The annual program awards fellowship grants to working print and online journalists who share the Phillips Foundation's mission "to advance constitutional principles, a democratic society and a vibrant free enterprise system." Applicants propose a one-year writing project on a topic of their choosing, focusing on journalism supportive of American culture and a free society.The Foundation awards separate fellowships in the following topic areas:

• The Environmental Fellowship for a project on the environment from a free market perspective.
• The Kathryn W. Davis Fellowship for a project on the impact of free enterprise on society.
• The Law Enforcement Fellowship for a project focusing on some aspect of law enforcement in the United States.