# EDGAR Filing Document

**Accession Number:** 0000278001
**File Stem:** 0000278001-25-000107
**Filing Date:** 2025-7
**Character Count:** 129079
**Document Hash:** ef31fa370adce25eefa583724adedeed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000278001-25-000107.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000278001-25-000107

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY PHILLIPS STREET TRUST
- **CENTRAL INDEX KEY:** 0000278001

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02890
- **FILM NUMBER:** 251142091

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CASH RESERVES
- **DATE OF NAME CHANGE:** 19930122

## Series and Classes Contracts Data

### Fidelity Government Cash Reserves (Series ID: S000007149)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000019553 | Fidelity Government Cash Reserves | FDRXX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02890</u>

<u>Fidelity Phillips Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Government Cash Reserves<br> **Fidelity® Government Cash Reserves : FDRXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Government Cash Reserves for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Government Cash Reserves  | $19  | 0.37% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $226004428416<br>|
| Number of Holdings | 661<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 78.4 |
| 8-30 | 3.1 |
| 31-60 | 5.3 |
| 61-90 | 3.5 |
| 91-180 | 3.2 |
| >180 | 7.4 |

---

Repurchase Agreements 52.2 <br> U.S. Government Agency - Debt 35.3 <br> U.S. Treasury Obligations 13.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img55_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 52.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 35.3&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (0.9)% |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img55_20250531_1.jpg)<br>| ![](img109735_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915844.101 55-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Government Cash Reserves**

**Semi-Annual Report**

**May 31, 2025**

![](img109872_1.jpg)

![](img109872_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CAS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Government Cash Reserves](#Sub_Sec_Fund_55_CAS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements55_CAS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CAS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CAS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CAS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CAS-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

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

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

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

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

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

**Fidelity® Government Cash Reserves**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 52.2%** | &nbsp;&nbsp;**Repurchase Agreements - 52.2%** | &nbsp;&nbsp;**Repurchase Agreements - 52.2%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 4.35%, dated 6/2/2025 due 6/3/2025 (b) | 4171503996 | 4171000001 |
| Investments in repurchase agreements in a joint trading account at 4.34%, dated 5/30/2025 due 6/2/2025 (Collateralized by U.S. Government Obligations)#  | 25280140 | 25271000 |
| Investments in repurchase agreements in a joint trading account at 4.35%, dated 5/30/2025 due 6/2/2025 (Collateralized by U.S. Government Obligations)#  | 16783635205 | 16777559000 |
| Repurchase Agreements\*  | 97175459995 | 96967167781 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $117,940,997,782) |  | **117940997782** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 35.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 35.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 35.3%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 35.3%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 46795000 | 45883487 |
| Fannie Mae 0.65% 12/17/2025  | 4.31 | 10000000 | 9805211 |
| Fannie Mae U.S. SOFR Index + 0.1%, 4.43% 6/18/2026 (d)(e) | 4.45 | 365000000 | 365000000 |
| Fannie Mae U.S. SOFR Index + 0.135%, 4.465% 8/21/2026 (d)(e) | 4.49 | 55000000 | 54996458 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.47% 10/23/2026 (d)(e) | 4.49 | 369000000 | 369010201 |
| Fannie Mae U.S. SOFR Index + 0.14%, 4.47% 9/11/2026 (d)(e) | 4.49 | 602000000 | 602000001 |
| Federal Farm Credit Banks Funding Corp 0% 6/24/2025  | 4.27 | 39000000 | 38894104 |
| Federal Farm Credit Banks Funding Corp 0% 6/26/2025  | 4.27 | 21000000 | 20938021 |
| Federal Farm Credit Banks Funding Corp 3.75% 9/22/2025  | 4.37 | 16000000 | 15970086 |
| Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026  | 4.20 | 18000000 | 18073457 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0%, 4.33% 9/8/2025 (d)(e) | 4.35 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e) | 4.36 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.34% 6/26/2025 (d)(e) | 4.36 | 59000000 | 59000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.35% 1/13/2026 (d)(e) | 4.37 | 13000000 | 13000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.35% 3/26/2026 (d)(e) | 4.37 | 40000000 | 40000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 4.355% 9/10/2025 (d)(e) | 4.38 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.33% 6/2/2026 (d)(e) | 4.36 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 2/11/2026 (d)(e) | 4.39 | 57000000 | 56983132 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 4/10/2026 (d)(e) | 4.39 | 50000000 | 49990792 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 4/28/2026 (d)(e) | 4.39 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 5/28/2026 (d)(e) | 4.39 | 15000000 | 15000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/10/2025 (d)(e) | 4.39 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/4/2026 (d)(e) | 4.39 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/6/2025 (d)(e) | 4.39 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 7/29/2025 (d)(e) | 4.39 | 74000000 | 74000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 10/2/2026 (d)(e) | 4.39 | 89000000 | 89000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 6/11/2025 (d)(e) | 4.39 | 33000000 | 33000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 7/23/2025 (d)(e) | 4.39 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 1/15/2026 (d)(e) | 4.40 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 6/20/2025 (d)(e) | 4.40 | 73000000 | 73000122 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 7/18/2025 (d)(e) | 4.40 | 70000000 | 69997769 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 8/28/2026 (d)(e) | 4.40 | 52000000 | 52000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 8/6/2025 (d)(e) | 4.40 | 156000000 | 156000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 11/18/2025 (d)(e) | 4.40 | 91000000 | 91000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 11/25/2025 (d)(e) | 4.40 | 42000000 | 42000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 12/2/2025 (d)(e) | 4.39 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 12/30/2025 (d)(e) | 4.40 | 58000000 | 58003786 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 2/13/2026 (d)(e) | 4.40 | 54000000 | 54000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 7/21/2026 (d)(e) | 4.40 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 8/19/2025 (d)(e) | 4.40 | 67000000 | 67000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 9/17/2026 (d)(e) | 4.40 | 16000000 | 16000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.35% 10/5/2026 (d)(e) | 0.00 | 22000000 | 22000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.39% 9/30/2025 (d)(e) | 4.41 | 20000000 | 19999348 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 3/23/2026 (d)(e) | 4.42 | 32000000 | 32000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 8/28/2025 (d)(e) | 4.42 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 9/5/2025 (d)(e) | 4.42 | 145000000 | 145000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 11/17/2025 (d)(e) | 4.42 | 42500000 | 42500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/17/2025 (d)(e) | 4.42 | 99000000 | 99000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/23/2025 (d)(e) | 4.42 | 25000000 | 25000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/9/2025 (d)(e) | 4.42 | 45000000 | 45000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 5/28/2026 (d)(e) | 4.42 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 8/12/2026 (d)(e) | 4.42 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 10/9/2025 (d)(e) | 4.42 | 74000000 | 74013575 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 11/26/2025 (d)(e) | 4.43 | 41000000 | 40998349 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 4/1/2027 (d)(e) | 4.43 | 45000000 | 44995876 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 4/2/2027 (d)(e) | 4.43 | 46000000 | 46000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 1/28/2026 (d)(e) | 4.43 | 85000000 | 85000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 1/8/2026 (d)(e) | 4.43 | 70000000 | 69994303 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 10/21/2025 (d)(e) | 4.43 | 65500000 | 65497541 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 11/21/2025 (d)(e) | 4.43 | 30000000 | 29998615 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 12/12/2025 (d)(e) | 4.43 | 48000000 | 48001108 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 2/10/2026 (d)(e) | 4.43 | 65000000 | 65000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 2/17/2026 (d)(e) | 4.43 | 71000000 | 71003659 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 3/11/2027 (d)(e) | 4.43 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 3/4/2026 (d)(e) | 4.43 | 122000000 | 121998745 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 4/9/2027 (d)(e) | 4.43 | 80000000 | 79954982 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 11/13/2025 (d)(e) | 4.43 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 12/29/2025 (d)(e) | 4.43 | 63000000 | 63008084 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 3/20/2026 (d)(e) | 4.43 | 31000000 | 31000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 4/8/2027 (d)(e) | 4.43 | 224500000 | 224500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 1/23/2026 (d)(e) | 4.44 | 90000000 | 90020918 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/2/2026 (d)(e) | 4.44 | 51000000 | 51000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/24/2027 (d)(e) | 4.44 | 18000000 | 18000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/9/2026 (d)(e) | 4.44 | 36000000 | 36001720 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/14/2026 (d)(e) | 4.44 | 14250000 | 14253810 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/21/2026 (d)(e) | 4.44 | 49000000 | 49011886 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/28/2026 (d)(e) | 4.44 | 172000000 | 172083687 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 9/22/2025 (d)(e) | 4.44 | 99000000 | 99009545 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 12/12/2025 (d)(e) | 4.44 to 4.45 | 145000000 | 145006495 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 12/26/2025 (d)(e) | 4.44 | 27000000 | 27000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 2/25/2027 (d)(e) | 4.44 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 4/17/2026 (d)(e) | 4.45 | 77000000 | 76993557 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 5/5/2026 (d)(e) | 4.45 | 82000000 | 81996355 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 6/3/2026 (d)(e) | 4.42 | 40000000 | 40012893 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 1/15/2026 (d)(e) | 4.45 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 2/25/2026 (d)(e) | 4.45 | 135000000 | 135018638 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 2/9/2027 (d)(e) | 4.45 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 4/15/2026 (d)(e) | 4.45 | 65870000 | 65869922 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 4/8/2026 (d)(e) | 4.45 | 82000000 | 82042517 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/13/2026 (d)(e) | 4.45 | 288000000 | 288000001 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/20/2026 (d)(e) | 4.45 | 29000000 | 29000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/27/2027 (d)(e) | 4.45 | 34000000 | 34000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/18/2026 (d)(e) | 4.45 | 132750000 | 132783554 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/24/2026 (d)(e) | 4.45 | 124000000 | 124032301 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/5/2026 (d)(e) | 4.45 | 44000000 | 43997875 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 1/8/2026 (d)(e) | 4.45 | 92000000 | 92000909 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 3/18/2026 (d)(e) | 4.45 | 141000000 | 141002521 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 4/24/2026 (d)(e) | 4.46 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 6/12/2026 (d)(e) | 4.46 | 119000000 | 119000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 3/11/2026 (d)(e) | 4.46 | 80000000 | 80000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/16/2026 (d)(e) | 4.46 | 26000000 | 26002180 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/21/2026 (d)(e) | 4.46 | 51832000 | 51834539 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/9/2026 (d)(e) | 4.46 | 45000000 | 45001586 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 6/24/2026 (d)(e) | 4.46 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 2/10/2027 (d)(e) | 4.46 | 45000000 | 45007210 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 4/8/2026 (d)(e) | 4.47 | 35000000 | 35000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/20/2027 (d)(e) | 4.47 | 20000000 | 20000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/27/2027 (d)(e) | 4.47 | 52000000 | 52000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/6/2027 (d)(e) | 4.46 | 28000000 | 28007345 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 6/16/2026 (d)(e) | 4.47 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 7/8/2026 (d)(e) | 4.47 | 142000000 | 142000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 3/12/2026 (d)(e) | 4.47 | 20150000 | 20149694 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 5/26/2026 (d)(e) | 4.47 | 57000000 | 57000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 5/8/2026 (d)(e) | 4.47 | 70000000 | 70002024 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 6/20/2025 (d)(e) | 4.47 | 38000000 | 38000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 7/10/2026 (d)(e) | 4.47 | 69000000 | 69000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 7/23/2026 (d)(e) | 4.47 | 77000000 | 77000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 9/14/2026 (d)(e) | 4.47 | 12404000 | 12400516 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 10/21/2025 (d)(e) | 4.48 | 30000000 | 29999410 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 10/6/2026 (d)(e) | 4.48 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 3/5/2026 (d)(e) | 4.47 | 36000000 | 36003528 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 4/29/2027 (d)(e) | 4.47 to 4.48 | 166000000 | 166025442 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 6/10/2026 (d)(e) | 4.47 | 50000000 | 50042132 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 7/16/2026 (d)(e) | 4.45 | 15000000 | 15000379 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 7/21/2026 (d)(e) | 4.48 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 8/27/2026 (d)(e) | 4.48 | 71000000 | 71000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 9/8/2026 (d)(e) | 4.48 | 24000000 | 24000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 1/27/2027 (d)(e) | 4.48 | 100000000 | 100023582 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 2/20/2026 (d)(e) | 4.48 | 73000000 | 73013971 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 2/3/2027 (d)(e) | 4.48 | 30000000 | 30000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 5/5/2027 (d)(e) | 4.48 | 111000000 | 111000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 6/24/2026 (d)(e) | 4.48 | 98000000 | 98000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 6/26/2026 (d)(e) | 4.48 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 7/2/2026 (d)(e) | 4.48 | 143000000 | 143005713 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 7/29/2026 (d)(e) | 4.48 | 76000000 | 76000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/12/2026 (d)(e) | 4.48 | 95000000 | 95000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/28/2026 (d)(e) | 4.48 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/6/2026 (d)(e) | 4.48 | 97000000 | 97000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 1/8/2027 (d)(e) | 4.48 to 4.49 | 119000000 | 119017615 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 11/18/2026 (d)(e) | 4.49 | 25000000 | 24999613 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 11/23/2026 (d)(e) | 4.48 | 111000000 | 111000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 12/18/2026 (d)(e) | 4.48 | 66000000 | 66017965 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 2/10/2027 (d)(e) | 4.48 | 237500000 | 237500000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 8/19/2026 (d)(e) | 4.48 | 171000000 | 171000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 1/30/2026 (d)(e) | 4.49 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 10/23/2026 (d)(e) | 4.49 | 137000000 | 137031316 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 11/25/2026 (d)(e) | 4.49 | 77000000 | 77019665 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 11/4/2026 (d)(e) | 4.49 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 12/2/2026 (d)(e) | 4.47 | 61000000 | 61000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 12/30/2026 (d)(e) | 4.49 | 70000000 | 70000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 6/24/2025 (d)(e) | 4.49 | 138000000 | 138000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 8/22/2025 (d)(e) | 4.49 | 174000000 | 174001357 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 8/26/2026 (d)(e) | 4.49 | 94000000 | 94000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/3/2026 (d)(e) | 4.47 | 103000000 | 103000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e) | 4.49 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/9/2026 (d)(e) | 4.49 | 26000000 | 26000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/12/2026 (d)(e) | 4.49 | 260000000 | 260026875 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/21/2027 (d)(e) | 4.49 | 82000000 | 82000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/8/2027 (d)(e) | 4.49 | 161000000 | 161000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 12/16/2026 (d)(e) | 4.49 | 72000000 | 72000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 6/27/2025 (d)(e) | 4.49 | 232000000 | 232007615 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/10/2025 (d)(e) | 4.49 | 139000000 | 139000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/17/2025 (d)(e) | 4.49 | 92000000 | 92000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/25/2025 (d)(e) | 4.49 | 258000000 | 258000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/30/2025 (d)(e) | 4.49 | 41000000 | 41000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 11/27/2026 (d)(e) | 4.50 | 136000000 | 136000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/15/2025 (d)(e) | 4.50 | 128000000 | 127999896 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/23/2026 (d)(e) | 4.50 | 84000000 | 84000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/4/2026 (d)(e) | 4.50 | 49000000 | 49000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 1/23/2026 (d)(e) | 4.51 | 47000000 | 47000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 10/6/2025 (d)(e) | 4.51 | 35000000 | 34999419 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 11/14/2025 (d)(e) | 4.50 | 134000000 | 134004453 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 11/28/2025 (d)(e) | 4.50 to 4.51 | 206000000 | 206003855 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 12/1/2025 (d)(e) | 4.48 | 157000000 | 157001273 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 7/17/2025 (d)(e) | 4.51 | 112000000 | 111999325 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 8/28/2025 (d)(e) | 4.51 | 66000000 | 66000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 9/15/2025 (d)(e) | 4.50 to 4.51 | 137000000 | 137002653 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 9/25/2025 (d)(e) | 4.50 | 17000000 | 17004823 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/17/2025 (d)(e) | 4.51 | 43000000 | 43000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/27/2025 (d)(e) | 4.51 | 67000000 | 67001617 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/6/2025 (d)(e) | 4.51 | 50000000 | 50000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 11/3/2025 (d)(e) | 4.51 | 100000000 | 100003445 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 7/7/2025 (d)(e) | 4.51 | 31750000 | 31750666 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 8/4/2025 (d)(e) | 4.51 | 12000000 | 12002263 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 4.6% 11/24/2026 (d)(e) | 4.60 | 61000000 | 61183125 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 4.61% 11/20/2026 (d)(e) | 4.61 | 11000000 | 11033539 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index -0.005%, 4.325% 9/19/2025 (d)(e) | 4.34 | 27000000 | 27000000 |
| Federal Home Loan Bank 4.16% 6/9/2026  | 4.16 | 464000000 | 464000000 |
| Federal Home Loan Bank 4.2% 1/15/2026  | 4.28 | 133000000 | 132945234 |
| Federal Home Loan Bank 4.21% 1/2/2026  | 4.28 | 267000000 | 266901977 |
| Federal Home Loan Bank 4.21% 1/5/2026  | 4.29 | 267000000 | 266889333 |
| Federal Home Loan Bank 4.22% 8/15/2025  | 4.10 | 407000000 | 407094249 |
| Federal Home Loan Bank 4.3% 6/2/2026  | 4.33 | 1050000000 | 1049735977 |
| Federal Home Loan Bank 4.33% 4/14/2026  | 4.33 | 268000000 | 268000000 |
| Federal Home Loan Bank 4.33% 4/14/2026  | 4.33 | 268000000 | 268000000 |
| Federal Home Loan Bank 4.33% 4/14/2026  | 4.33 | 268000000 | 268000000 |
| Federal Home Loan Bank 4.33% 4/14/2026  | 4.33 | 215000000 | 215000000 |
| Federal Home Loan Bank 4.34% 3/6/2026  | 4.34 | 520000000 | 520000000 |
| Federal Home Loan Bank 4.35% 3/6/2026  | 4.35 | 549000000 | 549000000 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 526000000 | 525840302 |
| Federal Home Loan Bank 4.35% 6/5/2026  | 4.38 | 263000000 | 262918923 |
| Federal Home Loan Bank 4.37% 2/6/2026  | 4.37 | 278000000 | 278000000 |
| Federal Home Loan Bank 4.37% 2/6/2026  | 4.37 | 278000000 | 278000000 |
| Federal Home Loan Bank 4.395% 2/6/2026  | 4.40 | 277000000 | 277000000 |
| Federal Home Loan Bank 4.4% 3/17/2026  | 4.40 | 771000000 | 771000000 |
| Federal Home Loan Bank 4.44% 2/9/2026  | 4.44 | 1106000000 | 1106000000 |
| Federal Home Loan Bank Discount Notes 0% 11/13/2025  | 4.22 | 227000000 | 222697877 |
| Federal Home Loan Bank Discount Notes 0% 11/28/2025  | 4.27 | 88000000 | 86163000 |
| Federal Home Loan Bank Discount Notes 0% 6/11/2025  | 4.28 | 101000000 | 100880764 |
| Federal Home Loan Bank Discount Notes 0% 6/13/2025  | 4.26 to 4.27 | 919000000 | 917698668 |
| Federal Home Loan Bank Discount Notes 0% 6/18/2025  | 4.27 | 984000000 | 982029813 |
| Federal Home Loan Bank Discount Notes 0% 6/2/2025  | 4.28 | 40000000 | 39995277 |
| Federal Home Loan Bank Discount Notes 0% 6/20/2025  | 4.27 | 118000000 | 117735942 |
| Federal Home Loan Bank Discount Notes 0% 6/25/2025  | 4.27 | 335000000 | 334053067 |
| Federal Home Loan Bank Discount Notes 0% 6/27/2025  | 4.27 | 318000000 | 317026213 |
| Federal Home Loan Bank Discount Notes 0% 6/3/2025  | 4.28 | 69000000 | 68983708 |
| Federal Home Loan Bank Discount Notes 0% 6/4/2025  | 4.28 to 4.29 | 416000000 | 415852374 |
| Federal Home Loan Bank Discount Notes 0% 6/6/2025  | 4.28 | 124000000 | 123926719 |
| Federal Home Loan Bank Discount Notes 0% 7/10/2025  | 4.24 | 53200000 | 52957940 |
| Federal Home Loan Bank Discount Notes 0% 7/11/2025  | 4.27 | 286000000 | 284655978 |
| Federal Home Loan Bank Discount Notes 0% 7/16/2025  | 4.27 | 169000000 | 168104300 |
| Federal Home Loan Bank Discount Notes 0% 7/17/2025  | 4.24 | 54000000 | 53710200 |
| Federal Home Loan Bank Discount Notes 0% 7/18/2025  | 4.27 | 468000000 | 465414483 |
| Federal Home Loan Bank Discount Notes 0% 7/2/2025  | 4.27 | 145000000 | 144470589 |
| Federal Home Loan Bank Discount Notes 0% 7/23/2025  | 4.27 | 52000000 | 51681529 |
| Federal Home Loan Bank Discount Notes 0% 7/25/2025  | 4.27 | 116000000 | 115262240 |
| Federal Home Loan Bank Discount Notes 0% 7/7/2025  | 4.27 | 52000000 | 51779520 |
| Federal Home Loan Bank Discount Notes 0% 7/8/2025  | 4.24 | 221000000 | 220044881 |
| Federal Home Loan Bank Discount Notes 0% 7/9/2025  | 4.27 | 282000000 | 280740522 |
| Federal Home Loan Bank Discount Notes 0% 8/15/2025  | 4.04 to 4.29 | 1220000000 | 1209868445 |
| Federal Home Loan Bank Discount Notes 0% 8/20/2025  | 4.28 | 198000000 | 196136600 |
| Federal Home Loan Bank Discount Notes 0% 8/22/2025  | 4.28 | 291000000 | 288192901 |
| Federal Home Loan Bank Discount Notes 0% 8/27/2025  | 4.28 | 65000000 | 64334752 |
| Federal Home Loan Bank Discount Notes 0% 8/29/2025  | 4.28 | 311000000 | 307743873 |
| Federal Home Loan Bank Discount Notes 0% 8/8/2025  | 4.28 | 49000000 | 48608490 |
| Federal Home Loan Bank Discount Notes 0% 9/17/2025  | 4.29 | 26000000 | 25670059 |
| Federal Home Loan Bank Discount Notes 0% 9/26/2025  | 4.29 | 45000000 | 44381363 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 10/22/2025 (d)(e) | 4.33 | 64000000 | 64000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 11/25/2025 (d)(e) | 4.33 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/16/2025 (d)(e) | 4.33 | 387000000 | 387000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/17/2025 (d)(e) | 4.33 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/17/2025 (d)(e) | 4.33 | 147000000 | 147000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/2/2025 (d)(e) | 4.33 | 266000000 | 266000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/4/2025 (d)(e) | 4.33 | 227000000 | 227000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/8/2025 (d)(e) | 4.33 | 240000000 | 240000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 6/10/2025 (d)(e) | 4.33 | 129000000 | 129000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 7/10/2025 (d)(e) | 4.33 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 7/3/2025 (d)(e) | 4.33 | 57000000 | 57000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/11/2025 (d)(e) | 4.33 | 104000000 | 104000808 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/14/2025 (d)(e) | 4.33 | 319000000 | 318998483 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/20/2025 (d)(e) | 4.33 | 233000000 | 233000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/21/2025 (d)(e) | 4.33 | 274000000 | 274000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/21/2025 (d)(e) | 4.33 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/25/2025 (d)(e) | 4.33 | 136000000 | 136000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/29/2025 (d)(e) | 4.33 | 202000000 | 202000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/29/2025 (d)(e) | 4.33 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/7/2025 (d)(e) | 4.33 | 157000000 | 157000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/10/2025 (d)(e) | 4.33 | 133000000 | 133000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/5/2025 (d)(e) | 4.33 | 94000000 | 94000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/8/2025 (d)(e) | 4.33 | 108000000 | 108000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 1/12/2026 (d)(e) | 4.34 | 534000000 | 534000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 10/2/2025 (d)(e) | 4.34 | 202000000 | 202000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 11/12/2025 (d)(e) | 4.34 | 314000000 | 314000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 12/29/2025 (d)(e) | 4.34 | 260000000 | 260000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/11/2025 (d)(e) | 4.34 | 97000000 | 97000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/11/2025 (d)(e) | 4.34 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/12/2025 (d)(e) | 4.34 | 140000000 | 140000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/16/2025 (d)(e) | 4.34 | 347000000 | 347000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/17/2025 (d)(e) | 4.34 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/23/2025 (d)(e) | 4.34 | 139000000 | 139000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/24/2025 (d)(e) | 4.34 | 208000000 | 208000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/10/2025 (d)(e) | 4.34 | 34000000 | 34000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/15/2025 (d)(e) | 4.34 | 97000000 | 97000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/17/2025 (d)(e) | 4.34 | 116000000 | 116000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/21/2025 (d)(e) | 4.34 | 139000000 | 139000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/23/2025 (d)(e) | 4.34 | 194000000 | 194000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/23/2025 (d)(e) | 4.34 | 97000000 | 97000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/24/2025 (d)(e) | 4.34 | 57000000 | 57000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/28/2025 (d)(e) | 4.34 | 143000000 | 143000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/28/2025 (d)(e) | 4.34 | 83000000 | 83000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/29/2025 (d)(e) | 4.34 | 416000000 | 416000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/29/2025 (d)(e) | 4.34 | 138000000 | 138000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/30/2025 (d)(e) | 4.34 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/8/2025 (d)(e) | 4.34 | 138000000 | 138000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/11/2025 (d)(e) | 4.34 | 112000000 | 112000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/12/2025 (d)(e) | 4.34 | 84000000 | 84000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/4/2025 (d)(e) | 4.34 | 275000000 | 275000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/4/2025 (d)(e) | 4.34 | 208000000 | 208000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/5/2025 (d)(e) | 4.34 | 137000000 | 137000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/5/2025 (d)(e) | 4.34 | 129000000 | 129000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/7/2025 (d)(e) | 4.34 | 415000000 | 415000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/7/2025 (d)(e) | 4.34 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/22/2025 (d)(e) | 4.34 | 136000000 | 136000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/23/2025 (d)(e) | 4.34 | 203000000 | 203000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/25/2025 (d)(e) | 4.34 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/4/2025 (d)(e) | 4.34 | 67000000 | 67000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.3% 12/4/2025 (d)(e) | 4.33 | 26000000 | 26000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 1/26/2026 (d)(e) | 4.34 | 25000000 | 25000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/14/2025 (d)(e) | 4.34 | 55000000 | 55000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/23/2025 (d)(e) | 4.34 | 203000000 | 203000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/8/2025 (d)(e) | 4.34 | 274000000 | 274000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 12/30/2025 (d)(e) | 4.34 | 258000000 | 258000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e) | 4.34 | 279000000 | 279000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e) | 4.34 | 140000000 | 140000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/18/2025 (d)(e) | 4.34 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/3/2025 (d)(e) | 4.34 | 209000000 | 209000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/5/2025 (d)(e) | 4.34 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/9/2025 (d)(e) | 4.34 | 419000000 | 419000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 7/25/2025 (d)(e) | 4.34 | 43000000 | 43000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 7/28/2025 (d)(e) | 4.34 | 242000000 | 242000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/11/2025 (d)(e) | 4.34 | 56000000 | 56000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/12/2025 (d)(e) | 4.34 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/15/2025 (d)(e) | 4.34 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/15/2025 (d)(e) | 4.34 | 37000000 | 37000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e) | 4.34 | 233000000 | 233000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e) | 4.34 | 208000000 | 208000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e) | 4.34 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/21/2025 (d)(e) | 4.34 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/22/2025 (d)(e) | 4.34 | 428000000 | 428000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/22/2025 (d)(e) | 4.34 | 13000000 | 13000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/25/2025 (d)(e) | 4.34 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/25/2025 (d)(e) | 4.34 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/26/2025 (d)(e) | 4.34 | 128000000 | 128000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/27/2025 (d)(e) | 4.34 | 285000000 | 285000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/27/2025 (d)(e) | 4.34 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/28/2025 (d)(e) | 4.34 | 417000000 | 417000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/4/2025 (d)(e) | 4.34 | 281000000 | 281000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/2/2025 (d)(e) | 4.34 | 331000000 | 331000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/3/2025 (d)(e) | 4.34 | 280000000 | 280000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/4/2025 (d)(e) | 4.34 | 235000000 | 235000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/5/2025 (d)(e) | 4.34 | 247000000 | 247000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/8/2025 (d)(e) | 4.34 | 274000000 | 274000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.305% 2/2/2026 (d)(e) | 4.34 | 515000000 | 515000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 1/29/2026 (d)(e) | 4.34 | 256000000 | 256000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 10/3/2025 (d)(e) | 4.34 | 223000000 | 223000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 6/23/2025 (d)(e) | 4.34 | 208000000 | 208000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/18/2025 (d)(e) | 4.34 | 70000000 | 70000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/3/2025 (d)(e) | 4.34 | 280000000 | 280000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/7/2025 (d)(e) | 4.34 | 210000000 | 210000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 8/27/2025 (d)(e) | 4.34 | 44000000 | 44000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 8/29/2025 (d)(e) | 4.34 | 37000000 | 37000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 9/15/2025 (d)(e) | 4.34 | 279000000 | 279000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 9/30/2025 (d)(e) | 4.34 | 193000000 | 193000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/15/2025 (d)(e) | 4.35 | 278000000 | 278000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/22/2025 (d)(e) | 4.35 | 197000000 | 197000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/24/2025 (d)(e) | 4.35 | 277000000 | 277000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/28/2025 (d)(e) | 4.35 | 135000000 | 135000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/8/2025 (d)(e) | 4.35 | 53000000 | 53000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 11/3/2025 (d)(e) | 4.35 | 199000000 | 199000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 11/4/2025 (d)(e) | 4.35 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 12/16/2025 (d)(e) | 4.35 | 55000000 | 55000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 2/23/2026 (d)(e) | 4.35 | 258000000 | 258000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 3/2/2026 (d)(e) | 4.35 | 250000000 | 250000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 6/9/2025 (d)(e) | 4.35 | 498000000 | 498000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 7/25/2025 (d)(e) | 4.35 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 9/22/2025 (d)(e) | 4.35 | 66000000 | 66000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 1/5/2026 (d)(e) | 4.35 | 65000000 | 65000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/17/2025 (d)(e) | 4.35 | 349000000 | 349000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/21/2025 (d)(e) | 4.35 | 40000000 | 40000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/24/2025 (d)(e) | 4.35 | 225000000 | 225000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/25/2025 (d)(e) | 4.35 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 12/4/2025 (d)(e) | 4.35 | 265000000 | 265000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 10/20/2025 (d)(e) | 4.36 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 10/21/2025 (d)(e) | 4.36 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 12/30/2025 (d)(e) | 4.36 | 199000000 | 199000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 6/20/2025 (d)(e) | 4.37 | 10000000 | 10000169 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 8/5/2025 (d)(e) | 4.37 | 280000000 | 280000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 8/6/2025 (d)(e) | 4.37 | 243000000 | 243000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.375% 2/5/2026 (d)(e) | 4.38 | 211000000 | 211000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.38% 5/14/2026 (d)(e) | 4.38 | 45000000 | 45000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.38% 8/8/2025 (d)(e) | 4.38 | 336000000 | 336000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 4.39% 8/19/2025 (d)(e) | 4.39 | 411000000 | 411000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 4.39% 8/21/2025 (d)(e) | 4.39 | 411000000 | 411000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.4% 11/28/2025 (d)(e) | 4.40 | 141000000 | 141000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 11/27/2026 (d)(e) | 4.40 | 32000000 | 32000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 4/5/2027 (d)(e) | 4.40 | 1015000000 | 1015000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 9/19/2025 (d)(e) | 4.41 | 22000000 | 21999256 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.41% 11/13/2026 (d)(e) | 4.41 | 51000000 | 51006385 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.41% 2/27/2026 (d)(e) | 4.41 | 141000000 | 141000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.415% 1/2/2026 (d)(e) | 4.41 | 132000000 | 132009040 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.415% 7/16/2025 (d)(e) | 4.41 | 84000000 | 84002286 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 1/12/2026 (d)(e) | 4.42 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 1/16/2026 (d)(e) | 4.42 | 72000000 | 72000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 3/1/2027 (d)(e) | 4.42 | 58000000 | 58000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 5/13/2026 (d)(e) | 4.42 | 69000000 | 69000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 12/23/2025 (d)(e) | 4.43 | 217000000 | 217000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 9/19/2025 (d)(e) | 4.42 | 28000000 | 28002533 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 9/22/2025 (d)(e) | 4.42 | 143000000 | 143013554 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 10/16/2025 (d)(e) | 4.43 | 79000000 | 79009204 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 4/17/2026 (d)(e) | 4.43 | 52000000 | 51999819 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/22/2026 (d)(e) | 4.43 | 71000000 | 71000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/24/2026 (d)(e) | 4.43 | 89000000 | 89000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/25/2026 (d)(e) | 4.43 | 85000000 | 85000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/26/2026 (d)(e) | 4.43 | 142000000 | 142000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.435% 2/20/2026 (d)(e) | 4.43 | 136000000 | 136000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/10/2026 (d)(e) | 4.44 | 62000000 | 62024057 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/15/2026 (d)(e) | 4.44 | 74000000 | 74027978 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/24/2026 (d)(e) | 4.44 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/7/2026 (d)(e) | 4.44 | 65065000 | 65069943 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 7/17/2025 (d)(e) | 4.44 | 75700000 | 75700000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.115%, 4.445% 7/8/2025 (d)(e) | 4.44 | 153000000 | 153000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.45% 12/19/2025 (d)(e) | 4.45 | 66000000 | 66030816 |
| Federal Home Loan Bank U.S. SOFR Index + 0.125%, 4.455% 10/16/2025 (d)(e) | 4.46 | 300000000 | 300000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 10/3/2025 (d)(e) | 4.46 | 265000000 | 265049788 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/12/2026 (d)(e) | 4.46 | 70000000 | 70013023 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/20/2026 (d)(e) | 4.46 | 66000000 | 66014771 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/5/2027 (d)(e) | 4.46 | 80000000 | 80000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/9/2026 (d)(e) | 4.46 | 82000000 | 82012004 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/18/2026 (d)(e) | 4.46 | 213000000 | 213000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/24/2026 (d)(e) | 4.46 | 214000000 | 214000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/26/2026 (d)(e) | 4.46 | 284000000 | 284000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 1/6/2027 (d)(e) | 4.46 | 24000000 | 24025862 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 11/12/2025 (d)(e) | 4.47 | 305000000 | 305000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 11/14/2025 (d)(e) | 4.47 | 267000000 | 267000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 1/16/2026 (d)(e) | 4.47 | 70000000 | 70019030 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 10/29/2026 (d)(e) | 4.47 | 41000000 | 41010635 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 6/17/2025 (d)(e) | 4.47 | 55000000 | 55003224 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/14/2025 (d)(e) | 4.47 | 308000000 | 308000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/18/2025 (d)(e) | 4.47 | 231000000 | 231000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/21/2026 (d)(e) | 4.47 | 274000000 | 274000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/25/2025 (d)(e) | 4.47 | 149000000 | 149002428 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 9/10/2026 (d)(e) | 4.47 | 68000000 | 68000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e) | 4.47 | 204000000 | 204000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 1/2/2026 (d)(e) | 4.47 | 139000000 | 139002775 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 10/10/2025 (d)(e) | 4.48 | 153000000 | 153000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 6/27/2025 (d)(e) | 4.48 | 381000000 | 381000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/2/2025 (d)(e) | 4.48 | 78000000 | 78000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/24/2025 (d)(e) | 4.48 | 107000000 | 107000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/25/2025 (d)(e) | 4.48 | 78000000 | 78000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 8/4/2025 (d)(e) | 4.48 | 77000000 | 77000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 9/25/2026 (d)(e) | 4.48 | 539000000 | 539000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 9/26/2025 (d)(e) | 4.48 | 93000000 | 93000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 12/8/2025 (d)(e) | 4.48 | 306000000 | 305999215 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 12/8/2025 (d)(e) | 4.48 | 88000000 | 87999691 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 6/6/2025 (d)(e) | 4.48 | 2370000 | 2369996 |
| Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 9/2/2025 (d)(e) | 4.48 | 48450000 | 48452153 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/14/2025 (d)(e) | 4.48 | 76000000 | 76002490 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/17/2025 (d)(e) | 4.48 | 468000000 | 468009984 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/20/2025 (d)(e) | 4.48 | 20000000 | 20009195 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 12/11/2025 (d)(e) | 4.48 | 153000000 | 153000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 12/8/2025 (d)(e) | 4.48 | 124000000 | 124002474 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 7/8/2025 (d)(e) | 4.48 | 116000000 | 116009057 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/21/2025 (d)(e) | 4.48 | 201510000 | 201546491 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/22/2025 (d)(e) | 4.48 | 299000000 | 299001915 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/22/2025 (d)(e) | 4.48 | 210000000 | 210012133 |
| Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 9/26/2025 (d)(e) | 4.48 | 107000000 | 107006401 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 10/14/2025 (d)(e) | 4.49 | 424000000 | 424000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 10/20/2025 (d)(e) | 4.49 | 157000000 | 157000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/10/2025 (d)(e) | 4.48 | 124000000 | 124012223 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/14/2025 (d)(e) | 4.49 | 61000000 | 61000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/21/2025 (d)(e) | 4.49 | 282000000 | 282003642 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/24/2025 (d)(e) | 4.49 | 273000000 | 273000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/25/2025 (d)(e) | 4.49 | 481000000 | 481000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/25/2025 (d)(e) | 4.49 | 160000000 | 160000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/28/2025 (d)(e) | 4.48 | 3200000 | 3200501 |
| Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 9/2/2025 (d)(e) | 4.49 | 437000000 | 437000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.52% 12/18/2026 (d)(e) | 4.52 | 340000000 | 340000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.52% 12/22/2026 (d)(e) | 4.52 | 393000000 | 393000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 10/22/2025 (d)(e) | 4.33 | 266000000 | 266000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 10/28/2025 (d)(e) | 4.33 | 214000000 | 214000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/10/2025 (d)(e) | 4.33 | 534000000 | 534000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/10/2025 (d)(e) | 4.33 | 134000000 | 134000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/3/2025 (d)(e) | 4.33 | 145000000 | 145000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/3/2025 (d)(e) | 4.33 | 130000000 | 130000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/4/2025 (d)(e) | 4.33 | 199000000 | 199000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/7/2025 (d)(e) | 4.33 | 264000000 | 264000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/7/2025 (d)(e) | 4.33 | 54000000 | 54000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/12/2025 (d)(e) | 4.33 | 94000000 | 94000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/15/2025 (d)(e) | 4.33 | 201000000 | 201000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/17/2025 (d)(e) | 4.33 | 241000000 | 241000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/10/2025 (d)(e) | 4.32 | 268000000 | 268000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/14/2025 (d)(e) | 4.32 | 401000000 | 401000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/3/2025 (d)(e) | 4.32 | 231000000 | 231000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/6/2025 (d)(e) | 4.32 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/7/2025 (d)(e) | 4.32 | 527000000 | 527000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/8/2025 (d)(e) | 4.32 | 132000000 | 132000000 |
| Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 9/26/2025 (d)(e) | 4.32 | 133000000 | 133000000 |
| Freddie Mac 0.64% 11/24/2025  | 4.36 | 45000000 | 44215952 |
| Freddie Mac Discount Notes 0% 6/3/2025  | 4.28 | 14113000 | 14109683 |
| Freddie Mac U.S. SOFR Index + 0.08%, 4.41% 11/5/2026 (d)(e) | 4.43 | 657000000 | 657000000 |
| Freddie Mac U.S. SOFR Index + 0.09%, 4.42% 1/26/2026 (d)(e) | 4.44 | 1249000000 | 1249022745 |
| Freddie Mac U.S. SOFR Index + 0.1%, 4.43% 2/9/2026 (d)(e) | 4.45 | 80000000 | 80004710 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.44% 3/5/2026 (d)(e) | 4.46 | 434000000 | 434000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 4.44% 5/7/2026 (d)(e) | 4.46 | 249000000 | 249000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 4.445% 4/2/2026 (d)(e) | 4.46 to 4.47 | 726500000 | 726507898 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 10/16/2026 (d)(e) | 4.49 | 644500000 | 644500000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 10/29/2026 (d)(e) | 4.49 | 452000000 | 452000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 9/23/2026 (d)(e) | 4.49 | 817000000 | 817000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e) | 4.49 | 284000000 | 284000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $79,826,456,042) |  |  | **79826456042** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/20/2025  | 4.23 to 4.25 | 1482000000 | 1452631053 |
| US Treasury Bills 0% 3/19/2026  | 4.12 | 177000000 | 171337807 |
| US Treasury Bills 0% 5/14/2026  | 4.09 | 530500000 | 510404217 |
| US Treasury Bills 0% 6/10/2025  | 4.27 to 4.28 | 205000000 | 204783154 |
| US Treasury Bills 0% 6/17/2025  | 4.29 | 303300000 | 302729796 |
| US Treasury Bills 0% 6/26/2025  | 4.26 to 4.41 | 1324000000 | 1320152979 |
| US Treasury Bills 0% 6/3/2025  | 4.27 | 2398000000 | 2397435138 |
| US Treasury Bills 0% 7/10/2025  | 4.22 to 4.29 | 562800000 | 560228351 |
| US Treasury Bills 0% 7/15/2025  | 4.29 | 107000000 | 106445502 |
| US Treasury Bills 0% 7/17/2025  | 4.27 | 589862000 | 586677565 |
| US Treasury Bills 0% 7/22/2025  | 4.25 to 4.29 | 1112600000 | 1105980324 |
| US Treasury Bills 0% 7/24/2025  | 4.27 to 4.29 | 2276300000 | 2262133739 |
| US Treasury Bills 0% 7/29/2025  | 4.26 to 4.30 | 535000000 | 531373712 |
| US Treasury Bills 0% 7/3/2025  | 4.25 to 4.28 | 867000000 | 863752688 |
| US Treasury Bills 0% 7/8/2025  | 4.28 | 190000000 | 189172022 |
| US Treasury Bills 0% 8/7/2025  | 4.30 | 1096000000 | 1087310546 |
| US Treasury Bills 0% 9/16/2025  | 4.28 to 4.32 | 2157000000 | 2129799988 |
| US Treasury Bills 0% 9/18/2025  | 4.19 | 231000000 | 228127146 |
| US Treasury Bills 0% 9/23/2025  | 4.29 | 2365200000 | 2333517331 |
| US Treasury Notes 0.25% 10/31/2025  | 4.45 | 37000000 | 36373014 |
| US Treasury Notes 0.25% 6/30/2025  | 4.33 to 4.37 | 1015000000 | 1011762656 |
| US Treasury Notes 0.25% 7/31/2025  | 4.32 | 222705400 | 221223691 |
| US Treasury Notes 0.25% 9/30/2025  | 4.24 to 4.30 | 814000000 | 803430289 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 192000000 | 187173771 |
| US Treasury Notes 0.375% 11/30/2025  | 4.43 to 4.45 | 405000000 | 397068795 |
| US Treasury Notes 0.375% 12/31/2025  | 4.26 to 4.28 | 1042000000 | 1019109209 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.14 | 527000000 | 513142522 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 533000000 | 518458430 |
| US Treasury Notes 0.75% 4/30/2026  | 4.16 | 54000000 | 52370853 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 59407000 | 58372510 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 590000000 | 576766275 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 23000000 | 22578436 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 59000000 | 58106986 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 59000000 | 58304257 |
| US Treasury Notes 2.625% 12/31/2025  | 4.29 | 119000000 | 117877801 |
| US Treasury Notes 2.875% 6/15/2025  | 4.51 | 35000000 | 34978334 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 4.4919% 4/30/2027 (d)(e) | 4.46 | 1553000000 | 1553138429 |
| US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 4.5063% 10/31/2026 (d)(e) | 4.50 | 350000000 | 350288086 |
| US Treasury Notes 3.75% 4/15/2026  | 4.18 | 163000000 | 162410023 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 37000000 | 36925710 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 548000000 | 547938689 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 381000000 | 380916584 |
| US Treasury Notes 4.25% 12/31/2025  | 4.26 to 4.31 | 1033000000 | 1032742099 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 641000000 | 642908712 |
| US Treasury Notes 4.625% 2/28/2026  | 4.13 to 4.14 | 166000000 | 166587349 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 38000000 | 38148083 |
| US Treasury Notes 4.625% 6/30/2025  | 4.35 to 4.37 | 300000000 | 300060729 |
| US Treasury Notes 4.625% 6/30/2026  | 4.20 | 67000000 | 67300611 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 to 4.07 | 445000000 | 448199800 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 197000000 | 198559167 |
| US Treasury Notes 5% 10/31/2025  | 4.45 | 25000000 | 25055029 |
| US Treasury Notes 5% 9/30/2025  | 4.30 | 263000000 | 263590266 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $30,245,860,253) |  |  | **30245860253** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $228,013,314,077)<br>| <br>**228013314077** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(2008885661)** |
| **NET ASSETS - 100.0%** | **226004428416** |

---

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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.

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 4.37 | 5/30/2025 | 6/2/2025 | 293000000 | 293106701 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 9/1/2028 - 4/1/2055 | 298591745 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.38 - 1.00 | 1/15/2027 - 7/31/2028 | 377582 |
|  |  |  |  |  |  |  |  |  | 298969327 |
| ABN AMRO Bank NV | 4.34 | 5/30/2025 | 6/2/2025 | 312000000 | 312112840 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 2/28/2026 - 5/15/2034 | 318355114 |
| BMO Capital Markets Corp | 4.35 | 5/30/2025 | 6/6/2025 | 98000000 | 98082892 | Agency Collateralized Mortgage Obligation | 4.50 - 5.00 | 7/20/2052 - 1/20/2055 | 100976591 |
| BMO Chicago Branch | 4.31 | 5/21/2025 | 6/11/2025 | 200000000 | 200502833 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 4/1/2050 - 3/1/2055 | 204293080 |
| BMO Chicago Branch | 4.35 | 5/30/2025 | 6/2/2025 | 245000000 | 245088813 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 11/1/2034 - 3/1/2063 | 249990589 |
| BMO Chicago Branch | 4.34 | 5/30/2025 | 6/2/2025 | 44000000 | 44015913 | U.S. Treasuries (including strips) | 4.00 | 7/31/2030 | 44896316 |
| BMO Chicago Branch | 4.33 | 5/12/2025 | 6/2/2025 | 454000000 | 455146728 | Agency Collateralized Mortgage Obligation | 5.13 - 5.83 | 11/20/2053 - 2/20/2073 | 468801130 |
| BNP Paribas, SA | 4.32 | 5/29/2025 | 6/30/2025 | 452000000 | 453735680 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 1/31/2026 - 5/15/2053 | 461261339 |
| BNP Paribas, SA | 4.32 | 5/27/2025 | 6/27/2025 | 539000000 | 541005080 | U.S. Treasuries (including strips) | 0.63 - 6.25 | 7/31/2026 - 11/15/2054 | 550441513 |
| BNP Paribas, SA | 4.32 | 5/15/2025 | 6/20/2025 | 1180000000 | 1185097600 | U.S. Treasuries (including strips) | 1.38 - 4.88 | 10/31/2025 - 2/15/2055 | 1206202022 |
| BNP Paribas, SA | 4.32 | 5/7/2025 | 6/10/2025 | 1418000000 | 1423785440 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 9/1/2025 - 5/20/2055 | 1351543750 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 | 2/15/2033 - 5/15/2054 | 96823756 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.48 - 4.98 | 11/17/2036 - 6/9/2042 | 3445173 |
|  |  |  |  |  |  |  |  |  | 1451812679 |
| BNP Paribas, SA | 4.32 | 5/7/2025 | 6/10/2025 | 553000000 | 555256240 | U.S. Treasuries (including strips) | 0.38 - 5.00 | 10/31/2025 - 8/15/2053 | 565820319 |
| BNP Paribas, SA | 4.32 | 5/5/2025 | 6/5/2025 | 1296000000 | 1300821120 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 6/30/2026 - 2/15/2053 | 1326361661 |
| Barclays Bank PLC | 4.33 | 5/27/2025 | 6/27/2025 | 297000000 | 298107398 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 9/1/2025 - 2/16/2063 | 303580398 |
| Barclays Bank PLC | 4.32 | 5/20/2025 | 6/24/2025 | 100000000 | 100420000 | Agency Mortgage-Backed Securities | 2.50 - 12.28 | 8/1/2035 - 5/15/2060 | 102196552 |
| Barclays Bank PLC | 4.33 | 5/15/2025 | 6/17/2025 | 202000000 | 202801772 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 10/1/2039 - 5/20/2055 | 206697340 |
| Barclays Bank PLC | 4.33 | 5/13/2025 | 6/16/2025 | 101000000 | 101413034 | Agency Mortgage-Backed Securities | 5.00 - 12.28 | 12/25/2035 - 4/1/2055 | 103268070 |
| Barclays Bank PLC | 4.32 | 5/12/2025 | 6/12/2025 | 303000000 | 304127160 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 2/15/2032 - 5/20/2055 | 264365008 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 3.00 - 6.00 | 7/1/2031 - 3/25/2055 | 46248277 |
|  |  |  |  |  |  |  |  |  | 310613285 |
| Barclays Bank PLC | 4.33 | 5/8/2025 | 6/9/2025 | 203000000 | 203781324 | Agency Mortgage-Backed Securities | 3.00 - 6.00 | 6/15/2040 - 5/20/2055 | 207682618 |
| Barclays Bank PLC | 4.33 | 5/7/2025 | 6/9/2025 | 204000000 | 204809710 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 6/25/2033 - 4/20/2055 | 209152394 |
| Barclays Bank PLC | 4.36 | 5/30/2025 | 6/2/2025 | 196000000 | 196071213 | Agency Mortgage-Backed Securities | 4.50 - 6.00 | 7/25/2041 - 5/1/2055 | 198351317 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 3.00 - 3.50 | 1/20/2043 - 9/20/2048 | 1668354 |
|  |  |  |  |  |  |  |  |  | 200019671 |
| Barclays Bank PLC | 4.34 | 5/30/2025 | 6/2/2025 | 1608000000 | 1608581560 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 6/15/2025 - 5/15/2045 | 1640753248 |
| Barclays Capital Inc. | 4.34 | 5/30/2025 | 6/2/2025 | 351000000 | 351126945 | U.S. Treasuries (including strips) | 1.25 - 4.38 | 8/31/2028 - 8/15/2031 | 358149555 |
| BofA Securities, Inc. | 4.32 | 5/7/2025 | 8/7/2025 | 101000000 | 102115040 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 12/1/2026 - 1/1/2055 | 103341422 |
| BofA Securities, Inc. | 4.38(f) | 5/5/2025 | 8/5/2025 | 202000000 | 204261054 | Agency Mortgage-Backed Securities | 2.00 - 7.03 | 1/1/2027 - 4/1/2064 | 206736587 |
| BofA Securities, Inc. | 4.39(f) | 4/1/2025 | 8/1/2025 | 1145500000 | 1162541858 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 6/1/2027 - 5/1/2056 | 1177236688 |
| BofA Securities, Inc. | 4.38(f) | 4/11/2025 | 7/11/2025 | 272000000 | 275011493 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 11/1/2027 - 4/1/2055 | 279189413 |
| BofA Securities, Inc. | 4.32 | 5/28/2025 | 6/27/2025 | 243000000 | 243874800 | U.S. Treasuries (including strips) | 3.00 - 4.75 | 2/15/2039 - 2/15/2045 | 248008739 |
| BofA Securities, Inc. | 4.31 | 3/21/2025 | 6/20/2025 | 92000000 | 93002314 | U.S. Treasuries (including strips) | 3.38 - 4.50 | 2/15/2044 - 5/15/2044 | 94660213 |
| BofA Securities, Inc. | 4.39(f) | 3/4/2025 | 6/4/2025 | 69000000 | 69774104 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 12/1/2027 - 5/1/2055 | 71151619 |
| BofA Securities, Inc. | 4.39(f) | 3/6/2025 | 6/3/2025 | 275000000 | 277984590 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 12/1/2030 - 8/1/2058 | 283506882 |
| BofA Securities, Inc. | 4.33(f) | 4/3/2025 | 6/3/2025 | 92000000 | 92674999 | U.S. Treasuries (including strips) | 3.13 - 4.13 | 8/15/2044 | 94516276 |
| Canadian Imperial Bank of Commerce | 4.34 | 5/28/2025 | 7/31/2025 | 99000000 | 99763840 | Agency Mortgage-Backed Securities | 1.38 - 7.00 | 1/1/2030 - 4/1/2055 | 101040869 |
| Canadian Imperial Bank of Commerce | 4.32 | 5/30/2025 | 6/27/2025 | 268000000 | 268900480 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 8/15/2025 - 2/15/2055 | 273501693 |
| Canadian Imperial Bank of Commerce | 4.37 | 5/8/2025 | 6/20/2025 | 13000000 | 13067857 | Agency Mortgage-Backed Securities | 5.00 | 10/1/2052 | 815 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 | 11/15/2050 | 463 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 0.60 - 7.50 | 4/20/2053 - 4/20/2075 | 4906392 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 5.37 - 5.42 | 9/25/2054 - 10/25/2054 | 8782901 |
|  |  |  |  |  |  |  |  |  | 13690571 |
| Canadian Imperial Bank of Commerce | 4.33 | 5/13/2025 | 6/12/2025 | 402000000 | 403450550 | Agency Mortgage-Backed Securities | 1.27 - 8.00 | 10/1/2027 - 10/20/2074 | 369718822 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 7/10/2025 - 2/15/2053 | 41323291 |
|  |  |  |  |  |  |  |  |  | 411042113 |
| Canadian Imperial Bank of Commerce | 4.32 | 5/12/2025 | 6/2/2025 | 311000000 | 311783720 | U.S. Treasuries (including strips) | 0.75 - 4.88 | 8/15/2025 - 2/15/2055 | 318431360 |
| Citibank NA | 4.35 | 5/29/2025 | 6/5/2025 | 297000000 | 297251213 | Agency Mortgage-Backed Securities | 2.00 - 7.75 | 11/1/2028 - 6/1/2055 | 303086428 |
| Citigroup Global Capital Markets, Inc. | 4.41(f) | 5/23/2025 | 7/24/2025 | 529000000 | 533017755 | Agency Mortgage-Backed Securities | 3.50 - 7.00 | 3/1/2055 - 4/1/2055 | 539580955 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.38 | 7/31/2026 | 654580 |
|  |  |  |  |  |  |  |  |  | 540235535 |
| Citigroup Global Capital Markets, Inc. | 4.41(f) | 5/15/2025 | 7/16/2025 | 533000000 | 537048135 | Agency Mortgage-Backed Securities | 3.50 - 6.00 | 1/1/2055 - 2/1/2055 | 539531068 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.00 | 11/15/2026 | 5317586 |
|  |  |  |  |  |  |  |  |  | 544848654 |
| Citigroup Global Capital Markets, Inc. | 4.41(f) | 5/7/2025 | 7/8/2025 | 942000000 | 949154490 | Agency Mortgage-Backed Securities | 4.50 - 6.50 | 3/1/2055 - 4/1/2055 | 958364676 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.00 | 11/15/2026 | 5509989 |
|  |  |  |  |  |  |  |  |  | 963874665 |
| Citigroup Global Capital Markets, Inc. | 4.40(f) | 5/7/2025 | 7/8/2025 | 547000000 | 551145045 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 6/24/2025 - 7/31/2026 | 559698182 |
| Citigroup Global Capital Markets, Inc. | 4.35 | 5/29/2025 | 6/5/2025 | 445000000 | 445376396 | Agency Mortgage-Backed Securities | 4.50 - 7.00 | 1/1/2054 - 12/1/2054 | 454119386 |
| Credit AG | 4.35 | 5/30/2025 | 6/2/2025 | 69000000 | 69025013 | U.S. Treasuries (including strips) | 0.88 - 3.88 | 12/31/2027 - 11/15/2030 | 70405551 |
| Federal Reserve Bank of NY | 4.25 | 5/30/2025 | 6/2/2025 | 5621000000 | 5622990771 | U.S. Treasuries (including strips) | 1.63 - 2.38 | 5/15/2029 - 8/15/2029 | 5622990829 |
| Fixed Income Clearing Corp - BNP | 4.34 | 5/30/2025 | 6/2/2025 | 1250000000 | 1250452083 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 10/31/2025 - 2/15/2055 | 1275461220 |
| Fixed Income Clearing Corp - BNP | 4.34 | 5/30/2025 | 6/2/2025 | 1250000000 | 1250452083 | U.S. Treasuries (including strips) | 0.25 - 4.63 | 7/31/2025 - 11/15/2054 | 1275461126 |
| Fixed Income Clearing Corp - BNYM | 4.34 | 5/30/2025 | 6/2/2025 | 6252000000 | 6254261140 | U.S. Treasuries (including strips) | 0.13 - 4.50 | 7/15/2026 - 8/15/2040 | 6377040028 |
| Fixed Income Clearing Corp - BONY | 4.35 | 5/30/2025 | 6/2/2025 | 2711000000 | 2711982738 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 12/1/2025 - 4/1/2055 | 2765220001 |
| Fixed Income Clearing Corp - CIBC | 4.35 | 5/30/2025 | 6/2/2025 | 893000000 | 893323713 | U.S. Treasuries (including strips) | 4.25 - 4.88 | 4/30/2026 - 6/30/2031 | 910732672 |
| Fixed Income Clearing Corp - Credit Agricole | 4.35 | 5/30/2025 | 6/2/2025 | 1090000000 | 1090395125 | U.S. Treasuries (including strips) | 4.13 - 4.63 | 4/30/2029 - 11/15/2033 | 1111310239 |
| Fixed Income Clearing Corp - Credit Agricole | 4.35 | 5/30/2025 | 6/2/2025 | 4222000000 | 4223530475 | U.S. Treasuries (including strips) | 1.38 - 4.25 | 11/15/2027 - 11/15/2051 | 4319484703 |
| Fixed Income Clearing Corp - Goldman | 4.35 | 5/30/2025 | 6/2/2025 | 1571000000 | 1571569488 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 3/1/2027 - 5/1/2055 | 1603000878 |
| Fixed Income Clearing Corp - Goldman | 4.34 | 5/30/2025 | 6/2/2025 | 439000000 | 439158772 | U.S. Treasuries (including strips) | 3.00 - 3.63 | 5/31/2028 - 8/15/2052 | 447942000 |
| Fixed Income Clearing Corp - Goldman | 4.34 | 5/30/2025 | 6/2/2025 | 2598000000 | 2598939610 | U.S. Treasuries (including strips) | 1.38 - 4.00 | 12/31/2029 - 8/15/2052 | 2650918445 |
| Fixed Income Clearing Corp - Goldman | 4.34 | 5/30/2025 | 6/2/2025 | 2598000000 | 2598939610 | U.S. Treasuries (including strips) | 0.00 - 4.45 | 7/22/2025 - 8/15/2050 | 2650918408 |
| Fixed Income Clearing Corp - ING | 4.35 | 5/30/2025 | 6/2/2025 | 1697000000 | 1697615163 | U.S. Treasuries (including strips) | 2.50 - 4.63 | 3/31/2027 - 2/29/2032 | 1731567540 |
| Fixed Income Clearing Corp - ING | 4.35 | 5/30/2025 | 6/2/2025 | 236000000 | 236085550 | Agency Mortgage-Backed Securities | 5.50 - 6.50 | 10/1/2053 - 4/1/2054 | 240807261 |
| Fixed Income Clearing Corp - ING | 4.35 | 5/30/2025 | 6/2/2025 | 904000000 | 904327700 | U.S. Treasuries (including strips) | 4.38 | 1/31/2032 | 922280221 |
| Fixed Income Clearing Corp - ING | 4.35 | 5/30/2025 | 6/2/2025 | 268000000 | 268097150 | U.S. Treasuries (including strips) | 4.13 | 3/31/2031 | 273143040 |
| Fixed Income Clearing Corp - Mizuho | 4.35 | 5/30/2025 | 6/2/2025 | 1080000000 | 1080391500 | Agency Mortgage-Backed Securities | 2.00 - 8.50 | 3/1/2031 - 1/20/2065 | 1075370276 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.88 - 4.50 | 2/29/2028 - 2/15/2054 | 26629054 |
|  |  |  |  |  |  |  |  |  | 1101999330 |
| Fixed Income Clearing Corp - Mizuho | 4.34 | 5/30/2025 | 6/2/2025 | 527000000 | 527190598 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 12/15/2025 - 5/15/2054 | 537734480 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.35 | 5/30/2025 | 6/2/2025 | 3830000000 | 3831388375 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 8/1/2025 - 5/1/2055 | 3908016143 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.35 | 5/30/2025 | 6/2/2025 | 785000000 | 785284563 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 10/20/2033 - 5/20/2055 | 800990255 |
| Fixed Income Clearing Corp - Morgan Stanley | 4.35 | 5/30/2025 | 6/2/2025 | 3928000000 | 3929423900 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 6/25/2025 - 5/1/2055 | 4005406124 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.50 - 4.00 | 2/28/2030 - 2/15/2045 | 2606255 |
|  |  |  |  |  |  |  |  |  | 4008012379 |
| Fixed Income Clearing Corp - Natixis | 4.35 | 5/30/2025 | 6/2/2025 | 1250000000 | 1250453125 | U.S. Treasuries (including strips) | 1.25 - 4.25 | 11/15/2027 - 6/30/2031 | 1274883113 |
| Fixed Income Clearing Corp - Natwest | 4.35 | 5/30/2025 | 6/2/2025 | 17000000 | 17006163 | U.S. Treasuries (including strips) | 0.88 | 6/30/2026 | 17346328 |
| Fixed Income Clearing Corp - Nomura | 4.35 | 5/30/2025 | 6/2/2025 | 1580000000 | 1580572750 | U.S. Treasuries (including strips) | 0.00 - 6.75 | 8/7/2025 - 2/29/2032 | 1612184228 |
| Fixed Income Clearing Corp - State Street Bank | 4.35 | 5/30/2025 | 6/2/2025 | 1080000000 | 1080391500 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 9/1/2031 - 6/1/2055 | 1108119331 |
| Fixed Income Clearing Corp - State Street Bank | 4.34 | 5/30/2025 | 6/2/2025 | 8574000000 | 8577100930 | U.S. Treasuries (including strips) | 1.38 - 4.88 | 10/31/2028 - 5/31/2029 | 8745480011 |
| Goldman Sachs & Co LLC | 4.34(f) | 5/27/2025 | 7/28/2025 | 395000000 | 397952405 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 8/1/2030 - 12/20/2064 | 403190424 |
| Goldman Sachs & Co LLC | 4.34(f) | 5/28/2025 | 7/28/2025 | 592000000 | 596353502 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 6/25/2025 - 4/20/2064 | 604203646 |
| Goldman Sachs & Co LLC | 4.35 | 5/30/2025 | 6/2/2025 | 882167781 | 882487567 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 6/15/2039 - 3/15/2058 | 900137319 |
| HSBC Securities, Inc. (U.S.A.) | 4.33 | 5/27/2025 | 6/3/2025 | 353000000 | 353297206 | U.S. Treasuries (including strips) | 4.00 | 2/15/2034 | 360319847 |
| ING Financial Markets LLC | 4.37 | 5/8/2025 | 6/20/2025 | 537000000 | 539802991 | Agency Mortgage-Backed Securities | 3.00 - 7.50 | 3/1/2028 - 12/1/2054 | 543691631 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.38 - 4.63 | 12/15/2026 - 4/30/2029 | 5710608 |
|  |  |  |  |  |  |  |  |  | 549402239 |
| ING Financial Markets LLC | 4.33 | 5/27/2025 | 6/3/2025 | 36000000 | 36030310 | U.S. Treasuries (including strips) | 3.13 | 5/15/2048 | 37106761 |
| JP Morgan Securities, LLC | 4.35(f) | 5/28/2025 | 6/27/2025 | 5060000000 | 5078342500 | U.S. Treasuries (including strips) | 3.75 - 4.13 | 3/31/2027 - 3/31/2029 | 5164315457 |
| JP Morgan Securities, LLC | 4.35 | 5/30/2025 | 6/2/2025 | 1763000000 | 1763639088 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 8/1/2026 - 6/1/2062 | 1798911870 |
| Lloyds Bank Corp Mrkts | 4.35 | 5/29/2025 | 6/5/2025 | 470000000 | 470397542 | U.S. Treasuries (including strips) | 1.13 - 5.38 | 3/31/2026 - 5/15/2044 | 479631778 |
| Lloyds Bank PLC | 4.40 | 5/28/2025 | 8/28/2025 | 116000000 | 117304356 | U.S. Treasuries (including strips) | 0.88 - 4.63 | 5/31/2026 - 8/15/2033 | 118392342 |
| Lloyds Bank PLC | 4.39 | 5/23/2025 | 8/26/2025 | 116000000 | 117343828 | U.S. Treasuries (including strips) | 0.50 - 3.50 | 8/15/2027 - 5/15/2033 | 118464345 |
| Lloyds Bank PLC | 4.40 | 5/20/2025 | 8/20/2025 | 58000000 | 58652178 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 11/15/2026 - 2/15/2033 | 59254032 |
| Lloyds Bank PLC | 4.39 | 5/7/2025 | 8/7/2025 | 112000000 | 113256516 | U.S. Treasuries (including strips) | 0.50 - 1.50 | 8/31/2027 - 2/15/2030 | 114602223 |
| Lloyds Bank PLC | 4.36 | 4/30/2025 | 7/31/2025 | 60000000 | 60668534 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 9/30/2025 - 5/15/2033 | 61444665 |
| MUFG Securities (Canada), Ltd. | 4.37 | 5/8/2025 | 7/25/2025 | 188000000 | 189780047 | Agency Mortgage-Backed Securities | 1.50 - 7.12 | 12/1/2027 - 2/1/2055 | 162993927 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.38 - 4.63 | 7/15/2025 - 2/15/2055 | 29372116 |
|  |  |  |  |  |  |  |  |  | 192366043 |
| MUFG Securities (Canada), Ltd. | 4.35 | 5/8/2025 | 7/25/2025 | 178000000 | 179677650 | U.S. Treasuries (including strips) | 0.50 - 4.88 | 3/15/2026 - 5/15/2054 | 182147401 |
| MUFG Securities (Canada), Ltd. | 4.32 | 5/8/2025 | 6/20/2025 | 92000000 | 92474720 | U.S. Treasuries (including strips) | 0.63 - 4.75 | 7/31/2025 - 5/15/2051 | 94152435 |
| MUFG Securities EMEA PLC | 4.32 | 5/8/2025 | 6/9/2025 | 555000000 | 557131200 | U.S. Treasuries (including strips) | 1.13 - 3.88 | 10/31/2026 - 11/30/2029 | 567441144 |
| MUFG Securities EMEA PLC | 4.33 | 5/5/2025 | 6/5/2025 | 558000000 | 560080565 | U.S. Treasuries (including strips) | 0.88 - 3.88 | 9/30/2026 - 11/30/2029 | 570718289 |
| MUFG Securities EMEA PLC | 4.35 | 5/30/2025 | 6/2/2025 | 268000000 | 268097150 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 6/12/2025 - 8/15/2032 | 273295910 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.37 | 5/8/2025 | 7/25/2025 | 724000000 | 730855074 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 6/25/2025 - 7/1/2060 | 740721082 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 4.35 | 5/8/2025 | 7/25/2025 | 178000000 | 179677650 | U.S. Treasuries (including strips) | 4.00 - 4.25 | 2/15/2034 - 11/15/2040 | 182108481 |
| Mizuho Securities U.S.A., Inc. | 4.34 | 5/28/2025 | 6/4/2025 | 132000000 | 132111393 | U.S. Treasuries (including strips) | 0.38 - 4.25 | 6/30/2025 - 2/15/2033 | 134721205 |
| NatWest Market Securities Inc | 4.34 | 5/29/2025 | 6/5/2025 | 346000000 | 346291986 | U.S. Treasuries (including strips) | 2.63 - 4.88 | 4/30/2026 - 2/15/2035 | 353090236 |
| NatWest Market Securities Inc | 4.34 | 5/30/2025 | 6/2/2025 | 88000000 | 88031827 | U.S. Treasuries (including strips) | 4.13 - 4.63 | 4/30/2029 - 10/31/2031 | 89792496 |
| Norinchukin Bank | 4.34 | 5/27/2025 | 6/3/2025 | 116000000 | 116097891 | U.S. Treasuries (including strips) | 0.00 - 3.63 | 8/15/2033 - 2/15/2053 | 119100006 |
| PNC Bank NA | 4.35 | 5/30/2025 | 6/2/2025 | 98000000 | 98035525 | Agency Mortgage-Backed Securities | 2.00 | 3/1/2036 | 99996236 |
| PNC Bank NA | 4.34 | 5/30/2025 | 6/2/2025 | 90000000 | 90032550 | U.S. Treasuries (including strips) | 0.50 | 2/28/2026 | 91833278 |
| RBC Dominion Securities | 4.32 | 5/8/2025 | 6/20/2025 | 554000000 | 556858640 | U.S. Treasuries (including strips) | 0.00 - 4.88 | 6/24/2025 - 5/15/2055 | 566784587 |
| RBC Financial Group | 4.32 | 5/1/2025 | 7/8/2025 | 1014000000 | 1022274240 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 2/1/2047 - 5/1/2055 | 192213120 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.25 | 6/5/2025 - 8/15/2054 | 596255602 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 0.00 - 5.82 | 10/25/2053 - 6/25/2055 | 252502594 |
|  |  |  |  |  |  |  |  |  | 1040971316 |
| RBC Financial Group | 4.33 | 4/28/2025 | 6/30/2025 | 1086000000 | 1094229165 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 5/1/2030 - 6/1/2055 | 677427662 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.38 | 6/5/2025 - 11/15/2053 | 374147429 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.00 - 5.58 | 4/20/2053 - 2/20/2055 | 63617202 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.88 | 3/13/2037 | 132088 |
|  |  |  |  |  |  |  |  |  | 1115324381 |
| Royal Bank of Canada | 4.33 | 5/27/2025 | 6/3/2025 | 476000000 | 476400766 | U.S. Treasuries (including strips) | 0.75 - 4.00 | 8/31/2026 - 1/31/2031 | 485870392 |
| SMBC Nikko Securities America, Inc. | 4.34 | 5/28/2025 | 6/4/2025 | 177000000 | 177149368 | U.S. Treasuries (including strips) | 0.50 - 3.88 | 8/31/2026 - 2/15/2033 | 180648830 |
| SMBC Nikko Securities America, Inc. | 4.35 | 5/30/2025 | 6/2/2025 | 236000000 | 236085550 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 3/1/2028 - 12/15/2066 | 232873981 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 5.50 | 6/26/2025 - 8/15/2053 | 7933350 |
|  |  |  |  |  |  |  |  |  | 240807331 |
| SMBC Nikko Securities America, Inc. | 4.35 | 5/30/2025 | 6/2/2025 | 1141000000 | 1141413612 | U.S. Treasuries (including strips) | 0.38 - 4.88 | 11/30/2025 - 11/15/2033 | 1164241938 |
| Societe Generale | 4.35 | 5/28/2025 | 6/4/2025 | 297000000 | 297251213 | Agency Mortgage-Backed Securities | 2.50 - 7.00 | 9/1/2050 - 2/1/2055 | 303123027 |
| Sumitomo Mitsui Banking Corp | 4.36 | 5/28/2025 | 6/11/2025 | 42000000 | 42071213 | U.S. Treasuries (including strips) | 1.63 | 8/15/2029 | 42977505 |
| TD Securities (U.S.A.) | 4.36 | 5/30/2025 | 6/2/2025 | 440000000 | 440159867 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 11/1/2045 - 1/1/2059 | 448963064 |
| TD Securities (U.S.A.) | 4.35 | 5/30/2025 | 6/2/2025 | 263000000 | 263095338 | U.S. Treasuries (including strips) | 1.13 - 4.75 | 5/15/2040 - 5/15/2055 | 269105372 |
| US Bancorp Inv | 4.34 | 5/30/2025 | 6/2/2025 | 211000000 | 211076312 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 9/15/2025 - 7/15/2032 | 216230582 |
| Wells Fargo Securities, LLC | 4.39 | 5/23/2025 | 8/21/2025 | 262000000 | 264875450 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 6/1/2026 - 5/1/2055 | 267565885 |
| Wells Fargo Securities, LLC | 4.39 | 5/20/2025 | 8/19/2025 | 265000000 | 267940690 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 12/1/2029 - 6/1/2057 | 270728501 |
| Wells Fargo Securities, LLC | 4.39 | 5/19/2025 | 8/18/2025 | 528000000 | 533859187 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 5/1/2026 - 6/1/2055 | 539479442 |
| Wells Fargo Securities, LLC | 4.39 | 5/14/2025 | 8/12/2025 | 266500000 | 269424837 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 1/1/2029 - 6/1/2055 | 272459815 |
| Wells Fargo Securities, LLC | 4.39 | 5/8/2025 | 8/8/2025 | 806000000 | 815042424 | Agency Mortgage-Backed Securities | 1.50 - 7.50 | 1/1/2029 - 6/1/2055 | 824626325 |
| Wells Fargo Securities, LLC | 4.37 | 5/8/2025 | 6/20/2025 | 537000000 | 539802991 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 7/1/2025 - 5/1/2055 | 549402240 |
| Wells Fargo Securities, LLC | 4.37 | 3/5/2025 | 6/5/2025 | 358000000 | 361998064 | Agency Mortgage-Backed Securities | 2.00 - 7.50 | 6/25/2025 - 6/1/2055 | 369105048 |
| **Total Repurchase Agreements** |  |  |  | $96967167781 | 97175459995 |  |  |  | 98924938637 |

---

**Investment Valuation**

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

---

| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$16,777,559,000 due 06/02/2025 at 4.35%** |  |
| BNP Paribas SA | 392393000 |
| Bank of America NA | 706219000 |
| Bank of Nova Scotia/The | 442362000 |
| Bny Mellon Capital Market LLC | 489297000 |
| BofA Securities Inc | 404146000 |
| Citigroup Global Capital Markets Inc. | 2922657000 |
| HSBC Securities Inc. (U.S.A.) | 480271000 |
| JPMorgan Securities LLC | 1403108000 |
| MUFG Securities (Canada) Ltd. | 735645000 |
| Nomura Securities International Inc | 98098000 |
| Rbc Dominion Securities Inc | 2323283000 |
| Societe Generale SA | 874043000 |
| Sumitomo Mitsui Banking Corp | 3766501000 |
| Sumitomo Mitsui Banking Corp/New York | 1151020000 |
| Wells Fargo Bank NA | 588516000 |
|  | 16777559000 |
| **$25,271,000 due 06/02/2025 at 4.34%** |  |
| Citigroup Global Capital Markets Inc. | 2842000 |
| JPMorgan Securities LLC | 1994000 |
| Nomura Securities International Inc | 10000 |
| Rbc Dominion Securities Inc | 18789000 |
| Sumitomo Mitsui Banking Corp/New York | 1636000 |
|  | 25271000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $117,940,997,782) - See accompanying schedule:<br>Unaffiliated issuers (cost $228,013,314,077)<br>|  | $228013314077 |
| Cash |  | 1075000314 |
| Receivable for investments sold |  | 738934350 |
| Receivable for fund shares sold |  | 1983516530 |
| Interest receivable |  | 604124941 |
| Prepaid expenses |  | 31647 |
| Other receivables |  | 3666957 |
| **Total assets** |  | 232418588816 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4820013086 |  |
| Payable for fund shares redeemed | 1373549999 |  |
| Distributions payable | 146442677 |  |
| Accrued management fee | 70016731 |  |
| Other payables and accrued expenses | 4137907 |  |
| **Total liabilities** |  | 6414160400 |
| **Net Assets**  |  | $226004428416 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $226005251821 |
| Total accumulated earnings (loss) |  | (823405) |
| **Net Assets** |  | $226004428416 |
| **Net Asset Value**, offering price and redemption price per share ($226,004,428,416 ÷ 225,965,334,116 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $5259151694 |
| **Expenses** |  |  |
| Management fee | $434171488 |  |
| Custodian fees and expenses | 805795 |  |
| Independent trustees' fees and expenses | 337667 |  |
| Registration fees | 5373180 |  |
| Audit fees | 36150 |  |
| Legal | 114728 |  |
| Miscellaneous | 324253 |  |
| **Total expenses** |  | 441163261 |
| **Net Investment income (loss)** |  | 4817988433 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 780868 |  |
| Total net realized gain (loss) |  | 780868 |
| **Net increase in net assets resulting from operations** |  | $4818769301 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4817988433 | $11068683924 |
| &nbsp;&nbsp;Net realized gain (loss) | 780868<br>| 115205<br>|
| **Net increase in net assets resulting from operations** | 4818769301<br>| 11068799129<br>|
| Distributions to shareholders | (4818009809)<br>| (11069010909)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 620226931214 | 1103099819718 |
| Reinvestment of distributions | 3847425067<br>| 8833640429<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (633584681854) | (1105073572664) |
| **Net increase (decrease) in net assets and shares resulting from share transactions** | (9510325573)<br>| 6859887483<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (9509566081)<br>| 6859675703<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 235513994497 | 228654318794<br>|
| &nbsp;&nbsp;End of period | $226004428416 | $235513994497 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 620226976013 | 1103099819718 |
| Issued in reinvestment of distributions | 3847425067<br>| 8833640429<br>|
| &nbsp;&nbsp;Redeemed | (633584681854) | (1105073572688) |
| &nbsp;&nbsp;Net increase (decrease) | (9510280774) | 6859887459 |

---

**Financial Highlights** 

**Fidelity® Government Cash Reserves** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **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 | .024  | .049  | .046  | .010  | - B | .004  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .024  | .049  | .046  | .010  | - B | .004  |
| Distributions from net investment income  | (.024)  | (.049)  | (.046)  | (.010)  | - B | (.004)  |
| Total distributions  | (.024)  | (.049)  | (.046)  | (.010)  | - B | (.004)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 2.05% <br>| 5.02%  | 4.67%  | 1.03%  | .01%  | .39%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .37% G | .40%  | .41%  | .34%  | .33%  | .34%  |
| Expenses net of fee waivers, if any  | .37% G<br>| .39%  | .40%  | .27%  | .08%  | .26%  |
| Expenses net of all reductions, if any  | .37% G | .39%  | .40%  | .27%  | .08%  | .26%  |
| Net investment income (loss)  | 4.07% G | 4.90%  | 4.58%  | 1.00%  | .01%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $226004428 | $235513994 | $228654319 | $214352646 | $214123363 | $210564687 |

---

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

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

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

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

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

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

G*Annualized.*

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

For the period ended May 31, 2025

**1. Organization.**

Fidelity Government Cash Reserves (the Fund) is a fund of Fidelity Phillips Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

**2. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Government Cash Reserves** | $3666957 |

---

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

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to capital loss carryforwards.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$228013314077</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Long-term | <u>(1810886)</u> |
| **Total capital loss carryforward** | <u>$(1810886)</u> |

---

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

**New Rule Issuance.** In July 2023, the Securities and Exchange Commission issued a Final Rule relative to Money Market Reform. Among other things, the Final Rule includes amendments for: (1) Removal of redemption gates except for liquidations; (2) Required liquidity fees for institutional prime and institutional tax-exempt money market funds; (3) Discretionary liquidity fees for non-government money market funds; (4) Higher liquidity requirements; and (5) Changes to reporting requirements for Form N-MFP and Form N-CR. The Final Rule imposes different implementation dates for the amendments through October 2, 2024. The amendments have been implemented to date, and management has concluded that there are no material impacts to the Fund's financial statements and related disclosures.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then adding an income-related fee. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Basic Fee Rate %** |
| **Fidelity Government Cash Reserves** | .27 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. The income-related fee varies depending on the level of the Fund's monthly gross income from an annualized rate of .05% (at a fund annualized gross yield of 0%) to .27% (at a fund annualized gross yield of 15%) of the Fund's average net assets throughout the month. The income-related fee is proportionately added to a class's basic fee. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized income-related fee and management fee rates were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Income-Related Fee $** | **Income-Related Fee Rate %** | **Total Management Fee Rate %** |
| **Fidelity Government Cash Reserves** | 117047739 | .10 | .37 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

**4. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**5. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109872_4.jpg)<br>

1.704549.127 CAS-SANN-0725

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Phillips Street Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the 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.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Phillips Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

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: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Phillips Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Phillips Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

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

---

## Exhibit 99.906

Exhibit EX-99.906CERT

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

In connection with the attached Report of Fidelity Phillips Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 23, 2025

---

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

---

Dated: July 23, 2025

---

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

---

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

<br>