SUPPLEMENT TO THE FIDELITY CASH RESERVES
AND FIDELITY U.S. GOVERNMENT RESERVES
JANUARY 20, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING NON-FUNDAMENTAL LIMITATION REPLACES LIMITATION (I) FOUND
IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION OF FIDELITY CASH
RESERVES BEGINNING ON PAGE 2.
(i) The fund does not currently intend to purchase a security (other
than obligations issued or guaranteed as to principal and interest by
the United States government, its agencies or instrumentalities) if,
as a result, more than 5% of its total assets would be invested in
securities of a single issuer; provided the fund may invest up to 10%
of its total assets in the first tier securities of a single issuer
for up to three business days and in the securities of money market
funds.
THE FOLLOWING INFORMATION SUPPLEMENTS THE INVESTMENT LIMITATIONS OF
FIDELITY CASH RESERVES BEGINNING ON PAGE 2.
For purposes of limitations (1) and (i), certain securities subject to
guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
THE FOLLOWING INFORMATION SUPPLEMENTS THE INVESTMENT LIMITATIONS OF
FIDELITY U.S. GOVERNMENT RESERVES BEGINNING ON PAGE 3.
For purposes of limitation (1), certain securities subject to
guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
