SUPPLEMENT TO THE FIDELITY AGGRESSIVE MUNICIPAL FUND FEBRUARY 28, 1997
PROSPECTUS
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 its operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses after
the number of years indicated.
After 1 year $ 5
After 3 years $ 17
After 5 years $ 30
After 10 years $ 66
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs 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.
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 balance falls below $2,500. See "Transaction
Details," page 25, for an explanation of how and when these charges apply.
Maximum sales charge on purchases None
and reinvested distributions
Deferred sales charge on redemptions None
Redemption fee (as a % of amount redeemed on shares held less than 1.00
180 days) %
Exchange Fee None
Annual account maintenance fee $12.0
(for accounts under $2,500) 0
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.
