SUPPLEMENT TO FIDELITY'S NEW JERSEY MUNICIPAL FUNDS
JANUARY 25, 1999\
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING REPLACES SIMILAR INFORMATION FOUND IN THE "PERFORMANCE"
SECTION BEGINNING ON PAGE 19.
HISTORICAL BOND FUND RESULTS. The following table shows the fund's
yield, tax-equivalent yield and return for the fiscal periods ended
November 30, 1998.
The tax-equivalent yields for Spartan New Jersey Municipal Money
Market, New Jersey Municipal Money Market and Spartan New Jersey
Municipal Income are based on a combined federal and state income tax
rate of 40.08% and reflect that, as of November 30, 1998, 6.95%, 9.36%
and 0.00%, respectively, of the funds' income was subject to state
taxes. Note that each fund may invest in securities whose income is
subject to the federal alternative minimum tax.
<TABLE>
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Average Annual Returns
Seven-Day Yield Tax- Equivalent Yield One Year Five Years Life of Fund*
Spartan NJ Muni Money Market 2.84% 4.72% 3.06% 3.15% 3.38%
</TABLE>
<TABLE>
<CAPTION>
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Cumulative Returns
One Year Five Years Life of Fund*
Spartan NJ Muni Money Market 3.06% 16.75% 33.09%
</TABLE>
* From May 1, 1990 (commencement of operations).
Note: If FMR had not reimbursed certain fund expenses during these
periods, the fund's returns would have been lower.
<TABLE>
<CAPTION>
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Average Annual Returns Cumulative Returns
Seven-Day Yield Tax- Equivalent Yield One Year Five Years Ten Years One Year
NJ Muni
Money Market 2.72% 4.51% 2.93% 2.88% 3.55% 2.93%
</TABLE>
<TABLE>
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Cumulative Returns
Five Years Ten Years
NJ Muni Money Market 15.25% 41.76%
</TABLE>
Note: If FMR had not reimbursed certain fund expenses during these
periods, the fund's returns would have been lower.
<TABLE>
<CAPTION>
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Average Annual Returns
Thirty-Day Yield Tax- Equivalent Yield One Year Five Years Ten Years
Spartan NJ Muni Income 4.02% 6.71% 6.96% 5.74% 7.95%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Cumulative Returns
One Year Five Years Ten Years
Spartan NJ Muni Income 6.96% 32.20% 114.83%
</TABLE>
Note: If FMR had not reimbursed certain fund expenses during these
periods, the fund's returns would have been lower.
