FIDELITY PHILLIPS STREET TRUST
NSAR-A, 1995-07-27
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<PAGE>      PAGE  1
000 A000000 05/31/95
000 C000000 0000278001
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FIDELITY PHILLIPS STREET TRUST
001 B000000 811-2890
001 C000000 2145064081
002 A000000 82 DEVONSHIRE STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 FIDELITY CASH RESERVES
007 C030100 N
007 C010200  2
007 C020200 FIDELITY U.S. GOVERNMENT RESERVES
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FIDELITY MANAGEMENT & RESEARCH COMPANY
008 B00AA01 A
008 C00AA01 801-7884
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
008 A00AA02 FMR TEXAS INC.
008 B00AA02 S
008 C00AA02 801-3270
008 D01AA02 IRVING
008 D02AA02 TX
008 D03AA02 75039
011 A00AA01 FIDELITY DISTRIBUTORS CORPORATION
011 B00AA01 8-8775
011 C01AA01 BOSTON
<PAGE>      PAGE  2
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 FIDELITY SERVICE COMPANY
012 B00AA01 84-00216
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
014 A00AA01 FIDELITY BROKERAGE SERVICES, INC.
014 B00AA01 8-23292
014 A00AA02 FIDELITY DISTRIBUTORS CORPORATION
014 B00AA02 8-8775
014 A00AA03 FIDELITY BROKERAGE SERVICES, LTD.
014 B00AA03 8-0000
018  00AA00 Y
019 A00AA00 Y
019 B00AA00  221
019 C00AA00 FIDELITYZZ
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 GOLDMAN SACHS & CO
022 B000001 13-5108880
022 C000001   5429129
022 D000001   1845684
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002   3858442
022 D000002   1646498
022 A000003 FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003   4443338
022 D000003    545405
022 A000004 DAI-ICHI KANGYO BANK, LTD.
022 B000004 00-0000000
022 C000004   4685000
022 D000004         0
022 A000005 MORGAN (J.P.) SECURITIES
022 B000005 13-3224016
022 C000005   2908439
022 D000005   1558487
022 A000006 CREDIT LYONNAIS
022 B000006 00-0000000
022 C000006   3250000
<PAGE>      PAGE  3
022 D000006         0
022 A000007 CHEMICAL SECURITIES, INC.
022 B000007 13-3379014
022 C000007   1386274
022 D000007   1558008
022 A000008 MERRILL LYNCH, PIERCE FENNER & SMITH
022 B000008 13-5674085
022 C000008   1903760
022 D000008    894016
022 A000009 FORD MOTOR CREDIT COMPANY
022 B000009 00-0000000
022 C000009   2091711
022 D000009    134799
022 A000010 MORGAN STANLEY & CO.
022 B000010 13-2655998
022 C000010   1138653
022 D000010   1066843
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<PAGE>      PAGE  4
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
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054 O00AA00 Y
055 A00AA00 N
<PAGE>      PAGE  5
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     2500
066 A00AA00 N
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069  00AA00 N
077 A000000 N
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086 A010000      0
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013 A000101 COOPERS & LYBRAND L.L.P
013 B010101 DALLAS
013 B020101 TX
013 B030101 75201
015 A000101 THE BANK OF NEW YORK
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10286
015 E010101 X
024  000100 Y
025 A000101 FORD MOTOR CREDIT COMPANY
025 B000101 00-0000000
025 C000101 D
025 D000101  526539
025 A000102 GOLDMAN SACHS & CO.
025 B000102 13-5108880
025 C000102 D
025 D000102  395424
025 A000103 DAI-ICHI KANGYO BANK, LTD.
025 B000103 00-0000000
025 C000103 D
025 D000103  328000
025 A000104 CHEMICAL SECURITIES, INC.
<PAGE>      PAGE  6
025 B000104 13-3379014
025 C000104 D
025 D000104  325000
025 A000105 J.P. MORGAN SECURITIES
025 B000105 13-3224016
025 C000105 D
025 D000105  186000
025 A000106 MORGAN STANLEY & CO.
025 B000106 13-2655998
025 C000106 D
025 D000106  178354
025 A000107 DELETE
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025 D000116       0
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028 G020100    426720
028 G030100         0
<PAGE>      PAGE  7
028 G040100  13727275
028 H000100         0
062 A000100 Y
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062 C000100   4.1
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062 E000100   0.0
062 F000100   4.4
062 G000100  28.1
062 H000100   0.4
062 I000100  37.0
062 J000100   4.1
062 K000100   0.0
062 L000100  21.9
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
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063 A000100  59
063 B000100  0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
<PAGE>      PAGE  8
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100         0
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<PAGE>      PAGE  9
074 B000100     1731
074 C000100 16631656
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074 O000100    64416
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074 R040100    19786
074 S000100        0
074 T000100 16625630
074 U010100 16626892
074 U020100        0
074 V010100     1.00
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074 W000100   1.0000
074 X000100  1178431
074 Y000100        0
075 A000100 15805018
075 B000100        0
076  000100     0.00
013 A000201 PRICE WATERHOUSE LLP
013 B010201 DALLAS
013 B020201 TX
013 B030201 75201
015 A000201 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000201 C
015 C010201 NEW YORK
015 C020201 NY
015 C030201 10260
015 E010201 X
025 A000201 FIRST BOSTON CORP.
025 B000201 13-5659485
025 C000201 D
025 D000201   45000
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025 D000203       0
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025 D000205       0
025 D000206       0
<PAGE>      PAGE  10
025 D000207       0
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062 A000200 Y
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062 D000200  39.2
062 E000200   0.0
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063 A000200  40
063 B000200  0.0
<PAGE>      PAGE  11
064 A000200 Y
064 B000200 N
070 A010200 Y
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070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
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070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
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070 O010200 Y
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070 Q020200 N
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071 A000200         0
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   JOHN H. COSTELLO                             
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000278001


<NAME>      Fidelity Phillips Street Trust


<SERIES>

        <NUMBER>        11


        <NAME>      Fidelity Cash Reserves


<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

Nov-30-1994


<PERIOD-END>

May-31-1995


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16,633,387


<INVESTMENTS-AT-VALUE>

16,633,387


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80,028


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0


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0


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16,713,415


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64,416


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0


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87,785


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0


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16,626,892


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14,530,157


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0


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0


<ACCUMULATED-NET-GAINS>

(1,262)


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0


<ACCUM-APPREC-OR-DEPREC>

0


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16,625,630


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0


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481,475


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0


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42,764


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438,711


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339


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0


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439,050


<EQUALIZATION>

0


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438,711


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

15,397,290


<NUMBER-OF-SHARES-REDEEMED>

13,727,275


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426,720


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2,097,074


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0


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0


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0


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0


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42,764


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15,805,018


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1.000


<PER-SHARE-NII>

 .028


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0


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 .028


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1.000


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54


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0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000278001


<NAME>      Fidelity Phillips Street Trust


<SERIES>

        <NUMBER>        21


        <NAME>      Fidelity U.S. Government Reserves


<MULTIPLIER>    1,000


       

<S>

<C>

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6-mos


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Nov-30-1994


<PERIOD-END>

May-31-1995


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1,263,710


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1,263,710


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2,594


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0


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0


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1,266,304


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72,875


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0


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32,816


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105,691


<SENIOR-EQUITY>

0


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1,161,083


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1,161,083


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1,130,076


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0


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

(470)


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

0


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1,160,613


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0


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34,313


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0


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3,192


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31,121


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(63)


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0


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31,058


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

31,121


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


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763,530


<NUMBER-OF-SHARES-REDEEMED>

762,373


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29,850


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30,944


<ACCUMULATED-NII-PRIOR>

0


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(407)


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0


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0


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0


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3,192


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1,146,146


<PER-SHARE-NAV-BEGIN>

1.000


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 .028


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0


<PER-SHARE-DIVIDEND>

 .028


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0


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0


<PER-SHARE-NAV-END>

1.000


<EXPENSE-RATIO>

56


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0


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0



        



</TABLE>


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