SUPPLEMENT TO THE FIDELITY AGGRESSIVE MUNICIPAL FUND FEBRUARY 28, 1997
PROSPECTUS
The following information replaces similar information found in
"Expenses" on page 4:
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you may pay when you buy
or sell shares of a fund. In addition, you may be charged an annual
account maintenance fee if your account balance falls below
$2,500. See "Transaction Details," page 25, for an explanation of how
and when these charges apply.
Sales charge on purchases None
and reinvested distributions
Deferred sales charge on redemptions None
Annual account maintenance fee $12.00
(for accounts under $2,500)
References to the redemption fee throughout the prospectus are
eliminated.
Effective the close of business on July 31, 1997, the fund's name
changed to Spartan Aggressive Municipal Fund.
Effective August 1, 1997, the following information replaces similar
information found in "Expenses" on page 4:
ANNUAL FUND OPERATING EXPENSES are paid out of the fund's assets. The
fund pays a management fee to FMR. It also incurs other expenses for
services such as maintaining shareholder records and furnishing
shareholder statements and financial reports. The fund's expenses are
factored into its share price or dividends and are not charged
directly to shareholder accounts (see page 15).
The following figures are based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average
net assets.
Management fee 0.35%
(after reimbursement)
12b-1 fee None
Other expenses 0.18%
Total fund operating expenses 0.53%
(after reimbursement)
EXAMPLES: Let's say, hypothetically, that the fund's annual return is
5% and that your shareholder transaction expenses and the fund's
annual operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years
indicated.
1 year $ 5
3 years $ 17
5 years $ 30
10 years $ 66
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected expenses or returns, all of which
may vary.
FMR voluntarily agreed to implement a management fee reduction of
0.05%, effective March 1, 1997, and to reimburse the fund to the
extent that total operating expenses exceed 0.55%, effective April 1,
1997. Effective August 1, 1997, FMR has agreed to reimburse the fund
to the extent that total operating expenses exceed 0.53% of average
net assets per year through December 31, 1999 (excluding interest,
taxes, brokerage commissions and extraordinary expenses.) After
December 31, 1999, the fund's total operating expenses could increase.
If these agreements were not in effect, the management fee and total
fund operating expenses would be 0.45% and 0.63%, respectively.
Effective April 15, 1997, the following information replaces the
similar information found in "Charter" on page 8:
David Murphy is manager of Aggressive Municipal, which he has managed
since April 1997. He also manages several other Fidelity funds. Mr.
Murphy joined Fidelity as a portfolio manager in 1989.
The following changes became effective April 1, 1997.
The minimum investments have been changed to the following:
TO OPEN AN ACCOUNT $10,000
TO ADD TO AN ACCOUNT $1,000
Through regular investment plans $500
MINIMUM BALANCE $5,000
References to the minimums throughout the prospectus are changed to
the above minimums.
In the Financial Highlights table on page 5, the line item "Total from
investment operations" should be $.392 for the year ended December 31,
1996 instead of $(.392) as previously reported.
