497

Fidelity (logo) Investments®| 245 Summer Street
Boston MA 02210
617 563 7000

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| October 30, 2015

U.S. Securities & Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:	Fidelity Phillips Street Trust (the trust):
	Fidelity Cash Reserves Fidelity U.S. Government Reserves (the funds)
	File Nos. 002-63350 and 811-02890

__________________________________________________________________________

Ladies and Gentlemen:

Transmitted herewith for filing pursuant to Rule 497(e) under the Securities Act of 1933 (33 Act), as amended, are exhibits containing interactive data format risk/return summary information for supplements to the registration statement for the funds listed above. The purpose of this filing is to submit the 497 filing in XBRL for the funds.

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Very truly yours,
	/s/Jamie Plourde
	Jamie Plourde
	Legal Product Group

XML

Jan. 29, 2015

Retail | Fidelity Cash Reserves

Supplement to the
Fidelity^® Cash Reserves and Fidelity U.S. Government Reserves
January 29, 2015
Prospectus

Effective the close of business on August 21, 2015, new positions in Fidelity U.S. Government Reserves may no longer be opened. Shareholders of the fund on that date may continue to add to their existing fund positions. Investors who did not own shares of the fund on August 21, 2015, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 21, 2015, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since August 21, 2015, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and 4) by a portfolio manager of the fund. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.

At a special shareholder meeting of Fidelity U.S. Government Reserves, shareholders approved a proposal to merge Fidelity U.S. Government Reserves into Fidelity Government Money Market Fund. The Reorganization is expected to take place in the fourth quarter of 2015.

At a special shareholder meeting of Fidelity Cash Reserves, shareholders approved a proposal to modify the fund's fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. This change will enable the fund to operate as a government money market fund. The fund will implement other changes necessary to operate as a government money market fund, including (i) adopting a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully and (ii) changing its name to "Fidelity Government Cash Reserves." The modification to the fund's fundamental concentration policy and the fund's transition to a government money market fund are expected to become effective in the fourth quarter of 2015.

The following information supplements information for Fidelity U.S. Government Reserves found in the "Fund Summary" section under the heading "Principal Investment Risks" on page 8.

The fund will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.

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Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	FIDELITY PHILLIPS STREET TRUST
Prospectus Date	rr_ProspectusDate	Jan. 29, 2015
Document Creation Date	dei_DocumentCreationDate	Oct. 14, 2015

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Retail | Fidelity Cash Reserves

Risk/Return:

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Supplement [Text Block]

fpst_SupplementTextBlock

Supplement to the
Fidelity^® Cash Reserves and Fidelity U.S. Government Reserves
January 29, 2015
Prospectus

Effective the close of business on August 21, 2015, new positions in Fidelity U.S. Government Reserves may no longer be opened. Shareholders of the fund on that date may continue to add to their existing fund positions. Investors who did not own shares of the fund on August 21, 2015, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 21, 2015, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since August 21, 2015, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and 4) by a portfolio manager of the fund. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.

At a special shareholder meeting of Fidelity U.S. Government Reserves, shareholders approved a proposal to merge Fidelity U.S. Government Reserves into Fidelity Government Money Market Fund. The Reorganization is expected to take place in the fourth quarter of 2015.

At a special shareholder meeting of Fidelity Cash Reserves, shareholders approved a proposal to modify the fund's fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. This change will enable the fund to operate as a government money market fund. The fund will implement other changes necessary to operate as a government money market fund, including (i) adopting a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully and (ii) changing its name to "Fidelity Government Cash Reserves." The modification to the fund's fundamental concentration policy and the fund's transition to a government money market fund are expected to become effective in the fourth quarter of 2015.

The following information supplements information for Fidelity U.S. Government Reserves found in the "Fund Summary" section under the heading "Principal Investment Risks" on page 8.

The fund will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	Other
Document Period End Date	dei_DocumentPeriodEndDate	Nov. 30, 2014
Registrant Name	dei_EntityRegistrantName	FIDELITY PHILLIPS STREET TRUST
Central Index Key	dei_EntityCentralIndexKey	0000278001
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Oct. 14, 2015
Document Effective Date	dei_DocumentEffectiveDate	Oct. 14, 2015
Prospectus Date	rr_ProspectusDate	Jan. 29, 2015

XML

Jan. 29, 2015

Retail | Fidelity U.S. Government Reserves

Supplement to the
Fidelity^® Cash Reserves and Fidelity U.S. Government Reserves
January 29, 2015
Prospectus

Effective the close of business on August 21, 2015, new positions in Fidelity U.S. Government Reserves may no longer be opened. Shareholders of the fund on that date may continue to add to their existing fund positions. Investors who did not own shares of the fund on August 21, 2015, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 21, 2015, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since August 21, 2015, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and 4) by a portfolio manager of the fund. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.

At a special shareholder meeting of Fidelity U.S. Government Reserves, shareholders approved a proposal to merge Fidelity U.S. Government Reserves into Fidelity Government Money Market Fund. The Reorganization is expected to take place in the fourth quarter of 2015.

At a special shareholder meeting of Fidelity Cash Reserves, shareholders approved a proposal to modify the fund's fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. This change will enable the fund to operate as a government money market fund. The fund will implement other changes necessary to operate as a government money market fund, including (i) adopting a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully and (ii) changing its name to "Fidelity Government Cash Reserves." The modification to the fund's fundamental concentration policy and the fund's transition to a government money market fund are expected to become effective in the fourth quarter of 2015.

The following information supplements information for Fidelity U.S. Government Reserves found in the "Fund Summary" section under the heading "Principal Investment Risks" on page 8.

The fund will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

FIDELITY PHILLIPS STREET TRUST

Prospectus Date

rr_ProspectusDate

Jan. 29, 2015

Retail | Fidelity U.S. Government Reserves

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

fpst_SupplementTextBlock

Supplement to the
Fidelity^® Cash Reserves and Fidelity U.S. Government Reserves
January 29, 2015
Prospectus

Effective the close of business on August 21, 2015, new positions in Fidelity U.S. Government Reserves may no longer be opened. Shareholders of the fund on that date may continue to add to their existing fund positions. Investors who did not own shares of the fund on August 21, 2015, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 21, 2015, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since August 21, 2015, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and 4) by a portfolio manager of the fund. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.

At a special shareholder meeting of Fidelity U.S. Government Reserves, shareholders approved a proposal to merge Fidelity U.S. Government Reserves into Fidelity Government Money Market Fund. The Reorganization is expected to take place in the fourth quarter of 2015.

At a special shareholder meeting of Fidelity Cash Reserves, shareholders approved a proposal to modify the fund's fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. This change will enable the fund to operate as a government money market fund. The fund will implement other changes necessary to operate as a government money market fund, including (i) adopting a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully and (ii) changing its name to "Fidelity Government Cash Reserves." The modification to the fund's fundamental concentration policy and the fund's transition to a government money market fund are expected to become effective in the fourth quarter of 2015.

The following information supplements information for Fidelity U.S. Government Reserves found in the "Fund Summary" section under the heading "Principal Investment Risks" on page 8.

The fund will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.