SUPPLEMENT TO THE
FIDELITY CASH
MANAGEMENT FUNDS' DAILY MONEY CLASS
DECEMBER 30, 1997 PROSPECTUS
The following information replaces the similar information found in
"Shareholder and Account Policies" on pages 28 and 29:
WHEN YOU PLACE AN ORDER TO BUY SHARES, your shares will be purchased
at the next NAV calculated after your order is received in proper
form. Note the following:
(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.
(small solid bullet) The funds do not accept cash.
(small solid bullet) When making a purchase with more than one check,
each check must have a value of at least $50.
(small solid bullet) Each fund reserves the right to limit the number
of checks processed at one time.
(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees a fund or
the transfer agent has incurred.
(small solid bullet) Daily Money Class shares purchased by a wire
order prior to 4:00 p.m. Eastern time for Prime Fund and Treasury Fund
or by 12:00 noon Eastern time for Tax-Exempt Fund, with receipt of the
wire before the close of the Federal Reserve Wire System on that day,
begin to earn dividends on the day of purchase.
(small solid bullet) All other Daily Money Class purchases begin to
earn dividends on the first business day following the day of
purchase.
(small solid bullet) On any day that the principal bond markets close
early (as recommended by the Bond Market Association) or the Federal
Reserve Bank of Kansas City (for Tax-Exempt Fund) or the Federal
Reserve Bank of New York (for Prime Fund and Treasury Fund) close
early, the time on that day by which wire purchase orders must be
placed in order to earn dividends on the day of purchase may be
advanced.
(small solid bullet) On any day that the principal bond markets or the
Federal Reserve Bank of Kansas City (for Tax-Exempt Fund) or the
Federal Reserve Bank of New York (for Prime Fund and Treasury Fund) do
not open, shares begin to earn dividends on the first business day
following the day of purchase.
AUTOMATED PURCHASE ORDERS. You may purchase shares sold through
investment professionals utilizing an automated placement and
settlement system that guarantees payment for orders on a specific
date.
WHEN YOU PLACE AN ORDER TO SELL SHARES, your shares will be sold at
the next NAV calculated after your order is received in proper form.
Note the following:
(small solid bullet) Daily Money Class shares redeemed by a wire order
prior to 4:00 p.m. Eastern time for Prime Fund and Treasury Fund or by
12:00 noon Eastern time for Tax-Exempt Fund, earn dividends through
the day prior to the day of redemption.
(small solid bullet) All other Daily Money Class redemptions earn
dividends through the day of redemption; however, shares redeemed on a
Friday or prior to a holiday continue to earn dividends until the next
business day.
(small solid bullet) On any day that the principal bond markets close
early (as recommended by the Bond Market Association) or the Federal
Reserve Bank of Kansas City (for Tax-Exempt Fund) or the Federal
Reserve Bank of New York (for Prime Fund and Treasury Fund) close
early, a time may be set after which wire redemption orders earn
dividends through the day of redemption. Under such circumstances,
shares redeemed on a Friday or prior to a holiday continue to earn
dividends until the next business day.
(small solid bullet) On any day that the principal bond markets or the
Federal Reserve Bank of Kansas City (for Tax-Exempt Fund) or the
Federal Reserve Bank of New York (for Prime Fund and Treasury Fund) do
not open, shares earn dividends through the day of redemption; however
shares redeemed on a Friday or prior to a holiday continue to earn
dividends until the next business day.
(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays)
when trading on the NYSE is restricted, or as permitted by the SEC.
(small solid bullet) A fund may withhold redemption proceeds until it
is reasonably assured that investments credited to your account have
been received and collected.
(small solid bullet) If you sell shares by writing a check and the
amount of the check is greater than the value of your account, your
check will be returned to you and you may be subject to additional
charges.
SUPPLEMENT TO THE FIDELITY CASH MANAGEMENT FUNDS' CAPITAL RESERVES
CLASS DECEMBER 30, 1997 PROSPECTUS
The following information replaces the similar information found in
"Shareholder and Account Policies" on pages 26 and 27:
WHEN YOU PLACE AN ORDER TO BUY SHARES, your shares will be purchased
at the next NAV calculated after your order is received in proper
form. Note the following:
(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.
(small solid bullet) The funds do not accept cash.
(small solid bullet) When making a purchase with more than one check,
each check must have a value of at least $50.
(small solid bullet) Each fund reserves the right to limit the number
of checks processed at one time.
(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees a fund or
the transfer agent has incurred.
(small solid bullet) Capital Reserves Class shares purchased by a wire
order prior to 4:00 p.m. Eastern time for Prime Fund and Treasury Fund
or by 12:00 noon Eastern time for Tax-Exempt Fund, with receipt of the
wire before the close of the Federal Reserve Wire System on that day,
begin to earn dividends on the day of purchase.
(small solid bullet) All other Capital Reserves Class purchases begin
to earn dividends on the first business day following the day of
purchase.
(small solid bullet) On any day that the principal bond markets close
early (as recommended by the Bond Market Association) or the Federal
Reserve Bank of Kansas City (for Tax-Exempt Fund) or the Federal
Reserve Bank of New York (for Prime Fund and Treasury Fund) close
early, the time on that day by which wire purchase orders must be
placed in order to earn dividends on the day of purchase may be
advanced.
(small solid bullet) On any day that the principal bond markets or the
Federal Reserve Bank of Kansas City (for Tax-Exempt Fund) or the
Federal Reserve Bank of New York (for Prime Fund and Treasury Fund) do
not open, shares begin to earn dividends on the first business day
following the day of purchase.
AUTOMATED PURCHASE ORDERS. You may purchase shares sold through
investment professionals utilizing an automated placement and
settlement system that guarantees payment for orders on a specific
date.
WHEN YOU PLACE AN ORDER TO SELL SHARES, your shares will be sold at
the next NAV calculated after your order is received in proper form.
Note the following:
(small solid bullet) Capital Reserves Class shares redeemed by a wire
order prior to 4:00 p.m. Eastern time for Prime Fund and Treasury Fund
or by 12:00 noon Eastern time for Tax-Exempt Fund, earn dividends
through the day prior to the day of redemption.
(small solid bullet) All other Capital Reserves Class redemptions earn
dividends through the day of redemption; however, shares redeemed on a
Friday or prior to a holiday continue to earn dividends until the next
business day.
(small solid bullet) On any day that the principal bond markets close
early (as recommended by the Bond Market Association) or the Federal
Reserve Bank of Kansas City (for Tax-Exempt Fund) or the Federal
Reserve Bank of New York (for Prime Fund and Treasury Fund) close
early, a time may be set after which wire redemption orders earn
dividends through the day of redemption. Under such circumstances,
shares redeemed on a Friday or prior to a holiday continue to earn
dividends until the next business day.
(small solid bullet) On any day that the principal bond markets or the
Federal Reserve Bank of Kansas City (for Tax-Exempt Fund) or the
Federal Reserve Bank of New York (for Prime Fund and Treasury Fund) do
not open, shares earn dividends through the day of redemption; however
shares redeemed on a Friday or prior to a holiday continue to earn
dividends until the next business day.
(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays)
when trading on the NYSE is restricted, or as permitted by the SEC.
(small solid bullet) A fund may withhold redemption proceeds until it
is reasonably assured that investments credited to your account have
been received and collected.
(small solid bullet) If you sell shares by writing a check and the
amount of the check is greater than the value of your account, your
check will be returned to you and you may be subject to additional
charges.
