SUPPLEMENT TO THE
FIDELITY MICHIGAN,
MINNESOTA, AND OHIO FUNDS
PROSPECTUS
DATED FEBRUARY 20, 1996
The following information replaces similar information found in the Charter
section beginning on page 13.
David Murphy is vice president and manager of Michigan Municipal Income,
which he has managed since May 1996. He also manages several other Fidelity
funds. Mr. Murphy joined Fidelity in 1989.
The following information replaces the similar information found in the
"Key Facts" section beginning on page 3.
MICHIGAN MUNICIPAL INCOME
STRATEGY: Invests normally in investment grade municipal securities
whose interest is free from federal income tax and Michigan income tax.
MINNESOTA MUNICIPAL INCOME
STRATEGY: Invests normally in investment grade municipal securities
whose interest is free from federal income tax and Minnesota personal
income tax.
OHIO MUNICIPAL INCOME
STRATEGY: Invests normally in investment grade municipal securities
whose interest is free from federal income tax and Ohio individual income
tax.
The following information replaces the similar information found in the
third paragraph of the "Investment Principles and Risks" section found on
page 15.
MICHIGAN MUNICIPAL INCOME, MINNESOTA MUNICIPAL INCOME, and OHIO MUNICIPAL
INCOME seek high current income that is free from federal income tax, its
state income tax, and other taxes in Michigan, Minnesota, and Ohio by
investing in investment-grade municipal securities under normal conditions.
FMR normally invests so that at least 80% of each fund's income is free
from both federal and state income taxes.
The following information replaces the similar information found in the
"Securities and Investments Practices" section found on page 16.
DEBT SECURITIES. Bonds and other debt instruments are used by issuers to
borrow money from investors. The issuer pays the investor a fixed or
variable rate of interest, and must repay the amount borrowed at maturity.
Some debt securities, such as zero coupon bonds, do not pay current
interest, but are purchased at a discount from their face values. In
general, bond prices rise when interest rates fall, and vice versa. Debt
securities have varying degrees of quality and varying levels of
sensitivity to changes in interest rates. Longer-term bonds are generally
more sensitive to interest rate changes than short-term bonds.
Investment-grade debt securities are medium- and high-quality securities.
Some, however, may possess speculative characteristics, and may be more
sensitive to economic changes and to changes in the financial condition of
issuers.
RESTRICTIONS: The bond funds normally in vest in investment-grade
securities, but reserve the right to invest up to 5% of their assets in
below investment-grade securities (sometimes called "municipal junk
bonds"). A security is considered to be investment-grade if it is rated
investment-grade by Moody's Investors Service, Standard & Poor's, Duff &
Phelps Credit Rating Co., or Fitch Investors Service, L.P., or is unrated
but judged by FMR to be of equivalent quality. The fund may not invest in
securities judged by FMR to be of equivalent quality to those rated lower
than B by Moody's or S&P.
