-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BNWioesPBzJBqa0RAJOS2t6JHrcYnsd7mERGFbLxIFW56BrI9pL2wm59wwixNSag 997VpCMeh+W/kih0fqDYBQ== 0000278001-05-000013.txt : 20051028 0000278001-05-000013.hdr.sgml : 20051028 20051028133531 ACCESSION NUMBER: 0000278001-05-000013 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050831 FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051028 EFFECTIVENESS DATE: 20051028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY PHILLIPS STREET TRUST CENTRAL INDEX KEY: 0000278001 IRS NUMBER: 042667982 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02890 FILM NUMBER: 051162446 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 2142816360 MAIL ADDRESS: STREET 1: FIDLEITY INVESTMENTS MAILZONE DW4B STREET 2: P.O. BOX 650471 CITY: DALLAS STATE: TX ZIP: 75265-0471 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CASH RESERVES DATE OF NAME CHANGE: 19930122 N-Q 1 philquarter.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2890

Fidelity Phillips Street Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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:

August 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report
 for
Fidelity® Cash Reserves Fund

August 31, 2005

1.805742.101
CAS-QTLY 1005

Investments August 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds 0.6%

Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
AOL Time Warner, Inc.                     
4/15/06                 4.03%    $    38,117    $    38,558 
4/15/06                 4.14        18,405        18,606 
British Telecommunications PLC                     
12/15/05                 3.38        26,731        27,057 
12/15/05                 3.39        39,870        40,355 
12/15/05                 3.40        7,010        7,095 
12/15/05                 3.43        28,065        28,403 
12/15/05                 3.51        7,124        7,207 
12/15/05                 3.71        30,680        31,034 
12/15/05                 3.78        5,190        5,248 
Comcast Cable Communications, Inc.                     
1/30/06                 3.91        24,980        25,207 
France Telecom SA                     
3/1/06                 3.41 (a)        10,650        10,841 
3/1/06                 3.70 (a)        3,535        3,597 
3/1/06                 3.72 (a)        10,485        10,669 
3/1/06                 3.73 (a)        2,700        2,747 
3/1/06                 3.76 (a)        3,380        3,438 
3/1/06                 3.80 (a)        13,570        13,803 
3/1/06                 3.81 (a)        20,560        20,910 
3/1/06                 3.82 (a)        25,699        26,137 
3/1/06                 3.85 (a)        5,435        5,527 
3/1/06                 3.87 (a)        2,825        2,872 
Morgan Stanley                     
4/15/06                 3.90        33,016        33,422 
TOTAL CORPORATE BONDS                    362,733 
 
Certificates of Deposit 27.2%                 
 
Domestic Certificates Of Deposit – 0.7%                 
Huntington National Bank, Columbus                     
9/20/05                 3.55        65,000        65,000 
10/24/05                 3.41        65,000        65,000 
11/10/05                 3.50        19,000        19,000 
Washington Mutual Bank, California                     
9/19/05                 3.54        80,000        80,000 
11/1/05                 3.70        195,000        195,000 
                    424,000 

Quarterly Report

2

Certificates of Deposit continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
London Branch, Eurodollar, Foreign Banks – 15.2%                 
Barclays Bank PLC                     
9/12/05                 3.53%    $    1,250,000    $    1,250,000 
Calyon                     
3/31/06                 3.88        200,000        200,000 
7/17/06                 4.00        100,000        100,000 
7/18/06                 4.00        250,000        250,000 
Credit Agricole SA                     
11/1/05                 3.80 (c)        325,000        325,000 
7/17/06                 4.00        200,000        200,000 
7/18/06                 4.00        100,000        100,000 
7/19/06                 4.00        250,000        250,000 
Credit Industriel et Commercial                     
9/12/05                 3.30        330,000        330,000 
9/16/05                 3.38        500,000        500,000 
4/20/06                 3.95        250,000        250,000 
Deutsche Bank AG                     
9/13/05                 3.30        600,000        600,000 
9/19/05                 3.54        600,000        600,000 
Dresdner Bank AG                     
10/24/05                 3.51        510,000        510,000 
Hypo Real Estate Bank International                     
10/17/05                 3.75 (f)        106,000        106,000 
10/31/05                 3.73 (f)        36,000        36,000 
ING Bank NV                     
11/1/05                 3.80 (c)        800,000        800,000 
Royal Bank of Scotland PLC                     
11/1/05                 3.80 (c)        2,470,000        2,470,000 
Societe Generale                     
9/16/05                 3.40        135,000        134,994 
12/22/05                 3.00        95,000        95,000 
8/18/06                 4.25        250,000        250,000 
                    9,356,994 
New York Branch, Yankee Dollar, Foreign Banks – 11.3%                 
Bank of Tokyo-Mitsubishi Ltd.                     
9/15/05                 3.56        705,000        705,000 
Calyon                     
9/12/05                 3.31 (d)        275,000        274,997 
Canadian Imperial Bank of Commerce                     
9/15/05                 3.63 (d)        500,000        500,000 

3 Quarterly Report

Investments (Unaudited)  continued                 
 
 
 Certificates of Deposit continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
New York Branch, Yankee Dollar, Foreign Banks – continued         
Credit Industriel et Commercial                     
2/13/06                 4.00%    $    115,000    $    115,000 
Credit Suisse First Boston New York Branch                 
9/19/05                 3.57 (d)        325,000        325,000 
10/19/05                 3.58 (d)        375,000        375,000 
Deutsche Bank AG                     
9/5/05                 3.31 (d)        390,000        390,000 
9/20/05                 3.56        420,000        420,000 
Dexia Credit Local de France                     
9/20/05                 3.56        600,000        600,000 
Mizuho Corporate Bank Ltd.                     
9/15/05                 3.57        240,000        240,000 
11/1/05                 3.83 (c)        475,000        475,000 
Royal Bank of Canada                     
9/15/05                 3.33 (d)        185,000        184,997 
Skandinaviska Enskilda Banken AB                     
10/6/05                 3.50 (d)        730,000        729,908 
Toronto-Dominion Bank                     
4/7/06                 3.86        250,000        250,000 
4/18/06                 3.92        100,000        100,000 
UBS AG                     
9/20/05                 3.53        750,000        750,000 
Unicredito Italiano Spa                     
11/14/05                 3.73 (d)        480,000        479,950 
                    6,914,852 
 
TOTAL CERTIFICATES OF DEPOSIT                16,695,846 
 
Commercial Paper 28.3%                     
 
Amsterdam Funding Corp.                     
9/20/05                 3.55        170,000        169,682 
Aspen Funding Corp.                     
9/19/05                 3.24        125,000        124,801 
Barclays U.S. Funding Corp.                     
9/6/05                 3.32        600,000        599,726 
Beta Finance, Inc.                     
9/16/05                 3.21 (b)        70,000        69,908 
Capital One Multi-Asset Execution Trust                     
9/13/05                 3.38        50,000        49,944 
 
 
 
Quarterly Report                 4                 

Commercial Paper continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Capital One Multi-Asset Execution Trust – continued                 
10/5/05                 3.52%    $    15,000       $    14,951 
10/12/05                 3.55        30,000        29,880 
11/2/05                 3.70        25,000        24,842 
Citibank Credit Card Master Trust I (Dakota Certificate Program)             
9/1/05                 3.33        285,550        285,550 
9/8/05                 3.54        75,000        74,949 
9/9/05                 3.54        100,000        99,922 
9/14/05                 3.55        335,800        335,371 
Citigroup Funding, Inc.                     
9/8/05                 3.54        100,000        99,931 
9/13/05                 3.57        65,000        64,923 
9/20/05                 3.50        60,000        59,890 
Clipper Receivables LLC                     
9/20/05                 3.56        100,000        99,813 
Comcast Corp.                     
11/4/05                 3.49 (b)        70,000        69,574 
Countrywide Financial Corp.                     
9/1/05                 3.54        183,500        183,500 
9/6/05                 3.58        99,000        98,951 
9/7/05                 3.57        170,000        169,899 
9/13/05                 3.57        100,000        99,881 
9/14/05                 3.57        44,711        44,654 
9/15/05                 3.59        240,000        239,666 
9/16/05                 3.50        25,000        24,964 
9/16/05                 3.51        44,000        43,936 
Credit Suisse First Boston New York Branch                 
9/9/05                 3.53        485,000        484,621 
DaimlerChrysler NA Holding Corp.                     
9/2/05                 3.68        35,000        34,996 
9/14/05                 3.71        60,000        59,920 
9/16/05                 3.72        67,000        66,896 
9/21/05                 3.76        65,000        64,865 
9/23/05                 3.77        136,000        135,688 
9/27/05                 3.79        66,000        65,820 
9/30/05                 3.83        65,000        64,800 
Dominion Resources, Inc.                     
9/7/05                 3.60        232,819        232,680 
9/12/05                 3.61        33,000        32,964 
Emerald (MBNA Credit Card Master Note Trust)                 
9/7/05                 3.45        24,000        23,986 
9/27/05                 3.47        210,000        209,478 
 
 
                 5            Quarterly Report 

Investments (Unaudited)  continued                 
 
 
 Commercial Paper continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Emerald (MBNA Credit Card Master Note Trust) – continued                 
9/27/05                 3.52%    $    83,352    $    83,141 
9/28/05                 3.51        62,000        61,838 
9/29/05                 3.53        103,711        103,428 
10/11/05                 3.60        38,225        38,073 
10/18/05                 3.63        50,000        49,765 
10/25/05                 3.63        93,675        93,169 
10/27/05                 3.72        70,500        70,095 
11/3/05                 3.76        64,250        63,831 
Eurohypo AG                     
10/3/05                 3.51        150,000        149,537 
FCAR Owner Trust                     
9/12/05                 3.53        150,000        149,839 
9/13/05                 3.53        106,500        106,375 
9/15/05                 3.29        24,000        23,970 
9/16/05                 3.29        244,000        243,671 
10/4/05                 3.35        25,000        24,924 
Federated Retail Holdings, Inc.                     
10/31/05                 3.89        252,500        250,876 
11/21/05                 3.97        325,000        322,126 
Fortune Brands, Inc.                     
9/19/05                 3.67        100,000        99,818 
9/20/05                 3.67        42,000        41,919 
10/24/05                 3.78        283,000        281,438 
10/25/05                 3.79        172,000        171,030 
General Electric Capital Corp.                     
9/6/05                 3.17        110,000        109,952 
General Electric Capital Services, Inc.                     
9/6/05                 3.17        90,000        89,961 
9/9/05                 3.33        150,000        149,890 
Giro Funding US Corp.                     
9/7/05                 3.42        52,321        52,291 
9/12/05                 3.36        50,713        50,661 
9/13/05                 3.54        128,263        128,112 
9/14/05                 3.54        120,577        120,423 
11/8/05                 3.75        43,974        43,666 
Grampian Funding LLC                     
9/9/05                 3.20        363,000        362,746 
John Deere Capital Corp.                     
9/2/05                 3.55        27,000        26,997 
9/12/05                 3.58        20,000        19,978 
 
 
 
Quarterly Report                 6                 

Commercial Paper continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Jupiter Securitization Corp.                     
9/12/05                 3.53%    $    55,310    $    55,251 
Kellogg Co.                     
9/1/05                 3.47        16,100        16,100 
9/2/05                 3.49        19,000        18,998 
9/13/05                 3.59        35,500        35,458 
9/16/05                 3.53        49,000        48,929 
Kitty Hawk Funding Corp.                     
9/12/05                 3.53        145,092        144,936 
Market Street Funding Corp.                     
9/20/05                 3.51        109,160        108,959 
Motown Notes Program                     
9/1/05                 3.31        87,400        87,400 
9/1/05                 3.32        58,000        58,000 
9/2/05                 3.44        58,173        58,167 
9/6/05                 3.57        74,400        74,363 
9/7/05                 3.47        110,000        109,937 
9/7/05                 3.57        44,600        44,574 
9/8/05                 3.37        120,000        119,922 
9/8/05                 3.46        52,100        52,065 
9/12/05                 3.47        140,000        139,852 
9/13/05                 3.38        38,000        37,958 
9/14/05                 3.57        75,000        74,904 
9/19/05                 3.50        145,000        144,748 
9/21/05                 3.52        55,000        54,893 
9/21/05                 3.53        65,000        64,873 
9/23/05                 3.60        102,500        102,275 
10/4/05                 3.53        71,232        71,003 
10/5/05                 3.53        15,000        14,950 
11/2/05                 3.72        225,000        223,571 
11/3/05                 3.72        70,000        69,548 
Newcastle (Discover Card Master Trust)                     
9/12/05                 3.59        45,000        44,951 
9/12/05                 3.60        97,500        97,393 
9/13/05                 3.59        117,090        116,950 
9/13/05                 3.61        25,000        24,970 
9/14/05                 3.60        42,300        42,245 
9/19/05                 3.56        90,000        89,840 
9/22/05                 3.58        85,000        84,823 
Newport Funding Corp.                     
9/19/05                 3.24        75,000        74,880 

7 Quarterly Report

Investments (Unaudited)  continued                 
 
 
 Commercial Paper continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Oracle Corp.                     
11/1/05                 3.73%    $    166,000    $    164,959 
Paradigm Funding LLC                     
9/15/05                 3.56        165,667        165,438 
10/7/05                 3.51        155,000        154,461 
Park Granada LLC                     
9/1/05                 3.53        235,000        235,000 
9/2/05                 3.42        240,000        239,977 
9/2/05                 3.43        20,000        19,998 
9/2/05                 3.55        45,976        45,971 
9/2/05                 3.56        93,091        93,082 
9/6/05                 3.43        60,000        59,972 
9/9/05                 3.45        72,000        71,945 
9/12/05                 3.45        553,095        552,515 
9/12/05                 3.46        14,000        13,985 
9/12/05                 3.54        45,000        44,951 
9/15/05                 3.56        76,000        75,895 
9/15/05                 3.58        251,411        251,062 
9/15/05                 3.59        498,000        497,307 
9/16/05                 3.50        33,000        32,952 
9/19/05                 3.46        75,000        74,871 
9/20/05                 3.46        133,000        132,759 
9/20/05                 3.51        359,750        359,088 
9/29/05                 3.50        180,000        179,514 
11/1/05                 3.70        25,461        25,303 
11/2/05                 3.70        45,000        44,716 
Park Sienna LLC                     
9/14/05                 3.58        13,057        13,040 
9/15/05                 3.59        26,039        26,003 
9/15/05                 3.60        27,000        26,962 
9/20/05                 3.56        110,270        110,063 
9/20/05                 3.57        135,253        134,999 
Preferred Receivables Funding Corp.                     
9/13/05                 3.53        81,412        81,316 
Ranger Funding Co. LLC                     
9/20/05                 3.55        112,376        112,166 
SBC Communications, Inc.                     
9/13/05                 3.53        280,000        279,671 
9/15/05                 3.50        90,000        89,878 
Sigma Finance, Inc.                     
10/5/05                 3.51 (b)        105,000        104,655 

Quarterly Report

8

Commercial Paper continued                 
    Due    Annualized Yield at    Principal Amount        Value 
    Date    Time of Purchase        (000s)        (000s) 
Strand Capital LLC                         
    9/19/05                 3.46%    $    41,000    $    40,930 
    9/21/05                 3.46        147,000        146,720 
    11/1/05                 3.60        50,000        49,698 
    11/14/05                 3.69        165,000        163,762 
Stratford Receivables Co. LLC                     
    9/7/05                 3.55        176,314        176,210 
    9/7/05                 3.56        95,113        95,057 
    9/12/05                 3.56        250,000        249,729 
    9/15/05                 3.56        150,000        149,793 
    9/15/05                 3.57        202,884        202,603 
    9/16/05                 3.57        240,000        239,645 
Three Rivers Funding Corp.                     
    9/16/05                 3.54        45,000        44,934 
Toyota Motor Credit Corp.                     
    9/7/05                 3.18        92,000        91,952 
Viacom, Inc.                         
    9/6/05                 3.68        12,500        12,494 
    9/12/05                 3.67        35,500        35,460 
    9/13/05                 3.68        17,750        17,728 
    9/14/05                 3.68        35,500        35,453 
    9/20/05                 3.70        17,750        17,715 
    9/20/05                 3.71        22,350        22,306 
Yorktown Capital LLC                         
    9/20/05                 3.55        195,973        195,607 
TOTAL COMMERCIAL PAPER                17,349,318 
 
Bank Notes  0.2%                     
 
Lasalle Bank NA                         
    9/15/05                 3.54        115,000        115,000 
 
Master Notes  2.4%                     
 
Bear Stearns Companies, Inc.                     
    9/12/05                 3.34 (f)        234,000        234,000 
Goldman Sachs Group, Inc.                     
    9/6/05                 3.61 (d)(f)        263,000        263,000 
    9/14/05                 3.62 (d)(f)        161,000        161,000 

9 Quarterly Report

Investments (Unaudited)   continued             
 
 
Master Notes continued                 
Due    Annualized Yield at Principal Amount        Value 
Date     Time of Purchase    (000s)        (000s) 
Goldman Sachs Group, Inc. – continued             
11/11/05                 3.83% (d)(f) $    367,000    $    367,000 
11/22/05                 3.48 (f)    480,000        480,000 
TOTAL MASTER NOTES                1,505,000 
 
 Medium Term Notes 21.4%             
 
AIG Matched Funding Corp.                 
12/15/05                 3.89 (d)    350,000        350,000 
Allstate Life Global Funding II                 
9/8/05                 3.58 (b)(d)    65,000        65,000 
9/15/05                 3.59 (b)(d)    45,000        45,000 
9/15/05                 3.60 (b)(d)    70,000        70,000 
9/27/05                 3.66 (b)(d)    48,000        48,000 
American Express Credit Corp.                 
9/6/05                 3.63 (d)    68,000        68,046 
9/20/05                 3.66 (b)(d)    170,000        169,973 
ASIF Global Financing XXX                 
9/23/05                 3.61 (b)(d)    275,000        275,000 
Australia & New Zealand Banking Group Ltd.             
9/23/05                 3.60 (b)(d)    200,000        200,000 
Bayerische Landesbank Girozentrale                 
10/15/05                 3.58 (d)    500,000        500,000 
11/21/05                 3.82 (d)    445,000        445,000 
BellSouth Telecommunications                 
9/6/05                 3.41 (d)    85,000        85,000 
BMW U.S. Capital LLC                 
9/15/05                 3.54 (d)    84,000        84,000 
Commonwealth Bank of Australia                 
9/26/05                 3.61 (d)    163,000        163,000 
Descartes Funding Trust                 
9/15/05                 3.57 (d)    100,000        100,000 
Eli Lilly Services, Inc.                 
9/1/05                 3.53 (b)(d)    140,000        140,000 
GE Capital Assurance Co.                 
9/1/05                 3.59 (d)(f)    155,000        155,000 
General Electric Capital Corp.                 
9/7/05                 3.55 (d)    680,000        680,000 
9/9/05                 3.66 (d)    487,400        487,507 
9/19/05                 3.68 (d)    596,500        596,613 

Quarterly Report

10

Medium Term Notes continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
HBOS Treasury Services PLC                     
9/26/05                 3.51% (d)    $    530,000    $    530,000 
11/21/05                 3.87 (b)(d)        50,000        50,019 
HSBC Finance Corp.                     
9/26/05                 3.63 (d)        222,000        222,000 
HSH Nordbank AG                     
9/23/05                 3.62 (b)(d)        237,000        237,000 
ING USA Annuity & Life Insurance Co.                     
9/24/05                 3.54 (d)(f)        123,000        123,000 
MBIA Global Funding LLC                     
10/18/05                 3.57 (b)(d)        99,000        99,000 
Merrill Lynch & Co., Inc.                     
9/15/05                 3.60 (d)        350,000        350,000 
Metropolitan Life Insurance Co.                     
9/6/05                 3.55 (b)(d)        160,292        160,292 
Morgan Stanley                     
9/1/05                 3.65 (d)        70,000        70,000 
9/6/05                 3.57 (d)        110,000        110,000 
9/15/05                 3.60 (d)        169,000        169,000 
9/27/05                 3.71 (d)        320,000        320,009 
Pacific Life Global Funding                     
9/6/05                 3.56 (b)(d)        60,000        60,000 
9/13/05                 3.56 (d)        30,000        30,000 
RACERS                     
9/22/05                 3.61 (b)(d)        480,000        480,000 
Royal Bank of Canada                     
9/12/05                 3.58 (d)        55,000        55,000 
Royal Bank of Scotland PLC                     
9/21/05                 3.58 (b)(d)        500,000        500,000 
SBC Communications, Inc.                     
6/5/06                 3.96 (b)        153,395        153,812 
Security Life of Denver Insurance Co.                     
11/30/05                 3.94 (d)(f)        85,000        85,000 
SLM Corp.                     
9/1/05                 3.56 (b)(d)        300,000        300,000 
Suntrust Bank, Georgia                     
9/12/05                 3.33 (d)        125,000        124,995 
Travelers Insurance Co.                     
11/17/05                 3.90 (d)(f)        75,000        75,000 
11/19/05                 3.90 (d)(f)        35,000        35,000 

11 Quarterly Report

Investments (Unaudited)  continued                 
 
 
 Medium Term Notes continued                 
Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Treasury Bank NA, Alexandria Virginia                     
11/14/05                 3.80% (d)    $    300,000    $    300,000 
Verizon Global Funding Corp.                     
9/15/05                 3.52 (d)        1,136,000        1,136,003 
Wachovia Asset Securitization Issuance LLC                 
9/25/05                 3.63 (b)(d)        95,000        95,000 
Washington Mutual Bank, California                     
9/26/05                 3.45 (d)        405,000        404,981 
10/27/05                 3.64 (d)        480,000        480,000 
11/4/05                 3.70 (d)        300,000        300,000 
Wells Fargo & Co.                     
9/2/05                 3.57 (d)        215,000        215,000 
9/15/05                 3.56 (d)        500,000        500,000 
WestLB AG                     
9/12/05                 3.58 (b)(d)        241,000        241,000 
9/30/05                 3.49 (b)(d)        265,000        265,000 
Westpac Banking Corp.                     
9/12/05                 3.40 (d)        100,000        100,000 
TOTAL MEDIUM TERM NOTES                13,103,250 
 
Short Term Notes 2.2%                     
 
Hartford Life Insurance Co.                     
9/1/05                 3.48 (d)(f)        40,000        40,000 
Jackson National Life Insurance Co.                     
10/1/05                 3.64 (d)(f)        130,000        130,000 
Metropolitan Life Insurance Co.                     
9/28/05                 3.74 (b)(d)        85,000        85,000 
10/3/05                 3.64 (d)(f)        175,000        175,000 
11/1/05                 3.85 (d)(f)        65,000        65,000 
Monumental Life Insurance Co.                     
9/1/05                 3.65 (d)(f)        92,000        92,000 
9/1/05                 3.68 (d)(f)        65,000        65,000 
11/1/05                 3.89 (d)(f)        65,000        65,000 
New York Life Insurance Co.                     
9/30/05                 3.62 (d)(f)        425,000        425,000 
Transamerica Occidental Life Insurance Co.                 
11/1/05                 3.86 (d)(f)        200,000        200,000 

Quarterly Report

12

Short Term Notes continued             
Due    Annualized Yield at Principal Amount           Value 
Date    Time of Purchase    (000s)           (000s) 
Travelers Insurance Co.                 
10/1/05    3.60% (d)(f) $    5,000    $    5,000 
TOTAL SHORT TERM NOTES                1,347,000 
 
Repurchase Agreements  24.1%             
        Maturity         
        Amount (000s)         
In a joint trading account (Collateralized by U.S. Government             
   Obligations dated 8/31/05 due 9/1/05 At 3.6%)    $ 2,508,747        2,508,496 
With:                 
   Banc of America Securities LLC At:                 
3.61%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $417,900,000,             
           0% – 7.4%, 8/25/18 – 5/25/44)    398,040        398,000 
3.62%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Commercial Paper Obligations valued at             
           $714,000,000, 0% – 3.7%, 9/7/05 – 9/30/05)    700,070        700,000 
3.64%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Corporate Obligations valued at $510,000,000, 3.2% -             
           8.13%, 9/1/05 – 12/15/34)        500,051        500,000 
       3.69%, dated 8/31/05 due 9/1/05:             
           (Collateralized by Corporate Obligations valued at             
$178,500,000, 5.5% – 9.5%, 8/15/06 – 1/15/33) .    175,018        175,000 
           (Collateralized by Mortgage Loan Obligations valued at             
$157,500,000, 0% – 8.19%, 12/15/16 – 5/10/43)    150,015        150,000 
   Bear Stearns & Co. At:                 
3.62%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $105,001,385,             
           2.13%, 3/25/35)        100,010        100,000 
3.69%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $105,004,564,             
           4.99% – 5.55%, 7/25/35 – 8/25/35)    100,010        100,000 
   Citigroup Global Markets, Inc. At:                 
3.62%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Corporate Obligations valued at $765,000,000, 1.73%             
           – 7.75%, 10/1/08 – 5/25/35)        750,075        750,000 
       3.66%, dated 8/31/05 due 9/1/05:             
           (Collateralized by Mortgage Loan Obligations valued at             
$621,101,357, 0% – 13.5%, 9/29/05 – 1/25/45) .    600,061        600,000 
           (Collateralized by U.S. Treasury Obligations valued at             
$71,020,198, 0% – 9.88%, 4/15/06 – 5/15/44)    69,007        69,000 

13 Quarterly Report

Investments (Unaudited) continued             
 
 
 
Repurchase Agreements continued             
        Maturity        Value 
        Amount (000s)        (000s) 
 
With: – continued                 
   Credit Suisse First Boston, Inc. At:                 
3.62%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Corporate Obligations valued at $178,501,997, 3.75%             
           – 8.5%, 11/1/05 – 7/1/35)        $ 175,018    $    175,000 
3.64%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Corporate Obligations valued at $76,502,683, 2.55% -             
           7.91%, 2/15/10 – 10/15/37)    75,008        75,000 
3.66%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $131,250,345,             
           2.23% – 7.96%, 10/15/09 – 6/10/42)    125,013        125,000 
   Deutsche Bank Securities, Inc. At:                 
       3.56%, dated 8/10/05 due 9/15/05 (Collateralized by             
           Mortgage Loan Obligations valued at $184,620,000,             
           2.79% – 6.03%, 9/15/14 – 9/25/35)    181,644        181,000 
3.63%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $204,000,000,             
           0.63% – 6.5%, 4/15/17 – 3/20/44)    200,020        200,000 
3.69%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Mortgage Loan Obligations valued at $439,950,000,             
           3.26% – 5.5%, 12/25/19 – 7/25/45)    419,043        419,000 
   Goldman Sachs & Co. At:                 
       3.66%, dated:                 
           8/23/05 due 11/21/05:                 
(Collateralized by Corporate Obligations valued at             
                   $997,500,000, 0% – 13.5%, 11/25/05 -             
                   11/15/43) (d)(e)        958,693        950,000 
(Collateralized by Mortgage Loan Obligations valued             
                   at $532,350,000, 0% – 23.72%, 8/25/07 -             
                   10/25/44) (d)(e)        511,639        507,000 
           8/31/05 due 9/1/05 (Collateralized by Corporate             
Obligations valued at $88,200,066, 0% – 2.25%,             
               7/1/06 – 8/15/33)        84,009        84,000 
       3.67%, dated 8/23/05 due 11/21/05 (Collateralized by             
           Equity Securities valued at $252,000,023) (d)(e)    242,202        240,000 
   J.P. Morgan Securities, Inc. At:                 
3.61%, dated 8/31/05 due 9/1/05 (Collateralized by             
           Commercial Paper Obligations valued at             
           $306,000,260, 0.02% – 0.35%, 9/21/05 – 12/2/05)    300,030        300,000 
       3.63%, dated 8/10/05 due 9/21/05 (Collateralized by             
           Corporate Obligations valued at $693,833,708, 5.25%             
           – 13.5%, 6/15/06 – 3/15/32)    661,791        659,000 
 
 
 
 
Quarterly Report    14             

Repurchase Agreements continued                 
    Maturity            Value 
    Amount (000s)            (000s) 
With: – continued                 
   Merrill Lynch, Pierce, Fenner & Smith At:                 
       3.64%, dated 8/31/05 due 9/1/05 (Collateralized by                 
           Corporate Obligations valued at $306,002,711, 4.4% -                 
           8.21%, 1/15/07 – 1/15/27)    $ 300,030        $    300,000 
       3.66%, dated 8/31/05 due 9/1/05 (Collateralized by                 
           Equity Securities valued at $1,228,624,539)    1,170,119            1,170,000 
       3.71%, dated 7/27/05 due 10/25/05 (Collateralized by                 
           Corporate Obligations valued at $840,430,882, 4% -                 
           13.75%, 2/15/06 – 5/1/34) (d)(e)    807,420            800,000 
   Morgan Stanley & Co. At:                 
       3.63%, dated 8/10/05 due 9/21/05:                 
           (Collateralized by Corporate Obligations valued at                 
               $308,300,857, 0% – 10.75%, 9/1/05 – 5/10/43) .    301,271            300,000 
           (Collateralized by Mortgage Loan Obligations valued at                 
$258,300,000, 4.13% – 7.53%, 4/14/27 -                 
               10/25/35)    247,042            246,000 
       3.64%, dated 8/31/05 due 9/1/05 (Collateralized by                 
           Mortgage Loan Obligations valued at $818,717,912,                 
           0% – 11.2%, 9/7/05 – 1/20/44)    784,079            784,000 
       3.71%, dated 8/31/05 due 9/1/05 (Collateralized by                 
           Equity Securities valued at $735,000,018)    700,072            700,000 
   Wachovia Securities, Inc. At 3.63%, dated 8/31/05 due                 
       9/1/05 (Collateralized by Mortgage Loan Obligations                 
       valued at $526,598,738, 1.05% 8.74%, 4/10/07                 
       1/15/42)    516,052            516,000 
TOTAL REPURCHASE AGREEMENTS            14,781,496 
 
TOTAL INVESTMENT PORTFOLIO 106.4%                 
 (Cost $65,259,643)            65,259,643 
 
 
NET OTHER ASSETS – (6.4)%            (3,902,847) 
NET ASSETS 100%        $    61,356,796 

Security Type Abbreviation

CP COMMERCIAL PAPER

15 Quarterly Report

Investments (Unaudited) continued
Legend

(a) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,983,233,000 or 6.5% of net assets.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(e) The maturity amount is based on the rate at period end.

Quarterly Report

16

(f) Restricted securities – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,382,000,000 or 5.5% of net assets

Additional information on each holding is as follows:

    Acquisition        Cost 
Security    Date        (000s) 
Bear Stearns             
Companies, Inc.             
3.34%, 9/12/05    3/15/05    $    234,000 
GE Capital             
Assurance Co.    4/1/05         
3.59%, 9/1/05    7/28/05    $    155,000 
Goldman Sachs             
Group, Inc.:             
3.48%, 11/22/05    3/10/05    $    480,000 
3.61%, 9/6/05    1/6/05    $    263,000 
3.62%, 9/14/05    2/14/05    $    161,000 
3.83%, 11/11/05    8/11/04    $    367,000 
Hartford Life             
Insurance Co.             
3.48%, 9/1/05    12/16/03    $    40,000 
Hypo Real Estate             
Bank International:             
3.73%, 10/31/05    7/27/05    $    36,000 
3.75%, 10/17/05    8/11/05    $    106,000 
ING USA Annuity             
& Life Insurance             
Co. 3.54%,             
9/24/05    6/23/05    $    123,000 
Jackson National             
Life Insurance Co.             
3.64%, 10/1/05    3/31/03    $    130,000 
Metropolitan Life             
Insurance Co.:             
3.64%, 10/3/05    3/26/02    $    175,000 
3.85%, 11/1/05    2/24/03    $    65,000 

    Acquisition        Cost 
Security    Date        (000s) 
Monumental Life             
Insurance Co.:    7/31/98         
3.65%, 9/1/05    9/17/98    $    92,000 
3.68%, 9/1/05    3/12/99    $    65,000 
3.89%, 11/1/05    2/1/00    $    65,000 
New York Life             
Insurance Co.    2/28/02         
3.62%, 9/30/05    12/19/02    $    425,000 
Security Life of             
Denver Insurance             
Co. 3.94%,             
11/30/05    8/26/05    $    85,000 
Transamerica             
Occidental Life             
Insurance Co.             
3.86%, 11/1/05    4/28/00    $    200,000 
Travelers             
Insurance Co.:             
3.6%, 10/1/05    4/1/05    $    5,000 
3.9%, 11/17/05    5/17/05    $    75,000 
3.9%, 11/19/05    8/18/05    $    35,000 

Income Tax Information

At August 31, 2005, the aggregate cost of investment securities for income tax purposes was $65,259,643,000.

17 Quarterly Report

The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

18

Quarterly Holdings Report
for
Fidelity® U.S. Government
Reserves Fund

August 31, 2005

1.805753.101
FUS-QTLY 1005

Investments August 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Federal Agencies 25.8%

Due    Annualized Yield at    Principal Amount        Value 
Date    Time of Purchase        (000s)        (000s) 
Fannie Mae – 18.8%                     
Agency Coupons – 17.1%                     
9/6/05                 3.22% (b)    $    48,000    $    48,000 
9/21/05                 3.31 (b)        115,000        114,915 
9/22/05                 3.31 (b)        135,000        134,891 
10/3/05                 3.39 (b)        37,000        36,998 
11/22/05                 3.72 (b)        60,000        59,973 
                    394,777 
 
Discount Notes – 1.7%                     
9/6/05                 3.10        38,000        37,984 
                    432,761 
Federal Home Loan Bank – 6.0%                     
Agency Coupons – 6.0%                     
9/13/05                 3.27 (b)        56,000        55,965 
11/2/05                 3.59 (b)        23,000        22,985 
11/10/05                 3.65 (b)        60,000        59,973 
                    138,923 
 
Freddie Mac – 1.0%                     
Discount Notes – 1.0%                     
7/25/06                 4.01        24,200        23,354 
TOTAL FEDERAL AGENCIES                    595,038 
 
U.S. Treasury Obligations  1.5%                 
 
U.S. Treasury Bills – 1.5%                     
10/20/05                 3.25        34,855        34,702 

Quarterly Report

20

Repurchase Agreements 76.0%             
    Maturity        Value 
    Amount (000s)        (000s) 
In a joint trading account (Collateralized by U.S. Government             
   Obligations dated 8/31/05 due 9/1/05 At 3.6%) (c)    $ 1,614,422       $    1,614,260 
With UBS Warburg LLC At:             
   3.3%, dated 6/7/05 due 9/16/05 (Collateralized by             
       Mortgage Loan Obligations valued at $61,204,270,             
       5.02% – 5.14%, 9/1/34)    60,556        60,000 
   3.77%, dated 9/20/05 due 10/28/05 (Collateralized by             
       Mortgage Loan Obligations valued at $83,640,347,             
       3.96% – 5.15%, 5/1/33 – 6/1/35) (a)    82,326        82,000 
TOTAL REPURCHASE AGREEMENTS            1,756,260 
 
TOTAL INVESTMENT PORTFOLIO 103.3%             
   (Cost $2,386,000)            2,386,000 
 
NET OTHER ASSETS – (3.3)%            (76,274) 
NET ASSETS 100%        $    2,309,726 

21 Quarterly Report

Investments (Unaudited) continued
Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(c) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/             Value 
Counterparty         
$1,614,260 due 9/1/05 at 3.6%         
Banc of America Securities LLC        $ 186,449 
Bank of America, National Association    .    186,449 
Barclays Capital Inc.        372,898 
Citigroup Global Markets Inc        93,225 
Credit Suisse First Boston LLC        46,612 
Goldman, Sachs & Co.        93,225 
J.P. Morgan Securities, Inc.        46,612 
Morgan Stanley & Co. Incorporated.        257,843 
UBS Securities LLC        261,029 
Wachovia Capital Markets, LLC        23,306 
WestLB AG        46,612 
        $ 1,614,260 

Income Tax Information

At August 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,386,000,000.

Quarterly Report

22

The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

23 Quarterly Report

Item 2. 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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 24, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 24, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

October 24, 2005

EX-99.CERT 2 phil99cert.htm

Exhibit EX-99.CERT

I, Christine Reynolds, certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: October 24, 2005

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

I, Timothy F. Hayes, certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: October 24, 2005

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

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