SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
SHAREHOLDER MEETING. On
September 21, 1994,
shareholders of Fidelity U.S.
Government Reserves voted to
approve the conversion (the
Conversion) of the fund from a
Massachusetts business trust
to a Delaware business trust
(the Delaware Trust), a revision
to the fund's management
contract, and other matters
related to the fund's
management.
The Conversion will become
effective at the close of
business on, or about January
19, 1995. Upon completion of
the Conversion, each current
fund shareholder will be the
owner of full and fractional
Delaware Trust series shares
equal in number and value to
his or her current fund shares.
Fidelity U.S. Government
Reserves' amended
management contract
containing a revised
management fee structure will
become effective October 1,
1994. The revised structure,
which was voluntarily adopted
by FMR on September 1, 1993,
provides for a lower individual
fund fee rate (from .28% to
.03%) and the addition of an
income component that
depends on the fund's yield.
These changes provide for
lower management fees at all
yield levels.
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:
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
SHAREHOLDER MEETING. On
September 21, 1994,
shareholders of Fidelity U.S.
Government Reserves voted to
approve the conversion (the
Conversion) of the fund from a
Massachusetts business trust
to a Delaware business trust
(the Delaware Trust), a revision
to the fund's management
contract, and other matters
related to the fund's
management.
The Conversion will become
effective at the close of
business on, or about January
19, 1995. Upon completion of
the Conversion, each current
fund shareholder will be the
owner of full and fractional
Delaware Trust series shares
equal in number and value to
his or her current fund shares.
Fidelity U.S. Government
Reserves' amended
management contract
containing a revised
management fee structure will
become effective October 1,
1994. The revised structure,
which was voluntarily adopted
by FMR on September 1, 1993,
provides for a lower individual
fund fee rate (from .28% to
.03%) and the addition of an
income component that
depends on the fund's yield.
These changes provide for
lower management fees at all
yield levels.
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:
CAS-94-4 (Page 1
of 2) Septem
ber 21, 1994
CAS-94-4 (Page 1
of 2) Septe
mber 21, 1994
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
SHAREHOLDER MEETING. On
September 21, 1994,
shareholders of Fidelity U.S.
Government Reserves voted to
approve the conversion (the
Conversion) of the fund from a
Massachusetts business trust
to a Delaware business trust
(the Delaware Trust), a revision
to the fund's management
contract, and other matters
related to the fund's
management.
The Conversion will become
effective at the close of
business on, or about January
19, 1995. Upon completion of
the Conversion, each current
fund shareholder will be the
owner of full and fractional
Delaware Trust series shares
equal in number and value to
his or her current fund shares.
Fidelity U.S. Government
Reserves' amended
management contract
containing a revised
management fee structure will
become effective October 1,
1994. The revised structure,
which was voluntarily adopted
by FMR on September 1, 1993,
provides for a lower individual
fund fee rate (from .28% to
.03%) and the addition of an
income component that
depends on the fund's yield.
These changes provide for
lower management fees at all
yield levels.
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:
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
SHAREHOLDER MEETING. On
September 21, 1994,
shareholders of Fidelity U.S.
Government Reserves voted to
approve the conversion (the
Conversion) of the fund from a
Massachusetts business trust
to a Delaware business trust
(the Delaware Trust), a revision
to the fund's management
contract, and other matters
related to the fund's
management.
The Conversion will become
effective at the close of
business on, or about January
19, 1995. Upon completion of
the Conversion, each current
fund shareholder will be the
owner of full and fractional
Delaware Trust series shares
equal in number and value to
his or her current fund shares.
Fidelity U.S. Government
Reserves' amended
management contract
containing a revised
management fee structure will
become effective October 1,
1994. The revised structure,
which was voluntarily adopted
by FMR on September 1, 1993,
provides for a lower individual
fund fee rate (from .28% to
.03%) and the addition of an
income component that
depends on the fund's yield.
These changes provide for
lower management fees at all
yield levels.
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:
CAS-94-4 (Page 1
of 2) Sept
ember 21, 1994
CAS-94-4 (Page 1
of 2) Sept
ember 21, 1994
