SUPPLEMENT TO THE
FIDELITY CASH
RESERVES AND FIDELITY
U.S. GOVERNMENT
RESERVES
PROSPECTUS
DATED JANUARY 13, 1995
The following information
replaces the similar
information found on page 5.
The following are projections
based on historical
expenses, adjusted to reflect
current fees, and are
calculated as a percentage of
average net assets.
CASH RESERVES
Management fee .19%
12b-1 fee None
Other expenses .33%
Total fund operating expenses
.52%
U.S. GOVERNMENT RESERVES
Management fee .20%
12b-1 fee None
Other expenses .29%
Total fund operating expenses .4
9 %
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 pay in total
expenses if you
close your account after the
number of years indicated:
CASH RESERVES
After 1 year $5
After 3 years $17
After 5 years $29
After 10 years $65
U.S. GOVERNMENT RESERVES
After 1 year $5
After 3 years $16
After 5 years $27
After 10 years $62
These examples illustrate the
effect of expenses, but are
not meant to suggest actual
or expected costs or returns,
all of which may vary.
The following information
supplements the information
found on page 7.
The ratio of expenses to
average net assets in the
Financial Highlights table for
U.S. Government Reserves
for the two months ended
November 30, 1994 (.36%
(annualized)) includes the
effect of annualizing a
voluntary reimbursement of
fees by FMR; the ratio of
expenses before this
expense reduction would
have been .49%
(annualized).
SUPPLEMENT TO THE
FIDELITY CASH
RESERVES AND FIDELITY
U.S. GOVERNMENT
RESERVES
PROSPECTUS
DATED JANUARY 13, 1995
The following information
replaces the similar
information found on page 5.
The following are projections
based on historical
expenses, adjusted to reflect
current fees, and are
calculated as a percentage of
average net assets.
CASH RESERVES
Management fee .19%
12b-1 fee None
Other expenses .33%
Total fund operating expenses
.52%
U.S. GOVERNMENT RESERVES
Management fee .20%
12b-1 fee None
Other expenses .29%
Total fund operating expenses .4
9 %
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 pay in total
expenses if you
close your account after the
number of years indicated:
CASH RESERVES
After 1 year $5
After 3 years $17
After 5 years $29
After 10 years $65
U.S. GOVERNMENT RESERVES
After 1 year $5
After 3 years $16
After 5 years $27
After 10 years $62
These examples illustrate the
effect of expenses, but are
not meant to suggest actual
or expected costs or returns,
all of which may vary.
The following information
supplements the information
found on page 7.
The ratio of expenses to
average net assets in the
Financial Highlights table for
U.S. Government Reserves
for the two months ended
November 30, 1994 (.36%
(annualized)) includes the
effect of annualizing a
voluntary reimbursement of
fees by FMR; the ratio of
expenses before this
expense reduction would
have been .49%
(annualized).
CAS-95-1 January 27, 1995
CAS-95-1 January 27, 1995
