SUPPLEMENT TO THE SPARTAN(registered trademark) CONNECTICUT MUNICIPAL FUNDS
PROSPECTUS
DATED JANUARY 19, 1996
The following information replaces the similar information found in the
"Key Facts" section on page 4.
SPARTAN CONN. MUNI INCOME
STRATEGY: Invests normally in investment-grade municipal securities
whose interest is free from federal income tax and Connecticut personal
income tax.
The following information replaces the similar information found in the
third paragraph on page 11 under the heading "Investment Principles and
Risks."
SPARTAN CONNECTICUT MUNICIPAL INCOME seeks high current income that
is free from federal income tax and the Connecticut personal income tax by
investing in investment-grade municipal securities under normal conditions.
FMR normally invests so that at least 80% of the fund's income is free from
both federal and Connecticut personal income taxes.
The following information replaces the similar information found on page 13
under the heading "Securities and Investment Practices."
DEBT SECURITIES. Bonds and other debt instruments are used by
issuers to borrow money from investors. The issuer pays the investor a
fixed or variable rate of interest, and must repay the amount borrowed at
maturity. Some debt securities, such as zero coupon bonds, do not pay
current interest, but are purchased at a discount from their face values.
In general, bond prices rise when interest rates fall, and vice versa. Debt
securities have varying degrees of quality and varying levels of
sensitivity to changes in interest rates. Longer-term bonds are generally
more sensitive to interest rate changes than short-term bonds.
Investment-grade debt securities are medium- and high-quality securities.
Some, however, may possess speculative characteristics, and may be more
sensitive to economic changes and to changes in the financial condition of
issuers.
RESTRICTIONS: Spartan Connecticut Municipal Income normally invests
in investment-grade securities, but reserves the right to invest up to 5%
of its assets in below investment-grade securities (sometimes called
"municipal junk bonds"). A security is considered to be investment-grade if
it is rated investment-grade by Moody's Investors Service, Standard &
Poor's, Duff & Phelps Credit Rating Co., or Fitch Investors Service, L.P.,
or is unrated but judged by FMR to be of equivalent quality.
The following information replaces the information found in the second
paragraph on page 10 under the heading "FMR and Its Affiliates."
George Fischer is manager of Spartan Connecticut Municipal Income, which he
has managed since May 1996. He is also a vice president and portfolio
manager for Fidelity Management Trust Company, a subsidiary of Fidelity
Investments. Mr. Fischer also manages several other Fidelity funds. He
joined Fidelity in 1989.
