SUPPLEMENT TO THE FIDELITY CASH
MANAGEMENT FUNDS'
DECEMBER 30, 1997
STATEMENT OF ADDITIONAL INFORMATION
EFFECTIVE AUGUST 24, 1998, THE FOLLOWING INFORMATION REPLACES THE
SIMILAR INFORMATION FOUND UNDER "DISTRIBUTION AND SERVICE PLANS" ON
PAGE 28:
Currently and except as provided below, for the first year of
investment, the full amount of distribution fees paid by Class C is
retained by FDC as compensation for its services and expenses in
connection with the distribution of Class C shares, and the full
amount of service fees paid by Class C is retained by FDC for
providing personal service to and/or maintenance of Class C
shareholder accounts. Normally, after the first year of investment,
the full amount of distribution fees paid by Class C is reallowed to
investment professionals (including FDC) as compensation for their
services in connection with the distribution of Class C shares, and
the full amount of service fees paid by Class C is reallowed to
investment professionals (including FDC) for providing personal
service to and/or maintenance of Class C shareholder accounts. For
purchases of Class C shares made for an employee benefit plan, during
the first year of investment and thereafter, the full amount of
distribution fees and service fees paid by such Class C shares is
reallowed to investment professionals (including FDC) as compensation
for their services in connection with the distribution of Class C
shares and for providing personal service to and/or maintenance of
Class C shareholder accounts.
SUPPLEMENT TO THE FIDELITY CASH MANAGEMENT FUNDS' TREASURY FUND -
ADVISOR B CLASS AND ADVISOR C CLASS DECEMBER 30, 1997 PROSPECTUS
EFFECTIVE AUGUST 24, 1998, the following information replaces the
similar information found under "Breakdown of Expenses" on page 12:
Class C shares of Treasury Fund have adopted a DISTRIBUTION AND
SERVICE PLAN. Under the plan, Class C is authorized to pay FDC a
monthly distribution fee as compensation for its services and expenses
in connection with the distribution of Class C shares. Class C
currently pays FDC a monthly distribution fee at an annual rate of
0.75% of its average net assets throughout the month. Normally, after
the first year of investment, up to the full amount of the Class C
distribution fee may be reallowed to investment professionals as
compensation for their services in connection with the distribution of
Class C shares.
In addition, pursuant to the Class C plan, Class C pays FDC a monthly
service fee at an annual rate of 0.25% of Class C's average net assets
throughout the month. Normally, after the first year of investment,
the full amount of the Class C service fee is reallowed to investment
professionals for providing personal services to and/or maintenance of
Class C shareholder accounts.
EFFECTIVE AUGUST 24, 1998, the following information supplements the
similar information found under "Breakdown of Expenses" on page 12:
For purchases of Class C shares made for an employee benefit plan,
during the first year of investment and thereafter, the full amount of
the Class C distribution fee and Class C service fee paid by such
shares is reallowed to investment professionals as compensation for
their services in connection with the distribution of Class C shares
and for providing personal service to and/or maintenance of Class C
shareholder accounts.
EFFECTIVE AUGUST 24, 1998, the following information replaces the
second paragraph found under "Transaction Details" on page 23:
Except as provided below, investment professionals with whom FDC has
agreements will receive as compensation from FDC, at the time of sale,
a concession equal to 1.00% of your purchase of Class C shares. For
purchases of Class C shares made for an employee benefit plan,
investment professionals do not receive a concession at the time of
sale.
