497

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

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| February 20, 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

Retail | Fidelity Cash Reserves

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

The Board of Trustees has approved, subject to shareholder approval, a proposal to modify Fidelity Cash Reserves' fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. A meeting of shareholders of Fidelity Cash Reserves will be held on May 12, 2015, to vote on this proposal. If approved by shareholders, the fund will make other changes necessary to operate as a government money market fund, including (ii) 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." If approved, the fund currently anticipates that these changes will take effect in the fourth quarter of 2015.

Effective May 31, 2015, Fidelity U.S. Government Reserves' principal investment strategies as set forth in the "Fund Summary" and "Fund Basics" sections of the prospectus are revised so that the Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully. This policy is subject to change only upon 60 days' prior notice to shareholders.

XML

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	Jan. 30, 2015

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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

Retail | Fidelity Cash 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

The Board of Trustees has approved, subject to shareholder approval, a proposal to modify Fidelity Cash Reserves' fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. A meeting of shareholders of Fidelity Cash Reserves will be held on May 12, 2015, to vote on this proposal. If approved by shareholders, the fund will make other changes necessary to operate as a government money market fund, including (ii) 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." If approved, the fund currently anticipates that these changes will take effect in the fourth quarter of 2015.

Effective May 31, 2015, Fidelity U.S. Government Reserves' principal investment strategies as set forth in the "Fund Summary" and "Fund Basics" sections of the prospectus are revised so that the Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully. This policy is subject to change only upon 60 days' prior notice to shareholders.

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	Jan. 30, 2015
Document Effective Date	dei_DocumentEffectiveDate	Jan. 30, 2015
Prospectus Date	rr_ProspectusDate	Jan. 29, 2015

XML

Retail | Fidelity U.S. Government Reserves

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

The Board of Trustees has approved, subject to shareholder approval, a proposal to modify Fidelity Cash Reserves' fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. A meeting of shareholders of Fidelity Cash Reserves will be held on May 12, 2015, to vote on this proposal. If approved by shareholders, the fund will make other changes necessary to operate as a government money market fund, including (ii) 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." If approved, the fund currently anticipates that these changes will take effect in the fourth quarter of 2015.

Effective May 31, 2015, Fidelity U.S. Government Reserves' principal investment strategies as set forth in the "Fund Summary" and "Fund Basics" sections of the prospectus are revised so that the Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully. This policy is subject to change only upon 60 days' prior notice to shareholders.

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

The Board of Trustees has approved, subject to shareholder approval, a proposal to modify Fidelity Cash Reserves' fundamental concentration policy so that the fund would be prohibited from investing more than 25% of its total assets in the financial services industry. A meeting of shareholders of Fidelity Cash Reserves will be held on May 12, 2015, to vote on this proposal. If approved by shareholders, the fund will make other changes necessary to operate as a government money market fund, including (ii) 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." If approved, the fund currently anticipates that these changes will take effect in the fourth quarter of 2015.

Effective May 31, 2015, Fidelity U.S. Government Reserves' principal investment strategies as set forth in the "Fund Summary" and "Fund Basics" sections of the prospectus are revised so that the Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully. This policy is subject to change only upon 60 days' prior notice to shareholders.