SUPPLEMENT TO THE SPARTAN(registered trademark) SHORT-INTERMEDIATE
MUNICIPAL INCOME FUND
OCTOBER 25, 1999 PROSPECTUS
The following information replaces the fourth bullet under the heading
"Principal Investment Strategies" in the "Investment Summary" section
on page 3.
(small solid bullet) Managing the fund to have similar overall
interest rate risk to the Lehman Brothers 1-6 Year Municipal Bond
Index.
The following information replaces the fourth paragraph under the
heading "Principal Investment Strategies" in the "Investment Details"
section on page 6.
FMR uses the Lehman Brothers 1-6 Year Municipal Bond Index as a guide
in structuring the fund and selecting its investments. FMR manages the
fund to have similar overall interest rate risk to the index. In
addition, the fund normally maintains a dollar-weighted average
maturity between two and five years. As of October 31, 1999, the
dollar-weighted average maturity of the fund and the index was
approximately 2.9 and 3.3 years, respectively.
The following information replaces similar information found under
the heading "Fund Management" in the "Fund Services" section page
21.
Christine Thompson is vice president and manager of Spartan
Short-Intermediate Municipal Income Fund, which she has managed since
July 2000. She also manages other Fidelity funds. Since joining
Fidelity in 1985, Ms. Thompson has worked as a senior research analyst
and manager.
The following information replaces similar information found under
the heading "Fee Table" in the "Fund Summary" section on page 5.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
Management fee 0.55%
Distribution and Service None
(12b-1) fee
Other expenses 0.00%
Total annual fund operating 0.55%
expensesA
A EFFECTIVE JULY 1, 2000, FMR HAS VOLUNTARILY AGREED TO REIMBURSE
THE FUND TO THE EXTENT THAT TOTAL OPERATING EXPENSES (EXCLUDING
INTEREST, TAXES, BROKERAGE COMMISSIONS, AND EXTRAORDINARY EXPENSES),
AS A PERCENTAGE OF ITS AVERAGE NET ASSETS, EXCEED 0.51%. THIS
ARRANGEMENT WILL REMAIN IN EFFECT THROUGH OCTOBER 1, 2000.
