SPARTAN(Registered trademark) PENNSYLVANIA MUNICIPAL MONEY MARKET
PORTFOLIO
SPARTAN(Registered trademark) PENNSYLVANIA MUNICIPAL HIGH YIELD PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS
DATED FEBRUARY 24, 1993
The following information replaces the fifth sentence of the second
paragraph in the section entitled "Investment Objectives and Policies"
beginning on page 6.
"State tax-free obligations include municipal obligations issued by the
Commonwealth of Pennsylvania, its counties, municipalities, authorities,
and other political subdivisions, and some municipal obligations issued by
territories and possessions of the U.S., such as Puerto Rico, Guam, and the
Virgin Islands."
Effective December 3, 1993, the following language replaces the first
sentence in the "State Taxes'' paragraph of the section entitled
"Distributions and Taxes" on page 13.
"To the extent that each fund's distributions are derived from interest on
state tax-free obligations, its income dividends will be exempt from the
Pennsylvania personal income tax. However, distributions attributable to
capital gains from the sale of state tax-free obligations are not exempt
from the Pennsylvania personal income tax."
The following information supplements that found in the section entitled
"Exchange Privilege" on page 18.
FEES. YOU MAY BE CHARGED A FEE OF $5.00 FOR EACH EXCHANGE YOU MAKE OUT
OF THE FUNDS, unless you pace your transaction on Fidelity's automated
exchange services. If applicable, the exchange fee will be deducted from
your exchange proceeds.
The following information supplements that found in the Appendix beginning
on page 24.
"PUERTO RICAN MUNICIPAL SECURITIES include general obligations of the
Commonwealth of Puerto Rico and its political subdivisions and public
corporations. The economy of Puerto Rico is closely linked with that of the
United States and will depend on several factors including the condition of
the U.S. economy, the exchange rate for U.S. dollars, the price stability
of oil imports, and interest rates. In addition, recent legislation has
reduced certain tax incentives which have been important to the development
of the manufacturing sector in Puerto Rico. It is not possible to determine
at this time when, or if, these changes will have a significant impact on
the economy of Puerto Rico."
PFR-94-1
January 1, 1994
