SUPPLEMENT TO THE
SPARTAN ARIZONA
MUNICIPAL FUNDS
PROSPECTUS
DATED OCTOBER 7, 1994
The following information
replaces the similar
information found in the
section entitled "Expenses"
beginning on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
page 21 for more information
about these fees.
Maximum sales charge on
purchases and
reinvested distributions None
Deferred sales charge on
redemptions None
Redemption fee (as a % of
amount redeemed
on shares held less than 180
days):
for Spartan Arizona Municipal
Money Market None
for Spartan Arizona Municipal
Income .50%
Exchange and wire transaction
fees $5.00
Checkwriting fee, per check
written $2.00
(available for Spartan Arizona
Municipal
Money Market)
Account closeout fee $5.00
Annual account maintenance fee
$12.00
(for accounts under $2,500)
SPARTAN AZ MONEY MARKET
Management fee (after
reimbursement) .10 %
12b-1 fee None
Other expenses .00 %
Total fund operating expenses .1
0 %
SPARTAN AZ INCOME
Management fee (after
reimbursement) .10 %
12b-1 fee None
Other expenses .00 %
Total fund operating expenses
.10 %
SPARTAN AZ MONEY MARKET
Account Accou
nt
open closed
After 1 year $1 $6
After 3 years $3 $8
SPARTAN AZ INCOME
Account Accou
nt
open closed
After 1 year $1 $6
After 3 years $3 $8
FMR has voluntarily agreed
to temporarily limit Spartan
Arizona Municipal Money
Market's and Spartan
Arizona Municipal Income's
operating expenses to .10%
of their average net assets. If
these agreements were not
in effect, the management
fee, other expenses, and
total operating expenses
would be .50%, .00%, and
.50%, respectively, for
Spartan Arizona Municipal
Money Market and .55%,
.00%, and .55%, respectively,
for Spartan Arizona Municipal
Income. Expenses eligible for
reimbursement do not
include interest, taxes,
brokerage commissions, or
extraordinary expenses.
SUPPLEMENT TO THE
SPARTAN ARIZONA
MUNICIPAL FUNDS
PROSPECTUS
DATED OCTOBER 7, 1994
The following information
replaces the similar
information found in the
section entitled "Expenses"
beginning on page 4.
SHAREHOLDER TRANSACTION
EXPENSES are charges you
pay when you buy, sell, or
hold shares of a fund. See
page 21 for more information
about these fees.
Maximum sales charge on
purchases and
reinvested distributions None
Deferred sales charge on
redemptions None
Redemption fee (as a % of
amount redeemed
on shares held less than 180
days):
for Spartan Arizona Municipal
Money Market None
for Spartan Arizona Municipal
Income .50%
Exchange and wire transaction
fees $5.00
Checkwriting fee, per check
written $2.00
(available for Spartan Arizona
Municipal
Money Market)
Account closeout fee $5.00
Annual account maintenance fee
$12.00
(for accounts under $2,500)
SPARTAN AZ MONEY MARKET
Management fee (after
reimbursement) .10 %
12b-1 fee None
Other expenses .00 %
Total fund operating expenses .1
0 %
SPARTAN AZ INCOME
Management fee (after
reimbursement) .10 %
12b-1 fee None
Other expenses .00 %
Total fund operating expenses
.10 %
SPARTAN AZ MONEY MARKET
Account Accou
nt
open closed
After 1 year $1 $6
After 3 years $3 $8
SPARTAN AZ INCOME
Account Accou
nt
open closed
After 1 year $1 $6
After 3 years $3 $8
FMR has voluntarily agreed
to temporarily limit Spartan
Arizona Municipal Money
Market's and Spartan
Arizona Municipal Income's
operating expenses to .10%
of their average net assets. If
these agreements were not
in effect, the management
fee, other expenses, and
total operating expenses
would be .50%, .00%, and
.50%, respectively, for
Spartan Arizona Municipal
Money Market and .55%,
.00%, and .55%, respectively,
for Spartan Arizona Municipal
Income. Expenses eligible for
reimbursement do not
include interest, taxes,
brokerage commissions, or
extraordinary expenses.
SAZ-95-3 (PAGE 1 OF 4) May 1, 1995
SAZ-95-3 (PAGE 1 OF 4) May 1, 1995
The following information
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 21.
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 $60.00 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.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund 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.
The following information
supplements the information
found in the section entitled
"Transaction Details"
beginning on page 21.
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 $60.00 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.
The fee will not be deducted
from retirement accounts,
accounts using regular
investment plans, or if total
assets in Fidelity funds
exceed $50,000. Eligibility for
the $50,000 waiver is
determined by aggregating
Fidelity mutual fund 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.
(PAGE 2 OF 4)
(PAGE 2 OF 4)
FINANCIAL HIGHLIGHTS
The following information supplements the information set forth
in the Prospectus. The tables report selected data for a share
outstanding throughout the periods October 12, 1994
(commencement of operations) to February 28, 1995 (money
market fund) and October 11, 1994 (commencement of
operations) to February 28, 1995 (income fund):
FINANCIAL HIGHLIGHTS
The following information supplements the information set forth
in the Prospectus. The tables report selected data for a share
outstanding throughout the periods October 12, 1994
(commencement of operations) to February 28, 1995 (money
market fund) and October 11, 1994 (commencement of
operations) to February 28, 1995 (income fund):
(PAGE 3 OF 4)
(PAGE 3 OF 4)
SPARTAN ARIZONA MUNICIPAL MONEY MARKET
<TABLE>
<CAPTION>
<S> <C> <C>
1. OCTOBER 12, 1994
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 28, 1995
2. (UNAUDITED)
3.SELECTED PER-SHARE DATA
4.Net asset value, beginning of period $ 1.000
5.Income from Investment Operations .014
Net interest income
6.Less Distributions (.014)
From net interest income
7.Net asset value, end of period $ 1.000
8.TOTAL RETURN B 1.40%
9.RATIOS AND SUPPLEMENTAL DATA
10.Net assets, end of period (000 omitted) $ 23,524
11.Ratio of expenses to average net assets -
12.Ratio of expenses to average net assets before expense r .50%
eductions A
13.Ratio of net interest income to average net assets 3.87%
A
</TABLE>
A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
SPARTAN ARIZONA MUNICIPAL MONEY MARKET
<TABLE>
<CAPTION>
<S> <C> <C>
14. OCTOBER 12, 1994
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 28, 1995
15. (UNAUDITED)
16.SELECTED PER-SHARE DATA
17.Net asset value, beginning of period $ 1.000
18.Income from Investment Operations .014
Net interest income
19.Less Distributions (.014)
From net interest income
20.Net asset value, end of period $ 1.000
21.TOTAL RETURN B 1.40%
22.RATIOS AND SUPPLEMENTAL DATA
23.Net assets, end of period (000 omitted) $ 23,524
24.Ratio of expenses to average net assets -
25.Ratio of expenses to average net assets before expense r .50%
eductions A
26.Ratio of net interest income to average net assets 3.87%
A
</TABLE>
A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
(PAGE 4 OF 4)
(PAGE 4 OF 4)
SPARTAN ARIZONA MUNICIPAL INCOME
<TABLE>
<CAPTION>
<S> <C> <C>
27. OCTOBER 11, 1994
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 28, 1995
28. (UNAUDITED)
29.SELECTED PER-SHARE DATA
30.Net asset value, beginning of period $ 10.000
31.Income from Investment Operations .214
Net interest income
32. Net realized and unrealized gain (loss) .359
33. Total from investment operations .573
34.Less Distributions (.214)
From net interest income
35.Redemption fees added to paid in capital .001
36.Net asset value, end of period $ 10.360
37.TOTAL RETURN B 5.86%
38.RATIOS AND SUPPLEMENTAL DATA
39.Net assets, end of period (000 omitted) $ 6,849
40.Ratio of expenses to average net assets -
41.Ratio of expenses to average net assets before expense .55%A
reductions
42.Ratio of net interest income to average net assets 5.80%A
43.Portfolio turnover rate 60%A
</TABLE>
A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
SPARTAN ARIZONA MUNICIPAL INCOME
<TABLE>
<CAPTION>
<S> <C> <C>
44. OCTOBER 11, 1994
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 28, 1995
45. (UNAUDITED)
46.SELECTED PER-SHARE DATA
47.Net asset value, beginning of period $ 10.000
48.Income from Investment Operations .214
Net interest income
49. Net realized and unrealized gain (loss) .359
50. Total from investment operations .573
51.Less Distributions (.214)
From net interest income
52.Redemption fees added to paid in capital .001
53.Net asset value, end of period $ 10.360
54.TOTAL RETURN B 5.86%
55.RATIOS AND SUPPLEMENTAL DATA
56.Net assets, end of period (000 omitted) $ 6,849
57.Ratio of expenses to average net assets -
58.Ratio of expenses to average net assets before expense .55%A
reductions
59.Ratio of net interest income to average net assets 5.80%A
60.Portfolio turnover rate 60%A
</TABLE>
A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
