||||||
| Cost of units redeemed | 3,695,416,204 | 213,008,063 | 300,604,838 | 4,209,029,105 | ||||||||||||
| Distributions to unit holders | 56,244,719 | 7,180,452 | 4,640,856 | 68,066,027 | ||||||||||||
| Total deductions | 3,751,660,923 | 220,188,515 | 305,245,694 | 4,277,095,132 | ||||||||||||
| Net increase (decrease) in net position | (153,214,515 | ) | 9,907,179 | 40,393,253 | (102,914,083 | ) | ||||||||||
| Net Position | ||||||||||||||||
| Beginning of period | 1,413,477,654 | 143,267,991 | 44,114,658 | 1,600,860,303 | ||||||||||||
| End of period | $ | 1,260,263,139 | $ | 153,175,170 | $ | 84,507,911 | $ | 1,497,946,220 | ||||||||
34
Trustee
James A. Diossa, General Treasurer
Investment Adviser
FIAM LLC
Custodian
State Street Bank & Trust Company
Independent Auditors
PricewaterhouseCoopers LLP
OSIP-ANN-0825
1.945431.113
