SUPPLEMENT TO THE
FIDELITY INTERNATIONAL BOND FUND AND
FIDELITY NEW MARKETS INCOME FUND
FEBRUARY 27, 1999
PROSPECTUS
SHAREHOLDER MEETING. On or about January 19, 2000, a meeting of the
shareholders of Fidelity International Bond Fund and Fidelity New
Markets Income Fund will be held to approve various proposals.
Shareholders of record on November 22, 1999 are entitled to vote at
the meeting.
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 similar information found under the
heading "Foreign Exposure" in the "Investment Details" section
beginning on page 8.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
may involve additional risks and considerations. These include risks
relating to political, economic, or regulatory conditions in foreign
countries; fluctuations in foreign currencies; withholding or other
taxes; trading, settlement, custodial, and other operational risks;
and the potentially less stringent investor protection and disclosure
standards of foreign markets. Additionally, governmental issuers of
foreign debt securities may be unwilling to pay interest and repay
principal when due and may require that the conditions for payment be
renegotiated. For example, many foreign countries are less prepared
than the United States to properly process and calculate information
related to dates from and after January 1, 2000, which could result in
difficulty pricing foreign investments and failure by foreign issuers
to pay timely dividends, interest or principal. All of these factors
can make foreign investments, especially those in emerging markets,
more volatile.
SUPPLEMENT TO THE FIDELITY STRATEGIC INCOME FUND
FEBRUARY 27, 1999
PROSPECTUS
SHAREHOLDER MEETING. On or about January 19, 2000, a meeting of the
shareholders of Fidelity Strategic Income Fund will be held to approve
various proposals. Shareholders of record on November 22, 1999 are
entitled to vote at the meeting.
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 similar information found in the
"Fund Services" section under the heading "Fund Management" on page
22.
John Carlson is Vice President and lead manager of Strategic Income,
which he has managed since inception. Other Fidelity investment
professionals assist Mr. Carlson in selecting investments for the
fund. He also manages other Fidelity funds. Prior to joining Fidelity
in 1995, Mr. Carlson was executive director of emerging markets at
Lehman Brothers International from 1992 through 1995.
The following information found in the "Fund Services" section under
the heading "Fund Management" on page 22 has been removed.
Margaret Eagle is Vice President and manager of Strategic Income. Ms.
Eagle has managed the high yield investments for Strategic Income
since inception. In addition, she is Senior Vice President of Fidelity
Trust Company. Since joining Fidelity in 1980, Ms. Eagle has worked as
an analyst and manager.
Kevin Grant is Vice President and manager of Strategic Income. Mr.
Grant has managed the domestic investment-grade and the U.S.
Government investments for Strategic Income since 1998. He also
manages several other Fidelity funds. Mr. Grant joined Fidelity in
1993 as a portfolio manager.
Ian Spreadbury is manager of Strategic Income's foreign bond
investments, which he has managed since inception. He also co-manages
another Fidelity fund. Additionally, Mr. Spreadbury is a director of
fixed income and a portfolio manager for Fidelity International
Limited (FIL). Prior to joining Fidelity in 1995, Mr. Spreadbury was a
senior manager with Legal & General, Limited, from 1981 to 1995.
The following information replaces similar information found in the
"Investment Details" section under the heading "Foreign Exposure" on
page 7.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
can involve additional risks relating to political, economic or
regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes;
trading, settlement, custodial and other operational risks; and the
less stringent investor protection and disclosure standards of some
foreign markets. For example, many foreign countries are less prepared
than the United States to properly process and calculate information
related to dates from and after January 1, 2000, which could result in
difficulty pricing foreign investments and failure by foreign issuers
to pay timely dividends, interest or principal. All of these factors
can make foreign investments, especially those in emerging markets,
more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently than the U.S.
market.
SUPPLEMENT TO THE SPARTAN
MUNICIPAL FUNDS
FEBRUARY 27, 1999 PROSPECTUS
SHAREHOLDER MEETING. On or about January 19, 2000, a meeting of the
shareholders of Spartan Intermediate Municipal Income Fund will be
held to approve various proposals. Shareholders of record on November
22, 1999 are entitled to vote at the meeting.
SHAREHOLDER MEETING. On or about December 15, 1999, a meeting of the
shareholders of Spartan Municipal Income Fund will be held to approve
various proposals. Shareholders of record on October 18, 1999 are
entitled to vote at the meeting.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of either proxy sta teme nt.
