SUPPLEMENT TO THE
SPARTAN(registered trademark) MINNESOTA
MUNICIPAL INCOME FUND
FEBRUARY 28, 2000
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PORTFOLIO TRANSACTIONS" SECTION ON PAGE 16.
The fund may pay both commissions and spreads in connection with the
placement of portfolio transactions. For the fiscal years ended
December 31, 1999, 1998, and 1997, the fund paid no brokerage
commissions.
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 22.
J. MICHAEL COOK (57), Member of the Advisory Board (2000). Prior to
Mr. Cook's retirement in May 1999, he served as Chairman and Chief
Executive Officer of Deloitte & Touche LLP, Chairman of the Deloitte &
Touche Foundation, and a member of the Board of Deloitte Touche
Tohmatsu. He currently serves as an Executive in Residence of the
Columbia Business School and as a Director of Dow Chemical Company
(2000), Columbia/HCA Healthcare Corporation (1999), and Children First
(1999). He is a member of the Executive Committee of the Securities
Regulation Institute, a member of the Advisory Board of Boardroom
Consultants, a Director of the National Forum for Health Care Quality,
Measurement and Reporting, past chairman and a member of the Board of
Catalyst (a leading organization for the advancement of women in
business), and is a Director of the STAR Foundation (Society to
Advance the Retarded and Handicapped). He also serves as a member of
the Board and Executive Committee and as Co-Chairman of the Audit and
Finance Committee of the Center for Strategic & International Studies,
a member of the Board of Overseers of the Columbia Business School,
and a Member of the Advisory Board of the Graduate School of Business
of the University of Florida.
BOYCE I. GREER (44), is Vice President of Spartan Minnesota Municipal
Income Fund (2000). He serves as Vice President of Fidelity's
Municipal Bond Funds (2000), Group Leader of Fidelity's Municipal Bond
Group (2000), Vice President of Fidelity's Money Market Funds (1997),
Group Leader of Fidelity's Money Market Group (1997), Senior Vice
President of FMR (1997), and Vice President of FIMM (1998). Mr. Greer
served as the Leader of the Fixed-Income Group for Fidelity Management
Trust Company (1993-1995) and was Vice President and Group Leader of
Municipal Fixed-Income Investments (1996-1997).
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 23.
DWIGHT D. CHURCHILL (46), is Vice President of Spartan Minnesota
Municipal Income Fund (2000). He serves as President of Fidelity's
Fixed-Income Division (2000), Vice President of Fidelity's Money
Market Funds (2000), Vice President of Fidelity's Bond Funds, Senior
Vice President of FMR (1997), and Vice President of FIMM (1998). Mr.
Churchill joined Fidelity in 1993 as Vice President and Group Leader
of Taxable Fixed-Income Investments.
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION ON PAGE 23.
FRED L. HENNING, JR. (60), is President of Fidelity Investments
Fixed-Income Division (1998), and Senior Vice President of FMR and of
Fidelity Investments Money Management, Inc. Mr. Henning joined
Fidelity in 1977 as portfolio manager for Fidelity Daily Income Trust
Fund. Since then, he has held a number of positions with FMR and its
affiliates and serves as an officer of other investment companies
managed or advised by FMR.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 24.
The following table sets forth information describing the compensation
of each Trustee and Member of the Advisory Board of the fund for his
or her services for the fiscal year ended December 31, 1999.
<TABLE>
<CAPTION>
<S> <C> <C>
Compensation Table
Trustees and Member of the Aggregate Compensation from Total Compensation from the
Advisory Board Spartan MN Muni IncomeB Fund Complex*,A
Edward C. Johnson 3d** $ 0 $ 0
Abigail P. Johnson** $ 0 $ 0
J. Michael Cook***** $ 0 $ 0
Ralph F. Cox $ 88 $ 217,500
Phyllis Burke Davis $ 86 $ 211,500
Robert M. Gates $ 88 $ 217,500
E. Bradley Jones**** $ 88 $ 217,500
Donald J. Kirk $ 88 $ 217,500
Ned C. Lautenbach*** $ 20 $ 54,000
Peter S. Lynch** $ 0 $ 0
William O. McCoy $ 87 $ 214,500
Gerald C. McDonough $ 109 $ 269,000
Marvin L. Mann $ 88 $ 217,500
Robert C. Pozen** $ 0 $ 0
Thomas R. Williams $ 86 $ 213,000
</TABLE>
* Information is for the calendar year ended December 31, 1999 for 236
funds in the complex.
** Interested Trustees of the fund and Ms. Johnson are compensated by
FMR.
*** During the period from October 14, 1999 through December 31, 1999,
Mr. Lautenbach served as a Member of the Advisory Board. Effective
January 1, 2000, Mr. Lautenbach serves as a Member of the Board of
Trustees.
**** Mr. Jones served on the Board of Trustees through December 31,
1999.
***** Effective March 16, 2000, Mr. Cook serves as Member of the
Advisory Board.
A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1999, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $53,735; William O. McCoy, $53,735; and Thomas
R. Williams, $62,319.
B Compensation figures include cash.
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "MANAGEMENT CONTRACT" SECTION ON PAGE 27.
FMR voluntarily agreed to reimburse the fund if and to the extent that
its aggregate operating expenses, including management fees, were in
excess of an annual rate of its average net assets. The table below
shows the periods of reimbursement and levels of expense limitation;
the dollar amount of management fees incurred under the fund's
contract before reimbursement; and the dollar amount of management
fees reimbursed by FMR under the expense reimbursement for the period.
