SUPPLEMENT TO THE SPARTAN(registered trademark) MUNICIPAL FUNDS' PROSPECTUS
DATED OCTOBER 18, 1996
PROPOSED REORGANIZATION. The Board of Trustees of Spartan Aggressive
Municipal Fund has unanimously approved an Agreement and Plan of
Reorganization ("Agreement") between Spartan Aggressive Municipal Fund and
Fidelity Aggressive Municipal Fund, a fund of Fidelity Municipal Trust.
The Agreement provides for transfer of substantially all of the assets and
the assumption of all of the liabilities of Spartan Aggressive Municipal
Fund solely in exchange for the number of shares of Fidelity Aggressive
Municipal Fund equal in value to the relative net asset value of the
outstanding shares of Spartan Aggressive Municipal Fund. Following such
exchange, Spartan Aggressive Municipal Fund will distribute the Fidelity
Aggressive Municipal Fund shares to its shareholders pro rata, in
liquidation of Spartan Aggressive Municipal Fund as provided in the
Agreement (the transactions contemplated by the Agreement referred to as
the "Reorganization").
The Reorganization can be consummated only if, among other things, it is
approved by a majority vote of shareholders. A Special Meeting (the
"Meeting") of the Shareholders of Spartan Aggressive Municipal Fund will be
held on May 9, 1997, and approval of the Agreement will be voted on at that
time. In connection with the Meeting, Spartan Aggressive Municipal Fund
will be filing with the Securities and Exchange Commission and delivering
to its shareholders of record a Proxy Statement describing the
Reorganization and a Prospectus for Fidelity Aggressive Municipal Fund.
If the Agreement is approved at the Meeting and certain conditions required
by the Agreement are satisfied, the Reorganization is expected to become
effective on or about May 30, 1997. If shareholder approval of the
Agreement is delayed due to failure to meet a quorum or otherwise, the
Reorganization will become effective, if approved, as soon as practicable
thereafter.
In the event Spartan Aggressive Municipal Fund shareholders fail to approve
the Agreement, Spartan Aggressive Municipal Fund will continue to engage in
business as a registered investment company and the Board of Trustees will
consider other proposals for the reorganization or liquidation of Spartan
Aggressive Municipal Fund.
Effective on or about January 20, 1997, the fund will be closed to all new
and subsequent purchases except for reinvestment of dividends or other
distributions pending the Reorganization.
