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, MA 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: | May 31, 2024 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2024 | ||
| Fidelity® Government Cash Reserves Fidelity® Government Cash Reserves : FDRXX | |
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | ||
Fidelity® Government Cash Reserves | $ 20 | 0.40% |
KEY FACTS | ||
Fund Size | $218,855,553,492 | |
Number of Holdings | 464 |
(as of May 31, 2024)
EFFECTIVE MATURITY DIVERSIFICATION (% of Fund's net assets) | ||
Days | ||
1-7 | 63.1 | |
8-30 | 7.5 | |
31-60 | 13.2 | |
61-90 | 6.3 | |
91-180 | 8.1 | |
>180 | 3.6 | |
|
Repurchase Agreements | 44.6 |
U.S. Treasury Obligations | 31.6 |
U.S. Government Agency - Debt | 25.6 |
ASSET ALLOCATION (% of Fund's net assets) |
Net Other Assets (Liabilities) - (1.8)% |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. | ||
1.9915844.100 55-TSRS-0724 | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec |
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Contents
U.S. Treasury Debt - 31.6% | ||||
Yield (%)(a) | Principal Amount (b) (000s) | Value ($) (000s) | ||
U.S. Treasury Obligations - 31.6% | ||||
U.S. Treasury Bills | ||||
6/4/24 to 11/29/24 | 5.11 to 5.41 | 65,872,644 | 65,258,780 | |
U.S. Treasury Notes | ||||
7/31/24 to 5/15/25 (c) | 4.88 to 5.47 | 4,008,500 | 3,955,707 | |
TOTAL U.S. TREASURY DEBT (Cost $69,214,487) | 69,214,487 | |||
U.S. Government Agency Debt - 25.6% | ||||
Yield (%)(a) | Principal Amount (b) (000s) | Value ($) (000s) | ||
Federal Agencies - 25.6% | ||||
Federal Farm Credit Bank | ||||
3/4/26 (c)(d) | 0.00 | 77,000 | 76,994 | |
3/4/26 (c)(d) | 0.00 | 25,000 | 24,998 | |
6/3/24 to 5/20/26 (c) | 5.02 to 5.53 | 9,007,105 | 9,007,231 | |
6/5/26 (c)(d) | 0.00 | 44,000 | 43,996 | |
6/6/25 (c)(d) | 0.00 | 26,000 | 26,000 | |
Federal Home Loan Bank | ||||
10/3/24 (c)(d) | 0.00 | 352,000 | 352,000 | |
10/4/24 (c)(d) | 0.00 | 99,000 | 99,000 | |
12/10/24 (c)(d) | 0.00 | 250,000 | 250,000 | |
12/10/24 (c)(d) | 0.00 | 102,000 | 102,000 | |
12/10/24 (c)(d) | 0.00 | 141,000 | 141,000 | |
12/6/24 (c)(d)(e) | 0.00 | 143,000 | 143,000 | |
12/6/24 (c)(d)(e) | 0.00 | 139,000 | 139,000 | |
12/9/24 (c)(d) | 0.00 | 28,000 | 28,000 | |
6/3/24 to 2/27/26 (c) | 4.79 to 5.52 | 45,732,341 | 45,692,927 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $56,126,146) | 56,126,146 | |||
U.S. Government Agency Repurchase Agreement - 18.6% | |||
Maturity Amount ($) (000s) | Value ($) (000s) | ||
In a joint trading account at: | |||
5.33% dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations)# | 17,779,071 | 17,771,172 | |
5.33% dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations)# | 25,844 | 25,833 | |
With: | |||
ABN AMRO Bank NV at 5.34%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $336,765,983, 0.38% - 6.00%, 12/1/26 - 5/1/54) | 330,147 | 330,000 | |
Bank of America NA at 5.39%, dated 5/6/24 due 9/3/24 (Collateralized by U.S. Government Obligations valued at $152,617,134, 3.00% - 3.50%, 8/1/42 - 4/1/47) | 151,677 | 149,000 | |
BMO Capital Markets Corp. at 5.32%, dated 5/28/24 due 6/4/24 (Collateralized by U.S. Government Obligations valued at $56,551,828, 0.00% - 5.50%, 7/26/24 - 4/20/54) | 55,057 | 55,000 | |
BMO Harris Bank NA at: | |||
5.32%, dated 5/28/24 due 6/4/24 | |||
(Collateralized by U.S. Government Obligations valued at $113,400,460, 6.42% - 6.52%, 12/20/53 - 2/20/54) | 110,114 | 110,000 | |
(Collateralized by U.S. Government Obligations valued at $112,299,485, 6.50%, 11/20/53 - 2/20/54) | 110,114 | 110,000 | |
5.33%, dated: | |||
5/13/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $113,572,021, 6.50%, 2/20/54) | 111,509 | 111,000 | |
5/20/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $226,909,360, 2.50% - 8.00%, 7/20/47 - 5/20/54) | 223,019 | 222,000 | |
5.34%, dated 4/1/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $175,020,423, 5.50% - 7.50%, 12/20/53 - 5/20/54) | 171,589 | 170,000 | |
BNP Paribas, SA at 5.36%, dated: | |||
3/11/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $579,138,459, 0.00% - 7.00%, 7/18/24 - 4/20/64) (c)(d)(f) | 568,838 | 560,000 | |
3/13/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $232,166,710, 0.00% - 7.00%, 7/31/24 - 5/15/54) (c)(d)(f) | 226,486 | 223,000 | |
BNY Mellon Capital Markets Corp. at 5.35%, dated 5/2/24 due 6/13/24 (Collateralized by U.S. Treasury Obligations valued at $409,958,510, 0.00% - 8.00%, 6/6/24 - 6/1/54) | 402,497 | 400,000 | |
BofA Securities, Inc. at: | |||
5.35%, dated 4/2/24 due 7/2/24 (Collateralized by U.S. Government Obligations valued at $1,102,485,436, 1.50% - 7.50%, 10/1/25 - 5/20/63) | 1,085,484 | 1,071,000 | |
5.38%, dated: | |||
4/18/24 due 7/18/24 (Collateralized by U.S. Government Obligations valued at $459,064,329, 1.50% - 7.05%, 4/1/25 - 4/1/54) (c)(d)(f) | 453,079 | 447,000 | |
4/25/24 due 7/25/24 (Collateralized by U.S. Government Obligations valued at $151,837,245, 1.50% - 7.00%, 3/1/27 - 5/1/54) (c)(d)(f) | 150,013 | 148,000 | |
4/26/24 due 7/26/24 (Collateralized by U.S. Government Obligations valued at $151,814,769, 1.50% - 7.00%, 10/1/33 - 5/1/54) (c)(d)(f) | 150,013 | 148,000 | |
4/30/24 due 7/30/24 (Collateralized by U.S. Government Obligations valued at $607,924,456, 1.50% - 7.50%, 9/1/26 - 5/1/54) (c)(d)(f) | 601,064 | 593,000 | |
5/2/24 due 8/2/24 (Collateralized by U.S. Government Obligations valued at $363,826,312, 1.50% - 8.50%, 9/1/26 - 6/1/54) (c)(d)(f) | 359,881 | 355,000 | |
5.39%, dated 3/6/24 due 6/6/24 (Collateralized by U.S. Government Obligations valued at $309,043,943, 1.50% - 6.50%, 4/1/26 - 5/1/54) | 303,119 | 299,000 | |
CIBC Bank U.S.A. at: | |||
5.33%, dated: | |||
4/11/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $358,773,355, 2.00% - 7.00%, 6/1/43 - 9/1/61) | 352,255 | 349,000 | |
5/2/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $92,235,689, 2.50% - 7.00%, 12/1/34 - 5/1/54) | 90,560 | 90,000 | |
5/20/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $175,804,057, 0.00% - 7.00%, 7/14/36 - 5/1/54) | 172,789 | 172,000 | |
5.38%, dated 5/20/24 due 6/20/24 (Collateralized by U.S. Government Obligations valued at $14,310,465, 1.50% - 7.00%, 1/31/28 - 6/1/54) | 14,065 | 14,000 | |
Citibank NA at 5.34%, dated 5/30/24 due 6/6/24 (Collateralized by U.S. Government Obligations valued at $335,790,075, 0.00% - 7.42%, 1/15/25 - 10/20/67) | 329,342 | 329,000 | |
Citigroup Global Capital Markets, Inc. at: | |||
5.34%, dated: | |||
5/6/24 due 6/5/24 (Collateralized by U.S. Government Obligations valued at $345,167,714, 4.00% - 7.50%, 9/30/24 - 10/20/53) | 338,500 | 337,000 | |
5/30/24 due 6/6/24 (Collateralized by U.S. Treasury Obligations valued at $503,158,438, 0.75% - 4.25%, 12/31/25 - 5/31/26) | 493,512 | 493,000 | |
5.37%, dated: | |||
5/8/24 due 7/8/24 (Collateralized by U.S. Government Obligations valued at $757,727,423, 2.50% - 7.50%, 2/15/33 - 2/1/54) | 746,733 | 740,000 | |
5/14/24 due 7/15/24 (Collateralized by U.S. Government Obligations valued at $599,503,238, 4.25% - 7.50%, 9/30/24 - 1/1/54) | 591,420 | 586,000 | |
5.38%, dated 5/24/24 due 7/24/24 (Collateralized by U.S. Government Obligations valued at $517,912,882, 4.25% - 7.00%, 9/30/24 - 2/1/54) | 511,622 | 507,000 | |
Ficc Mississippi Gc Repo (GOV) at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $451,040,249, 1.50% - 7.00%, 4/1/26 - 5/1/54) | 442,196 | 442,000 | |
FICC State Street GC (Gov. Repo) at 5.34%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $676,560,483, 1.50% - 7.00%, 9/1/32 - 5/1/54) | 662,295 | 662,000 | |
Goldman Sachs & Co. at: | |||
5.33%, dated: | |||
5/28/24 due 6/4/24 (Collateralized by U.S. Government Obligations valued at $447,156,872, 2.00% - 7.00%, 9/1/28 - 5/1/54) | 438,454 | 438,000 | |
5/29/24 due: | |||
6/3/24 (Collateralized by U.S. Government Obligations valued at $1,120,789,082, 1.50% - 6.50%, 3/1/26 - 5/20/54) | 1,098,813 | 1,098,000 | |
6/5/24 (Collateralized by U.S. Government Obligations valued at $1,120,789,081, 1.50% - 7.00%, 6/1/25 - 5/1/54) | 1,099,138 | 1,098,000 | |
5.34%, dated: | |||
5/30/24 due 6/6/24 (Collateralized by U.S. Government Obligations valued at $1,678,895,554, 1.50% - 7.50%, 7/1/29 - 6/1/54) | 1,646,708 | 1,645,000 | |
5/31/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $1,344,958,240, 2.00% - 7.50%, 8/1/30 - 4/20/54) | 1,319,369 | 1,318,000 | |
ING Financial Markets LLC at: | |||
5.35%, dated 5/15/24 due 6/17/24 (Collateralized by U.S. Government Obligations valued at $150,363,372, 2.00% - 6.00%, 3/1/42 - 8/1/53) | 147,721 | 147,000 | |
5.36%, dated: | |||
5/2/24 due 6/13/24 (Collateralized by U.S. Government Obligations valued at $533,984,690, 2.00% - 7.00%, 7/15/26 - 6/1/54) | 524,258 | 521,000 | |
5/3/24 due 6/14/24 (Collateralized by U.S. Government Obligations valued at $228,509,854, 4.50% - 7.00%, 7/1/52 - 1/1/54) | 224,394 | 223,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at 5.36%, dated 5/2/24 due 7/17/24 (Collateralized by U.S. Government Obligations valued at $1,051,506,979, 0.00% - 7.50%, 7/1/24 - 6/1/54) | 1,037,610 | 1,026,000 | |
Morgan Stanley & Co., LLC at 5.42%, dated 4/1/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $153,550,304, 0.00% - 7.50%, 5/1/26 - 6/25/54) (c)(d)(f) | 150,413 | 149,000 | |
MUFG Securities (Canada), Ltd. at 5.36%, dated 5/2/24 due 7/17/24 (Collateralized by U.S. Government Obligations valued at $213,171,726, 0.13% - 6.50%, 5/15/25 - 4/1/54) | 210,354 | 208,000 | |
RBC Dominion Securities at 5.33%, dated 5/29/24 due 6/5/24 (Collateralized by U.S. Government Obligations valued at $224,571,845, 0.13% - 6.50%, 10/15/24 - 4/20/54) | 220,228 | 220,000 | |
RBC Financial Group at: | |||
5.33%, dated 4/26/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $1,168,113,691, 0.00% - 8.00%, 6/30/24 - 6/1/54) | 1,143,066 | 1,135,000 | |
5.34%, dated 5/31/24 due 6/7/24 (Collateralized by U.S. Government Obligations valued at $1,120,075,950, 0.38% - 7.50%, 7/15/24 - 6/1/54) | 1,106,926 | 1,097,000 | |
SMBC Nikko Securities America, Inc. at 5.34%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $112,249,993, 1.25% - 7.00%, 8/15/25 - 5/1/54) | 110,049 | 110,000 | |
TD Securities (U.S.A.) at 5.34%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Government Obligations valued at $447,979,263, 1.50% - 8.00%, 8/1/24 - 5/1/54) | 439,195 | 439,000 | |
Wells Fargo Securities, LLC at: | |||
5.37%, dated: | |||
3/21/24 due 6/21/24 (Collateralized by U.S. Government Obligations valued at $605,349,092, 1.50% - 6.50%, 1/1/25 - 5/1/54) | 595,056 | 587,000 | |
3/26/24 due 6/21/24 (Collateralized by U.S. Government Obligations valued at $90,683,855, 2.00% - 6.50%, 10/1/35 - 5/1/54) | 89,142 | 88,000 | |
5.38%, dated 5/21/24 due 8/19/24 (Collateralized by U.S. Government Obligations valued at $594,793,311, 1.50% - 7.00%, 11/1/24 - 6/1/54) | 589,828 | 582,000 | |
5.39%, dated: | |||
3/15/24 due 6/13/24 (Collateralized by U.S. Government Obligations valued at $301,407,461, 2.00% - 6.50%, 5/1/25 - 5/1/54) | 295,935 | 292,000 | |
5/28/24 due 8/26/24 (Collateralized by U.S. Government Obligations valued at $295,044,811, 2.50% - 6.50%, 3/1/27 - 1/1/57) | 292,894 | 289,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $40,729,005) | 40,729,005 | ||
U.S. Treasury Repurchase Agreement - 26.0% | |||
Maturity Amount ($) (000s) | Value ($) (000s) | ||
With: | |||
ABN AMRO Bank NV at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $303,349,818, 0.00% - 2.88%, 10/24/24 - 8/15/49) | 297,376 | 297,244 | |
Barclays Bank PLC at 5.33%, dated: | |||
5/2/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $730,710,665, 0.75% - 3.63%, 4/30/26 - 11/15/48) | 717,434 | 713,000 | |
5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $1,014,330,345, 0.25% - 4.75%, 9/15/25 - 11/15/43) | 994,442 | 994,000 | |
BMO Capital Markets Corp. at 5.32%, dated 5/29/24 due 6/5/24 (Collateralized by U.S. Treasury Obligations valued at $101,057,486, 0.00% - 5.00%, 9/5/24 - 11/15/51) | 99,102 | 99,000 | |
BMO Harris Bank NA at 5.32%, dated 5/13/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $100,270,222, 0.63% - 3.50%, 12/31/27 - 2/15/33) | 98,449 | 98,000 | |
BNP Paribas, SA at: | |||
5.36%, dated: | |||
2/29/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $1,061,341,062, 0.38% - 5.57%, 10/31/24 - 2/15/54) (c)(d)(f) | 1,041,177 | 1,025,000 | |
3/1/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $848,097,321, 0.25% - 6.50%, 1/15/25 - 11/15/53) (c)(d)(f) | 833,674 | 820,000 | |
3/8/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $314,170,589, 0.00% - 5.57%, 7/9/24 - 2/15/54) (c)(d)(f) | 308,888 | 304,000 | |
3/11/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $1,455,926,189, 0.50% - 5.57%, 7/31/24 - 5/15/54) (c)(d)(f) | 1,431,237 | 1,409,000 | |
5.37%, dated: | |||
2/14/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $1,769,120,453, 0.63% - 5.57%, 7/31/24 - 2/15/54) (c)(d)(f) | 1,734,756 | 1,704,000 | |
2/16/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $439,886,397, 0.00% - 5.57%, 7/16/24 - 8/15/53) (c)(d)(f) | 431,716 | 424,000 | |
2/20/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $439,842,532, 0.00% - 5.57%, 7/31/24 - 11/15/53) (c)(d)(f) | 431,906 | 424,000 | |
5.38%, dated 5/3/24 due 9/3/24 (Collateralized by U.S. Treasury Obligations valued at $152,141,365, 0.00% - 5.57%, 6/13/24 - 2/15/54) (c)(d)(f) | 150,720 | 148,000 | |
BofA Securities, Inc. at: | |||
5.32%, dated 4/1/24 due 7/1/24 (Collateralized by U.S. Treasury Obligations valued at $80,300,783, 1.38% - 4.00%, 2/29/28 - 2/15/43) | 79,049 | 78,000 | |
5.33%, dated 4/2/24 due 7/2/24 (Collateralized by U.S. Treasury Obligations valued at $168,815,569, 1.88% - 4.00%, 2/29/28 - 2/15/41) | 166,210 | 164,000 | |
5.36%, dated 4/25/24 due 7/25/24 (Collateralized by U.S. Treasury Obligations valued at $259,554,075, 1.13% - 4.00%, 2/29/28 - 5/15/43) (c)(d)(f) | 256,428 | 253,000 | |
CIBC Bank U.S.A. at 5.32%, dated: | |||
4/29/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $135,336,484, 0.38% - 4.88%, 7/31/24 - 2/15/52) | 133,170 | 132,000 | |
5/2/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $72,763,247, 0.38% - 4.88%, 6/30/24 - 8/15/53) | 71,441 | 71,000 | |
5/15/24 due 6/6/24 (Collateralized by U.S. Treasury Obligations valued at $133,204,310, 0.38% - 4.38%, 6/30/24 - 8/15/53) | 130,423 | 130,000 | |
5/21/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $202,357,484, 0.38% - 4.63%, 7/31/24 - 8/15/53) | 198,380 | 198,000 | |
5/23/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $60,283,458, 0.38% - 4.88%, 11/30/24 - 8/15/53) | 59,183 | 59,000 | |
6/3/24 due 6/7/24 (g) | 198,878 | 198,000 | |
Credit AG at 5.32%, dated 5/15/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $184,115,588, 4.75%, 7/31/25) | 180,798 | 180,000 | |
Federal Reserve Bank of New York at 5.3%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $18,871,331,179, 0.38% - 4.75%, 8/15/24 - 5/15/42) | 18,871,331 | 18,863,000 | |
FICC ACAFB Repo Program at 5.34%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $614,793,900, 3.63% - 4.13%, 3/31/31 - 2/15/53) | 596,265 | 596,000 | |
Ficc Citi Gc Repo (GOV) at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $203,070,214, 0.63% - 6.25%, 5/15/25 - 11/15/53) | 199,088 | 199,000 | |
Ficc Nomura Gc Repo (GOV) at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $1,927,635,833, 0.00% - 5.53%, 6/18/24 - 4/30/29) | 1,889,839 | 1,889,000 | |
Fixed Income Clearing Corp. - BNP at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $1,927,635,814, 0.00% - 5.57%, 6/13/24 - 11/15/53) | 1,889,839 | 1,889,000 | |
Fixed Income Clearing Corp. - BNYM at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $7,508,220,029, 0.75% - 4.50%, 5/15/26 - 5/15/32) | 7,364,270 | 7,361,000 | |
Fixed Income Clearing Corp. - SSB at: | |||
5.32%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $3,449,070,600, 0.50% - 3.25%, 5/31/27 - 8/31/27) | 3,382,499 | 3,381,000 | |
5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $2,024,771,867, 1.63% - 4.00%, 7/31/29 - 3/31/30) | 1,985,882 | 1,985,000 | |
Goldman Sachs & Co. at 5.33%, dated 5/31/24 due 6/3/24 | |||
(Collateralized by U.S. Treasury Obligations valued at $346,954,121, 3.13% - 4.38%, 11/15/28 - 5/15/34) | 340,151 | 340,000 | |
(Collateralized by U.S. Treasury Obligations valued at $507,165,199, 3.75%, 12/31/30) | 497,221 | 497,000 | |
HSBC Securities, Inc. at 5.33%, dated 5/29/24 due 6/5/24 (Collateralized by U.S. Treasury Obligations valued at $396,053,030, 3.88%, 11/30/29) | 388,402 | 388,000 | |
ING Financial Markets LLC at: | |||
5.33%, dated 5/28/24 due 6/4/24 (Collateralized by U.S. Treasury Obligations valued at $80,670,209, 0.00% - 4.13%, 8/13/24 - 2/15/53) | 79,082 | 79,000 | |
5.34%, dated: | |||
5/30/24 due 6/6/24 (Collateralized by U.S. Treasury Obligations valued at $19,391,572, 0.25% - 4.13%, 6/15/24 - 8/15/28) | 19,020 | 19,000 | |
5/31/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $39,798,672, 0.75% - 4.63%, 9/30/25 - 5/15/49) | 39,040 | 39,000 | |
J.P. Morgan Securities, LLC at 5.35%, dated 5/22/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $1,985,386,691, 0.38% - 4.38%, 7/15/25 - 9/30/27) (c)(d)(f) | 1,951,663 | 1,943,000 | |
Lloyds Bank Corp. Markets PLC at 5.33%, dated 5/28/24 due 6/4/24 (Collateralized by U.S. Treasury Obligations valued at $409,469,593, 3.50% - 4.63%, 11/15/25 - 1/31/30) | 401,416 | 401,000 | |
Lloyds Bank PLC at 5.39%, dated: | |||
3/20/24 due 6/20/24 (Collateralized by U.S. Treasury Obligations valued at $171,196,900, 2.25% - 3.88%, 2/15/27 - 12/31/27) | 168,287 | 166,000 | |
5/20/24 due 8/20/24 (Collateralized by U.S. Treasury Obligations valued at $94,054,181, 2.25% - 4.13%, 2/15/27 - 7/31/28) | 93,267 | 92,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at 5.34%, dated 5/2/24 due 7/17/24 (Collateralized by U.S. Treasury Obligations valued at $266,458,831, 0.00% - 4.63%, 7/25/24 - 8/31/30) | 262,931 | 260,000 | |
Mizuho Bank, Ltd. at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $508,450,898, 1.25%, 8/15/31) | 497,221 | 497,000 | |
MUFG Securities (Canada), Ltd. at: | |||
5.33%, dated 5/2/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $104,874,415, 0.25% - 4.75%, 8/31/24 - 11/15/52) | 102,634 | 102,000 | |
5.34%, dated 5/2/24 due 7/17/24 (Collateralized by U.S. Treasury Obligations valued at $200,053,196, 0.25% - 4.75%, 8/31/24 - 11/15/52) | 197,198 | 195,000 | |
MUFG Securities EMEA PLC at: | |||
5.32%, dated: | |||
5/22/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $203,390,196, 0.38% - 0.88%, 1/31/26 - 1/31/28) | 199,647 | 199,000 | |
5/29/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $809,373,217, 0.38% - 4.13%, 5/15/25 - 10/31/27) | 794,758 | 793,000 | |
5.33%, dated 5/31/24 due: | |||
6/3/24 (Collateralized by U.S. Treasury Obligations valued at $121,550,161, 0.00% - 4.50%, 6/15/24 - 2/15/47) | 119,053 | 119,000 | |
6/7/24 (Collateralized by U.S. Treasury Obligations valued at $203,269,868, 1.13% - 2.13%, 5/15/25 - 12/31/26) | 199,383 | 199,000 | |
Natixis SA at 5.33%, dated: | |||
4/29/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $416,295,998, 0.00% - 5.25%, 9/15/24 - 8/15/52) | 408,525 | 406,000 | |
5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $203,777,946, 0.25% - 4.75%, 6/15/24 - 11/15/53) | 199,088 | 199,000 | |
NatWest Markets Securities, Inc. at: | |||
5.32%, dated 5/29/24 due 6/5/24 (Collateralized by U.S. Treasury Obligations valued at $497,107,071, 0.38% - 4.25%, 1/31/25 - 11/30/29) | 487,504 | 487,000 | |
5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $100,004,481, 3.88%, 8/15/33) | 98,044 | 98,000 | |
Norinchukin Bank at: | |||
5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $65,289,739, 0.00% - 1.88%, 4/30/28 - 2/15/32) | 64,028 | 64,000 | |
5.35%, dated 5/28/24 due 6/4/24 (Collateralized by U.S. Treasury Obligations valued at $192,866,017, 0.00% - 3.38%, 8/15/31 - 5/15/33) | 189,197 | 189,000 | |
RBC Dominion Securities at 5.34%, dated 5/31/24 due 6/7/24 (Collateralized by U.S. Treasury Obligations valued at $707,461,938, 0.25% - 4.75%, 6/30/24 - 2/15/54) | 694,336 | 693,000 | |
SMBC Nikko Securities America, Inc. at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $1,202,347,660, 0.00% - 7.63%, 6/27/24 - 5/15/54) | 1,178,523 | 1,178,000 | |
Societe Generale at: | |||
5.32%, dated 5/28/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $99,998,628, 2.38%, 11/15/49) | 97,086 | 97,000 | |
5.35%, dated 5/30/24 due 6/6/24 (Collateralized by U.S. Treasury Obligations valued at $507,470,241, 1.13% - 4.50%, 4/30/27 - 8/15/52) | 495,515 | 495,000 | |
Sumitomo Mitsui Trust Bank Ltd. at 5.38%, dated: | |||
5/22/24 due 6/5/24 (Collateralized by U.S. Treasury Obligations valued at $44,990,313, 1.63% - 4.38%, 8/31/28 - 8/15/29) | 44,092 | 44,000 | |
6/5/24 due 6/7/24 (g) | 44,099 | 44,000 | |
TD Securities (U.S.A.) at 5.33%, dated 5/31/24 due 6/3/24 (Collateralized by U.S. Treasury Obligations valued at $396,956,311, 1.75% - 4.50%, 12/31/26 - 5/31/29) | 389,173 | 389,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT (Cost $56,796,244) | 56,796,244 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $222,865,882) | 222,865,882 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (4,010,329) |
NET ASSETS - 100.0% | 218,855,553 |
(a) | Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | The maturity amount is based on the rate at period end. |
(g) | Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date. |
Other Information | ||
# Additional information on each counterparty to the repurchase agreement is as follows: | ||
Repurchase Agreement / Counterparty | Value ($) (000's) | |
$17,771,172,000 due 6/03/24 at 5.33% | ||
BNY Mellon Capital Markets LLC | 275,098 | |
Bank of America, N.A. | 793,402 | |
Bank of Nova Scotia | 233,843 | |
BofA Securities, Inc. | 344,486 | |
Citigroup Global Markets, Inc. | 1,333,420 | |
Credit Agricole CIB New York Branch | 1,251,081 | |
HSBC Securities (USA), Inc. | 488,913 | |
ING Financial Markets LLC | 211,661 | |
JP Morgan Securities LLC | 3,536,583 | |
Mitsubishi UFJ Securities Holdings Ltd | 617,090 | |
Mizuho Securities USA, Inc. | 800,918 | |
Nomura Securities International | 168,803 | |
RBC Dominion Securities, Inc. | 2,050,105 | |
Royal Bank of Canada | 172,775 | |
Societe Generale | 307,885 | |
Sumitomo Mitsui Banking Corp. | 3,791,088 | |
Sumitomo Mitsui Banking Corp. NY | 714,931 | |
Wells Fargo Bank NA | 198,592 | |
Wells Fargo Securities LLC | 480,498 | |
17,771,172 | ||
$25,833,000 due 6/03/24 at 5.33% | ||
Credit Agricole CIB New York Branch | 416 | |
JP Morgan Securities LLC | 25,417 | |
25,833 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | May 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $97,525,249) - See accompanying schedule Unaffiliated issuers (cost $222,865,882): | $ | 222,865,882 | ||
Cash | 1,243,000 | |||
Receivable for fund shares sold | 1,777,029 | |||
Interest receivable | 614,849 | |||
Prepaid expenses | 33 | |||
Other receivables | 3,259 | |||
Total assets | 226,504,052 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 5,273,382 | ||
Delayed delivery | 282,000 | |||
Payable for fund shares redeemed | 1,832,053 | |||
Distributions payable | 185,548 | |||
Accrued management fee | 71,428 | |||
Other payables and accrued expenses | 4,088 | |||
Total liabilities | 7,648,499 | |||
Net Assets | $ | 218,855,553 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 218,857,067 | ||
Total accumulated earnings (loss) | (1,514) | |||
Net Assets | $ | 218,855,553 | ||
Net Asset Value, offering price and redemption price per share ($218,855,553 ÷ 218,817,105 shares) | $ | 1.00 |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2024 (Unaudited) | |||
Investment Income | ||||
Interest | $ | 6,126,894 | ||
Expenses | ||||
Management fee | $ | 338,868 | ||
Transfer agent fees | 110,612 | |||
Accounting fees and expenses | 1,327 | |||
Custodian fees and expenses | 648 | |||
Independent trustees' fees and expenses | 324 | |||
Registration fees | 4,300 | |||
Audit | 37 | |||
Legal | 106 | |||
Miscellaneous | 544 | |||
Total expenses before reductions | 456,766 | |||
Expense reductions | (5,425) | |||
Total expenses after reductions | 451,341 | |||
Net Investment income (loss) | 5,675,553 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 56 | |||
Total net realized gain (loss) | 56 | |||
Net increase in net assets resulting from operations | $ | 5,675,609 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2024 (Unaudited) | Year ended November 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,675,553 | $ | 9,940,026 |
Net realized gain (loss) | 56 | (1,925) | ||
Net increase in net assets resulting from operations | 5,675,609 | 9,938,101 | ||
Distributions to shareholders | (5,675,752) | (9,939,697) | ||
Share transactions | ||||
Proceeds from sales of shares | 566,395,012 | 979,486,736 | ||
Reinvestment of distributions | 4,503,179 | 7,901,601 | ||
Cost of shares redeemed | (580,696,814) | (973,085,068) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (9,798,623) | 14,303,269 | ||
Total increase (decrease) in net assets | (9,798,766) | 14,301,673 | ||
Net Assets | ||||
Beginning of period | 228,654,319 | 214,352,646 | ||
End of period | $ | 218,855,553 | $ | 228,654,319 |
Other Information | ||||
Shares | ||||
Sold | 566,395,012 | 979,486,736 | ||
Issued in reinvestment of distributions | 4,503,179 | 7,901,601 | ||
Redeemed | (580,696,814) | (973,085,068) | ||
Net increase (decrease) | (9,798,623) | 14,303,269 | ||
Fidelity® Government Cash Reserves |
Six months ended (Unaudited) May 31, 2024 | 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 | $ | 1.00 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .029 | .046 | .010 | - B | .004 | .019 | ||||||
Net realized and unrealized gain (loss) B | - | - | - | - | - | - | ||||||
Total from investment operations | .029 | .046 | .010 | - B | .004 | .019 | ||||||
Distributions from net investment income | (.029) | (.046) | (.010) | - B | (.004) | (.019) | ||||||
Total distributions | (.029) | (.046) | (.010) | - B | (.004) | (.019) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Total Return C,D | 2.53 % | 4.67% | 1.03% | .01% | .39% | 1.95% | ||||||
Ratios to Average Net Assets A,E,F | ||||||||||||
Expenses before reductions | .40% G | .41% | .34% | .33% | .34% | .38% | ||||||
Expenses net of fee waivers, if any | .40 % G | .40% | .27% | .08% | .26% | .37% | ||||||
Expenses net of all reductions | .40% G | .40% | .27% | .08% | .26% | .37% | ||||||
Net investment income (loss) | 5.01% G | 4.58% | 1.00% | .01% | .33% | 1.93% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 218,856 | $ | 228,654 | $ | 214,353 | $ | 214,123 | $ | 210,565 | $ | 155,714 |
Fidelity Government Cash Reserves | $3,258 |
Gross unrealized appreciation | $- |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $- |
Tax cost | $222,865,882 |
Long-term | $(1,926) |
Total capital loss carryforward | $(1,926) |
Maximum Management Fee Rate % | |
Fidelity Government Cash Reserves | .27 |
Income-Related Fee $ | Income-Related Fee Rate % | Total Management Fee Rate % | |
Fidelity Government Cash Reserves | 65,920 | .12 | .39 |
% of Average Net Assets | |
Fidelity Government Cash Reserves | .0023 |
% of Average Net Assets | |
Fidelity Government Cash Reserves | -A |
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 Fidelity Phillips Street Trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Phillips Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 17.
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) | Not applicable. |
(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 (Principal Executive Officer) | |
Date: | July 23, 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 (Principal Executive Officer) | |
Date: | July 23, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | July 23, 2024 |