-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JNaTkqAhrFptBvKPlodJSo4xYCVLeEbIuj4lHyfelAw6dIagiIXk8iRFNg4MDutX LmRj8aVaDfVmnq0edCbnaw== 0000278001-05-000009.txt : 20051017 0000278001-05-000009.hdr.sgml : 20051017 20051017105844 ACCESSION NUMBER: 0000278001-05-000009 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 EFFECTIVENESS DATE: 20051017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY PHILLIPS STREET TRUST CENTRAL INDEX KEY: 0000278001 IRS NUMBER: 042667982 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-63350 FILM NUMBER: 051140269 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 2142816360 MAIL ADDRESS: STREET 1: FIDLEITY INVESTMENTS MAILZONE DW4B STREET 2: P.O. BOX 650471 CITY: DALLAS STATE: TX ZIP: 75265-0471 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CASH RESERVES DATE OF NAME CHANGE: 19930122 497 1 main.htm

Supplement to the
Fidelity®
U.S. Government Reserves and
Fidelity Cash Reserves
January 29, 2005
Prospectus

The following information replaces the similar information found in the "Valuing Shares" section on page 9.

Each fund is open for business each day the New York Stock Exchange (NYSE) is open. Each fund is also open for business on Good Friday.

<R>The following information replaces the similar information found in the "Financial Highlights" section on page 21.</R>

U.S. Government Reserves

<R>Years ended November 30,</R>

<R>2004</R>

<R>2003</R>

<R>2002</R>

<R>2001</R>

<R>2000</R>

<R>Selected Per-Share Data </R>

<R>Net asset value, beginning of period </R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>Income from Investment Operations</R>

<R>Net investment income </R>

<R> .010</R>

<R> .009</R>

<R> .017</R>

<R> .044</R>

<R> .058</R>

<R>Distributions from net investment income </R>

<R> (.010)</R>

<R> (.009)</R>

<R> (.017)</R>

<R> (.044)</R>

<R> (.058)</R>

<R>Net asset value, end of period </R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>Total Return A </R>

<R> 1.00%</R>

<R> .94%</R>

<R> 1.71%</R>

<R> 4.46%</R>

<R> 6.00%</R>

<R>Ratios to Average Net Assets B</R>

<R>Expenses before expense reductions </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .43%</R>

<R>Expenses net of voluntary waivers, if any </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .43%</R>

<R>Expenses net of all reductions </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .42%</R>

<R>Net investment income </R>

<R> 1.01%</R>

<R> .94%</R>

<R> 1.69%</R>

<R> 4.15%</R>

<R> 5.85%</R>

<R>Supplemental Data</R>

<R>Net assets, end of period (in millions) </R>

<R>$ 2,277</R>

<R>$ 2,262</R>

<R>$ 2,560</R>

<R>$ 2,355</R>

<R>$ 1,495</R>

A <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

B <R>Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.</R>

<R>CAS/FUS-05-02 October 17, 2005
1.712068.114</R>

Supplement to the
Fidelity® U.S. Government Reserves
and Fidelity Cash Reserves
January 29, 2005
Prospectus

The following information replaces the similar information found in the "Valuing Shares" section on page 7.

Each fund is open for business each day the New York Stock Exchange (NYSE) is open. Each fund is also open for business on Good Friday.

<R>The following information replaces the similar information found in the "Financial Highlights" section on page 14.</R>

<R>U.S. Government Reserves</R>

<R>Years ended November 30,</R>

<R>2004</R>

<R>2003</R>

<R>2002</R>

<R>2001</R>

<R>2000</R>

<R>Selected Per-Share Data </R>

<R>Net asset value, beginning of period </R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>Income from Investment Operations</R>

<R>Net investment income </R>

<R> .010</R>

<R> .009</R>

<R> .017</R>

<R> .044</R>

<R> .058</R>

<R>Distributions from net investment income </R>

<R> (.010)</R>

<R> (.009)</R>

<R> (.017)</R>

<R> (.044)</R>

<R> (.058)</R>

<R>Net asset value, end of period </R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>$ 1.00</R>

<R>Total Return A </R>

<R> 1.00%</R>

<R> .94%</R>

<R> 1.71%</R>

<R> 4.46%</R>

<R> 6.00%</R>

<R>Ratios to Average Net Assets B</R>

<R>Expenses before expense reductions </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .43%</R>

<R>Expenses net of voluntary waivers, if any </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .43%</R>

<R>Expenses net of all reductions </R>

<R> .35%</R>

<R> .35%</R>

<R> .34%</R>

<R> .36%</R>

<R> .42%</R>

<R>Net investment income </R>

<R> 1.01%</R>

<R> .94%</R>

<R> 1.69%</R>

<R> 4.15%</R>

<R> 5.85%</R>

<R>Supplemental Data</R>

<R>Net assets, end of period (in millions) </R>

<R>$ 2,277</R>

<R>$ 2,262</R>

<R>$ 2,560</R>

<R>$ 2,355</R>

<R>$ 1,495</R>

A <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

B <R>Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.</R>

<R>CAS/FUS-05-02L October 17, 2005
1.746835.112</R>

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