SUPPLEMENT TO THE TREASURY FUND, PRIME FUND AND TAX-EXEMPT FUND - DAILY
MONEY CLASS MAY 30, 1997 PROSPECTUS
The name of the Trust has been amended. The new name is Newbury Street
Trust.
The following information replaces the similar information found in "Other
Expenses" on page 13.
Daily Money Class of each fund has adopted a DISTRIBUTION AND SERVICE PLAN.
Under the Plans, Daily Money Class of each fund is authorized to pay FDC a
monthly distribution fee as compensation for its services and expenses in
connection with the distribution of Daily Money Class shares. Daily Money
Class of each fund currently pays FDC a monthly distribution fee at an
annual rate of 0.25% of its average net assets throughout the month. FDC
may compensate intermediaries that provide shareholder support services,
engage in the sale of Daily Money Class's shares or pay distribution
expenses at an annual rate of up to 0.25% of average net assets they
maintain.
The Daily Money Class Plans specifically recognize that FMR may make
payments from its management fee revenue, past profits, or other resources
to FDC for expenses incurred in connection with the distribution of Daily
Money Class shares, including payments made to intermediaries that provide
shareholder support services or engage in the sale of Daily Money Class
shares. The Board of Trustees of each fund has authorized such payments to
intermediaries at an annual rate of up to 0.10% of the average net assets
they maintain.
Independent of the Daily Money Class Plans, intermediaries that maintain an
average balance of $10 million or more in a single omnibus account may
receive an additional recordkeeping fee of up to 0.15% of the average net
assets they maintain. The recordkeeping fee will be paid by FMR or its
affiliates, not by the fund, and will not be paid for distribution
services.
Each fund also pays other expenses, such as legal, audit, and custodian
fees; in some instances, proxy solicitation costs; and the compensation of
trustees who are not affiliated with Fidelity.
SUPPLEMENT TO THE TREASURY FUND - ADVISOR B CLASS MAY 30, 1997 PROSPECTUS
The name of the Trust has been amended. The new name is Newbury Street
Trust.
