FIDELITY PHILLIPS STREET TRUST
NSAR-A, 1996-07-30
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<PAGE>      PAGE  1
000 A000000 05/31/96
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 801-3720
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 CO.
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
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00  224
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   5629153
022 D000001    837335
022 A000002 SHEARSON LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002   2277735
022 D000002    946419
022 A000003 FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003   2683734
022 D000003    455899
022 A000004 MORGAN (J.P.) SECURITIES, INC.
022 B000004 13-3224016
022 C000004   2487748
022 D000004    508784
022 A000005 GENERAL MOTORS ACCEPTANCE CORP.
022 B000005 38-0057252
022 C000005   2474835
<PAGE>      PAGE  3
022 D000005         0
022 A000006 FORD MOTOR CREDIT CORP
022 B000006 38-1612444
022 C000006   2175153
022 D000006    219562
022 A000007 MORGAN STANLEY & CO. INC.
022 B000007 13-2655998
022 C000007   1520412
022 D000007    605154
022 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000008 13-5674085
022 C000008   1340994
022 D000008    392495
022 A000009 SOCIETE GENERALE SECURITIES CORP.
022 B000009 13-1976032
022 C000009   1305000
022 D000009    225011
022 A000010 SALOMON BROTHERS INC.
022 B000010 13-5365580
022 C000010   1482550
022 D000010         0
023 C000000   96710086
023 D000000    9839865
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
029  00AA00 N
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030 B00AA00  0.00
030 C00AA00  0.00
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031 B00AA00      0
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033  00AA00      0
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036 B00AA00      0
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038  00AA00      0
039  00AA00 N
040  00AA00 Y
041  00AA00 N
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<PAGE>      PAGE  4
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
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048 I02AA00 0.000
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048 K01AA00        0
048 K02AA00 0.000
049  00AA00 N
050  00AA00 Y
051  00AA00 Y
052  00AA00 Y
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
<PAGE>      PAGE  5
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     2500
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
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077 P000000 N
078  000000 N
013 A000101 COOPERS & LYBRAND, L.L.P.
013 B010101 DALLAS
013 B020101 TX
013 B030101 75201
024  000100 Y
025 A000101 GOLDMAN SACHS & CO.
025 B000101 13-5108880
025 C000101 D
025 D000101  287751
025 A000102 MORGAN (J.P.) SECURITIES, INC.
025 B000102 13-3224016
025 C000102 D
025 D000102  185000
025 A000103 MERRILL LYNCH PIERCE, FENNER & SMITH, INC
025 B000103 13-5674085
025 C000103 D
025 D000103   99506
025 A000104 MORGAN STANLEY GROUP, INC.
025 B000104 13-2655998
025 C000104 D
<PAGE>      PAGE  6
025 D000104  310490
025 A000105 DELETE
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025 A000106 DELETE
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025 A000108 DELETE
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025 A000109 DELETE
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025 D000116       0
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028 F040100   3297034
028 G010100  17046685
028 G020100    454092
028 G030100         0
028 G040100  17163011
028 H000100         0
062 A000100 Y
062 B000100   1.0
062 C000100  15.7
062 D000100   0.0
<PAGE>      PAGE  7
062 E000100   0.0
062 F000100   2.3
062 G000100  25.7
062 H000100   0.0
062 I000100  34.1
062 J000100   0.0
062 K000100   0.0
062 L000100  21.2
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  62
063 B000100  0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 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
070 N020100 N
<PAGE>      PAGE  8
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100  6
072 B000100   514982
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072 D000100        0
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072 G000100        0
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072 J000100      159
072 K000100        0
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072 N000100      844
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072 P000100        0
072 Q000100      400
072 R000100      102
072 S000100       57
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100      107
072 X000100    46621
072 Y000100      248
072 Z000100   468609
072AA000100        0
072BB000100      212
072CC010100        0
072CC020100        0
072DD010100   468609
072DD020100        0
072EE000100        0
073 A010100   0.0254
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
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074 B000100     2305
<PAGE>      PAGE  9
074 C000100 19225112
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
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074 I000100        0
074 J000100        0
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074 L000100   113854
074 M000100        0
074 N000100 19341271
074 O000100   560001
074 P000100     2604
074 Q000100        0
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074 R040100     9329
074 S000100        0
074 T000100 18769337
074 U010100 18770464
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   0.9999
074 X000100  1258972
074 Y000100        0
075 A000100        0
075 B000100 18413552
076  000100     0.00
013 A000201 PRICE WATERHOUSE LLP
013 B010201 DALLAS
013 B020201 TX
013 B030201 75201
024  000200 Y
025 A000201 FIRST BOSTON CORPORATION
025 B000201 13-5108880
025 C000201 D
025 D000201   43000
025 A000202 MORGAN (J.P) SECURITIES
025 B000202 13-3224016
025 C000202 D
025 D000202   57000
025 D000203       0
025 D000204       0
025 D000205       0
025 D000206       0
025 D000207       0
025 D000208       0
028 A010200    126788
<PAGE>      PAGE  10
028 A020200      5115
028 A030200         0
028 A040200    134516
028 B010200    136994
028 B020200      4694
028 B030200         0
028 B040200    213746
028 C010200    109658
028 C020200      4166
028 C030200         0
028 C040200     98087
028 D010200    179615
028 D020200      4655
028 D030200         0
028 D040200    117953
028 E010200    149850
028 E020200      4465
028 E030200         0
028 E040200    196579
028 F010200    120491
028 F020200      4569
028 F030200         0
028 F040200    127301
028 G010200    823396
028 G020200     27664
028 G030200         0
028 G040200    888182
028 H000200         0
062 A000200 Y
062 B000200   7.0
062 C000200  66.4
062 D000200  26.1
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.5
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200  42
063 B000200  0.0
064 A000200 Y
064 B000200 N
066 A000200 N
<PAGE>      PAGE  11
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
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
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200  6
072 B000200    32182
072 C000200        0
072 D000200        0
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072 G000200        0
<PAGE>      PAGE  12
072 H000200        0
072 I000200     1553
072 J000200       11
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072 L000200        0
072 M000200        4
072 N000200       76
072 O000200        0
072 P000200        0
072 Q000200       68
072 R000200       14
072 S000200        4
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        8
072 X000200     2956
072 Y000200       45
072 Z000200    29271
072AA000200        8
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200    29271
072DD020200        0
072EE000200        0
073 A010200   0.0253
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200      257
074 B000200   299346
074 C000200   846385
074 D000200        0
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074 R030200        0
074 R040200      509
<PAGE>      PAGE  13
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074 U010200  1151344
074 U020200        0
074 V010200     1.00
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074 W000200   0.9995
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074 Y000200        0
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076  000200     0.00
SIGNATURE   JOHN H. COSTELLO                             
TITLE       ASSISTANT TREASURER 
 


<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>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

nov-30-1996


<PERIOD-END>

may-31-1996


<INVESTMENTS-AT-COST>

1,145,731


<INVESTMENTS-AT-VALUE>

1,145,731


<RECEIVABLES>

5,595


<ASSETS-OTHER>

257


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

1,151,583


<PAYABLE-FOR-SECURITIES>

0


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

704


<TOTAL-LIABILITIES>

704


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

1,150,908


<SHARES-COMMON-STOCK>

1,151,344


<SHARES-COMMON-PRIOR>

1,188,466


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0


<OVERDISTRIBUTION-NII>

0


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(29)


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

0


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1,150,879


<DIVIDEND-INCOME>

0


<INTEREST-INCOME>

32,182


<OTHER-INCOME>

0


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2,911


<NET-INVESTMENT-INCOME>

29,271


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8


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0


<NET-CHANGE-FROM-OPS>

29,279


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

29,271


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

823,396


<NUMBER-OF-SHARES-REDEEMED>

888,182


<SHARES-REINVESTED>

27,664


<NET-CHANGE-IN-ASSETS>

(37,114)


<ACCUMULATED-NII-PRIOR>

0


<ACCUMULATED-GAINS-PRIOR>

(37)


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0


<OVERDIST-NET-GAINS-PRIOR>

0


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0


<GROSS-EXPENSE>

2,956


<AVERAGE-NET-ASSETS>

1,157,129


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1.000


<PER-SHARE-NII>

 .025


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0


<PER-SHARE-DIVIDEND>

 .025


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0


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

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<EXPENSE-RATIO>

51


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>

<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>

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<FISCAL-YEAR-END>

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<PERIOD-END>

may-31-1996


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19,227,417


<INVESTMENTS-AT-VALUE>

19,227,417


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113,854


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0


<OTHER-ITEMS-ASSETS>

0


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19,341,271


<PAYABLE-FOR-SECURITIES>

560,001


<SENIOR-LONG-TERM-DEBT>

0


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11,933


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571,934


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

18,770,464


<SHARES-COMMON-STOCK>

18,770,464


<SHARES-COMMON-PRIOR>

18,432,698


<ACCUMULATED-NII-CURRENT>

0


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

(1,127)


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

0


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18,769,337


<DIVIDEND-INCOME>

0


<INTEREST-INCOME>

514,982


<OTHER-INCOME>

0


<EXPENSES-NET>

46,373


<NET-INVESTMENT-INCOME>

468,609


<REALIZED-GAINS-CURRENT>

(212)


<APPREC-INCREASE-CURRENT>

0


<NET-CHANGE-FROM-OPS>

468,397


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

468,609


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


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17,046,685


<NUMBER-OF-SHARES-REDEEMED>

17,163,011


<SHARES-REINVESTED>

454,092


<NET-CHANGE-IN-ASSETS>

337,554


<ACCUMULATED-NII-PRIOR>

0


<ACCUMULATED-GAINS-PRIOR>

(915)


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

19,541


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

46,621


<AVERAGE-NET-ASSETS>

18,413,552


<PER-SHARE-NAV-BEGIN>

1.000


<PER-SHARE-NII>

 .025


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0


<PER-SHARE-DIVIDEND>

 .025


<PER-SHARE-DISTRIBUTIONS>

0


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

1.000


<EXPENSE-RATIO>

50


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>


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