SUPPLEMENT TO THE SPARTAN MARKET INDEX FUND JUNE 20, 1997 PROSPECTUS
SHAREHOLDER MEETING. On or about November 19, 1997, a shareholder meeting
will be held to consider the adoption of a subadvisory agreement with
Bankers Trust Company and to consider other proposals. If shareholders of
record on September 22, 1997 approve the subadvisory agreement, Bankers
Trust Company will assume portfolio management responsibilities for the
fund. Fidelity Management & Research Company will retain supervisory
responsibilities for investment management and other fund operations under
its management contract with the fund. Proxy statements will be mailed on
or about September 22, 1997.
