SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
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:
CASH RESERVES
After 1 year $ 6
After 3 years $ 17
After 5 years $ 30
After 10 years $ 68
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 28
After 10 years $ 63
FMR has voluntarily agreed to
adopt a revised management
fee structure for U.S.
Government Reserves. If this
agreement were not in effect
for U.S. Government Reserves,
the management fee, other
expenses, and total operating
expenses would be .45%,
.30%, and .75%, respectively.
SUPPLEMENT TO THE FIDELITY
CASH RESERVES AND FIDELITY
U.S. GOVERNMENT RESERVES
PROSPECTUS
DATED JANUARY 11, 1994
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:
CASH RESERVES
After 1 year $ 6
After 3 years $ 17
After 5 years $ 30
After 10 years $ 68
U.S. GOVERNMENT RESERVES
After 1 year $ 5
After 3 years $ 16
After 5 years $ 28
After 10 years $ 63
FMR has voluntarily agreed to
adopt a revised management
fee structure for U.S.
Government Reserves. If this
agreement were not in effect
for U.S. Government Reserves,
the management fee, other
expenses, and total operating
expenses would be .45%,
.30%, and .75%, respectively.
CAS-94-1 March 25, 1994
CAS-94-1 March 25, 1994
