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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Cash Reserves Fund

February 28, 2013 

1.814088.108

CAS-QTLY-0413

Investments February 28, 2013 (Unaudited)

Showing Percentage of Net Assets

Certificate of Deposit - 44.5%

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

Domestic Certificates Of Deposit - 4.3%

Branch Banking & Trust Co.

 

3/27/13 to 5/1/13

0.32 to 0.36%

$ 894,000

$ 894,000

Citibank NA

 

3/25/13 to 5/28/13

0.21 to 0.30

2,930,805

2,930,805

State Street Bank & Trust Co., Boston

 

3/7/13 to 6/7/13

0.23 to 0.28

1,067,000

1,067,000

 

 

4,891,805

London Branch, Eurodollar, Foreign Banks - 6.5%

Australia & New Zealand Banking Group Ltd.

 

4/22/13

0.25

408,000

408,003

Commonwealth Bank of Australia

 

3/14/13

0.24

126,000

126,000

DNB Bank ASA

 

5/10/13 to 5/13/13

0.26

408,000

408,002

HSBC Bank PLC

 

4/12/13 to 11/12/13

0.25 to 0.32

1,096,000

1,096,000

Mizuho Corporate Bank Ltd.

 

3/21/13 to 4/22/13

0.30 to 0.34

222,000

222,000

National Australia Bank Ltd.

 

4/12/13 to 6/3/13

0.25 to 0.27 (c)

5,246,000

5,246,000

 

 

7,506,005

New York Branch, Yankee Dollar, Foreign Banks - 33.7%

Bank of Montreal Chicago CD Program

 

3/1/13 to 9/6/13

0.18 to 0.40 (c)

2,417,000

2,417,000

Bank of Nova Scotia

 

4/11/13 to 10/11/13

0.24 to 0.52 (c)

2,666,000

2,665,978

Bank of Tokyo-Mitsubishi UFJ Ltd.

 

3/4/13 to 8/13/13

0.27 to 0.50 (c)

5,679,000

5,678,999

Canadian Imperial Bank of Commerce

 

7/31/13 to 9/17/13

0.28 to 0.39 (c)

1,915,000

1,915,000

Credit Suisse

 

5/29/13

0.27 (c)

618,000

618,000

Deutsche Bank AG New York Branch

 

3/5/13

0.17

2,390,000

2,390,000

Lloyds TSB Bank PLC New York Branch

 

3/5/13

0.16

2,028,000

2,028,000

Certificate of Deposit - continued

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

New York Branch, Yankee Dollar, Foreign Banks - continued

Mizuho Corporate Bank Ltd.

 

4/8/13 to 6/20/13

0.29 to 0.32%

$ 3,457,000

$ 3,457,000

Natexis Banques Populaires New York Branch

 

3/5/13

0.18

1,207,000

1,207,000

National Bank of Canada

 

8/16/13

0.35 (c)

1,201,000

1,200,550

Nordea Bank Finland PLC

 

3/27/13 to 5/17/13

0.25 to 0.28

1,995,000

1,995,000

Royal Bank of Canada

 

8/30/13

0.69 (c)

900,000

900,000

Royal Bank of Canada New York Branch

 

9/6/13

0.40 (c)

750,000

749,922

Skandinaviska Enskilda Banken

 

6/11/13 to 6/13/13

0.26

700,000

700,000

Sumitomo Mitsui Banking Corp.

 

3/12/13 to 5/14/13

0.25 to 0.42 (c)

5,012,500

5,012,502

Sumitomo Trust & Banking Co. Ltd.

 

4/9/13 to 6/26/13

0.30

2,627,000

2,627,000

Svenska Handelsbanken, Inc.

 

5/20/13

0.28

441,000

441,005

Toronto-Dominion Bank

 

3/27/13 to 11/15/13

0.24 to 0.32 (c)

2,078,000

2,078,004

UBS AG

 

5/7/13

0.30 (c)

526,000

526,000

 

 

38,606,960

TOTAL CERTIFICATE OF DEPOSIT

51,004,770

Financial Company Commercial Paper - 21.7%

 

Australia & New Zealand Banking Group Ltd.

 

5/8/13

0.20 (c)

140,000

139,990

Bank of Nova Scotia

 

5/6/13 to 5/7/13

0.20

866,000

865,682

Barclays Bank PLC/Barclays U.S. CCP Funding LLC

 

4/9/13 to 4/30/13

0.28 to 0.30

315,000

314,880

Financial Company Commercial Paper - continued

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

Barclays U.S. Funding Corp.

 

4/9/13

0.25%

$ 2,998,000

$ 2,997,188

BNP Paribas Finance, Inc.

 

3/28/13

0.31

1,120,000

1,119,740

Commerzbank U.S. Finance, Inc.

 

3/5/13

0.30

806,000

805,973

Commonwealth Bank of Australia

 

5/28/13 to 7/29/13

0.24 to 0.25 (c)

1,203,000

1,202,836

Credit Suisse

 

6/3/13

0.26

604,000

603,598

DNB Bank ASA

 

3/6/13 to 3/25/13

0.26

614,000

613,912

General Electric Capital Corp.

 

4/12/13 to 7/8/13

0.25 to 0.26

1,553,000

1,552,201

JPMorgan Chase & Co.

 

4/26/13 to 9/3/13

0.27 to 0.30 (c)

1,646,000

1,646,000

Natexis Banques Populaires U.S. Finance Co. LLC

 

3/5/13

0.18

1,172,000

1,171,977

Nationwide Building Society

 

3/4/13 to 6/28/13

0.29 to 0.30

485,000

484,726

Nordea North America, Inc.

 

4/4/13

0.25

105,000

104,975

Skandinaviska Enskilda Banken AB

 

3/5/13 to 6/17/13

0.26 to 0.28

749,000

748,624

Societe Generale North America, Inc.

 

3/4/13 to 4/2/13

0.27 to 0.29

3,827,000

3,826,487

Sumitomo Mitsui Banking Corp.

 

5/22/13

0.25

385,000

384,781

Svenska Handelsbanken, Inc.

 

4/8/13 to 5/20/13

0.25 to 0.28

724,000

723,712

Swedbank AB

 

5/21/13 to 6/4/13

0.26 to 0.27

708,000

707,536

Toyota Motor Credit Corp.

 

3/5/13

0.32

157,000

156,994

UBS Finance, Inc.

 

4/12/13 to 8/19/13

0.35 to 0.45

2,539,000

2,536,128

Financial Company Commercial Paper - continued

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

Westpac Banking Corp.

 

5/29/13 to 7/5/13

0.25% (c)

$ 2,192,000

$ 2,192,000

TOTAL FINANCIAL COMPANY COMMERCIAL PAPER

24,899,940

Asset Backed Commercial Paper - 1.5%

 

Ciesco LP (Citibank NA Guaranteed)

 

 

 

 

4/25/13

0.34

51,000

50,974

 

5/29/13

0.31

239,000

238,817

Govco, Inc. (Liquidity Facility Citibank NA)

 

 

 

 

3/1/13

0.33

208,000

208,000

 

3/4/13

0.33

53,000

52,999

 

3/5/13

0.33

54,000

53,998

 

3/8/13

0.33

20,500

20,499

 

3/11/13

0.33

125,000

124,989

 

4/22/13

0.31

88,000

87,961

 

5/1/13

0.33

162,000

161,909

 

5/13/13

0.31

100,000

99,937

 

5/21/13

0.31

100,000

99,930

Liberty Street Funding LLC (Bank of Nova Scotia Guaranteed)

 

5/21/13

0.20

86,000

85,961

Market Street Funding LLC (Liquidity Facility PNC Bank NA)

 

3/5/13

0.22

42,000

41,999

Northern Pines Funding LLC (Liquidity Facility Shanghai Bestway Marine Engineering Design Co. Ltd.)

 

 

 

 

3/4/13

0.34

239,000

238,993

 

3/12/13

0.31

175,000

174,983

TOTAL ASSET BACKED COMMERCIAL PAPER

1,741,949

Other Commercial Paper - 1.5%

 

Anheuser-Busch InBev Worldwide, Inc.

 

5/29/13

0.26

65,300

65,258

Other Commercial Paper - continued

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

Archer Daniels Midland Co.

 

3/1/13 to 3/5/13

0.20%

$ 191,600

$ 191,597

Devon Energy Corp.

 

3/26/13

0.40 (c)

580,000

580,000

MidAmerican Energy Holdings, Co.

 

3/8/13 to 3/22/13

0.31 to 0.32

222,000

221,981

Northeast Utilities

 

3/1/13 to 3/4/13

0.31 to 0.32

68,336

68,335

Sempra Global

 

3/1/13 to 3/21/13

0.34 to 0.36

54,435

54,431

Verizon Communications, Inc.

 

4/15/13

0.40 (c)

403,000

403,000

Virginia Electric & Power Co.

 

3/18/13

0.32

111,900

111,883

TOTAL OTHER COMMERCIAL PAPER

1,696,485

Treasury Debt - 7.6%

 

U.S. Treasury Obligations - 7.6%

U.S. Treasury Bills

 

8/15/13

0.12

250,550

250,411

 

8/22/13

0.14

250,000

249,837

U.S. Treasury Notes

 

3/15/13 to 12/31/13

0.15 to 0.24

8,160,000

8,218,141

TOTAL TREASURY DEBT

8,718,389

Other Note - 3.2%

 

Medium-Term Notes - 3.2%

Dominion Resources, Inc.

 

4/15/13

0.40 (b)(c)

323,000

323,000

Royal Bank of Canada

 

8/30/13 to 9/13/13

0.41 to 0.68 (b)(c)

2,125,000

2,125,000

 

9/6/13

0.35 (c)

376,000

375,961

Svenska Handelsbanken AB

 

8/27/13

0.29 (b)(c)

816,000

816,000

TOTAL OTHER NOTE

3,639,961

Variable Rate Demand Note - 0.2%

 

 

Yield (a)

Principal
Amount (000s)

Value (000s)

Delaware - 0.2%

LP Pinewood SPV LLC Taxable, LOC Wells Fargo Bank NA, VRDN

 

3/7/13

0.20% (c)

$ 181,000

$ 181,000

Government Agency Debt - 2.0%

 

Federal Agencies - 2.0%

Fannie Mae

 

9/11/14

0.18 (c)

717,000

716,784

Federal Home Loan Bank

 

8/23/13 to 6/25/14

0.17 to 0.22 (c)

1,609,720

1,609,769

TOTAL GOVERNMENT AGENCY DEBT

2,326,553

Insurance Company Funding Agreement - 0.2%

 

Medium-Term Notes - 0.2%

Metropolitan Life Insurance Co.

 

5/29/13

0.48 (c)(e)

175,000

175,000

Government Agency Repurchase Agreement - 8.2%

Maturity
Amount (000s)

 

In a joint trading account at 0.21% dated 2/28/13 due 3/1/13 (Collateralized by U.S. Government Obligations) #

$ 835

835

With:

BNP Paribas Securities Corp. at:

0.17%, dated 1/22/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $397,871,384, 3% - 4%, 12/1/25 - 2/1/43)

390,103

390,000

0.18%, dated:

1/16/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $963,091,835, 2.5% - 5.5%, 6/20/27 - 6/15/53)

944,288

944,000

1/22/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $397,875,582, 3% - 3.5%, 12/1/25 - 2/20/43)

390,176

390,000

2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $1,020,040,800, 3% - 6.5%, 1/15/35 - 2/20/43)

1,000,305

1,000,000

Government Agency Repurchase Agreement - continued

Maturity
Amount (000s)

Value (000s)

With: - continued

ING Financial Markets LLC at:

0.17%, dated 1/24/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $274,799,331, 2.08% - 6.5%, 12/1/24 - 11/1/47)

$ 269,076

$ 269,000

0.18%, dated:

2/1/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $378,832,705, 0% - 6.47%, 5/15/27 - 5/25/45)

371,111

371,000

2/5/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $41,203,838, 2.08% - 4%, 5/1/32 - 1/1/43)

40,012

40,000

2/19/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $186,668,428, 2.08% - 5.57%, 2/1/19 - 9/1/42)

183,054

183,000

Merrill Lynch, Pierce, Fenner & Smith at:

0.17%, dated 2/6/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $1,020,110,784, 2.3% - 5%, 10/1/21 - 2/1/43)

1,000,298

1,000,000

0.18%, dated 1/15/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $510,114,750, 2.5% - 4.5%, 5/1/27 - 2/1/43)

500,140

500,000

Mitsubishi UFJ Securities (USA), Inc. at 0.21%, dated:

2/4/13 due 3/6/13 (Collateralized by U.S. Government Obligations valued at $1,224,178,501, 1.37% - 5.92%, 1/1/19 - 2/1/44)

1,200,210

1,200,000

2/6/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $153,020,528, 2.5% - 4%, 11/1/26 - 3/1/42)

150,025

150,000

2/8/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $381,556,066, 2.24% - 4%, 11/1/26 - 9/1/42)

374,068

374,000

2/13/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $763,031,210, 1.73% - 6.79%, 11/1/26 - 7/1/42)

748,131

748,000

2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $1,297,500,548, 1.4% - 5.61%, 5/1/21 - 3/1/50)

1,272,237

1,272,000

2/27/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $381,484,451, 1.97% - 6.33%, 10/1/21 - 3/1/42)

374,074

374,000

RBC Capital Markets Corp. at 0.18%, dated 2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $200,854,241, 0.61% - 10%, 12/25/16 - 2/25/43)

195,031

195,000

TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT

9,400,835

Other Repurchase Agreement - 10.1%

Maturity
Amount (000s)

Value (000s)

Other Repurchase Agreement - 10.1%

With:

BNP Paribas Securities Corp. at 0.5%, dated 2/28/13 due 3/7/13 (Collateralized by Corporate Obligations valued $31,320,436, 5% - 10%, 4/15/15 - 6/15/32)

$ 29,011

$ 29,000

Citigroup Global Markets, Inc. at:

0.46%, dated 2/28/13 due 3/1/13 (Collateralized by Equity Securities valued at $162,002,157)

150,002

150,000

0.56%, dated 2/28/13 due 3/1/13 (Collateralized by Corporate Obligations valued at $54,000,840, 2%, 12/15/43)

50,001

50,000

0.85%, dated 2/15/13 due 4/23/13 (Collateralized by Corporate Obligations valued at $176,264,297, 1% - 9%, 3/15/13 - 12/15/43)

163,258

163,000

Credit Suisse Securities (USA) LLC at:

0.27%, dated 2/22/13 due 3/1/13 (Collateralized by U.S. Government Obligations valued at $212,191,640, 0% - 10.5%, 2/1/17 - 8/1/42)

206,011

206,000

0.31%, dated 2/22/13 due 3/1/13 (Collateralized by Equity Securities valued at $267,863,660)

248,015

248,000

0.48%, dated 1/15/13 due 4/18/13 (Collateralized by Equity Securities valued at $354,462,504)

328,407

328,000

0.7%, dated:

2/1/13 due 5/2/13 (Collateralized by Corporate Obligations valued at $89,691,700, 6.5%, 11/15/16)

83,145

83,000

2/19/13 due 5/20/13 (Collateralized by Mortgage Loan Obligations valued at $110,087,949, 0% - 7.52%, 7/15/13 - 6/12/50)

102,179

102,000

0.74%, dated:

1/2/13 due 4/2/13 (Collateralized by Corporate Obligations valued at $112,307,976, 0% - 7.45%, 9/15/27 - 9/25/47)

104,192

104,000

1/7/13 due 4/8/13 (Collateralized by Corporate Obligations valued at $223,774,526, 0% - 8.31%, 10/19/26 - 12/18/49)

207,387

207,000

1/14/13 due 4/15/13 (Collateralized by Corporate Obligations valued at $222,604,986, 0% - 7%, 2/10/22 - 3/12/51)

206,385

206,000

1/17/13 due 4/19/13 (Collateralized by Mortgage Loan Obligations valued at $333,604,019, 0% - 7%, 4/15/19 - 2/15/51)

309,584

309,000

1/23/13 due 4/23/13 (Collateralized by Mortgage Loan Obligations valued at $75,480,056, 0% - 7.55%, 6/17/19 - 11/15/48)

70,130

70,000

1/24/13 due 4/26/13 (Collateralized by Mortgage Loan Obligations valued at $5,405,311, 0.31% - 5.77%, 6/25/35 - 6/10/46)

5,009

5,000

Other Repurchase Agreement - continued

Maturity
Amount (000s)

Value (000s)

Other Repurchase Agreement - continued

With: - continued

Deutsche Bank Securities, Inc. at:

0.29%, dated 2/28/13 due 3/1/13 (Collateralized by Equity Securities valued at $432,003,489)

$ 400,003

$ 400,000

0.35%, dated 2/20/13 due 3/6/13 (Collateralized by Equity Securities valued at $146,977,771)

136,019

136,000

J.P. Morgan Clearing Corp. at:

0.52%, dated 1/17/13 due 5/17/13 (Collateralized by Equity Securities valued at $147,917,912)

136,236

136,000

0.64%, dated 2/19/13 due 6/19/13 (Collateralized by Corporate Obligations valued at $295,704,832, 1% - 6%, 6/1/13 - 10/15/29)

272,580

272,000

0.65%, dated 1/11/13 due 5/10/13 (Collateralized by Corporate Obligations valued at $299,178,731, 1.25% - 6.5%, 6/15/13 - 12/15/36)

275,591

275,000

0.66%, dated 12/12/12 due 4/11/13 (Collateralized by Corporate Obligations valued at $296,081,926, 0.75% - 4%, 5/1/13 - 12/15/37)

272,598

272,000

0.71%, dated 10/19/12 due 4/17/13 (Collateralized by Equity Securities valued at $298,607,306)

274,973

274,000

0.73%, dated 10/22/12 due 3/21/13 (Collateralized by Equity Securities valued at $299,701,013)

275,836

275,000

J.P. Morgan Securities, Inc. at:

0.27%, dated 2/27/13 due 3/6/13 (Collateralized by U.S. Government Obligations valued at $1,279,270,323, 0% - 9.5%, 4/20/13 - 6/16/54)

1,242,065

1,242,000

0.35%, dated 2/22/13 due 3/1/13 (Collateralized by Corporate Obligations valued at $67,207,013, 1.15% - 9.38%, 7/1/13 - 6/27/44)

64,004

64,000

0.46%, dated 2/13/13 due 3/7/13 (Collateralized by Mortgage Loan Obligations valued at $222,524,794, 0.4% - 12.37%, 12/12/16 - 12/10/49)

206,087

206,000

0.65%, dated 2/22/13 due 3/1/13 (Collateralized by Mortgage Loan Obligations valued at $44,285,103, 0.41% - 0.46%, 1/25/36 - 10/19/46)

41,005

41,000

0.73%, dated 12/17/12 due 3/18/13 (Collateralized by Mortgage Loan Obligations valued at $220,646,211, 0.35% - 6.5%, 9/25/32 - 5/25/47)

204,376

204,000

0.92%, dated 9/21/12 due 3/20/13 (Collateralized by Mortgage Loan Obligations valued at $207,125,939, 0% - 49.48%, 12/15/32 - 12/10/46)

191,879

191,000

Other Repurchase Agreement - continued

Maturity
Amount (000s)

Value (000s)

Other Repurchase Agreement - continued

With: - continued

Merrill Lynch, Pierce, Fenner & Smith at:

0.26%, dated 2/28/13 due 3/1/13 (Collateralized by U.S. Government Obligations valued at $785,895,715, 0% - 32.22%, 1/15/15 - 10/25/51)

$ 763,006

$ 763,000

0.31%, dated 2/28/13 due 3/1/13 (Collateralized by Equity Securities valued at $33,480,293)

31,000

31,000

0.46%, dated 2/28/13 due 3/1/13 (Collateralized by Municipal Bond Obligations valued at $105,741,613, 0% - 9.25%, 11/1/13 - 6/1/47)

100,001

100,000

0.56%, dated 2/28/13 due 3/1/13 (Collateralized by Corporate Obligations valued at $323,522,935, 1.75% - 10%, 5/1/13 - 4/15/29)

300,005

300,000

0.66%, dated:

2/26/13 due 3/5/13 (Collateralized by Corporate Obligations valued at $691,980,762, 0% - 9.8%, 6/17/13 - 8/15/56) (c)(d)

652,084

652,000

2/28/13 due 3/1/13 (Collateralized by Corporate Obligations valued at $214,923,940, 0% - 6.42%, 8/15/17 - 11/23/50)

199,004

199,000

Mitsubishi UFJ Securities (USA), Inc. at 0.33%, dated:

2/13/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $12,682,101, 3.88% - 6.05%, 4/14/16 - 4/15/16)

12,003

12,000

2/21/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $4,205,383, 5.88% - 6.05%, 6/24/14 - 4/15/16)

4,001

4,000

Mizuho Securities USA, Inc. at:

0.29%, dated 2/28/13 due 3/1/13 (Collateralized by U.S. Government Obligations valued at $309,002,489, 0% - 7.49%, 1/15/20 - 5/25/42)

300,002

300,000

0.4%, dated 2/6/13 due 3/6/13 (Collateralized by Equity Securities valued at $87,502,356)

81,025

81,000

0.41%, dated:

2/15/13 due 3/7/13 (Collateralized by Equity Securities valued at $87,493,971)

81,024

81,000

2/19/13 due 3/7/13 (Collateralized by Equity Securities valued at $109,092,444)

101,035

101,000

2/25/13 due 3/7/13 (Collateralized by Equity Securities valued at $109,084,971)

101,032

101,000

0.42%, dated 2/6/13 due 3/7/13 (Collateralized by Equity Securities valued at $87,503,484)

81,040

81,000

0.43%, dated 2/14/13 due 3/7/13 (Collateralized by Equity Securities valued at $109,034,871)

101,051

101,000

Other Repurchase Agreement - continued

Maturity
Amount (000s)

Value (000s)

Other Repurchase Agreement - continued

With: - continued

Mizuho Securities USA, Inc. at:

0.53%, dated 2/28/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $84,563,387, 2.48% - 7.66%, 5/15/17 - 9/11/42)

$ 81,032

$ 81,000

0.82%, dated 1/3/13 due 3/4/13 (Collateralized by Corporate Obligations valued at $65,772,567, 0.39% - 10.38%, 3/15/15 - 6/25/47)

61,083

61,000

0.95%, dated:

11/30/12 due 3/1/13 (Collateralized by Mortgage Loan Obligations valued at $64,502,545, 0% - 9.38%, 10/23/15 - 11/25/46)

60,144

60,000

2/6/13 due 5/13/13 (Collateralized by Mortgage Loan Obligations valued at $86,946,250, 0% - 7.66%, 9/10/15 - 12/31/49)

81,205

81,000

2/8/13 due 5/3/13 (Collateralized by Mortgage Loan Obligations valued at $151,270,662, 0% - 11.25%, 3/1/14 - 4/25/47)

141,313

141,000

2/22/13 due 5/23/13 (Collateralized by Mortgage Loan Obligations valued at $87,327,187, 0% - 10.25%, 9/10/15 - 11/25/46)

81,192

81,000

RBC Capital Markets Co. at 0.4%, dated:

2/22/13 due 3/1/13 (Collateralized by Mortgage Loan Obligations valued at $96,174,611, 0.32% - 9.1%, 11/25/18 - 5/10/63)

90,007

90,000

2/26/13 due 3/5/13 (Collateralized by Corporate Obligations valued at $44,801,452, 0.24% - 8.56%, 9/15/14 - 12/12/45)

42,003

42,000

2/28/13 due 3/7/13:

(Collateralized by Corporate Obligations valued at $45,150,502, 0.48% - 5.6%, 7/26/13 - 3/15/34)

43,003

43,000

(Collateralized by Corporate Obligations valued at $46,440,517, 1.65% - 11.63%, 5/1/13 - 9/29/49)

43,003

43,000

RBS Securities, Inc. at:

0.8%, dated 2/19/13 due 3/21/13 (Collateralized by U.S. Government Obligations valued at $222,527,356, 0.55% - 5.9%, 7/16/38 - 6/20/62)

216,144

216,000

0.85%, dated 2/15/13 due 3/18/13 (Collateralized by U.S. Government Obligations valued at $139,096,310, 0% - 8.25%, 1/15/28 - 4/16/54)

135,099

135,000

1.1%, dated 12/10/12 due 4/4/13 (Collateralized by Corporate Obligations valued at $580,043,532, 0% - 15%, 10/8/13 - 11/23/52)

545,970

543,000

Royal Bank of Scotland PLC at 0.85%, dated 2/6/13 due 3/8/13 (Collateralized by Mortgage Loan Obligations valued at $154,520,226, 0% - 41.39%, 7/15/18 - 6/25/47)

143,101

143,000

Other Repurchase Agreement - continued

Maturity
Amount (000s)

Value (000s)

Other Repurchase Agreement - continued

With: - continued

UBS Securities LLC at:

0.49%, dated 2/19/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $117,736,051, 1% - 13%, 5/15/13 - 2/1/33)

$ 109,134

$ 109,000

0.5%, dated:

1/9/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $148,064,952, 0.25% - 7.5%, 5/15/13 - 3/1/42)

137,171

137,000

1/16/13 due 3/7/13 (Collateralized by Corporate Obligations valued at $102,663,658, 0.75% - 7.5%, 5/15/13 - 12/15/37)

95,121

95,000

Wells Fargo Securities, LLC at 0.55%, dated 12/18/12 due:

3/19/13 (Collateralized by Corporate Obligations valued at $131,114,507, 0% - 8%, 3/1/13 - 4/1/46)

125,174

125,000

3/20/13 (Collateralized by Corporate Obligations valued at $103,676,927, 0% - 8.75%, 3/1/13 - 5/15/43)

99,139

99,000

3/21/13 (Collateralized by Corporate Obligations valued at $148,697,222, 0% - 9.75%, 3/1/13 - 4/8/68)

141,200

141,000

TOTAL OTHER REPURCHASE AGREEMENT

11,621,000

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $115,405,882)

115,405,882

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(847,290)

NET ASSETS - 100%

$ 114,558,592

Security Type Abbreviations

VRDN

-

VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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 $3,264,000,000 or 2.8% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(e) 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 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Cost
(000s)

Metropolitan Life Insurance Co. 0.48%, 5/29/13

7/18/12 - 9/28/12

$ 175,000

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

Repurchase Agreement / Counterparty

Value
(Amount in
thousands)

$835,000 due 3/01/13 at 0.21%

Citibank NA

$ 69

Deutsche Bank Securities, Inc.

24

J.P. Morgan Securities, Inc.

36

Mizuho Securities USA, Inc.

606

Wells Fargo Securities LLC

100

 

$ 835

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

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 February 28, 2013, the cost of investment securities for income tax purposes was $115,405,882,000.

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. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

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

February 28, 2013 

1.814093.108

FUS-QTLY-0413

Investments February 28, 2013 (Unaudited)

Showing Percentage of Net Assets

Treasury Debt - 4.6%

 

 

Yield (a)

Principal Amount (000s)

Value (000s)

U.S. Treasury Obligations - 4.6%

U.S. Treasury Notes

 

6/15/13 to 2/28/14

0.16 to 0.24%

$ 109,000

$ 109,891

Government Agency Debt - 35.8%

 

Agency Mortgage Securities - 1.2%

Fannie Mae

 

2/27/14

0.19 to 0.20

26,000

26,271

Federal Home Loan Bank

 

11/15/13

0.17

3,000

3,003

 

 

29,274

Federal Agencies - 34.6%

Fannie Mae

 

4/9/13 to 9/11/14

0.15 to 0.21 (b)

92,000

92,306

Federal Farm Credit Bank

 

1/13/15

0.19 (b)

9,000

8,997

 

8/20/13 to 1/12/15

0.13 to 0.23 (b)

35,000

34,994

Federal Home Loan Bank

 

3/13/13 to 6/5/14

0.15 to 0.28 (b)

550,195

550,789

Freddie Mac

 

4/15/13 to 2/28/14

0.14 to 0.23 (b)

144,667

144,807

 

 

831,893

TOTAL GOVERNMENT AGENCY DEBT


861,167

Government Agency Repurchase Agreement - 48.1%

Maturity
Amount (000s)

 

In a joint trading account at 0.21% dated 2/28/13 due 3/1/13 (Collateralized by U.S. Government Obligations) #

$ 641,303

641,299

With:

BNP Paribas Securities Corp. at:

0.17%, dated 1/22/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $8,161,464, 2.48% - 6%, 4/1/20 - 4/1/42)

8,002

8,000

0.18%, dated:

1/16/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $20,404,488, 2.31% - 6%, 5/1/17 - 7/1/41)

20,006

20,000

Government Agency Repurchase Agreement - continued

Maturity Amount (000s)

Value (000s)

With: - continued

BNP Paribas Securities Corp. at:

0.18%, dated:

1/22/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $8,161,551, 2.57% - 6%, 12/1/14 - 6/1/41)

$ 8,004

$ 8,000

2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $75,483,020, 2.78% - 5.02%, 8/1/22 - 3/1/43)

74,023

74,000

Credit Suisse Securities (USA) LLC at:

0.21%, dated 1/11/13 due 4/11/13 (Collateralized by U.S. Government Obligations valued at $9,185,634, 4%, 11/1/41)

9,005

9,000

0.24%, dated:

12/10/12 due 4/9/13 (Collateralized by U.S. Government Obligations valued at $31,637,794, 4%, 11/1/41)

31,025

31,000

1/4/13 due 4/4/13 (Collateralized by U.S. Government Obligations valued at $40,817,887, 3.5% - 4%, 11/1/41 - 6/1/42)

40,024

40,000

ING Financial Markets LLC at:

0.17%, dated 1/24/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $6,183,964, 0% - 4%, 5/15/27 - 1/1/43)

6,002

6,000

0.18%, dated:

2/1/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $8,161,232, 2% - 4%, 8/1/27 - 9/1/42)

8,002

8,000

2/5/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $1,030,765, 2.08% - 4%, 9/15/41 - 1/1/43)

1,000

1,000

2/19/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $4,123,376, 2.08% - 4%, 9/25/41 - 9/1/42)

4,001

4,000

Merrill Lynch, Pierce, Fenner & Smith at:

0.17%, dated 2/6/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $79,568,641, 3% - 4.5%, 1/1/31 - 2/1/43)

78,023

78,000

0.18%, dated:

1/15/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $80,598,131, 4.5%, 1/1/31)

79,022

79,000

2/28/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $46,920,235, 2.5% - 3.5%, 8/1/27 - 8/1/42)

46,002

46,000

0.2%, dated 2/27/13 due 4/29/13 (Collateralized by U.S. Government Obligations valued at $15,300,170, 2.5%, 2/1/28)

15,005

15,000

Government Agency Repurchase Agreement - continued

Maturity Amount (000s)

Value (000s)

With: - continued

Mitsubishi UFJ Securities (USA), Inc. at 0.21%, dated:

2/4/13 due 3/6/13 (Collateralized by U.S. Government Obligations valued at $25,503,720, 2.5% - 4.5%, 9/1/26 - 2/1/43)

$ 25,004

$ 25,000

2/6/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $3,060,411, 2.5% - 3.5%, 10/1/27 - 3/1/42)

3,001

3,000

2/8/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $8,186,776, 2.5% - 3.5%, 11/1/26 - 1/1/43)

8,001

8,000

2/13/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $16,368,635, 2.5% - 3.5%, 10/1/27 - 6/1/42)

16,003

16,000

2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $27,679,485, 3%, 1/1/43)

27,005

27,000

2/27/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $8,160,096, 2.5% - 3.5%, 11/1/26 - 10/1/27)

8,002

8,000

RBC Capital Markets Corp. at 0.18%, dated 2/21/13 due 3/7/13 (Collateralized by U.S. Government Obligations valued at $4,082,483, 2.5%, 3/20/42)

4,001

4,000

TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT


1,159,299

Treasury Repurchase Agreement - 12.4%

 

 

 

 

With Commerz Markets LLC at 0.19%, dated 2/28/13 due 3/1/13 (Collateralized by U.S. Treasury Obligations valued at $303,961,692, 2.13% - 4.25%, 9/30/14 - 4/30/15)

298,002


298,000

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $2,428,357)

2,428,357

NET OTHER ASSETS (LIABILITIES) - (0.9)%

(20,517)

NET ASSETS - 100%

$ 2,407,840

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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$641,299,000 due 3/01/13 at 0.21%

Citibank NA

$ 53,288

Deutsche Bank Securities, Inc.

18,589

J.P. Morgan Securities, Inc.

27,883

Mizuho Securities USA, Inc.

464,718

Wells Fargo Securities LLC

76,821

 

$ 641,299

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

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 February 28, 2013, the cost of investment securities for income tax purposes was $2,428,357,000.

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. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

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

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/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

April 29, 2013

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/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

April 29, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2013