SPARTAN FLORIDA MUNICIPAL FUNDS
SUPPLEMENT TO THE PROSPECTUS
DATED JANUARY 24, 1993
TEMPORARY EXPENSE LIMITATION: Effective November 1, 1993, Fidelity
Management & Research Company (FMR), each fund's manager, voluntarily
agreed to temporarily limit the total expenses of the money market fund
(excluding interest, taxes, brokerage commissions, and extraordinary
expenses) to an annual rate of .40% of the money market fund's average net
assets. Effective November 1, 1993, FMR voluntarily agreed to temporarily
limit the total expenses of the income fund (excluding interest, taxes,
brokerage commissions, and extraordinary expenses) to an annual rate of
.50% of the income fund's average net assets. As long as these temporary
expense limitations continue, they will lower each fund's expenses and
increase its yield. This expense limitation may be terminated or revised
at any time, at which time each fund's expenses will go up and its yield
will be reduced.
The following replaces the corresponding sections found under the heading
"Summary of Fund Expenses" on page 2.
MONEY MARKET INCOME
FUND FUND
B. ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fee 0.40%* 0.50%*
12b-1 Fee None None
Other Expenses 0.00% 0.00%
TOTAL FUND OPERATING EXPENSES 0.40% 0 .50%
* NET OF REIMBURSEMENT
C. EXAMPLE:
You would pay the following expenses on a $1,000 investment in the funds,
assuming (1) a 5% annual return and (2) full redemption at the end of each
time period:
1 Year $ 9 $10
3 Years $18 $21
You would pay the following expenses on the same investment, assuming no
redemptions:
1 Year $ 4 $ 5
3 Years $13 $16
SFC-94-1 (Page 1 of 3) January 1, 1994
B. ANNUAL FUND OPERATING EXPENSES are based on the funds' historical
expenses after reimbursement. Management fees are paid by each fund to
Fidelity Management & Research Company (FMR) to provide the funds with
investment advisory and other services, such as maintaining shareholder
records, portfolio accounting, and custodial services. FMR is responsible
for all other expenses of the funds with certain exceptions. Expenses
eligible for reimbursement by FMR do not include interest, taxes, brokerage
commissions (if any), or extraordinary expenses. Effective November 1,
1993, FMR voluntarily agreed to temporarily limit the total operating
expenses of the money market fund to .40% of its average net assets.
Effective November 1, 1993, FMR voluntarily agreed to temporarily limit the
total operating expenses of the income fund to .50% of its average net
assets. If these agreements were not in effect, the management fee, other
expenses, and total operating expenses would be .50%, , .00%, and .50%,
respectively for the money market fund, .55%, .00%, and .55%, respectively
for the income fund. Management fees and other expenses are reflected in
each fund's share price or dividends and are not charged directly to
individual accounts. Please refer to the section entitled "Management,
Distribution, and Service Fees" on page 14 for further information.
The following information replaces that found in the third sentence of the
second paragraph in the section entitled "Investment Objectives and
Policies" beginning on page 5.
"State tax-free obligations include certain obligations of the U.S.
government and its agencies and obligations issued by the State of Florida,
its counties, municipalities, authorities, and other political
subdivisions, and by territories and possessions of the U.S., such as
Puerto Rico, Guam, and the Virgin Islands."
(Page 2 of 3)
The following information supplements that found in the Appendix beginning
on page 23.
"PUERTO RICAN MUNICIPAL SECURITIES include general obligations of the
Commonwealth of Puerto Rico and its political subdivisions and public
corporations. The economy of Puerto Rico is closely linked with that of
the United States and will depend on several factors including the
condition of the U.S. economy, the exchange rate for U.S. dollars, the
price stability of oil imports, and interest rates. In addition,
legislative proposals are pending which would change certain tax incentives
which have been important to the development of the manufacturing sector in
Puerto Rico."
The following information supplements that found in the first two sentences
of the first paragraph in the section entitled "Redemption Requirements to
Remember" beginning on page 21.
"If you want to keep your money market fund account open, please leave
shares with a value of at least $10,000 in it. If your money market fund
account balance falls below $10,000 due to redemption, your account may be
closed and the proceeds mailed to you at the record address."
The following information supplements that found in the in the section
entitled "Exchange Privelege" on page 18.
"FEES. YOU MAY BE CHARGED A FEE OF $5.00 FOR EACH EXCHANGE YOU MAKE OUT
OF THE FUNDS, unless you initiate your transaction on Fidelity's automated
exchange services. If applicable, the exchange fee will be deducted from
your exchange proceeds."
(Page 3 of 3)
