SUPPLEMENT TO THE
SPARTAN(registered trademark) ARIZONA
MUNICIPAL FUNDS
PROSPECTUS
DATED OCTOBER 25, 1995
Effective April 1, 1996, the following replaces the similar information
found in the "Expenses" section beginning on page 6:
SPARTAN ARIZONA MONEY MARKET
Management fee (after reimbursement) .20%
12b-1 fee None
Other expenses .00%
Total fund operating expenses .20%
SPARTAN ARIZONA INCOME
Management fee (after reimbursement) .40%
12b-1 fee None
Other expenses .00%
Total fund operating expenses .40%
SPARTAN ARIZONA MONEY MARKET
Account open Account closed
After 1 year $ 2 $ 7
After 3 years $ 6 $ 11
After 5 years $ 11 $ 16
After 10 years $ 26 $ 31
SPARTAN ARIZONA INCOME
Account open Account closed
After 1 year $ 4 $ 9
After 3 years $ 13 $ 18
After 5 years $ 22 $ 27
After 10 years $ 51 $ 56
FMR has voluntarily agreed to temporarily limit Spartan Arizona Municipal
Money Market Fund's operating expenses to .20% of its average net assets
and Spartan Arizona Municipal Income Fund's operating expenses to .40% of
its 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.
On February 20, 1996, Spartan Arizona Municipal Money Market Portfolio's
name changed to Spartan Arizona Municipal Money Market Fund and Spartan
Arizona Municipal Income Portfolio's name changed to Spartan Arizona
Municipal Income Fund.
The following replaces the similar information found in the "Investment
Principles and Risks" section beginning on page 13 for Spartan Arizona
Municipal Income Fund:
Although the fund can invest in securities of any maturity, FMR seeks to
manage the fund so that it generally reacts to changes in interest rates
similarly to municipal bonds with maturities between eight and 18 years.
