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, 2018


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity® Government Cash Reserves

February 28, 2018







CAS-QTLY-0418
1.814088.113





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Debt - 16.0%    
 Yield(a) Principal Amount (000s) Value (000s) 
U.S. Treasury Obligations - 16.0%    
U.S. Treasury Bills    
3/15/18 to 8/30/18 1.19 to 1.85% $18,304,720 $18,234,990 
U.S. Treasury Notes    
3/31/18 to 10/31/19 1.36 to 1.79 (b) 3,054,310 3,054,906 
TOTAL U.S. TREASURY DEBT    
(Cost $21,289,896)   21,289,896 
U.S. Government Agency Debt - 52.4%    
Federal Agencies - 52.4%    
Fannie Mae    
3/21/18 1.59 (b)(c) 1,000 1,000 
Federal Farm Credit Bank    
3/22/18 to 5/6/19 1.57 to 1.64 (b)(c) 359,000 359,151 
Federal Home Loan Bank    
3/1/18 to 7/11/19 1.19 to 1.73 (b) 68,960,483 68,935,094 
Freddie Mac    
4/4/18 to 6/22/18 1.29 to 1.75 621,350 620,566 
TOTAL U.S. GOVERNMENT AGENCY DEBT    
(Cost $69,915,811)   69,915,811 

U.S. Government Agency Repurchase Agreement - 16.7%   
 Maturity Amount (000s) Value (000s) 
In a joint trading account at 1.4% dated 2/28/18 due 3/1/18 (Collateralized by U.S. Government Obligations) # $6,189,584 $6,189,344 
With:   
Barclays Capital, Inc. at:   
1.36%, dated:   
2/22/18 due 3/1/18 (Collateralized by U.S. Government Obligations valued at $381,070,746, 3.50% - 4.00%, 5/1/47 - 1/1/48) 373,599 373,500 
2/23/18 due 3/2/18 (Collateralized by U.S. Government Obligations valued at $380,546,238, 4.00%, 5/1/47 - 9/1/47) 373,099 373,000 
1.37%, dated 1/24/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $193,044,109, 3.50%, 10/1/47) 189,403 189,000 
1.4%, dated 2/28/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $761,969,632, 3.00% - 4.00%, 3/1/30 - 2/1/48) 747,203 747,000 
BMO Capital Markets Corp. at 1.39%, dated 2/22/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $72,439,574, 3.50% - 4.00%, 2/1/38 - 12/1/47) 71,077 71,000 
BMO Harris Bank NA at 1.39%, dated 2/22/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $72,441,163, 0.00% - 5.50%, 10/3/18 - 1/1/48) 71,077 71,000 
BNP Paribas, S.A. at:   
1.32%, dated 12/1/17 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $196,368,749, 0.00% - 7.00%, 6/14/18 - 2/1/48) 191,630 191,000 
1.35%, dated 1/30/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $192,470,624, 0.00% - 7.00%, 7/26/18 - 10/1/47) 188,212 188,000 
1.37%, dated:   
1/18/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $97,360,368, 0.00% - 7.00%, 11/15/18 - 10/1/47) 95,221 95,000 
2/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $96,404,872, 0.00% - 7.00%, 4/30/18 - 10/20/47) 94,111 94,000 
1.4%, dated 1/29/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $96,076,863, 0.00% - 7.00%, 5/15/18 - 10/20/46) 94,216 94,000 
1.52%, dated 3/1/18 due 3/7/18(d) 374,342 373,900 
Citibank NA at:   
1.38%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $94,979,888, 0.00% - 2.75%, 1/28/20 - 2/15/45) 93,025 93,000 
1.39%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $570,224,148, 0.00% - 3.75%, 3/31/18 - 2/15/46) 559,151 559,000 
Goldman Sachs & Co. at 1.36%, dated 2/23/18 due 3/2/18 (Collateralized by U.S. Government Obligations valued at $381,056,353, 3.00% - 6.50%, 5/1/19 - 6/1/56) 373,599 373,500 
HSBC Securities, Inc. at 1.36%, dated 2/23/18 due 3/2/18 (Collateralized by U.S. Government Obligations valued at $571,308,250, 4.00% - 4.50%, 5/20/40 - 8/20/47) 560,148 560,000 
ING Financial Markets LLC at:   
1.37%, dated 12/27/17 due 3/23/18 (Collateralized by U.S. Government Obligations valued at $351,740,445, 0.75% - 7.50%, 4/18/18 - 2/1/48) 345,126 344,000 
1.38%, dated 2/12/18 due 3/14/18 (Collateralized by U.S. Government Obligations valued at $95,942,482, 3.00% - 4.00%, 8/20/45 - 4/20/46) 94,108 94,000 
1.41%, dated 1/12/18 due 4/4/18   
(Collateralized by U.S. Government Obligations valued at $195,187,607, 4.00% - 4.50%, 7/25/39 - 1/1/48) 191,681 191,000 
(Collateralized by U.S. Government Obligations valued at $85,842,852, 1.50% - 4.00%, 3/27/19 - 7/25/39) 84,309 84,000 
Merrill Lynch, Pierce, Fenner & Smith at 1.36%, dated 2/14/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $574,585,415, 3.32% - 4.36%, 6/25/32 - 11/25/47) 563,638 563,000 
Mitsubishi UFJ Securities (U.S.A.), Inc. at:   
1.41%, dated 2/6/18 due:   
4/9/18 (Collateralized by U.S. Government Obligations valued at $247,062,362, 0.00% - 6.00%, 10/15/20 - 2/20/48) 242,588 242,000 
4/10/18 (Collateralized by U.S. Government Obligations valued at $209,288,365, 1.91% - 5.60%, 2/15/19 - 2/20/48) 205,506 205,000 
1.43%, dated 2/20/18 due 4/20/18 (Collateralized by U.S. Government Obligations valued at $325,496,323, 0.00% - 5.60%, 10/1/20 - 2/20/48) 319,748 319,000 
1.45%, dated:   
2/21/18 due 4/23/18 (Collateralized by U.S. Government Obligations valued at $267,326,111, 0.00% - 5.75%, 12/31/19 - 2/1/48) 262,644 262,000 
2/22/18 due:   
4/24/18 (Collateralized by U.S. Government Obligations valued at $95,907,033, 2.16% - 4.50%, 10/1/23 - 9/20/63) 94,231 94,000 
4/25/18 (Collateralized by U.S. Government Obligations valued at $190,793,778, 1.85% - 5.50%, 8/1/19 - 10/20/65) 187,467 187,000 
1.46%, dated 2/27/18 due 4/27/18 (Collateralized by U.S. Government Obligations valued at $246,860,022, 2.38% - 5.57%, 12/1/20 - 1/1/48) 242,579 242,000 
Nomura Securities International, Inc. at 1.39%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Government Obligations valued at $1,966,711,864, 0.00% - 9.50%, 4/1/18 - 2/1/57) 1,928,521 1,928,000 
RBC Dominion Securities at:   
1.36%, dated:   
2/14/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $191,868,737, 1.88% - 3.50%, 7/31/22 - 5/20/47) 188,213 188,000 
2/26/18 due 3/5/18 (Collateralized by U.S. Treasury Obligations valued at $172,296,173, 0.00% - 3.50%, 4/30/19 - 8/15/46) 168,044 168,000 
1.38%, dated:   
2/16/18 due 3/7/18   
(Collateralized by U.S. Treasury Obligations valued at $95,927,869, 1.75% - 3.50%, 4/30/22 - 5/20/47) 94,101 94,000 
(Collateralized by U.S. Government Obligations valued at $191,855,651, 1.88% - 3.50%, 7/31/22 - 5/20/47) 188,223 188,000 
2/20/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $190,805,840, 1.88% - 3.50%, 7/31/22 - 11/20/47) 187,215 187,000 
1.45%, dated 2/7/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $189,888,132, 1.88% - 3.50%, 7/31/22 - 11/20/47) 186,464 186,000 
1.46%, dated 1/25/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $155,260,102, 1.88% - 3.50%, 7/31/22 - 11/20/47) 152,518 152,000 
RBC Financial Group at:   
1.31%, dated 12/1/17 due 3/1/18 (Collateralized by U.S. Government Obligations valued at $104,380,731, 2.29% - 4.00%, 1/1/27 - 1/1/57) 102,334 102,000 
1.32%, dated 12/4/17 due 3/5/18 (Collateralized by U.S. Government Obligations valued at $195,481,525, 2.10% - 6.98%, 8/1/23 - 1/1/57) 191,637 191,000 
1.33%, dated 12/11/17 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $195,395,802, 1.60% - 7.00%, 5/1/25 - 1/1/57) 191,621 191,000 
1.38%, dated:   
1/18/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $136,923,235, 2.10% - 6.50%, 5/1/25 - 1/1/57) 134,208 133,900 
1/19/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $161,413,290, 2.29% - 4.50%, 1/1/26 - 1/1/57) 158,363 158,000 
2/15/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $143,917,053, 1.50% - 6.98%, 3/1/25 - 1/1/57) 141,157 141,000 
2/16/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $191,855,912, 1.88% - 7.00%, 5/1/18 - 4/20/65) 188,223 188,000 
1.48%, dated:   
1/29/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $250,296,158, 1.92% - 7.00%, 9/1/26 - 1/1/57) 245,917 245,000 
1/30/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $48,393,306, 2.10% - 4.50%, 4/1/26 - 1/1/57) 47,174 47,000 
1.52%, dated 2/12/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $133,725,376, 2.10% - 6.50%, 5/1/25 - 1/1/57) 131,332 131,000 
Societe Generale at:   
1.36%, dated:   
2/12/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $538,623,447, 0.00% - 8.13%, 3/29/18 - 11/1/47) 525,754 525,000 
2/23/18 due 3/2/18 (Collateralized by U.S. Treasury Obligations valued at $382,390,798, 0.13% - 3.13%, 7/15/18 - 5/15/45) 374,099 374,000 
1.39%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $723,704,445, 0.13% - 6.13%, 4/15/19 - 11/15/45) 708,191 708,000 
1.47%, dated 1/31/18 due 4/9/18 (Collateralized by U.S. Treasury Obligations valued at $133,909,761, 0.00% - 3.63%, 6/14/18 - 2/15/27) 131,364 131,000 
Sumitomo Mitsui Banking Corp. at 1.4%, dated 2/28/18 due 3/1/18 (Collateralized by U.S. Government Obligations valued at $1,143,464,543, 1.88% - 5.00%, 3/31/22 - 12/20/47) 1,121,044 1,121,000 
Sumitomo Mitsui Trust Bank Ltd. at:   
1.42%, dated:   
1/25/18 due 3/5/18 (Collateralized by U.S. Government Obligations valued at $129,799,649, 2.00% - 3.50%, 1/15/21 - 9/20/47) 127,195 127,000 
1/26/18 due 3/2/18 (Collateralized by U.S. Government Obligations valued at $159,517,632, 2.00% - 3.00%, 1/15/21 - 6/20/46) 156,215 156,000 
1/30/18 due 3/6/18 (Collateralized by U.S. Government Obligations valued at $164,598,556, 2.00% - 3.00%, 1/15/21 - 6/20/46) 161,222 161,000 
2/2/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $162,062,533, 2.00% - 3.00%, 1/15/21 - 11/20/46) 158,744 158,525 
2/6/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $163,552,284, 2.00% - 3.00%, 1/15/21 - 11/20/46) 160,221 160,000 
1.47%, dated 2/20/18 due 3/7/18 (Collateralized by U.S. Government Obligations valued at $304,252,015, 2.00% - 3.00%, 1/15/21 - 8/20/46) 298,212 297,763 
1.6%, dated 3/5/18 due 3/7/18(e) 94,334 94,188 
1.61%, dated 3/2/18 due 3/9/18(e) 159,249 159,000 
1.62%, dated 3/5/18 due 3/7/18(e) 29,055 29,000 
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT   
(Cost $22,282,620)  22,282,620 
U.S. Treasury Repurchase Agreement - 17.5%   
With:   
Barclays Capital, Inc. at 1.4%, dated 2/28/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $63,242,515, 0.88% - 1.75%, 9/15/19 - 9/30/23) 62,002 62,000 
BMO Harris Bank NA at:   
1.36%, dated 1/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,629,501, 0.88% - 3.75%, 5/31/18 - 8/15/27) 172,277 171,900 
1.38%, dated 1/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $89,527,707, 1.38% - 3.75%, 11/15/18 - 9/30/23) 87,197 87,000 
1.42%, dated:   
1/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $89,064,737, 1.38% - 3.75%, 11/15/18 - 9/30/23) 87,247 87,000 
2/7/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $172,826,897, 1.38% - 2.63%, 8/15/20 - 9/30/23) 169,333 169,000 
1.45%, dated:   
1/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $179,242,360, 3.88%, 5/15/18) 173,599 173,000 
1/29/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $352,264,986, 3.88%, 5/15/18) 341,013 340,000 
1.46%, dated 1/22/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,009,831, 1.38% - 2.13%, 8/15/21 - 9/30/23) 171,638 171,000 
BNP Paribas, S.A. at:   
1.31%, dated 12/1/17 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $176,044,192, 0.75% - 8.75%, 5/15/18 - 2/15/47) 172,563 172,000 
1.34%, dated:   
12/15/17 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $349,093,734, 0.00% - 8.75%, 4/30/18 - 5/15/47) 342,142 341,000 
12/18/17 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,916,720, 0.88% - 4.75%, 10/15/18 - 5/15/46) 172,583 172,000 
1/9/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $441,350,755, 1.13% - 8.75%, 2/28/19 - 8/15/45) 431,995 431,000 
1/10/18 due 3/7/18   
(Collateralized by U.S. Treasury Obligations valued at $352,555,314, 1.00% - 8.75%, 8/15/18 - 11/15/47) 345,796 345,000 
(Collateralized by U.S. Treasury Obligations valued at $353,130,153, 1.00% - 8.75%, 2/28/19 - 8/15/47) 344,807 344,000 
1/30/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $172,572,572, 0.00% - 9.13%, 5/15/18 - 11/15/47) 169,189 169,000 
1.35%, dated:   
1/4/18 due 3/5/18 (Collateralized by U.S. Treasury Obligations valued at $537,705,796, 0.75% - 5.50%, 5/15/18 - 5/15/47) 524,177 523,000 
1/8/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $532,532,069, 0.75% - 8.75%, 7/31/18 - 5/15/47) 522,172 521,000 
1/31/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $260,419,136, 0.88% - 4.75%, 7/31/19 - 5/15/43) 254,324 254,000 
2/1/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $345,022,864, 1.13% - 8.75%, 9/30/18 - 11/15/47) 338,331 337,900 
2/7/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $345,453,958, 1.38% - 8.75%, 4/30/18 - 2/15/47) 338,368 338,000 
2/8/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $172,515,842, 0.75% - 8.75%, 4/30/18 - 11/15/47) 169,165 169,000 
1.36%, dated:   
1/11/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $352,243,192, 1.13% - 8.75%, 5/15/18 - 2/15/46) 344,718 343,900 
1/18/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,718,681, 0.00% - 8.75%, 3/8/18 - 2/15/43) 172,370 172,000 
1/22/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $174,670,632, 0.00% - 9.13%, 4/30/18 - 2/15/47) 171,381 171,000 
1.38%, dated 1/24/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,774,821, 1.13% - 8.75%, 4/30/18 - 8/15/45)(b)(c)(f) 171,590 171,000 
1.39%, dated:   
1/25/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $262,574,734, 0.00% - 7.13%, 8/15/18 - 11/15/47)(b)(c)(f) 256,890 256,000 
1/29/18 due 3/7/18(Collateralized by U.S. Treasury Obligations valued at $348,113,059, 0.00% - 8.75%, 4/26/18 - 8/15/47) 340,775 340,000 
2/23/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $516,973,091, 1.13% - 5.50%, 7/31/19 - 8/15/43) 506,547 506,000 
1.4%, dated 1/30/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $348,011,832, 1.13% - 8.00%, 7/31/19 - 8/15/46) 339,817 339,000 
1.41%, dated 1/24/18 due 4/24/18 (Collateralized by U.S. Treasury Obligations valued at $175,683,905, 1.50% - 8.75%, 8/15/20 - 8/15/46)(b)(c)(f) 171,603 171,000 
1.45%, dated 1/12/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $352,724,544, 1.13% - 8.75%, 2/28/19 - 11/15/47) 344,243 343,000 
1.47%, dated 1/23/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $349,429,309, 1.13% - 4.75%, 7/31/19 - 2/15/46) 342,253 341,000 
1.51%, dated 3/1/18 due 3/7/18(d) 337,396 337,000 
Commerz Markets LLC at:   
1.4%, dated:   
2/22/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $256,771,170, 0.63% - 3.75%, 6/30/18 - 8/15/46) 250,068 250,000 
2/23/18 due 3/2/18 (Collateralized by U.S. Treasury Obligations valued at $255,514,166, 1.38% - 2.75%, 9/15/20 - 2/15/26) 250,068 250,000 
1.41%, dated:   
2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $255,424,234, 1.38% - 3.75%, 11/15/18 - 8/15/46) 250,069 250,000 
2/28/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $1,701,944,078, 0.88% - 8.75%, 10/15/18 - 8/15/46) 1,668,065 1,668,000 
1.44%, dated 2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $257,524,159, 0.88% - 3.75%, 10/15/18 - 5/15/47) 250,070 250,000 
Credit AG at 1.38%, dated 2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $172,476,347, 1.75% - 3.13%, 5/15/19 - 2/15/42) 169,045 169,000 
Deutsche Bank AG at:   
1.36%, dated 2/22/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $512,247,385, 0.75% - 9.13%, 5/15/18 - 11/15/46) 501,132 501,000 
1.39%, dated 2/28/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $730,348,243, 0.88% - 3.13%, 10/15/18 - 5/15/27) 716,028 716,000 
Deutsche Bank Securities, Inc. at:   
1.36%, dated:   
2/22/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $190,932,356, 0.00% - 8.75%, 3/22/18 - 2/15/48) 187,049 187,000 
2/23/18 due 3/2/18 (Collateralized by U.S. Treasury Obligations valued at $255,254,572, 0.00% - 8.50%, 4/26/18 - 11/15/43) 250,066 250,000 
1.38%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $510,881,362, 0.00% - 9.00%, 3/22/18 - 2/15/47) 500,134 500,000 
HSBC Securities, Inc. at 1.38%, dated 2/27/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $338,868,956, 0.49% - 8.88%, 3/15/18 - 8/15/46) 332,089 332,000 
Lloyds Bank PLC at:   
1.41%, dated:   
12/14/17 due 3/21/18 (Collateralized by U.S. Treasury Obligations valued at $353,572,364, 6.00% - 7.63%, 2/15/25 - 11/15/27) 346,311 345,000 
12/15/17 due 3/15/18 (Collateralized by U.S. Treasury Obligations valued at $355,158,015, 2.13% - 7.63%, 11/15/20 - 11/15/27) 346,116 344,900 
1.5%, dated:   
1/24/18 due 4/24/18 (Collateralized by U.S. Treasury Obligations valued at $175,755,299, 1.25% - 7.63%, 10/31/19 - 2/15/25) 171,641 171,000 
1/26/18 due 4/26/18 (Collateralized by U.S. Treasury Obligations valued at $86,817,272, 1.50% - 6.75%, 8/31/18 - 8/15/26) 85,319 85,000 
1.52%, dated 1/29/18 due 5/2/18 (Collateralized by U.S. Treasury Obligations valued at $88,097,116, 1.00% - 7.50%, 11/30/19 - 11/15/27) 86,338 86,000 
1.59%, dated 2/14/18 due 4/16/18 (Collateralized by U.S. Treasury Obligations valued at $139,218,612, 1.63% - 7.63%, 6/30/20 - 2/15/25) 136,366 136,000 
1.67%, dated 2/20/18 due 5/21/18 (Collateralized by U.S. Treasury Obligations valued at $175,096,444, 2.13%, 12/31/21) 171,714 171,000 
1.7%, dated 2/27/18 due 5/29/18 (Collateralized by U.S. Treasury Obligations valued at $345,507,886, 1.13% - 2.13%, 3/31/19 - 8/31/21) 339,452 338,000 
Mizuho Securities U.S.A., Inc. at 1.38%, dated 2/28/18 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $767,661,000, 1.25% - 2.50%, 10/31/18 - 1/31/25) 749,029 749,000 
MUFG Securities EMEA PLC at:   
1.34%, dated 2/8/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $86,013,046, 1.13% - 3.00%, 2/28/19 - 2/15/47) 84,091 84,000 
1.35%, dated:   
2/5/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $69,447,061, 2.00% - 2.63%, 11/15/20 - 8/15/27) 68,074 68,000 
2/6/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $20,489,893, 1.13% - 2.38%, 2/28/19 - 11/15/26) 20,032 20,000 
2/13/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $17,348,759, 2.38%, 8/15/24) 17,017 17,000 
1.36%, dated:   
2/9/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $25,558,817, 1.50% - 2.25%, 1/31/19 - 1/31/24) 25,038 25,000 
2/13/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $60,166,495, 0.75%, 7/31/18) 59,080 59,000 
2/15/18 due 3/6/18 (Collateralized by U.S. Treasury Obligations valued at $101,927,724, 1.88% - 3.00%, 11/15/20 - 8/15/45) 99,071 99,000 
2/16/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $174,778,716, 2.63%, 11/15/20) 170,135 170,000 
1.37%, dated 2/20/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $175,171,799, 0.63% - 2.50%, 4/30/18 - 5/15/46) 170,110 170,000 
1.38%, dated:   
2/23/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $112,072,112, 2.00% - 2.63%, 11/15/20 - 10/31/22) 109,100 109,000 
2/26/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $103,163,351, 1.50% - 2.25%, 4/30/21 - 11/15/26) 101,085 101,000 
2/27/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $44,225,145, 1.00% - 1.63%, 3/15/19 - 5/15/26) 43,021 43,000 
2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $202,912,406, 2.63%, 11/15/20) 196,060 196,000 
1.39%, dated:   
2/2/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $58,187,923, 1.38% - 2.63%, 11/15/20 - 1/31/21) 57,121 57,000 
2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $51,575,395, 1.75% - 2.38%, 12/31/20 - 5/15/27) 50,023 50,000 
1.55%, dated 2/23/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $130,278,422, 2.25% - 2.50%, 5/15/27 - 2/15/45) 127,257 127,000 
Nomura Securities International, Inc. at 1.4%, dated 2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $2,548,660,454, 0.00% - 8.75%, 3/8/18 - 5/15/47) 2,495,679 2,495,000 
Norinchukin Bank at:   
1.37%, dated 12/1/17 due 3/1/18 (Collateralized by U.S. Treasury Obligations valued at $88,019,334, 2.00%, 11/15/26) 86,295 86,000 
1.38%, dated 12/7/17 due 3/2/18 (Collateralized by U.S. Treasury Obligations valued at $178,287,957, 2.00% - 2.25%, 4/30/24 - 8/15/46) 173,564 173,000 
1.41%, dated:   
12/14/17 due 3/14/18 (Collateralized by U.S. Treasury Obligations valued at $51,155,558, 1.50%, 8/15/26) 50,176 50,000 
2/7/18 due 3/20/18 (Collateralized by U.S. Treasury Obligations valued at $85,751,156, 2.00%, 11/15/26) 84,135 84,000 
1.42%, dated 2/2/18 due 3/21/18 (Collateralized by U.S. Treasury Obligations valued at $86,789,373, 2.00%, 11/15/26) 85,158 85,000 
1.45%, dated:   
2/13/18 due 3/13/18 (Collateralized by U.S. Treasury Obligations valued at $85,732,449, 2.00%, 11/15/26) 84,095 84,000 
2/21/18 due 3/16/18 (Collateralized by U.S. Treasury Obligations valued at $174,119,920, 2.25%, 8/15/46) 169,157 169,000 
1.48%, dated 1/26/18 due 4/5/18 (Collateralized by U.S. Treasury Obligations valued at $86,822,110, 2.00%, 11/15/26) 85,241 85,000 
1.63%, dated 2/22/18 due 4/23/18 (Collateralized by U.S. Treasury Obligations valued at $172,329,831, 3.63%, 2/15/20) 169,359 168,900 
1.65%, dated 2/28/18 due 4/24/18 (Collateralized by U.S. Treasury Obligations valued at $173,845,008, 2.25% - 3.63%, 2/15/20 - 8/15/46) 169,426 169,000 
RBC Dominion Securities at:   
1.35%, dated 1/31/18 due 3/2/18 (Collateralized by U.S. Treasury Obligations valued at $85,784,584, 0.00% - 3.38%, 5/24/18 - 8/15/46) 84,095 84,000 
1.38%, dated 2/28/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $224,408,655, 0.00% - 2.25%, 3/15/18 - 11/15/27) 220,059 220,000 
1.44%, dated:   
2/6/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $172,538,666, 1.88% - 2.63%, 8/15/20 - 11/15/27) 169,419 169,000 
2/26/18 due 3/7/18(Collateralized by U.S. Treasury Obligations valued at $85,690,362, 1.25% - 3.38%, 4/30/19 - 8/15/26) 84,104 84,000 
1.5%, dated 2/1/18 due 3/7/18 (Collateralized by U.S. Treasury Obligations valued at $259,382,340, 1.25% - 2.50%, 4/30/19 - 1/31/25) 254,963 254,000 
Societe Generale at 1.4%, dated:   
1/3/18 due 3/5/18 (Collateralized by U.S. Treasury Obligations valued at $353,128,041, 0.00% - 8.88%, 3/29/18 - 11/15/46) 344,816 344,000 
1/10/18 due 3/13/18 (Collateralized by U.S. Treasury Obligations valued at $151,819,133, 0.00% - 8.75%, 3/29/18 - 11/15/46) 148,357 148,000 
1/22/18 due 3/22/18 (Collateralized by U.S. Treasury Obligations valued at $345,443,809, 0.00% - 8.75%, 3/29/18 - 11/15/47) 336,771 336,000 
Sumitomo Mitsui Trust Bank Ltd. at 1.41%, dated 1/25/18 due 3/5/18 (Collateralized by U.S. Treasury Obligations valued at $53,123,370, 2.00%, 1/15/21 - 10/31/22) 52,017 51,938 
TOTAL U.S. TREASURY REPURCHASE AGREEMENT   
(Cost $23,352,438)  23,352,438 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $136,840,765)  136,840,765 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (3,496,186) 
NET ASSETS - 100%  $133,344,579 

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

 (c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (d) 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.

 (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. Government Obligations as collateral on settlement date.

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


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) 
$6,189,344,000 due 3/01/18 at 1.40%  
BNP Paribas, S.A. $73,338 
BNY Mellon Capital Markets LLC 195,568 
Bank of America NA 1,317,152 
Citibank NA 488,921 
Credit Agricole CIB New York Branch 531,884 
HSBC Securities (USA), Inc. 897,329 
J.P. Morgan Securities, Inc. 782,273 
Merrill Lynch, Pierce, Fenner & Smith, Inc. 122,230 
Mizuho Securities USA, Inc. 929,438 
Wells Fargo Securities LLC 851,211 
 $6,189,344 

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 27, 2018


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 27, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

April 27, 2018