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 18, 1998
PROSPECTUS
SHAREHOLDER MEETING . On or about May 19, 1999, a meeting of
the shareholders of Spartan U.S. Treasury Money Market Fund, Spartan
U.S. Government Money Market Fund and Spartan Money Market Fund will
be held to approve various proposals, including modifications to the
funds' management contracts and a modification to the fundamental
investment objective for Spartan Money Market Fund. Shareholders of
record on March 22, 1999 are entitled to vote at the meeting. The
proposed management contract modifications include a proposal to
modify the list of enumerated expenses borne directly by each fund
under its present management contract to include annual premiums
payable on or after January 1, 2004, if any, for insurance coverage
provided by a captive mutual insurance company. The proposed contract
modifications also include a proposal to allow Fidelity Management &
Research Company and the trust, on behalf of the funds, to modify
its management contract subject to the requirements of the
Investment Company Act of 1940
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
The following information replaces the similar information found in
the fifth paragraph under "Investment Principles and Risks" on page
12.
THE FUNDS comply with industry- standard requirements for the quality,
maturity, and diversification of their investments, which are designed
to help maintain a stable $1.00 share price. Of course, there is no
guarantee that the funds will maintain a stable $1.00 share price.
While the funds will be charged premiums by a mutual insurance company
for coverage of specified types of losses related to default or
bankruptcy on certain securities, a fund may incur losses regardless
of the insurance. The funds will purchase only high-quality securities
that FMR believes present minimal credit risks and will observe
maturity restrictions on securities they buy. In general, securities
with longer maturities are more vulnerable to price changes, although
they may provide higher yields. It is possible that a major change in
interest rates or a default on the funds' investments could cause
their share prices (and the value of your investment) to change.
