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Previous: FIDELITY CHARLES STREET TRUST, N-30B-2, 1994-08-05 |
Next: PRICE COMMUNICATIONS CORP, 10-Q, 1994-08-05 |
FIDELITY CASH RESERVES
A FUND OF FIDELITY PHILLIPS STREET TRUST
FIDELITY U.S. GOVERNMENT RESERVES
A FUND OF FIDELITY CHARLES STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 11, 1994
MANAGEMENT CONTRACT. Effective August 1, 1994, FMR agreed to
voluntarily adopt the revised group fee rate schedule shown below for
purposes of calculating the group fee component of the management fee for
Fidelity Cash Reserves and Fidelity U.S. Government Reserves. The revised
schedule provides for lower management fees as total assets under
management increase. For Fidelity Cash Reserves, the revised schedule will
be presented to shareholders for approval at the next shareholder meeting.
For Fidelity U.S. Government Reserves, the revised schedule will be
presented to shareholders for approval at the next shareholder meeting
following the meeting that will be held on September 21, 1994.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on pages 15 and 17.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE
RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $3 billion .3700% $ 0.5 billion .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1690
24 - 30 .1800 200 .1652
30 - 36 .1750 225 .1618
36 - 42 .1700 250 .1587
42 - 48 .1650 275 .1560
48 - 66 .1600 300 .1536
66 - 84 .1550 325 .1514
84 - 120 .1500 350 .1494
120 - 156 .1450 375 .1476
156 - 192 .1400 400 .1459
192 - 228 .1350
228 - 264 .1300
264 - 300 .1275
300 - 336 .1250
336 - 372 .1225
Over 372 .1200
</TABLE>
CASB-94-1 August 1994
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