SUPPLEMENT TO THE SPARTAN(registered trademark) FLORIDA MUNICIPAL MONEY
MARKET FUND AND SPARTAN(registered trademark) FLORIDA MUNICIPAL INCOME FUND
PROSPECTUS
DATED JANUARY 19, 1996
The following information replaces the similar information found in the
"Charter" section beginning on page 10.
Jonathan Short is manager of Spartan Florida Municipal Income, which he has
managed since May 1996. He also manages several other Fidelity funds. Mr.
Short joined Fidelity in 1990.
T he following information replaces the similar information found in the
"Key Facts" section on page 4.
SPARTAN FLORIDA INCOME
STRATEGY: Invests normally in investment-grade municipal securities whose
interest is free from federal income tax and the Florida intangible tax.
The following information replaces the similar information found in the
last paragraph of the "Investment Principles and Risks" section beginning
on page 11.
SPARTAN FLORIDA MUNICIPAL INCOME seeks high current income that is
free from federal income tax by investing in investment-grade municipal
securities under normal conditions. FMR normally invests at least 65% of
the fund's total assets in securities that are free from the Florida
intangible tax, and normally invests so that at least 80% of the fund's
income distributions are free from federal income tax.
The following information replaces the similar information found in the
"Securities and Investment Practices" section beginning on page 13.
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 Florida 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.
