F U N D P R O F I L E
FIDELITY CASH
RESERVES
Fidelity Cash Reserves is a money market fund whose goal is to
seek high current income while maintaining a stable share price.
JANUARY 19, 1996
(registered trademark)
The Fund Profile contains key information about the fund.
More details appear in the fund's accompanying Prospectus.
FIDELITY CASH RESERVES
ESSENTIAL QUESTIONS EVERY INVESTOR SHOULD ASK
1. WHAT IS THE FUND'S GOAL?
Fidelity Cash Reserves is a money market fund whose goal is to seek high
current income while maintaining a stable share price.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund invests in high-quality, short-term money market securities of all
types. The fund follows industry-standard guidelines on the quality and
maturity of its investments, which are designed to help maintain a stable
$1.00 share price. The fund will purchase only high-quality, U.S.
dollar-denominated securities of domestic and foreign issuers that its
investment manager believes present minimal credit risks and will observe
maturity restrictions on securities it buys. When you sell your shares,
they should be worth the same amount as when you bought them.
3. WHAT ARE THE SIGNIFICANT RISKS?
In general, securities with longer maturities are more vulnerable to price
changes, although they may provide higher yields. It is possible that a
major change in interest rates or a default on the fund's investments could
cause its share price (and the value of your investment) to change.
Investments in the fund are neither insured nor guaranteed by the U.S.
government.
4. IS THE FUND APPROPRIATE FOR ME?
The fund may be appropriate for investors who would like to earn current
income while preserving the value of their investment. The fund is managed
to keep its share price stable at $1.00. The rate of income will vary from
day to day, generally reflecting changes in short-term interest rates. The
fund by itself is not a balanced investment plan.
5. WHAT ARE THE FUND'S EXPENSES?
Shareholder transaction expenses are charges you pay when you buy, sell or
hold shares of a fund.
Maximum sales charge on purchases and reinvested None
distributions
Deferred sales charge on redemptions None
Exchange fee None
Wire redemption fee $5.00
Annual account maintenance fee (for accounts under $12.0
$2,500) 0
ANNUAL FUND OPERATING EXPENSES are paid out of the fund's assets. The
fund's expenses are factored into its share price or dividends and are not
charged directly to shareholder accounts. The following are projections
based on historical expenses and are calculated as a percentage of average
net assets.
Management fee .25%
12b-1 fee None
Other expenses .30%
TOTAL FUND OPERATING .55%
EXPENSES
EXAMPLES: Let's say, hypothetically, that the 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:
After 1 year After 3 years After 5 years After 10
years
$6 $18 $31 $69
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs or returns, all of which may vary.
6. HOW HAS THE FUND PERFORMED?
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Calendar Years 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
6.53% 6.41% 7.26% 8.95% 7.81% 6.00% 3.75% 2.94% 3.96% 5.66%
</TABLE>
Row: 1, Col: 1, Value: 6.53
Row: 2, Col: 1, Value: 6.41
Row: 3, Col: 1, Value: 7.26
Row: 4, Col: 1, Value: 8.950000000000001
Row: 5, Col: 1, Value: 7.81
Row: 6, Col: 1, Value: 6.0
Row: 7, Col: 1, Value: 3.75
Row: 8, Col: 1, Value: 2.94
Row: 9, Col: 1, Value: 3.96
Row: 10, Col: 1, Value: 5.659999999999999
Annual Total
Returns
Percentage (%)
Total returns are based on past results and are not an indication of future
performance. The fund's 7-day yield as of December 31, 1995 was 5.25%.
Please call 1-800-544-8888 for current yield information.
7. WHO IS THE FUND'S INVESTMENT MANAGER?
Fidelity Management & Research Company (FMR) is the fund's investment
manager. FMR Texas Inc., a subsidiary of FMR, acts as a sub-adviser to FMR,
and selects investments for the fund.
8. HOW DO I BUY SHARES?
Complete the enclosed application or call 1-800-544-7777 to open your
account by exchange or bank wire. The minimum initial investment is $2,500.
The minimum additional investment is $250.
9. HOW DO I SELL SHARES?
You may redeem all or a portion of your shares on any business day by
written request, telephone or wire transfer.
10. HOW ARE DISTRIBUTIONS MADE?
The fund distributes substantially all of its net investment income and
capital gains (if any) each year. Income distributions are declared daily
and paid monthly. Distributions are reinvested automatically in additional
shares unless you elect another option.
11. WHAT SERVICES ARE AVAILABLE?
Fidelity provides a wide variety of services including 24-hour telephone
service providing information and assistance, periodic statements and
reports, regular investment plans, checkwriting, and free exchanges among
Fidelity funds. Fidelity reserves the right to modify or withdraw the
exchange privilege.
82 Devonshire Street, Boston, Massachusetts 02109
CAS-prpro-196
