FIDELITY PHILLIPS STREET TRUST
NSAR-A, 1997-07-29
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<PAGE>      PAGE  1
000 A000000 05/31/97
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 6175631421
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., INC.
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  237
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 DEUTSCHE BANK, A.G.
022 B000001 13-2730828
022 C000001   8578126
022 D000001   1033283
022 A000002 MORGAN (J.P.) SECURITIES
022 B000002 13-3224016
022 C000002   4878841
022 D000002    904315
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003   4536915
022 D000003    990105
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004   4848775
022 D000004    522778
022 A000005 GENERAL ELECTRIC CREDIT CORP.
022 B000005 13-1500700
022 C000005   3827151
<PAGE>      PAGE  3
022 D000005         0
022 A000006 CREDIT AGRICOLE USA INC.
022 B000006 00-0000000
022 C000006   3521000
022 D000006         0
022 A000007 SANWA SECURITIES USA CO., L.P.
022 B000007 13-3046258
022 C000007   2325868
022 D000007    696326
022 A000008 CHASE SECURITIES INC.
022 B000008 13-5227302
022 C000008   1592636
022 D000008   1101095
022 A000009 SWISS BANK CORP.
022 B000009 0-00000000
022 C000009   1938000
022 D000009    532986
022 A000010 BARCLAYS BANK PLC
022 B000010 00-0000000
022 C000010   2327016
022 D000010      8000
023 C000000  128310101
023 D000000    9877543
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
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 Y
041  00AA00 N
042 A00AA00   0
042 B00AA00   0
<PAGE>      PAGE  4
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
045  00AA00 Y
046  00AA00 N
047  00AA00 N
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048 A01AA00        0
048 A02AA00 0.000
048 B01AA00        0
048 B02AA00 0.000
048 C01AA00        0
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048 D01AA00        0
048 D02AA00 0.000
048 E01AA00        0
048 E02AA00 0.000
048 F01AA00        0
048 F02AA00 0.000
048 G01AA00        0
048 G02AA00 0.000
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
048 J02AA00 0.000
048 K01AA00        0
048 K02AA00 0.000
049  00AA00 N
050  00AA00 N
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
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 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 DEUTSCHE BANK, A.G.
025 B000101 13-2730828
025 C000101 D
025 D000101  708916
025 A000102 MORGAN (J.P.) SECURITIES
025 B000102 13-3224016
025 C000102 D
025 D000102  314000
025 A000103 GOLDMAN SACHS & INC.
025 B000103 13-5108880
025 C000103 D
025 D000103  239407
<PAGE>      PAGE  6
025 A000104 GENERAL ELECTRIC CREDIT CORP.
025 B000104 00-0000000
025 C000104 D
025 D000104 1167740
025 A000105 SANWA SECURITIES USA CO., L.P.
025 B000105 13-3046258
025 C000105 D
025 D000105  295000
025 A000106 CHASE SECURITIES O., INC.
025 B000106 00-0000000
025 C000106 D
025 D000106  531824
025 A000107 SWISS BANK CORP.
025 B000107 00-0000000
025 C000107 D
025 D000107  918000
025 A000108 BARCLAYS BANK, PLC
025 B000108 00-0000000
025 C000108 D
025 D000108  572992
025 A000109 DELETE
025 D000109       0
025 D000110       0
025 D000111       0
025 D000112       0
025 D000113       0
025 D000114       0
025 D000115       0
025 D000116       0
028 A010100   3877585
028 A020100     88984
028 A030100         0
028 A040100   3353015
028 B010100   4029290
028 B020100     89387
028 B030100         0
028 B040100   4317835
028 C010100   3489710
028 C020100     80783
028 C030100         0
028 C040100   3521899
028 D010100   4058319
028 D020100     92110
028 D030100         0
028 D040100   3284062
028 E010100   4432549
028 E020100     95438
028 E030100         0
028 E040100   4092360
028 F010100   3554501
028 F020100     98512
<PAGE>      PAGE  7
028 F030100         0
028 F040100   3920828
028 G010100  23441954
028 G020100    545214
028 G030100         0
028 G040100  22489999
028 H000100         0
062 A000100 Y
062 B000100   0.0
062 C000100   5.7
062 D000100   0.0
062 E000100   0.0
062 F000100   1.7
062 G000100  39.9
062 H000100   0.0
062 I000100  31.7
062 J000100   4.2
062 K000100   0.0
062 L000100  16.8
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  67
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
<PAGE>      PAGE  8
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
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
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   617032
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100    22888
072 G000100        0
072 H000100        0
072 I000100    27997
072 J000100      183
072 K000100        0
072 L000100        0
072 M000100       67
072 N000100       36
072 O000100        0
072 P000100        0
072 Q000100      406
072 R000100        0
072 S000100       15
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100        3
072 X000100    51595
072 Y000100      174
072 Z000100   565611
072AA000100       70
072BB000100        0
<PAGE>      PAGE  9
072CC010100        0
072CC020100        0
072DD010100   565611
072DD020100        0
072EE000100        0
073 A010100   0.0254
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100       31
074 B000100      590
074 C000100 23471239
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100   148900
074 M000100        0
074 N000100 23620760
074 O000100   814940
074 P000100     4155
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100    63828
074 S000100        0
074 T000100 22737837
074 U010100 22738842
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   0.9999
074 X000100  1383309
074 Y000100        0
075 A000100 22113697
075 B000100        0
076  000100     0.00
013 A000201 PRICE WATERHOUSE LLP
013 B010201 DALLAS
013 B020201 TX
013 B030201 75201
024  000200 N
028 A010200    125086
028 A020200      4843
028 A030200         0
028 A040200    183806
<PAGE>      PAGE  10
028 B010200    126064
028 B020200      4789
028 B030200         0
028 B040200    141528
028 C010200    105916
028 C020200      4307
028 C030200         0
028 C040200     97261
028 D010200    132715
028 D020200      4840
028 D030200         0
028 D040200    121915
028 E010200    217405
028 E020200      4971
028 E030200         0
028 E040200    157879
028 F010200    104199
028 F020200      5302
028 F030200         0
028 F040200    163394
028 G010200    811385
028 G020200     29052
028 G030200         0
028 G040200    865783
028 H000200         0
062 A000200 Y
062 B000200   2.9
062 C000200  52.9
062 D000200  44.0
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   0.2
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  61
063 B000200  0.0
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
<PAGE>      PAGE  11
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 Y
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    33233
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200     1225
072 G000200        0
072 H000200        0
072 I000200     1504
072 J000200        7
<PAGE>      PAGE  12
072 K000200        0
072 L000200        0
072 M000200        4
072 N000200       49
072 O000200        0
072 P000200        0
072 Q000200       71
072 R000200        8
072 S000200        3
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        6
072 X000200     2877
072 Y000200       45
072 Z000200    30401
072AA000200       18
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200    30401
072DD020200        0
072EE000200        0
073 A010200   0.0252
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200   531740
074 C000200   676137
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200    13878
074 M000200        0
074 N000200  1221755
074 O000200     3498
074 P000200      225
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      653
074 S000200        0
074 T000200  1217379
074 U010200  1217822
<PAGE>      PAGE  13
074 U020200        0
074 V010200     1.00
074 V020200     0.00
074 W000200   0.9996
074 X000200    82777
074 Y000200        0
075 A000200  1207594
075 B000200        0
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>        11


        <NAME>      Fidelity Cash Reserves


<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

nov-30-1997


<PERIOD-END>

may-31-1997


<INVESTMENTS-AT-COST>

23,471,829


<INVESTMENTS-AT-VALUE>

23,471,829


<RECEIVABLES>

148,900


<ASSETS-OTHER>

31


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

23,620,760


<PAYABLE-FOR-SECURITIES>

814,940


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

67,983


<TOTAL-LIABILITIES>

882,923


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

22,738,842


<SHARES-COMMON-STOCK>

22,738,842


<SHARES-COMMON-PRIOR>

21,241,673


<ACCUMULATED-NII-CURRENT>

0


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

(1,005)


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

0


<NET-ASSETS>

22,737,837


<DIVIDEND-INCOME>

0


<INTEREST-INCOME>

617,032


<OTHER-INCOME>

0


<EXPENSES-NET>

51,421


<NET-INVESTMENT-INCOME>

565,611


<REALIZED-GAINS-CURRENT>

70


<APPREC-INCREASE-CURRENT>

0


<NET-CHANGE-FROM-OPS>

565,681


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

565,611


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

23,441,954


<NUMBER-OF-SHARES-REDEEMED>

22,489,999


<SHARES-REINVESTED>

545,214


<NET-CHANGE-IN-ASSETS>

1,497,239


<ACCUMULATED-NII-PRIOR>

0


<ACCUMULATED-GAINS-PRIOR>

(1,075)


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

22,888


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

51,595


<AVERAGE-NET-ASSETS>

22,113,697


<PER-SHARE-NAV-BEGIN>

1.000


<PER-SHARE-NII>

 .025


<PER-SHARE-GAIN-APPREC>

0


<PER-SHARE-DIVIDEND>

 .025


<PER-SHARE-DISTRIBUTIONS>

0


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

1.000


<EXPENSE-RATIO>

47


<AVG-DEBT-OUTSTANDING>

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>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

nov-30-1997


<PERIOD-END>

may-31-1997


<INVESTMENTS-AT-COST>

1,207,877


<INVESTMENTS-AT-VALUE>

1,207,877


<RECEIVABLES>

13,878


<ASSETS-OTHER>

0


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

1,221,755


<PAYABLE-FOR-SECURITIES>

3,498


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

878


<TOTAL-LIABILITIES>

4,376


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

1,217,386


<SHARES-COMMON-STOCK>

1,217,822


<SHARES-COMMON-PRIOR>

1,243,168


<ACCUMULATED-NII-CURRENT>

0


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

(7)


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

0


<NET-ASSETS>

1,217,379


<DIVIDEND-INCOME>

0


<INTEREST-INCOME>

33,233


<OTHER-INCOME>

0


<EXPENSES-NET>

2,832


<NET-INVESTMENT-INCOME>

30,401


<REALIZED-GAINS-CURRENT>

18


<APPREC-INCREASE-CURRENT>

0


<NET-CHANGE-FROM-OPS>

30,419


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

30,401


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

811,385


<NUMBER-OF-SHARES-REDEEMED>

865,783


<SHARES-REINVESTED>

29,052


<NET-CHANGE-IN-ASSETS>

(25,328)


<ACCUMULATED-NII-PRIOR>

0


<ACCUMULATED-GAINS-PRIOR>

(25)


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

1,225


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

2,877


<AVERAGE-NET-ASSETS>

1,207,594


<PER-SHARE-NAV-BEGIN>

1.000


<PER-SHARE-NII>

 .025


<PER-SHARE-GAIN-APPREC>

0


<PER-SHARE-DIVIDEND>

 .025


<PER-SHARE-DISTRIBUTIONS>

0


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

1.000


<EXPENSE-RATIO>

48


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>


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