FIDELITY U.S. GOVERNMENT RESERVES
 82 DEVONSHIRE STREET
 BOSTON, MASSACHUSETTS 02109
Revision:
The Financial Highlights table on page 15 of the enclosed Annual Report has
been revised to read as follows:
FINANCIAL HIGHLIGHTS
 


                                                                                            
                               TWO MONTHS    YEARS ENDED SEPTEMBER 30,                                           
                               ENDED                                                                             
                               NOVEMBER 30                                                                       
                               ,                                                                                 
 
                               1994A         1994                        1993      1992      1991      1990      
 
SELECTED PER-SHARE DATA                                                                                          
 
Net asset value,               $ 1.000       $ 1.000                     $ 1.000   $ 1.000   $ 1.000   $ 1.000   
beginning of                                                                                                     
period                                                                                                           
 
Income from Investment          .008          .033                        .025      .039      .061      .076     
Operations                                                                                                       
Net interest income                                                                                              
 
Less Distributions              (.008)        (.033)                      (.025)    (.039)    (.061)    (.076)   
From net interest                                                                                                
 income                                                                                                          
 
Net asset value,               $ 1.000       $ 1.000                     $ 1.000   $ 1.000   $ 1.000   $ 1.000   
end of period                                                                                                    
 
TOTAL RETURN                    0.78%B        3.32%                       2.57%     3.95%     6.29%     7.86%    
 
RATIOS AND SUPPLEMENTAL DATA                                                                                     
 
Net assets, end of period      $ 1,130       $ 1,060                     $ 1,043   $ 1,292   $ 1,436   $ 1,581   
(in millions)                                                                                                    
 
Ratio of expenses to            .36%C         .51%                        .73%      .73%      .72%      .74%     
average net assets                                                                                               
 
Ratio of net interest           4.77%D        3.27%                       2.57%     3.88%     6.13%     7.66%    
income to average                                                                                                
net assets                                                                                                       
 

 
A ON MARCH 17, 1994, THE TRUSTEES APPROVED A CHANGE IN THE FISCAL YEAR END
OF THE FUND FROM SEPTEMBER 30 TO NOVEMBER 30; ACCORDINGLY, THE FINANCIAL
HIGHLIGHTS ARE PRESENTED FOR THE TWO-MONTH PERIOD ENDED NOVEMBER 30, 1994.
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.  THE
TOTAL RETURN WOULD HAVE BEEN LOWER HAD FIDELITY MANAGEMENT & RESEARCH CO.
(FMR) NOT VOLUNTARILY REIMBURSED THE FUND.
C ANNUALIZED; INCLUDES THE EFFECT OF ANNUALIZING A VOLUNTARY REIMBURSEMENT
OF FEES BY FMR; THE RATIO OF EXPENSES BEFORE THIS EXPENSE REDUCTION WOULD
HAVE BEEN .49% (ANNUALIZED).
D ANNUALIZED