0000278001 2012-01-30 2013-01-29 0000278001 fpst:S000007150Member 2012-01-30 2013-01-29 0000278001 fpst:S000007150Member fpst:C000019554Member 2012-01-30 2013-01-29 0000278001 fpst:S000007149Member 2012-01-30 2013-01-29 0000278001 fpst:S000007149Member fpst:C000019553Member 2012-01-30 2013-01-29 pure iso4217:USD 485BPOS FIDELITY PHILLIPS STREET TRUST 0000278001 2013-01-28 2013-01-29 2013-01-29 2012-11-30 false Fund Summary Fund: Fidelity® U.S. Government Reserves Investment Objective The fund seeks as high a level of current income as is consistent with the security of principal and liquidity. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in U.S. Government securities and repurchase agreements for those securities.</li><li>Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury.</li><li>Potentially entering into reverse repurchase agreements.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance. Visit www.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.26% </div></td><td><div align="left">December 31, 2006</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">March 31, 2010</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2012 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance. -5.00 Fund Summary Fund: Fidelity® Cash Reserves Investment Objective The fund seeks as high a level of current income as is consistent with the preservation of capital and liquidity. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0.0017 Principal Investment Strategies <ul><li>Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements. </li><li>Potentially entering into reverse repurchase agreements.</li><li>Investing more than 25% of total assets in the financial services industries. </li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks 0 0.0015 0.0032 <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease. </li><li>Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries. </li><li>Financial Services Exposure. Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations. </li><li>Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance. Visit www.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.27% </div></td><td><div align="left">September 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">June 30, 2011</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2012 33 103 180 406 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. www.fidelity.com Past performance is not an indication of future performance. Highest Quarter Return 2007-09-30 0.0127 Lowest Quarter Return 2011-06-30 0 0.009 0.0106 0.0293 0.0475 0.0506 0.0289 0.0061 0.0006 0.0001 0.0002 0.0091 0.0109 0.0295 0.0477 0.0497 0.0245 0.0037 0.0002 0.0001 0.0001 Highest Quarter Return Lowest Quarter Return 2006-12-31 0.0126 2010-03-31 0 0.0001 0.0057 0.0174 Fidelity U.S. Government Reserves Fidelity Cash Reserves 0.0002 0.0071 0.0181 -5.00 0.0017 0 0.0021 0.0038 39 122 213 480 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityU.S.GovernmentReserves column period compact * ~</div> <ul><li>Investing more than 25% of total assets in the financial services industries. </li></ul> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityU.S.GovernmentReserves column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityUSGovernmentReserves column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityU.S.GovernmentReservesBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityU.S.GovernmentReserves column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityCashReserves column period compact * ~</div> www.fidelity.com <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityCashReserves column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityCashReserves column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityCashReservesBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityCashReserves column period compact * ~</div>