N-CSRS false 0000278001 N-1A Fidelity Phillips Street Trust 0000278001fmr:C000019553Member2024-11-302025-05-310000278001fmr:C000019553Member2025-05-310000278001fmr:C000019553Memberfmr:EMD0Member2025-05-310000278001fmr:C000019553Memberfmr:EMD1Member2025-05-310000278001fmr:C000019553Memberfmr:EMD2Member2025-05-310000278001fmr:C000019553Memberfmr:EMD3Member2025-05-310000278001fmr:C000019553Memberfmr:EMD4Member2025-05-310000278001fmr:C000019553Memberfmr:EMD5Member2025-05-310000278001fmr:C000019553Memberfmr:AARepurchaseAgreementsMember2025-05-310000278001fmr:C000019553Memberfmr:AAUSGovernmentAgencyDebtMember2025-05-310000278001fmr:C000019553Memberfmr:AAUSTreasuryObligationsMember2025-05-3100002780012024-11-302025-05-31 iso4217:USD xbrli:pure xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02890


Fidelity Phillips Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30



Date of reporting period:

May 31, 2025


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2025
 
 
Fidelity® Government Cash Reserves
Fidelity® Government Cash Reserves :  FDRXX 
 
 
  
  
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
$226,004,428,416
  
Number of Holdings
661
  
What did the Fund invest in?
(as of May 31, 2025)
 
EFFECTIVE MATURITY DIVERSIFICATION
(% of Fund's net assets)
 
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
U.S. Government Agency - Debt
35.3
U.S. Treasury Obligations
13.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Repurchase Agreements - 52.2            
 
U.S. Government Agency - Debt - 35.3    
 
U.S. Treasury Obligations - 13.4        
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.
 
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
1.9915844.101    55-TSRS-0725    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Government Cash Reserves
 
 
Semi-Annual Report
May 31, 2025

Contents

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

Fidelity® Government Cash Reserves

Notes to Financial Statements

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

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

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

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

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
Repurchase Agreements - 52.2%
 
  
Maturity
Amount ($)
 
Value ($)
 
Fixed Income Clearing Corp - Credit Agricole 4.35%, dated 6/2/2025 due 6/3/2025 (b)
  
4,171,503,996
4,171,000,001
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)#
 
25,280,140
25,271,000
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)#
 
16,783,635,205
16,777,559,000
Repurchase Agreements*
 
97,175,459,995
96,967,167,781
 
TOTAL REPURCHASE AGREEMENTS
 (Cost $117,940,997,782)
  
  
117,940,997,782
 
  
  
  
U.S. Government Agency - Debt - 35.3%
 
  
Yield (%) (c)
Principal
Amount (a)
 
Value ($)
 
Fannie Mae 0.65% 12/17/2025
 
4.31
46,795,000
45,883,487
Fannie Mae 0.65% 12/17/2025
 
4.31
10,000,000
9,805,211
Fannie Mae U.S. SOFR Index + 0.1%, 4.43% 6/18/2026 (d)(e)
  
4.45
365,000,000
365,000,000
Fannie Mae U.S. SOFR Index + 0.135%, 4.465% 8/21/2026 (d)(e)
  
4.49
55,000,000
54,996,458
Fannie Mae U.S. SOFR Index + 0.14%, 4.47% 10/23/2026 (d)(e)
  
4.49
369,000,000
369,010,201
Fannie Mae U.S. SOFR Index + 0.14%, 4.47% 9/11/2026 (d)(e)
  
4.49
602,000,000
602,000,001
Federal Farm Credit Banks Funding Corp 0% 6/24/2025
 
4.27
39,000,000
38,894,104
Federal Farm Credit Banks Funding Corp 0% 6/26/2025
 
4.27
21,000,000
20,938,021
Federal Farm Credit Banks Funding Corp 3.75% 9/22/2025
 
4.37
16,000,000
15,970,086
Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026
 
4.20
18,000,000
18,073,457
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0%, 4.33% 9/8/2025 (d)(e)
  
4.35
19,000,000
19,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e)
  
4.36
13,000,000
13,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 4.34% 6/26/2025 (d)(e)
  
4.36
59,000,000
59,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.35% 1/13/2026 (d)(e)
  
4.37
13,000,000
13,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 4.35% 3/26/2026 (d)(e)
  
4.37
40,000,000
40,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 4.355% 9/10/2025 (d)(e)
  
4.38
46,000,000
46,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.33% 6/2/2026 (d)(e)
  
4.36
19,000,000
19,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 2/11/2026 (d)(e)
  
4.39
57,000,000
56,983,132
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 4/10/2026 (d)(e)
  
4.39
50,000,000
49,990,792
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 4/28/2026 (d)(e)
  
4.39
20,000,000
20,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 5/28/2026 (d)(e)
  
4.39
15,000,000
15,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/10/2025 (d)(e)
  
4.39
46,000,000
46,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/4/2026 (d)(e)
  
4.39
34,000,000
34,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 6/6/2025 (d)(e)
  
4.39
26,000,000
26,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 4.37% 7/29/2025 (d)(e)
  
4.39
74,000,000
74,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 10/2/2026 (d)(e)
  
4.39
89,000,000
89,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 6/11/2025 (d)(e)
  
4.39
33,000,000
33,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 4.375% 7/23/2025 (d)(e)
  
4.39
51,000,000
51,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 1/15/2026 (d)(e)
  
4.40
27,000,000
27,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 6/20/2025 (d)(e)
  
4.40
73,000,000
73,000,122
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 7/18/2025 (d)(e)
  
4.40
70,000,000
69,997,769
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 8/28/2026 (d)(e)
  
4.40
52,000,000
52,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 4.38% 8/6/2025 (d)(e)
  
4.40
156,000,000
156,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 11/18/2025 (d)(e)
  
4.40
91,000,000
91,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 11/25/2025 (d)(e)
  
4.40
42,000,000
42,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 12/2/2025 (d)(e)
  
4.39
45,000,000
45,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 12/30/2025 (d)(e)
  
4.40
58,000,000
58,003,786
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 2/13/2026 (d)(e)
  
4.40
54,000,000
54,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 7/21/2026 (d)(e)
  
4.40
41,000,000
41,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 8/19/2025 (d)(e)
  
4.40
67,000,000
67,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 4.385% 9/17/2026 (d)(e)
  
4.40
16,000,000
16,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.35% 10/5/2026 (d)(e)
  
0.00
22,000,000
22,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 4.39% 9/30/2025 (d)(e)
  
4.41
20,000,000
19,999,348
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 3/23/2026 (d)(e)
  
4.42
32,000,000
32,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 8/28/2025 (d)(e)
  
4.42
47,000,000
47,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 4.395% 9/5/2025 (d)(e)
  
4.42
145,000,000
145,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 11/17/2025 (d)(e)
  
4.42
42,500,000
42,500,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/17/2025 (d)(e)
  
4.42
99,000,000
99,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/23/2025 (d)(e)
  
4.42
25,000,000
25,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 12/9/2025 (d)(e)
  
4.42
45,000,000
45,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 5/28/2026 (d)(e)
  
4.42
43,000,000
43,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 4.4% 8/12/2026 (d)(e)
  
4.42
18,000,000
18,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 10/9/2025 (d)(e)
  
4.42
74,000,000
74,013,575
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 11/26/2025 (d)(e)
  
4.43
41,000,000
40,998,349
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 4/1/2027 (d)(e)
  
4.43
45,000,000
44,995,876
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 4.405% 4/2/2027 (d)(e)
  
4.43
46,000,000
46,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 1/28/2026 (d)(e)
  
4.43
85,000,000
85,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 1/8/2026 (d)(e)
  
4.43
70,000,000
69,994,303
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 10/21/2025 (d)(e)
  
4.43
65,500,000
65,497,541
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 11/21/2025 (d)(e)
  
4.43
30,000,000
29,998,615
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 12/12/2025 (d)(e)
  
4.43
48,000,000
48,001,108
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 2/10/2026 (d)(e)
  
4.43
65,000,000
65,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 2/17/2026 (d)(e)
  
4.43
71,000,000
71,003,659
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 3/11/2027 (d)(e)
  
4.43
43,000,000
43,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 3/4/2026 (d)(e)
  
4.43
122,000,000
121,998,745
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 4.41% 4/9/2027 (d)(e)
  
4.43
80,000,000
79,954,982
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 11/13/2025 (d)(e)
  
4.43
41,000,000
41,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 12/29/2025 (d)(e)
  
4.43
63,000,000
63,008,084
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 3/20/2026 (d)(e)
  
4.43
31,000,000
31,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 4.415% 4/8/2027 (d)(e)
  
4.43
224,500,000
224,500,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 1/23/2026 (d)(e)
  
4.44
90,000,000
90,020,918
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/2/2026 (d)(e)
  
4.44
51,000,000
51,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/24/2027 (d)(e)
  
4.44
18,000,000
18,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 2/9/2026 (d)(e)
  
4.44
36,000,000
36,001,720
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/14/2026 (d)(e)
  
4.44
14,250,000
14,253,810
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/21/2026 (d)(e)
  
4.44
49,000,000
49,011,886
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 5/28/2026 (d)(e)
  
4.44
172,000,000
172,083,687
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 4.42% 9/22/2025 (d)(e)
  
4.44
99,000,000
99,009,545
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 12/12/2025 (d)(e)
  
4.44 to 4.45
145,000,000
145,006,495
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 12/26/2025 (d)(e)
  
4.44
27,000,000
27,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 2/25/2027 (d)(e)
  
4.44
30,000,000
30,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 4/17/2026 (d)(e)
  
4.45
77,000,000
76,993,557
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 5/5/2026 (d)(e)
  
4.45
82,000,000
81,996,355
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 4.425% 6/3/2026 (d)(e)
  
4.42
40,000,000
40,012,893
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 1/15/2026 (d)(e)
  
4.45
24,000,000
24,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 2/25/2026 (d)(e)
  
4.45
135,000,000
135,018,638
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 2/9/2027 (d)(e)
  
4.45
20,000,000
20,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 4/15/2026 (d)(e)
  
4.45
65,870,000
65,869,922
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 4/8/2026 (d)(e)
  
4.45
82,000,000
82,042,517
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/13/2026 (d)(e)
  
4.45
288,000,000
288,000,001
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/20/2026 (d)(e)
  
4.45
29,000,000
29,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 5/27/2027 (d)(e)
  
4.45
34,000,000
34,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/18/2026 (d)(e)
  
4.45
132,750,000
132,783,554
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/24/2026 (d)(e)
  
4.45
124,000,000
124,032,301
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 4.43% 6/5/2026 (d)(e)
  
4.45
44,000,000
43,997,875
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 1/8/2026 (d)(e)
  
4.45
92,000,000
92,000,909
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 3/18/2026 (d)(e)
  
4.45
141,000,000
141,002,521
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 4/24/2026 (d)(e)
  
4.46
35,000,000
35,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 4.435% 6/12/2026 (d)(e)
  
4.46
119,000,000
119,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 3/11/2026 (d)(e)
  
4.46
80,000,000
80,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/16/2026 (d)(e)
  
4.46
26,000,000
26,002,180
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/21/2026 (d)(e)
  
4.46
51,832,000
51,834,539
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 4/9/2026 (d)(e)
  
4.46
45,000,000
45,001,586
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 4.44% 6/24/2026 (d)(e)
  
4.46
47,000,000
47,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 2/10/2027 (d)(e)
  
4.46
45,000,000
45,007,210
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 4/8/2026 (d)(e)
  
4.47
35,000,000
35,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/20/2027 (d)(e)
  
4.47
20,000,000
20,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/27/2027 (d)(e)
  
4.47
52,000,000
52,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 5/6/2027 (d)(e)
  
4.46
28,000,000
28,007,345
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 6/16/2026 (d)(e)
  
4.47
69,000,000
69,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 4.445% 7/8/2026 (d)(e)
  
4.47
142,000,000
142,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 3/12/2026 (d)(e)
  
4.47
20,150,000
20,149,694
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 5/26/2026 (d)(e)
  
4.47
57,000,000
57,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 5/8/2026 (d)(e)
  
4.47
70,000,000
70,002,024
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 6/20/2025 (d)(e)
  
4.47
38,000,000
38,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 7/10/2026 (d)(e)
  
4.47
69,000,000
69,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 7/23/2026 (d)(e)
  
4.47
77,000,000
77,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 4.45% 9/14/2026 (d)(e)
  
4.47
12,404,000
12,400,516
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 10/21/2025 (d)(e)
  
4.48
30,000,000
29,999,410
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 10/6/2026 (d)(e)
  
4.48
30,000,000
30,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 3/5/2026 (d)(e)
  
4.47
36,000,000
36,003,528
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 4/29/2027 (d)(e)
  
4.47 to 4.48
166,000,000
166,025,442
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 6/10/2026 (d)(e)
  
4.47
50,000,000
50,042,132
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 7/16/2026 (d)(e)
  
4.45
15,000,000
15,000,379
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 7/21/2026 (d)(e)
  
4.48
26,000,000
26,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 8/27/2026 (d)(e)
  
4.48
71,000,000
71,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 4.455% 9/8/2026 (d)(e)
  
4.48
24,000,000
24,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 1/27/2027 (d)(e)
  
4.48
100,000,000
100,023,582
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 2/20/2026 (d)(e)
  
4.48
73,000,000
73,013,971
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 2/3/2027 (d)(e)
  
4.48
30,000,000
30,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 5/5/2027 (d)(e)
  
4.48
111,000,000
111,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 6/24/2026 (d)(e)
  
4.48
98,000,000
98,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 6/26/2026 (d)(e)
  
4.48
50,000,000
50,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 7/2/2026 (d)(e)
  
4.48
143,000,000
143,005,713
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 7/29/2026 (d)(e)
  
4.48
76,000,000
76,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/12/2026 (d)(e)
  
4.48
95,000,000
95,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/28/2026 (d)(e)
  
4.48
47,000,000
47,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 4.46% 8/6/2026 (d)(e)
  
4.48
97,000,000
97,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 1/8/2027 (d)(e)
  
4.48 to 4.49
119,000,000
119,017,615
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 11/18/2026 (d)(e)
  
4.49
25,000,000
24,999,613
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 11/23/2026 (d)(e)
  
4.48
111,000,000
111,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 12/18/2026 (d)(e)
  
4.48
66,000,000
66,017,965
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 2/10/2027 (d)(e)
  
4.48
237,500,000
237,500,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 4.465% 8/19/2026 (d)(e)
  
4.48
171,000,000
171,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 1/30/2026 (d)(e)
  
4.49
43,000,000
43,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 10/23/2026 (d)(e)
  
4.49
137,000,000
137,031,316
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 11/25/2026 (d)(e)
  
4.49
77,000,000
77,019,665
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 11/4/2026 (d)(e)
  
4.49
47,000,000
47,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 12/2/2026 (d)(e)
  
4.47
61,000,000
61,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 12/30/2026 (d)(e)
  
4.49
70,000,000
70,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 6/24/2025 (d)(e)
  
4.49
138,000,000
138,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 8/22/2025 (d)(e)
  
4.49
174,000,000
174,001,357
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 8/26/2026 (d)(e)
  
4.49
94,000,000
94,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/3/2026 (d)(e)
  
4.47
103,000,000
103,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e)
  
4.49
43,000,000
43,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 4.47% 9/9/2026 (d)(e)
  
4.49
26,000,000
26,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/12/2026 (d)(e)
  
4.49
260,000,000
260,026,875
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/21/2027 (d)(e)
  
4.49
82,000,000
82,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 1/8/2027 (d)(e)
  
4.49
161,000,000
161,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 12/16/2026 (d)(e)
  
4.49
72,000,000
72,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 6/27/2025 (d)(e)
  
4.49
232,000,000
232,007,615
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/10/2025 (d)(e)
  
4.49
139,000,000
139,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/17/2025 (d)(e)
  
4.49
92,000,000
92,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/25/2025 (d)(e)
  
4.49
258,000,000
258,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 4.475% 7/30/2025 (d)(e)
  
4.49
41,000,000
41,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 11/27/2026 (d)(e)
  
4.50
136,000,000
136,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/15/2025 (d)(e)
  
4.50
128,000,000
127,999,896
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/23/2026 (d)(e)
  
4.50
84,000,000
84,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 4.48% 12/4/2026 (d)(e)
  
4.50
49,000,000
49,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 1/23/2026 (d)(e)
  
4.51
47,000,000
47,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 10/6/2025 (d)(e)
  
4.51
35,000,000
34,999,419
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 11/14/2025 (d)(e)
  
4.50
134,000,000
134,004,453
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 11/28/2025 (d)(e)
  
4.50 to 4.51
206,000,000
206,003,855
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 12/1/2025 (d)(e)
  
4.48
157,000,000
157,001,273
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 7/17/2025 (d)(e)
  
4.51
112,000,000
111,999,325
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 8/28/2025 (d)(e)
  
4.51
66,000,000
66,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 9/15/2025 (d)(e)
  
4.50 to 4.51
137,000,000
137,002,653
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 4.485% 9/25/2025 (d)(e)
  
4.50
17,000,000
17,004,823
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/17/2025 (d)(e)
  
4.51
43,000,000
43,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/27/2025 (d)(e)
  
4.51
67,000,000
67,001,617
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 10/6/2025 (d)(e)
  
4.51
50,000,000
50,000,000
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 11/3/2025 (d)(e)
  
4.51
100,000,000
100,003,445
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 7/7/2025 (d)(e)
  
4.51
31,750,000
31,750,666
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.16%, 4.49% 8/4/2025 (d)(e)
  
4.51
12,000,000
12,002,263
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 4.6% 11/24/2026 (d)(e)
  
4.60
61,000,000
61,183,125
Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 4.61% 11/20/2026 (d)(e)
  
4.61
11,000,000
11,033,539
Federal Farm Credit Banks Funding Corp U.S. SOFR Index -0.005%, 4.325% 9/19/2025 (d)(e)
  
4.34
27,000,000
27,000,000
Federal Home Loan Bank 4.16% 6/9/2026
 
4.16
464,000,000
464,000,000
Federal Home Loan Bank 4.2% 1/15/2026
 
4.28
133,000,000
132,945,234
Federal Home Loan Bank 4.21% 1/2/2026
 
4.28
267,000,000
266,901,977
Federal Home Loan Bank 4.21% 1/5/2026
 
4.29
267,000,000
266,889,333
Federal Home Loan Bank 4.22% 8/15/2025
 
4.10
407,000,000
407,094,249
Federal Home Loan Bank 4.3% 6/2/2026
 
4.33
1,050,000,000
1,049,735,977
Federal Home Loan Bank 4.33% 4/14/2026
 
4.33
268,000,000
268,000,000
Federal Home Loan Bank 4.33% 4/14/2026
 
4.33
268,000,000
268,000,000
Federal Home Loan Bank 4.33% 4/14/2026
 
4.33
268,000,000
268,000,000
Federal Home Loan Bank 4.33% 4/14/2026
 
4.33
215,000,000
215,000,000
Federal Home Loan Bank 4.34% 3/6/2026
 
4.34
520,000,000
520,000,000
Federal Home Loan Bank 4.35% 3/6/2026
 
4.35
549,000,000
549,000,000
Federal Home Loan Bank 4.35% 6/5/2026
 
4.38
526,000,000
525,840,302
Federal Home Loan Bank 4.35% 6/5/2026
 
4.38
263,000,000
262,918,923
Federal Home Loan Bank 4.37% 2/6/2026
 
4.37
278,000,000
278,000,000
Federal Home Loan Bank 4.37% 2/6/2026
 
4.37
278,000,000
278,000,000
Federal Home Loan Bank 4.395% 2/6/2026
 
4.40
277,000,000
277,000,000
Federal Home Loan Bank 4.4% 3/17/2026
 
4.40
771,000,000
771,000,000
Federal Home Loan Bank 4.44% 2/9/2026
 
4.44
1,106,000,000
1,106,000,000
Federal Home Loan Bank Discount Notes 0% 11/13/2025
 
4.22
227,000,000
222,697,877
Federal Home Loan Bank Discount Notes 0% 11/28/2025
 
4.27
88,000,000
86,163,000
Federal Home Loan Bank Discount Notes 0% 6/11/2025
 
4.28
101,000,000
100,880,764
Federal Home Loan Bank Discount Notes 0% 6/13/2025
 
4.26 to 4.27
919,000,000
917,698,668
Federal Home Loan Bank Discount Notes 0% 6/18/2025
 
4.27
984,000,000
982,029,813
Federal Home Loan Bank Discount Notes 0% 6/2/2025
 
4.28
40,000,000
39,995,277
Federal Home Loan Bank Discount Notes 0% 6/20/2025
 
4.27
118,000,000
117,735,942
Federal Home Loan Bank Discount Notes 0% 6/25/2025
 
4.27
335,000,000
334,053,067
Federal Home Loan Bank Discount Notes 0% 6/27/2025
 
4.27
318,000,000
317,026,213
Federal Home Loan Bank Discount Notes 0% 6/3/2025
 
4.28
69,000,000
68,983,708
Federal Home Loan Bank Discount Notes 0% 6/4/2025
 
4.28 to 4.29
416,000,000
415,852,374
Federal Home Loan Bank Discount Notes 0% 6/6/2025
 
4.28
124,000,000
123,926,719
Federal Home Loan Bank Discount Notes 0% 7/10/2025
 
4.24
53,200,000
52,957,940
Federal Home Loan Bank Discount Notes 0% 7/11/2025
 
4.27
286,000,000
284,655,978
Federal Home Loan Bank Discount Notes 0% 7/16/2025
 
4.27
169,000,000
168,104,300
Federal Home Loan Bank Discount Notes 0% 7/17/2025
 
4.24
54,000,000
53,710,200
Federal Home Loan Bank Discount Notes 0% 7/18/2025
 
4.27
468,000,000
465,414,483
Federal Home Loan Bank Discount Notes 0% 7/2/2025
 
4.27
145,000,000
144,470,589
Federal Home Loan Bank Discount Notes 0% 7/23/2025
 
4.27
52,000,000
51,681,529
Federal Home Loan Bank Discount Notes 0% 7/25/2025
 
4.27
116,000,000
115,262,240
Federal Home Loan Bank Discount Notes 0% 7/7/2025
 
4.27
52,000,000
51,779,520
Federal Home Loan Bank Discount Notes 0% 7/8/2025
 
4.24
221,000,000
220,044,881
Federal Home Loan Bank Discount Notes 0% 7/9/2025
 
4.27
282,000,000
280,740,522
Federal Home Loan Bank Discount Notes 0% 8/15/2025
 
4.04 to 4.29
1,220,000,000
1,209,868,445
Federal Home Loan Bank Discount Notes 0% 8/20/2025
 
4.28
198,000,000
196,136,600
Federal Home Loan Bank Discount Notes 0% 8/22/2025
 
4.28
291,000,000
288,192,901
Federal Home Loan Bank Discount Notes 0% 8/27/2025
 
4.28
65,000,000
64,334,752
Federal Home Loan Bank Discount Notes 0% 8/29/2025
 
4.28
311,000,000
307,743,873
Federal Home Loan Bank Discount Notes 0% 8/8/2025
 
4.28
49,000,000
48,608,490
Federal Home Loan Bank Discount Notes 0% 9/17/2025
 
4.29
26,000,000
25,670,059
Federal Home Loan Bank Discount Notes 0% 9/26/2025
 
4.29
45,000,000
44,381,363
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 10/22/2025 (d)(e)
  
4.33
64,000,000
64,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 11/25/2025 (d)(e)
  
4.33
133,000,000
133,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/16/2025 (d)(e)
  
4.33
387,000,000
387,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/17/2025 (d)(e)
  
4.33
267,000,000
267,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/17/2025 (d)(e)
  
4.33
147,000,000
147,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/2/2025 (d)(e)
  
4.33
266,000,000
266,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/4/2025 (d)(e)
  
4.33
227,000,000
227,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 12/8/2025 (d)(e)
  
4.33
240,000,000
240,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 6/10/2025 (d)(e)
  
4.33
129,000,000
129,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 7/10/2025 (d)(e)
  
4.33
142,000,000
142,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 7/3/2025 (d)(e)
  
4.33
57,000,000
57,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/11/2025 (d)(e)
  
4.33
104,000,000
104,000,808
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/14/2025 (d)(e)
  
4.33
319,000,000
318,998,483
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/20/2025 (d)(e)
  
4.33
233,000,000
233,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/21/2025 (d)(e)
  
4.33
274,000,000
274,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/21/2025 (d)(e)
  
4.33
68,000,000
68,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/25/2025 (d)(e)
  
4.33
136,000,000
136,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/29/2025 (d)(e)
  
4.33
202,000,000
202,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/29/2025 (d)(e)
  
4.33
134,000,000
134,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 8/7/2025 (d)(e)
  
4.33
157,000,000
157,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/10/2025 (d)(e)
  
4.33
133,000,000
133,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/5/2025 (d)(e)
  
4.33
94,000,000
94,000,000
Federal Home Loan Bank U.S. SOFR Index + 0%, 4.33% 9/8/2025 (d)(e)
  
4.33
108,000,000
108,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 1/12/2026 (d)(e)
  
4.34
534,000,000
534,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 10/2/2025 (d)(e)
  
4.34
202,000,000
202,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 11/12/2025 (d)(e)
  
4.34
314,000,000
314,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 12/29/2025 (d)(e)
  
4.34
260,000,000
260,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/11/2025 (d)(e)
  
4.34
97,000,000
97,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/11/2025 (d)(e)
  
4.34
69,000,000
69,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/12/2025 (d)(e)
  
4.34
140,000,000
140,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/16/2025 (d)(e)
  
4.34
347,000,000
347,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/17/2025 (d)(e)
  
4.34
278,000,000
278,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/23/2025 (d)(e)
  
4.34
139,000,000
139,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 6/24/2025 (d)(e)
  
4.34
208,000,000
208,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/10/2025 (d)(e)
  
4.34
34,000,000
34,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/15/2025 (d)(e)
  
4.34
97,000,000
97,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/17/2025 (d)(e)
  
4.34
116,000,000
116,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/21/2025 (d)(e)
  
4.34
139,000,000
139,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/23/2025 (d)(e)
  
4.34
194,000,000
194,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/23/2025 (d)(e)
  
4.34
97,000,000
97,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/24/2025 (d)(e)
  
4.34
57,000,000
57,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/28/2025 (d)(e)
  
4.34
143,000,000
143,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/28/2025 (d)(e)
  
4.34
83,000,000
83,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/29/2025 (d)(e)
  
4.34
416,000,000
416,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/29/2025 (d)(e)
  
4.34
138,000,000
138,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/30/2025 (d)(e)
  
4.34
70,000,000
70,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 7/8/2025 (d)(e)
  
4.34
138,000,000
138,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/11/2025 (d)(e)
  
4.34
112,000,000
112,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/12/2025 (d)(e)
  
4.34
84,000,000
84,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/4/2025 (d)(e)
  
4.34
275,000,000
275,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/4/2025 (d)(e)
  
4.34
208,000,000
208,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/5/2025 (d)(e)
  
4.34
137,000,000
137,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/5/2025 (d)(e)
  
4.34
129,000,000
129,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/7/2025 (d)(e)
  
4.34
415,000,000
415,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 8/7/2025 (d)(e)
  
4.34
14,000,000
14,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/22/2025 (d)(e)
  
4.34
136,000,000
136,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/23/2025 (d)(e)
  
4.34
203,000,000
203,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/25/2025 (d)(e)
  
4.34
135,000,000
135,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.005%, 4.335% 9/4/2025 (d)(e)
  
4.34
67,000,000
67,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.3% 12/4/2025 (d)(e)
  
4.33
26,000,000
26,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 1/26/2026 (d)(e)
  
4.34
25,000,000
25,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/14/2025 (d)(e)
  
4.34
55,000,000
55,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/23/2025 (d)(e)
  
4.34
203,000,000
203,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 10/8/2025 (d)(e)
  
4.34
274,000,000
274,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 12/30/2025 (d)(e)
  
4.34
258,000,000
258,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e)
  
4.34
279,000,000
279,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/11/2025 (d)(e)
  
4.34
140,000,000
140,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/18/2025 (d)(e)
  
4.34
70,000,000
70,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/3/2025 (d)(e)
  
4.34
209,000,000
209,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/5/2025 (d)(e)
  
4.34
210,000,000
210,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 6/9/2025 (d)(e)
  
4.34
419,000,000
419,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 7/25/2025 (d)(e)
  
4.34
43,000,000
43,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 7/28/2025 (d)(e)
  
4.34
242,000,000
242,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/11/2025 (d)(e)
  
4.34
56,000,000
56,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/12/2025 (d)(e)
  
4.34
278,000,000
278,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/15/2025 (d)(e)
  
4.34
69,000,000
69,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/15/2025 (d)(e)
  
4.34
37,000,000
37,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e)
  
4.34
233,000,000
233,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e)
  
4.34
208,000,000
208,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/18/2025 (d)(e)
  
4.34
68,000,000
68,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/21/2025 (d)(e)
  
4.34
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/22/2025 (d)(e)
  
4.34
428,000,000
428,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/22/2025 (d)(e)
  
4.34
13,000,000
13,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/25/2025 (d)(e)
  
4.34
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/25/2025 (d)(e)
  
4.34
68,000,000
68,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/26/2025 (d)(e)
  
4.34
128,000,000
128,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/27/2025 (d)(e)
  
4.34
285,000,000
285,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/27/2025 (d)(e)
  
4.34
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/28/2025 (d)(e)
  
4.34
417,000,000
417,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 8/4/2025 (d)(e)
  
4.34
281,000,000
281,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/2/2025 (d)(e)
  
4.34
331,000,000
331,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/3/2025 (d)(e)
  
4.34
280,000,000
280,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/4/2025 (d)(e)
  
4.34
235,000,000
235,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/5/2025 (d)(e)
  
4.34
247,000,000
247,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.01%, 4.34% 9/8/2025 (d)(e)
  
4.34
274,000,000
274,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.305% 2/2/2026 (d)(e)
  
4.34
515,000,000
515,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 1/29/2026 (d)(e)
  
4.34
256,000,000
256,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 10/3/2025 (d)(e)
  
4.34
223,000,000
223,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 6/23/2025 (d)(e)
  
4.34
208,000,000
208,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/18/2025 (d)(e)
  
4.34
70,000,000
70,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/3/2025 (d)(e)
  
4.34
280,000,000
280,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 7/7/2025 (d)(e)
  
4.34
210,000,000
210,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 8/27/2025 (d)(e)
  
4.34
44,000,000
44,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 8/29/2025 (d)(e)
  
4.34
37,000,000
37,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 9/15/2025 (d)(e)
  
4.34
279,000,000
279,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.015%, 4.345% 9/30/2025 (d)(e)
  
4.34
193,000,000
193,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/15/2025 (d)(e)
  
4.35
278,000,000
278,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/22/2025 (d)(e)
  
4.35
197,000,000
197,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/24/2025 (d)(e)
  
4.35
277,000,000
277,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/28/2025 (d)(e)
  
4.35
135,000,000
135,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 10/8/2025 (d)(e)
  
4.35
53,000,000
53,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 11/3/2025 (d)(e)
  
4.35
199,000,000
199,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 11/4/2025 (d)(e)
  
4.35
69,000,000
69,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 12/16/2025 (d)(e)
  
4.35
55,000,000
55,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 2/23/2026 (d)(e)
  
4.35
258,000,000
258,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 3/2/2026 (d)(e)
  
4.35
250,000,000
250,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 6/9/2025 (d)(e)
  
4.35
498,000,000
498,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 7/25/2025 (d)(e)
  
4.35
69,000,000
69,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.02%, 4.35% 9/22/2025 (d)(e)
  
4.35
66,000,000
66,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 1/5/2026 (d)(e)
  
4.35
65,000,000
65,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/17/2025 (d)(e)
  
4.35
349,000,000
349,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/21/2025 (d)(e)
  
4.35
40,000,000
40,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/24/2025 (d)(e)
  
4.35
225,000,000
225,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 11/25/2025 (d)(e)
  
4.35
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.025%, 4.355% 12/4/2025 (d)(e)
  
4.35
265,000,000
265,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 10/20/2025 (d)(e)
  
4.36
267,000,000
267,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 10/21/2025 (d)(e)
  
4.36
267,000,000
267,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.03%, 4.36% 12/30/2025 (d)(e)
  
4.36
199,000,000
199,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 6/20/2025 (d)(e)
  
4.37
10,000,000
10,000,169
Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 8/5/2025 (d)(e)
  
4.37
280,000,000
280,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.04%, 4.37% 8/6/2025 (d)(e)
  
4.37
243,000,000
243,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.045%, 4.375% 2/5/2026 (d)(e)
  
4.38
211,000,000
211,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.38% 5/14/2026 (d)(e)
  
4.38
45,000,000
45,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.05%, 4.38% 8/8/2025 (d)(e)
  
4.38
336,000,000
336,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.06%, 4.39% 8/19/2025 (d)(e)
  
4.39
411,000,000
411,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.06%, 4.39% 8/21/2025 (d)(e)
  
4.39
411,000,000
411,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.07%, 4.4% 11/28/2025 (d)(e)
  
4.40
141,000,000
141,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 11/27/2026 (d)(e)
  
4.40
32,000,000
32,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 4/5/2027 (d)(e)
  
4.40
1,015,000,000
1,015,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.075%, 4.405% 9/19/2025 (d)(e)
  
4.41
22,000,000
21,999,256
Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.41% 11/13/2026 (d)(e)
  
4.41
51,000,000
51,006,385
Federal Home Loan Bank U.S. SOFR Index + 0.08%, 4.41% 2/27/2026 (d)(e)
  
4.41
141,000,000
141,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.415% 1/2/2026 (d)(e)
  
4.41
132,000,000
132,009,040
Federal Home Loan Bank U.S. SOFR Index + 0.085%, 4.415% 7/16/2025 (d)(e)
  
4.41
84,000,000
84,002,286
Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 1/12/2026 (d)(e)
  
4.42
142,000,000
142,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 1/16/2026 (d)(e)
  
4.42
72,000,000
72,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 3/1/2027 (d)(e)
  
4.42
58,000,000
58,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.09%, 4.42% 5/13/2026 (d)(e)
  
4.42
69,000,000
69,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 12/23/2025 (d)(e)
  
4.43
217,000,000
217,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 9/19/2025 (d)(e)
  
4.42
28,000,000
28,002,533
Federal Home Loan Bank U.S. SOFR Index + 0.095%, 4.425% 9/22/2025 (d)(e)
  
4.42
143,000,000
143,013,554
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 10/16/2025 (d)(e)
  
4.43
79,000,000
79,009,204
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 4/17/2026 (d)(e)
  
4.43
52,000,000
51,999,819
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/22/2026 (d)(e)
  
4.43
71,000,000
71,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/24/2026 (d)(e)
  
4.43
89,000,000
89,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/25/2026 (d)(e)
  
4.43
85,000,000
85,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.1%, 4.43% 6/26/2026 (d)(e)
  
4.43
142,000,000
142,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.105%, 4.435% 2/20/2026 (d)(e)
  
4.43
136,000,000
136,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/10/2026 (d)(e)
  
4.44
62,000,000
62,024,057
Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/15/2026 (d)(e)
  
4.44
74,000,000
74,027,978
Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/24/2026 (d)(e)
  
4.44
68,000,000
68,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 4/7/2026 (d)(e)
  
4.44
65,065,000
65,069,943
Federal Home Loan Bank U.S. SOFR Index + 0.11%, 4.44% 7/17/2025 (d)(e)
  
4.44
75,700,000
75,700,000
Federal Home Loan Bank U.S. SOFR Index + 0.115%, 4.445% 7/8/2025 (d)(e)
  
4.44
153,000,000
153,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.12%, 4.45% 12/19/2025 (d)(e)
  
4.45
66,000,000
66,030,816
Federal Home Loan Bank U.S. SOFR Index + 0.125%, 4.455% 10/16/2025 (d)(e)
  
4.46
300,000,000
300,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 10/3/2025 (d)(e)
  
4.46
265,000,000
265,049,788
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/12/2026 (d)(e)
  
4.46
70,000,000
70,013,023
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/20/2026 (d)(e)
  
4.46
66,000,000
66,014,771
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/5/2027 (d)(e)
  
4.46
80,000,000
80,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 2/9/2026 (d)(e)
  
4.46
82,000,000
82,012,004
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/18/2026 (d)(e)
  
4.46
213,000,000
213,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/24/2026 (d)(e)
  
4.46
214,000,000
214,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.13%, 4.46% 6/26/2026 (d)(e)
  
4.46
284,000,000
284,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 1/6/2027 (d)(e)
  
4.46
24,000,000
24,025,862
Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 11/12/2025 (d)(e)
  
4.47
305,000,000
305,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.135%, 4.465% 11/14/2025 (d)(e)
  
4.47
267,000,000
267,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 1/16/2026 (d)(e)
  
4.47
70,000,000
70,019,030
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 10/29/2026 (d)(e)
  
4.47
41,000,000
41,010,635
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 6/17/2025 (d)(e)
  
4.47
55,000,000
55,003,224
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/14/2025 (d)(e)
  
4.47
308,000,000
308,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/18/2025 (d)(e)
  
4.47
231,000,000
231,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/21/2026 (d)(e)
  
4.47
274,000,000
274,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 8/25/2025 (d)(e)
  
4.47
149,000,000
149,002,428
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 9/10/2026 (d)(e)
  
4.47
68,000,000
68,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e)
  
4.47
204,000,000
204,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 1/2/2026 (d)(e)
  
4.47
139,000,000
139,002,775
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 10/10/2025 (d)(e)
  
4.48
153,000,000
153,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 6/27/2025 (d)(e)
  
4.48
381,000,000
381,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/2/2025 (d)(e)
  
4.48
78,000,000
78,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/24/2025 (d)(e)
  
4.48
107,000,000
107,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 7/25/2025 (d)(e)
  
4.48
78,000,000
78,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 8/4/2025 (d)(e)
  
4.48
77,000,000
77,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 9/25/2026 (d)(e)
  
4.48
539,000,000
539,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.145%, 4.475% 9/26/2025 (d)(e)
  
4.48
93,000,000
93,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 12/8/2025 (d)(e)
  
4.48
306,000,000
305,999,215
Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 12/8/2025 (d)(e)
  
4.48
88,000,000
87,999,691
Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 6/6/2025 (d)(e)
  
4.48
2,370,000
2,369,996
Federal Home Loan Bank U.S. SOFR Index + 0.15%, 4.48% 9/2/2025 (d)(e)
  
4.48
48,450,000
48,452,153
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/14/2025 (d)(e)
  
4.48
76,000,000
76,002,490
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/17/2025 (d)(e)
  
4.48
468,000,000
468,009,984
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 11/20/2025 (d)(e)
  
4.48
20,000,000
20,009,195
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 12/11/2025 (d)(e)
  
4.48
153,000,000
153,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 12/8/2025 (d)(e)
  
4.48
124,000,000
124,002,474
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 7/8/2025 (d)(e)
  
4.48
116,000,000
116,009,057
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/21/2025 (d)(e)
  
4.48
201,510,000
201,546,491
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/22/2025 (d)(e)
  
4.48
299,000,000
299,001,915
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 8/22/2025 (d)(e)
  
4.48
210,000,000
210,012,133
Federal Home Loan Bank U.S. SOFR Index + 0.155%, 4.485% 9/26/2025 (d)(e)
  
4.48
107,000,000
107,006,401
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 10/14/2025 (d)(e)
  
4.49
424,000,000
424,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 10/20/2025 (d)(e)
  
4.49
157,000,000
157,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/10/2025 (d)(e)
  
4.48
124,000,000
124,012,223
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/14/2025 (d)(e)
  
4.49
61,000,000
61,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/21/2025 (d)(e)
  
4.49
282,000,000
282,003,642
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/24/2025 (d)(e)
  
4.49
273,000,000
273,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/25/2025 (d)(e)
  
4.49
481,000,000
481,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/25/2025 (d)(e)
  
4.49
160,000,000
160,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 7/28/2025 (d)(e)
  
4.48
3,200,000
3,200,501
Federal Home Loan Bank U.S. SOFR Index + 0.16%, 4.49% 9/2/2025 (d)(e)
  
4.49
437,000,000
437,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.52% 12/18/2026 (d)(e)
  
4.52
340,000,000
340,000,000
Federal Home Loan Bank U.S. SOFR Index + 0.19%, 4.52% 12/22/2026 (d)(e)
  
4.52
393,000,000
393,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 10/22/2025 (d)(e)
  
4.33
266,000,000
266,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 10/28/2025 (d)(e)
  
4.33
214,000,000
214,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/10/2025 (d)(e)
  
4.33
534,000,000
534,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/10/2025 (d)(e)
  
4.33
134,000,000
134,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/3/2025 (d)(e)
  
4.33
145,000,000
145,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/3/2025 (d)(e)
  
4.33
130,000,000
130,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/4/2025 (d)(e)
  
4.33
199,000,000
199,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/7/2025 (d)(e)
  
4.33
264,000,000
264,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 11/7/2025 (d)(e)
  
4.33
54,000,000
54,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/12/2025 (d)(e)
  
4.33
94,000,000
94,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/15/2025 (d)(e)
  
4.33
201,000,000
201,000,000
Federal Home Loan Bank U.S. SOFR Index -0.005%, 4.325% 9/17/2025 (d)(e)
  
4.33
241,000,000
241,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/10/2025 (d)(e)
  
4.32
268,000,000
268,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/14/2025 (d)(e)
  
4.32
401,000,000
401,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/3/2025 (d)(e)
  
4.32
231,000,000
231,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/6/2025 (d)(e)
  
4.32
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/7/2025 (d)(e)
  
4.32
527,000,000
527,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 10/8/2025 (d)(e)
  
4.32
132,000,000
132,000,000
Federal Home Loan Bank U.S. SOFR Index -0.01%, 4.32% 9/26/2025 (d)(e)
  
4.32
133,000,000
133,000,000
Freddie Mac 0.64% 11/24/2025
 
4.36
45,000,000
44,215,952
Freddie Mac Discount Notes 0% 6/3/2025
 
4.28
14,113,000
14,109,683
Freddie Mac U.S. SOFR Index + 0.08%, 4.41% 11/5/2026 (d)(e)
  
4.43
657,000,000
657,000,000
Freddie Mac U.S. SOFR Index + 0.09%, 4.42% 1/26/2026 (d)(e)
  
4.44
1,249,000,000
1,249,022,745
Freddie Mac U.S. SOFR Index + 0.1%, 4.43% 2/9/2026 (d)(e)
  
4.45
80,000,000
80,004,710
Freddie Mac U.S. SOFR Index + 0.11%, 4.44% 3/5/2026 (d)(e)
  
4.46
434,000,000
434,000,000
Freddie Mac U.S. SOFR Index + 0.11%, 4.44% 5/7/2026 (d)(e)
  
4.46
249,000,000
249,000,000
Freddie Mac U.S. SOFR Index + 0.115%, 4.445% 4/2/2026 (d)(e)
  
4.46 to 4.47
726,500,000
726,507,898
Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 10/16/2026 (d)(e)
  
4.49
644,500,000
644,500,000
Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 10/29/2026 (d)(e)
  
4.49
452,000,000
452,000,000
Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 9/23/2026 (d)(e)
  
4.49
817,000,000
817,000,000
Freddie Mac U.S. SOFR Index + 0.14%, 4.47% 9/4/2026 (d)(e)
  
4.49
284,000,000
284,000,000
 
TOTAL U.S. GOVERNMENT AGENCY - DEBT
 (Cost $79,826,456,042)
  
  
  
79,826,456,042
 
  
  
  
  
U.S. Treasury Obligations - 13.4%
 
  
Yield (%) (c)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 11/20/2025
 
4.23 to 4.25
1,482,000,000
1,452,631,053
US Treasury Bills 0% 3/19/2026
 
4.12
177,000,000
171,337,807
US Treasury Bills 0% 5/14/2026
 
4.09
530,500,000
510,404,217
US Treasury Bills 0% 6/10/2025
 
4.27 to 4.28
205,000,000
204,783,154
US Treasury Bills 0% 6/17/2025
 
4.29
303,300,000
302,729,796
US Treasury Bills 0% 6/26/2025
 
4.26 to 4.41
1,324,000,000
1,320,152,979
US Treasury Bills 0% 6/3/2025
 
4.27
2,398,000,000
2,397,435,138
US Treasury Bills 0% 7/10/2025
 
4.22 to 4.29
562,800,000
560,228,351
US Treasury Bills 0% 7/15/2025
 
4.29
107,000,000
106,445,502
US Treasury Bills 0% 7/17/2025
 
4.27
589,862,000
586,677,565
US Treasury Bills 0% 7/22/2025
 
4.25 to 4.29
1,112,600,000
1,105,980,324
US Treasury Bills 0% 7/24/2025
 
4.27 to 4.29
2,276,300,000
2,262,133,739
US Treasury Bills 0% 7/29/2025
 
4.26 to 4.30
535,000,000
531,373,712
US Treasury Bills 0% 7/3/2025
 
4.25 to 4.28
867,000,000
863,752,688
US Treasury Bills 0% 7/8/2025
 
4.28
190,000,000
189,172,022
US Treasury Bills 0% 8/7/2025
 
4.30
1,096,000,000
1,087,310,546
US Treasury Bills 0% 9/16/2025
 
4.28 to 4.32
2,157,000,000
2,129,799,988
US Treasury Bills 0% 9/18/2025
 
4.19
231,000,000
228,127,146
US Treasury Bills 0% 9/23/2025
 
4.29
2,365,200,000
2,333,517,331
US Treasury Notes 0.25% 10/31/2025
 
4.45
37,000,000
36,373,014
US Treasury Notes 0.25% 6/30/2025
 
4.33 to 4.37
1,015,000,000
1,011,762,656
US Treasury Notes 0.25% 7/31/2025
 
4.32
222,705,400
221,223,691
US Treasury Notes 0.25% 9/30/2025
 
4.24 to 4.30
814,000,000
803,430,289
US Treasury Notes 0.375% 1/31/2026
 
4.21 to 4.28
192,000,000
187,173,771
US Treasury Notes 0.375% 11/30/2025
 
4.43 to 4.45
405,000,000
397,068,795
US Treasury Notes 0.375% 12/31/2025
 
4.26 to 4.28
1,042,000,000
1,019,109,209
US Treasury Notes 0.5% 2/28/2026
 
4.13 to 4.14
527,000,000
513,142,522
US Treasury Notes 0.75% 3/31/2026
 
4.10 to 4.16
533,000,000
518,458,430
US Treasury Notes 0.75% 4/30/2026
 
4.16
54,000,000
52,370,853
US Treasury Notes 1.625% 2/15/2026
 
4.15
59,407,000
58,372,510
US Treasury Notes 1.625% 5/15/2026
 
4.03 to 4.07
590,000,000
576,766,275
US Treasury Notes 2.125% 5/31/2026
 
4.02
23,000,000
22,578,436
US Treasury Notes 2.25% 3/31/2026
 
4.13
59,000,000
58,106,986
US Treasury Notes 2.5% 2/28/2026
 
4.13
59,000,000
58,304,257
US Treasury Notes 2.625% 12/31/2025
 
4.29
119,000,000
117,877,801
US Treasury Notes 2.875% 6/15/2025
 
4.51
35,000,000
34,978,334
US Treasury Notes 3 month U.S. Treasury Bill + 0.16%, 4.4919% 4/30/2027 (d)(e)
  
4.46
1,553,000,000
1,553,138,429
US Treasury Notes 3 month U.S. Treasury Bill + 0.205%, 4.5063% 10/31/2026 (d)(e)
  
4.50
350,000,000
350,288,086
US Treasury Notes 3.75% 4/15/2026
 
4.18
163,000,000
162,410,023
US Treasury Notes 4% 2/15/2026
 
4.29
37,000,000
36,925,710
US Treasury Notes 4.125% 6/15/2026
 
4.13 to 4.16
548,000,000
547,938,689
US Treasury Notes 4.25% 1/31/2026
 
4.28
381,000,000
380,916,584
US Treasury Notes 4.25% 12/31/2025
 
4.26 to 4.31
1,033,000,000
1,032,742,099
US Treasury Notes 4.5% 3/31/2026
 
4.11 to 4.16
641,000,000
642,908,712
US Treasury Notes 4.625% 2/28/2026
 
4.13 to 4.14
166,000,000
166,587,349
US Treasury Notes 4.625% 3/15/2026
 
4.11
38,000,000
38,148,083
US Treasury Notes 4.625% 6/30/2025
 
4.35 to 4.37
300,000,000
300,060,729
US Treasury Notes 4.625% 6/30/2026
 
4.20
67,000,000
67,300,611
US Treasury Notes 4.875% 4/30/2026
 
4.04 to 4.07
445,000,000
448,199,800
US Treasury Notes 4.875% 5/31/2026
 
4.04 to 4.06
197,000,000
198,559,167
US Treasury Notes 5% 10/31/2025
 
4.45
25,000,000
25,055,029
US Treasury Notes 5% 9/30/2025
 
4.30
263,000,000
263,590,266
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $30,245,860,253)
  
  
  
30,245,860,253
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $228,013,314,077)
 
  
 
228,013,314,077
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(2,008,885,661)
NET ASSETS - 100.0%
226,004,428,416
 
  
 
 
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
Counterparty
Lending Rate (%)
Settlement Date
Maturity Date
Repurchase Agreement
Value ($)
Repurchase Agreement Proceeds ($)
Collateralized By
Collateral Coupon (%)
Collateral Maturity Date
Collateral Value Received ($)
ABN AMRO Bank NV
4.37
5/30/2025
6/2/2025
293,000,000
293,106,701
Agency Mortgage-Backed Securities
2.50 - 7.00
 9/1/2028 - 4/1/2055
298,591,745
U.S. Treasuries (including strips)
0.38 - 1.00
 1/15/2027 - 7/31/2028
377,582
 
  
  
  
  
  
  
  
  
298,969,327
ABN AMRO Bank NV
4.34
5/30/2025
6/2/2025
312,000,000
312,112,840
U.S. Treasuries (including strips)
0.50 - 4.88
 2/28/2026 - 5/15/2034
318,355,114
BMO Capital Markets Corp
4.35
5/30/2025
6/6/2025
98,000,000
98,082,892
Agency Collateralized Mortgage Obligation
4.50 - 5.00
 7/20/2052 - 1/20/2055
100,976,591
BMO Chicago Branch
4.31
5/21/2025
6/11/2025
200,000,000
200,502,833
Agency Mortgage-Backed Securities
2.00 - 6.00
 4/1/2050 - 3/1/2055
204,293,080
BMO Chicago Branch
4.35
5/30/2025
6/2/2025
245,000,000
245,088,813
Agency Mortgage-Backed Securities
2.00 - 6.00
 11/1/2034 - 3/1/2063
249,990,589
BMO Chicago Branch
4.34
5/30/2025
6/2/2025
44,000,000
44,015,913
U.S. Treasuries (including strips)
4.00
 7/31/2030
44,896,316
BMO Chicago Branch
4.33
5/12/2025
6/2/2025
454,000,000
455,146,728
Agency Collateralized Mortgage Obligation
5.13 - 5.83
 11/20/2053 - 2/20/2073
468,801,130
BNP Paribas, SA
4.32
5/29/2025
6/30/2025
452,000,000
453,735,680
U.S. Treasuries (including strips)
0.38 - 4.63
 1/31/2026 - 5/15/2053
461,261,339
BNP Paribas, SA
4.32
5/27/2025
6/27/2025
539,000,000
541,005,080
U.S. Treasuries (including strips)
0.63 - 6.25
 7/31/2026 - 11/15/2054
550,441,513
BNP Paribas, SA
4.32
5/15/2025
6/20/2025
1,180,000,000
1,185,097,600
U.S. Treasuries (including strips)
1.38 - 4.88
 10/31/2025 - 2/15/2055
1,206,202,022
BNP Paribas, SA
4.32
5/7/2025
6/10/2025
1,418,000,000
1,423,785,440
Agency Mortgage-Backed Securities
1.50 - 7.00
 9/1/2025 - 5/20/2055
1,351,543,750
U.S. Treasuries (including strips)
0.00
 2/15/2033 - 5/15/2054
96,823,756
Agency Debentures and Agency Strips
2.48 - 4.98
 11/17/2036 - 6/9/2042
3,445,173
 
  
  
  
  
  
  
  
  
1,451,812,679
BNP Paribas, SA
4.32
5/7/2025
6/10/2025
553,000,000
555,256,240
U.S. Treasuries (including strips)
0.38 - 5.00
 10/31/2025 - 8/15/2053
565,820,319
BNP Paribas, SA
4.32
5/5/2025
6/5/2025
1,296,000,000
1,300,821,120
U.S. Treasuries (including strips)
0.63 - 4.63
 6/30/2026 - 2/15/2053
1,326,361,661
Barclays Bank PLC
4.33
5/27/2025
6/27/2025
297,000,000
298,107,398
Agency Mortgage-Backed Securities
2.00 - 6.50
 9/1/2025 - 2/16/2063
303,580,398
Barclays Bank PLC
4.32
5/20/2025
6/24/2025
100,000,000
100,420,000
Agency Mortgage-Backed Securities
2.50 - 12.28
 8/1/2035 - 5/15/2060
102,196,552
Barclays Bank PLC
4.33
5/15/2025
6/17/2025
202,000,000
202,801,772
Agency Mortgage-Backed Securities
2.00 - 6.50
 10/1/2039 - 5/20/2055
206,697,340
Barclays Bank PLC
4.33
5/13/2025
6/16/2025
101,000,000
101,413,034
Agency Mortgage-Backed Securities
5.00 - 12.28
 12/25/2035 - 4/1/2055
103,268,070
Barclays Bank PLC
4.32
5/12/2025
6/12/2025
303,000,000
304,127,160
Agency Mortgage-Backed Securities
2.00 - 6.50
 2/15/2032 - 5/20/2055
264,365,008
Agency Collateralized Mortgage Obligation
3.00 - 6.00
 7/1/2031 - 3/25/2055
46,248,277
 
  
  
  
  
  
  
  
  
310,613,285
Barclays Bank PLC
4.33
5/8/2025
6/9/2025
203,000,000
203,781,324
Agency Mortgage-Backed Securities
3.00 - 6.00
 6/15/2040 - 5/20/2055
207,682,618
Barclays Bank PLC
4.33
5/7/2025
6/9/2025
204,000,000
204,809,710
Agency Mortgage-Backed Securities
2.00 - 6.50
 6/25/2033 - 4/20/2055
209,152,394
Barclays Bank PLC
4.36
5/30/2025
6/2/2025
196,000,000
196,071,213
Agency Mortgage-Backed Securities
4.50 - 6.00
 7/25/2041 - 5/1/2055
198,351,317
Agency Collateralized Mortgage Obligation
3.00 - 3.50
 1/20/2043 - 9/20/2048
1,668,354
 
  
  
  
  
  
  
  
  
200,019,671
Barclays Bank PLC
4.34
5/30/2025
6/2/2025
1,608,000,000
1,608,581,560
U.S. Treasuries (including strips)
0.00 - 4.63
 6/15/2025 - 5/15/2045
1,640,753,248
Barclays Capital Inc.
4.34
5/30/2025
6/2/2025
351,000,000
351,126,945
U.S. Treasuries (including strips)
1.25 - 4.38
 8/31/2028 - 8/15/2031
358,149,555
BofA Securities, Inc.
4.32
5/7/2025
8/7/2025
101,000,000
102,115,040
Agency Mortgage-Backed Securities
2.00 - 6.00
 12/1/2026 - 1/1/2055
103,341,422
BofA Securities, Inc.
4.38(f)
5/5/2025
8/5/2025
202,000,000
204,261,054
Agency Mortgage-Backed Securities
2.00 - 7.03
 1/1/2027 - 4/1/2064
206,736,587
BofA Securities, Inc.
4.39(f)
4/1/2025
8/1/2025
1,145,500,000
1,162,541,858
Agency Mortgage-Backed Securities
1.50 - 7.50
 6/1/2027 - 5/1/2056
1,177,236,688
BofA Securities, Inc.
4.38(f)
4/11/2025
7/11/2025
272,000,000
275,011,493
Agency Mortgage-Backed Securities
2.00 - 7.50
 11/1/2027 - 4/1/2055
279,189,413
BofA Securities, Inc.
4.32
5/28/2025
6/27/2025
243,000,000
243,874,800
U.S. Treasuries (including strips)
3.00 - 4.75
 2/15/2039 - 2/15/2045
248,008,739
BofA Securities, Inc.
4.31
3/21/2025
6/20/2025
92,000,000
93,002,314
U.S. Treasuries (including strips)
3.38 - 4.50
 2/15/2044 - 5/15/2044
94,660,213
BofA Securities, Inc.
4.39(f)
3/4/2025
6/4/2025
69,000,000
69,774,104
Agency Mortgage-Backed Securities
2.00 - 6.50
 12/1/2027 - 5/1/2055
71,151,619
BofA Securities, Inc.
4.39(f)
3/6/2025
6/3/2025
275,000,000
277,984,590
Agency Mortgage-Backed Securities
2.00 - 7.00
 12/1/2030 - 8/1/2058
283,506,882
BofA Securities, Inc.
4.33(f)
4/3/2025
6/3/2025
92,000,000
92,674,999
U.S. Treasuries (including strips)
3.13 - 4.13
 8/15/2044
94,516,276
Canadian Imperial Bank of Commerce
4.34
5/28/2025
7/31/2025
99,000,000
99,763,840
Agency Mortgage-Backed Securities
1.38 - 7.00
 1/1/2030 - 4/1/2055
101,040,869
Canadian Imperial Bank of Commerce
4.32
5/30/2025
6/27/2025
268,000,000
268,900,480
U.S. Treasuries (including strips)
0.38 - 4.88
 8/15/2025 - 2/15/2055
273,501,693
Canadian Imperial Bank of Commerce
4.37
5/8/2025
6/20/2025
13,000,000
13,067,857
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
4,906,392
Agency Debentures and Agency Strips
5.37 - 5.42
 9/25/2054 - 10/25/2054
8,782,901
 
  
  
  
  
  
  
  
  
13,690,571
Canadian Imperial Bank of Commerce
4.33
5/13/2025
6/12/2025
402,000,000
403,450,550
Agency Mortgage-Backed Securities
1.27 - 8.00
 10/1/2027 - 10/20/2074
369,718,822
U.S. Treasuries (including strips)
0.00 - 4.63
 7/10/2025 - 2/15/2053
41,323,291
 
  
  
  
  
  
  
  
  
411,042,113
Canadian Imperial Bank of Commerce
4.32
5/12/2025
6/2/2025
311,000,000
311,783,720
U.S. Treasuries (including strips)
0.75 - 4.88
 8/15/2025 - 2/15/2055
318,431,360
Citibank NA
4.35
5/29/2025
6/5/2025
297,000,000
297,251,213
Agency Mortgage-Backed Securities
2.00 - 7.75
 11/1/2028 - 6/1/2055
303,086,428
Citigroup Global Capital Markets, Inc.
4.41(f)
5/23/2025
7/24/2025
529,000,000
533,017,755
Agency Mortgage-Backed Securities
3.50 - 7.00
 3/1/2055 - 4/1/2055
539,580,955
U.S. Treasuries (including strips)
4.38
 7/31/2026
654,580
 
  
  
  
  
  
  
  
  
540,235,535
Citigroup Global Capital Markets, Inc.
4.41(f)
5/15/2025
7/16/2025
533,000,000
537,048,135
Agency Mortgage-Backed Securities
3.50 - 6.00
 1/1/2055 - 2/1/2055
539,531,068
U.S. Treasuries (including strips)
2.00
 11/15/2026
5,317,586
 
  
  
  
  
  
  
  
  
544,848,654
Citigroup Global Capital Markets, Inc.
4.41(f)
5/7/2025
7/8/2025
942,000,000
949,154,490
Agency Mortgage-Backed Securities
4.50 - 6.50
 3/1/2055 - 4/1/2055
958,364,676
U.S. Treasuries (including strips)
2.00
 11/15/2026
5,509,989
 
  
  
  
  
  
  
  
  
963,874,665
Citigroup Global Capital Markets, Inc.
4.40(f)
5/7/2025
7/8/2025
547,000,000
551,145,045
U.S. Treasuries (including strips)
0.00 - 4.38
 6/24/2025 - 7/31/2026
559,698,182
Citigroup Global Capital Markets, Inc.
4.35
5/29/2025
6/5/2025
445,000,000
445,376,396
Agency Mortgage-Backed Securities
4.50 - 7.00
 1/1/2054 - 12/1/2054
454,119,386
Credit AG
4.35
5/30/2025
6/2/2025
69,000,000
69,025,013
U.S. Treasuries (including strips)
0.88 - 3.88
 12/31/2027 - 11/15/2030
70,405,551
Federal Reserve Bank of NY
4.25
5/30/2025
6/2/2025
5,621,000,000
5,622,990,771
U.S. Treasuries (including strips)
1.63 - 2.38
 5/15/2029 - 8/15/2029
5,622,990,829
Fixed Income Clearing Corp - BNP
4.34
5/30/2025
6/2/2025
1,250,000,000
1,250,452,083
U.S. Treasuries (including strips)
0.63 - 4.63
 10/31/2025 - 2/15/2055
1,275,461,220
Fixed Income Clearing Corp - BNP
4.34
5/30/2025
6/2/2025
1,250,000,000
1,250,452,083
U.S. Treasuries (including strips)
0.25 - 4.63
 7/31/2025 - 11/15/2054
1,275,461,126
Fixed Income Clearing Corp - BNYM
4.34
5/30/2025
6/2/2025
6,252,000,000
6,254,261,140
U.S. Treasuries (including strips)
0.13 - 4.50
 7/15/2026 - 8/15/2040
6,377,040,028
Fixed Income Clearing Corp - BONY
4.35
5/30/2025
6/2/2025
2,711,000,000
2,711,982,738
Agency Mortgage-Backed Securities
2.00 - 7.00
 12/1/2025 - 4/1/2055
2,765,220,001
Fixed Income Clearing Corp - CIBC
4.35
5/30/2025
6/2/2025
893,000,000
893,323,713
U.S. Treasuries (including strips)
4.25 - 4.88
 4/30/2026 - 6/30/2031
910,732,672
Fixed Income Clearing Corp - Credit Agricole
4.35
5/30/2025
6/2/2025
1,090,000,000
1,090,395,125
U.S. Treasuries (including strips)
4.13 - 4.63
 4/30/2029 - 11/15/2033
1,111,310,239
Fixed Income Clearing Corp - Credit Agricole
4.35
5/30/2025
6/2/2025
4,222,000,000
4,223,530,475
U.S. Treasuries (including strips)
1.38 - 4.25
 11/15/2027 - 11/15/2051
4,319,484,703
Fixed Income Clearing Corp - Goldman
4.35
5/30/2025
6/2/2025
1,571,000,000
1,571,569,488
Agency Mortgage-Backed Securities
2.00 - 7.50
 3/1/2027 - 5/1/2055
1,603,000,878
Fixed Income Clearing Corp - Goldman
4.34
5/30/2025
6/2/2025
439,000,000
439,158,772
U.S. Treasuries (including strips)
3.00 - 3.63
 5/31/2028 - 8/15/2052
447,942,000
Fixed Income Clearing Corp - Goldman
4.34
5/30/2025
6/2/2025
2,598,000,000
2,598,939,610
U.S. Treasuries (including strips)
1.38 - 4.00
 12/31/2029 - 8/15/2052
2,650,918,445
Fixed Income Clearing Corp - Goldman
4.34
5/30/2025
6/2/2025
2,598,000,000
2,598,939,610
U.S. Treasuries (including strips)
0.00 - 4.45
 7/22/2025 - 8/15/2050
2,650,918,408
Fixed Income Clearing Corp - ING
4.35
5/30/2025
6/2/2025
1,697,000,000
1,697,615,163
U.S. Treasuries (including strips)
2.50 - 4.63
 3/31/2027 - 2/29/2032
1,731,567,540
Fixed Income Clearing Corp - ING
4.35
5/30/2025
6/2/2025
236,000,000
236,085,550
Agency Mortgage-Backed Securities
5.50 - 6.50
 10/1/2053 - 4/1/2054
240,807,261
Fixed Income Clearing Corp - ING
4.35
5/30/2025
6/2/2025
904,000,000
904,327,700
U.S. Treasuries (including strips)
4.38
 1/31/2032
922,280,221
Fixed Income Clearing Corp - ING
4.35
5/30/2025
6/2/2025
268,000,000
268,097,150
U.S. Treasuries (including strips)
4.13
 3/31/2031
273,143,040
Fixed Income Clearing Corp - Mizuho
4.35
5/30/2025
6/2/2025
1,080,000,000
1,080,391,500
Agency Mortgage-Backed Securities
2.00 - 8.50
 3/1/2031 - 1/20/2065
1,075,370,276
U.S. Treasuries (including strips)
2.88 - 4.50
 2/29/2028 - 2/15/2054
26,629,054
 
  
  
  
  
  
  
  
  
1,101,999,330
Fixed Income Clearing Corp - Mizuho
4.34
5/30/2025
6/2/2025
527,000,000
527,190,598
U.S. Treasuries (including strips)
0.00 - 4.88
 12/15/2025 - 5/15/2054
537,734,480
Fixed Income Clearing Corp - Morgan Stanley
4.35
5/30/2025
6/2/2025
3,830,000,000
3,831,388,375
Agency Mortgage-Backed Securities
1.50 - 7.50
 8/1/2025 - 5/1/2055
3,908,016,143
Fixed Income Clearing Corp - Morgan Stanley
4.35
5/30/2025
6/2/2025
785,000,000
785,284,563
Agency Mortgage-Backed Securities
2.00 - 7.50
 10/20/2033 - 5/20/2055
800,990,255
Fixed Income Clearing Corp - Morgan Stanley
4.35
5/30/2025
6/2/2025
3,928,000,000
3,929,423,900
Agency Mortgage-Backed Securities
1.50 - 8.50
 6/25/2025 - 5/1/2055
4,005,406,124
U.S. Treasuries (including strips)
2.50 - 4.00
 2/28/2030 - 2/15/2045
2,606,255
 
  
  
  
  
  
  
  
  
4,008,012,379
Fixed Income Clearing Corp - Natixis
4.35
5/30/2025
6/2/2025
1,250,000,000
1,250,453,125
U.S. Treasuries (including strips)
1.25 - 4.25
 11/15/2027 - 6/30/2031
1,274,883,113
Fixed Income Clearing Corp - Natwest
4.35
5/30/2025
6/2/2025
17,000,000
17,006,163
U.S. Treasuries (including strips)
0.88
 6/30/2026
17,346,328
Fixed Income Clearing Corp - Nomura
4.35
5/30/2025
6/2/2025
1,580,000,000
1,580,572,750
U.S. Treasuries (including strips)
0.00 - 6.75
 8/7/2025 - 2/29/2032
1,612,184,228
Fixed Income Clearing Corp - State Street Bank
4.35
5/30/2025
6/2/2025
1,080,000,000
1,080,391,500
Agency Mortgage-Backed Securities
1.50 - 7.50
 9/1/2031 - 6/1/2055
1,108,119,331
Fixed Income Clearing Corp - State Street Bank
4.34
5/30/2025
6/2/2025
8,574,000,000
8,577,100,930
U.S. Treasuries (including strips)
1.38 - 4.88
 10/31/2028 - 5/31/2029
8,745,480,011
Goldman Sachs & Co LLC
4.34(f)
5/27/2025
7/28/2025
395,000,000
397,952,405
Agency Mortgage-Backed Securities
1.50 - 6.50
 8/1/2030 - 12/20/2064
403,190,424
Goldman Sachs & Co LLC
4.34(f)
5/28/2025
7/28/2025
592,000,000
596,353,502
Agency Mortgage-Backed Securities
2.00 - 7.00
 6/25/2025 - 4/20/2064
604,203,646
Goldman Sachs & Co LLC
4.35
5/30/2025
6/2/2025
882,167,781
882,487,567
Agency Mortgage-Backed Securities
2.00 - 6.50
 6/15/2039 - 3/15/2058
900,137,319
HSBC Securities, Inc. (U.S.A.)
4.33
5/27/2025
6/3/2025
353,000,000
353,297,206
U.S. Treasuries (including strips)
4.00
 2/15/2034
360,319,847
ING Financial Markets LLC
4.37
5/8/2025
6/20/2025
537,000,000
539,802,991
Agency Mortgage-Backed Securities
3.00 - 7.50
 3/1/2028 - 12/1/2054
543,691,631
U.S. Treasuries (including strips)
4.38 - 4.63
 12/15/2026 - 4/30/2029
5,710,608
 
  
  
  
  
  
  
  
  
549,402,239
ING Financial Markets LLC
4.33
5/27/2025
6/3/2025
36,000,000
36,030,310
U.S. Treasuries (including strips)
3.13
 5/15/2048
37,106,761
JP Morgan Securities, LLC
4.35(f)
5/28/2025
6/27/2025
5,060,000,000
5,078,342,500
U.S. Treasuries (including strips)
3.75 - 4.13
 3/31/2027 - 3/31/2029
5,164,315,457
JP Morgan Securities, LLC
4.35
5/30/2025
6/2/2025
1,763,000,000
1,763,639,088
Agency Mortgage-Backed Securities
1.50 - 8.50
 8/1/2026 - 6/1/2062
1,798,911,870
Lloyds Bank Corp Mrkts
4.35
5/29/2025
6/5/2025
470,000,000
470,397,542
U.S. Treasuries (including strips)
1.13 - 5.38
 3/31/2026 - 5/15/2044
479,631,778
Lloyds Bank PLC
4.40
5/28/2025
8/28/2025
116,000,000
117,304,356
U.S. Treasuries (including strips)
0.88 - 4.63
 5/31/2026 - 8/15/2033
118,392,342
Lloyds Bank PLC
4.39
5/23/2025
8/26/2025
116,000,000
117,343,828
U.S. Treasuries (including strips)
0.50 - 3.50
 8/15/2027 - 5/15/2033
118,464,345
Lloyds Bank PLC
4.40
5/20/2025
8/20/2025
58,000,000
58,652,178
U.S. Treasuries (including strips)
0.50 - 4.63
 11/15/2026 - 2/15/2033
59,254,032
Lloyds Bank PLC
4.39
5/7/2025
8/7/2025
112,000,000
113,256,516
U.S. Treasuries (including strips)
0.50 - 1.50
 8/31/2027 - 2/15/2030
114,602,223
Lloyds Bank PLC
4.36
4/30/2025
7/31/2025
60,000,000
60,668,534
U.S. Treasuries (including strips)
0.50 - 4.63
 9/30/2025 - 5/15/2033
61,444,665
MUFG Securities (Canada), Ltd.
4.37
5/8/2025
7/25/2025
188,000,000
189,780,047
Agency Mortgage-Backed Securities
1.50 - 7.12
 12/1/2027 - 2/1/2055
162,993,927
U.S. Treasuries (including strips)
0.38 - 4.63
 7/15/2025 - 2/15/2055
29,372,116
 
  
  
  
  
  
  
  
  
192,366,043
MUFG Securities (Canada), Ltd.
4.35
5/8/2025
7/25/2025
178,000,000
179,677,650
U.S. Treasuries (including strips)
0.50 - 4.88
 3/15/2026 - 5/15/2054
182,147,401
MUFG Securities (Canada), Ltd.
4.32
5/8/2025
6/20/2025
92,000,000
92,474,720
U.S. Treasuries (including strips)
0.63 - 4.75
 7/31/2025 - 5/15/2051
94,152,435
MUFG Securities EMEA PLC
4.32
5/8/2025
6/9/2025
555,000,000
557,131,200
U.S. Treasuries (including strips)
1.13 - 3.88
 10/31/2026 - 11/30/2029
567,441,144
MUFG Securities EMEA PLC
4.33
5/5/2025
6/5/2025
558,000,000
560,080,565
U.S. Treasuries (including strips)
0.88 - 3.88
 9/30/2026 - 11/30/2029
570,718,289
MUFG Securities EMEA PLC
4.35
5/30/2025
6/2/2025
268,000,000
268,097,150
U.S. Treasuries (including strips)
0.00 - 4.38
 6/12/2025 - 8/15/2032
273,295,910
Mitsubishi UFJ Securities (U.S.A.), Inc.
4.37
5/8/2025
7/25/2025
724,000,000
730,855,074
Agency Mortgage-Backed Securities
1.50 - 7.00
 6/25/2025 - 7/1/2060
740,721,082
Mitsubishi UFJ Securities (U.S.A.), Inc.
4.35
5/8/2025
7/25/2025
178,000,000
179,677,650
U.S. Treasuries (including strips)
4.00 - 4.25
 2/15/2034 - 11/15/2040
182,108,481
Mizuho Securities U.S.A., Inc.
4.34
5/28/2025
6/4/2025
132,000,000
132,111,393
U.S. Treasuries (including strips)
0.38 - 4.25
 6/30/2025 - 2/15/2033
134,721,205
NatWest Market Securities Inc
4.34
5/29/2025
6/5/2025
346,000,000
346,291,986
U.S. Treasuries (including strips)
2.63 - 4.88
 4/30/2026 - 2/15/2035
353,090,236
NatWest Market Securities Inc
4.34
5/30/2025
6/2/2025
88,000,000
88,031,827
U.S. Treasuries (including strips)
4.13 - 4.63
 4/30/2029 - 10/31/2031
89,792,496
Norinchukin Bank
4.34
5/27/2025
6/3/2025
116,000,000
116,097,891
U.S. Treasuries (including strips)
0.00 - 3.63
 8/15/2033 - 2/15/2053
119,100,006
PNC Bank NA
4.35
5/30/2025
6/2/2025
98,000,000
98,035,525
Agency Mortgage-Backed Securities
2.00
 3/1/2036
99,996,236
PNC Bank NA
4.34
5/30/2025
6/2/2025
90,000,000
90,032,550
U.S. Treasuries (including strips)
0.50
 2/28/2026
91,833,278
RBC Dominion Securities
4.32
5/8/2025
6/20/2025
554,000,000
556,858,640
U.S. Treasuries (including strips)
0.00 - 4.88
 6/24/2025 - 5/15/2055
566,784,587
RBC Financial Group
4.32
5/1/2025
7/8/2025
1,014,000,000
1,022,274,240
Agency Mortgage-Backed Securities
3.00 - 6.50
 2/1/2047 - 5/1/2055
192,213,120
U.S. Treasuries (including strips)
0.00 - 5.25
 6/5/2025 - 8/15/2054
596,255,602
Agency Collateralized Mortgage Obligation
0.00 - 5.82
 10/25/2053 - 6/25/2055
252,502,594
 
  
  
  
  
  
  
  
  
1,040,971,316
RBC Financial Group
4.33
4/28/2025
6/30/2025
1,086,000,000
1,094,229,165
Agency Mortgage-Backed Securities
1.50 - 6.50
 5/1/2030 - 6/1/2055
677,427,662
U.S. Treasuries (including strips)
0.00 - 5.38
 6/5/2025 - 11/15/2053
374,147,429
Agency Collateralized Mortgage Obligation
4.00 - 5.58
 4/20/2053 - 2/20/2055
63,617,202
Agency Debentures and Agency Strips
4.88
 3/13/2037
132,088
 
  
  
  
  
  
  
  
  
1,115,324,381
Royal Bank of Canada
4.33
5/27/2025
6/3/2025
476,000,000
476,400,766
U.S. Treasuries (including strips)
0.75 - 4.00
 8/31/2026 - 1/31/2031
485,870,392
SMBC Nikko Securities America, Inc.
4.34
5/28/2025
6/4/2025
177,000,000
177,149,368
U.S. Treasuries (including strips)
0.50 - 3.88
 8/31/2026 - 2/15/2033
180,648,830
SMBC Nikko Securities America, Inc.
4.35
5/30/2025
6/2/2025
236,000,000
236,085,550
Agency Mortgage-Backed Securities
1.50 - 7.50
 3/1/2028 - 12/15/2066
232,873,981
U.S. Treasuries (including strips)
0.00 - 5.50
 6/26/2025 - 8/15/2053
7,933,350
 
  
  
  
  
  
  
  
  
240,807,331
SMBC Nikko Securities America, Inc.
4.35
5/30/2025
6/2/2025
1,141,000,000
1,141,413,612
U.S. Treasuries (including strips)
0.38 - 4.88
 11/30/2025 - 11/15/2033
1,164,241,938
Societe Generale
4.35
5/28/2025
6/4/2025
297,000,000
297,251,213
Agency Mortgage-Backed Securities
2.50 - 7.00
 9/1/2050 - 2/1/2055
303,123,027
Sumitomo Mitsui Banking Corp
4.36
5/28/2025
6/11/2025
42,000,000
42,071,213
U.S. Treasuries (including strips)
1.63
 8/15/2029
42,977,505
TD Securities (U.S.A.)
4.36
5/30/2025
6/2/2025
440,000,000
440,159,867
Agency Mortgage-Backed Securities
1.50 - 7.50
 11/1/2045 - 1/1/2059
448,963,064
TD Securities (U.S.A.)
4.35
5/30/2025
6/2/2025
263,000,000
263,095,338
U.S. Treasuries (including strips)
1.13 - 4.75
 5/15/2040 - 5/15/2055
269,105,372
US Bancorp Inv
4.34
5/30/2025
6/2/2025
211,000,000
211,076,312
U.S. Treasuries (including strips)
0.00 - 4.63
 9/15/2025 - 7/15/2032
216,230,582
Wells Fargo Securities, LLC
4.39
5/23/2025
8/21/2025
262,000,000
264,875,450
Agency Mortgage-Backed Securities
1.50 - 7.00
 6/1/2026 - 5/1/2055
267,565,885
Wells Fargo Securities, LLC
4.39
5/20/2025
8/19/2025
265,000,000
267,940,690
Agency Mortgage-Backed Securities
1.50 - 7.00
 12/1/2029 - 6/1/2057
270,728,501
Wells Fargo Securities, LLC
4.39
5/19/2025
8/18/2025
528,000,000
533,859,187
Agency Mortgage-Backed Securities
1.50 - 7.00
 5/1/2026 - 6/1/2055
539,479,442
Wells Fargo Securities, LLC
4.39
5/14/2025
8/12/2025
266,500,000
269,424,837
Agency Mortgage-Backed Securities
1.50 - 7.50
 1/1/2029 - 6/1/2055
272,459,815
Wells Fargo Securities, LLC
4.39
5/8/2025
8/8/2025
806,000,000
815,042,424
Agency Mortgage-Backed Securities
1.50 - 7.50
 1/1/2029 - 6/1/2055
824,626,325
Wells Fargo Securities, LLC
4.37
5/8/2025
6/20/2025
537,000,000
539,802,991
Agency Mortgage-Backed Securities
1.50 - 7.00
 7/1/2025 - 5/1/2055
549,402,240
Wells Fargo Securities, LLC
4.37
3/5/2025
6/5/2025
358,000,000
361,998,064
Agency Mortgage-Backed Securities
2.00 - 7.50
 6/25/2025 - 6/1/2055
369,105,048
Total Repurchase Agreements
  
  
  
$ 96,967,167,781
97,175,459,995
  
  
  
98,924,938,637
 
 
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.
 
Other Information
# 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
392,393,000
  
Bank of America NA
706,219,000
  
Bank of Nova Scotia/The
442,362,000
  
Bny Mellon Capital Market LLC
489,297,000
  
BofA Securities Inc
404,146,000
  
Citigroup Global Capital Markets Inc.
2,922,657,000
  
HSBC Securities Inc. (U.S.A.)
480,271,000
  
JPMorgan Securities LLC
1,403,108,000
  
MUFG Securities (Canada) Ltd.
735,645,000
  
Nomura Securities International Inc
98,098,000
  
Rbc Dominion Securities Inc
2,323,283,000
  
Societe Generale SA
874,043,000
  
Sumitomo Mitsui Banking Corp
3,766,501,000
  
Sumitomo Mitsui Banking Corp/New York
1,151,020,000
  
Wells Fargo Bank NA
588,516,000
  
 
16,777,559,000
  
$25,271,000 due 06/02/2025 at 4.34%
  
  
Citigroup Global Capital Markets Inc.
2,842,000
  
JPMorgan Securities LLC
1,994,000
  
Nomura Securities International Inc
10,000
  
Rbc Dominion Securities Inc
18,789,000
  
Sumitomo Mitsui Banking Corp/New York
1,636,000
  
 
25,271,000
  
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of May 31, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value (including repurchase agreements of $117,940,997,782) - See accompanying schedule:
Unaffiliated issuers (cost $228,013,314,077)
  
  
$
228,013,314,077
Cash
  
  
1,075,000,314
Receivable for investments sold
  
  
738,934,350
Receivable for fund shares sold
  
  
1,983,516,530
Interest receivable
  
  
604,124,941
Prepaid expenses
  
  
31,647
Other receivables
  
  
3,666,957
  Total assets
  
  
232,418,588,816
Liabilities
  
  
  
  
Payable for investments purchased
$
4,820,013,086
  
  
Payable for fund shares redeemed
1,373,549,999
  
  
Distributions payable
146,442,677
  
  
Accrued management fee
70,016,731
  
  
Other payables and accrued expenses
4,137,907
  
  
  Total liabilities
  
  
  
6,414,160,400
Net Assets  
  
  
$
226,004,428,416
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
226,005,251,821
Total accumulated earnings (loss)
  
  
  
(823,405)
Net Assets
  
  
$
226,004,428,416
Net Asset Value, offering price and redemption price per share ($226,004,428,416 ÷ 225,965,334,116 shares)
  
  
$
1.00
Statement of Operations
Six months ended May 31, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Interest  
  
  
$
5,259,151,694
Expenses
  
  
  
  
Management fee
$
434,171,488
  
  
Custodian fees and expenses
805,795
  
  
Independent trustees' fees and expenses
337,667
  
  
Registration fees
5,373,180
  
  
Audit fees
36,150
  
  
Legal
114,728
  
  
Miscellaneous
324,253
  
  
 Total expenses
  
  
  
441,163,261
Net Investment income (loss)
  
  
  
4,817,988,433
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
780,868
  
  
Total net realized gain (loss)
  
  
  
780,868
Net increase in net assets resulting from operations
  
  
$
4,818,769,301
Statement of Changes in Net Assets
 
 
Six months ended
May 31, 2025
(Unaudited)
  
Year ended
November 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
4,817,988,433
$
11,068,683,924
Net realized gain (loss)
  
780,868
  
115,205
  Net increase in net assets resulting from operations
  
4,818,769,301
  
11,068,799,129
Distributions to shareholders
  
(4,818,009,809)
  
(11,069,010,909)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
620,226,931,214
  
1,103,099,819,718
  Reinvestment of distributions
  
3,847,425,067
  
8,833,640,429
Cost of shares redeemed
  
(633,584,681,854)
  
(1,105,073,572,664)
 
  
  
  
  
  Net increase (decrease) in net assets and shares resulting from share transactions
  
(9,510,325,573)
  
6,859,887,483
Total increase (decrease) in net assets
  
(9,509,566,081)
  
6,859,675,703
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
235,513,994,497
  
228,654,318,794
End of period
$
226,004,428,416
$
235,513,994,497
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
620,226,976,013
  
1,103,099,819,718
  Issued in reinvestment of distributions
  
3,847,425,067
  
8,833,640,429
Redeemed
  
(633,584,681,854)
  
(1,105,073,572,688)
Net increase (decrease)
  
(9,510,280,774)
  
6,859,887,459
 
  
  
  
  
Financial Highlights
 
Fidelity® Government Cash Reserves
 
 
Six months ended
May 31, 2025
(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
%
 
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
  
.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)
$
226,004,428
$
235,513,994
$
228,654,319
$
214,352,646
$
214,123,363
$
210,564,687
 
ANet 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.
BAmount represents less than $.0005 per share.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
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
$3,666,957
 
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
-
Net unrealized appreciation (depreciation)
$-
Tax cost
$228,013,314,077
 
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
(1,810,886)
Total capital loss carryforward
$(1,810,886)
 
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
117,047,739
.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.
 
1.704549.127
CAS-SANN-0725

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


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


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Phillips Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.




(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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.

(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.




SIGNATURES


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


Fidelity Phillips Street Trust



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer (Principal Executive Officer)


Date:

July 23, 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:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer (Principal Executive Officer)


Date:

July 23, 2025



By:

/s/Stephanie Caron

Stephanie Caron

Chief Financial Officer (Principal Financial Officer)


Date:

July 23, 2025