-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SdKHPK4/T/TFoKA/dX14P9sywicQVE6lVAwNzxmpvTDtb7HHTL8p2coQ80BwYo2/ 3xRBziMxIcFtNyCE7t2lgQ== 0000917286-98-000008.txt : 19981215 0000917286-98-000008.hdr.sgml : 19981215 ACCESSION NUMBER: 0000917286-98-000008 CONFORMED SUBMISSION TYPE: 497K1 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19981214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MUNICIPAL TRUST CENTRAL INDEX KEY: 0000035373 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 04259928 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K1 SEC ACT: SEC FILE NUMBER: 002-55725 FILM NUMBER: 98768639 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE ZZ2 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE ZH-1 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL BOND FUND/MA/ DATE OF NAME CHANGE: 19860327 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19850503 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND LTD DATE OF NAME CHANGE: 19770201 497K1 1 F U N D P R O F I L E EDGAR Submission type: 497K1 Filed pursuant to Rule 497(k)(1)(i) SPARTAN(REGISTERED TRADEMARK) MICHIGAN MUNICIPAL INCOME FUND SPARTAN MICHIGAN MUNICIPAL INCOME FUND [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 ____________ MIF-profile-1298 Investment Summary INVESTMENT OBJECTIVE Spartan Michigan Municipal Income Fund seeks a high level of current income exempt from federal income tax and Michigan personal income tax. The fund also seeks income exempt from certain business or corporate taxes. 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 at least 80% of assets in securities exempt from federal and Michigan 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 Michigan 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 are affected by adverse political, regulatory, market or economic developments in those countries. (small solid bullet) GEOGRAPHIC CONCENTRATION. Unfavorable political or economic conditions within Michigan 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 similar funds over various periods of time. Data for the market index is available only from June 30, 1993 to the present. Returns are based on past results and are not an indication of future performance.
YEAR-BY-YEAR RETURNS SPARTAN MI MUNICIPAL INCOME CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 % % % % % % % % % %
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 MICHIGAN MUNICIPAL INCOME, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]). AVERAGE ANNUAL RETURNS FOR THE PERIODS ENDED ______ PAST 1 PAST 5 PAST 10 YEAR YEARS YEARS SPARTAN MI MUNICIPAL INCOME % % % LEHMAN BROTHERS MICHIGAN MUNICIPAL BOND INDEX % % % LIPPER MICHIGAN MUNICIPAL DEBT FUNDS AVERAGE % % % If FMR had not reimbursed certain fund expenses during these periods, the fund's total returns would have been lower. The Lehman Brothers Michigan Municipal Bond Index is a market capitalization-weighted index of Michigan investment-grade municipal bonds with maturities of one year or more. The Lipper Michigan Municipal 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 the fund are based on historical expenses, adjusted to reflect current fees.] [ The annual fund operating expenses provided below for the fund are higher than the expenses actually paid by the fund as the result of expense reimbursements [and the payment or reduction of certain expenses] during the period.] [The annual fund operating expenses provided below for the fund 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 FUND OPERATING EXPENSES (PAID FROM FUND ASSETS) MANAGEMENT FEE % DISTRIBUTION AND SERVICE (12B-1) FEE NONE OTHER EXPENSES % TOTAL ANNUAL FUND OPERATING EXPENSES [A] % [ [A] Effective April 1, 1997, FMR has voluntarily agreed to reimburse the fund to the extent that [[the management fee][,/and][12b-1 fee][, / and][ other expenses][and] total operating expenses (excluding interest, taxes, brokerage commissions[, / and] extraordinary expenses[, and 12b-1 fees])], as a percentage of [its / their respective] average net assets, exceed __ %]. This arrangement can be terminated by FMR at any time. [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 [this/these] reduction[s], the total fund operating expenses, after reimbursement, would have been __%.] 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. Norm Lind is Vice President and manager for Spartan Michigan Municipal Income, which he has managed since January 1998. He also manages several other Fidelity funds. Since joining Fidelity in 1986, Mr. Lind has worked as an analyst and manager. 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 February 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, Michigan personal income tax and other taxes in Michigan. 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. Spartan, Fidelity, Fidelity Investments & (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 EDGAR Submission type: 497K1 Filed pursuant to Rule 497(k)(1)(i) SPARTAN(REGISTERED TRADEMARK) MINNESOTA MUNICIPAL INCOME FUND SPARTAN MINNESOTA MUNICIPAL INCOME FUND [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 MNF-PROFILE-1298 INVESTMENT SUMMARY INVESTMENT OBJECTIVE. Spartan Minnesota Municipal Income Fund seeks a high level of current income exempt from federal income tax and Minnesota 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 at least 80% of assets in municipal securities whose interest is exempt from federal and Minnesota 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 Minnesota 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 Minnesota 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 Spartan Minnesota Municipal Income 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 is available only from June 30, 1993 to the present. Returns are based on past results and are not an indication of future performance.
YEAR-BY-YEAR RETURNS SPARTAN MN MUNICIPAL INCOME CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 % % % % % % % % % %
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 MINNESOTA MUNICIPAL INCOME FUND, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING ___, 19__) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING ____, 19__). AVERAGE ANNUAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 1998 PAST 1 PAST 5 PAST 10 YEAR YEARS YEARS SPARTAN MN MUNI INCOME % % % LEHMAN BROS. MN ENH. MUNI BOND INDEX % % % LIPPER MN MUNI DEBT FUNDS AVERAGE % % % If FMR had not reimbursed certain fund expenses during these periods, the fund's total returns would have been lower. The Lehman Brothers Minnesota Enhanced Municipal Bond Index is a market capitalization-weighted index of Minnesota investment-grade municipal bonds with maturities of one year or more. Lipper MN Municipal 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 the fund are higher than the expenses actually paid by the fund as the result of expense reimbursements and the payment or reduction of certain expenses during the period. 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 % Effective April 1, 1997, FMR has voluntarily agreed to reimburse the fund to the extent that the management fee, other expenses and the total operating (excluding interest, taxes, brokerage commissions and extraordinary expenses), as a percentage of its average net assets, exceed 0.55%. This agreement can be terminated by FMR at any time. [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 this reduction, the total fund oper- ating expenses after reimbursement, would have been __% for Spartan Minnesota Municipal Income Fund.] 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. [PORTFOLIO MANAGER BIO TO COME.] 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 February 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 Minnesota 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; (small solid bullet) Checkwriting. Fidelity, Fidelity Investments and (Pyramid) Design, Spartan 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 EDGAR Submission type: 497K1 Filed pursuant to Rule 497(k)(1)(i) SPARTAN(REGISTERED TRADEMARK) OHIO MUNICIPAL INCOME FUND [EFFECTIVE 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 [Item Code] OFS/OFR-profile-1298 Investment Summary INVESTMENT OBJECTIVE SPARTAN OHIO MUNICIPAL INCOME FUND seeks a high level of current income exempt from federal income tax and Ohio personal income tax. The fund also seeks income exempt from certain business or corporate taxes. 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 at least 80% of assets in municipal securities whose interest is exempt from federal and Ohio income taxes. (small solid bullet)Potentially investing more than 25% of assets in municipal securities that finance similar projects. (small solid bullet)Managing the fund to have similar overall interest rate risk to the Lehman Brothers Ohio 4 Plus Year Municipal Bond Index. 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 Change. Interest rate increases can cause the price of a debt security to decrease. (small solid bullet)Foreign Exposure. Entities located in foreign countries are affected by adverse political, regulatory, market or economic developments in those countries. (small solid bullet)Geographic Concentration. Unfavorable political or economic conditions within Ohio 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 similar funds over various periods of time. Data for the market indices: for Spartan Ohio Municipal Income Fund is available only from June 30, 1993 to the present. Returns are based on past results and are not an indication of future performance. Data for the market index for Spartan Ohio Municipal Income Fund is available only from June 30, 1993 to the present.Returns are based on past results and are not an indication of future performance.
YEAR-BY-YEAR RETURNS SPARTAN OH MUNICIPAL INCOME CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 % % % % % % % % % %
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 PERIOD[S] SHOWN IN THE CHART FOR [FUND NAME], THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]).
AVERAGE ANNUAL RETURNS FOR THE PERIODS ENDED [DATE OF MOST RECENT CALENDAR QUARTER END] PAST 1 PAST 5 PAST YEAR YEARS 10 YEARS SPARTAN OH MUNI INCOME % % % LEHMAN BROS. OH FOUR PLUS % % % YEAR MUNI BOND INDEX LIPPER OH MUNI DEBT FUNDS AVERAGE % % %
If FMR had not reimbursed certain fund expenses during these periods, the fund's total returns would have been lower. The Lehman Brothers Ohio 4 Plus Year Municipal Bond Index is a market capitalization-weighted index of Ohio investment-grade municipal bonds with maturities of four years or more. Lipper Ohio Municipal 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 the fund are higher than the expenses actually paid by the fund as the result of [expense reimbursements] [and] [the payment or reduction or certain expenses] during the period]. SHAREHOLDER FEES (PAID BY THE INVESTOR) 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 FUND OPERATING EXPENSES (PAID BY THE FUND) MANAGEMENT FEE % DISTRIBUTION AND SERVICE (12B-1) FEE NONE OTHER EXPENSES % TOTAL ANNUAL FUND OPERATING EXPENSESA % AEffective April 1, 1997, FMR has voluntarily agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses, as a percentage of its average net assets, exceed 0.55%. This arrangement can be terminated by FMR at any time] . [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 this reduction, the total fund operating expenses, after reimbursement, would have been __%.] 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. George Fischer is Vice President and manager of Spartan Ohio Municipal Income, which he has managed since April 1997. He also manager several other Fidelity funds. Since joing Fidelity in 1989, Mr. Fischer has worked as an anaylst and manager. 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 February 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, Ohio personal income tax and other taxes in Ohio. 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. Spartan, Fidelity, Fidelity Investmens, 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 EDGAR Submission type: 497K1 Filed pursuant to Rule 497(k)(1)(i) SPARTAN(REGISTERED TRADEMARK) PENNSYLVANIA MUNICIPAL INCOME FUND SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND [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 _________ PFL-PROFILE-1298 INVESTMENT SUMMARY INVESTMENT OBJECTIVE SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND seeks as high a level of current income, exempt from federal income tax and Pennsylvania personal income tax, as is consistent with its investment characteristics. 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 at least 80% of assets in municipal securities whose interest is exempt from federal and Pennsylvania 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 Pennsylvania 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 Pennsylvania 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. Returns are based on past results and are not an indication of future performance.
YEAR-BY-YEAR RETURNS SPARTAN PA MUNICIPAL INCOME CALENDAR YEARS 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 % % % % % % % % % %
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 PENNSYLVANIA MUNICIPAL INCOME, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [YEAR]). AVERAGE ANNUAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 1998 PAST 1 PAST 5 PAST 10 YEAR YEARS YEARS SPARTAN PA MUNI INCOME % % % LEHMAN BROTHERS PA MUNICIPAL BOND INDEX % % % LIPPER PENNSYLVANIA MUNICIPAL DEBT FUNDS AVERAGE % % % The Lehman Brothers Pennsylvania Municipal Bond Index is a market capitalization-weighted index for Pennsylvania investment-grade municipal bonds with maturities of one year or more. Lipper Pennsylvania Municipal 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 the fund are based on historical expenses, adjusted to reflect current fees.] [The annual fund operating expenses provided below for the fund are higher than the expenses actually paid by the fund as the result of [expense reimbursements] [[and] the payment or reduction of certain expenses] during the period.] [The annual fund operating expenses provided below for the fund 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 REDEMPTION FEE (SHORT-TERM TRADING FEE) 0.50% ON SHARES HELD LESS THAN 180 DAYS (AS A % OF AMOUNT REDEEMED) 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 EXPENSESB ___% BEffective January 1, 1999, FMR has voluntarily agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses, as a percentage of its average net assets, exceed 0.53%. This arrangement will remain in effect through December 31, 2000. [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 [this/these] reduction[s], the total fund operating expenses [, after reimbursement,] would have been __% .] 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. Christine Thompson is Vice President and manager of Spartan Pennsylvania Municipal Income, which she has managed since July 1998. She also manages several other Fidelity funds. Since joining Fidelity in 1985, Ms. Thompson has worked as a senior analyst and portfolio manager. 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. To buy shares, fill out an application and mail it with a check to the address listed on the application. You may also buy shares by exchange from another Fidelity fund. Both accounts must have the same registration, including name, address and taxpayer ID. 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. In addition, when you sell your shares, you will pay a 0.50% short-term trading fee if you have held your shares for less than 180 days. Distributions and Taxes The fund declares dividends daily and pays them monthly. The fund normally pays capital gains distributions in February 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 Pennsylvania 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; and (small solid bullet) Regular investment and withdrawal plans. Spartan, Fidelity, Fidelity Investments & (Pyramid) Design and TouchTone Xpress are registered trademarks of FMR Corp. ====================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. -----END PRIVACY-ENHANCED MESSAGE-----