N-CSRS 1 filing865.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02890


Fidelity Phillips Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, 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:

May 31, 2022


Item 1.

Reports to Stockholders





Fidelity® Government Cash Reserves



Semi-Annual Report

May 31, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of May 31, 2022

Days % of fund's investments 5/31/22 
1 - 7 77.4 
8 - 30 2.3 
31 - 60 3.7 
61 - 90 4.3 
91 - 180 8.9 
> 180 3.4 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of May 31, 2022  
   Variable Rate Demand Notes (VRDNs) 0.2% 
   U.S. Treasury Debt 23.0% 
   U.S. Government Agency Debt 8.1% 
   Repurchase Agreements 69.9% 
 Net Other Assets (Liabilities)* (1.2)% 


 * Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Current 7-Day Yields

 5/31/22 
Fidelity® Government Cash Reserves 0.46% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Schedule of Investments May 31, 2022 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Debt - 23.0%    
 Yield(a) Principal Amount (000s) Value (000s) 
U.S. Treasury Obligations - 23.0%    
U.S. Treasury Bills    
6/2/22 to 1/26/23 0.08 to 1.59% $26,526,326 $26,430,340 
U.S. Treasury Bonds    
8/15/22 0.09 50,000 50,736 
U.S. Treasury Notes    
6/30/22 to 10/31/23 0.07 to 1.37 (b) 25,046,901 25,086,363 
TOTAL U.S. TREASURY DEBT    
(Cost $51,567,439)   51,567,439 
Variable Rate Demand Note - 0.2%    
California - 0.0%    
FHLMC California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Heritage Park Apts. Proj.) Series 2008 C, 0.81% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.81 (b)(c) 10,600 10,600 
Florida - 0.0%    
FNMA Florida Hsg. Fin. Corp. Rev. (Valencia Village Apts. Proj.) Series G, 0.84% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.84 (b)(c) 7,340 7,340 
New York - 0.2%    
FHLMC New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (Linden Plaza Proj.) Series 2008 A, 0.86% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.86 (b)(c) 30,260 30,260 
FHLMC New York Hsg. Fin. Agcy. Rev. (Clinton Green North Hsg. Proj.) Series 2005 A, 0.75% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.75 (b)(c) 34,955 34,955 
FHLMC New York Hsg. Fin. Agcy. Rev. (Clinton Green North Hsg. Proj.) Series 2006 A, 0.75% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.75 (b)(c) 28,000 28,000 
FHLMC New York Hsg. Fin. Agcy. Rev. (Clinton Green South Hsg. Proj.) Series 2005 A, 0.75% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.75 (b)(c) 17,400 17,400 
FHLMC New York Hsg. Fin. Agcy. Rev. (Saville Hsg. Proj.) Series 2002 A, 0.8% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.80 (b)(c) 53,400 53,400 
FHLMC New York Hsg. Fin. Agcy. Rev. Series 2010 A, 0.83% 6/7/22, LOC Freddie Mac, VRDN    
6/7/22 0.83 (b) 14,015 14,015 
FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (155 West 21st Street Dev. Proj.) Series 2007 A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 13,500 13,500 
FNMA New York Hsg. Fin. Agcy. Rev. (316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 26,800 26,800 
FNMA New York Hsg. Fin. Agcy. Rev. (360 West 43rd Street Hsg. Proj.) Series A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 20,000 20,000 
FNMA New York Hsg. Fin. Agcy. Rev. (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 0.86% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.86 (b)(c) 49,300 49,300 
FNMA New York Hsg. Fin. Agcy. Rev. (East 39th Street Hsg. Proj.) Series 1999 A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 33,700 33,700 
FNMA New York Hsg. Fin. Agcy. Rev. (Taconic West 17th St. Proj.) Series 2009 A, 0.8% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.80 (b) 22,200 22,200 
FNMA New York Hsg. Fin. Agcy. Rev. (Tribeca Park Proj.) Series 1997 A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 11,700 11,700 
FNMA New York Hsg. Fin. Agcy. Rev. (West 23rd Street Hsg. Proj.) Series 2001 A, 0.81% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.81 (b)(c) 7,000 7,000 
FNMA New York Hsg. Fin. Agcy. Rev. (Worth Street Hsg. Proj.) Series A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 17,400 17,400 
FNMA New York Hsg. Fin. Agcy. Rev. Series 1997 A, 0.75% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.75 (b)(c) 9,900 9,900 
FNMA New York Hsg. Fin. Agcy. Rev. Series 2008 A, 0.84% 6/7/22, LOC Fannie Mae, VRDN    
6/7/22 0.84 (b)(c) 14,300 14,300 
   403,830 
TOTAL VARIABLE RATE DEMAND NOTE    
(Cost $421,770)   421,770 
U.S. Government Agency Debt - 8.1%    
Federal Agencies - 8.1%    
Fannie Mae    
6/17/22 to 7/29/22 0.90 to 0.98 (b)(d) 1,837,900 1,837,900 
Federal Farm Credit Bank    
6/1/22 to 3/7/23 0.08 to 1.54 (b) 507,650 507,693 
Federal Home Loan Bank    
6/1/22 to 9/1/23 0.08 to 1.77 (b) 14,899,355 14,888,603 
Federal Home Loan Bank    
3/30/23 1.02 (e) 370,000 370,000 
Freddie Mac    
8/3/22 to 8/18/22 0.87 to 0.87 (b)(d) 562,900 562,900 
TOTAL U.S. GOVERNMENT AGENCY DEBT    
(Cost $18,167,096)   18,167,096 

U.S. Government Agency Repurchase Agreement - 9.6%   
 Maturity Amount (000s) Value (000s) 
In a joint trading account at:   
0.8% dated 5/31/22 due 6/1/22 (Collateralized by U.S. Government Obligations): # $11,008,823 $11,008,577 
0.8% dated 5/31/22 due 6/1/22 (Collateralized by U.S. Government Obligations): # 25,001 25,000 
With:   
ABN AMRO Bank NV at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Government Obligations valued at $508,579,820, 2.00% - 5.50%, 11/15/27 - 4/1/52) 498,011 498,000 
BMO Harris Bank NA at 0.81%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $132,680,057, 2.00% - 5.00%, 6/1/32 - 4/20/72) 130,122 130,000 
BNP Paribas, SA at:   
1.34%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $616,250,187, 0.00% - 4.38%, 7/31/22 - 5/15/50) 604,779 602,000 
1.45%, dated 5/24/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $95,912,354, 0.00% - 6.38%, 1/26/23 - 11/15/50) 94,473 94,000 
CIBC Bank U.S.A. at:   
0.35%, dated 1/25/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $56,169,301, 2.00% - 4.50%, 8/1/23 - 5/1/52) 55,086 55,000 
0.38%, dated 1/25/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $18,384,613, 2.00% - 4.50%, 8/1/23 - 5/1/52) 18,032 18,000 
0.8%, dated:   
5/12/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $85,723,603, 0.00% - 6.00%, 3/23/28 - 6/1/52) 84,065 84,000 
5/23/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $66,313,787, 1.50% - 5.50%, 12/1/28 - 5/1/52) 65,035 65,000 
0.81%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $294,957,974, 1.50% - 4.50%, 8/1/23 - 4/1/52) 289,271 289,000 
0.89%, dated 5/5/22 due 6/16/22 (Collateralized by U.S. Government Obligations valued at $76,184,233, 1.03% - 8.50%, 11/25/24 - 6/20/67) 74,077 74,000 
Citibank NA at 0.81%, dated 5/31/22 due 6/7/22   
(Collateralized by U.S. Treasury Obligations valued at $94,940,161, 0.00% - 8.88%, 6/16/22 - 9/15/65) 93,015 93,000 
(Collateralized by U.S. Government Obligations valued at $569,231,256, 0.00% - 10.00%, 6/17/22 - 9/15/65) 558,088 558,000 
Citigroup Global Capital Markets, Inc. at 0.81%, dated 5/31/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $379,448,618, 1.85% - 4.28%, 8/1/23 - 6/1/52) 372,059 372,000 
Deutsche Bank AG, New York at:   
0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Government Obligations valued at $94,762,106, 3.25% - 3.35%, 6/15/24 - 4/15/45) 92,002 92,000 
0.81%, dated 5/26/22 due 6/2/22 (Collateralized by U.S. Government Obligations valued at $191,605,234, 0.63% - 6.50%, 9/15/28 - 11/15/46) 186,029 186,000 
Deutsche Bank Securities, Inc. at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Government Obligations valued at $376,388,364, 2.00% - 4.00%, 6/1/40 - 11/20/51) 369,008 369,000 
Goldman Sachs & Co. at 0.81%, dated 5/31/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $1,138,345,455, 2.50% - 3.50%, 3/20/51 - 7/20/51) 1,116,175 1,116,000 
Mitsubishi UFJ Securities (U.S.A.), Inc. at 0.83%, dated 5/24/22 due 7/1/22 (Collateralized by U.S. Government Obligations valued at $285,652,678, 2.00% - 5.00%, 5/1/25 - 6/1/52) 280,245 280,000 
RBC Dominion Securities at 0.81%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $665,507,920, 0.00% - 6.38%, 6/30/22 - 4/20/52) 649,610 649,000 
RBC Financial Group at:   
0.82%, dated 5/12/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $205,113,512, 2.00% - 4.50%, 8/1/48 - 6/1/52)(b)(d)(f) 201,851 201,000 
1.04%, dated 4/29/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $1,889,819,913, 2.00% - 5.00%, 4/1/35 - 6/1/60) 1,856,026 1,851,000 
1.28%, dated 5/6/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $1,324,306,485, 0.90% - 7.50%, 12/15/23 - 1/1/58) 1,302,442 1,297,000 
Sumitomo Mitsui Trust Bank Ltd. at:   
0.55%, dated 3/23/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $76,760,703, 1.25% - 3.00%, 7/31/23 - 10/20/46) 75,099 75,000 
0.75%, dated 4/1/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $57,237,799, 1.25% - 3.50%, 7/31/23 - 12/1/47) 56,106 56,000 
0.88%, dated 4/14/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $101,777,136, 1.25% - 4.00%, 7/31/23 - 7/1/49) 99,826 99,603 
1.13%, dated 5/2/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $105,200,752, 1.25% - 3.50%, 7/31/23 - 8/1/49) 103,297 103,000 
1.3%, dated 5/18/22 due 6/7/22 (Collateralized by U.S. Government Obligations valued at $163,360,249, 2.50%, 4/20/51) 160,526 160,000 
TD Securities (U.S.A.) at 0.81%, dated 5/26/22 due 6/2/22 (Collateralized by U.S. Government Obligations valued at $912,002,344, 2.50% - 4.00%, 4/1/34 - 6/1/52) 894,140 894,000 
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT   
(Cost $21,394,180)  21,394,180 
U.S. Treasury Repurchase Agreement - 60.3%   
With:   
ABN AMRO Bank NV at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $309,623,780, 1.50% - 6.63%, 5/15/23 - 11/15/48) 302,007 302,000 
Barclays Bank PLC at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $861,346,670, 1.38% - 4.63%, 11/15/31 - 5/15/47) 842,019 842,000 
BNP Paribas, SA at:   
0.85%, dated:   
5/19/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $173,909,385, 0.38% - 3.75%, 4/30/24 - 8/15/46) 170,132 170,000 
5/20/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $172,687,574, 0.63% - 3.38%, 4/30/24 - 5/15/52) 169,128 169,000 
0.97%, dated 5/2/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $966,258,009, 0.99% - 6.75%, 7/31/22 - 11/15/51) 941,621 940,000 
1.06%, dated:   
4/29/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $1,276,633,792, 0.00% - 4.75%, 3/31/23 - 5/15/52) 1,249,323 1,246,000 
5/16/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $626,800,561, 0.00% - 3.00%, 6/16/22 - 5/15/47) 615,139 614,000 
1.17%, dated 5/10/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $173,677,907, 0.38% - 3.13%, 1/31/23 - 11/15/51) 169,505 169,000 
1.18%, dated 5/9/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $905,907,589, 0.13% - 6.75%, 10/31/22 - 5/15/51) 887,669 885,000 
1.19%, dated 5/12/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $347,029,333, 0.00% - 6.75%, 6/16/22 - 5/15/47) 341,034 340,000 
1.33%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $1,034,413,911, 0.38% - 3.00%, 4/30/24 - 8/15/51) 1,017,641 1,013,000 
1.35%, dated:   
5/10/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $991,486,118, 0.00% - 5.00%, 6/16/22 - 5/15/52) 973,525 969,000 
5/11/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $346,694,657, 0.63% - 4.38%, 4/30/24 - 11/15/51) 339,572 338,000 
1.36%, dated 5/13/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $1,044,017,876, 0.00% - 6.25%, 4/20/23 - 5/15/52) 1,025,744 1,021,000 
1.41%, dated 5/17/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $347,495,694, 0.00% - 4.50%, 6/28/22 - 5/15/52) 341,659 340,000 
1.57%, dated 5/25/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $86,726,385, 0.13% - 6.25%, 8/15/23 - 5/15/43) 85,565 85,000 
CIBC Bank U.S.A. at:   
0.26%, dated 1/18/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $168,771,091, 0.00% - 3.13%, 8/11/22 - 5/15/51) 165,178 165,000 
0.36%, dated 1/18/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $168,641,538, 0.00% - 4.75%, 7/31/22 - 5/15/51) 165,312 165,000 
Citigroup Global Capital Markets, Inc. at 0.81%, dated 5/5/22 due 6/6/22 (Collateralized by U.S. Treasury Obligations valued at $507,248,049, 0.00% - 4.25%, 10/20/22 - 11/15/40) 497,358 497,000 
Commerz Markets LLC at 0.8%, dated:   
5/25/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $549,984,470, 0.25% - 2.88%, 12/31/23 - 11/15/51) 539,084 539,000 
5/26/22 due 6/2/22 (Collateralized by U.S. Treasury Obligations valued at $551,223,657, 0.00% - 2.88%, 11/25/22 - 5/15/50) 540,084 540,000 
DNB Bank ASA at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $85,681,949, 0.63% - 1.50%, 3/31/23 - 8/15/30) 84,002 84,000 
Federal Reserve Bank of New York at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $114,674,548,354, 0.13% - 3.75%, 12/31/22 - 5/15/47) 114,674,548 114,672,000 
FICC ACAFB Repo Program at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $85,592,323, 1.50%, 11/15/50) 84,002 84,000 
Fixed Income Clearing Corp. - BNYM at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations) 169,004 169,000 
Fixed Income Clearing Corp.- Morgan Stanley & CO LLC at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $687,873,204, 1.25% - 2.88%, 7/31/23 - 11/30/23) 675,015 675,000 
Goldman Sachs & Co. at 0.81%, dated 5/26/22 due 6/2/22 (Collateralized by U.S. Treasury Obligations valued at $1,016,056,379, 0.00% - 2.88%, 6/14/22 - 2/15/42) 996,156 996,000 
ING Financial Markets LLC at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $173,205,686, 1.25% - 3.13%, 5/31/28 - 11/15/28) 169,004 169,000 
Lloyds Bank Corp. Markets PLC at:   
1.03%, dated 4/28/22 due 7/28/22 (Collateralized by U.S. Treasury Obligations valued at $171,469,277, 1.13% - 2.75%, 8/15/23 - 2/15/31) 168,437 168,000 
1.05%, dated:   
4/29/22 due 7/29/22 (Collateralized by U.S. Treasury Obligations valued at $171,469,250, 0.25% - 0.38%, 6/15/23 - 11/30/25) 168,446 168,000 
6/1/22 due 7/1/22 (Collateralized by U.S. Treasury Obligations)(g) 81,071 81,000 
1.09%, dated 4/29/22 due 8/3/22 (Collateralized by U.S. Treasury Obligations valued at $171,507,120, 2.50% - 4.38%, 8/15/23 - 11/15/39) 168,488 168,000 
1.15%, dated 5/4/22 due 8/5/22 (Collateralized by U.S. Treasury Obligations valued at $172,537,341, 2.38%, 1/31/23) 169,502 169,000 
Lloyds Bank PLC at:   
0.47%, dated 3/8/22 due 6/8/22 (Collateralized by U.S. Treasury Obligations valued at $102,125,499, 0.25% - 6.00%, 3/15/24 - 2/15/26) 100,120 100,000 
1.04%, dated 4/29/22 due 7/29/22 (Collateralized by U.S. Treasury Obligations valued at $171,466,765, 2.50% - 6.00%, 1/31/25 - 2/15/26) 168,442 168,000 
1.15%, dated 5/3/22 due 8/3/22 (Collateralized by U.S. Treasury Obligations valued at $85,730,562, 6.00%, 2/15/26) 84,247 84,000 
1.2%, dated 5/5/22 due 8/3/22 (Collateralized by U.S. Treasury Obligations valued at $171,456,418, 2.25% - 6.00%, 2/15/26 - 8/15/27) 168,504 168,000 
1.22%, dated 5/5/22 due 8/5/22 (Collateralized by U.S. Treasury Obligations valued at $86,750,997, 2.75% - 6.00%, 2/28/25 - 2/15/26) 85,265 85,000 
1.36%, dated 5/26/22 due 8/26/22 (Collateralized by U.S. Treasury Obligations valued at $69,351,772, 0.25% - 6.00%, 8/15/23 - 2/15/26) 68,236 68,000 
Mizuho Bank, Ltd. at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $602,245,688, 0.25%, 3/15/24) 591,013 591,000 
MUFG Securities EMEA PLC at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $1,643,930,278, 0.25% - 4.38%, 4/15/24 - 5/15/44) 1,605,036 1,605,000 
Norinchukin Bank at 0.84%, dated:   
5/3/22 due 6/13/22 (Collateralized by U.S. Treasury Obligations valued at $480,733,910, 1.25% - 2.75%, 6/30/25 - 11/15/27) 471,451 471,000 
5/4/22 due 6/14/22 (Collateralized by U.S. Treasury Obligations valued at $171,468,041, 1.25% - 2.75%, 6/30/25 - 8/15/31) 168,161 168,000 
5/5/22 due 6/14/22 (Collateralized by U.S. Treasury Obligations valued at $86,752,616, 1.25% - 2.75%, 6/30/25 - 8/15/31) 85,079 85,000 
5/10/22 due 6/15/22 (Collateralized by U.S. Treasury Obligations valued at $196,956,489, 0.63% - 2.75%, 6/30/25 - 8/15/31) 193,162 193,000 
RBC Dominion Securities at 0.81%, dated 5/5/22 due 6/7/22 (Collateralized by U.S. Treasury Obligations valued at $344,037,555, 0.00% - 6.00%, 7/7/22 - 5/15/49) 337,316 337,000 
Royal Bank of Canada at:   
0.8%, dated 5/26/22 due 6/2/22 (Collateralized by U.S. Treasury Obligations valued at $432,538,146, 0.13% - 3.13%, 11/15/22 - 5/15/51) 423,066 423,000 
0.81%, dated 5/5/22 due 6/7/22   
(Collateralized by U.S. Treasury Obligations valued at $75,918,476, 0.13% - 3.13%, 11/15/22 - 5/15/51) 74,058 74,000 
(Collateralized by U.S. Treasury Obligations valued at $75,831,612, 0.13% - 2.75%, 11/15/22 - 5/15/51) 74,060 74,000 
(Collateralized by U.S. Treasury Obligations valued at $84,918,692, 0.13% - 2.75%, 11/15/22 - 5/15/51) 83,061 83,000 
SMBC Nikko Securities America, Inc. at 0.8%, dated 5/31/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $713,812,823, 0.75% - 2.88%, 11/30/23 - 8/15/31) 700,016 700,000 
Societe Generale at 0.8%, dated 5/25/22 due 6/1/22 (Collateralized by U.S. Treasury Obligations valued at $431,969,998, 0.00% - 7.63%, 7/14/22 - 11/15/50) 423,066 423,000 
TOTAL U.S. TREASURY REPURCHASE AGREEMENT   
(Cost $134,852,000)  134,852,000 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $226,402,485)  226,402,485 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (2,706,225) 
NET ASSETS - 100%  $223,696,260 

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

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

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

 (e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

 (g) 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. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

Repurchase Agreement / Counterparty Value (000s) 
$11,008,577,000 due 6/01/22 at 0.80%  
BNY Mellon Capital Markets LLC $739,005 
Bank Of America, N.A. 1,189,912 
Bank of America Securities, Inc. 661,094 
Citigroup Global Markets, Inc. 495,797 
Credit Agricole CIB New York Branch 115,686 
Credit Suisse AG of New York 60,660 
HSBC Securities (USA), Inc. 148,739 
ING Financial Markets LLC 45,495 
J.P. Morgan Securities LLC 828,579 
Mitsubishi UFJ Securities Holdings Ltd. 738,249 
Mizuho Securities USA, Inc. 82,633 
Nomura Securities International 991,724 
RBC Dominion Securities, Inc. 1,273,663 
Sumitomo Mitsui Banking Corp. NY 2,116,897 
Sumitomo Mitsui Banking Corp. 1,454,337 
Wells Fargo Securities LLC 66,107 
 $11,008,577 
$25,000,000 due 6/01/22 at 0.80%  
Bank Of America, N.A. $1,955 
Credit Agricole CIB New York Branch 190 
HSBC Securities (USA), Inc. 244 
Mitsubishi UFJ Securities Holdings Ltd. 9,453 
Mizuho Securities USA, Inc. 136 
Sumitomo Mitsui Banking Corp. NY 13,022 
 $25,000 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  May 31, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including repurchase agreements of $156,246,180) — See accompanying schedule:
Unaffiliated issuers (cost $226,402,485) 		 $226,402,485 
Cash  1 
Receivable for fund shares sold  1,351,974 
Interest receivable  96,713 
Prepaid expenses  34 
Other receivables  3,230 
Total assets  227,854,437 
Liabilities   
Payable for investments purchased $2,858,634  
Payable for fund shares redeemed 1,218,752  
Distributions payable 13,374  
Accrued management fee 30,194  
Other affiliated payables 32,815  
Other payables and accrued expenses 4,408  
Total liabilities  4,158,177 
Net Assets  $223,696,260 
Net Assets consist of:   
Paid in capital  $223,695,950 
Total accumulated earnings (loss)  310 
Net Assets  $223,696,260 
Net Asset Value, offering price and redemption price per share ($223,696,260 ÷ 223,656,218 shares)  $1.00 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2022 (Unaudited) 
Investment Income   
Interest  $282,161 
Expenses   
Management fee $170,901  
Transfer agent fees 195,404  
Accounting fees and expenses 2,618  
Custodian fees and expenses 396  
Independent trustees' fees and expenses 342  
Registration fees 4,083  
Audit 27  
Legal 70  
Miscellaneous 203  
Total expenses before reductions 374,044  
Expense reductions (172,648)  
Total expenses after reductions  201,396 
Net investment income (loss)  80,765 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  224 
Total net realized gain (loss)  224 
Net increase in net assets resulting from operations  $80,989 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2022 (Unaudited) Year ended November 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $80,765 $20,911 
Net realized gain (loss) 224 130 
Net increase in net assets resulting from operations 80,989 21,041 
Distributions to shareholders (80,813) (20,885) 
Share transactions   
Proceeds from sales of shares 533,597,882 941,650,140 
Reinvestment of distributions 65,580 17,298 
Cost of shares redeemed (524,090,741) (938,108,918) 
Net increase (decrease) in net assets and shares resulting from share transactions 9,572,721 3,558,520 
Total increase (decrease) in net assets 9,572,897 3,558,676 
Net Assets   
Beginning of period 214,123,363 210,564,687 
End of period $223,696,260 $214,123,363 
Other Information   
Shares   
Sold 533,597,882 941,650,140 
Issued in reinvestment of distributions 65,580 17,298 
Redeemed (524,090,741) (938,108,918) 
Net increase (decrease) 9,572,721 3,558,520 

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


Financial Highlights

Fidelity Government Cash Reserves

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A –B –B .004 .019 .014 .005 
Net realized and unrealized gain (loss)B – – – – – – 
Total from investment operations –B –B .004 .019 .014 .005 
Distributions from net investment income –B –B (.004) (.019) (.014) (.005) 
Total distributions –B –B (.004) (.019) (.014) (.005) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D .04% .01% .39% 1.95% 1.43% .50% 
Ratios to Average Net AssetsA,E,F       
Expenses before reductions .33%G .33% .34% .38% .38% .37% 
Expenses net of fee waivers, if any .18%G .08% .26% .37% .38% .37% 
Expenses net of all reductions .18%G .08% .26% .37% .38% .37% 
Net investment income (loss) .07%G .01% .33% 1.93% 1.42% .50% 
Supplemental Data       
Net assets, end of period (in millions) $223,696 $214,123 $210,565 $155,714 $137,789 $133,855 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2022
(Amounts in thousands except percentages)

1. Organization.

Fidelity Government Cash Reserves (the Fund) is a fund of Fidelity Phillips Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – unadjusted 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.

Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Government Cash Reserves $3,230 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

Gross unrealized appreciation $– 
Gross unrealized depreciation – 
Net unrealized appreciation (depreciation) $– 
Tax cost $226,402,485 

Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is calculated on the basis of a group fee rate plus a total income-based component. The annualized group fee rate averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. The total income-based component is comprised of an income-based fee and an asset-based fee, and is calculated according to a graduated schedule providing for different rates based on the Fund's gross annualized yield. The rate increases as the Fund's gross yield increases.

During the period the income-based portion of this fee was $61,912 or an annualized rate of .06% of the Fund's average net assets. For the reporting period, the Fund's total annualized management fee rate was .15% of the Fund's average net assets.

During the period, the investment adviser or its affiliates waived a portion of these fees.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

During the period, the investment adviser or its affiliates waived a portion of these fees.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Government Cash Reserves –(a) 

 (a) Amount represents less than .005%.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Government Cash Reserves 20,000 – – 

4. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $170,853.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,791.

5. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

6. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2021 to May 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2021 		Ending
Account Value
May 31, 2022 		Expenses Paid
During Period-B
December 1, 2021
to May 31, 2022 
Fidelity Government Cash Reserves .18%    
Actual  $1,000.00 $1,000.40 $.90** 
Hypothetical-C  $1,000.00 $1,024.03 $.91** 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Government Cash Reserves .33%  
Actual  $1.65 
Hypothetical-(b)  $1.66 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses





Fidelity Investments

CAS-SANN-0722
1.704549.124

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Phillips Street Trust’s Board of Trustees.


Item 11.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

July 21, 2022


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/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

July 21, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

July 21, 2022