N-Q 1 phil.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:	February 28, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Cash Reserves Fund

February 28, 2006

CAS-QTLY-0406

1.814088.101

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.5%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
AOL Time Warner, Inc.
4/15/06	4.03%	$38,117		$38,205
4/15/06	4.14	18,405		18,445
Continental Cablevision, Inc.
5/15/06	4.70	46,155		46,489
France Telecom SA
3/1/06	3.37	3,535		3,535
3/1/06	3.41	10,650		10,650
3/1/06	3.43	10,485		10,485
3/1/06	3.45	6,080		6,080
3/1/06	3.54	13,570		13,570
3/1/06	3.55	20,560		20,560
3/1/06	3.56	25,699		25,699
3/1/06	3.59	5,435		5,435
3/1/06	3.61	2,825		2,825
Morgan Stanley
4/15/06	3.90	33,016		33,097
Sprint Capital Corp.
8/17/06	4.76	86,874		86,850
TOTAL CORPORATE BONDS			321,925
Certificates of Deposit - 23.6%

Domestic Certificates Of Deposit - 0.6%
Countrywide Bank, Alexandria Virginia
5/15/06	4.76 (d)	177,000		176,992
Huntington National Bank, Columbus
3/23/06	4.31	61,000		61,000
Washington Mutual Bank FA
3/14/06	4.45	200,000		200,000
				437,992
London Branch, Eurodollar, Foreign Banks - 7.4%
Alliance & Leicester PLC
3/14/06	4.45	175,000		175,000
Banca Intesa Spa
3/31/06	4.57	645,000		645,000
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
Certificates of Deposit - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
London Branch, Eurodollar, Foreign Banks - continued
Calyon - continued
10/4/06	4.40%	$250,000		$250,000
11/10/06	4.93	200,000		200,000
2/12/07	5.00	275,000		275,000
Credit Agricole SA
3/9/06	4.55	190,000		189,968
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
4/20/06	3.95	250,000		250,000
6/8/06	4.75	150,000		150,000
11/7/06	4.76	500,000		500,000
Deutsche Bank AG
3/28/06	4.55	47,000		47,000
3/31/06	4.56	325,000		325,000
1/30/07	4.86	325,000		325,000
Landesbank Hessen-Thuringen
8/7/06	4.81	200,000		200,000
Societe Generale
8/18/06	4.25	250,000		250,000
2/2/07	4.90	125,000		125,000
				5,006,968
New York Branch, Yankee Dollar, Foreign Banks - 15.6%
Banco Bilbao Vizcaya Argentaria SA
3/14/06	4.54	180,000		180,000
Barclays Bank PLC
5/10/06	4.80 (c)	1,865,000		1,864,995
BNP Paribas SA
3/13/06	4.54	26,000		25,999
10/30/06	4.81	325,000		325,000
11/3/06	4.86	125,000		125,000
11/8/06	4.93	200,000		200,000
Canadian Imperial Bank of Commerce
3/23/06	4.55 (d)	500,000		500,000
5/15/06	4.63 (d)	500,000		500,000
Credit Industriel et Commercial
6/28/06	4.27	250,000		250,000
Credit Suisse First Boston New York Branch
3/20/06	4.55 (d)	325,000		325,000
Certificates of Deposit - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
New York Branch, Yankee Dollar, Foreign Banks - continued
Credit Suisse First Boston New York Branch - continued
3/27/06	4.49% (d)	$500,000		$500,000
4/19/06	4.57 (d)	375,000		375,000
Credit Suisse Group
3/2/06	4.54	500,000		500,000
DEPFA BANK PLC
3/30/06	4.56	325,000		325,000
Deutsche Bank AG
3/3/06	4.41 (d)	390,000		390,000
2/5/07	4.90	125,000		125,000
2/27/07	5.09	175,000		175,000
Dresdner Bank AG
3/13/06	4.58	11,000		10,999
Eurohypo AG
3/8/06	4.57	37,000		36,994
3/23/06	4.58	61,000		60,979
3/28/06	4.59	234,000		234,000
5/2/06	4.62 (a)	295,000		295,000
5/8/06	4.62 (a)	115,000		115,000
Landesbank Hessen-Thuringen
4/3/06	4.50	115,000		115,000
Mizuho Corporate Bank Ltd.
3/21/06	4.57	700,000		700,000
3/28/06	4.58	235,000		235,000
Royal Bank of Canada
3/13/06	4.54	29,000		28,998
Royal Bank of Scotland Group PLC
10/27/06	4.90	50,000		49,951
Skandinaviska Enskilda Banken AB
4/6/06	4.50 (d)	730,000		729,962
1/31/07	4.88	100,000		100,000
Sumitomo Mitsui Banking Corp.
3/8/06	4.55	57,000		57,000
3/14/06	4.56	104,000		104,000
3/15/06	4.56	103,000		103,000
3/22/06	4.57	96,000		96,000
3/30/06	4.57	92,000		92,000
3/30/06	4.58	55,000		55,000
Toronto-Dominion Bank
4/7/06	3.86	125,000		125,000
Certificates of Deposit - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
New York Branch, Yankee Dollar, Foreign Banks - continued
Toronto-Dominion Bank - continued
4/18/06	3.92%	$100,000		$100,000
Unicredito Italiano Spa
5/12/06	4.69 (d)	480,000		479,986
				10,609,863
TOTAL CERTIFICATES OF DEPOSIT			16,054,823
Commercial Paper - 32.3%

Amsterdam Funding Corp.
3/20/06	4.54	50,000		49,881
Bavaria TRR Corp.
3/1/06	4.56	99,598		99,598
3/3/06	4.56	122,300		122,269
3/8/06	4.57	65,000		64,942
3/17/06	4.57	300,750		300,142
3/24/06	4.59	60,000		59,825
British Telecommunications PLC
3/6/06	4.61	54,000		53,966
3/8/06	4.60	36,000		35,968
3/9/06	4.58	37,000		36,963
3/9/06	4.60	22,000		21,978
3/10/06	4.58	36,000		35,959
Cafco LLC
3/24/06	4.55	50,000		49,856
3/27/06	4.55	40,000		39,869
3/30/06	4.56	100,000		99,635
Capital One Multi-Asset Execution Trust
3/23/06	4.56	50,000		49,861
3/27/06	4.55	75,000		74,756
Charta LLC
3/16/06	4.55	65,000		64,878
3/20/06	4.56	95,000		94,773
CIESCO LP
3/20/06	4.54	79,200		79,011
Citibank Credit Card Master Trust I (Dakota Certificate Program)
3/2/06	4.55	452,369		452,312
3/3/06	4.55	70,000		69,982
3/14/06	4.54	210,000		209,658
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Citibank Credit Card Master Trust I (Dakota Certificate Program) - continued
3/16/06	4.56%	$18,000		$17,966
3/20/06	4.54	125,000		124,702
3/22/06	4.53	95,000		94,751
3/23/06	4.55	47,000		46,870
3/23/06	4.56	231,115		230,475
4/3/06	4.53	444,445		442,616
4/4/06	4.53	142,000		141,398
4/4/06	4.54	135,000		134,426
4/5/06	4.54	534,285		531,948
4/10/06	4.63	280,000		278,569
Citigroup Funding, Inc.
3/2/06	4.54	45,000		44,994
3/14/06	4.45	150,000		149,762
3/22/06	4.53	85,000		84,777
3/22/06	4.54	135,000		134,645
3/23/06	4.54	50,000		49,862
3/24/06	4.55	280,000		279,190
3/27/06	4.55	135,000		134,559
4/3/06	4.54	140,000		139,423
Clipper Receivables LLC
3/24/06	4.55	141,272		140,864
Comcast Corp.
3/1/06	4.61 (b)	26,000		26,000
3/13/06	4.62 (b)	217,000		216,667
3/14/06	4.62 (b)	55,000		54,909
Countrywide Financial Corp.
3/1/06	4.57	131,000		131,000
3/3/06	4.56	80,000		79,980
3/15/06	4.57	207,000		206,634
3/27/06	4.57	290,082		289,133
3/27/06	4.58	117,000		116,616
3/28/06	4.58	180,000		179,386
5/26/06	4.81	205,000		202,674
Credit Suisse First Boston New York Branch
3/2/06	4.54	425,000		424,947
Cullinan Finance Corp.
4/7/06	4.54 (b)	95,200		94,761
DaimlerChrysler NA Holding Corp.
3/2/06	4.67	109,500		109,486
3/7/06	4.67	18,000		17,986
3/10/06	4.67	23,000		22,973
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
DaimlerChrysler NA Holding Corp. - continued
3/17/06	4.67%	$72,000		$71,851
3/21/06	4.67	110,000		109,716
3/22/06	4.71	73,000		72,800
3/29/06	4.73	37,000		36,864
Dominion Resources, Inc.
3/21/06	4.62	36,000		35,908
3/28/06	4.63	20,000		19,931
Dresdner U.S. Finance, Inc.
3/6/06	4.43	135,000		134,918
DZ Bank AG
3/23/06	4.54	30,000		29,918
Emerald (MBNA Credit Card Master Note Trust)
3/14/06	4.48	240,000		239,616
3/21/06	4.54	120,000		119,699
3/22/06	4.55	54,000		53,858
3/29/06	4.54	93,675		93,347
4/5/06	4.60	170,000		169,246
4/12/06	4.63	64,550		64,204
FCAR Owner Trust
3/15/06	4.46	150,000		149,743
3/23/06	4.55	117,000		116,677
3/24/06	4.56	200,000		199,419
3/24/06	4.55	200,000		199,422
4/5/06	4.52	245,000		243,938
4/6/06	4.54	105,000		104,528
7/25/06	4.75	108,000		105,968
Federated Retail Holdings, Inc.
3/1/06	4.60	36,500		36,500
3/2/06	4.60	30,000		29,996
3/3/06	4.59	55,000		54,986
Fortune Brands, Inc.
3/1/06	4.60	18,000		18,000
4/3/06	4.68	15,000		14,936
4/10/06	4.72	16,000		15,917
4/20/06	4.76	18,500		18,378
4/24/06	4.76	73,000		72,483
4/26/06	4.79	54,000		53,601
5/3/06	4.79	19,000		18,842
France Telecom SA
3/2/06	4.60 (b)	36,000		35,995
3/6/06	4.60 (b)	36,000		35,977
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
France Telecom SA - continued
3/21/06	4.57% (b)	$70,000		$69,823
3/27/06	4.61 (b)	50,000		49,835
4/20/06	4.65 (b)	68,000		67,566
4/25/06	4.67 (b)	50,000		49,647
5/3/06	4.74 (b)	36,000		35,705
Giro Funding US Corp.
3/2/06	4.55	115,000		114,986
3/22/06	4.54	130,000		129,658
3/22/06	4.56	60,000		59,841
3/24/06	4.56	170,000		169,508
3/27/06	4.60	113,000		112,626
Grampian Funding LLC
3/24/06	4.54	186,000		185,463
HSBC Finance Corp.
3/2/06	4.54	150,000		149,981
3/20/06	4.55	250,000		249,404
Intesa Funding LLC
3/27/06	4.55	60,000		59,804
John Deere Capital Corp.
3/20/06	4.59	42,000		41,899
Jupiter Securitization Corp.
3/17/06	4.54	40,878		40,796
Kellogg Co.
3/6/06	4.61	26,000		25,983
3/8/06	4.60	37,000		36,967
3/27/06	4.59	17,000		16,944
4/18/06	4.72	47,000		46,706
4/25/06	4.73	47,000		46,663
Links Finance LLC
3/30/06	4.57 (b)	5,000		4,982
Market Street Funding Corp.
3/14/06	4.55	25,115		25,074
3/16/06	4.54	203,096		202,713
3/24/06	4.55	216,567		215,942
Michigan Gen. Oblig.
10/11/06	4.64	108,000		108,000
Monument Gardens Funding
3/23/06	4.57	60,000		59,833
3/23/06	4.58	141,079		140,686
4/21/06	4.69	40,000		39,737
4/24/06	4.69	50,408		50,056
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Monument Gardens Funding - continued
5/22/06	4.77%	$56,760		$56,151
5/23/06	4.79	51,196		50,638
5/23/06	4.80	15,000		14,836
Motown Notes Program
3/2/06	4.54	201,000		200,975
3/7/06	4.56	155,000		154,883
3/9/06	4.57	117,000		116,882
3/20/06	4.51	56,907		56,773
3/20/06	4.59	25,000		24,940
3/21/06	4.60	36,307		36,215
4/7/06	4.64	170,000		169,196
5/2/06	4.68	42,000		41,666
5/3/06	4.70	135,000		133,903
5/3/06	4.71	100,000		99,184
5/5/06	4.71	90,000		89,244
5/8/06	4.72	23,700		23,491
Nissan Motor Acceptance Corp.
3/20/06	4.53	72,000		71,830
3/23/06	4.56	54,000		53,851
5/30/06	4.84	38,000		37,546
Paradigm Funding LLC
3/2/06	4.54	175,000		174,978
3/8/06	4.55	115,000		114,899
3/13/06	4.55	23,090		23,055
3/16/06	4.54	155,000		154,708
3/28/06	4.55	136,000		135,539
Park Avenue Receivables Corp.
3/20/06	4.54	115,454		115,179
Park Granada LLC
3/1/06	4.56	147,600		147,600
3/15/06	4.55	315,000		314,444
3/27/06	4.54	140,000		139,544
3/27/06	4.57	35,000		34,885
3/28/06	4.55	95,000		94,679
3/28/06	4.57	595,000		592,974
4/5/06	4.51	130,000		129,436
4/27/06	4.72	228,668		226,974
Park Sienna LLC
3/2/06	4.56	45,000		44,994
3/3/06	4.56	66,768		66,751
3/15/06	4.56	360,000		359,364
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Park Sienna LLC - continued
3/15/06	4.57%	$160,000		$159,717
3/20/06	4.58	110,478		110,212
3/24/06	4.54	85,000		84,755
3/27/06	4.55	180,000		179,412
3/28/06	4.56	22,703		22,626
Strand Capital LLC
3/14/06	4.26	130,000		129,804
3/27/06	4.58	50,000		49,835
3/28/06	4.53	175,000		174,411
4/5/06	4.54	70,000		69,694
4/6/06	4.53	200,000		199,102
4/6/06	4.63	50,000		49,770
4/10/06	4.57	45,000		44,774
4/10/06	4.58	70,000		69,648
4/28/06	4.65	50,000		49,629
5/8/06	4.72	50,000		49,559
5/10/06	4.70	60,000		59,459
5/10/06	4.71	30,000		29,729
5/15/06	4.73	10,000		9,903
Stratford Receivables Co. LLC
3/3/06	4.55	200,000		199,950
3/6/06	4.56	95,000		94,940
3/7/06	4.52	50,000		49,963
3/8/06	4.53	15,000		14,987
3/9/06	4.54	100,000		99,900
3/9/06	4.55	100,000		99,899
3/10/06	4.55	100,000		99,886
3/10/06	4.56	200,000		199,773
3/15/06	4.57	40,000		39,929
3/16/06	4.56	65,638		65,514
3/17/06	4.54	158,856		158,538
3/20/06	4.53	70,447		70,280
3/20/06	4.58	54,766		54,634
3/22/06	4.57	62,908		62,741
3/23/06	4.57	316,538		315,658
3/24/06	4.58	206,738		206,137
3/27/06	4.59	70,000		69,769
3/28/06	4.58	80,008		79,734
3/28/06	4.60	63,440		63,222
3/29/06	4.58	139,775		139,279
4/6/06	4.63	48,155		47,933
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Stratford Receivables Co. LLC - continued
4/7/06	4.63%	$176,113		$175,280
4/7/06	4.64	63,354		63,053
4/10/06	4.65	120,000		119,385
4/18/06	4.68	9,560		9,501
Thames Asset Global Securities No. 1, Inc.
3/15/06	4.54	117,941		117,733
The Walt Disney Co.
4/18/06	4.68	181,500		180,380
Weatherford International Ltd.
3/1/06	4.61 (b)	10,000		10,000
3/13/06	4.60 (b)	26,525		26,484
3/22/06	4.56 (b)	36,169		36,074
3/24/06	4.62 (b)	75,000		74,780
5/24/06	4.86 (b)	30,000		29,664
Yorktown Capital LLC
3/17/06	4.54	192,670		192,283
TOTAL COMMERCIAL PAPER			22,036,570
U.S. Treasury Obligations - 1.1%

U.S. Treasury Bills - 1.1%
5/18/06	4.50	400,000		396,143
5/25/06	4.51	100,000		98,948
8/3/06	4.50	250,000		245,264
TOTAL U.S. TREASURY OBLIGATIONS			740,355
Bank Notes - 0.1%

M&I Marshall & Ilsley Bank
3/15/06	4.55 (d)	58,000		58,000
Master Notes - 1.9%

Goldman Sachs Group, Inc.
3/6/06	4.63 (d)(f)	263,000		263,000
3/10/06	4.63 (d)(f)	161,000		161,000
Master Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Goldman Sachs Group, Inc. - continued
3/22/06	4.63% (d)(f)	$480,000		$480,000
5/13/06	4.79 (d)(f)	367,000		367,000
TOTAL MASTER NOTES			1,271,000
Medium-Term Notes - 22.4%

AIG Matched Funding Corp.
3/15/06	4.51 (d)	350,000		350,000
4/3/06	4.54 (d)	305,000		305,000
4/11/06	4.57 (d)	305,000		305,000
4/23/06	4.62 (d)	335,000		335,000
Allstate Life Global Funding II
3/8/06	4.59 (b)(d)	65,000		65,000
3/15/06	4.59 (b)(d)	45,000		45,000
3/15/06	4.63 (b)(d)	70,000		70,000
3/27/06	4.57 (b)(d)	48,000		48,000
American Express Credit Corp.
3/6/06	4.65 (d)	68,000		68,036
3/20/06	4.62 (b)(d)	170,000		169,976
ASIF Global Financing XXX
3/23/06	4.58 (b)(d)	275,000		275,000
Australia & New Zealand Banking Group Ltd.
3/23/06	4.55 (b)(d)	200,000		200,000
Bayerische Landesbank Girozentrale
4/18/06	4.58 (d)	500,000		500,000
5/19/06	4.78 (d)	445,000		445,000
BMW U.S. Capital LLC
3/15/06	4.54 (d)	84,000		84,000
Commonwealth Bank of Australia
3/24/06	4.54 (d)	163,000		163,000
Cullinan Finance Corp.
3/27/06	4.54 (b)(d)	90,000		89,993
Eli Lilly Services, Inc.
3/1/06	4.54 (b)(d)	140,000		140,000
GE Capital Assurance Co.
3/1/06	4.65 (d)(f)	155,000		155,000
General Electric Capital Corp.
3/7/06	4.59 (d)	680,000		680,000
3/9/06	4.67 (d)	487,400		487,484
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
General Electric Capital Corp. - continued
3/17/06	4.67% (d)	$596,500		$596,595
HBOS Treasury Services PLC
3/24/06	4.57 (d)	530,000		530,000
5/22/06	4.84 (b)(d)	50,000		50,016
HSBC Finance Corp.
3/6/06	4.56 (d)	375,000		375,000
3/24/06	4.56 (d)	222,000		222,000
HSBC USA, Inc.
3/15/06	4.55 (d)	175,000		175,000
HSH Nordbank AG
3/23/06	4.57 (b)(d)	237,000		237,000
ING USA Annuity & Life Insurance Co.
3/24/06	4.60 (d)(f)	123,000		123,000
MBIA Global Funding LLC
4/18/06	4.56 (b)(d)	99,000		99,000
Merrill Lynch & Co., Inc.
3/6/06	4.63 (d)	141,000		141,119
3/15/06	4.55 (d)	350,000		350,000
Metropolitan Life Insurance Co.
3/6/06	4.56 (b)(d)	160,292		160,292
Morgan Stanley
3/1/06	4.67 (d)	70,000		70,000
3/6/06	4.63 (d)	110,000		110,000
3/15/06	4.60 (d)	169,000		169,000
3/27/06	4.65 (d)	320,000		320,007
Nationwide Building Society
3/28/06	4.58 (b)(d)	75,000		75,039
Nordea Bank AB
3/13/06	4.55 (b)(d)	103,000		103,004
Northern Rock PLC
3/6/06	4.57 (b)(d)	180,000		180,000
Pacific Life Global Funding
3/6/06	4.59 (b)(d)	60,000		60,000
3/13/06	4.59 (d)	30,000		30,000
RACERS
3/22/06	4.57 (b)(d)	480,000		480,000
Royal Bank of Canada
3/10/06	4.60 (d)	55,000		55,000
Royal Bank of Scotland PLC
3/21/06	4.54 (b)(d)	500,000		500,000
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
SBC Communications, Inc.
6/5/06	3.96% (b)	$153,395		$153,539
Security Life of Denver Insurance Co.
5/30/06	4.89 (d)(f)	85,000		85,000
SLM Corp.
3/1/06	4.62 (b)(d)	300,000		300,000
9/30/06	4.74	39,395		39,085
SunTrust Bank, Georgia
3/13/06	4.43 (d)	125,000		124,998
Travelers Insurance Co.
5/17/06	4.85 (d)(f)	75,000		75,000
5/19/06	4.86 (d)(f)	35,000		35,000
Verizon Global Funding Corp.
3/15/06	4.60 (d)	1,266,000		1,265,998
Wachovia Asset Securitization Issuance LLC
3/27/06	4.57 (b)(d)	74,770		74,770
Washington Mutual Bank FA
3/15/06	4.55 (d)	94,000		94,000
Washington Mutual Bank, California
3/20/06	4.48 (d)	328,000		328,000
3/27/06	4.50 (d)	405,000		404,992
4/27/06	4.62 (d)	480,000		480,000
5/31/06	4.74 (d)	300,000		300,000
Wells Fargo & Co.
3/2/06	4.62 (d)	215,000		215,000
3/15/06	4.56 (d)	500,000		500,000
WestLB AG
3/10/06	4.58 (b)(d)	241,000		241,000
3/30/06	4.53 (b)(d)	265,000		265,000
Westpac Banking Corp.
3/13/06	4.49 (d)	100,000		100,000
TOTAL MEDIUM-TERM NOTES			15,272,943
Short-Term Notes - 2.0%

Hartford Life Insurance Co.
3/1/06	4.56 (d)(f)	40,000		40,000
Jackson National Life Insurance Co.
4/1/06	4.67 (d)(f)	130,000		130,000
Short-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Metropolitan Life Insurance Co.
3/28/06	4.68% (b)(d)	$85,000		$85,000
4/3/06	4.65 (d)(f)	175,000		175,000
5/2/06	4.84 (d)(f)	65,000		65,000
Monumental Life Insurance Co.
3/1/06	4.71 (d)(f)	92,000		92,000
3/1/06	4.74 (d)(f)	65,000		65,000
5/2/06	4.88 (d)(f)	65,000		65,000
New York Life Insurance Co.
4/3/06	4.66 (d)(f)	425,000		425,000
Transamerica Occidental Life Insurance Co.
5/2/06	4.85 (d)(f)	200,000		200,000
Travelers Insurance Co.
3/31/06	4.63 (d)(f)	5,000		5,000
TOTAL SHORT-TERM NOTES			1,347,000

Repurchase Agreements - 18.5%
	Maturity Amount (000s)
In a joint trading account (Collateralized by U.S. Government Obligations dated 2/28/06 due 3/1/06 at 4.58%)	$94		94
With:
Banc of America Securities LLC at 4.61%, dated 2/28/06 due 3/1/06 (Collateralized by Corporate Obligations valued at $1,786,777,051, 0% - 5.48%, 5/16/12 - 12/25/45)	1,720,220		1,720,000
Barclays Capital, Inc. at 4.61%, dated 2/28/06 due 3/1/06 (Collateralized by Corporate Obligations valued at $510,000,001, 4.76% - 8.96%, 8/1/06 - 9/15/33)	500,064		500,000
Bear Stearns & Co. at:
4.62%, dated 2/28/06 due 3/1/06 (Collateralized by Mortgage Loan Obligations valued at $513,008,368, 4.5% - 9%, 9/20/10 - 2/14/41)	500,064		500,000
4.69%, dated 2/28/06 due 3/1/06 (Collateralized by Corporate Obligations valued at $308,480,952, 4.3% - 23.6%, 5/1/10 - 12/25/42)	300,039		300,000
Citigroup Global Markets, Inc. at 4.62%, dated 2/28/06 due 3/1/06 (Collateralized by Mortgage Loan Obligations valued at $1,312,500,001, 4.25% - 5.35%, 8/25/35 - 10/25/35)	1,250,161		1,250,000
Repurchase Agreements - continued
	Maturity Amount (000s)		Value (000s)
With: - continued
Credit Suisse First Boston, Inc. at 4.63%, dated 2/28/06 due 3/1/06 (Collateralized by Commercial Paper Obligations valued at $279,482,315, 0%, 3/21/06 - 3/24/06)	$274,035		$274,000
Deutsche Bank Securities, Inc. at 4.69%, dated 2/28/06 due 3/1/06 (Collateralized by Mortgage Loan Obligations valued at $1,260,000,001, 0.75% - 7.58%, 1/15/12 - 1/25/46)	1,200,156		1,200,000
Goldman Sachs & Co. at 4.66%, dated:
2/22/06 due 5/23/06:
(Collateralized by Corporate Obligations valued at:
$102,900,001, 0% - 14.7%, 3/20/10 - 8/28/46) (d)(e)	99,142		98,000
$997,500,000, 0% - 13.5%, 6/15/06 - 12/1/49) (d)(e)	961,068		950,000
(Collateralized by Mortgage Loan Obligations valued at $665,040,000, 4.3% - 8.58%, 6/10/09 - 2/25/46) (d)(e)	659,596		652,000
2/28/06 due 3/1/06 (Collateralized by Mortgage Loan Obligations valued at $418,200,001, 0% - 24.6%, 8/25/07 - 7/10/45)	410,053		410,000
J.P. Morgan Securities, Inc. at 4.69%, dated 2/1/06 due 3/29/06 (Collateralized by Corporate Obligations valued at $789,389,471, 0% - 12.5%, 7/15/06 - 6/15/32) (d)(e)	751,442		746,000
Merrill Lynch, Pierce, Fenner & Smith at:
4.61%, dated 2/28/06 due 3/1/06 (Collateralized by Commercial Paper Obligations valued at $364,143,810, 0% - 4.65%, 3/27/06 - 5/22/06)	357,046		357,000
4.66%, dated 2/28/06 due 3/1/06 (Collateralized by Equity Securities valued at $945,731,952)	900,117		900,000
4.69%, dated 1/23/06 due 4/21/06 (Collateralized by Corporate Obligations valued at $840,756,394, 3.25% - 11.63%, 1/9/07 - 2/15/47) (d)(e)	809,172		800,000
Morgan Stanley & Co. at:
4.63%, dated 2/1/06 due 3/29/06:
(Collateralized by Corporate Obligations valued at $317,691,594, 0% - 15.41%, 5/18/06 - 12/15/55)	302,161		300,000
Repurchase Agreements - continued
	Maturity Amount (000s)		Value (000s)
With: - continued
Morgan Stanley & Co. at:
4.63%, dated 2/1/06 due 3/29/06:
(Collateralized by Mortgage Loan Obligations valued at $259,823,697, 0.27% - 8.4%, 8/15/13 - 5/24/43)	$247,772		$246,000
4.64%, dated 2/28/06 due 3/1/06 (Collateralized by Mortgage Loan Obligations valued at $1,459,684,947, 0.04% - 13.5%, 5/15/06 - 11/10/45)	1,400,180		1,400,000
TOTAL REPURCHASE AGREEMENTS		12,603,094
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $69,705,710)		69,705,710
NET OTHER ASSETS - (2.4)%			(1,619,267)
NET ASSETS - 100%		$68,086,443

Legend

(a)Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(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 $5,085,498,000 or 7.5% 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.

(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 $3,006,000,000 or 4.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost (000s)
GE Capital Assurance Co. 4.65%, 3/1/06	4/1/05 - 7/28/05	$155,000
Goldman Sachs Group, Inc.: 4.63%, 3/10/06	11/10/05	$161,000
4.63%, 3/22/06	11/22/05	$480,000
4.63%, 3/6/06	10/6/05	$263,000
4.79%, 5/13/06	8/11/04	$367,000
Security	Acquisition Date	Cost (000s)
Hartford Life Insurance Co. 4.56%, 3/1/06	12/16/03	$40,000
ING USA Annuity & Life Insurance Co. 4.6%, 3/24/06	6/23/05	$123,000
Jackson National Life Insurance Co. 4.67%, 4/1/06	3/31/03	$130,000
Metropolitan Life Insurance Co.: 4.65%, 4/3/06	3/26/02	$175,000
4.84%, 5/2/06	2/24/03	$65,000
Monumental Life Insurance Co.: 4.71%, 3/1/06	7/31/98 - 9/17/98	$92,000
4.74%, 3/1/06	3/12/99	$65,000
4.88%, 5/2/06	2/1/00	$65,000
New York Life Insurance Co. 4.66%, 4/3/06	2/28/02 - 12/19/02	$425,000
Security Life of Denver Insurance Co. 4.89%, 5/30/06	8/26/05	$85,000
Transamerica Occidental Life Insurance Co. 4.85%, 5/2/06	4/28/00	$200,000
Travelers Insurance Co.: 4.63%, 3/31/06	4/1/05	$5,000
4.85%, 5/17/06	5/17/05	$75,000
4.86%, 5/19/06	8/18/05	$35,000

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $69,705,710,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

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

Quarterly Holdings Report

for

Fidelity ® U.S. Government
Reserves Fund

February 28, 2006

FUS-QTLY-0406

1.814093.101

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 24.6%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
Fannie Mae - 13.3%
Agency Coupons - 11.9%
3/21/06	4.38% (a)	$115,000		$114,955
3/22/06	4.37 (a)	135,000		134,933
5/22/06	4.67 (a)	60,000		59,992
				309,880
Discount Notes - 1.4%
3/1/06	3.73	24,720		24,720
3/1/06	3.74	6,810		6,810
1/26/07	4.98	6,855		6,555
				38,085
				347,965
Federal Home Loan Bank - 3.0%
Agency Coupons - 3.0%
3/13/06	4.36 (a)	56,000		55,987
5/2/06	4.57 (a)	23,000		22,993
				78,980
Freddie Mac - 8.3%
Discount Notes - 8.3%
3/7/06	3.78	25,000		24,985
7/25/06	4.01	24,200		23,822
7/25/06	4.60	18,490		18,153
7/25/06	4.61	16,730		16,424
9/27/06	4.26	25,000		24,404
9/29/06	4.51	15,000		14,618
10/17/06	4.53	11,095		10,787
10/23/06	4.90	18,760		18,177
12/1/06	4.72	22,028		21,269
1/9/07	4.75	10,085		9,685
1/17/07	4.76	17,970		17,239
1/19/07	4.81	18,015		17,270
				216,833
TOTAL FEDERAL AGENCIES			643,778
U.S. Treasury Obligations - 3.7%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (000s)
U.S. Treasury Bills - 3.7%
5/18/06	4.50%	$30,000		$29,711
5/25/06	4.51	25,000		24,737
8/3/06	4.50	25,155		24,678
8/3/06	4.53	18,035		17,691
TOTAL U.S. TREASURY OBLIGATIONS			96,817

Repurchase Agreements - 71.5%
	Maturity Amount (000s)
In a joint trading account (Collateralized by U.S. Government Obligations dated 2/28/06 due 3/1/06 At 4.5817%) (b)	$1,865,646		1,865,409
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $2,606,004)			2,606,004
NET OTHER ASSETS - 0.2%			4,160
NET ASSETS - 100%		$2,610,164

Legend

(a)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.

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

Repurchase Agreement/ Counterparty	Value (000s)
$1,865,409,000 due 3/1/06 at 4.5817%
Bank of America, National Association	$486,981
Barclays Capital Inc.	486,981
Credit Suisse First Boston LLC	243,491
Greenwich Capital Markets, Inc.	81,164
HSBC Securities (USA), Inc.	162,327
Morgan Stanley & Co. Incorporated.	385,527
Societe Generale, New York Branch	18,938
	$1,865,409

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $2,606,004,000.

Investment Valuation

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:	April 17, 2006

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:	April 17, 2006

By:	/s/Paul M. Murphy
	Paul M. Murphy
	Chief Financial Officer

Date:	April 17, 2006