SUPPLEMENT TO THE SPARTAN(registered trademark) SHORT-TERM BOND FUND
AND SPARTAN INVESTMENT GRADE BOND FUND
NOVEMBER 24, 1998
STATEMENT OF ADDITIONAL INFORMATION

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INVESTMENT LIMITATIONS OF SPARTAN SHORT-TERM BOND FUND" IN
THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.

(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 (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INVESTMENT LIMITATIONS OF SPARTAN INVESTMENT GRADE BOND FUND"
IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE
3.

(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 (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).

(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "TRUSTEES AND OFFICERS" ON PAGE 18.

*EDWARD C. JOHNSON 3d (68), Trustee and President, is Chairman, Chief
Executive Officer and a Director of FMR Corp.; a Director and Chairman
of the Board and of the Executive Committee of FMR; Chairman and a
Director of Fidelity Investments Money Management, Inc. (1998),
Fidelity Management & Research (U.K.) Inc., and Fidelity Management &
Research (Far East) Inc. Abigail Johnson, Vice President of certain
Equity Funds, is Mr. Johnson's daughter.

THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND UNDER THE
HEADING "TRUSTEES AND OFFICERS" ON PAGE 18.

ABIGAIL P. JOHNSON (36), Member of the Advisory Board of Fidelity
Charles Street Trust (1999), is Vice President of certain Equity Funds
(1997), and is a Director of FMR Corp. (1994). Before assuming her
current responsibilities, Ms. Johnson managed a number of Fidelity
funds. Edward C. Johnson 3d, Trustee and President of the Funds, is
Ms. Johnson's father.

THE FOLLOWING INFORMATION REPLACES THE "COMPENSATION TABLE" FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 20.

The following table sets forth information describing the compensation
of each Trustee and Member of the Advisory Board of each fund for his
or her services for the fiscal year ended September 30, 1998 or
calendar year ended December 31, 1997, as applicable.



                                                                                 
COMPENSATION TABLE

Trustees and Members of the  Aggregate Compensation from  Aggregate Compensation from     Total Compensation from the
Advisory Board               Spartan Short-Term BondB     Spartan Investment Grade BondB  Fund Complex*,A

Edward C. Johnson 3d**       $ 0                          $ 0                             $ 0

Abigail P. Johnson**         $ 0                          $ 0                             $ 0

J. Gary Burkhead**           $ 0                          $ 0                             $ 0

Ralph F. Cox                 $ 110                        $ 271                           $ 214,500

Phyllis Burke Davis          $ 109                        $ 269                           $ 210,000

Robert M. Gates              $ 111                        $ 274                           $176,000

E. Bradley Jones             $ 110                        $ 271                           $ 211,500

Donald J. Kirk               $ 112                        $ 275                           $ 211,500

Peter S. Lynch**             $ 0                          $ 0                             $ 0

William O. McCoy             $ 111                        $ 274                           $ 214,500

Gerald C. McDonough          $ 137                        $ 337                           $ 264,500

Marvin L. Mann               $ 110                        $ 270                           $ 214,500

Robert C. Pozen**            $ 0                          $ 0                             $ 0

Thomas R. Williams           $ 111                        $ 273                            $214,500



* Information is for the calendar year ended December 31, 1997 for 230
funds in the complex.

** Interested Trustees of the funds, Ms. Johnson and Mr. Burkhead are
compensated by FMR.

A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1997, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $62,500; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $53,699; Marvin L. Mann, $53,699; and Thomas R.
Williams, $62,462.

B Compensation figures include cash.