SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 24, 1993
On November 17, 1993,
shareholders of Fidelity Cash
Reserves voted to approve
revisions to the fund's current
management contract and
other matters related to the
fund's management. Effective
December 1, 1993, Cash
Reserves will adopt the revised
management fee structure. The
revised fee structure provides
for the addition of a basic fee
rate, which is the combination
of a group fee rate and an
individual fund fee rate, and
revisions to the income-based
component. These changes will
result in an increase in the
management fee when the
fund's yield is below 5% or
above approximately 9%, and a
decrease in the management
fee when the fund's yield is
between 5% and approximately
9%.
Effective September 1, 1993,
Fidelity Management &
Research Company has
agreed to voluntarily adopt a
revised management fee
structure for U.S. Government
Reserves. The revised
structure provides for a lower
individual fund fee rate (from
.28% to .03%) and the addition
of an income component.
These changes will provide for
lower management fees, and
will be presented to
shareholders for approval at
the next shareholder meeting.
The following information
replaces similar information
found in the "EXPENSES"
section on page 4:
CASH RESERVES
Management fee .21%
12b-1 fee None
Other expenses .31%
Total fund operating expenses .52
%
CASH RESERVES
After 1 year $ 5
After 3 years $ 17
After 5 years $ 29
After 10 years $ 65
U.S. GOVERNMENT RESERVES
Management fee .21%
12b-1 fee None
Other expenses .28%
Total fund operating expenses .49
%
If this agreement were not in
effect, the management fee,
other expenses, and total
operating expenses would be
.45%, .28%, and .73%,
respectively.
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 27
After 10 years $ 62
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 24, 1993
On November 17, 1993,
shareholders of Fidelity Cash
Reserves voted to approve
revisions to the fund's current
management contract and
other matters related to the
fund's management. Effective
December 1, 1993, Cash
Reserves will adopt the revised
management fee structure. The
revised fee structure provides
for the addition of a basic fee
rate, which is the combination
of a group fee rate and an
individual fund fee rate, and
revisions to the income-based
component. These changes will
result in an increase in the
management fee when the
fund's yield is below 5% or
above approximately 9%, and a
decrease in the management
fee when the fund's yield is
between 5% and approximately
9%.
Effective September 1, 1993,
Fidelity Management &
Research Company has
agreed to voluntarily adopt a
revised management fee
structure for U.S. Government
Reserves. The revised
structure provides for a lower
individual fund fee rate (from
.28% to .03%) and the addition
of an income component.
These changes will provide for
lower management fees, and
will be presented to
shareholders for approval at
the next shareholder meeting.
The following information
replaces similar information
found in the "EXPENSES"
section on page 4:
CASH RESERVES
Management fee .21%
12b-1 fee None
Other expenses .31%
Total fund operating expenses .52
%
CASH RESERVES
After 1 year $ 5
After 3 years $ 17
After 5 years $ 29
After 10 years $ 65
U.S. GOVERNMENT RESERVES
Management fee .21%
12b-1 fee None
Other expenses .28%
Total fund operating expenses .49
%
If this agreement were not in
effect, the management fee,
other expenses, and total
operating expenses would be
.45%, .28%, and .73%,
respectively.
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 27
After 10 years $ 62
CAS-93-3 (Page 1 of 2) December 1, 1993
CAS-93-3 (Page 1 of 2) December 1, 1993
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 24, 1993
On November 17, 1993,
shareholders of Fidelity Cash
Reserves voted to approve
revisions to the fund's current
management contract and
other matters related to the
fund's management. Effective
December 1, 1993, Cash
Reserves will adopt the revised
management fee structure. The
revised fee structure provides
for the addition of a basic fee
rate, which is the combination
of a group fee rate and an
individual fund fee rate, and
revisions to the income-based
component. These changes will
result in an increase in the
management fee when the
fund's yield is below 5% or
above approximately 9%, and a
decrease in the management
fee when the fund's yield is
between 5% and approximately
9%.
Effective September 1, 1993,
Fidelity Management &
Research Company has
agreed to voluntarily adopt a
revised management fee
structure for U.S. Government
Reserves. The revised
structure provides for a lower
individual fund fee rate (from
.28% to .03%) and the addition
of an income component.
These changes will provide for
lower management fees, and
will be presented to
shareholders for approval at
the next shareholder meeting.
The following information
replaces similar information
found in the "EXPENSES"
section on page 4:
CASH RESERVES
Management fee .21%
12b-1 fee None
Other expenses .31%
Total fund operating expenses .52
%
CASH RESERVES
After 1 year $ 5
After 3 years $ 17
After 5 years $ 29
After 10 years $ 65
U.S. GOVERNMENT RESERVES
Management fee .21%
12b-1 fee None
Other expenses .28%
Total fund operating expenses .49
%
If this agreement were not in
effect, the management fee,
other expenses, and total
operating expenses would be
.45%, .28%, and .73%,
respectively.
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 27
After 10 years $ 62
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 24, 1993
On November 17, 1993,
shareholders of Fidelity Cash
Reserves voted to approve
revisions to the fund's current
management contract and
other matters related to the
fund's management. Effective
December 1, 1993, Cash
Reserves will adopt the revised
management fee structure. The
revised fee structure provides
for the addition of a basic fee
rate, which is the combination
of a group fee rate and an
individual fund fee rate, and
revisions to the income-based
component. These changes will
result in an increase in the
management fee when the
fund's yield is below 5% or
above approximately 9%, and a
decrease in the management
fee when the fund's yield is
between 5% and approximately
9%.
Effective September 1, 1993,
Fidelity Management &
Research Company has
agreed to voluntarily adopt a
revised management fee
structure for U.S. Government
Reserves. The revised
structure provides for a lower
individual fund fee rate (from
.28% to .03%) and the addition
of an income component.
These changes will provide for
lower management fees, and
will be presented to
shareholders for approval at
the next shareholder meeting.
The following information
replaces similar information
found in the "EXPENSES"
section on page 4:
CASH RESERVES
Management fee .21%
12b-1 fee None
Other expenses .31%
Total fund operating expenses .52
%
CASH RESERVES
After 1 year $ 5
After 3 years $ 17
After 5 years $ 29
After 10 years $ 65
U.S. GOVERNMENT RESERVES
Management fee .21%
12b-1 fee None
Other expenses .28%
Total fund operating expenses .49
%
If this agreement were not in
effect, the management fee,
other expenses, and total
operating expenses would be
.45%, .28%, and .73%,
respectively.
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 27
After 10 years $ 62
