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SPARTAN(Registered trademark) AGGRESSIVE MUNICIPAL FUND
SPARTAN(Registered trademark) INSURED MUNICIPAL INCOME FUND
June 1, 1998
Dear Investor:
I am writing to you in connection with the proposals to merge Spartan
Aggressive Municipal Fund and Spartan Insured Municipal Income Fund
into Spartan Municipal Income Fund (SPARTAN MUNICIPAL). We recently
sent you a package of information about the merger proposals,
including a Proxy Statement and Q&A.
One answer in the Q&A contains a misstatement. The revised question
and answer are as follows:
WHAT WILL BE THE SIZE OF SPARTAN MUNICIPAL AFTER THE MERGERS AND HOW
HAS THE FUND PERFORMED?
IF BOTH PROPOSALS PASS, THE COMBINED FUND WILL HAVE OVER $3.5 BILLION
IN ASSETS.
THE TABLE BELOW SHOWS AVERAGE ANNUAL TOTAL RETURNS FOR BOTH SPARTAN
MUNICIPAL INCOME FUND AND ITS LIPPER PEER GROUP OVER THE LAST 1, 3,
AND 5 YEAR PERIODS. PLEASE KEEP IN MIND THAT PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS AND YOU MAY HAVE A GAIN OR LOSS WHEN YOU
SELL YOUR SHARES.
AVERAGE ANNUAL TOTAL RETURN AS OF MARCH 31, 1998
1 YEAR 3 YEARS 5 YEARS
SPARTAN MUNICIPAL INCOME FUND 10.72% 8.04% 6.18%
LIPPER GENERAL MUNICIPAL DEBT FUNDS AVERAGE 10.61% 7.54% 6.18%
We apologize if this has caused you any inconvenience. If you have
any questions about the proposed merger for your fund or would like to
change your vote, please call a Fidelity Representative at
1-800-544-8888. Thank you.
Sincerely,
/s/Edward C. Johnson 3d
President
Average annual total returns for the period ended 3/31/98 are
historical and include changes in share price, reinvestment of
dividends and capital gains. Share price and return will vary.
Lipper Analytical Services, Inc. is a nationally recognized
organization that provides performance information for mutual funds.
Each fund is classified within a universe of funds similar in
investment objective. Peer group averages include the reinvestment of
dividends and capital gains, if any, and exclude sales charges.
Fidelity Distributors Corporation, General Distribution Agent for
Fidelity Mutual Funds
82 Devonshire Street, Boston, MA 02109
xxx-LTR-0598
