SUPPLEMENT TO THE SPARTAN(registered trademark) U.S. TREASURY MONEY
MARKET FUND, SPARTAN(registered trademark) U.S. GOVERNMENT MONEY
MARKET FUND, AND SPARTAN(registered trademark) MONEY MARKET FUND
JUNE 19, 1997
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
"INVESTMENT LIMITATIONS OF SPARTAN U.S. TREASURY MONEY MARKET FUND"
BEGINNING ON PAGE 2:
THE FOLLOWING LIMITATIONS ARE NOT FUNDAMENTAL AND MAY BE CHANGED
WITHOUT SHAREHOLDER APPROVAL.
(i) The fund does not currently intend to purchase a security
(other than obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities) if, as a result, more than 5% of
its total assets would be invested in securities of a single issuer;
provided that the fund may invest up to 25% of its total assets in the
first tier securities of a single issuer for up to three business days
and in the securities of money market funds.
(ii) The fund does not currently intend to purchase the voting
securities of any issuer.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party. The fund will not purchase any
security while borrowings (excluding reverse repurchase agreements)
representing more than 5% of its total assets are outstanding. The
fund will not borrow from other funds advised by FMR or its affiliates
if total outstanding borrowings immediately after such borrowing would
exceed 15% of the fund's total assets.
(iv) The fund does not currently intend to purchase any security
if, as a result, more than 10% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.
(v) The fund does not currently intend to make loans, but this
limitation does not apply to purchases of debt securities or to
repurchase agreements.
(vi) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
managed by Fidelity Management & Research Company or an affiliate or
successor with substantially the same fundamental investment
objective, policies, and limitations as the fund.
For purposes of limitations (1) and (i) certain securities subject
to guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
For the fund's policies on quality and maturity, see the section
entitled "Quality and Maturity" on page 6.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER
"INVESTMENT LIMITATIONS OF SPARTAN U.S. GOVERNMENT MONEY MARKET FUND"
BEGINNING ON PAGE 3:
THE FOLLOWING LIMITATIONS ARE NOT FUNDAMENTAL AND MAY BE CHANGED
WITHOUT SHAREHOLDER APPROVAL.
(i) The fund does not currently intend to purchase a security
(other than obligations issued or guaranteed by the government of the
United States or its agencies or instrumentalities) if, as a result,
more than 5% of its total assets would be invested in securities of a
single issuer; provided that the fund may invest up to 25% of its
total assets in the first tier securities of a single issuer for up to
three business days and in the securities of money market funds.
(ii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party. The fund will not purchase any
security while borrowings (excluding reverse repurchase agreements)
representing more than 5% of its total assets are outstanding. The
fund will not borrow from other funds advised by FMR or its affiliates
if total outstanding borrowings immediately after such borrowing would
exceed 15% of the fund's total assets.
(iii) The fund does not currently intend to purchase any security
if, as a result, more than 10% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.
(iv) The fund does not currently intend to lend assets other than
securities to other parties, except by lending money (up to 10% of the
fund's net assets) to a registered investment company or portfolio for
which FMR or an affiliate serves as investment adviser. (This
limitation does not apply to purchases of debt securities or to
repurchase agreements.)
(v) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
with substantially the same fundamental investment objective,
policies, and limitations as the fund.
For purposes of limitations (1) and (i) certain securities subject
to guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
For the fund's policies on quality and maturity, see the section
entitled "Quality and Maturity" on page 6.
THE FOLLOWING NON-FUNDAMENTAL LIMITATION REPLACES LIMITATION (I)
FOUND UNDER "INVESTMENT LIMITATIONS OF SPARTAN MONEY MARKET FUND"
BEGINNING ON PAGE 4:
(i) The fund does not currently intend to purchase a security
(other than obligations issued or guaranteed by the government of the
United States or its agencies or instrumentalities) if, as a result,
more than 5% of its total assets would be invested in securities of a
single issuer; provided that the fund may invest up to 25% of its
total assets in the first tier securities of a single issuer for up to
three business days and in the securities of money market funds.
THE FOLLOWING INFORMATION SUPPLEMENTS THE "INVESTMENT LIMITATIONS
OF SPARTAN MONEY MARKET FUND" BEGINNING ON PAGE 4:
For purposes of limitations (1) and (i), certain securities subject
to guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"CONTRACTS WITH FMR AFFILIATES" SECTION ON PAGE 22.
Each fund has a distribution agreement with FDC, a Massachusetts
corporation organized on July 18, 1960. FDC is a broker-dealer
registered under the Securities and Exchange Act of 1934 and is a
member of the National Association of Securities Dealers, Inc. The
distribution agreement calls for FDC to use all reasonable efforts,
consistent with its other business, to secure purchasers for shares of
each fund, which are continuously offered at net asset value.
Promotional and administrative expenses in connection with the offer
and sale of shares are paid by FMR.
