N-Q 1 main.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)

Scott C. Goebel, 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, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Cash Reserves Fund

August 31, 2010 

1.805742.106

CAS-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.1%

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

LP Pinewood SPV LLC

 

9/7/10

0.29% (e)

$ 181,000

$ 181,000

Certificates of Deposit - 49.9%

 

London Branch, Eurodollar, Foreign Banks - 18.5%

Bank of Montreal

 

9/7/10 to 10/12/10

0.42 to 0.50

590,000

590,001

Commerzbank AG

 

11/16/10 to 11/29/10

0.46 to 0.50

1,893,000

1,893,044

Commonwealth Bank of Australia

 

9/24/10

0.50

201,000

201,000

Credit Agricole SA

 

9/1/10 to 1/4/11

0.36 to 0.60 (e)

3,379,000

3,379,000

Credit Industriel et Commercial

 

9/1/10 to 12/1/10

0.42 to 0.60

3,536,000

3,536,000

Danske Bank AS

 

9/1/10 to 9/14/10

0.43 to 0.58

1,275,000

1,275,000

HSBC Bank PLC

 

11/22/10 to 12/21/10

0.58 to 0.72

1,015,000

1,015,000

HSBC Bank PLC London Branch

 

9/7/10 to 8/29/11

0.37 to 0.70

1,988,000

1,988,000

ING Bank NV

 

9/14/10 to 11/17/10

0.39 to 0.51

3,549,000

3,549,000

Landesbank Hessen-Thuringen

 

9/15/10 to 10/12/10

0.49 to 0.68

2,012,000

2,012,000

National Australia Bank Ltd.

 

9/30/10 to 12/31/10

0.32 to 0.45

2,378,000

2,378,003

Societe Generale

 

11/19/10

0.35

750,000

750,000

 

 

22,566,048

New York Branch, Yankee Dollar, Foreign Banks - 31.4%

Banco Bilbao Vizcaya Argentaria SA New York Branch

 

9/7/10 to 9/27/10

0.36 to 0.46 (e)

881,000

881,000

Banco Santander SA

 

9/7/10

0.43

386,000

386,000

Bank of Montreal

 

9/17/10 to 9/27/10

0.29 to 0.41 (e)

626,000

626,000

Certificates of Deposit - continued

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

New York Branch, Yankee Dollar, Foreign Banks - continued

Bank of Nova Scotia

 

9/7/10 to 2/14/11

0.26 to 0.45% (e)

$ 2,211,000

$ 2,211,000

Bank of Tokyo-Mitsubishi

 

9/17/10 to 2/9/11

0.40 to 0.62

2,932,000

2,932,000

Barclays Bank PLC New York Branch

 

10/18/10

0.48

1,250,000

1,250,000

 

9/8/10

0.45 (e)

570,000

570,000

BNP Paribas New York Branch

 

9/15/10 to 2/22/11

0.42 to 0.52

5,372,000

5,371,998

Canadian Imperial Bank of Commerce New York Branch

 

9/1/10 to 9/17/10

0.30 to 0.47 (e)

2,443,000

2,443,010

Commerzbank AG New York Branch

 

9/1/10 to 9/21/10

0.41 to 0.49 (e)

1,190,000

1,190,000

Credit Agricole CIB

 

12/9/10

0.50

1,017,000

1,017,000

Credit Industriel et Commercial

 

9/9/10

0.60

346,000

346,000

DnB NOR Bank ASA

 

2/7/11

0.40

125,000

125,000

DZ Bank

 

10/12/10

0.50

770,000

770,000

Intesa Sanpaolo SpA New York Branch

 

9/23/10

0.31 (e)

205,000

205,000

Natexis Banques Populaires New York Branch

 

11/1/10

0.45

650,000

650,000

Natixis New York Branch

 

9/7/10 to 9/30/10

0.43 to 2.04 (e)

2,980,000

2,980,000

Nordea Bank Finland PLC

 

9/7/10

0.51

52,000

52,000

Rabobank Nederland

 

9/7/10 to 9/30/10

0.26 to 0.50 (e)

2,785,000

2,785,000

Rabobank Nederland New York Branch

 

9/3/10 to 2/7/11

0.26 to 0.40 (e)

2,138,000

2,138,001

Royal Bank of Canada

 

10/1/10

0.85 (e)

900,000

900,000

Certificates of Deposit - continued

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

New York Branch, Yankee Dollar, Foreign Banks - continued

Royal Bank of Canada New York Branch

 

9/13/10 to 9/29/10

0.26 to 0.29% (e)

$ 418,000

$ 418,000

Royal Bank of Scotland PLC Connecticut Branch

 

9/9/10 to 10/14/10

0.50 to 0.55

2,573,000

2,573,000

Skandinaviska Enskilda Banken New York Branch

 

10/13/10

0.37

587,000

587,000

Societe Generale

 

9/1/10 to 11/5/10

0.34 to 1.33 (e)

848,000

848,000

Sumitomo Mitsui Banking Corp.

 

10/7/10

0.30

382,000

382,000

Svenska Handelsbanken New York

 

9/15/10 to 12/1/10

0.27 to 0.54

1,478,000

1,478,002

Toronto-Dominion Bank

 

9/7/10 to 9/29/10

0.26 to 0.30 (e)

254,000

254,000

Toronto-Dominion Bank New York Branch

 

9/7/10 to 12/20/10

0.29 to 0.50 (e)

1,236,000

1,236,000

UBS AG

 

11/5/10

0.59

851,000

851,000

 

 

38,456,011

TOTAL CERTIFICATES OF DEPOSIT

61,022,059

Commercial Paper - 17.3%

 

Abbott Laboratories

 

10/26/10

0.57 (e)

582,000

582,000

Banco Bilbao Vizcaya Argentaria SA (London Branch)

 

9/20/10 to 10/1/10

0.35

341,000

340,921

Commerzbank U.S. Finance, Inc.

 

9/15/10 to 10/6/10

0.42 to 0.50

2,072,000

2,071,323

Commonwealth Bank of Australia

 

12/2/10

0.35 (e)

187,000

187,000

 

9/7/10 to 12/2/10

0.27 to 0.58 (e)

574,000

573,810

Credit Suisse New York Branch

 

9/3/10 to 9/7/10

0.50

975,000

974,959

Commercial Paper - continued

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

CVS Caremark Corp.

 

9/1/10

0.46% (e)

$ 372,000

$ 372,000

Dakota Notes (Citibank Credit Card Issuance Trust)

 

10/4/10 to 10/5/10

0.53

223,000

222,889

Danske Corp.

 

11/5/10 to 11/12/10

0.33 to 0.40

867,000

866,437

DnB NOR Bank ASA

 

9/1/10 to 2/7/11

0.31 to 0.62 (e)

1,375,000

1,374,146

Groupe BPCE

 

11/17/10 to 11/22/10

0.42 to 0.43

592,000

591,428

Hannover Funding Co. LLC

 

9/1/10 to 9/27/10

0.42 to 0.55

599,000

598,908

Intesa Funding LLC

 

9/9/10 to 9/16/10

0.30 to 0.35

504,501

504,459

Irish Republic

 

9/2/10 to 9/7/10

0.59 to 0.62

925,000

924,949

Landesbank Baden-Wuert

 

9/20/10

0.42

900,000

899,801

Landesbank Hessen-Thuringen

 

9/13/10 to 10/6/10

0.40 to 0.52

735,000

734,719

Natexis Banques Populaires U.S. Finance Co. LLC

 

9/20/10

0.50

766,000

765,798

Nationwide Building Society

 

11/19/10

0.40

152,000

151,867

Nordea North America, Inc.

 

9/3/10 to 3/1/11

0.35 to 0.60

1,681,000

1,678,832

Novartis Finance Corp.

 

1/18/11 to 2/23/11

0.30 to 0.36

434,000

433,359

Rabobank USA Financial Corp.

 

9/8/10

0.50

425,000

424,959

Royal Bank of Scotland PLC

 

10/14/10

0.55

380,000

379,750

Santander Finance, Inc.

 

9/27/10

0.36

506,000

505,870

Skandinaviska Enskilda Banken AB

 

9/2/10 to 11/4/10

0.35 to 0.45

885,000

884,715

Commercial Paper - continued

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

Sumitomo Trust & Banking Co. Ltd. New York Branch

 

11/29/10

0.35%

$ 187,000

$ 186,838

Svenska Handelsbanken, Inc.

 

9/10/10

0.50

179,000

178,978

Toronto Dominion Holdings (USA)

 

10/28/10

0.40

200,000

199,873

UBS Finance, Inc.

 

11/5/10

0.59

50,000

49,947

UniCredito Italiano Bank (Ireland) PLC

 

9/1/10 to 10/5/10

0.42 to 0.55

1,731,000

1,730,608

Westpac Banking Corp.

 

9/16/10 to 10/20/10

0.33 to 0.52 (e)

1,801,000

1,801,000

TOTAL COMMERCIAL PAPER

21,192,143

U.S. Government and Government Agency Obligations - 1.5%

 

Other Government Related - 1.5%

Bank of America NA (FDIC Guaranteed)

 

9/13/10

0.57 (d)(e)

585,000

585,000

Citibank NA (FDIC Guaranteed)

 

9/30/10

0.58 (d)(e)

50,000

50,000

General Electric Capital Corp. (FDIC Guaranteed)

 

3/11/11

0.46 (d)

176,000

177,225

Straight-A Funding LLC (Liquidity Facility Federal Financing Bank)

 

10/21/10 to 11/12/10

0.27 to 0.30 (c)

1,031,438

1,031,003

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

1,843,228

Federal Agencies - 1.6%

 

Federal Home Loan Bank - 1.6%

 

9/15/10 to 11/24/10

0.20 to 0.52 (e)

1,914,500

1,913,802

U.S. Treasury Obligations - 3.8%

 

U.S. Treasury Bills - 3.8%

 

9/23/10 to 12/16/10

0.26 to 0.45

4,637,000

4,634,634

Medium-Term Notes - 6.1%

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

Berkshire Hathaway, Inc.

 

11/10/10

0.39% (e)

$ 110,000

$ 110,000

BNP Paribas SA

 

11/15/10

0.63 (e)

696,000

696,000

BP Capital Markets PLC

 

9/11/10

0.67 (e)

391,705

391,705

Commonwealth Bank of Australia

 

9/7/10 to 9/14/10

0.33 to 0.35 (b)(e)

1,607,000

1,607,000

Metropolitan Life Global Funding I

 

10/1/10

1.68 (b)(e)

217,500

217,500

Metropolitan Life Insurance Co.

 

10/1/10

0.88 (e)(h)

175,000

175,000

Royal Bank of Canada

 

9/15/10 to 10/1/10

0.53 to 0.72 (b)(e)

2,050,000

2,050,000

Westpac Banking Corp.

 

9/23/10 to 11/12/10

0.29 to 0.54 (b)(e)

2,228,000

2,228,000

TOTAL MEDIUM-TERM NOTES

7,475,205

Municipal Securities - 0.6%

 

Arizona Health Facilities Auth. Rev. Series 2008 B, VRDN

9/7/10

0.27 (e)

26,300

26,300

California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Series 2010 A, VRDN

9/7/10

0.31 (e)

50,000

50,000

Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Series A, VRDN

9/7/10

0.30 (e)(f)

25,200

25,200

Houston Util. Sys. Rev. Series 2004 B1, VRDN

9/7/10

0.31 (e)

37,300

37,300

Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Series A, VRDN

9/7/10

0.28 (e)(f)

30,400

30,400

Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2008 B, VRDN

9/7/10

0.31 (e)

40,400

40,400

Michigan Hosp. Fin. Auth. Rev. Series 2007, VRDN

9/7/10

0.28 (e)

50,000

50,000

Nassau County Indl. Dev. Agcy. Series 2007 C, VRDN

9/7/10

0.31 (e)

27,200

27,200

New York City Gen. Oblig. Series 2004 H6, VRDN

9/7/10

0.28 (e)

30,880

30,880

Municipal Securities - continued

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

New York Hsg. Fin. Agcy. Rev. Series 1997 A, VRDN

9/7/10

0.28% (e)(f)

$ 56,700

$ 56,700

New York Hsg. Fin. Agcy. Rev. Series 1999 A, VRDN

9/7/10

0.28 (e)(f)

52,850

52,850

New York Hsg. Fin. Agcy. Rev. Series 2005 A, VRDN

9/7/10

0.28 (e)(f)

58,000

58,000

New York Hsg. Fin. Agcy. Rev. Series 2006 A, VRDN

9/7/10

0.28 (e)(f)

34,000

34,000

Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2006 I, VRDN

9/7/10

0.29 (e)(f)

14,000

14,000

Red River Ed. Fin. Corp. Ed. Rev. Series 2000, VRDN

9/7/10

0.24 (e)

25,600

25,600

Riverside Elec. Rev. Series 2008 B, VRDN

9/7/10

0.30 (e)

56,725

56,725

Simi Valley Multi-family Hsg. Rev. Series A, VRDN

9/7/10

0.29 (e)(f)

12,500

12,500

Triborough Bridge & Tunnel Auth. Revs. Series 2002 F, VRDN

9/7/10

0.27 (e)

52,880

52,880

Triborough Bridge & Tunnel Auth. Revs. Series 2005 B3, VRDN

9/7/10

0.29 (e)

10,100

10,100

TOTAL MUNICIPAL SECURITIES

691,035

Repurchase Agreements - 20.5%

Maturity Amount (000s)

 

In a joint trading account at 0.26% dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations) #

$ 7,586,895

7,586,841

With:

Banc of America Securities LLC at 0.73%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $2,511,262,708, 0%- 10.89%, 9/1/10 - 9/20/56)

2,342,047

2,342,000

Barclays Capital, Inc. at:

0.35%, dated 8/31/10 due 9/1/10 (Collateralized by Commercial Paper Obligations valued at $17,510,171, 11/9/10)

17,000

17,000

0.4%, dated 8/10/10 due 9/9/10 (Collateralized by Mortgage Loan Obligations valued at $102,613,767, 0.44%- 7.87%, 11/18/29 - 2/26/47)

96,032

96,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued

Barclays Capital, Inc. at:

0.5%, dated 8/16/10 due 9/16/10 (Collateralized by Equity Securities valued at $311,109,129)

$ 288,124

$ 288,000

0.55%, dated 8/16/10 due 9/16/10 (Collateralized by Corporate Obligations valued at $83,180,328, 6.75%, 4/3/18)

77,036

77,000

0.75%, dated 8/10/10 due 10/12/10 (Collateralized by Mortgage Loan Obligations valued at $204,929,704, 0.45% - 5.92%, 4/15/36 - 6/11/50)

194,255

194,000

1%, dated 8/24/10 due 8/24/11 (Collateralized by Mortgage Loan Obligations valued at $412,320,932, 0.41% - 6.09%, 11/25/36 - 11/25/46)

387,893

384,000

0.53%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at:

$108,698,056, 7%, 5/1/16)

100,001

100,000

$323,308,304, 1.78% - 9.5%, 12/12/11 - 2/5/25)

300,004

300,000

BNP Paribas Securities Corp. at 0.36%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $22,050,221, 8.25%, 1/20/34)

21,000

21,000

Credit Suisse Securities (USA) LLC at:

0.31%, dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations valued at $33,994,177, 0% - 12.13%, 9/20/10 - 4/25/40)

33,000

33,000

0.36%, dated 8/31/10 due 9/1/10 (Collateralized by Equity Securities valued at $2,332,888,713)

1,980,020

1,980,000

Deutsche Bank Securities, Inc. at:

0.24%, dated 8/17/10 due 11/15/10 (Collateralized by U.S. Government Obligations valued at $1,030,303,020, 2.31% - 9.5%, 10/1/10 - 10/20/58)

1,010,606

1,010,000

0.45%, dated:

8/4/10 due 9/7/10 (Collateralized by Corporate Obligations valued at $207,301,017, 0%- 12.25%, 9/12/10 - 12/10/49)

192,082

192,000

8/9/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $103,606,259, 0.41%- 11.13%, 12/15/10 - 8/30/45)

96,109

96,000

8/16/10 due 11/16/10 (Collateralized by Corporate Obligations valued at $102,619,359, 0.41%- 13.5%, 8/1/11 - 9/25/37)

95,109

95,000

8/30/10 due 11/29/10 (Collateralized by Corporate Obligations valued at $205,205,131, 0%- 14%, 5/10/11 - 11/20/48)

190,216

190,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued

Deutsche Bank Securities, Inc. at:

0.48%, dated 8/10/10 due 9/10/10 (Collateralized by Corporate Obligations valued at:

$42,684,810, 5%, 12/1/14)

$ 39,016

$ 39,000

$82,948,110, 0%- 4.75%, 2/1/11 - 1/1/49)

77,032

77,000

0.5%, dated:

7/15/10 due 10/13/10 (Collateralized by Corporate Obligations valued at $212,145,005, 0%- 14%, 9/12/10 - 6/1/56)

197,246

197,000

7/20/10 due 10/18/10 (Collateralized by Corporate Obligations valued at $106,910,217, 0%- 12.75%, 8/1/11 - 6/1/56)

99,124

99,000

7/23/10 due 10/21/10 (Collateralized by Corporate Obligations valued at $209,985,753, 0%- 11.5%, 3/15/11 - 12/10/49)

195,244

195,000

7/27/10 due 10/25/10 (Collateralized by Corporate Obligations valued at $210,673,325, 0%- 13.5%, 12/15/11 - 8/3/52)

195,244

195,000

0.55%, dated:

6/23/10 due 9/21/10 (Collateralized by Mortgage Loan Obligations valued at $107,350,976, 0%- 11.88%, 9/15/12 - 12/10/49)

99,136

99,000

6/28/10 due 9/27/10 (Collateralized by Mortgage Loan Obligations valued at $213,324,278, 0%- 12%, 1/13/12 - 2/20/47)

197,274

197,000

6/30/10 due 10/1/10 (Collateralized by Corporate Obligations valued at $108,115,359, 0.42%- 11.25%, 3/15/11 - 6/1/56)

100,142

100,000

7/7/10 due 10/5/10 (Collateralized by Corporate Obligations valued at $210,650,611, 0% - 13.5%, 2/15/11 - 12/10/49)

195,268

195,000

0.68%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $108,002,179, 0%- 8%, 6/15/12 - 11/15/33)

100,002

100,000

Goldman Sachs & Co. at 0.33%, dated 8/26/10 due 9/2/10 (Collateralized by Certificates of Deposit valued at $356,398,711, 0%- 2.05%, 10/6/10 - 3/16/12) (e)(g)

346,022

346,000

ING Financial Markets LLC at:

0.37%, dated 8/23/10 due 9/22/10 (Collateralized by Corporate Obligations valued at $70,358,225, 1%- 11.25%, 8/5/13 - 3/1/34)

67,021

67,000

0.39%, dated 8/9/10 due 9/8/10 (Collateralized by Corporate Obligations valued at $56,718,678, 4.88%- 7.5%, 8/15/11 - 6/1/40)

54,018

54,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued

ING Financial Markets LLC at:

at 0.28%, dated 9/2/10 due 3/1/11 (Collateralized by U.S. Government Obligations valued at $106,081,535, 5% - 6.5%, 8/1/35 - 5/1/36)

$ 104,146

$ 104,000

J.P. Morgan Securities, Inc. at:

0.33%, dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations valued at $857,990,156, 0%- 7%, 7/1/18 - 5/1/40)

833,008

833,000

0.58%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $1,079,202,543, 0%- 7.5%, 3/15/11 - 9/15/41)

1,000,016

1,000,000

0.65%, dated 7/26/10 due 9/27/10 (Collateralized by Corporate Obligations valued at $115,491,954, 0%- 6.97%, 10/15/13 - 9/1/42)

107,122

107,000

0.73%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $394,200,539, 0.32%- 9.36%, 10/11/10 - 7/30/52)

365,007

365,000

0.43%, dated 8/31/10 due 9/1/10 (Collateralized by Equity Securities valued at $666,674,635)

600,007

600,000

0.61%, dated 7/29/10 due 10/27/10 (Collateralized by Equity Securities valued at $495,858,017)

446,680

446,000

Morgan Stanley & Co., Inc. at 0.23%, dated 7/30/10 due 10/28/10 (Collateralized by U.S. Treasury Obligations valued at $927,195,461, 1.38% - 3.38%, 1/15/12 - 1/15/28)

900,518

900,000

RBC Capital Markets Co. at:

0.46%, dated 8/25/10 due 9/29/10 (Collateralized by Corporate Obligations valued at $355,885,689, 0.32%- 7.05%, 10/25/32 - 8/26/37)

334,149

334,000

0.86%, dated 5/25/10 due 11/24/10 (Collateralized by Corporate Obligations valued at $113,734,081, 1.5%- 5.5%, 11/15/11 - 12/15/37)

107,468

107,000

RBS Securities, Inc. at:

0.67%, dated 8/18/10 due 9/17/10 (Collateralized by Corporate Obligations valued at $657,926,335, 0%- 14.4%, 10/25/12 - 11/23/52)

613,342

613,000

0.79%, dated 8/5/10 due 8/5/11 (Collateralized by Mortgage Loan Obligations valued at $414,720,806, 0%- 9.25%, 12/15/15 - 8/25/47) (e)(g)

387,076

384,000

UBS Securities LLC at:

0.4%, dated 8/27/10 due 11/29/10 (Collateralized by Corporate Obligations valued at $79,809,225, 1.5%- 8.88%, 12/1/11 - 12/15/37)

76,079

76,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued

UBS Securities LLC at:

0.44%, dated 8/16/10 due 11/15/10 (Collateralized by Corporate Obligations valued at $151,240,385, 0.01%- 0.12%, 7/25/18 - 11/14/22)

$ 144,160

$ 144,000

0.45%, dated 8/19/10 due 11/17/10 (Collateralized by Corporate Obligations valued at $82,083,296, 0%- 12.25%, 9/15/11 - 6/15/38)

76,086

76,000

0.5%, dated:

8/9/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $200,612,073, 0%- 0.77%, 7/25/18 - 7/20/51)

191,241

191,000

8/10/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $62,660,799, 0.75%- 10.5%, 2/1/11 - 12/15/38)

58,073

58,000

0.53%, dated 8/4/10 due 11/2/10 (Collateralized by Corporate Obligations valued at $83,196,322, 1.63%- 13.13%, 7/1/11 - 9/15/36)

77,102

77,000

0.58%, dated 7/29/10 due 10/27/10 (Collateralized by Corporate Obligations valued at $167,492,792, 0.6%- 13%, 9/15/10 - 1/11/40)

155,223

155,000

0.66%, dated 7/12/10 due 10/8/10 (Collateralized by Corporate Obligations valued at $122,963,978, 0.02%- 0.12%, 10/20/20 - 11/14/22)

117,189

117,000

0.71%, dated 7/12/10 due 10/8/10 (Collateralized by Corporate Obligations valued at $83,296,679, 0.01%- 1.14%, 7/25/18 - 9/15/40)

78,135

78,000

Wells Fargo Securities, LLC at:

0.36%, dated 8/31/10 due 9/1/10 (Collateralized by Corporate Obligations valued at $1,270,500,943, 0%- 10%, 9/9/10 - 8/17/40)

1,215,012

1,215,000

0.58%, dated 7/7/10 due 10/7/10 (Collateralized by Commercial Paper Obligations valued at $111,160,725, 9/27/10 - 7/15/20)

107,159

107,000

TOTAL REPURCHASE AGREEMENTS

25,048,841

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $124,001,947)

124,001,947

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(1,690,220)

NET ASSETS - 100%

$ 122,311,727

Security Type Abbreviations

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, 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 end of the period, the value of these securities amounted to $6,102,500,000 or 5.0% of net assets.

(c) The Federal Financing Bank, an instrumentality of the U.S. Government acting under the supervision of the Secretary of the Treasury (FFB), has entered into a Liquidity Loan Agreement with Straight-A Funding LLC (Issuer), pursuant to which the FFB has committed, subject to certain conditions, to provide financing to the Issuer to cover any payment deficiencies in respect of notes on their legal final maturity dates. At the end of the period, these securities amounted to $1,031,003,000 or 0.8% of net assets.

(d) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $812,225,000 or 0.7% of net assets.

(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

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

(h) 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 $175,000,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost
(000s)

Metropolitan Life Insurance Co. 0.88%, 10/1/10

3/26/02

$ 175,000

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in
thousands)

$7,586,841,000 due 9/01/10 at 0.26%

BNP Paribas Securities Corp.

$ 1,001,049

Bank of America NA

2,269,585

Barclays Capital, Inc.

263,434

Citibank NA

40,528

Citigroup Global Markets, Inc.

324,226

Credit Agricole Securities (USA) Inc.

324,226

Deutsche Bank Securities, Inc.

520,586

Goldman, Sachs & Co.

81,057

HSBC Securities (USA), Inc.

567,396

J.P. Morgan Securities, Inc.

648,453

Morgan Stanley & Co., Inc.

156,181

RBC Capital Markets Corp.

85,109

RBS Securities, Inc.

162,113

Societe Generale, New York Branch

405,283

UBS Securities LLC

308,015

Wells Fargo Securities LLC

429,600

 

$ 7,586,841

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $124,001,947,000.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

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 LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® U.S. Government
Reserves Fund

August 31, 2010 

1.805753.106

FUS-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 8.1%

 

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

Other Government Related - 8.1%

Straight-A Funding LLC (Liquidity Facility Federal Financing Bank)

 

9/16/10 to 10/6/10

0.37 to 0.40% (b)

$ 253,711

$ 253,665

Federal Agencies - 39.4%

 

Fannie Mae - 0.9%

 

3/23/11

0.27

27,000

27,222

Federal Home Loan Bank - 34.8%

 

9/1/10 to 6/1/11

0.17 to 0.60 (c)

1,088,750

1,088,429

Freddie Mac - 3.7%

 

10/27/10 to 4/18/11

0.27 to 0.32

113,000

114,400

TOTAL FEDERAL AGENCIES

1,230,051

U.S. Treasury Obligations - 3.0%

 

U.S. Treasury Bills - 3.0%

 

9/23/10 to 1/27/11

0.20 to 0.41

95,000

94,956

Repurchase Agreements - 49.6%

Maturity Amount (000s)

 

In a joint trading account at 0.26% dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations) #

$ 1,161,681

1,161,673

With:

BNP Paribas Securities Corp. at 0.25%, dated 7/7/10 due 10/5/10 (Collateralized by U.S. Government Obligations valued at $18,547,210, 0.54% - 6%, 12/15/17 - 6/25/37)

18,011

18,000

Deutsche Bank Securities, Inc. at 0.24%, dated:

7/28/10 due 10/26/10 (Collateralized by U.S. Government Obligations valued at $74,477,374, 4% - 7%, 4/1/19 - 8/1/40)

73,044

73,000

8/17/10 due 11/15/10 (Collateralized by U.S. Government Obligations valued at $26,522,653, 5.5% - 7%, 7/1/37 - 11/1/38)

26,016

26,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value (000s)

With: - continued

ING Financial Markets LLC at:

0.24%, dated:

7/14/10 due 10/12/10 (Collateralized by U.S. Government Obligations valued at $72,124,430, 0.58% - 4%, 9/25/20 - 7/25/37)

$ 70,042

$ 70,000

7/26/10 due 10/25/10 (Collateralized by U.S. Government Obligations valued at $74,477,937, 2.31% - 6.07%, 10/1/18 - 7/1/37)

73,044

73,000

8/17/10 due 11/15/10 (Collateralized by U.S. Government Obligations valued at $14,423,348, 4%, 10/15/27)

14,008

14,000

0.25%, dated:

7/9/10 due 10/7/10 (Collateralized by U.S. Government Obligations valued at $74,492,489, 2.6% - 5.47%, 2/1/16 - 11/1/40)

73,046

73,000

8/9/10 due 11/8/10 (Collateralized by U.S. Government Obligations valued at $22,663,555, 0.65% - 1.46%, 10/15/20 - 3/15/33)

22,014

22,000

0.28%, dated:

8/17/10 due 2/7/11 (Collateralized by U.S. Government Obligations valued at $14,422,509, 0.53% - 0.69%, 7/15/36 - 8/15/36)

14,019

14,000

9/2/10 due 3/1/11 (Collateralized by U.S. Government Obligations valued at $3,064,270, 3.57%, 02/01/40)

3,004

3,000

TOTAL REPURCHASE AGREEMENTS

1,547,673

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $3,126,345)

3,126,345

NET OTHER ASSETS (LIABILITIES) - (0.1)%

(2,983)

NET ASSETS - 100%

$ 3,123,362

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) The Federal Financing Bank, an instrumentality of the U.S. Government acting under the supervision of the Secretary of the Treasury (FFB), has entered into a Liquidity Loan Agreement with Straight-A Funding LLC (Issuer), pursuant to which the FFB has committed, subject to certain conditions, to provide financing to the Issuer to cover any payment deficiencies in respect of notes on their legal final maturity dates. At the end of the period, these securities amounted to $253,665,000, or 8.1% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$1,161,673,000 due 9/01/10 at 0.26%

BNP Paribas Securities Corp.

$ 153,277

Bank of America NA

347,511

Barclays Capital, Inc.

40,336

Citibank NA

6,206

Citigroup Global Markets, Inc.

49,645

Credit Agricole Securities (USA) Inc.

49,645

Deutsche Bank Securities, Inc.

79,710

Goldman, Sachs & Co.

12,411

HSBC Securities (USA), Inc.

86,878

J.P. Morgan Securities, Inc.

99,289

Morgan Stanley & Co., Inc.

23,914

RBC Capital Markets Corp.

13,032

RBS Securities, Inc.

24,822

Societe Generale, New York Branch

62,056

UBS Securities LLC

47,162

Wells Fargo Securities LLC

65,779

 

$ 1,161,673

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $3,126,345,000.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

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.

See accompanying notes which are an integral part of the financial statements.

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 LLC

or an affiliate.

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/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 1, 2010

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/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

November 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 1, 2010