SPARTAN CONNECTICUT MUNICIPAL FUNDS
SUPPLEMENT TO THE PROSPECTUS DATED MARCH 20, 1993
SUMMARY OF FUND EXPENSES. The following tables update corresponding tables
on page 2.
MONEY MARKET HIGH YIELD
FUND FUND
B. ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fee 0.50%* 0.55%
12b-1 Fee None None
Other Expenses .00% .00%
TOTAL FUND OPERATING EXPENSES .50% .55%
* NET OF REIMBURSEMENT
C. EXAMPLE:
You would pay the following expenses on a $1,000 investment in each of the
funds, assuming (1) a 5% annual return and (2) full redemption at the end
of each time period:
One Year $10 $ 11
Three Years $21 $ 23
Five Years $33 $ 36
Ten Years $68 $ 74
You would pay the following expenses on the same investment, assuming no
redemptions:
One Year $ 5 $ 6
Three Years $16 $18
Five Years $28 $31
Ten Years $63 $69
CTR- 94-1 (Page 1 of 3) January 1, 1994
B. ANNUAL FUND OPERATING EXPENSES are based on the fund's 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. Management fees and other
expenses are reflected in each fund's share price or dividends and are not
charged directly to individual shareholder accounts. Please refer to the
section entitled "Management, Distribution, and Service Fees" on page 13
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 municipal obligations issued by the
State of Connecticut, or its counties, municipalities, authorities, or
other political subdivisions, and, provided federal law prohibits the
states from taxing the interest thereon, municipal obligations issued by
territories or possessions of the U.S., such as Puerto Rico, Guam, and the
Virgin Islands."
The following information supplements that found in the section entitled
"Exchange Privilege" on page 17.
"FEES. YOU MAY BE CHARGED A FEE OF $5.00 FOR EACH EXCHANGE YOU MAKE OUT
OF THE FUNDS, unless you place your transaction on Fidelity's automated
exchange services. If applicable, the exchange fee will be deducted from
your exchange proceeds."
(Page 2 of 3)
The following information supplements that found in the Appendix beginning
on page 22.
"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, recent
legislation has reduced certain tax incentives which had been important to
the development of the manufacturing sector in Puerto Rico. It is not
possible to determine at this time when, or if, these changes will have a
significant impact on the economy of Puerto Rico."
(Page 3 of 3)
