SUPPLEMENT TO THE FIDELITY CONNECTICUT MUNICIPAL MONEY MARKET FUND
JANUARY 22, 1997
STATEMENT OF ADDITIONAL INFORMATION
The following information replaces the similar information found in the
"Performance" section on page 11.
Use the first table to find your approximate effective tax bracket taking
into account federal and state taxes for 1997.
1997 TAX RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Taxable Income* Federal State Combined Federal and
Marginal Rate Marginal Rate State Effective Rate**
Single Return Joint Return
$ 0 - $6,250 $ 0 - $12,500 15.0% 3.0% 17.55%
6,251 - 24,650 12,501 - 41,200 15.0% 4.5% 18.83%
24,651 - 59,750 41,201 - 99,600 28.0% 4.5% 31.24%
59,751 - 124,650 99,601 - 151,750 31.0% 4.5% 34.11%
124,651 - 271,050 151,751 - 271,050 36.0% 4.5% 38.88%
271,051 + 271,051 + 39.6% 4.5% 42.32%
</TABLE>
* Net amount subject to federal income tax after deductions and
exemptions. Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, use the following table to
determine the tax-equivalent yield for a given tax-free yield.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
If your effective combined federal and state personal tax rate in 1997
is:
31.24 % 34.11 % 38.88 % 42.32 %
To match these
tax-free yields: Your taxable investment would have to earn the following yield:
2% 2.91% 3.04% 3.27% 3.47%
3% 4.36% 4.55% 4.91% 5.20%
4% 5.82% 6.07% 6.54% 6.93%
5% 7.27% 7.59% 8.18% 8.67%
6% 8.73% 9.11% 9.82% 10.40%
7% 10.18% 10.62% 11.45% 12.14%
8% 11.63% 12.14% 13.09% 13.87%
</TABLE>
The fund may invest a portion of its assets in obligations that are
subject to state or federal income taxes. When the fund invests in these
obligations, its tax-equivalent yield will be lower. In the table above,
the tax-equivalent yields are calculated assuming investments are 100%
federally and state tax-free.
The following information replaces the similar information found in the
"Trustees and Officers" section beginning on page 16.
The following table sets forth information describing the compensation of
each Trustee of the fund for his or her services for the fiscal year ended
November 30, 1996, or calendar year ended December 31, 1996, as applicable.
COMPENSATION TABLE
Trustees Aggregate Total
Compensation Compensation
from from the
Fidelity Fund Complex*
Connecticut A
Municipal Money
Market Fund
A,B
J. Gary Burkhead ** $ 0 $ 0
Ralph F. Cox 116 137,700
Phyllis Burke Davis 112 134,700
Richard J. Flynn*** 142 168,000
Edward C. Johnson 3d ** 0 0
E. Bradley Jones 113 134,700
Donald J. Kirk 115 136,200
Peter S. Lynch ** 0 0
William O. McCoy**** 60 85,333
Gerald C. McDonough 113 136,200
Edward H. Malone*** 114 136,200
Marvin L. Mann 114 134,700
Thomas R. Williams 113 136,200
* Information is as of December 31, 1996 for 235 funds in the complex.
** Interested Trustees of the fund are compensated by FMR.
*** Richard J. Flynn and Edward H. Malone served on the Board of Trustees
through December 31, 1996.
**** During the period from May 1, 1996 through December 31, 1996, William
O. McCoy served as a Member of the Advisory Board of the trust.
A Compensation figures include cash, a pro rata portion of benefits
accrued under the retirement program for the period ended December 30, 1996
and required to be deferred, and may include amounts deferred at the
election of Trustees.
B The following amounts are required to be deferred by each non-interested
Trustee, most of which is subject to vesting: Ralph F. Cox, $4, Phyllis
Burke Davis, $4, Richard J. Flynn, $0, E. Bradley Jones, $4, Donald J.
Kirk, $4, Gerald C. McDonough, $4, Edward H. Malone, $4, Marvin L. Mann,
$4, and Thomas R. Williams, $4.
Under a retirement program adopted in July 1988 and modified in November
1995 and November 1996, each non-interested Trustee who retired before
December 30, 1996 may receive payments from a Fidelity fund during his or
her lifetime based on his or her basic trustee fees and length of service.
The obligation of a fund to make such payments is neither secured nor
funded. A Trustee became eligible to participate in the program at the end
of the calendar year in which he or she reached age 72, provided that, at
the time of retirement, he or she had served as a Fidelity fund Trustee for
at least five years.
The non-interested Trustees may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of a Deferred
Compensation Plan (the Plan). Under the Plan, compensation deferred by a
Trustee is periodically adjusted as though an equivalent amount had been
invested and reinvested in shares of one or more funds in the complex
designated by such Trustee (designated securities). The amount paid to the
Trustee under the Plan will be determined based upon the performance of
such investments. Deferral of fees in accordance with the Plan will have a
negligible effect on the fund's assets, liabilities, and net income per
share, and will not obligate the funds to retain the services of any
Trustee or to pay any particular level of compensation to the Trustee. The
funds may invest in such designated securities under the Plan without
shareholder approval.
As of December 30, 1996, the non-interested Trustees terminated the
retirement program for Trustees who retire after such date. In connection
with the termination of the retirement program, each existing
non-interested Trustee received a credit to his or her Plan account equal
to the present value of the estimated benefits that would have been payable
under the retirement program. The amounts credited to the non-interested
Trustees' Plan accounts are subject to vesting. The termination of the
retirement program and related crediting of estimated benefits to the
Trustees' Plan accounts did not result in a material cost to the funds.
SUPPLEMENT TO THE SPARTAN(Registered trademark) CONNECTICUT MUNICIPAL
INCOME FUND
AND
SPARTAN(Registered trademark) CONNECTICUT MUNICIPAL MONEY MARKET FUND
JANUARY 22, 1997
STATEMENT OF ADDITIONAL INFORMATION
The following information replaces the similar information found in the
"Performance" section on pages 16 and 17.
Use the first table to find your approximate effective tax bracket taking
into account federal and state taxes for 1997.
1997 TAX RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Taxable Income* Federal State Combined Federal and
Marginal Rate Marginal Rate State Effective Rate**
Single Return Joint Return
$ 0 - $6,250 $ 0 - $ 12,500 15.0% 3.0% 17.55%
6,251 - 24,650 12,501 - 41,200 15.0% 4.5% 18.83%
24,651 - 59,750 41,201 - 99,600 28.0% 4.5% 31.24%
59,751 - 124,650 99,601 - 151,750 31.0% 4.5% 34.11%
124,651 - 271,050 151,751 - 271,050 36.0% 4.5% 38.88%
271,051 + 271,051 + 39.6% 4.5% 42.32%
</TABLE>
* Net amount subject to federal income tax after deductions and
exemptions. Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, use the following table to
determine the tax-equivalent yield for a given tax-free yield.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
If your effective combined federal and state personal tax rate in 1997
is:
31.24 % 34.11 % 38.88 % 42.32 %
To match these
tax-free yields: Your taxable investment would have to earn the following yield:
2% 2.91% 3.04% 3.27% 3.47%
3% 4.36% 4.55% 4.91% 5.20%
4% 5.82% 6.07% 6.54% 6.93%
5% 7.27% 7.59% 8.18% 8.67%
6% 8.73% 9.11% 9.82% 10.40%
7% 10.18% 10.62% 11.45% 12.14%
8% 11.63% 12.14% 13.09% 13.87%
</TABLE>
Each fund may invest a portion of its assets in obligations that are
subject to state or federal income taxes. When a fund invests in these
obligations, its tax-equivalent yield will be lower. In the table above,
the tax-equivalent yields are calculated assuming investments are 100%
federally and state tax-free.
The following information supplements the similar information found in the
"Trustees and Officers" section beginning on page 23.
ROBERT M. GATES (53), Trustee (1997), is a consultant, author, and lecturer
(1993). Mr. Gates was Director of the Central Intelligence Agency (CIA)
from 1991-1993. From 1989 to 1991, Mr. Gates served as Assistant to the
President of the United States and Deputy National Security Advisor. Mr.
Gates is currently a Trustee for the Forum For International Policy, a
Board Member for the Virginia Neurological Institute, and a Senior Advisor
of the Harvard Journal of World Affairs. In addition, Mr. Gates also serves
as a member of the corporate board for LucasVarity PLC (automotive
components and diesel engines), Charles Stark Draper Laboratory
(non-profit), NACCO Industries, Inc. (mining and manufacturing), and TRW
Inc. (original equipment and replacement products). Mr. Gates currently
serves as a Trustee for Fidelity Court Street Trust.
WILLIAM O. McCOY (63), Trustee (1997), is the Vice President of Finance for
the University of North Carolina (16-school system, 1995). Prior to his
retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of
BellSouth Corporation (telecommunications) and President of BellSouth
Enterprises. He is currently a Director of Liberty Corporation (holding
company), Weeks Corporation of Atlanta (real estate, 1994), and Carolina
Power and Light Company (electric utility, 1996). Previously, he was a
Director of First American Corporation (bank holding company, 1979-1996).
In addition, Mr. McCoy serves as a member of the Board of Visitors for the
University of North Carolina at Chapel Hill (1994) and for the Kenan Flager
Business School (University of North Carolina at Chapel Hill). Mr. McCoy
currently serves as a Trustee for Fidelity Court Street Trust.
The following information replaces the similar information found in the
"Trustees and Officers" section beginning on page 23.
The following table sets forth information describing the compensation of
each Trustee of each fund for his or her services for the fiscal year ended
November 30, 1996, or calendar year ended December 31, 1996, as applicable.
COMPENSATION TABLE
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Trustees Aggregate Aggregate Total
Compensation Compensation Compensation from
from Spartan from Spartan the
Connecticut Connecticut Fund Complex*A
Municipal Money Municipal Income
Market FundA,B FundA,C
J. Gary Burkhead ** $ 0 $ 0 $ 0
Ralph F. Cox 63 120 137,700
Phyllis Burke Davis 61 117 134,700
Richard J. Flynn*** 78 149 168,000
Edward C. Johnson 3d ** 0 0 0
E. Bradley Jones 62 118 134,700
Donald J. Kirk 63 120 136,200
Peter S. Lynch ** 0 0 0
William O. McCoy**** 33 61 85,333
Gerald C. McDonough 62 118 136,200
Edward H. Malone*** 62 117 136,200
Marvin L. Mann 62 117 134,700
Thomas R. Williams 62 118 136,200
</TABLE>
* Information is as of December 31, 1996 for 235 funds in the complex.
** Interested Trustees of the fund are compensated by FMR.
*** Richard J. Flynn and Edward H. Malone served on the Board of Trustees
through December 31, 1996.
**** During the period from May 1, 1996 through December 31, 1996, William
O. McCoy served as a Member of the Advisory Board of each trust.
A Compensation figures include cash, a pro rata portion of benefits accrued
under the retirement program for the period ended December 30, 1996 and
required to be deferred, and may include amounts deferred at the election
of Trustees.
B The following amounts are required to be deferred by each non-interested
Trustee, most of which is subject to vesting: Ralph F. Cox, $2, Phyllis
Burke Davis, $2, Richard J. Flynn, $0, E. Bradley Jones, $2, Donald J.
Kirk, $2, Gerald C. McDonough, $2, Edward H. Malone, $2, Marvin L. Mann,
$2, and Thomas R. Williams, $2.
C The following amounts are required to be deferred by each non-interested
Trustee, most of which is subject to vesting: Ralph F. Cox, $4, Phyllis
Burke Davis, $4, Richard J. Flynn, $0, E. Bradley Jones, $4, Donald J.
Kirk, $4, William O. McCoy, $0, Gerald C. McDonough, $4, Edward H. Malone,
$4, Marvin L. Mann, $4, and Thomas R. Williams, $4.
Under a retirement program adopted in July 1988 and modified in November
1995 and November 1996, each non-interested Trustee who retired before
December 30, 1996 may receive payments from a Fidelity fund during his or
her lifetime based on his or her basic trustee fees and length of service.
The obligation of a fund to make such payments is neither secured nor
funded. A Trustee became eligible to participate in the program at the end
of the calendar year in which he or she reached age 72, provided that, at
the time of retirement, he or she had served as a Fidelity fund Trustee for
at least five years.
The non-interested Trustees may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of a Deferred
Compensation Plan (the Plan). Under the Plan, compensation deferred by a
Trustee is periodically adjusted as though an equivalent amount had been
invested and reinvested in shares of one or more funds in the complex
designated by such Trustee (designated securities). The amount paid to the
Trustee under the Plan will be determined based upon the performance of
such investments. Deferral of fees in accordance with the Plan will have a
negligible effect on the fund's assets, liabilities, and net income per
share, and will not obligate the funds to retain the services of any
Trustee or to pay any particular level of compensation to the Trustee. The
funds may invest in such designated securities under the Plan without
shareholder approval.
As of December 30, 1996, the non-interested Trustees terminated the
retirement program for Trustees who retire after such date. In connection
with the termination of the retirement program, each existing
non-interested Trustee received a credit to his or her Plan account equal
to the present value of the estimated benefits that would have been payable
under the retirement program. The amounts credited to the non-interested
Trustees' Plan accounts are subject to vesting. The termination of the
retirement program and related crediting of estimated benefits to the
Trustees' Plan accounts did not result in a material cost to the funds.
