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 811-02890
Fidelity Phillips Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | November 30, 2023 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0000278001-24-000013/img94196_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000278001-24-000013/img94196_2.jpg)
Contents
Current 7-Day Yields | ||
Fidelity® Government Cash Reserves | 4.99% | |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. |
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 58.9 | |
8 - 30 | 15.1 | |
31 - 60 | 11.2 | |
61 - 90 | 7.1 | |
91 - 180 | 6.3 | |
> 180 | 1.4 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
![]() |
Net Other Assets (Liabilities) - (1.2)% |
U.S. Treasury Debt - 33.8% | ||||
Yield (%)(a) | Principal Amount (b) (000s) | Value ($) (000s) | ||
U.S. Treasury Obligations - 33.8% | ||||
U.S. Treasury Bills | ||||
12/5/23 to 5/30/24 | 5.31 to 5.46 | 72,780,900 | 72,331,350 | |
U.S. Treasury Notes | ||||
1/31/24 to 10/31/24 (c) | 5.28 to 5.49 | 4,844,986 | 4,835,148 | |
TOTAL U.S. TREASURY DEBT (Cost $77,166,498) | 77,166,498 | |||
U.S. Government Agency Debt - 23.2% | ||||
Yield (%)(a) | Principal Amount (b) (000s) | Value ($) (000s) | ||
Federal Agencies - 23.2% | ||||
Federal Farm Credit Bank | ||||
1/23/24 to 11/28/25 (c) | 5.35 to 5.51 | 7,930,997 | 7,930,498 | |
12/1/25 (c)(d) | 5.49 | 80,000 | 80,000 | |
Federal Home Loan Bank | ||||
12/1/23 to 10/20/25 (c) | 5.00 to 5.54 | 44,083,280 | 44,038,412 | |
Freddie Mac | ||||
6/12/24 | 5.35 | 968,000 | 968,000 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $53,016,910) | 53,016,910 | |||
U.S. Government Agency Repurchase Agreement - 19.7% | |||
Maturity Amount ($) (000s) | Value ($) (000s) | ||
In a joint trading account at: | |||
5.31% dated 11/30/23 due 12/1/23 (Collateralized by U.S. Government Obligations) # | 25,005 | 25,001 | |
5.32% dated 11/30/23 due 12/1/23 (Collateralized by U.S. Government Obligations) # | 16,026,937 | 16,024,570 | |
With: | |||
ABN AMRO Bank NV at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Government Obligations valued at $454,987,101, 2.00% - 6.50%, 12/1/26 - 8/1/53) | 446,066 | 446,000 | |
BMO Harris Bank NA at: | |||
5.32%, dated 11/2/23 due 12/6/23 (Collateralized by U.S. Government Obligations valued at $186,435,571, 3.00% - 5.00%, 3/20/41 - 11/20/49) | 182,914 | 182,000 | |
5.33%, dated: | |||
11/2/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $123,949,918, 3.00% - 6.00%, 4/20/52 - 10/20/53) | 121,752 | 121,000 | |
11/30/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $122,418,123, 3.00%, 4/20/52) | 120,586 | 120,000 | |
BNP Paribas, SA at: | |||
5.35%, dated: | |||
10/25/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $247,321,622, 0.00% - 7.00%, 12/31/23 - 11/1/53) | 242,791 | 241,000 | |
11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $3,249,729,982, 0.00% - 7.50%, 12/31/23 - 11/1/53) | 3,181,736 | 3,162,000 | |
5.36%, dated: | |||
8/1/23 due 12/1/23 (Collateralized by U.S. Government Obligations valued at $258,794,656, 0.00% - 7.50%, 12/31/23 - 11/1/53) (c)(d)(e) | 253,523 | 249,000 | |
8/4/23 due 12/4/23 (Collateralized by U.S. Treasury Obligations valued at $256,926,314, 0.00% - 7.00%, 2/27/24 - 11/1/53) (c)(d)(e) | 251,487 | 247,000 | |
8/23/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $254,502,375, 0.00% - 6.50%, 1/31/24 - 11/1/53) (c)(d)(e) | 249,377 | 245,000 | |
5.38%, dated: | |||
9/5/23 due 12/5/23 (Collateralized by U.S. Treasury Obligations valued at $654,931,550, 0.00% - 7.50%, 1/31/24 - 11/1/53) (c)(d)(e) | 640,595 | 632,000 | |
9/13/23 due 12/13/23 (Collateralized by U.S. Treasury Obligations valued at $647,892,069, 0.00% - 7.00%, 1/9/24 - 11/1/53) (c)(d)(e) | 634,505 | 626,000 | |
9/18/23 due 12/18/23 (Collateralized by U.S. Treasury Obligations valued at $325,967,634, 0.00% - 7.50%, 4/30/24 - 11/1/53) (c)(d)(e) | 318,266 | 314,000 | |
9/21/23 due 12/20/23 (Collateralized by U.S. Government Obligations valued at $1,302,683,953, 0.00% - 7.00%, 7/1/24 - 11/1/53) (c)(d)(e) | 1,277,945 | 1,261,000 | |
5.39%, dated: | |||
8/1/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $334,489,606, 0.00% - 7.84%, 3/15/24 - 11/1/53) (c)(d)(e) | 327,882 | 322,000 | |
8/4/23 due 12/4/23 (Collateralized by U.S. Treasury Obligations valued at $332,633,590, 0.00% - 7.50%, 1/31/24 - 11/1/53) (c)(d)(e) | 324,827 | 319,000 | |
8/23/23 due 12/21/23 (Collateralized by U.S. Treasury Obligations valued at $329,295,445, 0.00% - 7.00%, 1/31/24 - 11/1/53) (c)(d)(e) | 322,695 | 317,000 | |
5.4%, dated: | |||
11/16/23 due 2/16/24 (Collateralized by U.S. Treasury Obligations valued at $325,009,887, 0.00% - 6.50%, 1/31/24 - 2/15/53) | 321,375 | 317,000 | |
11/17/23 due 2/20/24 (Collateralized by U.S. Treasury Obligations valued at $326,011,291, 0.00% - 5.55%, 1/31/24 - 6/1/52) | 322,532 | 318,000 | |
11/30/23 due 2/29/24 (Collateralized by U.S. Treasury Obligations valued at $480,492,791, 0.00% - 4.63%, 2/28/25 - 5/15/29) | 477,429 | 471,000 | |
BNY Mellon Capital Markets Corp. at 5.35%, dated 11/2/23 due 12/14/23 (Collateralized by U.S. Treasury Obligations valued at $435,424,064, 0.00% - 6.50%, 12/4/23 - 11/20/53) | 427,653 | 425,000 | |
BofA Securities, Inc. at: | |||
5.33%, dated 11/30/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $883,450,781, 1.50% - 8.00%, 1/1/26 - 11/20/53) | 870,231 | 866,000 | |
5.35%, dated 11/27/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $123,493,367, 2.50% - 6.00%, 5/20/28 - 7/1/53) | 122,187 | 121,000 | |
5.37%, dated 9/27/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $123,587,791, 1.50% - 7.50%, 12/1/28 - 3/20/63) (c)(d)(e) | 122,166 | 120,000 | |
5.39%, dated: | |||
9/28/23 due 1/25/24 (Collateralized by U.S. Government Obligations valued at $161,675,833, 1.50% - 6.50%, 11/1/28 - 11/1/53) (c)(d)(e) | 159,797 | 157,000 | |
10/18/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $80,084,125, 3.00% - 8.00%, 10/15/28 - 11/1/53) | 78,712 | 78,000 | |
10/31/23 due 2/1/24 (Collateralized by U.S. Government Obligations valued at $160,884,563, 2.00% - 6.50%, 4/1/26 - 9/20/63) (c)(d)(e) | 159,186 | 157,000 | |
CIBC Bank U.S.A. at: | |||
5.33%, dated 11/13/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $247,497,829, 2.14% - 6.00%, 3/1/29 - 10/1/53) | 243,075 | 242,000 | |
5.36%, dated 11/20/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $112,383,759, 2.00% - 6.50%, 4/1/28 - 10/1/53) | 111,032 | 110,000 | |
5.41%, dated 11/20/23 due 1/22/24 (Collateralized by U.S. Government Obligations valued at $16,346,978, 3.00%, 5/1/47 - 3/1/52) | 16,151 | 16,000 | |
Citibank NA at 5.31%, dated 11/30/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $368,274,313, 2.50% - 6.50%, 9/1/33 - 11/1/53) | 361,373 | 361,000 | |
Citigroup Global Capital Markets, Inc. at: | |||
5.31%, dated 11/30/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $552,921,549, 0.50% - 4.38%, 10/31/27 - 11/30/28) | 542,560 | 542,000 | |
5.33%, dated 11/27/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $368,438,125, 1.50% - 5.00%, 8/15/25 - 12/1/51) | 362,924 | 361,000 | |
FICC State Street GC (Gov. Repo) at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Government Obligations valued at $492,650,056, 0.00% - 6.00%, 2/22/24 - 9/1/57) | 482,071 | 482,000 | |
Goldman Sachs & Co. at: | |||
5.31%, dated: | |||
11/24/23 due 12/1/23 | |||
(Collateralized by U.S. Treasury Obligations valued at $863,810,966, 1.50% - 6.51%, 8/15/25 - 10/15/64) | 846,873 | 846,000 | |
(Collateralized by U.S. Treasury Obligations valued at $494,189,726, 1.13% - 6.50%, 1/15/25 - 11/15/57) | 484,500 | 484,000 | |
11/27/23 due 12/4/23 (Collateralized by U.S. Treasury Obligations valued at $988,963,145, 0.38% - 6.00%, 11/30/25 - 12/20/52) | 970,000 | 969,000 | |
11/28/23 due 12/5/23 (Collateralized by U.S. Treasury Obligations valued at $1,599,047,267, 1.50% - 4.63%, 9/30/28 - 10/20/52) | 1,568,618 | 1,567,000 | |
11/29/23 due 12/6/23 (Collateralized by U.S. Treasury Obligations valued at $2,210,992,051, 0.88% - 7.00%, 9/30/26 - 6/15/64) | 2,169,237 | 2,167,000 | |
5.33%, dated 11/30/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $734,508,733, 0.25% - 6.00%, 6/30/25 - 11/1/53) | 720,746 | 720,000 | |
ING Financial Markets LLC at: | |||
5.35%, dated 11/2/23 due 12/14/23 (Collateralized by U.S. Government Obligations valued at $80,927,278, 2.00% - 5.50%, 5/20/51 - 5/20/53) | 79,493 | 79,000 | |
5.36%, dated: | |||
11/2/23 due 12/14/23 (Collateralized by U.S. Government Obligations valued at $323,711,706, 2.50% - 6.50%, 10/20/49 - 10/20/53) | 317,976 | 316,000 | |
11/3/23 due 12/15/23 (Collateralized by U.S. Government Obligations valued at $161,831,858, 2.00% - 7.00%, 3/15/31 - 7/1/53) | 158,988 | 158,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at 5.35%, dated 11/2/23 due 1/18/24 (Collateralized by U.S. Government Obligations valued at $1,117,615,945, 2.00% - 6.50%, 1/1/24 - 10/1/53) | 1,103,484 | 1,091,000 | |
Morgan Stanley & Co., LLC at 5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $184,647,769, 0.00% - 4.70%, 12/19/23 - 2/15/48) | 181,027 | 181,000 | |
MUFG Securities (Canada), Ltd. at 5.35%, dated: | |||
11/2/23 due 1/18/24 (Collateralized by U.S. Government Obligations valued at $161,854,563, 1.50% - 6.50%, 10/1/35 - 5/20/63) | 159,808 | 158,000 | |
11/10/23 due 1/18/24 (Collateralized by U.S. Government Obligations valued at $64,460,611, 2.00% - 7.00%, 6/15/25 - 11/20/53) | 63,646 | 63,000 | |
RBC Dominion Securities at: | |||
5.34%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $1,191,549,441, 0.00% - 6.50%, 12/26/23 - 9/1/53) | 1,170,245 | 1,163,000 | |
5.38%, dated 11/9/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $645,538,062, 0.00% - 6.50%, 12/5/23 - 11/20/53) | 635,743 | 630,000 | |
RBC Financial Group at 5.34%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Government Obligations valued at $2,619,497,272, 0.00% - 8.00%, 12/12/23 - 9/20/62) | 2,568,905 | 2,553,000 | |
TD Securities (U.S.A.) at 5.33%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Government Obligations valued at $416,221,615, 2.00% - 6.00%, 5/1/41 - 10/1/53) | 408,060 | 408,000 | |
Wells Fargo Securities, LLC at: | |||
5.41%, dated 11/15/23 due 1/16/24 (Collateralized by U.S. Government Obligations valued at $324,159,194, 1.50% - 7.00%, 2/20/24 - 11/20/53) | 319,954 | 317,000 | |
5.44%, dated 11/21/23 due 2/21/24 (Collateralized by U.S. Government Obligations valued at $650,721,829, 1.50% - 7.00%, 8/1/24 - 12/1/53) | 645,856 | 637,000 | |
5.46%, dated 10/20/23 due 12/19/23 (Collateralized by U.S. Government Obligations valued at $646,693,362, 1.50% - 7.50%, 9/1/24 - 11/1/53) | 635,733 | 630,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $45,134,571) | 45,134,571 | ||
U.S. Treasury Repurchase Agreement - 24.5% | |||
Maturity Amount ($) (000s) | Value ($) (000s) | ||
With: | |||
ABN AMRO Bank NV at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $276,460,802, 3.00% - 4.38%, 8/31/28 - 11/15/44) | 271,040 | 271,000 | |
Barclays Bank PLC at 5.32%, dated: | |||
11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $785,692,840, 0.25% - 3.25%, 8/31/25 - 2/15/32) | 771,761 | 767,000 | |
11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $1,440,452,836, 0.13% - 4.63%, 2/15/24 - 11/15/31) | 1,412,209 | 1,412,000 | |
BMO Capital Markets Corp. at 5.31%, dated 11/29/23 due 12/6/23 (Collateralized by U.S. Treasury Obligations valued at $111,310,124, 0.00% - 5.00%, 2/15/24 - 11/15/51) | 109,113 | 109,000 | |
BNP Paribas, SA at 5.38%, dated 9/1/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $573,632,138, 1.13% - 5.52%, 1/31/24 - 5/15/53) (c)(d)(e) | 561,534 | 554,000 | |
BofA Securities, Inc. at: | |||
5.32%, dated 11/30/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $140,780,879, 0.50%, 8/31/27) | 138,673 | 138,000 | |
5.33%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $55,316,572, 4.38%, 11/30/30) | 54,336 | 54,000 | |
CIBC Bank U.S.A. at 5.37%, dated: | |||
11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $382,106,735, 0.75% - 4.63%, 7/31/24 - 8/15/53) | 376,505 | 373,000 | |
11/6/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $28,666,524, 1.25% - 4.50%, 7/31/24 - 8/15/53) | 28,384 | 28,000 | |
Credit AG at: | |||
5.31%, dated 11/27/23 due 12/4/23 (Collateralized by U.S. Treasury Obligations valued at $222,491,238, 3.88%, 8/15/33) | 218,225 | 218,000 | |
5.32%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $334,969,442, 2.25% - 3.75%, 8/15/27 - 5/31/30) | 329,030 | 327,000 | |
Federal Reserve Bank of New York at 5.3%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $28,998,268,576, 2.25% - 6.13%, 11/15/27 - 2/15/52) | 28,998,269 | 28,994,000 | |
Fixed Income Clearing Corp. - BNP at 5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $553,941,848, 0.50% - 5.49%, 10/31/24 - 8/15/53) | 543,080 | 543,000 | |
Fixed Income Clearing Corp. - BNYM at 5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $7,197,120,048, 0.13% - 3.25%, 1/15/24 - 8/15/31) | 7,057,043 | 7,056,000 | |
Fixed Income Clearing Corp. - SSB at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $5,220,479,448, 0.50% - 3.25%, 4/30/27 - 7/31/27) | 5,106,753 | 5,106,000 | |
Goldman Sachs & Co. at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $380,516,157, 1.50% - 3.50%, 11/30/24 - 4/30/30) | 373,055 | 373,000 | |
ING Financial Markets LLC at: | |||
5.31%, dated: | |||
11/24/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $66,375,422, 0.00% - 4.88%, 12/15/23 - 8/15/53) | 65,067 | 65,000 | |
11/28/23 due 12/5/23 (Collateralized by U.S. Treasury Obligations valued at $32,678,573, 0.00% - 4.63%, 1/25/24 - 2/15/47) | 32,033 | 32,000 | |
5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $330,708,864, 1.00% - 1.25%, 12/15/24 - 3/31/28) | 324,048 | 324,000 | |
5.34%, dated 11/2/23 due: | |||
12/1/23 (Collateralized by U.S. Treasury Obligations valued at $282,733,683, 0.00% - 5.00%, 6/30/24 - 5/15/51) | 277,187 | 276,000 | |
12/14/23 (Collateralized by U.S. Treasury Obligations valued at $254,048,173, 0.00% - 4.63%, 2/15/24 - 5/15/51) | 249,545 | 248,000 | |
5.37%, dated: | |||
11/9/23 due 1/4/24 (Collateralized by U.S. Treasury Obligations valued at $141,418,680, 0.00% - 4.75%, 2/6/24 - 11/15/53) | 139,153 | 138,000 | |
11/10/23 due 1/5/24 (Collateralized by U.S. Treasury Obligations valued at $141,226,929, 0.00% - 4.75%, 2/13/24 - 2/15/53) | 139,153 | 138,000 | |
Lloyds Bank PLC at: | |||
5.4%, dated 10/30/23 due 12/20/23 (Collateralized by U.S. Treasury Obligations valued at $183,384,335, 3.88%, 12/31/27) | 180,369 | 179,000 | |
5.49%, dated: | |||
11/20/23 due 2/20/24 (Collateralized by U.S. Treasury Obligations valued at $102,167,795, 0.75%, 11/15/24) | 101,403 | 100,000 | |
11/24/23 due 2/26/24 (Collateralized by U.S. Treasury Obligations valued at $141,891,713, 3.50%, 2/15/33) | 140,993 | 139,000 | |
5.5%, dated 11/29/23 due 2/29/24 (Collateralized by U.S. Treasury Obligations valued at $98,011,040, 2.25%, 8/15/27) | 97,349 | 96,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at 5.33%, dated 11/2/23 due 1/18/24 (Collateralized by U.S. Treasury Obligations valued at $282,728,904, 0.00% - 5.39%, 12/28/23 - 11/15/53) | 279,146 | 276,000 | |
Mizuho Bank, Ltd. at 5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $553,076,697, 1.25%, 8/15/31) | 542,080 | 542,000 | |
MUFG Securities (Canada), Ltd. at 5.33%, dated 11/2/23 due: | |||
12/7/23 (Collateralized by U.S. Treasury Obligations valued at $111,974,153, 0.63% - 5.00%, 11/30/24 - 11/15/53) | 109,678 | 109,000 | |
1/18/24 (Collateralized by U.S. Treasury Obligations valued at $212,561,469, 0.25% - 4.63%, 11/30/24 - 2/15/53) | 209,360 | 207,000 | |
MUFG Securities EMEA PLC at: | |||
5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $221,678,491, 0.75% - 3.88%, 3/15/25 - 4/30/26) | 217,032 | 217,000 | |
5.32%, dated: | |||
11/28/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $222,388,570, 0.50% - 2.50%, 5/15/25 - 2/28/26) | 217,513 | 217,000 | |
11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $796,554,338, 1.38% - 4.63%, 12/31/24 - 1/31/30) | 781,115 | 781,000 | |
12/1/23 due 12/4/23 (f) | 217,096 | 217,000 | |
12/1/23 due 12/4/23 (f) | 217,096 | 217,000 | |
Natixis SA at: | |||
5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $221,436,202, 1.25% - 6.38%, 2/28/25 - 11/15/53) | 217,032 | 217,000 | |
5.33%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $671,032,425, 0.25% - 5.38%, 4/30/24 - 11/15/53) | 659,073 | 655,000 | |
NatWest Markets Securities, Inc. at: | |||
5.31%, dated 11/29/23 due 12/6/23 (Collateralized by U.S. Treasury Obligations valued at $541,779,846, 0.25% - 5.55%, 1/31/24 - 5/15/33) | 531,548 | 531,000 | |
5.32%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $108,135,994, 2.75% - 4.13%, 2/15/24 - 8/31/30) | 106,016 | 106,000 | |
Norinchukin Bank at 5.34%, dated 11/27/23 due 12/4/23 (Collateralized by U.S. Treasury Obligations valued at $111,229,556, 3.88%, 2/15/43) | 109,113 | 109,000 | |
RBC Dominion Securities at: | |||
5.33%, dated 11/2/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $166,974,496, 0.00% - 6.88%, 12/26/23 - 2/15/53) | 164,014 | 163,000 | |
5.38%, dated 11/9/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $564,193,209, 0.00% - 4.75%, 12/26/23 - 5/15/53) | 556,105 | 551,000 | |
5.4%, dated 11/8/23 due 12/7/23 (Collateralized by U.S. Treasury Obligations valued at $444,345,123, 0.00% - 4.75%, 12/5/23 - 11/15/51) | 439,989 | 434,000 | |
SMBC Nikko Securities America, Inc. at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $714,263,632, 0.00% - 5.52%, 12/21/23 - 5/15/53) | 700,103 | 700,000 | |
Societe Generale at 5.31%, dated: | |||
11/27/23 due 12/4/23 | |||
(Collateralized by U.S. Treasury Obligations valued at $220,550,095, 3.63%, 5/15/53) | 214,221 | 214,000 | |
(Collateralized by U.S. Treasury Obligations valued at $443,961,785, 1.13% - 4.00%, 8/31/26 - 5/15/32) | 435,449 | 435,000 | |
11/28/23 due 12/5/23 (Collateralized by U.S. Treasury Obligations valued at $500,021,204, 1.38% - 3.88%, 11/15/40 - 5/15/43) | 490,506 | 490,000 | |
Sumitomo Mitsui Trust Bank Ltd. at 5.38%, dated 11/22/23 due 12/6/23 (Collateralized by U.S. Treasury Obligations valued at $49,035,217, 1.63%, 8/15/29) | 48,100 | 48,000 | |
TD Securities (U.S.A.) at 5.31%, dated 11/30/23 due 12/1/23 (Collateralized by U.S. Treasury Obligations valued at $347,871,310, 2.63% - 3.88%, 4/15/25 - 4/30/25) | 341,050 | 341,000 | |
Wells Fargo Bank NA at 5.41%, dated 11/13/23 due 1/12/24 (Collateralized by U.S. Treasury Obligations valued at $283,661,057, 1.13% - 5.00%, 8/31/25 - 11/15/53) | 278,489 | 276,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT (Cost $56,111,000) | 56,111,000 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $231,428,979) | 231,428,979 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (2,774,660) |
NET ASSETS - 100.0% | 228,654,319 |
(a) | Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | The maturity amount is based on the rate at period end. |
(f) | Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date. |
Other Information | ||
# Additional information on each counterparty to the repurchase agreement is as follows: | ||
Repurchase Agreement / Counterparty | Value ($) (000's) | |
$25,001,000 due 12/01/23 at 5.31% | ||
Bank of Nova Scotia | 44 | |
Citigroup Global Markets, Inc. | 286 | |
JP Morgan Securities LLC | 4,509 | |
Nomura Securities International | 10,368 | |
Sumitomo Mitsui Banking Corp. | 9,794 | |
25,001 | ||
$16,024,570,000 due 12/01/23 at 5.32% | ||
BNY Mellon Capital Markets LLC | 299,314 | |
Bank of America, N.A. | 866,366 | |
Bank of Nova Scotia | 159,844 | |
BofA Securities, Inc. | 486,643 | |
Citigroup Global Markets, Inc. | 1,028,701 | |
Credit Agricole CIB New York Branch | 177,068 | |
HSBC Securities (USA), Inc. | 534,636 | |
ING Financial Markets LLC | 139,715 | |
JP Morgan Securities LLC | 805,845 | |
Mitsubishi UFJ Securities Holdings Ltd | 433,183 | |
Mizuho Securities USA, Inc. | 360,986 | |
Nomura Securities International | 2,468,922 | |
RBC Dominion Securities, Inc. | 2,030,315 | |
Royal Bank of Canada | 499,701 | |
Societe Generale | 229,158 | |
Sumitomo Mitsui Banking Corp. | 4,336,998 | |
Sumitomo Mitsui Banking Corp. NY | 471,891 | |
Wells Fargo Bank NA | 213,970 | |
Wells Fargo Securities LLC | 481,314 | |
16,024,570 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | November 30, 2023 | |||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $101,245,571) - See accompanying schedule Unaffiliated issuers (cost $231,428,979): | $ | 231,428,979 | ||
Cash | 1,243,000 | |||
Receivable for investments sold | 58,706 | |||
Receivable for fund shares sold | 2,210,274 | |||
Interest receivable | 485,374 | |||
Prepaid expenses | 232 | |||
Other receivables | 3,115 | |||
Total assets | 235,429,680 | |||
Liabilities | ||||
Payable for investments purchased | $ | 5,118,897 | ||
Payable for fund shares redeemed | 1,382,252 | |||
Distributions payable | 189,665 | |||
Accrued management fee | 39,883 | |||
Other affiliated payables | 36,476 | |||
Other payables and accrued expenses | 8,188 | |||
Total Liabilities | 6,775,361 | |||
Net Assets | $ | 228,654,319 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 228,655,690 | ||
Total accumulated earnings (loss) | (1,371) | |||
Net Assets | $ | 228,654,319 | ||
Net Asset Value, offering price and redemption price per share ($228,654,319 ÷ 228,615,728 shares) | $ | 1.00 |
Statement of Operations | ||||
Amounts in thousands | Year ended November 30, 2023 | |||
Investment Income | ||||
Interest | $ | 10,817,444 | ||
Expenses | ||||
Management fee | $ | 448,074 | ||
Transfer agent fees | 417,162 | |||
Accounting fees and expenses | 5,087 | |||
Custodian fees and expenses | 900 | |||
Independent trustees' fees and expenses | 745 | |||
Registration fees | 8,670 | |||
Audit | 73 | |||
Legal | 178 | |||
Miscellaneous | 3,513 | |||
Total expenses before reductions | 884,402 | |||
Expense reductions | (6,984) | |||
Total expenses after reductions | 877,418 | |||
Net Investment income (loss) | 9,940,026 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,925) | |||
Total net realized gain (loss) | (1,925) | |||
Net increase in net assets resulting from operations | $ | 9,938,101 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended November 30, 2023 | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 9,940,026 | $ | 2,223,286 |
Net realized gain (loss) | (1,925) | 319 | ||
Net increase in net assets resulting from operations | 9,938,101 | 2,223,605 | ||
Distributions to shareholders | (9,939,697) | (2,223,284) | ||
Share transactions | ||||
Proceeds from sales of shares | 979,486,736 | 977,746,147 | ||
Reinvestment of distributions | 7,901,601 | 1,788,842 | ||
Cost of shares redeemed | (973,085,068) | (979,306,027) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | 14,303,269 | 228,962 | ||
Total increase (decrease) in net assets | 14,301,673 | 229,283 | ||
Net Assets | ||||
Beginning of period | 214,352,646 | 214,123,363 | ||
End of period | $ | 228,654,319 | $ | 214,352,646 |
Other Information | ||||
Shares | ||||
Sold | 979,486,736 | 977,746,147 | ||
Issued in reinvestment of distributions | 7,901,601 | 1,788,842 | ||
Redeemed | (973,085,068) | (979,306,027) | ||
Net increase (decrease) | 14,303,269 | 228,962 | ||
Fidelity® Government Cash Reserves |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A | .046 | .010 | - B | .004 | .019 | |||||
Net realized and unrealized gain (loss) B | - | - | - | - | - | |||||
Total from investment operations | .046 | .010 | - B | .004 | .019 | |||||
Distributions from net investment income | (.046) | (.010) | - B | (.004) | (.019) | |||||
Total distributions | (.046) | (.010) | - B | (.004) | (.019) | |||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Total Return C | 4.67% | 1.03% | .01% | .39% | 1.95% | |||||
Ratios to Average Net Assets A,D,E | ||||||||||
Expenses before reductions | .41% | .34% | .33% | .34% | .38% | |||||
Expenses net of fee waivers, if any | .40% | .27% | .08% | .26% | .37% | |||||
Expenses net of all reductions | .40% | .27% | .08% | .26% | .37% | |||||
Net investment income (loss) | 4.58% | 1.00% | .01% | .33% | 1.93% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 228,654 | $ | 214,353 | $ | 214,123 | $ | 210,565 | $ | 155,714 |
Fidelity Government Cash Reserves | $3,115 |
Gross unrealized appreciation | $- |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $- |
Tax Cost | $231,428,979 |
Undistributed ordinary income | $555 |
Capital loss carryforward | $(1,926) |
Net unrealized appreciation (depreciation) on securities and other investments | $- |
Long-term | $(1,926) |
Total capital loss carryforward | $(1,926) |
November 30, 2023 | November 30, 2022 | |
Ordinary Income | $9,939,697 | $2,223,284 |
% of Average Net Assets | |
Fidelity Government Cash Reserves | -A |
% of Average Net Assets | |
Fidelity Government Cash Reserves | 0.0023% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Expenses Paid During Period- C June 1, 2023 to November 30, 2023 | |||||||
Fidelity® Government Cash Reserves | .41% | |||||||||
Actual | $ 1,000 | $ 1,024.90 | $ 2.08 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.01 | $ 2.08 | |||||||
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Abigail P. Johnson | ||
Affirmative | 206,126,822,806.160 | 95.000 |
Withheld | 10,567,357,472.370 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Jennifer Toolin McAuliffe | ||
Affirmative | 205,922,514,106.350 | 95.000 |
Withheld | 10,771,666,172.180 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Christine J. Thompson | ||
Affirmative | 205,984,312,111.960 | 95.000 |
Withheld | 10,709,868,166.570 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Elizabeth S. Acton | ||
Affirmative | 205,376,522,847.190 | 95.000 |
Withheld | 11,317,657,431.340 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Laura M. Bishop | ||
Affirmative | 205,882,116,845.220 | 95.000 |
Withheld | 10,812,063,433.310 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Ann E. Dunwoody | ||
Affirmative | 205,591,512,126.860 | 95.000 |
Withheld | 11,102,668,151.670 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
John Engler | ||
Affirmative | 205,016,490,901.370 | 95.000 |
Withheld | 11,677,689,377.160 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Robert F. Gartland | ||
Affirmative | 205,880,593,097.400 | 95.000 |
Withheld | 10,813,587,181.130 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Robert W. Helm | ||
Affirmative | 206,197,024,620.070 | 95.000 |
Withheld | 10,497,155,658.460 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 205,383,708,804.670 | 95.000 |
Withheld | 11,310,471,473.860 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 205,820,582,779.860 | 95.000 |
Withheld | 10,873,597,498.670 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Mark A. Murray | ||
Affirmative | 206,037,141,430.340 | 95.000 |
Withheld | 10,657,038,848.190 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Carol J. Zierhoffer | ||
Affirmative | 205,877,478,838.720 | 95.000 |
Withheld | 10,816,701,439.810 | 5.000 |
TOTAL | 216,694,180,278.530 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
![]() |
Item 2.
Code of Ethics
As of the end of the period, November 30, 2023, Fidelity Phillips Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Government Cash Reserves (the “Fund”):
Services Billed by PwC
November 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Government Cash Reserves | $58,500 | $3,800 | $2,100 | $1,600 |
November 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Government Cash Reserves | $47,200 | $3,600 | $2,000 | $1,600 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
November 30, 2023A | November 30, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | November 30, 2023A | November 30, 2022A |
PwC | $13,595,300 | $12,890,200 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable
to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Phillips Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | January 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | January 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 22, 2024 |