<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-30-2000
<PERIOD-END>
may-31-2000
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1,560,248
<INVESTMENTS-AT-VALUE>
1,560,248
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11,972
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5
<OTHER-ITEMS-ASSETS>
0
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1,572,225
<PAYABLE-FOR-SECURITIES>
51,327
<SENIOR-LONG-TERM-DEBT>
0
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751
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52,078
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0
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1,520,100
<SHARES-COMMON-STOCK>
1,520,463
<SHARES-COMMON-PRIOR>
1,542,542
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0
<OVERDISTRIBUTION-NII>
0
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47
<OVERDISTRIBUTION-GAINS>
0
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0
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1,520,147
<DIVIDEND-INCOME>
0
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44,510
<OTHER-INCOME>
0
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3,035
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41,475
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47
<APPREC-INCREASE-CURRENT>
0
<NET-CHANGE-FROM-OPS>
41,522
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
41,475
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
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967,962
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1,029,917
<SHARES-REINVESTED>
39,876
<NET-CHANGE-IN-ASSETS>
(22,032)
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0
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0
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0
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0
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1,594
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0
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3,087
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1,502,600
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1.000
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.028
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0
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.028
<PER-SHARE-DISTRIBUTIONS>
0
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0
<PER-SHARE-NAV-END>
1.000
<EXPENSE-RATIO>
41
</TABLE>