F U N D P R O F I L E
Fidelity
MASSACHUSETTS MUNICIPAL MONEY MARKET
FUND
EDGAR SUBMISSION TYPE: 497K1
FILED PURSUANT TO RULE 497(K)(1)(I)
[DATE]
This Profile summarizes key information about the fund that is
included in the fund's prospectus. The fund's prospectus includes
additional information about the fund, including a more detailed
description of the risks associated with investing in the fund that
you may want to consider before you invest. You may obtain the
prospectus and other information about the fund at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109
Insert item Code number. MFS-profile-0199
Investment Summary
INVESTMENT OBJECTIVE. Massachusetts Municipal Money Market seeks as
high a level of current income, exempt from federal income tax and
Massachusetts personal income tax, as is consistent with preservation
of capital.
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research
Company (FMR)'s principal investment strategies include:
(small solid bullet) Investing normally in municipal money market
securities.
(small solid bullet) Investing at least 65% of total assets in
municipal securities whose interest is exempt from Massachusetts
personal income tax.
(small solid bullet) Investing so that at least 80% of fund's income
distributions is exempt from federal income tax.
(small solid bullet) Potentially investing more than 25% of total
assets in municipal securities that finance similar types of projects.
(small solid bullet) Investing in compliance with industry-standard
requirements for money market funds for the quality, maturity and
diversification of investments
PRINCIPAL INVESTMENT RISKS. The fund is subject to the following
principal investment risks:
(small solid bullet) MUNICIPAL MARKET VOLATILITY. The municipal market
is volatile and can be significantly affected by adverse tax,
legislative or political changes and the financial condition of the
issuers of municipal securities.
(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a money market security to decrease.
(small solid bullet) FOREIGN EXPOSURE. Entities located in foreign
countries can be affected by adverse political, regulatory, market or
economic developments in those countries.
(small solid bullet) GEOGRAPHIC CONCENTRATION. Unfavorable political
or economic conditions within Massachusetts can affect the credit
quality of issuers located in that state.
(small solid bullet) ISSUER-SPECIFIC CHANGES. A decline in the credit
quality of an issuer or the provider of credit support or a
maturity-shortening structure for a security can cause the price of a
money market security to decrease.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. Although the fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the fund.
Additional information about the fund's investments is available in
the fund's annual and semi-annual reports to shareholders. In the
fund's annual and semi-annual reports, you will find a discussion of
the market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of the fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the fund's
performance from year to year. Returns are based on past results and
are not an indication of future performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
YEAR-BY-YEAR RETURNS
MA MUNICIPAL MONEY MARKET
CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
PERCENTAGE (%)
ROW: 1, COL: 1, VALUE: NIL
ROW: 2, COL: 1, VALUE: NIL
ROW: 3, COL: 1, VALUE: NIL
ROW: 4, COL: 1, VALUE: NIL
ROW: 5, COL: 1, VALUE: NIL
ROW: 6, COL: 1, VALUE: NIL
ROW: 7, COL: 1, VALUE: NIL
ROW: 8, COL: 1, VALUE: NIL
ROW: 9, COL: 1, VALUE: NIL
ROW: 10, COL: 1, VALUE: NIL
DURING THE PERIODS SHOWN IN THE CHART FOR MASSACHUSETTS MUNICIPAL
MONEY MARKET, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING DECEMBER 31, 1998).
AVERAGE ANNUAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
MASSACHUSETTS MUNICIPAL MONEY MARKET % % %
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. [The annual fund
operating expenses provided below for Massachusetts Municipal Money
Market are based on historical expenses, adjusted to reflect current
fees.] [The annual fund operating expenses provided below for
Massachusetts Municipal Money Market do not reflect the effect of any
reduction of certain expenses during the period.] [The annual fund
operating expenses provided below for Massachusetts Municipal Money
Market are based on historical expenses.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
SALES CHARGE (LOAD) ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS NONE
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
MANAGEMENT FEE %
DISTRIBUTION AND SERVICE (12B-1) FEE NONE
OTHER EXPENSES %
TOTAL ANNUAL FUND OPERATING EXPENSES %
[A portion of the brokerage commissions that the fund pays is used to
reduce the fund's expenses. In addition, the fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses would have been __% for Massachusetts
Municipal Money Market.
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 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 $
3 YEARS $
5 YEARS $
10 YEARS $
Fund Management
FMR is the fund's manager.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Fidelity Investments Money Management, Inc. (FIMM) is an affiliate of
FMR and serves as sub-adviser for the fund. FIMM is primarily
responsible for choosing investments for the fund.
Buying Shares
The fund's shares are sold without a sales charge.
You may buy shares of the fund after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $5,000, the minimum additional
purchase amount is $250, and the minimum balance amount is $2,000.
If you buy through an investment professional, certain account
features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances.
Distributions and Taxes
Distributions you receive from the fund consist primarily of
dividends. The fund declares dividends daily and pays them monthly.
You may elect to have your dividends and/or capital gains
distributions, if any, automatically reinvested in additional shares
of the fund, paid in cash, or automatically invested in shares of
another identically registered Fidelity fund. If you do not indicate a
choice on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
The fund seeks to earn income and pay dividends exempt from federal
income tax and Massachusetts personal income tax.
A portion of the fund's income, and the dividends you receive, may be
subject to federal and state income taxes. The fund's income may be
subject to the federal alternative minimum tax. The fund may also
realize taxable income or gains on the sale of municipal bonds and may
make taxable distributions.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds;
(small solid bullet) Regular investment [and withdrawal] plans; and
(small solid bullet) Checkwriting.
Fidelity, Fidelity Investments and (Pyramid) Design, and TouchTone
Xpress, are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E
SPARTAN
MASSACHUSETTS MUNICIPAL MONEY MARKET
FUND
EDGAR SUBMISSION TYPE: 497K1
FILED PURSUANT TO RULE 497(K)(1)(I)
[DATE]
This Profile summarizes key information about the fund that is
included in fund's prospectus. fund's prospectus includes additional
information about the fund, including a more detailed description of
the risks associated with investing in the fund that you may want to
consider before you invest. You may obtain the prospectus and other
information about the fund at no cost by calling Fidelity(registered
trademark) at 1-800-544-8888 or visiting Fidelity's Web site at
www.fidelity.com.
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109
Insert item Code number. SMA-profile-0199
Investment Summary
INVESTMENT OBJECTIVE. Spartan Massachusetts Municipal Money Market
seeks as high a level of income, exempt from federal and Massachusetts
personal income tax, as is consistent with the preservation of capital
and liquidity.
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research
Company (FMR)'s principal investment strategies include:
(small solid bullet) Investing normally in municipal money market
securities.
(small solid bullet) Investing at least 65% of total assets in
municipal securities whose interest is exempt from Massachusetts
personal income tax.
(small solid bullet) Investing so that at least 80% of fund's income
distributions is exempt from federal income tax.
(small solid bullet) Potentially investing more than 25% of total
assets in municipal securities that finance similar types of projects.
(small solid bullet) Investing in compliance with industry-standard
requirements for money market funds for the quality, maturity and
diversification of investments.
PRINCIPAL INVESTMENT RISKS. The fund is subject to the following
principal investment risks:
(small solid bullet) MUNICIPAL MARKET VOLATILITY. The municipal market
is volatile and can be significantly affected by adverse tax,
legislative or political changes and the financial condition of the
issuers of municipal securities.
(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a money market security to decrease.
(small solid bullet) FOREIGN EXPOSURE. Entities located in foreign
countries can be affected by adverse political, regulatory, market or
economic developments in those countries.
(small solid bullet) GEOGRAPHIC CONCENTRATION. Unfavorable political
or economic conditions within Massachusetts can affect the credit
quality of issuers located in that state.
(small solid bullet) ISSUER-SPECIFIC CHANGES. A decline in the credit
quality of an issuer or the provider of credit support or a
maturity-shortening structure for a security can cause the price of a
money market security to decrease.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. Although the fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the fund.
Additional information about the fund's investments is available in
the fund's annual and semi-annual reports to shareholders. In the
fund's annual and semi-annual reports, you will find a discussion of
the market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of the fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the fund's
performance from year to year. Returns are based on past results and
are not an indication of future performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
YEAR-BY-YEAR RETURNS
SPARTAN MA MUNICIPAL MONEY MARKET
CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
PERCENTAGE (%)
ROW: 1, COL: 1, VALUE: NIL
ROW: 2, COL: 1, VALUE: NIL
ROW: 3, COL: 1, VALUE: NIL
ROW: 4, COL: 1, VALUE: NIL
ROW: 5, COL: 1, VALUE: NIL
ROW: 6, COL: 1, VALUE: NIL
ROW: 7, COL: 1, VALUE: NIL
ROW: 8, COL: 1, VALUE: NIL
ROW: 9, COL: 1, VALUE: NIL
ROW: 10, COL: 1, VALUE: NIL
DURING THE PERIODS SHOWN IN THE CHART FOR SPARTAN MASSACHUSETTS
MUNICIPAL MONEY MARKET, THE HIGHEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS __% (QUARTER ENDING DECEMBER 31, 1998).
AVERAGE ANNUAL RETURNS
[The returns in the following table do not include the effect of the
$5 account closeout fee for the fund.] [The returns in the following
table include the effect of the $5 account closeout fee based on
median account size for the fund.]
FOR THE PERIODS ENDED DECEMBER 31, 1998 PAST 1 PAST 5 LIFE OF FUND A
YEAR YEARS
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET % % %
A FROM JANUARY 1,1992.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. [The annual fund
operating expenses provided below for Spartan Massachusetts Municipal
Money Market are based on historical expenses, adjusted to reflect
current fees.] [The annual fund operating expenses provided below for
Spartan Massachusetts Municipal Money Market do not reflect the
effect of any reduction of certain expenses during the period.] [The
annual fund operating expenses provided below for Spartan
Massachusetts Municipal Money Market are based on historical
expenses.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
SALES CHARGE (LOAD) ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS NONE
EXCHANGE FEE
FOR SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET A,B $5.00
WIRE TRANSACTION FEE
FOR SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET A $5.00
CHECKWRITING FEE, PER CHECK WRITTEN
FOR SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET A $5.00
ACCOUNT CLOSEOUT FEE
FOR SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET A $5.00
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
ATHE FEES FOR INDIVIDUAL TRANSACTIONS ARE WAIVED IF YOUR ACCOUNT
BALANCE AT THE TIME OF THE TRANSACTION IS $50,000 OR MORE.
B YOU WILL NOT PAY AN EXCHANGE FEE IF YOU EXCHANGE THROUGH ANY OF
FIDELITY'S AUTOMATED EXCHANGE SERVICES.
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
MANAGEMENT FEE %
DISTRIBUTION AND SERVICE (12B-1) FEE NONE
OTHER EXPENSES %
TOTAL ANNUAL FUND OPERATING EXPENSES %
[FMR has entered into arrangements on behalf of the fund with the
fund's custodian and transfer agent whereby credits realized as a
result of uninvested cash balances are used to reduce fund expenses.
Including these reductions, the total fund operating expenses would
have been __% for Spartan Massachusetts Municipal Money Market.]
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
ACCOUNT ACCOUNT
OPEN CLOSED
1 YEAR $ $
3 YEARS $ $
5 YEARS $ $
10 YEARS $ $
Fund Management
FMR is the fund's manager.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Fidelity Investments Money Management, Inc. (FIMM) is an affiliate of
FMR and serves as sub-adviser for the fund. FIMM is primarily
responsible for choosing investments for the fund.
Buying Shares
The fund's shares are sold without a sales charge.
You may buy shares of the fund after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation:
The minimum initial purchase amount is $25,000, the minimum additional
purchase amount is $1,000, and the minimum balance amount is $10,000.
If you buy through an investment professional, certain account
features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances.
Distributions and Taxes
Distributions you receive from the fund consist primarily of
dividends. The fund declares dividends daily and pays them monthly.
You may elect to have your dividends and/or capital gains
distributions, if any, automatically reinvested in additional shares
of the fund, paid in cash, or automatically invested in shares of
another identically registered Fidelity fund. If you do not indicate a
choice on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
The fund seeks to earn income and pay dividends exempt from federal
income tax and Massachusetts personal income tax.
A portion of the fund's income, and the dividends you receive, may be
subject to federal and state income taxes. The fund's income may be
subject to the federal alternative minimum tax. The fund may also
realize taxable income or gains on the sale of municipal bonds and may
make taxable distributions.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds;
(small solid bullet) Regular investment [and withdrawal plans]; and
(small solid bullet) Checkwriting.
Fidelity, Fidelity Investments and (Pyramid) Design, and TouchTone
Xpress, are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
F U N D P R O F I L E
SPARTAN
MASSACHUSETTS MUNICIPAL INCOME
FUND
EDGAR SUBMISSION TYPE: 497K1
FILED PURSUANT TO RULE 497(K)(1)(I)
[DATE]
This Profile summarizes key information about the fund that is
included in the fund's prospectus. The fund's prospectus includes
additional information about the fund, including a more detailed
description of the risks associated with investing in the fund that
you may want to consider before you invest. You may obtain the
prospectus and other information about the fund at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109
Insert item Code number . MFL-profile-MAPS code suffix
Investment Summary
INVESTMENT OBJECTIVE. Spartan Massachusetts Municipal Income Fund
seeks a high level of current income, exempt from federal income tax
and Massachusetts personal income tax.
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research
Company (FMR)'s principal investment strategies include:
(small solid bullet) Investing normally in investment-grade municipal
debt securities.
(small solid bullet) Investing so that at least 80% of the fund's
income distributions is exempt from federal and Massachusetts personal
income taxes.
(small solid bullet) Potentially investing more than 25% of total
assets in municipal securities that finance similar types of projects.
(small solid bullet) Managing the fund to have similar overall
interest rate risk to the Lehman Brothers Massachusetts Enhanced
Municipal Bond Index.
(small solid bullet) Allocating assets across different market sectors
and maturities.
(small solid bullet) Analyzing a security's structural features,
current pricing and trading opportunities, and the credit quality of
its issuer in selecting investments.
PRINCIPAL INVESTMENT RISKS. The fund is subject to the following
principal investment risks:
(small solid bullet) MUNICIPAL MARKET VOLATILITY. The municipal market
is volatile and can be significantly affected by adverse tax,
legislative or political changes and the financial condition of the
issuers of municipal securities.
(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(small solid bullet) FOREIGN EXPOSURE. Entities located in foreign
countries can be affected by adverse political, regulatory, market or
economic developments in those countries.
(small solid bullet) GEOGRAPHIC CONCENTRATION. Unfavorable political
or economic conditions within Massachusetts can affect the credit
quality of issuers located in that state.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole.
In addition, the fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a single
issuer could cause greater fluctuations in share price than would
occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.
When you sell your shares of the fund, they could be worth more or
less than what you paid for them.
Additional information about the fund's investments is available in
the fund's annual and semi-annual reports to shareholders. In the
fund's annual and semi-annual reports, you will find a discussion of
the market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of the fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the fund's
performance from year to year and compares the fund's performance to
the performance of a market index and an average of the performance of
similar funds over various periods of time.
Data for the market index for Spartan Massachusetts Municipal Income
is available only from June 30, 1993 to the present. Returns are based
on past results and are not an indication of future performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
YEAR-BY-YEAR RETURNS
SPARTAN MA MUNICIPAL INCOME
CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
PERCENTAGE (%)
ROW: 1, COL: 1, VALUE: NIL
ROW: 2, COL: 1, VALUE: NIL
ROW: 3, COL: 1, VALUE: NIL
ROW: 4, COL: 1, VALUE: NIL
ROW: 5, COL: 1, VALUE: NIL
ROW: 6, COL: 1, VALUE: NIL
ROW: 7, COL: 1, VALUE: NIL
ROW: 8, COL: 1, VALUE: NIL
ROW: 9, COL: 1, VALUE: NIL
ROW: 10, COL: 1, VALUE: NIL
DURING THE PERIODS SHOWN IN THE CHART FOR SPARTAN MASSACHUSETTS
MUNICIPAL INCOME, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS __%
(QUARTER ENDING DECEMBER 31, 1998).
AVERAGE ANNUAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
SPARTAN MASSACHUSETTS MUNICIPAL INCOME % % %
LEHMAN BROS. MA ENH. MUNI BOND INDEX % % %
LIPPER MA MUNI DEBT FUNDS AVERAGE % % %
If FMR had not reimbursed certain fund expenses during these periods,
the fund's returns would have been lower.
The Lehman Brothers Massachusetts Enhanced Municipal Bond Index is a
value-weighted index of Massachusetts investment-grade municipal bonds
with maturities of one year or more.
Lipper MA Muni Debt Funds Average reflects the performance (excluding
sales charges) of mutual funds with similar objectives.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. [The annual fund
operating expenses provided below for Spartan Massachusetts Municipal
Income are based on historical expenses, adjusted to reflect current
fees.] [ The annual fund operating expenses provided below for Spartan
Massachusetts Municipal Income do not reflect the effect of any
[expense reimbursements] or reduction of certain expenses] during the
period.] [The annual fund operating expenses provided below for
Spartan Massachusetts Municipal Income are based on historical
expenses.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
SALES CHARGE (LOAD) ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS NONE
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
MANAGEMENT FEE %
DISTRIBUTION AND SERVICE (12B-1) FEE NONE
OTHER EXPENSES %
TOTAL ANNUAL FUND OPERATING EXPENSES %
[A portion of the brokerage commissions that the fund pays is used to
reduce the fund's expenses. In addition, the fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total fund operating expenses, after reimbursement, would have been
__% for Spartan Massachusetts Municipal Income.
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 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 $
3 YEARS $
5 YEARS $
10 YEARS $
Fund Management
FMR is the fund's manager.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Beginning January 1, 1999, Fidelity Investments Money Management, Inc.
(FIMM) will serve as sub-adviser and be primarily responsible for
choosing investments for the fund. FIMM is an affiliate of FMR.
[INSERT PORTFOLIO MANAGER BIOGRAPHY (CHRISTINE THOMPSON) HERE.]
Buying Shares
The fund's shares are sold without a sales charge.
You may buy shares of the fund after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $10,000, the minimum additional
purchase amount is $1,000, and the minimum balance amount is $5,000.
If you buy through an investment professional, certain account
features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances.
Distributions and Taxes
The fund declares dividends daily and pays them monthly. The fund
normally pays capital gains distributions in March and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
The fund seeks to earn income and pay dividends exempt from federal
income tax and Massachusetts personal income tax.
A portion of the fund's income, and the dividends you receive, may be
subject to federal and state income taxes. The fund's income may be
subject to the federal alternative minimum tax. The fund may also
realize taxable income or gains on the sale of municipal bonds and may
make taxable distributions.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds;
(small solid bullet) Regular investment and withdrawal plans; and
(small solid bullet) Checkwriting.
Fidelity, Fidelity Investments and (Pyramid) Design, and TouchTone
Xpress, are registered trademarks of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
====================Front of Application======================
FIDELITY MUTUAL FUND (Fidelity Logo Graphic)
NEW ACCOUNT APPLICATION (registered trademark)
P.O. Box 5000
Cincinnati, OH 45273-8698
You may invest in the fund after reviewing the profile(s) or the
prospectus(es) for the fund(s).
For help with this application, or for an IRA, Keogh or Business
Account application, call us anytime at 1-800-544-8888.
If you are opening your account by an exchange from an existing
Fidelity account, call us at 1-800-544-7777.
1: PLEASE TELL US HOW WE SHOULD ESTABLISH YOUR ACCOUNT
______________________________________________________________
Account registration:
______________________________________________________________
__ Individual __ Joint Tenants - __ Custodial
Rights of (UGMA/UTMA)
Survivorship 1 Under the (state)
__ Tenants in Common 1 ____ Uniform
__ Community Property 1 Gifts/Transfer
to Minors Act
______________________________________________________________
/_/ Trust Accounts:
______________________________________________________________
Trustee(s) Name Trust Taxpayer
(first, MI, last): Identification Number:
______________________________________________________________
Name of Trust: for the benefit of: Date of Trust
(Month, day, year):
______________________________________________________________
Name:
______________________________________________________________
Account Owner/ Joint Owner/Custodian Name
Minor Name (first, MI, last): (first, MI, last):
______________________________________________________________
Address and Phone: /_/ Check here if this is
a new address.
______________________________________________________________
Street Address and City State Zip
Apartment or Box Number: 2
______________________________________________________________
Evening Phone (Home): Daytime Phone (Work):
( ) ( )
______________________________________________________________
1 If you are establishing a joint account and do not check a box, the
account will be registered as joint tenants with rights of
survivorship. Types of joint ownership are governed by the laws of
your state of residence. If you need more information about which are
appropriate in your state, please ask your state tax officials or
financial advisor.
2 If you have provided a P.O. Box, please include your residential
address with this application.
2: WE ARE REQUIRED TO REQUEST THE FOLLOWING INFORMATION
______________________________________________________________
Account Owner/Minor Joint Account Owner/
Custodian 1
______________________________________________________________
Social Security ___________________ ___________________
or taxpayer
identification number 1:
Date of Birth
(month/day/year) ______ _____ ______ _______ ____ ______
______________________________________________________________
Citizenship
Country of
citizenship: _U.S. _Other________ _U.S. _Other_______
Country of
tax residence: _U.S. _Other________ _U.S. _Other_______
______________________________________________________________
Occupation: We
are required by the
National Association
of Securities
Dealers (NASD) to
ask for this
information.
______________________________________________________________
Employer's Name
and Address:
______________________________________________________________
Affiliations: _I am affiliated _I am affiliated
with, or work for, with, or work for,
a member firm of a member firm of
the NASD the NASD
______________________________________________________________
1 The Social Security Number or taxpayer identification number for
account owner/minor is used for tax reporting purposes. (The
custodian's Social Security Number will be used to determine
eligibility for maintenance fee waivers.)
3: INVESTMENT INFORMATION
______________________________________________________________
Please make your check payable to the full name of the Fidelity fund
in which you are investing. Note that Fidelity cannot accept foreign
checks or Traveler's checks. Be sure to read the profile(s) or the
prospectus(es) for the fund(s) you choose before your initial
investment and, if you invest based on the profile, be sure to read
the prospectus(es) when [it/they] [is/are] sent to you.
Fund Name: Initial Investment Amount - Fund
minimums vary, see the profile or the
prospectus for additional details.
A.______________________ $____,________,________._______
B.______________________ $____,________,________._______
C.______________________ $____,________,________._______
Dividend & Capital Gain Distributions Check one box: (If no box is
checked, we will reinvest all distributions.)
_ Reinvest all dividends _ Pay all dividends _ Pay all
and capital gains in and capital gains dividends and
my account. directly to my capital gains
bank account via to me by check.
MoneyLine
(registered
trademark). Please
attach a voided
check.
______________________________________________________________
* Note that some funds may charge a sales load and/or a short-term
trading fee. In addition an annual Fidelity mutual fund maintenance
fee of $12 may be deducted from accounts with a balance of less than
$2,500. Minimum initial investments vary by fund. See your profile or
your prospectus for additional details.
====================Back of Application=======================
4: OPTIONAL ACCOUNT FEATURES
______________________________________________________________
Fidelity Automatic Account Builder (registered trademark)
This service lets you invest automatically (monthly or quarterly) from
your bank account to your Fidelity account. Change or cancel your plan
anytime with a phone call at least one business day before your
scheduled investment. (Automatic Account Builder normally becomes
active 20 days after your application is processed.)
To establish this feature, complete the information below and staple
to the left a voided check from your bank account. One common name
must appear on your Fidelity and bank accounts.
Assign Investment Amount Investment Frequency (month,
to Fund (Spartan minimum: (check one) day,
(from $500; Non-Spartan year)
Section minimum: $100)
3)
__A. $____,______.____ _Monthly _Quarterly beginning _____
__B. $____,______.____ _Monthly _Quarterly beginning _____
__C. $____,______.____ _Monthly _Quarterly beginning _____
Direct Deposit
This service lets you invest directly from your paycheck or your
Social Security check. The minimum investment is $100 per pay period.
To establish this feature, check the appropriate box below. We will
send you an authorization form to complete and give to your employer.
_My check is from the _My check is from someone other than
federal government. the federal government.
Transfers Between Your Bank & Fidelity
This electronic link with your bank account offers flexible access to
your money. Transfers occur only when you initiate them and may be
made through either Bank Wire or Fidelity MoneyLine (Registered
trademark). (See the prospectus for details and minimum amounts.
MoneyLine normally becomes active 20 days after your application is
processed.) Your bank may charge a fee. This feature is not available
with passbook savings accounts.
_ To establish this feature, check the box at left and staple a voided
check from your bank account. One common name must appear on your
Fidelity and bank accounts. [F3]
Telephone Redemptions & Exchanges
You automatically have the ability to make redemptions or exchanges by
telephone. Exchanges can be made only between Fidelity funds that have
the same account ownership. Each fund has rules on the number of
exchanges allowed each year. Some funds have administrative fees (of
up to $7.50) and trading fees (of up to 3.0% on exchanges. (See the
appropriate fund's prospectus for details.) The exchange privilege may
be terminated or modified by Fidelity in the future.
Checkwriting
_Please add this feature to my account. All owners must sign the
Signature Card for checkwriting and the section below at the end of
this application. For custodial accounts, only the custodian may sign
the Signature Card.
Checkwriting is an optional feature and is not available on all funds.
In addition there may be a charge for checkwriting. See prospectus for
details.
______________________________________________________________
STAPLE VOIDED CHECK HERE.
______________________________________________________________
5: SIGNATURE
Each owner must sign this section.
By signing this application, I certify that:
(bullet) I have received and read the profile or the prospectus for
the fund in which I am investing. [I understand that if I am investing
based on the profile, I will be sent a prospectus with my
confirmation.] I agree to the terms of the profile and the prospectus.
I have the authority and legal capacity to purchase mutual fund
shares, am of legal age and believe each investment is suitable for
me. It is my responsibility to read the prospectus of any fund into
which I exchange.
(bullet) I understand that all information provided in sections 1, 2,
4 and 5 will apply to any new fund into which my shares may be
exchanged.
(bullet) I understand that neither this fund nor Fidelity Distributors
Corporation is a bank, and fund shares are not backed or guaranteed by
any bank or insured by the FDIC.
(bullet) I ratify any instructions, including telephone instructions,
given on this account. I agree that neither the fund nor Fidelity
Service Company, Inc. will be liable for any loss, cost or expense for
acting upon any instructions if it follows reasonable procedures
designed to prevent unauthorized transactions. (If you do not want the
ability to redeem and exchange by telephone, call Fidelity for
instructions.) I consent to the use of recorded telephone
conversations.
(bullet) I understand that for joint tenant accounts "I" refers to all
account owners, and each of the account owners agrees that any account
owner has authority to act on the account without notice to the other
account owners. Fidelity Service Company, Inc. in its sole discretion,
and for its protection, may require the written consent of all account
owners prior to acting upon the instructions of any account owner.
(bullet) If I am a U.S. Citizen or Resident Alien, as I have indicated
above, I certify under penalties of perjury that (1) the Social
Security or taxpayer identification number provided above is correct
(or I am waiting for a number to be issued to me), and (2) I am not
subject to backup withholding because (a) I am exempt from backup
withholding, or (b) I have not been notified by the Internal Revenue
Service (IRS) that I am subject to backup withholding for failure to
report all dividend and interest income, or (c) I have been notified
by the IRS that I am no longer subject to backup withholding. (Please
cross out item 2 if it does not apply to you.)
(bullet) If I am a Non-Resident Alien, as I have indicated above, I
certify under penalties of perjury that I am not a U.S. Citizen or
Resident Alien, that the information entered above is correct, that if
a reduced rate of tax or exemption from tax applies, I have complied
with all requirements to qualify for the reduced tax, and I am an
exempt foreign person under IRS regulations.
The Internal Revenue Service does not require your consent to any
provision of this document other than the certifications required to
avoid backup withholding.
Signature of Owner Signature of Joint Owner
Date (month,day,year) Date (month,day,year)
X____________________________ X______________________________
For trusts, all trustees must sign. Only the custodian should sign the
application for custodial accounts.
Not authorized for distribution unless preceded or accompanied by a
current profile or prospectus.
61605.001 Fidelity distributors Corporation MFFK-APP-0998
1.706324.101
===================Front of Signature Card====================
SIGNATURE CARD FOR CHECKWRITING ________________________
Please do not detach this card.
Checkwriting is available only for money market funds and certain bond
funds. Checkwriting minimums vary and fees may apply. See prospectus
for more information.
Please sign within the boxes
below using BLACK BALLPOINT INK.
Please use a pen and print
clearly in CAPITAL LETTERS.
Owner's Name
(first,MI,last):
____________________________ X________________________________
Joint Owner's Name
(first,MI,last):
____________________________ X________________________________
__Check here if more than one
signature will be required
on checks. If this box is
not checked, only one
signature will be required
on checks. 8324100
==================Back of Signature Card======================
By signing this signature card on the reverse side, the signatory(ies)
agree(s) to be subject to the terms and conditions, guidelines, and
rules applicable to your account as now in effect and as amended from
time to time, of the fund(s) and of UMB Bank, n.a.. ("the Bank"), as
they pertain to the use of redemption checks; therefore, all
registered owners must sign this signature card. All checks will
require only one signature unless otherwise indicated on the face of
this card. Each signatory guarantees the genuineness of the other's
signature on this card.
The Bank is hereby appointed agent by the shareholders signing this
card and, as such agent, is directed to request redemption of shares
of such Fidelity fund(s) as designated by the shareholders from time
to time, and as recorded on Fidelity's records, upon receipt of, and
to the amount of, checks drawn upon this account(s). In so acting, the
Bank shall be liable only for its own negligence. Shareholders will be
subject the the Bank's rules, regulations and associated laws
governing check collection, including the Uniform Commercial Code as
enacted in the State of Missouri.
It is further agreed as follows:
1. All items, with exception of those drawn on Spartan (registered
trademark) money market funds, Fidelity Daily Income Trust ("FDIT"),
and Fidelity Municipal Money Market Fund, must be for a minimum of
$500 (or such other minimum amounts as may from time to time be
established upon prior written notice to the shareholders, including
the accounts of Spartan money market funds, FDIT and Fidelity
Municipal Money Market Fund), or they may be returned to shareholders
marked "Refer to Maker."
2 This card supersedes any card already on file for the same T Master
Account or fund or account number.
3. Refer to the fund prospectus for minimum check amounts and any
applicable fees.
4. You may obtain a copy of the "Statement of Terms and Conditions"
applicable to your account by calling Fidelity.
