FIDELITY PHILLIPS STREET TRUST, 497, 1994-05-10

FIDELITY PHILLIPS STREET TRUST
497, 1994-05-10
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SUPPLEMENT TO THE FIDELITY 
CASH RESERVES AND FIDELITY 
U.S. GOVERNMENT RESERVES 
PROSPECTUS
DATED JANUARY 11, 1994
The following information 
replaces similar information 
found in the "EXPENSES" 
section  on page 5:
The following are projections 
based on historical expenses 
adjusted to reflect the current 
contract for Cash Reserves 
and the revised management 
fee structure for U.S. 
Government Reserves, and are 
calculated as a percentage of 
average net assets.
CASH RESERVES
 Management fee .20%
 12b-1 fee None
 Other expenses  .34%
 Total fund operating expenses .54
%
U.S. GOVERNMENT RESERVES
 Management fee (after agreement) 
.20%
12b-1 fee None
Other expenses   .30%
Total fund operating expenses .50%
EXAMPLES: Let's say, 
hypothetically, that each fund's 
annual return is 5% and that its 
operating expenses are exactly 
as just described. For every 
$1,000 you invested, here's 
how much you would have paid 
in total expenses if you closed 
your account after the number 
of years indicated:
CASH RESERVES
 After 1 year $ 6
 After 3 years $ 17
 After 5 years  $ 30
 After 10 years $ 68
U.S. GOVERNMENT RESERVES
 After 1 year $  5
 After 3 years $ 16
 After 5 years   $ 28
 After 10 years $ 63
FMR has voluntarily agreed to 
adopt a revised management 
fee structure for U.S. 
Government Reserves. If this 
agreement were not in effect 
for U.S. Government Reserves, 
the management fee, other 
expenses, and total operating 
expenses would be .45%, 
.30%, and .75%, respectively.
   The following information     
   replaces the last two sentences     
   in the     "MINIMUM 
INVESTMENTS"    table on page     
   12:    
   These minimums may vary for     
   a Fidelity College Savings Plan     
   Account or a Fidelity Payroll     
   Deduction Program account in     
   the fund. Refer to the     
   appropriate program materials     
   for details.    
SUPPLEMENT TO THE FIDELITY 
CASH RESERVES AND FIDELITY 
U.S. GOVERNMENT RESERVES 
PROSPECTUS
DATED JANUARY 11, 1994
The following information 
replaces similar information 
found in the "EXPENSES" 
section  on page 5:
The following are projections 
based on historical expenses 
adjusted to reflect the current 
contract for Cash Reserves 
and the revised management 
fee structure for U.S. 
Government Reserves, and are 
calculated as a percentage of 
average net assets.
CASH RESERVES
 Management fee .20%
 12b-1 fee None
 Other expenses  .34%
 Total fund operating expenses .54
%
U.S. GOVERNMENT RESERVES
 Management fee (after agreement) 
.20%
12b-1 fee None
Other expenses   .30%
Total fund operating expenses .50%
EXAMPLES: Let's say, 
hypothetically, that each fund's 
annual return is 5% and that its 
operating expenses are exactly 
as just described. For every 
$1,000 you invested, here's 
how much you would have paid 
in total expenses if you closed 
your account after the number 
of years indicated:
CASH RESERVES
 After 1 year $ 6
 After 3 years $ 17
 After 5 years  $ 30
 After 10 years $ 68
U.S. GOVERNMENT RESERVES
 After 1 year $  5
 After 3 years $ 16
 After 5 years   $ 28
 After 10 years $ 63
FMR has voluntarily agreed to 
adopt a revised management 
fee structure for U.S. 
Government Reserves. If this 
agreement were not in effect 
for U.S. Government Reserves, 
the management fee, other 
expenses, and total operating 
expenses would be .45%, 
.30%, and .75%, respectively.
   The following information     
   replaces the last two sentences     
   in the     "MINIMUM 
INVESTMENTS"    table on page     
   12:    
   These minimums may vary for     
   a Fidelity College Savings Plan     
   Account or a Fidelity Payroll     
   Deduction Program account in     
   the fund. Refer to the     
   appropriate program materials     
   for details.    
   CAS-94-2  May 5, 1994    
   CAS-94-2  May 5, 1994