SUPPLEMENT TO
SPARTAN(registered trademark) NEW JERSEY MUNICIPAL INCOME FUND'S
JANUARY 22, 1997 PROSPECTUS
The following information replaces similar information found in
"Performance" on page 7:
The fund's fiscal year runs from December 1 through November 30.
The tables below show the fund's performance over past fiscal years
compared to different measures, including a comparative index and a
competitive funds average. Data for the comparative index is available
from September 30, 1995 to the present. The chart on page 8 presents
calendar year performance.
The following chart replaces the similar chart in
"Performance" on page 8:
YEAR-BY-YEAR TOTAL RETURNS
Calendar years 1989 1990 1991 1992 1993 1994 1995
SPARTAN NEW JERSEY
MUNICIPAL INCOME 10.34% 7.13% 12.32% 8.70% 13.05% -5.75%
15.34%
Lipper NJ Muni. Debt
Funds Avg. 9.86% 7.23% 11.97% 8.97% 12.47% -6.51% 16.01%
Consumer Price Index 4.65% 6.11% 3.06% 2.90% 2.75% 2.67%
2.54%
Percentage (%)
Row: 1, Col: 1, Value: 0.0
Row: 2, Col: 1, Value: 0.0
Row: 3, Col: 1, Value: 10.34
Row: 4, Col: 1, Value: 7.13
Row: 5, Col: 1, Value: 12.23
Row: 6, Col: 1, Value: 8.699999999999999
Row: 7, Col: 1, Value: 13.05
Row: 8, Col: 1, Value: -5.75
Row: 9, Col: 1, Value: 15.35
Row: 10, Col: 1, Value: 0.0
(LARGE SOLID BOX) Spartan
New Jersey
Municipal Income
The following information replaces similar information found in
"Taxes" on page 24:
However, gain on the sale of tax-free bonds results in taxable
distributions. Short-term capital gains and a portion of the gain on
bonds purchased at a discount are distributed as dividends and taxed
as ordinary income. Capital gain distributions are taxed as long-term
capital gains. These distributions are taxable when they are paid,
whether you take them in cash or reinvest them. However, distributions
declared in December and paid in January are taxable as if they were
paid on December 31. Fidelity will send you a statement showing the
tax status of distributions, and will report to the IRS the amount of
any taxable distributions, paid to you in the previous year.
The following changes are effective April 1, 1997:
The following fees for individual transactions have been eliminated:
the $5.00 exchange fee, the $5.00 wire fee, the $5.00 account closeout
fee. References to these fees throughout the prospectus are no longer
in effect.
The following information replaces similar information found in
"Expenses" on page 5 :
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you may pay when you buy
or sell shares of the fund. In addition, you may be charged an annual
account maintenance fee if your account balance falls below $2,500.
See "Transaction Details," page 25, for an explanation of how and when
these charges apply.
<TABLE>
<CAPTION>
<S> <C>
Sales charge on purchases None
and reinvested distributions
Deferred sales charge on redemptions None
Redemption fee (Short-term trading fee) on shares held less than 180 days (as a % of amoun tredeemed) 0.50%
Annual account maintenance fee $12.00
(for accounts under $2,500)
</TABLE>
EXAMPLES: Let's say, hypothetically, that the fund's annual return is
5% and that your shareholder transaction expenses and the fund's
annual operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses
if you closed your account after the number of years indicated:
1 year $ 6
3 years $ 18
5 years $ 31
10 years $ 69
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected expenses or returns, all of which may vary.
The following information replaces similar information found in "The
Fund in Detail" on page 9:
Norm Lind is manager of Spartan New Jersey Municipal Income, which he
has managed since April 1997. He also manages several other Fidelity
funds. Since joining Fidelity in 1986, Mr. Lind has worked as an
analyst and manager.
The following information replaces the similar information found in
"Transaction Details" beginning on page 27.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of
$12.00 from accounts with a value of less than $2,500, subject to an
annual maximum charge of $24.00 per shareholder. It is expected that
accounts will be valued on the second Friday in November of each year.
Accounts opened after September 30 will not be subject to the fee for
that year. The fee, which is payable to the transfer agent, is
designed to offset in part the relatively higher costs of servicing
smaller accounts. This fee will not be deducted from Fidelity
brokerage accounts, retirement accounts (except non-prototype
retirement accounts), accounts using regular investment plans, or if
total assets in Fidelity exceed $30,000. Eligibility for the $30,000
waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number
or which list the same social security number for the custodian of a
Uniform Gifts/Transfers to Minors Act account.
