N-Q 1 filing865.htm PRIMARY DOCUMENT

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)


Marc Bryant, 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, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Government Cash Reserves

February 28, 2017







CAS-QTLY-0417
1.814088.112





Investments February 28, 2017 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Debt - 16.9%    
 Yield(a) Principal Amount (000s) Value (000s) 
U.S. Treasury Obligations - 16.9%    
U.S. Treasury Bills    
3/15/17 to 8/17/17 0.48 to 0.67 (b)% $18,382,034 $18,350,835 
U.S. Treasury Notes    
3/15/17 to 9/30/17 0.46 to 0.70 4,593,000 4,597,616 
TOTAL U.S. TREASURY DEBT    
(Cost $22,948,451)   22,948,451 
Variable Rate Demand Note - 0.5%    
Arizona - 0.1%    
FNMA Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (San Angelin Apts. Proj.) Series 2004, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 14,900 14,900 
FNMA Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (San Clemente Apts. Proj.) Series 2004, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 15,600 15,600 
FNMA Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (San Lucas Apts. Proj.) Series 2003, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 13,700 13,700 
FNMA Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (San Martin Apts. Proj.) Series A1, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 8,000 8,000 
FNMA Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (San Remo Apts. Proj.) Series 2002, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 6,100 6,100 
   58,300 
California - 0.2%    
FHLMC California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Heritage Park Apts. Proj.) Series 2008 C, 0.62% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.62 (c)(d) 30,000 30,000 
FHLMC California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Vizcaya Apts. Proj.) Series B, 0.62% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.62 (c)(d) 20,635 20,635 
FHLMC Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Promenade Towers Proj.) Series 2000, 0.62% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.62 (c) 18,685 18,685 
FHLMC San Diego Hsg. Auth. Multi-family Hsg. Rev. (Villa Nueva Apts. Proj.) Series 2007 F, 0.62% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.62 (c)(d) 29,500 29,500 
FNMA Bueno Park Multi-family Hsg. Rev. (Walden Glen Apts. Proj.) Series 2000 A, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 14,288 14,288 
FNMA California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (River Run Sr. Apts. Proj.) Series LL, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 13,505 13,505 
FNMA California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Valley Palms Apts. Proj.) Series 2002 C, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 25,500 25,500 
FNMA California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Series 2003 DD, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 14,600 14,600 
FNMA Richmond Multifamily Hsg. Rev. (Baycliff Apts. Proj.) Series 2004 A, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 26,490 26,490 
FNMA San Diego Hsg. Auth. Multi-family Hsg. Rev. (Stratton Apts. Proj.) Series 2000 A, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 19,825 19,825 
FNMA San Jose Multi-family Hsg. Rev. (Alamaden Family Apts. Proj.) Series 2003 D, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 24,615 24,615 
FNMA Santa Cruz Redev. Agcy. Multi-family Rev. (1010 Pacific Ave. Apts. Proj.) Series B, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 21,535 21,535 
   259,178 
Illinois - 0.0%    
FNMA Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. (Prairie Station Apts. Proj.) 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 17,900 17,900 
Kentucky - 0.0%    
FHLMC Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 0.63% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.63 (c)(d) 12,565 12,565 
Minnesota - 0.0%    
FHLMC Oak Park Heights Multi-family Rev. 0.64% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.64 (c) 7,460 7,460 
Missouri - 0.0%    
FNMA Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 11,000 11,000 
New York - 0.1%    
FHLMC New York City Hsg. Dev. Corp. Multi-family Mtg. Rev. (Elliott Chelsea Dev. Proj.) Series 2010 A, 0.64% 3/7/17, LOC Freddie Mac, VRDN    
3/7/17 0.64 (c) 22,525 22,525 
FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (255 West 9th Street Proj.) Series 2001 A, 0.57% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.57 (c)(d) 22,135 22,135 
FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (Sierra Dev. Proj.) Series A, 0.57% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.57 (c)(d) 55,935 55,935 
FNMA New York Hsg. Fin. Agcy. Rev. (250 West 50th Street Hsg. Proj.) Series 1997 A, 0.57% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.57 (c)(d) 13,495 13,495 
FNMA New York Hsg. Fin. Agcy. Rev. Series 1997 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.66 (c)(d) 34,300 34,300 
   148,390 
Texas - 0.0%    
FNMA Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Lafayette Village Apts. Proj.) Series 2006, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 6,315 6,315 
FNMA Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Wellington Park Apts. Proj.) Series 2004, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 11,150 11,150 
FNMA Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. (Windshire Apts. Proj.) Series 2007, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 13,100 13,100 
   30,565 
Washington - 0.1%    
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Crestview Apts. Proj.) Series 2004, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 14,000 14,000 
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Echo Lake Sr. Apts. Proj.) Series 2006, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 17,970 17,970 
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Pinehurst Apts. Proj.) Series A, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 12,000 12,000 
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Silver Creek Apts. Proj.) Series A, 0.58% 3/7/17, LOC Fannie Mae, VRDN    
3/7/17 0.58 (c)(d) 12,250 12,250 
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Reserve at Renton Apts. Proj.) Series 2014, 0.63% 3/7/17, LOC Fed. Home Ln. Bank, San Francisco, VRDN    
3/7/17 0.63 (c) 6,700 6,700 
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Reserve at SeaTac Apts. Proj.) Series 2015, 0.63% 3/7/17, LOC Fed. Home Ln. Bank, San Francisco, VRDN    
3/7/17 0.63 (c) 5,500 5,500 
   68,420 
TOTAL VARIABLE RATE DEMAND NOTE    
(Cost $613,778)   613,778 
U.S. Government Agency Debt - 52.1%    
Federal Agencies - 52.1%    
Fannie Mae    
6/1/17 to 1/11/18 0.66 to 0.98 (c) 1,129,145 1,128,985 
Federal Farm Credit Bank    
4/17/17 to 5/24/17 0.81 to 0.82 (c) 206,620 206,705 
Federal Home Loan Bank    
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 47,000 47,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 47,000 47,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 50,000 50,000 
12/1/17 0.66 (c) 47,000 47,000 
3/1/17 to 3/12/18 0.46 to 0.97 (c) 63,982,883 63,969,706 
9/6/17 0.61 (c) 50,000 50,000 
9/6/17 0.61 (c) 50,000 50,000 
9/6/17 0.61 (c) 50,000 50,000 
9/6/17 0.61 (c) 47,000 47,000 
Freddie Mac    
3/9/17 to 1/12/18 0.50 to 0.99 (c) 4,858,065 4,857,128 
TOTAL U.S. GOVERNMENT AGENCY DEBT    
(Cost $70,950,524)   70,950,524 

U.S. Government Agency Repurchase Agreement - 14.3%   
 Maturity Amount (000s) Value (000s) 
In a joint trading account at 0.53% dated 2/28/17 due 3/1/17 (Collateralized by U.S. Government Obligations) # $10,493,146 $10,492,991 
With:   
BNP Paribas, S.A. at:   
0.56%, dated 2/2/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $102,047,962, 0.00% - 7.13%, 7/28/17 - 2/15/44) 100,093 100,000 
0.59%, dated 2/8/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $205,151,804, 0.00% - 10.00%, 4/30/17 - 2/01/47) 200,295 200,000 
0.6%, dated 2/17/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $411,694,150, 0.00% - 8.13%, 7/31/17 - 12/20/66) 400,580 400,000 
0.62%, dated 1/9/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $102,312,852, 0.00% - 7.13%, 5/15/17 - 12/01/46) 100,098 100,000 
0.66%, dated 2/27/17 due 5/26/17 (Collateralized by U.S. Government Obligations valued at $406,247,133, 0.75% - 5.00%, 1/13/22 - 2/01/47) 398,642 398,000 
Citibank NA at:   
0.54%, dated 2/28/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $102,532,049, 0.25% - 6.00%, 1/15/18 - 8/15/44) 100,011 100,000 
0.55%, dated 2/28/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $611,111,516, 0.00% - 10.00%, 4/30/17 - 5/01/46) 598,064 598,000 
Deutsche Bank Securities, Inc. at 0.55%, dated:   
2/22/17 due 3/1/17 (Collateralized by U.S. Government Obligations valued at $286,651,042, 0.55% - 1.75%, 8/21/17 - 6/20/19) 281,030 281,000 
2/24/17 due 3/3/17 (Collateralized by U.S. Government Obligations valued at $285,623,874, 0.60% - 0.88%, 8/14/17 - 3/07/18) 280,030 280,000 
2/28/17 due 3/1/17 (Collateralized by U.S. Government Obligations valued at $406,986,362, 0.00% - 6.63%, 5/05/17 - 4/01/56) 399,006 399,000 
ING Financial Markets LLC at:   
0.61%, dated 12/9/16 due 3/9/17 (Collateralized by U.S. Government Obligations valued at $60,265,008, 1.38% - 1.75%, 1/28/19 - 11/26/19) 59,090 59,000 
0.63%, dated:   
2/8/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $163,258,363, 2.50% - 6.00%, 8/01/26 - 7/01/46) 160,252 160,000 
2/9/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $204,069,000, 2.50% - 7.50%, 1/01/26 - 1/01/47) 200,315 200,000 
2/10/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $243,859,892, 3.50% - 4.00%, 10/01/42 - 12/01/46) 239,376 239,000 
2/14/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $203,030,709, 2.50% - 5.00%, 12/01/24 - 12/01/45) 199,313 199,000 
2/15/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $123,448,917, 3.50%, 7/01/46) 121,191 121,000 
2/16/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $230,571,659, 3.50%, 10/01/42 - 1/01/43) 226,356 226,000 
2/17/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $122,426,076, 3.50%, 2/01/44 - 7/01/46) 120,189 120,000 
2/21/17 due 4/4/17 (Collateralized by U.S. Government Obligations valued at $204,026,872, 3.50% - 4.00%, 3/01/42 - 1/01/43) 200,315 200,000 
Merrill Lynch, Pierce, Fenner & Smith at 0.59%, dated 2/13/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $610,119,945, 2.00% - 3.88%, 9/01/20 - 2/15/52) 598,578 598,000 
Mitsubishi UFJ Securities (U.S.A.), Inc. at:   
0.61%, dated:   
2/7/17 due 4/7/17 (Collateralized by U.S. Government Obligations valued at $265,298,861, 1.89% - 4.50%, 9/01/23 - 3/01/47) 260,260 260,000 
2/8/17 due 4/10/17 (Collateralized by U.S. Government Obligations valued at $224,479,849, 1.89% - 5.50%, 11/01/17 - 3/01/47) 220,227 220,000 
2/22/17 due 4/24/17 (Collateralized by U.S. Government Obligations valued at $285,633,953, 0.00% - 5.76%, 3/23/17 - 3/01/47) 280,289 280,000 
2/28/17 due 5/1/17 (Collateralized by U.S. Government Obligations valued at $345,785,859, 1.92% - 5.62%, 1/01/19 - 3/01/47) 339,356 339,000 
0.64%, dated 1/11/17 due 4/11/17 (Collateralized by U.S. Government Obligations valued at $265,431,019, 1.85% - 5.71%, 3/01/19 - 3/01/47) 260,416 260,000 
Mizuho Securities U.S.A., Inc. at 0.56%, dated 2/6/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $203,816,395, 3.00% - 3.50%, 9/01/31 - 3/25/47) 199,093 199,000 
RBC Capital Markets Corp. at:   
0.55%, dated 1/20/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $109,244,514, 1.22% - 6.00%, 11/01/23 - 3/01/47) 107,088 107,000 
0.56%, dated:   
1/9/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $285,880,242, 1.50% - 6.00%, 11/01/17 - 1/01/47) 280,261 280,000 
1/13/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $264,431,143, 2.13% - 8.50%, 3/15/20 - 2/01/47) 259,238 259,000 
1/17/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $102,071,772, 2.13% - 5.00%, 1/01/27 - 2/01/47) 100,092 100,000 
2/6/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $203,154,740, 1.80% - 5.00%, 11/01/26 - 9/15/56) 199,195 199,000 
0.58%, dated 2/14/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $203,069,221, 0.97% - 6.00%, 3/01/22 - 2/01/47) 199,253 199,000 
RBC Dominion Securities at:   
0.54%, dated 2/17/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $301,974,346, 3.00% - 6.00%, 10/01/38 - 1/20/47) 296,138 296,000 
0.56%, dated:   
1/17/17 due 3/7/17 (Collateralized by U.S. Government Obligations valued at $183,722,808, 2.25% - 4.00%, 3/31/21 - 1/20/47) 180,165 180,000 
1/18/17 due 3/3/17 (Collateralized by U.S. Government Obligations valued at $42,867,989, 2.25% - 6.00%, 3/31/21 - 1/20/47) 42,029 42,000 
0.58%, dated 2/28/17 due 3/7/17:   
(Collateralized by U.S. Treasury Obligations valued at $205,109,959, 1.38% - 4.50%, 10/31/19 - 2/15/47) 200,200 200,000 
(Collateralized by U.S. Treasury Obligations valued at $204,003,301, 1.38% - 2.00%, 8/31/21 - 9/30/23) 200,203 200,000 
Wells Fargo Securities, LLC at 0.61%, dated 12/6/16 due 3/6/17 (Collateralized by U.S. Government Obligations valued at $402,458,819, 3.50% - 9.50%, 12/15/19 - 2/15/47) 394,601 394,000 
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT   
(Cost $19,484,991)  19,484,991 
U.S. Treasury Repurchase Agreement - 17.2%   
With:   
Barclays Capital, Inc. at:   
0.5%, dated 2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $103,651,027, 1.63%, 3/31/19) 101,001 101,000 
0.54%, dated 2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $164,222,467, 0.00% - 8.75%, 4/27/17 - 5/15/44) 161,002 161,000 
BMO Harris Bank NA at:   
0.53%, dated:   
1/11/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $93,270,898, 2.63%, 8/15/20) 91,075 91,000 
1/13/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $373,457,065, 2.00% - 2.50%, 6/30/17 - 8/31/21) 364,327 364,000 
1/20/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $195,717,737, 2.50%, 6/30/17) 191,146 191,000 
2/10/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $186,394,408, 3.25%, 3/31/17) 182,094 182,000 
0.54%, dated 2/9/17 due 3/7/17:   
(Collateralized by U.S. Treasury Obligations valued at $187,738,797, 3.75%, 11/15/43) 182,164 182,000 
(Collateralized by U.S. Treasury Obligations valued at $378,691,581, 1.25% - 2.13%, 10/31/19 - 5/15/25) 369,332 369,000 
0.55%, dated:   
2/1/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $299,188,411, 1.38% - 1.50%, 6/30/18 - 8/31/20) 292,303 292,000 
2/3/17 due 3/7/17:   
(Collateralized by U.S. Treasury Obligations valued at $129,888,944, 0.88% - 1.50%, 9/15/19 - 8/15/26) 127,161 127,000 
(Collateralized by U.S. Treasury Obligations valued at $129,777,165, 1.63%, 5/31/23) 127,163 127,000 
0.56%, dated 1/31/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $187,198,639, 1.00% - 2.50%, 9/15/17 - 2/15/45) 182,226 182,000 
0.57%, dated 2/28/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $187,042,793, 1.75%, 11/30/21) 182,170 182,000 
BNP Paribas, S.A. at:   
0.55%, dated 2/2/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $278,132,347, 1.13% - 8.00%, 6/30/18 - 2/15/47) 272,249 272,000 
0.56%, dated 1/31/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $371,639,998, 0.00% - 8.00%, 3/02/17 - 5/15/45) 364,368 364,000 
0.57%, dated:   
1/5/17 due 3/3/17 (Collateralized by U.S. Treasury Obligations valued at $372,200,579, 0.00% - 7.50%, 7/31/17 - 11/15/44) 364,329 364,000 
1/9/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $233,320,220, 0.00% - 6.88%, 3/02/17 - 5/15/45) 228,206 228,000 
1/12/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $186,801,903, 0.00% - 8.13%, 3/02/17 - 11/15/24) 183,217 183,000 
1/17/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $371,628,306, 0.00% - 8.13%, 5/25/17 - 5/15/46) 364,403 364,000 
1/20/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $562,266,462, 0.62% - 7.50%, 7/31/17 - 5/15/46) 549,782 549,000 
1/30/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $1,122,621,561, 0.00% - 7.63%, 3/02/17 - 2/15/47) 1,093,020 1,092,000 
2/8/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $559,938,608, 1.63% - 6.88%, 11/15/20 - 8/15/44) 546,778 546,000 
0.58%, dated 1/9/17 due 3/10/17 (Collateralized by U.S. Treasury Obligations valued at $149,840,678, 1.63% - 6.88%, 10/31/20 - 5/15/46) 146,141 146,000 
0.6%, dated:   
1/5/17 due 3/3/17 (Collateralized by U.S. Treasury Obligations valued at $373,085,762, 0.62% - 6.88%, 7/31/17 - 5/15/46) 364,346 364,000 
1/9/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $139,097,202, 0.75% - 8.00%, 3/31/18 - 11/15/45) 136,129 136,000 
1/20/17 due 4/20/17 (Collateralized by U.S. Treasury Obligations valued at $748,211,172, 0.62% - 8.13%, 7/31/17 - 5/15/46) 733,098 732,000 
0.63%, dated:   
2/24/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $743,669,576, 0.71% - 8.13%, 10/15/17 - 11/15/44) 728,336 727,000 
2/27/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $1,115,349,148, 0.75% - 8.13%, 3/15/17 - 5/15/45) 1,094,007 1,092,000 
Commerz Markets LLC at 0.55%, dated 2/28/17 due 3/1/17:   
(Collateralized by U.S. Treasury Obligations valued at $1,092,373,318, 1.13% - 3.13%, 12/31/18 - 8/15/44) 1,069,016 1,069,000 
(Collateralized by U.S. Treasury Obligations valued at $1,092,008,000, 1.13% - 3.00%, 1/31/21 - 11/15/45) 1,070,016 1,070,000 
(Collateralized by U.S. Treasury Obligations valued at $522,242,996, 2.13% - 3.50%, 5/15/20 - 5/15/25) 512,008 512,000 
Deutsche Bank Securities, Inc. at 0.54%, dated:   
2/22/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $541,676,895, 0.00% - 8.00%, 5/18/17 - 8/15/25) 531,056 531,000 
2/24/17 due 3/3/17 (Collateralized by U.S. Treasury Obligations valued at $271,340,372, 1.13% - 2.13%, 9/30/21 - 12/31/22) 266,028 266,000 
2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $291,724,427, 1.38% - 2.13%, 9/30/22 - 8/31/23) 286,004 286,000 
Mitsubishi UFJ Securities (U.S.A.), Inc. at 0.56%, dated 1/18/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $93,113,162, 0.75% - 5.25%, 10/31/18 - 5/15/45) 91,086 91,000 
Mizuho Securities U.S.A., Inc. at 0.54%, dated 2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $366,831,836, 1.63%, 2/15/26 - 5/15/26) 358,005 358,000 
MUFG Securities EMEA PLC at:   
0.53%, dated 2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $60,606,803, 2.00%, 11/15/26) 58,738 58,737 
0.58%, dated 2/6/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $36,842,473, 1.63%, 5/15/26) 36,034 36,000 
0.59%, dated:   
2/21/17 due 3/1/17:   
(Collateralized by U.S. Treasury Obligations valued at $197,120,725, 2.13% - 3.00%, 5/15/25 - 11/15/45) 191,025 191,000 
(Collateralized by U.S. Treasury Obligations valued at $82,015,418, 1.63% - 2.25%, 11/15/22 - 5/15/26) 80,010 80,000 
2/23/17 due 3/3/17 (Collateralized by U.S. Treasury Obligations valued at $194,531,886, 1.13% - 2.25%, 5/31/19 - 11/15/25) 190,025 190,000 
3/1/17 due 3/10/17(e) 181,027 181,000 
3/3/17 due:   
3/10/17(e) 73,008 73,000 
3/17/17(e) 109,025 109,000 
0.6%, dated:   
2/13/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $37,035,139, 1.63%, 2/15/26) 36,055 36,000 
2/14/17 due 3/9/17 (Collateralized by U.S. Treasury Obligations valued at $948,313,887, 2.13%, 5/15/25) 925,355 925,000 
2/23/17 due 3/8/17 (Collateralized by U.S. Treasury Obligations valued at $75,557,359, 1.50%, 8/15/26) 74,016 74,000 
0.63%, dated 3/1/17 due 5/1/17(e) 109,116 109,000 
Nomura Securities International, Inc. at 0.53%, dated:   
2/23/17 due 3/2/17 (Collateralized by U.S. Treasury Obligations valued at $2,609,613,377, 1.50% - 3.63%, 8/15/19 - 8/15/24) 2,558,264 2,558,000 
2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $1,290,563,795, 1.13% - 1.38%, 2/28/21 - 4/30/21) 1,262,019 1,262,000 
RBC Capital Markets Corp. at 0.54%, dated:   
1/19/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $147,485,448, 0.50% - 9.00%, 3/31/17 - 8/15/46) 144,121 144,000 
2/3/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $188,053,990, 0.50% - 9.13%, 3/31/17 - 2/15/47) 184,163 184,000 
RBC Dominion Securities at:   
0.53%, dated 1/11/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $746,277,539, 1.13% - 4.38%, 12/31/18 - 8/15/46) 730,656 730,000 
0.56%, dated 12/22/16 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $313,808,965, 0.00% - 3.00%, 3/16/17 - 2/15/47) 307,430 307,000 
0.57%, dated 2/28/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $184,623,011, 1.50%, 10/31/19) 181,169 181,000 
RBS Securities, Inc. at:   
0.53%, dated 2/28/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $49,980,152, 0.88% - 1.75%, 4/30/17 - 12/31/20) 49,001 49,000 
0.55%, dated 2/15/17 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $272,674,606, 0.50% - 9.00%, 3/31/17 - 8/15/46) 267,057 267,000 
Societe Generale at:   
0.53%, dated:   
1/30/17 due 3/2/17 (Collateralized by U.S. Treasury Obligations valued at $146,026,350, 0.00% - 8.75%, 4/27/17 - 11/15/44) 143,065 143,000 
2/10/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $274,949,679, 0.00% - 7.88%, 4/27/17 - 11/15/45) 269,123 269,000 
0.54%, dated 2/17/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $641,018,435, 0.00% - 8.75%, 4/27/17 - 11/15/45) 628,330 628,000 
0.55%, dated:   
1/19/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $186,777,011, 0.88% - 1.63%, 10/15/18 - 11/15/22) 183,154 183,000 
2/2/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $109,290,910, 0.63% - 4.50%, 11/30/17 - 11/15/43) 107,098 107,000 
0.6%, dated 2/9/17 due 3/7/17 (Collateralized by U.S. Treasury Obligations valued at $183,780,902, 0.75% - 8.50%, 2/15/18 - 11/15/44) 180,285 180,000 
Wells Fargo Securities, LLC at:   
0.57%, dated 12/1/16 due 3/1/17 (Collateralized by U.S. Treasury Obligations valued at $119,510,155, 1.75%, 10/31/20) 117,167 117,000 
0.59%, dated 12/6/16 due 3/6/17 (Collateralized by U.S. Treasury Obligations valued at $166,061,044, 2.88%, 8/15/45) 161,237 161,000 
TOTAL U.S. TREASURY REPURCHASE AGREEMENT   
(Cost $23,425,737)  23,425,737 
TOTAL INVESTMENT PORTFOLIO - 101.0%   
(Cost $137,423,481)  137,423,481 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (1,297,602) 
NET ASSETS - 100%  $136,125,879 

Security Type Abbreviations

VRDN – Variable Rate Demand Note (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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.

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 or a portion of the security was sold in a reverse repurchase transaction and pledged for the benefit of a counterparty as collateral to secure the future obligations of the Fund to repurchase the securities at an agreed-upon date and price within 7 days of period end. At period end, the value of securities pledged by the Fund for reverse repurchase transactions was $100,955,000 and the principal amount of obligations of the Fund with respect to reverse repurchase transactions was $101,000,000.

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

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

 (e) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.


Investment Valuation

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. Additional information on valuation inputs is provided later in this section.

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.

Other Information

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

Repurchase Agreement / Counterparty Value (000s) 
$10,492,991,000 due 3/01/17 at 0.53%  
BNP Paribas, S.A. $474,515 
BNY Mellon Capital Markets LLC 28,245 
Bank of America NA 2,316,084 
Citibank NA 564,899 
Credit Agricole CIB New York Branch 1,553,471 
Credit Suisse Securities (USA) LLC 98,154 
HSBC Securities (USA), Inc. 479,560 
ING Financial Markets LLC 56,490 
J.P. Morgan Securities, Inc. 1,751,243 
Merrill Lynch, Pierce, Fenner & Smith, Inc. 202,234 
Mizuho Securities USA, Inc. 694,380 
Morgan Stanley & Co., Inc. 1,412,246 
Societe Generale 282,449 
Wells Fargo Securities LLC 579,021 
 $10,492,991 

Income Tax Information

At February 28, 2017 the cost for Federal Income Tax Purposes was $137,423,481,000.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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.

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 28, 2017


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 28, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

April 28, 2017