FIDELITY NEW YORK MUNICIPAL TRUST, N-30D, 1995-03-10

FIDELITY NEW YORK MUNICIPAL TRUST
N-30D, 1995-03-10

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SPARTAN(registered trademark)

(registered trademark)
NEW YORK
MUNICIPAL
PORTFOLIOS

ANNUAL REPORT
JANUARY 31, 1995
CONTENTS

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PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES

SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

4 PERFORMANCE

7 FUND TALK: THE MANAGER'S OVERVI
EW

10 INVESTMENT CHANGES

11 INVESTMENTS

17 FINANCIAL STATEMENTS

SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

21 PERFORMANCE

24 FUND TALK: THE MANAGER'S OVERVI
EW

27 INVESTMENT CHANGES

28 INVESTMENTS

32 FINANCIAL STATEMENTS

SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO

36 PERFORMANCE

38 FUND TALK: THE MANAGER'S OVERVI
EW

40 INVESTMENT CHANGES

41 INVESTMENTS

47 FINANCIAL STATEMENTS

NOTES 51 NOTES TO THE FINANCIAL STATEMENTS

REPORT OF INDEPENDENT
ACCOUNTANTS 54 THE AUDITOR'S OPINION

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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE
PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY
DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Although there have been a few positive market indications so far in 1995,
no one can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was generally
very positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
Keeping in mind that the effects of interest rate changes on your bond
investments will only be "paper" gains or losses unless you sell your
shares, staying in your bond fund may be appropriate if your investment
horizon is at least a year or more. The longer your investing time frame,
the more likely it is that you will retain your principal investment
through both up and down markets. For example, a 10-year time frame, such
as saving for a college education, enables you to weather these ups and
downs in a long-term fund, which has higher potential returns. An
intermediate-length fund could be appropriate if your investment horizon is
two to four years, and a short-term bond fund could be the right choice if
you need your money in one or two years.
If your time horizon is less than a year, you might want to consider moving
some of your bond investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed by any agency of the U.S. government.
No matter what your investment horizon or portfolio diversity, it makes
good sense to follow a regular investment plan - investing a certain amount
of money at the same time each month or quarter - and to review your
portfolio periodically. A periodic investment plan will not, of course,
assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income to measure performance. If Fidelity
had not reimbursed certain fund expenses during the periods shown, the
total returns and dividends would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Municipal High Yield -6.17% 42.80%

Lehman Brothers Municipal Bond Index -3.56% n/a

Average New York
Municipal Bond Fund -5.93% n/a

Consumer Price Index 2.80% 17.97%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, or since the fund started on February 3, 1990.
For example, if you had invested $1,000 in a fund that had a 5% return over
the past year, you would end up with $1,050. You can compare these figures
to the performance of the Lehman Brothers Municipal Bond Index - a broad
gauge of the municipal bond market. To measure how the fund stacked up
against its peers, you can look at the average New York municipal bond
fund, which currently reflects the performance of 69 New York municipal
bond funds tracked by Lipper Analytical Services. Both benchmarks include
reinvested dividends and capital gains, if any. Comparing the fund's
performance to the consumer price index (CPI) helps show how your fund did
compared to inflation. (The periods covered by CPI numbers are the closest
available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Municipal High Yield -6.17% 7.39%

Lehman Brothers Municipal Bond Index -3.56% n/a

Average New York
Municipal Bond Fund -5.93% n/a

Consumer Price Index 2.80% 3.36%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
Spartan New York MunMunicipal Bond Index
02/28/90 10000.00 10000.00
03/31/90 9983.21 10003.00
04/30/90 9811.79 9930.98
05/31/90 10117.09 10147.47
06/30/90 10261.57 10236.77
07/31/90 10478.70 10387.25
08/31/90 10253.36 10236.64
09/30/90 10224.00 10242.78
10/31/90 10276.00 10428.17
11/30/90 10527.66 10637.78
12/31/90 10549.03 10684.59
01/31/91 10686.28 10827.76
02/28/91 10746.10 10921.96
03/31/91 10807.19 10926.33
04/30/91 10977.11 11071.65
05/31/91 11092.41 11170.19
06/30/91 11110.43 11159.02
07/31/91 11303.75 11295.16
08/31/91 11499.52 11444.25
09/30/91 11673.95 11593.03
10/31/91 11804.46 11697.37
11/30/91 11845.12 11730.12
12/31/91 12068.12 11982.32
01/31/92 11973.65 12009.88
02/29/92 12012.18 12013.48
03/31/92 12043.36 12018.28
04/30/92 12188.20 12125.25
05/31/92 12392.70 12268.32
06/30/92 12664.89 12474.43
07/31/92 13129.04 12848.67
08/31/92 12946.42 12722.75
09/30/92 12998.18 12805.45
10/31/92 12730.57 12679.95
11/30/92 13058.40 12906.92
12/31/92 13209.76 13038.57
01/31/93 13386.37 13189.82
02/28/93 13961.65 13667.29
03/31/93 13839.10 13522.42
04/30/93 13978.31 13659.00
05/31/93 14082.45 13735.49
06/30/93 14323.28 13964.87
07/31/93 14339.73 13983.02
08/31/93 14647.25 14273.87
09/30/93 14814.04 14436.59
10/31/93 14805.43 14464.02
11/30/93 14653.28 14336.74
12/31/93 14980.14 14639.24
01/31/94 15142.59 14806.13
02/28/94 14713.02 14422.65
03/31/94 13989.26 13835.65
04/30/94 14030.95 13953.25
05/31/94 14169.91 14074.65
06/30/94 13991.07 13993.01
07/31/94 14310.58 14249.09
08/31/94 14394.74 14298.96
09/30/94 14086.73 14088.76
10/31/94 13751.74 13837.98
11/30/94 13286.79 13587.52
12/31/94 13732.41 13886.44
01/31/95 14209.59 14283.59

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan New
York Municipal High Yield Portfolio on February 28, 1990, shortly after the
fund started. As the chart shows, by January 31, 1995, the value of your
investment would have grown to $14,210 - a 42.10% increase on your initial
investment. This assumes you still own the fund on January 31, 1995 and
therefore does not include the effect of the $5 account closeout fee. For
comparison, look at how the Lehman Brothers Municipal Bond Index did over
the same period. With dividends reinvested, the same $10,000 would have
grown to $14,284 - a 42.84% increase.

UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, move in the
opposite direction of interest
rates. In turn, the share price,
return, and yield of a fund
that invests in bonds will vary.
That means if you sell your
shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
(checkmark)
TOTAL RETURN COMPONENTS

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FEBRUARY 3, 199
0
(COMMENCEME
YEARS ENDED JANUARY 31, NT
OF OPERATIONS) T
O
JANUARY 31,

1995 1994 1993 1992 1991

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Dividend returns 5.41% 5.91% 6.57% 7.13% 7.51%

Capital appreciation
returns -11.58% 7.20% 5.22% 4.91% -0.12%

Total returns -6.17% 13.11% 11.79% 12.04% 7.39%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested. Capital appreciation and total returns include the effect of
the $5 account closeout fee.
DIVIDENDS AND YIELD

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PERIODS ENDED JANUARY 31, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 5.01(cents) 30.35(cents) 60.65(cents)

Annualized dividend rate 6.14% 6.14% 5.99%

30-day annualized yield 6.18% - -

30-day annualized tax-equivalent yield 11.02% - -

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DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $9.61 over
the past month, $9.80 over the past six months and $10.13 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.92% combined effective 1995 federal, state and New York City
income tax bracket.
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Although there was a municipal
bond market rally beginning in
mid-November, sharply rising
interest rates caused a significant
downturn in all U.S. bond markets
in the 12 months ended January
31, 1995. Yields rose sharply -
and prices fell - on both taxable
and tax-free bonds. For the 12
months ended January 31, 1995,
the Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of -3.56%. By
comparison, the Lehman
Brothers Aggregate Bond Index
- - a proxy of investment-grade
taxable bonds - returned
- -2.31%. The Federal Reserve
Board raised the federal funds
rate - the rate banks charge
each other for overnight loans -
from 3.00% to 5.50% from
February through November. The
Fed was hoping to head off future
inflation that might be triggered by
an improving U.S. economy. The
supply of new municipal issues
dropped through most of the year,
as municipalities avoided issuing
bonds at ever higher rates.
However, the pace of interest rate
increases - which led to drops in
the value of bonds -
overshadowed the benefits of
lower supply. Investor demand
dropped due to inflation fears,
further dampening prices. The
late-year rally was sparked by
increased demand and continued
short supply of muni issues.
An interview with Norm Lind,
Portfolio Manager of Spartan New York Municipal High Yield Portfolio
Q. NORM, HOW HAS THE FUND PERFORMED?
A. Rising interest rates and fears of inflation helped make 1994 one of the
worst years on record for all bonds, and the fund's performance reflected
that. For the year ended January 31, 1995, the fund had a total return of
- -6.17%. That compared to the average New York municipal bond fund, which
returned -5.93% for the same period, according to Lipper Analytical
Services.
Q. WHAT ACCOUNTS FOR THE FUND'S PERFORMANCE?
A. The fund was invested in certain types of bonds which underperformed the
market throughout much of the period. The bonds I'm referring to included
high investment-grade non-callable and discount bonds, as well as
lower-quality bonds in the resource recovery and utility sectors.
Non-callable bonds, which can't be redeemed by their issuer before a
scheduled maturity date, and discount bonds, which sell below face value,
can be more sensitive to rising interest rates than other types of bonds.
As a result, these bonds commanded a high price and did very well when
interest rates fell in 1993, but fell out of favor and underperformed when
rates rose in 1994. From November through the end of January, however, the
bond market rallied and these bonds once again did well and helped the
fund's performance. Going forward, there is a limited supply of these bonds
available, which could help their prices if they continue to be favored
among investors.
Q. WHAT HAPPENED WITH THE LOWER-QUALITY RESOURCE RECOVERY AND UTILITY
BONDS?
A. They were hurt by two factors. First, credit spreads widened, meaning
that there was less demand for lower-quality than higher-quality bonds.
Second, both the resource recovery and utility industries were hurt by
fears of heightened competition. But like non-callables and discounts,
these bonds also did better during the last few months as credit spreads
started to tighten. Most of the fund's holdings in resource recovery bonds
and utility bonds are issues that I think can withstand, or appear to be
immune, from increased competitive pressures.
Q. WHAT OTHER CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS?
A. For one, I started reducing the fund's stake in New York City bonds
toward the end of 1994. These bonds did relatively well earlier in the
year, but I have some concerns about the city's economy and fiscal budget.
Also, I continued to pare back the fund's stake in state-appropriated
bonds, which rely on annual appropriations by the state legislature to meet
all or part of their principal and interest payments. I began selling in
mid- to late 1994 because I felt that most of the advantages of holding
these bonds had already been played out and I wanted to take advantage of
strong demand for these bonds when I sold them.
Q. TRANSPORTATION BONDS MADE UP THE FUND'S LARGEST SECTOR CONCENTRATION AT
21.3% AT THE END OF THE PERIOD. WHY DO YOU FAVOR THESE TYPES OF BONDS?
A. In part because of their strong credit fundamentals. These issues are
backed by tolls and other fees and, as a result, their fiscal situation
tends to be fairly resilient in any type of economic climate. Two of the
fund's largest holdings in this area at the end of the period were
Triborough Bridge and Tunnel Authority and the New York Port Authority.
Q. HOW WILL YOU MANAGE THE FUND
GOING FORWARD?
A. There's a lot of uncertainty about which direction the economy,
inflation and interest rates will go. Additionally, New York state and New
York City face some economic and fiscal challenges in 1995. However, the
prices of New York City bonds have become relatively attractive because of
rising concerns about a reduction of state aid to the city. In my view, New
York City bonds may present an attractive buying opportunity going forward
because the worst news for the city may already be factored into bond
prices. As for interest rates, I believe that the worst is over. While the
Fed may be close to the end of the cycle of raising interest rates, there
could be some continued volatility in the bond market. To guard against
that volatility, I'll most likely keep the fund's duration more neutral, or
more in line with the market as a whole. Also, I'll concentrate on finding
individual municipal bonds or sectors that I think can outperform the
overall market. In particular, I'll look for the types of bonds I think
many investors will want to own in the future. One example may be
non-callable bonds. If the supply of these bonds stays low and if they gain
wider acceptance among investors, their prices could benefit.

FUND FACTS
GOAL: to provide high current
income exempt from federal,
state, and New York City
income taxes by investing
primarily in long-term,
investment-grade New York
municipal securities
START DATE: February 3, 1990
SIZE: as of January 31, 1995,
more than $295 million
MANAGER: Norm Lind, since
October, 1993; manager,
Fidelity New York Tax-Free
High Yield Portfolio, since
October 1993; Fidelity New
York Tax-Free
Insured Portfolio, since March
1994; Spartan Municipal
Income Portfolio, since June
1990; joined Fidelity in 1986
(checkmark)

NORM LIND ON THE NEW YORK
MUNICIPAL MARKET:
" In 1995, I'll be watching for
several developments. One is
the fiscal and economic
condition of the state and New
York City. The downsizing of
Wall Street could cause
revenues, for both the city
and state, to decline slightly.
Also, the state is facing a
substantial budget deficit and
has cut aid to New York City.
But we won't know what the
impact of those factors will be
until later this year when the
state and city finalize their
budgets and propose
measures to deal with some
of these challenges. On a
more positive note, the supply
of New York bonds could be
lower in 1995 than it was in
1994. That lower supply could
help firm the prices of New
York municipal bonds if
demand stays constant or
rises."
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JANUARY 31, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

Transportation 21.3 25.1

Industrial Development 15.9 13.0

Lease Revenue 11.8 13.5

Special Tax 11.6 10.9

General Obligation 10.6 12.3

AVERAGE YEARS TO MATURITY AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 20.3 22.1

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 9.3 10.6

Aaa 3.7%
Aa, A 35.1%
Baa 45.0%
Ba, B 5.1%
Non-rated 4.8%
Short-term
investments 6.3%
Aaa 3.9%
Aa, A 37.0%
Baa 52.4%
Ba, B 0.0%
Non-rated 4.1%
Short-term
investments 2.6%
Row: 1, Col: 1, Value: 3.7
Row: 1, Col: 2, Value: 35.1
Row: 1, Col: 3, Value: 45.0
Row: 1, Col: 4, Value: 5.1
Row: 1, Col: 5, Value: 4.8
Row: 1, Col: 6, Value: 6.3
Row: 1, Col: 1, Value: 3.9
Row: 1, Col: 2, Value: 37.0
Row: 1, Col: 3, Value: 52.4
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 4.1
Row: 1, Col: 6, Value: 2.6
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 93.8%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 77.5%
Babylon Ind. Dev. Agcy. Resource Recovery Rev.
(Odgen Martin Sys. Babylon, Inc. Co.): (e)
Series A, 8.50% 1/1/19 Baa1 $ 930,000 $ 1,002,075
Series B, 8.50% 1/1/19 Baa1 2,875,000 3,097,813
Clifton Springs Hosp. & Clinic Rev.
Rfdg. & Impt. 8% 1/1/20 - 4,640,000 4,286,200
Franklin County Ctfs. of Prtn. (Court House
Redev. Proj.) 8.125% 8/1/06 (e) BBB 2,120,000 2,305,500
Metropolitan Trans. Auth. Svc. Contract:
(Commuter Facs.) Series O, 5.50%
7/1/17 Baa1 5,000,000 4,218,750
(Trans. Facs.):
Series 7, 0% 7/1/10 Baa1 9,500,000 3,325,000
Series L, 7.50% 7/1/17,
(AMBAC Insured) Aaa 1,000,000 1,055,000
New York City Gen. Oblig. Unltd. Series B,
7.50% 2/1/07 Baa1 3,500,000 3,626,875
New York City Ind. Dev. Agcy. Civic Facs. Rev.:
(O.L.M. Pkg. Corp. Proj.) 8.50% 12/30/22 - 4,205,000 4,052,569
(YMCA of Greater NY Proj.) 8% 8/1/16 (e) - 3,950,000 4,083,313
New York City Ind. Dev. Agcy. Spl. Facs. Rev.:
(American Airlines, Inc. Proj.)
Series 1990, 8% 7/1/20 (b) Baa3 8,575,000 8,896,562
(Terminal One Group Assoc. Proj.)
6% 1/1/15 A 11,160,000 10,113,750
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev. Series A, 5.50% 6/15/20 A 2,000,000 1,730,000
New York State Dorm. Auth. Rev.:
Rfdg (State Univ. Edl. Facs.):
Series A:
5.25% 5/15/15 Baa1 11,290,000 9,357,152
5.875% 5/15/17 Baa1 3,750,000 3,384,375
Series B:
7.50% 5/15/11 Baa1 2,000,000 2,177,500
5% 5/15/18 Baa1 4,000,000 3,175,000
(City Univ. Sys. Consolidated) Series A,
5.75% 7/1/13 Baa1 2,500,000 2,234,375
(City Univ. Sys.):
Series C, 7.50% 7/1/10 Baa1 4,000,000 4,350,000
Series F, 5% 7/1/20 Baa1 5,000,000 3,850,000
(Court Facs. Lease) Series A, 5.25%
5/15/21 Baa1 12,000,000 9,615,000
New York State Energy Research & Dev. Auth.
Elec. Facs. Rev. (Long Island Ltg. Co.): (b)
Series A:
7.15% 9/1/19 Ba1 4,000,000 3,685,000
7.15% 6/1/20 Ba1 5,235,000 4,822,744
Series B, 7.15% 9/1/19 Ba1 7,000,000 6,448,750
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Energy Research & Dev. Auth.
Gas Facs. Rev. RIB (Brooklyn Union Gas Co.):
8.456% 4/1/20 INFL (d) A1 $ 3,500,000 $ 3,285,625
9.209% 7/15/26 INFL (b) (d) A1 3,500,000 3,679,375
New York State Envir. Facs. Corp. Poll. Cont. Rev.
(State Wtr. Revolving Fund):
(City Proj.) Series A:
Rfdg. 5.875% 6/15/14 Aa 7,000,000 6,597,500
7% 6/15/12 Aa 1,000,000 1,047,500
(Pooled Loan):
Series 1990 B, 7.50% 3/15/11 Aaa 1,500,000 1,603,125
Series B, 5.20% 5/15/14 Aaa 3,000,000 2,580,000
New York State Envir. Facs. Corp. Resource
Recovery Rev. (Huntington Proj.)
Series A, 7.50% 10/1/12 (b) Baa 12,500,000 12,546,875
New York State Hsg. Fin. Agcy. Svc. Contract
Oblig. Rev. Series A, 5.5% 9/15/22 Baa1 2,000,000 1,647,500
New York State Local Gov't. Assistance
Corp. Rfdg.:
Series B, 5.50% 4/1/21 A 8,600,000 7,460,500
Series C, 5.50% 4/1/17 A 5,275,000 4,661,781
Series E:
6% 4/1/14 A 10,110,000 9,655,050
5.25% 4/1/16 A 7,400,000 6,373,250
New York State Mtg. Agcy. Rev.
(Homeowner Mtg.): (b)
Series HH-3, 7.95% 4/1/22 Aa 2,500,000 2,628,125
Series SS, 7.95% 10/1/22 Aa 2,600,000 2,746,250
New York State Pwr. Auth. Rev. & Gen. Prtn.
Series CC, 5.125% 1/1/11 Aa 10,000,000 8,687,500
New York State Tollway Auth. Svc. Contract Rev.
(Local Hwy. & Bridge) 7.25% 1/1/10 Baa1 2,500,000 2,603,125
New York State Urban Dev. Corp. Rev.:
Rfdg. (Correctional Facs.) Series A,
5.50% 1/1/09 Baa1 4,000,000 3,520,000
(Syracuse Univ. Ctr. Science & Technology)
7.875% 1/1/17 Baa1 2,000,000 2,090,000
Oneida-Herkimer Solid Waste Mgt. Auth.
(Solid Waste System Rev.)
6.75% 4/1/14 Baa 5,000,000 4,787,500
Suffolk County Ind. Dev. Agcy. Civic Facs. Rev.
(Dowling College) 8.25% 12/1/20 BBB 990,000 1,090,237
Suffolk County Wtr. Auth. 6% 6/1/17,
(MBIA Insured) Aaa 3,160,000 3,013,850
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Triborough Bridge & Tunnel Auth. Rev.:
Rfdg. (Spl. Oblig.):
Series B, 7.10% 1/1/10 A1 $ 3,000,000 $ 3,146,250
Series 1991 A, 6.625% 1/1/17,
(MBIA Insured) Aaa 1,000,000 1,015,000
(Gen. Purp.):
Series A:
Rfdg. 5% 1/1/15 Aa 4,000,000 3,355,000
4.75% 1/1/19 Aa 6,000,000 4,702,500
Series Q, Rfdg. 5% 1/1/17 Aa 3,000,000 2,478,750
Series Y, Rfdg. 5.50% 1/1/17 Aa 8,050,000 7,204,750
(Convention Ctr. Proj.) Series E:
7.25% 1/1/10 (e) Baa1 5,670,000 5,996,025
6% 1/1/11 Baa1 1,500,000 1,400,625
226,496,871
NEW YORK & NEW JERSEY - 4.5%
New York & New Jersey Port Auth.
Consolidated 85th Series:
5.20% 9/1/16 A1 2,000,000 1,742,500
5.20% 9/1/18 A1 1,675,000 1,440,500
5.375% 3/1/28 A1 7,100,000 6,106,000
Consolidated 91st Series 5.20% 11/15/15 A1 4,500,000 3,881,250
13,170,250
PUERTO RICO - 11.3%
Puerto Rico Commonwealth Gen. Oblig. Rfdg.
Unltd. Tax:
5.50% 7/1/13 Baa1 8,000,000 7,150,000
5% 7/1/21 Baa1 5,000,000 3,981,250
Puerto Rico Commonwealth Hwy. & Trans. Auth. Rev.
Series W:
Rfdg. 5.50% 7/1/13 Baa1 1,000,000 883,750
5.50% 7/1/15 Baa1 8,500,000 7,458,750
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Resource
Auth. Pwr. Rev. Series R, 6.25% 7/1/17 Baa1 2,550,000 2,451,187
Puerto Rico Infrastructure Fing. Auth. Spl. Tax
Series 1988 A, 7.75% 7/1/08 Baa1 1,500,000 1,605,000
Puerto Rico Ports Auth. Rev. (Spl. Facs. American
Airlines) Series A, 6.30% 6/1/23 (b) Baa3 5,000,000 4,400,000
Puerto Rico Pub. Bldgs. Auth. Rev. Rfdg.
Series L, 5.50% 7/1/21 Baa1 4,000,000 3,500,000
Puerto Rico Tel. Auth. Rev. RIB 6.417% 1/16/15
(MBIA Insured) INFL (d) Aaa 1,900,000 1,579,375
33,009,312
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
U.S. VIRGIN ISLANDS - 0.5%
Virgin Islands Pub. Fin. Auth. Rev.
Series A, 7.25% 10/1/18 - $ 1,500,000 $ 1,511,250
TOTAL MUNICIPAL BONDS
(Cost $288,424,024) 274,187,683
MUNICIPAL NOTES (A) - 6.2%
NEW YORK - 6.2%
Amherst Ind. Dev. Auth. Ind. Dev. Rev.
(Maple Dev. Proj.) Series 1986, 3.90%,
LOC Marine Midland Bank, VRDN (b) - 2,570,000 2,570,000
Erie County Ind. Dev. Auth. Ind. Dev. Rev.
(National Wire Prods.) Series 1988 E, 3.90%,
LOC Marine Midland Bank, VRDN (b) (f) A-2 300,000 300,000
New York City Hsg. Dev. Corp. Spl.
(Carnegie Park Proj.) Series 1984 A, 4%
LOC Sumitomo Trust & Banking Ltd., VRDN VMIG 2 8,000,000 8,000,000
New York City Ind. Dev. Agcy. Civic Facs. Rev.
(Nat'l. Audubon Society, Inc. Proj.) Series 1989,
3.75%, LOC Swiss Bank, VRDN A-1+ 3,500,000 3,500,000
New York City Trust Cultural Resources Rev.
(Guggenheim Foundation) Series 1990 B,
3.75%, LOC Swiss Bank, VRDN VMIG 1 1,400,000 1,400,000
New York State Energy Research & Dev. Auth.
Poll. Cont. Rev. (Niagra Mohawk Pwr. Proj.)
Series 1988 A, 4.20%,
LOC Morgan Guaranty Trust Co.,
VRDN (b) A-1+ 2,500,000 2,500,000
TOTAL MUNICIPAL NOTES
(Cost $18,270,000) 18,270,000
TOTAL INVESTMENTS - 100%
(Cost $306,694,024) $ 292,457,683
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SOLD
40 Muni Bond Future Contracts March 1995 $ 3,491,250 $ (83,175)
80 U.S. Treasury Bond Contracts March 1995 8,117,500 (51,038)
$ (134,213)
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 4.0%

SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(d) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
(e) A portion of the Security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $10,054,162.
(f) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Erie County Ind. Dev. Auth.
Ind. Dev. Rev. (National Wire
Prods.) Series 1988 E,
3.90%, LOC Marine Midland
Bank, VRDN 11/30/94 $ 300,000
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 38.8% AAA, AA, A 46.9%
Baa 43.9% BBB 26.3%
Ba 5.1% BB 9.7%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 4.8%. FMR has
determined that unrated debt securities that are lower quality account for
4.8% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
Transportation 21.3%
Industrial Development 15.9
Lease Revenue 11.8
Special Tax 11.6
General Obligation 10.6
Others
(individually less than 10%) 28.8
TOTAL 100.0%
INCOME TAX INFORMATION
At January 31, 1995, the aggregate cost of investment securities for income
tax purposes was $307,210,743. Net unrealized depreciation aggregated
$14,753,060, of which $4,339,339 related to appreciated investment
securities and $19,092,399 related to depreciated investment securities.
The fund intends to elect to defer to its fiscal year ending January 31,
1996, $8,889,987 of losses recognized during the period November 1, 1994 to
January 31, 1995.
At January 31, 1995 the fund was required to defer $75,461 of losses on
futures contracts and options.
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

1.ASSETS

Investment in securities, at value (cost $306,694,024) - $ 292,457,683
See accompanying schedule

Cash 95,875

Receivable for investments sold 1,179,156

Interest receivable 3,724,274

Redemption fees receivable 5

2.TOTAL ASSETS 297,456,993

3.LIABILITIES

Payable for investments purchased $ 1,857,574

Dividends payable 295,903

Accrued management fee 134,372

Payable for daily variation on futures contracts 64,113

4.TOTAL LIABILITIES 2,351,962

5.NET ASSETS $ 295,105,031

Net Assets consist of:

Paid in capital $ 318,823,539

Accumulated undistributed net realized gain (loss) on (9,347,954)
investments

Net unrealized appreciation (depreciation) (14,370,554)
on investments

6.NET ASSETS, for 30,184,801 shares outstanding $ 295,105,031

7.NET ASSET VALUE, offering price and redemption price $9.78
per share ($295,105,031 (divided by) 30,184,801 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

8.9.INTEREST INCOME $ 22,987,293

10.EXPENSES

Management fee $ 1,934,314

Non-interested trustees' compensation 2,123

11.TOTAL EXPENSES 1,936,437

12.NET INTEREST INCOME 21,050,856

13.REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities (5,705,710)

Futures contracts 1,027,436 (4,678,274)

Change in net unrealized appreciation (depreciation) on:

Investment securities (46,235,208)

Futures contracts (140,776) (46,375,984)

14.NET GAIN (LOSS) (51,054,258)

15.NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (30,003,402)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED JANUARY 31,

1995 1994

16.INCREASE (DECREASE) IN NET ASSETS

Operations $ 21,050,856 $ 23,480,063
Net interest income

Net realized gain (loss) (4,678,274) 16,463,348

Change in net unrealized appreciation (depreciation) (46,375,984) 11,230,982

17.NET INCREASE (DECREASE) IN NET ASSETS RESULTING (30,003,402) 51,174,393
FROM
OPERATIONS

Distributions to shareholders: (21,050,856) (23,480,063)
From net interest income

From net realized gain (5,445,236) (10,666,976)

In excess of net realized gain (4,245,511) (22,625)

18.TOTAL DISTRIBUTIONS (30,741,603) (34,169,664)

Share transactions 60,874,946 144,000,852
Net proceeds from sales of shares

Reinvestment of distributions 26,203,604 29,862,234

Cost of shares redeemed (177,324,646) (111,749,950)

Redemption fees 66,557 71,606

Net increase (decrease) in net assets resulting from (90,179,539) 62,184,742
share transactions

19.TOTAL INCREASE (DECREASE) IN NET ASSETS (150,924,544) 79,189,471

20.NET ASSETS

Beginning of period 446,029,575 366,840,104

End of period $ 295,105,031 $ 446,029,575

21.OTHER INFORMATION
Shares

Sold 5,994,383 12,748,068

Issued in reinvestment of distributions 2,597,398 2,634,889

Redeemed (17,610,723) (9,860,924)

Net increase (decrease) (9,018,942) 5,522,033

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED JANUARY 31, NINE MONTHS YEARS ENDED APRIL 30,
ENDED
JANUARY 31,

1995 1994 1993 1992 1991

SELECTED PER-SHARE DATA

Net asset value, $ 11.380 $ 10.890 $ 10.480 $ 10.090 $ 9.690
beginning of period

Income from Investment .607 .622 .491 .675 .717
Operations
Net interest income

Net realized and (1.322) .768 .518 .408 .394
unrealized gain (loss)

Total from investment (.715) 1.390 1.009 1.083 1.111
operations

Less Distributions (.607) (.622) (.491) (.675) (.717)
From net interest
income

From net realized gain (.160) (.280) (.110) (.020) -
on investments

In excess of net (.120) - - - -
realized gain

Total distributions (.887) (.902) (.601) (.695) (.717)

Redemption fees added to .002 .002 .002 .002 .006
paid in capital

Net asset value, $ 9.780 $ 11.380 $ 10.890 $ 10.480 $ 10.090
end of period

TOTAL RETURNB -6.16 13.12 9.83% 11.03 11.88
% % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 295,105 $ 446,030 $ 366,840 $ 291,913 $ 163,472
end of period
(000 omitted)

Ratio of expenses to .55 .55 .48% .38 .19
average net assets % % A % %

Ratio of expenses to .55 .55 .55% .55 .55
average net assets % % A % %
before expense
reductions

Ratio of net interest 5.98 5.49 6.03% 6.51 7.21
income to average net % % A % %
assets

Portfolio turnover rate 38 50 35% 21 40
% % A % %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income to measure performance. If Fidelity
had not reimbursed certain fund expenses during the periods shown, the
total returns, dividends, and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Intermediate Municipal -3.23% -2.04%

Lehman Brothers Municipal Bond Index -3.56% n/a

Average New York Intermediate
Municipal Bond Fund -2.42% n/a

Consumer Price Index 2.80% 3.09%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year or since the fund started on December 29, 1993.
For example, if you had invested $1,000 in a fund that had a 5% return over
the past year, you would end up with $1,050. You can compare the fund's
results to the performance of the Lehman Brothers Municipal Bond Index - a
broad gauge of the municipal bond market. To measure how the fund stacks up
against its peers, you can also look at the average New York intermediate
municipal bond fund, which currently reflects the performance of 18 New
York intermediate municipal bond funds tracked by Lipper Analytical
Services. Both benchmarks include reinvested dividends and capital gains,
if any. Comparing the fund's performance to the consumer price index (CPI)
helps show how your fund did compared to inflation. (The period covered by
the CPI numbers are the closest available match to that covered by the
fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Intermediate Municipal -3.23% -1.87%

Lehman Brothers Municipal Bond Index -3.56% n/a

Average New York Intermediate
Municipal Bond Fund -2.42% n/a

Consumer Price Index 2.80% 2.83%

1995 1994

Dividend returns 4.82% 0.33%

Capital appreciation
returns -8.05% 0.88%

Total returns -3.23% 1.21%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested. Capital appreciation and total returns include the effect of
the $5 account closeout fee.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED JANUARY 31, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.18(cents) 24.71(cents) 47.96(cents)

Annualized dividend rate 5.36% 5.30% 5.09%

30-day annualized yield 5.52% - -

30-day annualized tax-equivalent yield 9.84% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $9.18 over
the past month, $9.25 over the past six months, and $9.42 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.92% combined effective 1995 federal, state and New York City
income tax bracket. If the advisor had not reimbursed certain portfolio
expenses during the period shown, the yield and tax-equivalent yield would
have been 5.07% and 9.04%, respectively.
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Although there was a municipal
bond market rally beginning in
mid-November, sharply rising
interest rates caused a significant
downturn in all U.S. bond markets
in the 12 months ended January
31, 1995. Yields rose sharply -
and prices fell - on both taxable
and tax-free bonds. For the 12
months ended January 31, 1995,
the Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of -3.56%. By
comparison, the Lehman
Brothers Aggregate Bond Index
- - a proxy of investment-grade
taxable bonds - returned
- -2.31%. The Federal Reserve
Board raised the federal funds
rate - the rate banks charge
each other for overnight loans -
from 3.00% to 5.50% from
February through November. The
Fed was hoping to head off future
inflation that might be triggered by
an improving U.S. economy. The
supply of new municipal issues
dropped through most of the year,
as municipalities avoided issuing
bonds at ever higher rates.
However, the pace of interest rate
increases - which led to drops in
the value of bonds -
overshadowed the benefits of
lower supply. Investor demand
dropped due to inflation fears,
further dampening prices. The
late-year rally was sparked by
increased demand and continued
short supply of muni issues.
An interview with David Murphy, Portfolio Manager of Spartan New York
Intermediate Municipal Portfolio
Q. DAVID, HOW DID THE FUND PERFORM?
A. Much of the past 12 months were a particularly tough time for municipal
bond funds, and this fund was no exception. For the year ended January 31,
1995, the fund's total return was -3.23%. That lagged the average New York
intermediate municipal bond fund, which returned -2.42% for the same
period, according to Lipper Analytical Services.
Q. WHAT FACTORS CONTRIBUTED TO THE DECLINE IN BOND PRICES?
A. There's definitely a lot to the story. Until February 1994, short-term
interest rates had remained low for several years. That enticed many
investors to use leverage, or borrowed money, to make what essentially
amounted to a bet that short-term interest rates would continue to stay low
and long-term interest rates would fall. However, when the Federal Reserve
Board started raising short-term interest rates in February, those
investors found themselves on the wrong side of the bet and were forced to
liquidate their bond holdings to pay back borrowed money. The selling, or
unwinding, of those positions put additional downward pressure on bond
prices. Other factors - like the dollar's weakness - also contributed to
the market's decline.
Q. WHY DID THE FUND LAG MANY OF ITS COMPETITORS?
A. Mostly because of its longer-than-average duration. Duration measures
how sensitive the fund's share price is to changes in interest rates.
Because the fund had a relatively long duration, its share price fell more
than other similar funds with shorter durations. Entering 1994, my outlook
was that interest rates would rise slightly, and that bond prices would
fall somewhat for a short period of time. But because there weren't any
signs that inflation was spiraling out of control, I didn't believe the Fed
would be inclined to raise interest rates more than a half percentage point
or so. As a result, I felt that bond prices could stabilize and then rise
later in 1994. In that type of environment, having a long duration could
have helped the fund's performance. I continued to maintain that outlook
through the spring. In the fall of 1994, I started to shorten the fund's
duration, bringing it more in line with many of its competitors.
Q. HOW HAVE YOU ALLOCATED THE FUND'S INVESTMENTS AMONG VARIOUS SECTORS?
A. Resource recovery bonds, which help finance trash burning plants, were
the fund's largest sector concentration at the end of the period, totaling
18.6% of investments. I bought many of these bonds at a time when they were
cheap because investors were afraid that increased competition from other
waste disposal operations would hurt the prospects for resource recovery
plants. Investors were worried because the U.S. Supreme Court ruled that
municipalities couldn't force garbage haulers to use trash burning plants
instead of landfills for waste disposal. However, the fund's resource
recovery holdings are located in areas where it is cheaper to send garbage
to resource recovery plants, rather than to landfills. In addition,
transportation bonds made up 16.9% of the fund's investments at the end of
January. I have invested in these issues because they have consistent
revenues and fairly stable cash flow.
Q. WHAT ACCOUNTS FOR THE FUND'S STAKE IN LEASE REVENUE BONDS?
A. The largest component of the fund's stake in lease revenue bonds is made
up of New York state-appropriated bonds, which rely on annual
appropriations by the state legislature to make principal and interest
payments. These bonds did relatively well during 1994. So did New York City
bonds, which make up a large part of the fund's stake in local general
obligation (GO) bonds. However, I'm concerned about the slowdown in New
York City's economy and cutbacks in aid to the city from the state. As a
result, I have recently reduced the fund's stake in New York City bonds.
Q. DOES 1995 LOOK MORE POSITIVE FOR THE MUNICIPAL BOND MARKET?
A. I think the Federal Reserve will probably hike interest rates one or two
more times, which probably will have more of an impact on short-term bond
prices than long-term bond prices. It appears that the municipal market is
starting to anticipate that we're nearing the end of the Fed's actions to
raise interest rates. What's more, fixed income investments - with their
relatively high current yields - are beginning to look fairly attractive
compared to other investments. I believe that these yields could help
attract investors, which ultimately could benefit the municipal market.

FUND FACTS
GOAL: to provide high current
income exempt from federal,
state and New York City
income taxes by investing
mainly in investment-grade
New York municipal securities
with maturities between three
and 10 years
START DATE: December 29,
1993
SIZE: as of January 31, 1995,
more than $35 million
MANAGER: David Murphy,
since December 1993;
manager, Spartan
Short-Intermediate Municipal
Fund, since December 1989;
Spartan Intermediate
Municipal Portfolio, since
April 1993; Spartan New
Jersey Municipal High Yield
Portfolio, since April 1991;
Fidelity Limited Term
Municipals, since December
1989; Fidelity New York
Tax-Free Insured Portfolio,
October 1992 to March 1994;
joined Fidelity in 1989
(checkmark)

DAVID MURPHY'S STRATEGY:
"During the fall of 1994, I used
a strategy known as
barbelling. If you picture a
barbell, the ends are heavy
and the middle is light. On one
end of the barbell, I bought
bonds with maturities of 15
years or longer and balanced
them on the other end with
securities that matured in less
than one year. Many
municipal bond investors
seemed to expect the Federal
Reserve Board to raise
short-term interest rates
higher, which it did. As a
result, bonds with maturities
between two and 10 years
didn't do as well as either
shorter-term or longer-term
bonds. But now that there is
some evidence that the
economy is slowing and we
may be near the end of the
Fed's actions to raise interest
rates, I've started to unwind
that barbell and use a strategy
known as bulleting. That
means I'm concentrating
more of the fund's
investments in bonds with
maturities between eight and
10 years. Currently, the yield
curve, or the difference in
yields between bonds with
various maturities, is relatively
flat and there isn't much
difference in yield between an
intermediate bond and a
long-term bond. As a result,
the incremental yield of
longer-term bonds does not
provide much of an incentive
to take on the added interest
rate risk that accompanies
their longer maturities."
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JANUARY 31, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

Resource Recovery 18.6 16.8

Transportation 16.9 16.7

General Obligation 13.7 13.8

Lease Revenue 13.7 20.3

Special Tax 9.6 2.3

AVERAGE YEARS TO MATURITY AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 9.0 9.7

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 5.8 6.7

DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH A
FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER FACTORS
CAN ALSO INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THE ABOVE EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF JANUARY 31, 1995 AS OF JULY 31, 1994
Aaa 31.4%
Aa, A 20.3%
Baa 25.6%
Ba, B 0.0%
Non-rated 0.0%
Short-term
investments 22.7%
Aaa 33.6%
Aa, A 18.1%
Baa 35.3%
Ba, B 0.0%
Non-rated 0.0%
Short-term
investments 13.0%
Row: 1, Col: 1, Value: 31.4
Row: 1, Col: 2, Value: 20.3
Row: 1, Col: 3, Value: 25.6
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 22.7
Row: 1, Col: 1, Value: 33.6
Row: 1, Col: 2, Value: 18.1
Row: 1, Col: 3, Value: 35.3
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 13.0
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 77.3%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 72.2%
Albany County Gen. Oblig. Rfdg. 5% 10/1/12,
(FGIC Insured) Aaa $ 300,000 $ 257,625
Babylon Waste Facs. 9% 8/1/09,
(FGIC Insured) Aaa 350,000 443,188
Buffalo Swr. Auth. Rev. (Swr. Sys.) Series G,
5.25% 7/1/08, (FGIC Insured) Aaa 450,000 407,250
Hempstead Town Ind. Dev. Agcy. Resource
Recovery Rev. (American Ref-Fuel Co.)
7.375% 12/1/05 Baa1 2,730,000 2,832,375
Metropolitan Trans. Auth. Svc. Contract
(Trans. Facs.) Series O, 5.25% 7/1/01 Baa1 100,000 95,875
Monroe County Pub. Impt. Unltd. Tax 5%
6/1/07, (AMBAC Insured) Aaa 1,500,000 1,355,625
Nassau County Combined Swr. Dist. Rfdg.
Series E, 5.30% 7/1/07 (MBIA Insured) Aaa 350,000 322,438
New York City Gen. Oblig. Series H
Sub-Series H-1, 5.80% 8/1/04 Baa1 750,000 690,000
New York City Gen. Oblig. Short Rites
Series C, 6.90712%, 8/1/03 INFL (e) Baa1 350,000 348,688
New York City Ind. Dev. Agcy. Civic Facs. Rev.
(USTA Nat'l. Tennis Ctr. Proj.) 6.40%
11/15/08, (FSA Insured) Aaa 1,000,000 1,026,250
New York City Ind. Dev. Agcy. Spl. Facs. Rev.
(Terminal One Group Assoc. Proj.)
5.70% 1/1/04 (b) A 1,500,000 1,430,625
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev. Series F, 5.80% 6/15/09 A 200,000 189,500
New York Ctfs. of Prtn. 6.70% 9/1/97 Baa1 1,110,000 1,146,075
New York State Dorm. Auth. Rev.:
Rfdg. (New York Univ.) Series A, 5% 7/1/08,
(MBIA Insured) Aaa 700,000 622,125
(City Univ.) Series F, 5.25% 7/1/06,
(FGIC Insured) Aaa 200,000 190,000
(Court Facs. Lease) Series A, 5.10%
5/15/04 Baa1 1,000,000 926,250
New York State Envir. Facs. Corp. Poll. Cont. Rev.
Rfdg. (State Wtr. Revolving Fund New York City
Muni. Wtr.) Series A, 5.875% 6/15/14 Aa 500,000 471,250
New York State Local Gov't. Assistance Corp.:
Series A, 7% 4/1/04 A 2,500,000 2,665,625
Series D, 5.10% 4/1/07 A 750,000 660,000
New York State Pwr. Auth. Rev. & Gen. Purpose
Rfdg.:
Series CC, 5% 1/1/09 Aa 1,000,000 881,250
Series W, 6.50% 1/1/08 Aa 250,000 260,000
New York State Tollway Auth. Gen. Rev.
Series B, 5% 1/1/14, (MBIA Insured) Aaa 1,215,000 1,026,675
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Urban Dev. Corp. Rev. Rfdg.
Correctional Facs.:
5.25% 1/1/03 Baa1 $ 165,000 $ 154,275
Series A, 5.30% 1/1/05 Baa1 1,000,000 906,250
Niagara Falls Bridge Comm. Toll Rev.:
Rfdg. Series B, 5.125% 10/1/07,
(FGIC Insured) Aaa 1,000,000 910,000
5.125% 10/1/08, (FGIC Insured) Aaa 1,820,000 1,633,450
North Hempstead Solid Waste Mgmt.
4.90% 2/1/06 (MBIA Insured) Aaa 125,000 115,156
Suffolk County Ind. Dev. Agcy. Southwest Swr.
Sys. Rev. 6% 2/1/07, (FGIC Insured) Aaa 840,000 847,350
Suffolk County Wtr. Auth. 5.75% 6/1/10,
(AMBAC Insured) Aaa 170,000 160,225
Suffolk County Wtr. Auth. Wtrwks. Rev. Rfdg.
Series C, 5.75% 6/1/10 (AMBAC Insured)
(Pre-Refunded to 6/1/02 @ 102) (d) Aaa 30,000 30,750
Triborough Bridge & Tunnel Auth. Rev. Gen.
Purpose Series A, 6% 1/1/11 Aa 500,000 497,500
Triborough Bridge & Tunnel Auth. Rev.
Series R, 6% 1/1/20, (MBIA Insured)
(Pre-Refunded to 1/1/00 @ 100) (d) Aaa 90,000 92,137
Westchester County Ind. Dev. Agcy. Resource
Recovery Rev. Rfdg. (Resco Co. Proj.)
Series A, 5.20% 7/1/03,
(AMBAC Insured) Aaa 1,500,000 1,453,125
25,048,907
PUERTO RICO - 5.1%
Puerto Rico Commonwealth Gen. Oblig.
5.70% 7/1/08 Baa1 825,000 760,031
Puerto Rico Commonwealth Impt. Gen.
Oblig. Rfdg. 5.375% 7/1/06 Baa1 1,125,000 1,019,531
1,779,562
TOTAL MUNICIPAL BONDS
(Cost $27,987,327) 26,828,469
MUNICIPAL NOTES (A) - 22.7%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 17.8%
Chautauqua County Ind. Dev. Auth. Rev.
(Bush Industries, Inc. Proj.) Series 1984,
4.375% LOC Marine Midland Bank,
VRDN - $ 1,500,000 $ 1,500,000
Erie County Ind. Dev. Auth. Ind. Dev. Rev.
(Nat'l. Wire Prod.) Series 1988 E, 3.90%,
LOC Marine Midland Bank, VRDN (b) (f) A-2 375,000 375,000
New York City Hsg. Dev. Corp. Spl.
(Carnegie Park Proj.) Series 1984 A, 4%,
LOC Sumitomo Trust & Banking Ltd.,
VRDN VMIG 2 1,500,000 1,500,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev. Series 1994 C, 4.05%,
(FGIC Insured), VRDN - 1,200,000 1,200,000
New York State Envir. Facs. Corp. Research
Recovery Rev. (Huntington, Inc. Proj.)
Series 1989, 4.15%, LOC Union Bank of
Switzerland, VRDN (b) A-1+ 1,600,000 1,600,000
6,175,000
NEW YORK & NEW JERSEY - 4.9%
New York & New Jersey Port Auth. Series SS,
4.90% 9/1/97 (b) MIG 1 1,700,000 1,681,657
TOTAL MUNICIPAL NOTES
(Cost $7,875,000) 7,856,657
TOTAL INVESTMENTS - 100%
(Cost $35,862,327) $ 34,685,126

SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(d) Security collateralized by an amount sufficient to pay interest and
principal.
(e) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
(f) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Erie County Ind. Dev. Auth.
Ind. Dev. Rev. (National Wire
Prods.) Series 1988 E, 3.90%,
LOC Marine Midland
Bank, VRDN 12/14/94 $ 375,000
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 51.7% AAA, AA, A 68.0%
Baa 25.6% BBB 9.3%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 0.0%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
Resource Recovery 18.6%
Transportation 16.9
General Obligation 13.7
Lease Revenue 13.7
Others
(individually less than 10%) 37.1
TOTAL 100.0%
INCOME TAX INFORMATION
At January 31, 1995, the aggregate cost of investment securities for income
tax purposes was $35,862,327. Net unrealized depreciation aggregated
$1,177,201, of which $72,339 related to appreciated investment securities
and $1,249,540 related to depreciated investment securities.
The fund intends to elect to defer to its fiscal year ending January 31,
1996, $311,521 of losses recognized during the period November 1, 1994 to
January 31, 1995.
At January 31, 1995, the fund had a capital loss carryforward of
approximately $351,373 which will expire on January 31, 2003.
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

22.ASSETS

Investment in securities, at value (cost $35,862,327) - $ 34,685,126
See accompanying schedule

Cash 96,462

Interest receivable 421,945

Receivable from investment adviser for expense 12,794
reductions

23.TOTAL ASSETS 35,216,327

24.LIABILITIES

Dividends payable $ 25,558

Accrued management fee 15,637

Other payables and accrued expenses 3,907

25.TOTAL LIABILITIES 45,102

26.NET ASSETS $ 35,171,225

Net Assets consist of:

Paid in capital $ 37,011,320

Accumulated undistributed net realized gain (loss) on (662,894)
investments

Net unrealized appreciation (depreciation) (1,177,201)
on investments

27.NET ASSETS, for 3,791,314 shares outstanding $ 35,171,225

28.NET ASSET VALUE, offering price and redemption price $9.28
per share ($35,171,225 (divided by) 3,791,314 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

29.30.INTEREST INCOME $ 1,489,545

31.EXPENSES

Management fee $ 156,686

Non-interested trustees' compensation 139

Total expenses before reductions 156,825

Expense reductions (145,536) 11,289

32.NET INTEREST INCOME 1,478,256

33.REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities (521,923)

Futures contracts (140,971) (662,894)

Change in net unrealized appreciation (depreciation) on (1,240,992)
investment securities

34.NET GAIN (LOSS) (1,903,886)

35.NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (425,630)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR DECEMBER 29, 199
ENDED 3
JANUARY 31, (COMMENCEMENT
OF OPERATIONS) TO
JANUARY 31,

1995 1994

36.INCREASE (DECREASE) IN NET ASSETS

Operations $ 1,478,256 $ 15,336
Net interest income

Net realized gain (loss) (662,894) -

Change in net unrealized appreciation (depreciation) (1,240,992) 63,791

37.NET INCREASE (DECREASE) IN NET ASSETS RESULTING (425,630) 79,127
FROM
OPERATIONS

Dividends to shareholders from net interest income (1,478,256) (15,336)

Share transactions 52,266,191 9,245,191
Net proceeds from sales of shares

Reinvestment of dividends from net interest income 1,270,950 14,379

Cost of shares redeemed (25,735,391) (50,000)

Net increase (decrease) in net assets resulting from 27,801,750 9,209,570
share transactions

38.TOTAL INCREASE (DECREASE) IN NET ASSETS 25,897,864 9,273,361

39.NET ASSETS

Beginning of period 9,273,361 -

End of period $ 35,171,225 $ 9,273,361

40.OTHER INFORMATION
Shares

Sold 5,494,111 922,260

Issued in reinvestment of distributions 135,984 1,425

Redeemed (2,757,505) (4,961)

Net increase (decrease) 2,872,590 918,724

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEAR DECEMBER 29, 1993
ENDED (COMMENCEMENT
JANUARY 31, OF OPERATIONS) TO
JANUARY 31,

1995 1994

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.090 $ 10.000

Income from Investment Operations .480 .033
Net interest income

Net realized and unrealized gain (loss) (.810) .090

Total from investment operations (.330) .123

Less Distributions (.480) (.033)
From net interest income

Net asset value, end of period $ 9.280 $ 10.090

TOTAL RETURN B -3.21% 1.23%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 35,171 $ 9,273

Ratio of expenses to average net assets C .04% -

Ratio of expenses to average net assets before expense .55% .55%A
reductions C

Ratio of net interest income to average net assets 5.18% 3.85%A

Portfolio turnover rate 33% -

</TABLE>

PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of the fund's $5 account closeout fee. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had not
reimbursed certain fund expenses during the periods shown, the total
returns and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Municipal Money Market 2.56% 18.03%

Average New York Tax-Free
Money Market Fund 2.28% 16.03%

Consumer Price Index 2.80% 17.97%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year or since the fund started on February 3, 1990. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, you would have $1,050. To measure how the fund stacked up
against its peers, you can compare its return to the average New York
tax-free money market fund's total return. This average currently reflects
the performance of 37 New York tax-free money market funds tracked by
IBC/Donoghue. Comparing the fund's performance to the consumer price index
(CPI) helps show how your investment did compared to inflation. (The
periods covered by the CPI and IBC/Donoghue numbers are the closest
available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan New York Municipal Money Market 2.56% 3.37%

Average New York Tax-Free
Money Market Fund 2.28% 3.02%

Consumer Price Index 2.80% 3.36%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
1/31/94 4/30/94 7/31/94 10/31/94 1/31/95

Spartan New York 1.90% 2.44% 2.44% 2.88% 3.30%
Municipal Money Market

Average New York Tax-Free 1.67% 2.01% 2.08% 2.60% 2.97%
Money Market Fund

Spartan New York 3.39% 4.35% 4.35% 5.14% 5.88%
Municipal Money Market -
Tax-equivalent

Average All Taxable 2.68% 3.13% 3.80% 4.40% 5.23%
Money Market Fund

</TABLE>

Row: 1, Col: 1, Value: 1.9
Row: 1, Col: 2, Value: 1.67
Row: 2, Col: 1, Value: 2.44
Row: 2, Col: 2, Value: 2.01
Row: 3, Col: 1, Value: 2.44
Row: 3, Col: 2, Value: 2.08
Row: 4, Col: 1, Value: 2.88
Row: 4, Col: 2, Value: 2.6
Row: 5, Col: 1, Value: 3.3
Row: 5, Col: 2, Value: 2.97
4% -
3% -
2% -
1% -
0%
Spartan New York
Municipal Money
Market
Average New York
Tax-Free Money
Market Fund
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average New York tax-free money market fund. Or
you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1995 federal, state and New York City income tax rate of
43.92%. The tax-equivalent figures are useful in seeing how the fund
stacked up against the average taxable money market fund as tracked by
IBC/Donoghue.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the
tax-free yield - makes the
comparison more meaningful.
Keep in mind that the U.S.
government neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jan Bradburn, Portfolio Manager of Spartan
New York Municipal Money Market Portfolio
Q. JAN, MONEY MARKET INTEREST RATES HAVE RISEN DRAMATICALLY OVER THE PAST
YEAR. CAN YOU BRING US UP TO DATE?
A. Sure. A year ago, the federal funds rate - what banks charge each other
for overnight loans - was at 3%, where it had been for some time. Then on
February 4, 1994, the Federal Reserve made a preemptive strike against
inflation, raising the federal funds rate one-quarter percentage point to
3.25%. I use the word preemptive because at the time there was very little
concrete evidence of inflation; only what seemed - to the Fed, at least -
to be a growing threat. Two more quarter-point increases followed in March
and April, two half-point increases in May and August, and finally a
three-quarter-point increase in November. The federal funds rate ended the
period at 5.50%. I should point out that on February 1, 1995 - one day
after the period ended - the Fed raised the federal funds rate another
one-half percentage point to 6.00%.
Q. WHAT WAS YOUR STRATEGY IN THE FACE OF RISING RATES?
A. Ordinarily when rates are rising, I try to shorten the fund's average
maturity. That way as the fund's securities roll over, I can replace them
with higher-yielding securities and seek to keep pace with rising rates. In
a nutshell, that was my strategy during most of 1994. In January 1994, at
the beginning of the period. the fund's average maturity was around 60
days. I let it roll down to around 50 days by the end of February, and on
down into the 40s by mid-summer. One way I did that was by adding variable
rate demand notes. VRDNs have rates that reset at daily, weekly or monthly
intervals. Then as New York entered its annual borrowing season and the
heavy supply of new issues propped up rates, I extended the fund slightly
out past 50 days in August. Since then I've let it roll back into the
mid-40s, and kept it there during the final months of the period. By the
end of January 1995, the fund's average maturity was 41 days.
Q. HOW DID THE FUND PERFORM?
A. On January 31, 1995, the fund's seven-day yield was 3.30%, compared to
1.90% a year earlier, reflecting the dramatic rise in short-term interest
rates during the period. The fund's latest yield was the equivalent of a
5.88% taxable yield for New York investors in the 43.92% combined state and
federal tax bracket. The fund's total return for the year ended January 31,
1995 was 2.56%. That beat the average total return of 2.28% for all New
York tax-free money market funds during the same period, according to
IBC/Donoghue.
Q. WHAT CAN WE EXPECT IN THE MONTHS AHEAD?
A. Some observers believe that short-term rates are likely to move still
higher in the months ahead, despite the fact that inflation has so far
remained modest. The lesson we all learned last year is that the Fed is
determined to stifle inflation before it becomes a problem. Therefore, as
long as the economic growth rate remains above the Fed's target rate of
2.5%, we can probably expect the federal funds rate to keep rising. With
that in mind, I'll likely try to keep the fund's average maturity in the
neutral to defensive range - or around 40 to 50 days - for the foreseeable
future.

FUND FACTS
GOAL: tax-free income with
share price stability by
investing in high-quality
short-term New York municipal
securities
START DATE: February 3, 1990
SIZE: as of January 31, 1995,
more than $570 million
MANAGER: Janice Bradburn,
since February 1990;
manager, Fidelity Ohio
Municipal Money Market
Portfolio, since October 1993;
Fidelity and Spartan
Massachusetts Municipal
Money Market Portfolios, since
January, 1992; Fidelity New
York Tax-Free Money Market
Portfolio, since September
1989; joined Fidelity in 1989
(checkmark)

WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity -
weighted by dollar amount -
is short, the fund manager is
anticipating a rise in interest
rates. When the average
maturity is long, the manager
is expecting rates to fall.
When the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
MUNICIPAL NOTE: A security
issued in advance of future
tax or other revenues and
payable from those specific
sources.
TENDER BOND: A variable-rate,
long-term security that gives
the bond holder the option to
redeem the bond at face
value before maturity.
VARIABLE RATE DEMAND NOTE
(VRDN): A tender bond that
can be redeemed on short
notice, typically one or seven
days. VRDNs are useful in
managing the fund's average
maturity and liquidity.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
1/31/95 7/31/94 1/31/94

0 - 30 69 65 60

31 - 90 15 19 14

91 - 180 11 11 13

181 - 397 5 5 13

WEIGHTED AVERAGE MATURITY
1/31/95 7/31/94 1/31/94

Spartan New York
Municipal Money Market 41 days 47 days 65 days

Average New York Tax-Fre
e 42 days 55 days 58 days
Money Market Fund*

ASSET ALLOCATION
AS OF JANUARY 31, 1995 AS OF JULY 31, 1994

Row: 1, Col: 1, Value: 51.0
Row: 1, Col: 2, Value: 23.0
Row: 1, Col: 3, Value: 2.5
Row: 1, Col: 4, Value: 23.0
Row: 1, Col: 5, Value: 1.5
Row: 1, Col: 1, Value: 54.0
Row: 1, Col: 2, Value: 15.0
Row: 1, Col: 3, Value: 9.0
Row: 1, Col: 4, Value: 19.0
Row: 1, Col: 5, Value: 3.0
Variable rate
demand notes
(VRDNs) 51%
Commercial
paper 23%
Tender bonds 2%
Municipal
notes 23%
Other 1%
Variable rate
demand notes
(VRDNs) 54%
Commercial
paper 15%
Tender bonds 9%
Municipal
notes 19%
Other 3%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 95.2%
Amherst Ind. Dev. Auth. Ind. Dev. Rev. (Maple Dev. Proj.)
Series 1986, 3.90%, LOC Marine Midland Bank,
VRDN (b) $ 4,545,000 $ 4,545,000
Brookhaven Consewogue TAN 5% 6/30/95 1,000,000 1,002,794
Broome County BAN 3.75% 4/20/95 6,300,000 6,306,907
Buffalo Gen. Oblig. RAN 5% 7/12/95,
LOC Landesbank Hessen-Thuringen 12,000,000 12,041,476
Chautauqua County Ind. Dev. Agcy. Rev.
(Red Wing Co. Inc. Proj.) Series 1985, 3.875%,
LOC Bankers Trust, VRDN 100,000 100,000
Commack Union Free School Dist. Gen. Oblig. TAN:
4.25% 6/30/95 3,300,000 3,304,145
4.50% 6/30/95 1,000,000 1,002,161
4.75% 6/30/95 1,000,000 1,003,184
Connetquot Central School Dist. Gen. Oblig. TAN
4.75% 6/30/95 7,000,000 7,018,345
Deer Park Union Free School Dist. Gen. Oblig. TAN
4.25% 6/28/95 2,200,000 2,204,270
Dutchess County Ind. Dev. Auth. Rev. (Toys "R" Us)
(U.S. Nytex, Inc. Proj.) 2.725%,
LOC Bankers Trust, VRDN 500,000 500,000
East Rochester Union Free School Dist. Gen. Oblig. BAN
4.75% 6/23/95 4,000,000 4,006,993
Erie County Ind. Dev. Auth. Ind. Dev. Rev., VRDN: (b)
(Niagara Envelope Co. Proj.) 3.90%,
LOC Marine Midland Bank 2,000,000 2,000,000
(Uniland Dev./Buffalo Campus-B) 3.90%,
LOC Marine Midland Bank 1,230,000 1,230,000
Franklin County Ind. Dev. Auth. Ind. Dev. Rev.
(Kes Chateaugay) Series 1991 A, 3.55%,
LOC Bank of Tokyo, VRDN (b) 12,900,000 12,900,000
Garden City BAN 5.25% 4/3/95 2,000,000 2,001,651
Hauppauge Union Free School Dist. Gen. Oblig. TAN
4.75% 6/29/95 1,800,000 1,805,003
Herkimer County Ind. Rev. Agcy. (H.M. Quackenbush, Inc.)
Series 1988 A, 3.90%, LOC Marine Midland Bank,
VRDN (b) 1,190,000 1,190,000
Lewis County Ind. Dev. Auth. Ind. Dev. Rev.
(Phillip Morris Proj.) 3.65%, VRDN 1,300,000 1,300,000
Middle Country Central School Dist. Gen. Oblig. TAN
(Centereach of the Town of Brookhaven)
4.75% 6/30/95 3,000,000 3,008,959
Monroe County BAN 5% 6/9/95 1,435,000 1,437,195
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Monroe County Ind. Dev. Auth. Agcy. Rev.,VRDN: (b)
(515 Lee Rd. Assoc./Nylomold Corp.) Series 1988 C,
3.90%, LOC Marine Midland Bank $ 400,000 $ 400,000
(Advent Tool & Mold) Series 1990 D, 3.90%,
LOC Marine Midland Bank 985,000 985,000
(JMT Prop. Proj.) Series 1988 B, 3.90%,
LOC Marine Midland Bank 2,100,000 2,100,000
Nassau County BAN 5% 8/15/95 2,500,000 2,509,092
Nassau County BAN 5.25% 8/15/95 6,282,000 6,301,663
New York City Gen. Oblig. Bonds Series 1995 B-9,
3.80%, tender 2/23/95, LOC Chemical Bank 5,000,000 5,000,000
New York City Gen. Oblig. Rev., VRDN:
Series 1992 D, 4.20% (FGIC Insured) 3,500,000 3,500,000
Series 1995 B-8, 3.60%, LOC Mitsubishi Bank Ltd. 2,000,000 2,000,000
New York City Hsg. Dev. Corp. Multi-Family Mtg. Rev.,
Series 1994 A, VRDN:
(James Tower Project), 3.55%, LOC Citibank 2,300,000 2,300,000
(Tribeca Towers), 3.65%, (FNMA Guaranty) (b) 11,700,000 11,700,000
(York Avenue Proj.), 3.60%, LOC Chemical Bank (b) 9,000,000 9,000,000
New York City Ind. Dev. Auth. Ind. Dev. Rev., VRDN (b)
(Andin Int'l.) 3.65%, LOC ABN-AMRO NV 2,400,000 2,400,000
(Apache Realty) 3.65%, LOC ABN-AMRO NV 1,350,000 1,350,000
(Bowe Industries, Inc.) 3.65%, LOC ABN-AMRO NV 1,850,000 1,850,000
(Display Sys., Inc.) Series 1990 E, 3.65%,
LOC ABN-AMRO NV 500,000 500,000
(Japan Airlines Co. Ltd.) Series 1991,3.95%,
LOC Morgan Guaranty 1,500,000 1,500,000
(Metro Health Weight Process) 4.25%,
LOC Nat'l. Westminster Bank 5,400,000 5,400,000
(Nippon Cargo Airlines Co.) Series 1992, 4.40%,
LOC Ind. Bank of Japan 10,000,000 10,000,000
New York City Metropolitan Transit Auth. Participating VRDN
Series 3, 3.81% (Liquidity Facility Citibank New York) (c) 16,655,000
16,655,000
New York City Muni. Fin. Auth. Participating VRDN,
Series GS-92A, 3.75%, (Liquidity Facility Hong
Kong & Shanghai Banking Corp.) (c) 5,500,000 5,500,000
New York City Muni. Wtr. Fin. Auth. Rev. Series 1:
3.60% 2/9/95, LOC Canadian Imperial Bank of
Commerce, CP 9,000,000 9,000,000
4.30% 2/23/95, LOC Canadian Imperial Bank of
Commerce, CP 14,000,000 14,000,000
3.80% 3/8/95, LOC Canadian Imperial Bank of
Commerce, CP 3,500,000 3,500,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys.
Rev. Bonds Series A, 9.25% 6/15/95 4,700,000 4,876,141
New York City Participating VRDN, Series 1994 C-3,
3.76%, (Liquidity Facility Citibank) (c) 10,100,000 10,100,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City RAN Series A, 4.50% 4/12/95 $ 21,650,000 $ 21,670,743
New York City Metropolitan Transit Auth. Participating VRDN,
Series GS-93C, 3.75%, (Liquidity Facility Hong Kong &
Shanghai Banking Corp.) (c) 10,000,000 10,000,000
New York City Trust Cultural Resources Rev.
(Carnegie Hall) Series 1985, 2.75%,
LOC Dai-Ichi Kangyo Bank Ltd., VRDN 2,400,000 2,400,000
New York City Wtr. Fin. Auth. Participating VRDN,
Certificate V, 3.625%, (Liquidity Facility Bankers
Trust) (c) 5,100,000 5,100,000
New York State Dorm. Auth. Bonds
(Mem. Sloan-Kettering Cancer Ctr.):
Series 1989 A:
3.75%, tender 2/17/95, LOC Fuji Bank 5,500,000 5,500,000
3.70%, tender 3/8/95, LOC Fuji Bank 2,000,000 2,000,000
3.70%, tender 3/10/95, LOC Fuji Bank 5,000,000 5,000,000
Series 1989 B, 3.65%, tender 3/9/95,
LOC Fuji Bank 3,400,000 3,400,000
Series 1989 C, 3.70%, tender 3/10/95,
LOC Fuji Bank 2,700,000 2,700,000
Series 1989 D, 3.70%, tender 3/8/95,
LOC Fuji Bank 1,365,000 1,365,000
New York State Dorm. Auth. Participating VRDN: (c)
Series DD-2, 3.75%, (Liquidity Facility Kredietbank) 7,000,000
7,000,000
Series PA-60, 3.75%, (Liquidity Facility Merrill Lynch) 2,500,000
2,500,000
New York State Energy Research & Dev. Auth. Bonds
(Long Island Lighting Co.) Series 1993, 3.50%,
tender 11/1/94, LOC Toronto-Dominion Bank 5,500,000 5,500,000
New York State Energy Research & Dev. Auth. Ctfs. of Prtn.,
Series 943206, 3.76%, tender 2/1/95 (Liquidity Facility
Citibank) (MBIA Insured) (c) (d) 6,200,000 6,200,000
New York State Energy Research & Dev. Auth. Participating
VRDN, Series 943202, 3.76% (Liquidity Facility Citibank)
(MBIA Insured) (c) 11,600,000 11,600,000
New York State Energy Research & Dev. Auth. Poll. Cont.
Rev. Bonds (New York State Elec. & Gas Corp.):
Rfdg. Series 1994 C, 3.10%, tender 2/16/95,
LOC Morgan Guaranty Trust Co. 7,500,000 7,500,000
3.75%, tender 2/10/95, LOC Union Bank of
Switzerland 3,000,000 3,000,000
New York State Energy Research & Dev. Auth.
(Long Island Lighting Co.), VRDN: (b)
Series 1993 A, 3.65%, LOC Toronto-Dominion Bank 13,300,000 13,300,000
Series 1994 A, 3.60%, LOC Union Bank of
Switzerland 18,000,000 18,000,000
New York State Environmental Facs. Corp. Solid Waste
Rev. Bonds Rfdg. (Gen. Elec. Proj.) Series 1992 A,
3.55%, tender 2/16/95 (b) 3,500,000 3,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Gen. Oblig. Rev., CP:
Series 0:
3.90% 2/22/95, (Liquidity Facility
Westdeutsche Landesbank) $ 5,800,000 $ 5,800,000
3.90% 2/23/95, (Liquidity Facility
Westdeutsche Landesbank) 3,000,000 3,000,000
3.90% 2/24/95, (Liquidity Facility
Westdeutsche Landesbank) 7,900,000 7,900,000
3.90% 2/27/95, (Liquidity Facility
Westdeutsche Landesbank) 1,500,000 1,500,000
3.80% 3/16/95, (Liquidity Facility
Westdeutsche Landesbank) 7,800,000 7,800,000
Series P, 3.90% 2/17/95, (Liquidity Facility
Westdeutsche Landesbank) 4,000,000 4,000,000
Series Q:
3.90% 2/27/95, (Liquidity Facility
Westdeutsche Landesbank) 8,400,000 8,400,000
3.65% 2/28/95, (Liquidity Facility
Westdeutsche Landesbank) 2,000,000 2,000,000
3.80% 2/28/95, (Liquidity Facility
Westdeutsche Landesbank) 3,500,000 3,500,000
New York State Hsg. Fin. Agcy. Rev.
(Normandie Court II Proj.) Series 1987 A, 3.60%,
LOC Bankers Trust, VRDN 14,700,000 14,700,000
New York State Local Gov't. Assistance Corp. Participating
VRDN, Series PW-4, 3.70% (Liquidity Facility Bank of
Nova Scotia) (c) 4,500,000 4,500,000
New York State Med. Care Facs. Fin. Agcy. Participating
VRDN: (c)
Series PA-72, 3.80% (Liquidity Facility Merrill Lynch) 3,000,000
3,000,000
Series PA-89, 3.75% (Liquidity Facility Merrill Lynch) 2,000,000
2,000,000
New York State Mtg. Agcy. Homeowner Mtg. Rev.
Participating VRDN, Series PA-29, 3.80%,
(Liquidity Facility Merrill Lynch) (c) 6,000,000 6,000,000
New York State Mtg. Agcy. Participating VRDN: (b) (c)
Series PA-87, 3.80% (Liquidity Facility Merrill Lynch) 3,300,000
3,300,000
Series PT-15 A, 3.85% (Liquidity Facility Dai-ichi Kangyo
Bank Ltd.) 4,500,000 4,500,000
Series PT-15 B, 3.85% (Liquidity Facility Dai-ichi Kangyo
Bank Ltd.) 4,500,000 4,500,000
Series PT-26, 3.80% (Liquidity Facility Credit Suisse) 2,700,000
2,700,000
New York State Pwr. Auth. Rev. 3.45% 3/7/95, CP 11,000,000 11,000,000
New York State Thruway Auth. Gen. Rev. BAN,
Series 1994:
4.14% 4/14/95 8,900,000 8,900,000
4.19% 4/14/95 2,500,000 2,500,000
New York State Thruway Auth. Hwy. & Bridge Spl. Tax
Bonds, Series B, 3.90% 4/1/95 3,250,000 3,250,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York & New Jersey Port Auth.
Series A, CP: (b)
3.80% 2/14/95, (Liquidity Facility Daiwa Bank) $ 4,915,000 $ 4,915,000
3.60% 3/1/95, (Liquidity Facility Daiwa Bank) 4,635,000 4,635,000
3.70% 3/9/95, (Liquidity Facility Daiwa Bank) 4,490,000 4,490,000
Oceanside Union Free School Dist. Gen. Oblig. TAN
4.50% 6/29/95 2,700,000 2,707,067
Oswego County Ind. Dev. Agcy. Poll. Cont. Rev. Rfdg.
(Phillip Morris Co. Proj.) 3.65%, VRDN 3,000,000 3,000,000
Oswego County Ind. Dev. Auth. Ind. Dev. Rev.
(Engraph Inc. Proj.) Series 89, 3.70%,
LOC Suntrust Banks Inc., VRDN (b) 5,620,000 5,620,000
Rensselaer County BAN 4.50% 5/25/95 7,000,000 7,008,501
Riverhead Central School Dist. Gen. Oblig. TAN
4.75% 6/30/95 3,500,000 3,509,026
Rockland County Ind. Dev. Agcy. Rev. (INSL-X Prod. Corp.
Proj.) Series 1990, 3.50%, LOC Bank of New York,
VRDN (b) 3,250,000 3,250,000
Suffolk County Ind. Dev. Agcy. Ind. Dev. Rev.
(Nissequogue Cogen Partner Fac.) 3.50%,
LOC Toronto-Dominion Bank, VRDN (b) 21,200,000 21,200,000
Suffolk County Ind. Dev. Agcy. (Suffolk Child Dev. Ctr. Proj.)
Series 1989, 3.60%, LOC Barclays Bank, VRDN 900,000 900,000
Suffolk County TAN 5.25% 8/15/95,
LOC Westdeutsche Landesbank 22,200,000 22,269,240
Three Village Central Union Free School Dist. TAN
4.50% 6/30/95 6,700,000 6,717,148
Triborough Bridge & Tunnel Auth. Beneficial Interest Ctfs.
3.30%, tender 2/15/95 (Liquidity Facility Citibank) (c) 5,410,000
5,410,000
Yorktown Central Union Free School Dist. TAN
3.75% 2/21/95 2,000,000 2,000,391
551,952,095
NEW YORK & NEW JERSEY - 4.8%
New York & New Jersey Port Auth. Rev., VRDN:
Series 1991, 4.407% (b) 9,800,000 9,800,000
Series 1992, 3.93692% 9,600,000 9,600,000
New York & New Jersey Port Auth. Spl. Proj. Rev.
(KIAC Partners Proj.) Series 3, 3.55%,
LOC Deutsche Bank, VRDN (b) 8,400,000 8,400,000
27,800,000
TOTAL INVESTMENTS - 100% $ 579,752,095
Total Cost for Income Tax Purposes $ 579,752,095

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(d) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
New York State Energy Research
& Dev. Auth. Ctfs. of Prtn.,
Series 943206, 3.76% tender
2/1/95 (Liquidity Facility
Citibank) 7/7/94 $ 6,200,000
INCOME TAX INFORMATION
At January 31, 1995, the fund had a capital loss carryforward of
approximately $73,200 of which $1,000, $21,000, and $51,200 will expire on
January 31, 2000, 2001, and 2002, respectively.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

41.ASSETS

Investment in securities, at value - See accompanying $ 579,752,095
schedule

Interest receivable 4,226,565

42.TOTAL ASSETS 583,978,660

43.LIABILITIES

Payable to custodian bank $ 539,397

Payable for investments purchased 11,337,959

Share transactions in process 1,134,671

Dividends payable 19,256

Accrued management fee 239,056

44.TOTAL LIABILITIES 13,270,339

45.NET ASSETS $ 570,708,321

Net Assets consist of:

Paid in capital $ 570,781,472

Accumulated net realized gain (loss) on investments (73,151)

46.NET ASSETS, for 570,764,521 shares outstanding $ 570,708,321

47.NET ASSET VALUE, offering price and redemption price $1.00
per share ($570,708,321 (divided by) 570,764,521 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

48.49.INTEREST INCOME $ 16,150,028

50.EXPENSES

Management fee $ 2,642,028

Non-interested trustees' compensation 2,930

51.TOTAL EXPENSES 2,644,958

52.NET INTEREST INCOME 13,505,070

53.REALIZED AND UNREALIZED GAIN (LOSS) 28,609
Net realized gain (loss) on investment securities

Increase (decrease) in net unrealized gain from (153)
accretion
of market discount

54.NET GAIN (LOSS) 28,456

55.NET INCREASE IN NET ASSETS RESULTING FROM $ 13,533,526
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED JANUARY 31,

1995 1994

56.INCREASE (DECREASE) IN NET ASSETS

Operations $ 13,505,070 $ 8,815,372
Net interest income

Net realized gain (loss) 28,609 (51,247)

Increase (decrease) in net unrealized gain from (153) (158)
accretion of market discount

57.NET INCREASE (DECREASE) IN NET ASSETS RESULTING 13,533,526 8,763,967
FROM
OPERATIONS

Dividends to shareholders from net interest income (13,505,070) (8,815,372)

Share transactions at net asset value of $1.00 per share 560,912,446 406,584,942
Proceeds from sales of shares

Reinvestment of dividends from net interest income 13,132,469 8,565,751

Cost of shares redeemed (465,489,438) (406,787,060)

Net increase (decrease) in net assets and shares 108,555,477 8,363,633
resulting from share transactions

58.TOTAL INCREASE (DECREASE) IN NET ASSETS 108,583,933 8,312,228

59.NET ASSETS

Beginning of period 462,124,388 453,812,160

End of period $ 570,708,321 $ 462,124,388

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED JANUARY 31, NINE MONTHS YEARS ENDED APRIL 30,
ENDED
JANUARY 31,

1995 1994 1993 1992 1991

SELECTED PER-SHARE
DATA

Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

Income from Investment .025 .020 .018 .037 .052
Operations
Net interest income

Dividends from net (.025) (.020) (.018) (.037) (.052)
interest income

Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

TOTAL RETURN B 2.56 1.99% 1.85% 3.78 5.37
% % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 570,708 $ 462,124 $ 453,812 $ 474,990 $ 466,327
end of period
(000 omitted)

Ratio of expenses to .50 .50% .50% .37 .10
average net assets % A % %

Ratio of expenses to .50 .50% .50% .50 .50
average net assets % A % %
before expense
reductions

Ratio of net interest 2.55 1.97% 2.43% 3.71 5.15
income to average % A % %
net assets

</TABLE>

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan New York Municipal High Yield Portfolio (the high yield fund), and
Spartan New York Intermediate Municipal Portfolio, (the intermediate fund),
are funds of Fidelity New York Municipal Trust. Effective March 20, 1994,
Spartan New York Municipal Money Market Portfolio (the money market fund)
converted from a separate series of Fidelity New York Municipal Trust, to a
separate series of Fidelity New York Municipal Trust II. The individual
investment objective, policies and limitations of the money market fund
remain the same. Each trust is registered under the Investment Company Act
of 1940, as amended (the 1940 Act), as an open-end management investment
company. Fidelity New York Municipal Trust and Fidelity New York Municipal
Trust II (the trusts) are organized as a Massachusetts business trust and a
Delaware business trust, respectively. Each fund is authorized to issue an
unlimited number of shares. The following summarizes the significant
accounting policies of the high yield fund, the intermediate fund, and the
money market fund (the funds):
SECURITY VALUATION.
HIGH YIELD AND INTERMEDIATE FUNDS. Securities are valued based upon a
computerized matrix system and/or appraisals by a pricing service, both of
which consider market transactions and dealer-supplied valuations.
Short-term securities maturing within sixty days of their purchase date are
valued either at amortized cost or original cost plus accrued interest,
both of which approximate current value. Securities for which quotations
are not readily available through the pricing service are valued at their
fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes all of its taxable income for the fiscal
year. The schedules of investments include information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between
the funds in the trust.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for futures
and options transactions, and losses deferred due to wash sales and excise
tax regulations.
REDEMPTION FEES. Shares held in the high yield fund less than 180 days are
subject to a redemption fee equal to .50% of the proceeds of the redeemed
shares. The fee, which is retained by the fund, is accounted for as an
addition to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. Each fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
FUTURES CONTRACTS AND OPTIONS. The high yield and intermediate funds may
use futures and options contracts to manage their exposure to the bond
market and to fluctuations in interest rates. Buying futures, writing puts,
and buying calls tend to increase the funds' exposure to the underlying
instrument. Selling futures, buying puts, and writing calls tend to
decrease the funds' exposure to the underlying instrument, or hedge other
fund investments. Futures contracts and written options involve, to varying
degrees, risk of loss in excess of the futures variation margin or the
option value reflected in the Statement of Assets and Liabilities. The
underlying face amount at value is shown in the schedule of investments
under the caption "Futures Contracts." This amount reflects each contract's
exposure to the underlying instrument at period end. Losses may arise from
changes in the value of the underlying instruments, if there is an illiquid
secondary market for the contracts, or if the counterparties do not perform
under the contracts' terms.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Exchange-traded
options are valued using the last sale price or, in the absence of a sale,
the last offering price. Options traded over-the-counter are valued using
dealer-supplied valuations.
2. OPERATING POLICIES -
CONTINUED
RESTRICTED SECURITIES. Each fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations and
expense, and prompt sale at an acceptable price may be difficult. At the
end of the period, restricted securities (excluding 144A issues) amounted
to $300,000, $375,000, and $6,200,000 or 0.1%, 1.1%, and 1.1% of net assets
for the high yield, intermediate, and money market funds, respectively.
3. PURCHASES AND SALES OF
INVESTMENTS.
HIGH YIELD FUND. Purchases and sales of securities, other than short-term
securities, aggregated $127,950,799 and $230,082,620, respectively. The
market value of futures contracts opened and closed during the period
amounted to $582,717,170 and $581,843,796, respectively.
INTERMEDIATE FUND. Purchases and sales of securities, other than short-term
securities, aggregated $32,439,127 and $7,487,574, respectively. The market
value of futures contracts opened and closed during the period amounted to
$32,257,662 and $32,066,912, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, including the cost of providing
shareholder services, except the compensation of the non-interested
Trustees and certain exceptions such as interest, taxes, brokerage
commissions and extraordinary expenses. FMR receives a fee that is computed
daily at an annual rate of .55%, .55% and .50% of average net assets for
the high yield, intermediate and money market funds, respectively.
To offset the cost of providing shareholder services, FMR or its affiliates
collect certain transaction fees from the funds' shareholders. For the
period, fees collected from the shareholders amounted to $10,165, $1,394
and $13,160 for the high yield, intermediate, and money market funds,
respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the intermediate fund's operating
expenses (excluding interest, taxes, brokerage commissions and
extraordinary expenses) above a specified percentage of average net assets.
During the period, this expense limitation ranged from 0% to .10% of
average net assets and the reimbursement reduced expenses by $145,536.

REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity New York Municipal Trust and Fidelity New York
Municipal Trust II and the Shareholders of Spartan New York Municipal High
Yield Portfolio, Spartan New York Intermediate Municipal Portfolio, and
Spartan New York Municipal Money Market Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for Moody's and Standard &
Poor's ratings) and the related statements of operations and of changes in
net assets and the financial highlights present fairly, in all material
respects, the financial position of Spartan New York Municipal High Yield
Portfolio, Spartan New York Intermediate Municipal Portfolio, and Spartan
New York Municipal Money Market Portfolio at January 31, 1995, the results
of each of their operations for the year then ended and the changes in each
of their net assets and the financial highlights for the periods indicated,
in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the each portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards, which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits, which included confirmation of securities at January 31,
1995 by correspondence with the custodian and brokers and the application
of alternative auditing procedures where confirmations from brokers were
not received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Boston, Massachusetts
March 3, 1995
TO WRITE FIDELITY

If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
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Attn: Redemptions
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GENERAL CORRESPONDENCE
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(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
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GENERAL CORRESPONDENCE
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INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Janice Bradburn, Vice President
MONEY MARKET FUND
Fred L. Henning Jr., Vice President
MONEY MARKET FUND
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
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TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

FIDELITY

(registered trademark)
NEW YORK
TAX-FREE
PORTFOLIOS

ANNUAL REPORT
JANUARY 31, 1995
CONTENTS

PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES

NEW YORK TAX-FREE
HIGH YIELD PORTFOLIO 4 PERFORMANCE

7 FUND TALK: THE MANAGER'S OVERVI
EW

10 INVESTMENT CHANGES

11 INVESTMENTS

18 FINANCIAL STATEMENTS

NEW YORK TAX-FREE
INSURED PORTFOLIO 22 PERFORMANCE

25 FUND TALK: THE MANAGER'S OVERVI
EW

28 INVESTMENT CHANGES

29 INVESTMENTS

35 FINANCIAL STATEMENTS

NEW YORK TAX-FREE
MONEY MARKET PORTFOLIO 39 PERFORMANCE

41 FUND TALK: THE MANAGER'S OVERVI
EW

43 INVESTMENT CHANGES

44 INVESTMENTS

51 FINANCIAL STATEMENTS

NOTES 55 NOTES TO THE FINANCIAL STATEMENTS

REPORT OF INDEPENDENT
ACCOUNTANTS 59 THE AUDITOR'S OPINION

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value). You can also look at the fund's income to
measure performance. If Fidelity had not reimbursed certain fund expenses
during the periods shown, the total returns and dividends would have been
lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

New York Tax-Free High Yield -5.78% 40.30% 122.63%

Lehman Brothers Municipal Bond Index -3.56% 44.07% 140.51%

Average New York Municipal Bond Fund -5.93% 41.62% 124.48%

Consumer Price Index 2.80% 17.97% 42.46%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years, or ten years. For example, if you
invested $1,000 in a fund that had a 5% return over the past year, you
would end up with $1,050. You can compare these figures to the performance
of the Lehman Brothers Municipal Bond index - a broad gauge of the
municipal bond market. To measure how the fund stacked up against its
peers, you can look at the average New York municipal bond fund, which
currently reflects the performance of 69 New York municipal bond funds
tracked by Lipper Analytical Services. Both benchmarks include reinvested
dividends and capital gains, if any. Comparing the fund's performance to
the consumer price index (CPI) helps show how your fund did compared to
inflation. (The periods covered by the CPI numbers are the closest
available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

New York Tax-Free High Yield -5.78% 7.02% 8.33%

Lehman Brothers Municipal Bond Index -3.56% 7.58% 9.17%

Average New York Municipal Bond Fund -5.93% 7.20% 8.38%

Consumer Price Index 2.80% 3.36% 3.60%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
$10,000 OVER 10 YEARS
NY Free High Yield (Municipal Bond Index
07/31/84 10000.00 10000.00
08/31/84 10184.56 10224.30
09/30/84 10132.83 10155.59
10/31/84 10200.08 10283.05
11/30/84 10308.12 10434.41
12/31/84 10488.83 10629.95
01/31/85 11080.52 11243.62
02/28/85 10883.51 10963.09
03/31/85 10952.01 11057.70
04/30/85 11241.88 11462.41
05/31/85 11648.80 11860.39
06/30/85 11856.02 11984.81
07/31/85 11925.61 12008.30
08/31/85 11933.18 11924.48
09/30/85 11714.75 11804.88
10/31/85 12057.85 12209.43
11/30/85 12402.49 12647.38
12/31/85 12673.45 12758.55
01/31/86 13180.05 13510.03
02/28/86 13662.53 14045.84
03/31/86 13661.37 14050.33
04/30/86 13624.64 14061.01
05/31/86 13443.67 13832.10
06/30/86 13561.54 13964.06
07/31/86 13606.63 14048.82
08/31/86 14228.62 14677.78
09/30/86 14215.44 14714.62
10/31/86 14553.78 14968.75
11/30/86 14797.75 15265.28
12/31/86 14805.32 15223.14
01/31/87 15163.55 15681.51
02/28/87 15293.35 15758.67
03/31/87 15179.05 15591.62
04/30/87 14176.46 14809.24
05/31/87 14049.63 14735.78
06/30/87 14278.97 15168.43
07/31/87 14462.19 15323.14
08/31/87 14508.75 15357.62
09/30/87 13691.62 14791.38
10/31/87 13868.58 14843.75
11/30/87 14144.39 15231.32
12/31/87 14449.04 15452.32
01/31/88 15098.12 16002.73
02/29/88 15261.70 16171.88
03/31/88 14862.02 15983.48
04/30/88 14921.97 16104.96
05/31/88 14995.92 16058.41
06/30/88 15257.35 16293.35
07/31/88 15358.06 16399.58
08/31/88 15405.67 16414.01
09/30/88 15727.74 16711.10
10/31/88 16095.59 17006.06
11/30/88 15924.78 16850.28
12/31/88 16171.18 17022.66
01/31/89 16363.93 17374.69
02/28/89 16234.16 17176.44
03/31/89 16203.38 17135.39
04/30/89 16683.90 17542.18
05/31/89 16980.17 17906.54
06/30/89 17220.05 18149.71
07/31/89 17374.68 18396.72
08/31/89 17282.65 18216.62
09/30/89 17209.08 18161.97
10/31/89 17304.96 18383.55
11/30/89 17553.67 18705.26
12/31/89 17672.17 18858.64
01/31/90 17574.33 18770.01
02/28/90 17690.34 18937.06
03/31/90 17644.68 18942.74
04/30/90 17454.89 18806.35
05/31/90 17847.75 19216.33
06/30/90 18086.83 19385.43
07/31/90 18389.42 19670.40
08/31/90 18086.35 19385.18
09/30/90 18083.23 19396.81
10/31/90 18189.78 19747.89
11/30/90 18514.74 20144.83
12/31/90 18572.04 20233.46
01/31/91 18824.01 20504.59
02/28/91 18943.22 20682.98
03/31/91 19033.12 20691.25
04/30/91 19303.56 20966.45
05/31/91 19442.24 21153.05
06/30/91 19499.28 21131.90
07/31/91 19805.25 21389.71
08/31/91 20047.50 21672.05
09/30/91 20391.91 21953.79
10/31/91 20601.26 22151.37
11/30/91 20691.54 22213.39
12/31/91 21057.46 22690.98
01/31/92 20875.27 22743.17
02/29/92 20964.54 22749.99
03/31/92 20994.74 22759.09
04/30/92 21195.26 22961.65
05/31/92 21521.09 23232.60
06/30/92 21948.09 23622.91
07/31/92 22629.78 24331.59
08/31/92 22337.90 24093.14
09/30/92 22470.61 24249.75
10/31/92 22120.73 24012.10
11/30/92 22631.36 24441.92
12/31/92 22948.01 24691.22
01/31/93 23230.07 24977.64
02/28/93 24138.28 25881.83
03/31/93 23880.07 25607.49
04/30/93 24121.39 25866.12
05/31/93 24274.80 26010.97
06/30/93 24686.69 26445.36
07/31/93 24708.91 26479.73
08/31/93 25276.70 27030.51
09/30/93 25539.87 27338.66
10/31/93 25560.04 27390.60
11/30/93 25288.14 27149.57
12/31/93 25907.20 27722.42
01/31/94 26181.18 28038.46
02/28/94 25403.27 27312.26
03/31/94 24100.92 26200.65
04/30/94 24296.77 26423.36
05/31/94 24559.91 26653.24
06/30/94 24259.91 26498.65
07/31/94 24772.13 26983.58
08/31/94 24868.77 27078.02
09/30/94 24373.53 26679.97
10/31/94 23796.04 26205.07
11/30/94 23065.38 25730.76
12/31/94 23830.89 26296.84
01/31/95 24667.99 27048.93

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity New York
Tax-Free High Yield Portfolio ten years ago on January 31, 1985. As the
chart shows, by January 31, 1995, the value of your investment would have
grown to $22,263 - a 122.63% increase on your initial investment. For
comparison, look at how the Lehman Brothers Municipal Bond Index did over
the same period. With dividends reinvested, the same $10,000 would have
grown to $24,051 - a 140.51% increase.

YEARS ENDED JANUARY 31,

1995 1994 1993 1992 1991

Dividend returns 5.27% 5.78% 6.74% 6.95% 7.11%

Capital appreciation
returns -11.05% 6.92% 4.54% 3.95% 0.00%

Total returns -5.78% 12.70% 11.28% 10.90% 7.11%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED JANUARY 31, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 5.78(cents) 33.83(cents) 67.30(cents)

Annualized dividend rate 6.09% 5.93% 5.77%

30-day annualized yield 5.91% - -

30-day annualized tax-equivalent yield 10.54% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $11.18 over
the past month, $11.31 over the past six months and $11.66 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.92% combined effective 1995 federal, state and New York City tax
bracket.
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Although there was a municipal
bond market rally beginning in
mid-November, sharply rising
interest rates caused a significant
downturn in all U.S. bond markets
in the 12 months ended January
31, 1995. Yields rose sharply -
and prices fell - on both taxable
and tax-free bonds. For the 12
months ended January 31, 1995,
the Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of -3.56%. By
comparison, the Lehman
Brothers Aggregate Bond Index
- - a proxy of investment-grade
taxable bonds - returned
- -2.31%. The Federal Reserve
Board raised the federal funds
rate - the rate banks charge
each other for overnight loans -
from 3.00% to 5.50% from
February through November. The
Fed was hoping to head off future
inflation that might be triggered by
an improving U.S. economy. The
supply of new municipal issues
dropped through most of the year,
as municipalities avoided issuing
bonds at ever higher rates.
However, the pace of interest rate
increases - which led to drops in
the value of bonds -
overshadowed the benefits of
lower supply. Investor demand
dropped due to inflation fears,
further dampening prices. The
late-year rally was sparked by
increased demand and continued
short supply of muni issues.
An interview with Norman Lind,
Portfolio Manager of Fidelity
New York Tax-Free High Yield
Portfolio
Q. NORM, HOW HAS THE FUND PERFORMED?
A. Rising interest rates and fears of inflation helped make 1994 one of the
worst years on record for bonds, and the fund's performance reflected that.
For the year ended January 31, 1995, the fund had a total return of -5.78%.
That compared to the average New York municipal bond fund, which returned
- -5.93% for the same period, according to Lipper Analytical Services.
Q. HOW DID THE NEW YORK MUNICIPAL BOND MARKET PERFORM?
A. It suffered along with the national market in the first half, but lagged
the national market during part of the second half of the year. The reason
for that was an abundance of New York municipal bonds, which put additional
pressure on their prices. Concerns about the outcome of the state and New
York City elections also didn't help. But by the end of the year, a slight
shortage of New York bonds occurred, and their prices started to firm.
Another event which hurt the entire municipal market occurred when Orange
County, California, declared bankruptcy in December because of losses
stemming from its investments. But no similar situation cropped up in New
York. After careful review, we are comfortable that from what we know
presently, none of the fund's holdings are susceptible to bankruptcy
because of losses from investments.
Q. WHAT ACCOUNTS FOR THE FUND'S PERFORMANCE?
A. The fund owned certain types of bonds which underperformed the market
throughout much of the period. The bonds I'm referring to included
non-callable and discount bonds. Non-callable bonds, which can't be
redeemed by their issuer before a scheduled maturity date, and discount
bonds, which sell below face value, are more sensitive to rising interest
rates than other types of bonds. As a result, these bonds commanded a high
price and did very well when interest rates fell in 1993, but fell out of
favor and underperformed when rates rose in 1994. From November through the
end of January, however, the bond market rallied, bringing these bonds back
into favor and helping the fund's performance. Going forward, there may be
limited supply of these bonds available, which could help their prices if
they continue to be favored among investors.
Q. WHAT CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS?
A. Transportation bonds made up the fund's largest sector concentration at
26.4% at the end of the period. I like them in part because of their strong
credit fundamentals. These issues are backed by tolls and other fees and,
as a result, their fiscal situation tends to be fairly resilient in any
type of economic climate. Two of the fund's largest holdings in this area
at the end of the period were Triborough Bridge and Tunnel Authority and
the New York Port Authority. I reduced the fund's stake in New York City
bonds toward the end of 1994. These bonds did relatively well earlier in
the year, but I have some concerns about the city's economy and fiscal
budget. Also, I continued to pare back the fund's stake in
state-appropriated bonds, which rely on annual appropriations by the state
legislature to meet all or part of their principal and interest payments. I
began selling in mid- to late 1994 because I felt that most of the
advantages of holding these bonds had already been played out and I wanted
to take advantage of strong demand for these bonds when I sold them.
Q. WHAT'S AHEAD FOR THE FUND?
A. There's some uncertainty about which direction the economy, inflation
and interest rates will go. Additionally, New York state and New York City
face some economic and fiscal challenges in 1995. However, the prices of
New York City bonds have become relatively attractive because of rising
concerns about a reduction of state aid to the city. In my view, New York
City bonds may present an attractive buying opportunity going forward
because the worst news for the city may already be factored into bond
prices. As for interest rates, I believe that the worst is over. While the
Fed may be close to the end of the cycle of raising interest rates, there
could be some continued volatility in the bond market. To guard against
that volatility, I'll most likely keep the fund's duration more neutral, or
more in line with the market as a whole. Also, I'll concentrate on finding
individual municipal bonds or sectors that I think can outperform the
overall market. In particular, I'll look for the types of bonds I think
many investors will want to own in the future.

FUND FACTS
GOAL: to provide high current
income exempt from federal,
state and New York City
income taxes by investing
primarily in long-term,
investment-grade New York
municipal securities
START DATE: July 10, 1984
SIZE: as of January 31, 1995,
more than $394 million
MANAGER: Norm Lind, since
October 1993; manager,
Fidelity New York Tax-Free
Insured Portfolio, since March
1994; Spartan New York
Municipal High Yield Portfolio,
since October 1993; Spartan
Municipal Income Portfolio,
since June 1990; joined
Fidelity in 1986
(checkmark)

NORM LIND ON THE NEW YORK
MUNICIPAL MARKET:
"In 1995, I'll be watching for
several developments. One is
the fiscal and economic
condition of the state and New
York City. The downsizing of
Wall Street could cause
revenues, for both the city
and state, to decline slightly.
Also, the state is facing a
substantial budget deficit and
has cut aid to New York City.
But we won't know what the
impact of those factors will be
until later this year when the
state and city finalize their
budgets and propose
measures to deal with some
of these challenges. On a
more positive note, the supply
of New York bonds is
expected to be lower in 1995
than it was in 1994. That
lower supply could help firm
the prices of New York
municipal bonds if demand
stays constant or rises."
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JANUARY 31, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

Transportation 26.4 27.2

Lease Revenue 14.7 13.1

General Obligation 13.1 12.8

Special Tax 9.7 9.5

Housing 6.5 5.8

AVERAGE YEARS TO MATURITY AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 18.8 19.9

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 8.8 9.7

DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH A
FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER FACTORS
CAN ALSO INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THE ABOVE EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF JANUARY 31, 1995 AS OF JULY 31, 1994
Aaa 7.3%
Aa, A 41.0%
Baa 45.6%
Non-rated 1.2%
Short-term
investments 4.9%
Aaa 7.6%
Aa, A 41.3%
Baa 44.5%
Non-rated 1.0%
Short-term
investments 5.6%
Row: 1, Col: 1, Value: 7.3
Row: 1, Col: 2, Value: 41.0
Row: 1, Col: 3, Value: 45.6
Row: 1, Col: 4, Value: 2.0
Row: 1, Col: 5, Value: 4.9
Row: 1, Col: 1, Value: 7.6
Row: 1, Col: 2, Value: 41.3
Row: 1, Col: 3, Value: 44.5
Row: 1, Col: 4, Value: 2.0
Row: 1, Col: 5, Value: 5.6
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 95.1%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 76.9%
Babylon Ind. Dev. Agcy. Resource Recovery Rev.
(Odgen Martin Sys. Babylon, Inc. Co.)
Series B, 8.50% 1/1/19 (f) Baa1 $ 2,085,000 $ 2,246,588
Erie County Wtr. Auth. Impt. & Extension Rev.
3rd Series, 6.10% 12/1/04
(Escrowed to Maturity) (e) A 2,000,000 2,062,500
Franklin County Ctfs. of Prtn. (Court House
Redev. Proj.) 8.125% 8/1/06 BBB 880,000 957,000
Hempstead Town Ind. Dev. Agcy. Resource
Recovery Rev. (American Rfdg. Fuel Co.)
7.40% 12/1/10 Baa1 8,525,000 8,844,688
Metropolitan Trans. Auth. Svc. Contract:
(Commuter Facs.):
Series O, 5.75% 7/1/13 Baa1 1,465,000 1,302,019
Series 3, 7.375% 7/1/08 Baa1 4,400,000 4,752,000
(Trans. Facs.) Series O, 5.75% 7/1/13 Baa1 5,630,000 5,003,663
New York City Gen. Oblig.:
Rfdg. Series D, 5.60% 8/15/05 Baa1 2,000,000 1,777,500
Rfdg. Series G, 5.40% 8/1/04 Baa1 2,000,000 1,782,500
Series C, 5.40% 10/1/06 Baa1 5,045,000 4,313,475
Series E, 5.40% 8/1/04 Baa1 2,375,000 2,116,719
5.625% 8/1/07 Baa1 3,500,000 3,031,875
New York City Hsg. Dev. Corp. Mtg. Rev.
(Multi-Family Hsg.) Series A, 8.125%
1/1/19 (GNMA Coll.) AA 4,200,000 4,378,500
New York City Ind. Dev. Agcy. Civic Facs. Rev.
(Rockefeller Foundation Proj.)
5.25% 7/1/13 Aaa 2,250,000 1,985,625
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev.:
Series A:
7.40% 6/15/04 A 1,250,000 1,378,125
7.375% 6/15/09 A 3,850,000 4,196,500
5.50% 6/15/20 A 11,040,000 9,549,600
Series C, 7% 6/15/16 (FGIC Insured) Aaa 500,000 546,250
New York State Dorm. Auth. Rev.:
Crossover Rfdg. (City Univ. Sys.):
Series 1986 B, 7.625% 7/1/14 Baa1 1,500,000 1,578,750
Series 1988 D, 8.20% 7/1/12 Baa1 1,260,000 1,390,725
Series C, 8.20% 7/1/14 Baa1 1,000,000 1,103,750
Series D, 5.75% 7/1/12 Baa1 4,230,000 3,817,575
Rfdg. (Dept. of Health) 5.50% 7/1/20 Baa1 2,500,000 2,071,875
Rfdg. (State Univ. Edl. Facs.):
Series A, 5.25% 5/15/15 Baa1 12,905,000 10,695,664
Series B:
7.375% 5/15/14 Baa1 275,000 284,969
5% 5/15/18 Baa1 8,000,000 6,350,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth. Rev. - continued
(City Univ. Sys.):
Series F, 5% 7/1/20 Baa1 $ 1,400,000 $ 1,078,000
5.20% 7/1/05 (FGIC Insured) Aaa 2,310,000 2,217,600
(Columbia Univ.) Series A, 4.75% 7/1/14 Aaa 6,790,000 5,576,287
(Consolidated City Univ. Sys.):
Series A:
5.75% 7/1/13 Baa1 1,850,000 1,653,437
5.75% 7/1/18 Baa1 10,000,000 8,800,000
Series D, 7% 7/1/09 (f) Baa1 5,000,000 5,187,500
(Court Facs. Lease) Series A, 5.25%
5/15/21 Baa1 14,000,000 11,217,500
(Crouse Irving Mem. Hosp.) 10.50%
7/1/17 (HIB Insured) A 750,000 770,625
(Judicial Facs. Lease) Series B, 7%
4/15/16 Baa1 2,000,000 2,025,000
New York State Environmental Facs. Corp. Poll.
Cont. Rev. (State Wtr. Revolving Fund):
Rfdg. (New York City Wtr. Proj.):
Series A, 5.875% 6/15/14 Aa 2,500,000 2,356,250
5.75% 6/15/09 Aa 2,500,000 2,403,125
(New York City Wtr. Proj.) Series A,
7% 6/15/12 Aa 3,000,000 3,142,500
(Pooled Loan B) 5.20 5/15/14 Aaa 2,220,000 1,909,200
New York State Hsg. Fin. Agcy. Rev. (St. John
Village Proj.) Section 8, 8.25% 5/1/09 A 5,655,000 5,775,169
New York State Local Gov't. Assistance Corp.:
Rfdg. Series C:
5.50% 4/1/17 (f) A 12,500,000 11,046,875
5% 4/1/21 A 5,000,000 4,031,250
Rfdg. Series E, 5.25 4/1/16 A 4,500,000 3,875,625
Series A:
5.25% 4/1/19 A 5,000,000 4,212,500
5.50% 4/1/23 A 10,000,000 8,650,000
2.945% 2/28/95 A 3,200,000 3,200,000
7.585% 4/1/21 INFL (d) (g) A 3,200,000 2,300,000
New York State Med. Care Facs. Fin. Agcy. Rev.:
Rfdg. (Good Samaritan Hosp. Proj.)
Series A, 8% 11/1/13 A 3,500,000 3,731,875
Rfdg. (Mental Health Svcs. Facs.)
Series A, 8.875% 8/15/07 Baa1 4,225,000 4,621,094
Rfdg. (Presbyterian Hosp.)
Series A, 5.25% 8/15/14 Aa 3,000,000 2,606,250
(Hosp. & Nursing Home):
(Mt. Sinai Hosp.) Series 1992 C, 5.75%
8/15/19 (FHA Guaranteed) AAA 2,000,000 1,812,500
(Richmond Mem. Hosp.) Series B, 9.125%
2/15/25 (FHA Guaranteed) (f) AA 3,230,000 3,300,963
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Med. Care Facs. Fin. Agcy. Rev. - continued
(Mental Health Svcs. Facs.):
Series A, 7.50% 2/15/21 Baa1 $ 135,000 $ 140,906
Series B, 7.875% 8/15/20 Baa1 1,210,000 1,288,650
(Nursing Home Mtg.) Series B, 10.50%
1/15/24 (FHA Guaranteed) A- 1,000,000 1,007,500
(St. Francis Hosp. Proj.) Series A, 7.625%
11/1/21 (FGIC Insured) Aaa 1,340,000 1,415,375
New York State Pwr. Auth. & Gen. Purp. Rev.
Rfdg. Series CC, 5% 1/1/14 Aa 10,000,000 8,337,500
New York State Pwr. Series 1993 H, 6.106%
6/1/07 INFL (d) (g) Aa 5,000,000 3,662,500
New York State Tollway Auth. Gen. Rev.:
Series A:
5.75% 1/1/12 A1 1,250,000 1,146,875
5.75% 1/1/19 (f) A1 6,250,000 5,570,313
Series B:
5% 1/1/14 (MBIA Insured) Aaa 3,000,000 2,535,000
5% 1/1/20 (MBIA Insured) Aaa 6,100,000 4,986,750
New York State Tollway Auth. Svc. Contract Rev.
(Local Hwy. & Bridge):
4.90% 4/1/01 Baa1 5,365,000 4,989,450
7.25% 1/1/10 Baa1 2,500,000 2,603,125
5.25% 4/1/13 Baa1 4,500,000 3,813,750
New York State Urban Dev. Corp. Rev.:
(Clarkson Ctr. Loan Proj.) 7.80% 1/1/20 Baa1 4,100,000 4,325,500
(Onondaga County Convention Proj.):
7.875% 1/1/10 Baa1 3,000,000 3,232,500
7.875% 1/1/20 Baa1 2,250,000 2,396,250
Oneida-Herkimer Solid Waste Mgt. Auth.
Solid Waste System Rev. 6.75% 4/1/14 Baa 7,350,000 7,037,625
Oswego County Pub. Impt. Unltd. Tax:
6.70% 6/15/10 A 1,100,000 1,149,500
6.70% 6/15/11 A 1,100,000 1,145,375
6.70% 6/15/12 A 1,100,000 1,146,750
Suffolk County Wtr. Auth. Wtrwks. Rev. 5%
6/1/17 (MBIA Insured) Aaa 2,000,000 1,660,000
Syracuse Ind. Dev. Agcy. Civic Facs. Rev.
(St. Joseph's Hosp. Health Ctr. Proj.)
7.50% 6/1/18 Baa1 1,265,000 1,290,300
Syracuse Ind. Dev. Agcy. Parking Facs. Rev.
(Syracuse Econ. Dev. Corp.) Series 1990 A,
7.70% 6/1/15 A 2,445,000 2,692,556
Tonawanda Hsg. Dev. Corp. 1st Lien Rev.
(Tonawanda Tower Proj.) Section 8:
10% 5/1/06 - 105,000 108,413
10% 5/1/07 - 130,000 134,225
10% 5/1/08 - 310,000 320,075
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Tonawanda Hsg. Dev. Corp. 1st Lien Rev.
(Tonawanda Tower Proj.) Section 8 - continued
10% 5/1/09 - $ 340,000 $ 351,050
10% 5/1/10 - 375,000 387,187
10% 5/1/11 - 410,000 423,325
10% 5/1/12 - 315,000 325,237
Triborough Bridge & Tunnel Auth. Rev.:
Rfdg. (Gen. Purp.):
Series Q, 5% 1/1/17 Aa 3,820,000 3,156,275
Series Y, 5.50% 1/1/17 Aa 9,095,000 8,140,025
(Convention Ctr. Proj.) Series E:
7.25% 1/1/10 Baa1 2,000,000 2,115,000
6% 1/1/11 Baa1 2,500,000 2,334,375
(Gen. Purp.) Series A:
4.75% 1/1/19 Aa 19,615,000 15,373,256
5% 1/1/24 Aa 4,000,000 3,180,000
Watervliet Hsg. Auth. Rev. Section 8:
8% 11/15/00 - 95,000 97,494
8% 11/15/01 - 95,000 97,612
8% 11/15/02 - 100,000 102,750
8% 11/15/03 - 100,000 102,750
8% 11/15/04 - 95,000 97,494
8% 11/15/05 - 95,000 97,494
8% 11/15/06 - 100,000 102,625
8% 11/15/07 - 100,000 102,625
8% 11/15/08 - 100,000 102,625
8% 11/15/09 - 100,000 102,625
299,948,147
NEW YORK & NEW JERSEY - 4.9%
New York & New Jersey Port Auth.:
Consolidated 85th Series:
5.20% 9/1/15 A1 3,800,000 3,320,250
5.375% 3/1/28 A1 15,525,000 13,351,500
Consolidated 86th Series, 5.20% 7/1/11 A1 2,910,000 2,611,725
19,283,475
PUERTO RICO - 12.3%
Puerto Rico Commonwealth Aqueduct & Swr.
Auth. Rev. Series A, 7.875% 7/1/17 Baa 1,475,000 1,591,156
Puerto Rico Commonwealth Gen. Oblig. Unltd.
Tax Rfdg. 5% 7/1/21 Baa1 13,155,000 10,474,669
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
PUERTO RICO - CONTINUED
Puerto Rico Commonwealth Hwy. & Trans. Auth.
Hwy. Rev. Series W, 5.50% 7/1/15 Baa1 $ 4,250,000 $ 3,729,375
Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rfdg. Series X:
5.50% 7/1/13 Baa1 15,000,000 13,256,250
5% 7/1/22 Baa1 2,000,000 1,585,000
Puerto Rico Commonwealth Urban Renewal & Hsg.
Corp. Rfdg. 7.875% 10/1/04 Baa1 6,270,000 6,881,325
Puerto Rico Ind., Med. & Environmental Poll.
Cont. Facs. Fing. Auth. Rev. (American Home)
Series A, Rmkt. 5.10% 12/1/18 A2 1,250,000 1,010,937
Puerto Rico Pub. Bldgs. Auth. Guaranteed
Pub. Ed. & Health Facs. Rfdg. Series M,
5.50% 7/1/21 Baa1 2,400,000 2,076,000
Puerto Rico Pub. Bldgs. Auth. Rev. Rfdg.
Series L, 5.50% 7/1/21 Baa1 3,000,000 2,625,000
Puerto Rico Tel. Auth. Rev.:
Series N, 5.50% 1/1/13 A 1,000,000 895,000
6.417% 1/16/15 (MBIA Insured) INFL (d) Aaa 4,800,000 3,990,000
48,114,712
U.S. VIRGIN ISLANDS - 0.4%
Virgin Islands Pub. Fin. Auth. Rev. Rfdg. Series A,
7.25% 10/1/18 (Escrowed to
Maturity) (e) - 1,500,000 1,511,250
GUAM - 0.6%
Guam Pwr. Auth. Rev. Series A, 5.25%
10/1/13 BBB 2,795,000 2,312,862
TOTAL MUNICIPAL BONDS
(Cost $385,316,078) 371,170,446
MUNICIPAL NOTES (A) - 4.9%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 4.9%
Erie County RAN 4.75% 8/15/95,
LOC Union Bank of Switzerland MIG 1 $ 6,000,000 $ 6,000,960
New York City Hsg. Dev. Corp. Spl. Rev.
(Carnegie Park Proj.) Series 1984 A, 4%,
LOC Sumitomo Trust & Banking Ltd., VRDN VMIG 2 4,810,000 4,810,000
New York City Trust Cultural Resources Rev.
(Guggenheim Foundation) Series 1990 B,
3.75%, LOC Swiss Bank, VRDN VMIG 1 1,000,000 1,000,000
New York State Energy Research & Dev. Auth.
Poll. Cont. Rev. (Niagara Mohawk Proj.)
Series 1985 A, 4.10%, LOC Long-Term Cr.
Bank of Japan, VRDN A-1+ 2,300,000 2,300,000
New York State Pwr. Participating VRDN,
Series 1994 H-1, 2.90%
(Liquidity Facility Sumitomo Bank) (c) - 5,000,000 5,000,000
TOTAL MUNICIPAL NOTES
(Cost $19,132,633) 19,110,960
TOTAL INVESTMENTS - 100%
(Cost $404,448,711) $ 390,281,406
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SOLD
45 Municipal Bond Contracts March 1995 $ 3,927,656 $ (96,502)
90 Treasury Bond Contracts March 1995 9,132,187 (54,566)
$ (151,068)
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 3.3%

SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
RAN - Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate
at period end.
(b) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(d) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at
period end.
(e) Security collateralized by an amount sufficient to pay interest and
principal.
(f) A portion of the Security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $14,220,073.
(g) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holdings is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
New York State
Local Gov't. Assistance
Corp. 7.585% 10/20/93 $ 2,103,360
4/1/21 INFL 4/26/94 891,000
New York State Pwr.
Series 1993 H,
6.106% 6/1/07
INFL 9/8/93 4,914,000
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows:
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 46.3% AAA, AA, A 63.3%
Baa 44.6% BBB 30.3%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 1.2%. FMR has
determined that unrated debt securities that are lower quality account for
0.4% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investments, is as follows:
Transportation 26.4%
Lease Revenue 14.7
General Obligation 13.1
Others
(individually less than 10%) 45.8
TOTAL 100.0%
INCOME TAX INFORMATION
At January 31, 1995, the aggregate cost of investment securities for income
tax purposes was $404,625,009. Net unrealized depreciation aggregated
$14,343,603, of which $9,083,747 related to appreciated investment
securities and $23,427,350 related to depreciated investment securities.
The fund intends to elect to defer to its fiscal year ending January 31,
1996 $7,713,765 of losses recognized during the period November 1, 1994 to
January 31, 1995.
At January 31, 1995, the fund was required to defer $376,121 of losses on
futures contracts and options.
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

6.ASSETS

Investment in securities, at value (cost $404,448,711) - $ 390,281,406
See accompanying schedule

Cash 1,701,819

Receivable for investments sold 3,495,622

Interest receivable 4,897,818

7.TOTAL ASSETS 400,376,665

8.LIABILITIES

Payable for investments purchased $ 5,442,492

Dividends payable 436,407

Accrued management fee 129,364

Payable for daily variation on futures contracts 72,127

Other payables and accrued expenses 62,106

9.TOTAL LIABILITIES 6,142,496

10.NET ASSETS $ 394,234,169

Net Assets consist of:

Paid in capital $ 416,667,658

Accumulated undistributed net realized gain (loss) on (8,115,116)
investments

Net unrealized appreciation (depreciation) (14,318,373)
on investments

11.NET ASSETS, for 34,668,273 shares outstanding $ 394,234,169

12.NET ASSET VALUE, offering price and redemption price $11.37
per share ($394,234,169 (divided by) 34,668,273 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

13.14.INTEREST INCOME $ 26,736,746

15.EXPENSES

Management fee $ 1,719,636

Transfer agent, accounting and custodian fees 648,215
and expenses

Non-interested trustees' compensation 9,788

Registration fees 610

Audit 52,711

Legal 1,619

Reports to shareholders 11,457

16.TOTAL EXPENSES 2,444,036

17.NET INTEREST INCOME 24,292,710

18.REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities (7,032,779)

Futures contracts 1,114,822 (5,917,957)

Change in net unrealized appreciation (depreciation) on:

Investment securities (48,102,872)

Futures contracts (151,068) (48,253,940)

19.NET GAIN (LOSS) (54,171,897)

20.NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (29,879,187)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED JANUARY 31,

1995 1994

21.INCREASE (DECREASE) IN NET ASSETS

Operations $ 24,292,710 $ 26,055,560
Net interest income

Net realized gain (loss) (5,917,957) 27,870,628

Change in net unrealized appreciation (depreciation) (48,253,940) 2,947,652

22.NET INCREASE (DECREASE) IN NET ASSETS RESULTING (29,879,187) 56,873,840
FROM OPERATIONS

Distributions to shareholders: (24,292,710) (26,055,560)
From net interest income

From net realized gain (7,436,832) (16,764,682)

In excess of net realized gain (1,266,843) -

23.TOTAL DISTRIBUTIONS (32,996,385) (42,820,242)

Share transactions 89,061,235 140,084,459
Net proceeds from sales of shares

Reinvestment of distributions 26,647,344 34,810,348

Cost of shares redeemed (150,019,648) (143,033,330)

Net increase (decrease) in net assets resulting from (34,311,069) 31,861,477
share transactions

24.TOTAL INCREASE (DECREASE) IN NET ASSETS (97,186,641) 45,915,075

25.NET ASSETS

Beginning of period 491,420,810 445,505,735

End of period $ 394,234,169 $ 491,420,810

26.OTHER INFORMATION
Shares

Sold 7,684,335 10,699,056

Issued in reinvestment of distributions 2,288,470 2,668,134

Redeemed (12,948,285) (10,918,886)

Net increase (decrease) (2,975,480) 2,448,304

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED JANUARY 31, NINE MONTHS YEARS ENDED APRIL 30,
ENDED
JANUARY 31,

1995 1994 1993 1992 1991

SELECTED PER-SHARE DATA

Net asset value, $ 13.050 $ 12.660 $ 12.100 $ 11.750 $ 11.370
beginning of period

Income from Investment .673 .714 .580 .773 .789
Operations
Net interest income

Net realized and (1.440) .850 .560 .350 .380
unrealized gain (loss)

Total from investment (.767) 1.564 1.140 1.123 1.169
operations

Less Distributions (.673) (.714) (.580) (.773) (.789)
From net interest
income

From net realized gain (.210) (.460) - - -
on investments

In excess of net realized (.030) - - - -
gain on investments

Total distributions (.913) (1.174) (.580) (.773) (.789)

Net asset value, $ 11.370 $ 13.050 $ 12.660 $ 12.100 $ 11.750
end of period

TOTAL RETURN B -5.78 12.70 9.60% 9.80 10.59
% % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 394,234 $ 491,421 $ 445,506 $ 412,030 $ 386,169
end of period
(000 omitted)

Ratio of expenses to .58 .58 .61% .61 .59
average net assets % % A % %

Ratio of net interest 5.77 5.45 6.08% 6.52 6.81
income to average net % % A % %
assets

Portfolio turnover rate 34 70 45% 30 45
% % A % %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value). You can also look at the fund's income to
measure performance. If Fidelity had not reimbursed certain fund expenses
during the periods shown, the total returns and dividends would have been
lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

New York Tax-Free Insured -5.48% 40.35% 100.62%

Lehman Brothers Municipal Bond Index -3.56% 44.07% n/a

Average New York Insured
Municipal Bond Fund -4.53% 41.92% n/a

Consumer Price Index 2.80% 17.97% 38.78%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years, or since the fund started on October
11, 1985. For example, if you invested $1,000 in a fund that had a 5%
return over the past year, you would end up with $1,050. You can compare
these figures to the performance of the Lehman Brothers Municipal Bond
index - a broad gauge of the municipal bond market. To measure how the fund
stacked up against its peers, you can look at the average New York insured
municipal bond fund, which currently reflects the performance of 7 New York
insured municipal bond funds tracked by Lipper Analytical Services. Both
benchmarks include reinvested dividends and capital gains, if any.
Comparing the fund's performance to the consumer price index (CPI) helps
show how your fund did compared to inflation. (The periods covered by the
CPI numbers are the closest available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

New York Tax-Free Insured -5.48% 7.01% 7.76%

Lehman Brothers Municipal Bond Index -3.56% 7.58% n/a

Average New York Insured
Municipal Bond Fund -4.53% 7.25% n/a

Consumer Price Index 2.80% 3.36% 3.57%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
$10,000 OVER LIFE OF FUND
NY Free Insured MuniMunicipal Bond Index
10/31/85 10000.00 10000.00
11/30/85 10183.61 10358.70
12/31/85 10408.26 10449.75
01/31/86 10938.76 11065.24
02/28/86 11401.72 11504.09
03/31/86 11420.78 11507.77
04/30/86 11366.43 11516.52
05/31/86 11126.78 11329.03
06/30/86 11241.32 11437.11
07/31/86 11280.57 11506.53
08/31/86 11775.80 12021.68
09/30/86 11753.07 12051.85
10/31/86 12015.65 12259.99
11/30/86 12225.65 12502.86
12/31/86 12212.12 12468.35
01/31/87 12491.38 12843.77
02/28/87 12576.42 12906.96
03/31/87 12431.06 12770.15
04/30/87 11576.66 12129.34
05/31/87 11442.64 12069.18
06/30/87 11603.31 12423.53
07/31/87 11732.19 12550.25
08/31/87 11775.31 12578.49
09/30/87 11120.23 12114.72
10/31/87 11370.22 12157.61
11/30/87 11628.82 12475.04
12/31/87 11820.04 12656.06
01/31/88 12396.94 13106.87
02/29/88 12487.73 13245.41
03/31/88 12112.04 13091.10
04/30/88 12168.06 13190.59
05/31/88 12186.57 13152.47
06/30/88 12394.33 13344.89
07/31/88 12460.58 13431.90
08/31/88 12492.96 13443.72
09/30/88 12755.41 13687.05
10/31/88 13117.11 13928.63
11/30/88 12907.17 13801.04
12/31/88 13149.63 13942.22
01/31/89 13320.24 14230.55
02/28/89 13155.88 14068.18
03/31/89 13127.71 14034.56
04/30/89 13512.30 14367.74
05/31/89 13800.92 14666.15
06/30/89 13963.89 14865.32
07/31/89 14075.51 15067.64
08/31/89 13943.16 14920.13
09/30/89 13879.49 14875.36
10/31/89 14017.02 15056.84
11/30/89 14275.97 15320.34
12/31/89 14341.75 15445.97
01/31/90 14258.23 15373.37
02/28/90 14374.93 15510.19
03/31/90 14403.47 15514.85
04/30/90 14185.89 15403.14
05/31/90 14559.92 15738.93
06/30/90 14691.46 15877.43
07/31/90 14946.99 16110.83
08/31/90 14698.33 15877.22
09/30/90 14711.15 15886.75
10/31/90 14860.91 16174.30
11/30/90 15162.59 16499.40
12/31/90 15229.85 16572.00
01/31/91 15410.16 16794.06
02/28/91 15533.01 16940.17
03/31/91 15558.77 16946.95
04/30/91 15770.78 17172.34
05/31/91 15924.00 17325.18
06/30/91 15920.12 17307.85
07/31/91 16133.36 17519.01
08/31/91 16377.24 17750.26
09/30/91 16563.79 17981.01
10/31/91 16720.82 18142.84
11/30/91 16760.83 18193.64
12/31/91 17128.33 18584.80
01/31/92 17093.27 18627.55
02/29/92 17129.53 18633.14
03/31/92 17128.23 18640.59
04/30/92 17261.08 18806.49
05/31/92 17535.07 19028.41
06/30/92 17837.11 19348.08
07/31/92 18388.48 19928.53
08/31/92 18151.94 19733.23
09/30/92 18237.08 19861.49
10/31/92 17917.89 19666.85
11/30/92 18363.14 20018.89
12/31/92 18594.27 20223.08
01/31/93 18842.01 20457.67
02/28/93 19640.24 21198.24
03/31/93 19407.51 20973.53
04/30/93 19591.45 21185.37
05/31/93 19696.29 21304.00
06/30/93 20026.49 21659.78
07/31/93 20050.65 21687.94
08/31/93 20500.32 22139.05
09/30/93 20752.14 22391.43
10/31/93 20760.61 22433.98
11/30/93 20533.46 22236.56
12/31/93 20976.18 22705.75
01/31/94 21171.47 22964.60
02/28/94 20532.73 22369.81
03/31/94 19501.71 21459.36
04/30/94 19696.36 21641.77
05/31/94 19930.34 21830.05
06/30/94 19669.26 21703.43
07/31/94 20099.26 22100.61
08/31/94 20122.95 22177.96
09/30/94 19733.10 21851.94
10/31/94 19255.02 21462.98
11/30/94 18700.73 21074.50
12/31/94 19308.27 21538.14
01/31/95 20011.00 22154.13

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity New
York Tax-Free Insured Portfolio on October 31, 1985, shortly after the fund
started. As the chart shows, by January 31, 1995, the value of your
investment would have grown to $20,011 - a 100.11% increase on your initial
investment. For comparison, look at how the Lehman Brothers Municipal Bond
Index did over the same period. With dividends reinvested, the same $10,000
would have grown to $22,154 - a 121.54% increase.

YEARS ENDED JANUARY 31,

1995 1994 1993 1992 1991

Dividend returns 5.17% 5.63% 6.28% 6.61% 6.78%

Capital appreciation
returns -10.65% 6.73% 3.95% 4.31% 1.30%

Total returns -5.48% 12.36% 10.23% 10.92% 8.08%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED JANUARY 31, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 5.22(cents) 31.52(cents) 62.90(cents)

Annualized dividend rate 5.77% 5.79% 5.66%

30-day annualized yield 5.70% - -

30-day annualized tax-equivalent yield 10.16% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $10.65 over
the past month, $10.80 over the past six months and $11.12 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.92% combined effective 1995 federal, state and New York City tax
bracket.
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Although there was a municipal
bond market rally beginning in
mid-November, sharply rising
interest rates caused a significant
downturn in all U.S. bond markets
in the 12 months ended January
31, 1995. Yields rose sharply -
and prices fell - on both taxable
and tax-free bonds. For the 12
months ended January 31, 1995,
the Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of -3.56%. By
comparison, the Lehman
Brothers Aggregate Bond Index
- - a proxy of investment-grade
taxable bonds - returned
- -2.31%. The Federal Reserve
Board raised the federal funds
rate - the rate banks charge
each other for overnight loans -
from 3.00% to 5.50% from
February through November. The
Fed was hoping to head off future
inflation that might be triggered by
an improving U.S. economy. The
supply of new municipal issues
dropped through most of the year,
as municipalities avoided issuing
bonds at ever higher rates.
However, the pace of interest rate
increases - which led to drops in
the value of bonds -
overshadowed the benefits of
lower supply. Investor demand
dropped due to inflation fears,
further dampening prices. The
late-year rally was sparked by
increased demand and continued
short supply of muni issues.
An interview with Norman Lind,
Portfolio Manager of Fidelity
New York Tax-Free Insured Portfolio
Q. NORM, HOW DID THE FUND DO OVER THE PAST 12 MONTHS?
A. It was a difficult period for municipal bond funds, including this fund.
For the year ended January 31, 1995, the fund had a total return of -5.48%.
That compares to the average New York insured municipal bond fund, which
returned -4.53% for the same period, according to Lipper Analytical
Services.
Q. WHAT FACTORS - OTHER THAN FEARS OF INFLATION AND RISING INTEREST RATES
THAT HURT THE MUNICIPAL MARKET AS A WHOLE - CONTRIBUTED TO THE DECLINE IN
INSURED BOND PRICES?
A. It's important to remember that just because a bond is insured, it
doesn't mean it's immune to price declines. When a bond is insured it means
that its principal and interest payments are guaranteed by the agency that
underwrites the insurance. Insured bonds are among the most liquid, or
easily traded, types of municipal bonds. Investors, wanting to sell when
interest rates rose, found insured bonds the easiest to rid themselves of
because of this liquidity. As a result, these bonds generally fell more
than uninsured bonds when interest rates were rising, as they were during
most of 1994. However, by the end of 1994, insured bonds actually started
to do better than uninsured bonds.
Q. WHY DID THE FUND'S PERFORMANCE LAG THE AVERAGE NEW YORK INSURED FUND?
A. Through much of the period, the fund had a duration that was longer than
many other funds of its type. Duration measures how sensitive a fund's
share price is to changes in interest rates. The longer the duration, the
more the share price will fall when interest rates rise. Early in 1994, my
view was that inflation would remain moderate and as a result, the Federal
Reserve Board wouldn't be inclined to raise interest rates much. It's true
that the current rate of inflation has stayed low, but the Fed kept raising
interest rates to stave off any future threat of inflation. Beginning in
mid-year, I modified my strategy to compensate for any further Fed actions.
Q. WHAT STEPS DID YOU TAKE TO ACCOMPLISH THAT?
A. I used several strategies. First, I sold some longer-term bonds - those
with maturities of 20 years or longer. Second, I sold bond futures
contracts, which also helped temper the fund's duration. A futures contract
is an agreement to buy or sell a specific number of bonds at a particular
price on a specified future date. When the market did fall, the price of
the futures contracts rose and offset some of the price declines for the
bonds I held in the fund.
Q. IN TERMS OF SPECIFIC TYPES OF BONDS, WHAT CHOICES DID YOU MAKE?
A. Transportation bonds - at 21.8% of investments at the end of the period
- - continued to make up the fund's largest sector concentration. Because
these bonds are backed by tolls and other fees, their fiscal situation
tends to be fairly resilient, regardless of the economic climate. Water and
sewer bonds - at 20.8% of investments at the end of the period - were the
fund's second largest sector concentration, as they were six months ago.
But I did make some changes. I cut back the fund's stake in
state-appropriated bonds, which rely on annual appropriations by the state
legislature to meet all or part of their principal and interest payments. I
sold some partly because I expect the state will face some tough economic
and fiscal challenges in 1995. Also, I felt that these bonds had become
relatively expensive and that most of the advantages of holding them was
behind us.
Q. WHAT'S AHEAD FOR NEW YORK MUNICIPAL BONDS?
A. There are a couple of factors that most likely will shape the outlook
for New York municipal bonds in 1995. The state and New York City will have
to be aggressive in cutting their budgets to compensate for declining
revenues. We won't know how they plan to accomplish that until they issue
their budgets in the spring. However, a positive is that I expect there to
be a limited supply of New York bonds available in 1995. Lower supply and
constant or rising demand could help boost New York bond prices.

FUND FACTS
GOAL: to provide high current
income exempt from federal,
state and New York City
income taxes by investing
primarily in insured New York
municipal
securities
START DATE: October 11, 1985
SIZE: as of January 31, 1995,
more than $310 million
MANAGER: Norm Lind, since
March 1994; manager,
Fidelity New York Tax-Free
High Yield Portfolio, and
Spartan New York Municipal
High Yield Portfolio, since
October 1993; Spartan
Municipal Income Portfolio,
since June 1990; joined
Fidelity in 1986
(checkmark)

NORM LIND'S STRATEGY:
"I believe that we're nearing
the end of the cycle of rising
interest rates. But until there
are definitive signs about the
direction the of economy,
inflation and interest rates,
we're likely to see more
volatility in the municipal bond
market. As a result, I'll more
likely remain defensive and
keep the fund's duration
neutral, or more in line with
the market as a whole. Also,
I'll attempt to find individual
bonds or sectors that I think
can outperform the overall
market. One way I'll do that is
by investing a portion of the
fund in investment-grade
uninsured bonds that will help
add income to the fund. I'll
also look for the types of
bonds that I think many
investors will want to own in
the future. An example is
non-callable bonds, which
can't be redeemed by their
issuers before their scheduled
maturities."
(solid bullet) Investment-grade
uninsured bonds made up
21.2% of the fund's
investments at the end of the
period. These bonds are
attractive, in part, because
they usually offer higher
yields than insured bonds.
(solid bullet) The manager, using careful
research, attempts to identify
uninsured issues with strong
credit fundamentals.
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JANUARY 31, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

Transportation 21.8 24.4

Water & Sewer 20.8 17.2

Lease Revenue 14.1 16.5

General Obligation 8.4 6.1

Health Care 8.0 9.9

AVERAGE YEARS TO MATURITY AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 19.3 19.5

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF JANUARY 31, 1995
6 MONTHS AGO

Years 9.3 9.9

DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH A
FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER FACTORS
CAN ALSO INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THE ABOVE EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF JANUARY 31, 1995 AS OF JULY 31, 1994
Aaa 75.7%
Aa, A 15.3%
Baa 5.9%
Short-term
investments 3.1%
Aaa 72.2%
Aa, A 17.4%
Baa 7.7%
Short-term
investments 2.7%
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 25.7
Row: 1, Col: 3, Value: 15.3
Row: 1, Col: 4, Value: 5.9
Row: 1, Col: 5, Value: 3.1
Row: 1, Col: 1, Value: 72.2
Row: 1, Col: 2, Value: 17.4
Row: 1, Col: 3, Value: 7.7
Row: 1, Col: 4, Value: 2.7
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 96.9%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - 92.4%
Albany County Rfdg. 5% 10/1/12
(FGIC Insured) (e) Aaa $ 6,600,000 $ 5,667,750
Albany Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev. Rfdg. Series A, 5.50% 12/1/22
(FGIC Insured) Aaa 8,395,000 7,366,612
Buffalo Swr. Auth. Rev. (Swr. Sys.) Series G:
5.25% 7/1/08 (FGIC Insured) Aaa 6,000,000 5,430,000
5% 7/1/12 (FGIC Insured) Aaa 3,800,000 3,225,250
Cherry Valley Springfield Central School Dist.
Unltd. Tax:
7.80% 5/1/14 (MBIA Insured) Aaa 435,000 510,581
7.80% 5/1/15 (MBIA Insured) Aaa 435,000 512,212
7.80% 5/1/16 (MBIA Insured) Aaa 435,000 511,125
7.80% 5/1/17 (MBIA Insured) Aaa 435,000 513,300
7.80% 5/1/18 (MBIA Insured) Aaa 434,000 513,205
Clifton Park Wtr. Auth. Wtr. Sys. Rev.:
Rfdg. 5% 10/1/18 (FGIC Insured) Aaa 1,820,000 1,501,500
5% 10/1/26 (FGIC Insured) Aaa 8,230,000 6,584,000
Erie County Wtr. Auth. Wtr. Rev. Rfdg. (Fourth
Resolution) 0% 12/1/17 (AMBAC Insured) Aaa 1,210,000 235,950
Metropolitan Trans. Auth. Rev. 6.125%
7/1/12 (MBIA Insured) Aaa 2,050,000 2,012,239
Metropolitan Trans. Auth. Svc. Contract
Commuter Facs. Rev. Rfdg. Series L,
7.50% 7/1/17 (MBIA Insured) Aaa 4,000,000 4,220,000
Metropolitan Trans. Auth. Trans. Facs. Rev.:
Rfdg. Series N:
0% 7/1/11 (FGIC Insured) Aaa 5,980,000 2,145,325
0% 7/1/12 (FGIC Insured) Aaa 8,700,000 2,914,500
Series J, 5.50% 7/1/22 (FGIC Insured) Aaa 2,500,000 2,200,000
New York City Gen. Oblig. Series C,
6.90712% 8/1/03 INFL (c) Baa1 6,600,000 6,575,250
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr.
Sys. Rev.:
Series A, 5% 6/15/17
(FGIC Insured) Aaa 3,700,000 3,047,875
Series B, 5.375% 6/15/19
(MBIA Insured) Aaa 2,500,000 2,171,875
Series D, 5.75% 6/15/18
(FGIC Insured) Aaa 6,075,000 5,566,219
New York City Trust Cultural Resource Rev. Rfdg.
(Museum of Modern Art) 5.40% 1/1/12
(AMBAC Insured) Aaa 1,400,000 1,258,250
New York State Dorm. Auth. Rev.:
Rfdg. (City Univ.) Series B:
8.20% 7/1/13 (AMBAC Insured) Aaa 1,500,000 1,659,375
6% 7/1/14 (CGIC Insured) Aaa 3,000,000 2,857,500
Rfdg. (New York Univ.) Series A, 5%
7/1/11 (MBIA Insured) Aaa 2,000,000 1,730,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth. Rev. - continued
Rfdg. (State Univ. Edl. Facs.):
Series A:
5.50% 5/15/07 (FGIC Insured) Aaa $ 6,700,000 $ 6,465,500
5.50% 5/15/09 (AMBAC Insured) Aaa 6,000,000 5,587,500
5.50% 5/15/13 (AMBAC Insured) Aaa 8,500,000 7,692,500
5.25% 5/15/15 (AMBAC Insured) Aaa 2,500,000 2,168,750
Series B, 5.25% 5/15/11 (FGIC Insured) Aaa 2,950,000 2,614,437
(Childrens Assoc. Inc.) 7.60% 7/1/18
(MBIA Insured) Aaa 1,500,000 1,584,375
(City Univ.) Series F, 5.25% 7/1/06
(FGIC Insured) Aaa 8,225,000 7,813,750
(Colgate Univ.) 5.625% 7/1/23
(FGIC Insured) Aaa 6,525,000 5,807,250
(Consolidated City Univ. Sys.) Series A,
5.75% 7/1/06 (FGIC Insured) Aaa 1,750,000 1,734,687
(Ideal Senior Living Hsg.) 7.625% 8/1/28
(MBIA Insured) Aaa 2,000,000 2,125,000
(Manhattanville) 0% 7/1/10 (MBIA Insured) Aaa 2,175,000 831,937
(Mount Sinai Medical School) Series A:
5% 7/1/14 (MBIA Insured) Aaa 4,235,000 3,589,163
5% 7/1/15 (MBIA Insured) Aaa 3,000,000 2,531,250
5% 7/1/16 (MBIA Insured) Aaa 5,000,000 4,200,000
(New York Univ. Law School) 7.625%
7/1/09 (MBIA Insured) Aaa 3,090,000 3,321,750
(Society Hosp. Proj.) 9.75% 7/1/15 Baa1 2,000,000 2,062,500
(Union College) 5.75% 7/1/10
(FGIC Insured) Aaa 2,800,000 2,639,000
New York State Energy Research & Dev. Auth.
Facs. Rev. Rfdg. (Consolidated Edison Co.)
Series B, 5.25% 8/15/20 (MBIA Insured) Aaa 5,000,000 4,206,250
New York State Energy Research & Dev. Auth. Poll.
Cont. Rev. (Central Hudson Gas) Series 1984 B,
7.375% 10/1/14 (FGIC Insured) Aaa 2,250,000 2,399,063
New York State Environmental Facs. Corp.
Poll. Cont. Rev. (State Wtr. Revolving Fund)
(New York City Wtr. Proj.) Series A,
7% 6/15/12 Aa 1,000,000 1,047,500
New York State Gen. Oblig.:
7.10% 3/1/10 (AMBAC Insured) Aaa 1,720,000 1,812,450
Unltd. Tax 7.125% 11/15/10 A 2,670,000 2,826,863
New York State Local Gov't. Assistance Corp. Rfdg.:
Series B, 5.50% 4/1/21 A 4,000,000 3,470,000
Series C:
0% 4/1/14 A 10,000,000 2,925,000
5.50% 4/1/17 A 10,000,000 8,837,500
5% 4/1/21 A 4,500,000 3,628,125
Series E, 6% 4/1/14 A 4,000,000 3,820,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Med. Care Facs. Fin. Agcy. Rev.:
(Beth Israel Med. Ctr.) Series A, 7.50%
11/1/10 (MBIA Insured) Aaa $ 4,000,000 $ 4,285,000
(Health Insurance Plan Greater New York)
Series B, 8.50% 11/1/15 (AMBAC Insured)
(Pre-Refunded to 12/1/97 @ 100) (d) Aaa 4,555,000 4,936,481
(Long-Term Health Care) Series A, 6.80%
11/1/14 (CGIC Insured) Aaa 1,250,000 1,279,688
(Mary Immogene Basset Hosp.) 7.125%
11/1/20 (MBIA Insured) Aaa 2,290,000 2,393,050
(Mental Health Svcs. Facs. Impt.) Series D,
7.40% 2/15/18 Baa1 1,640,000 1,695,350
(Montefiore Med. Ctr.) 7.25% 2/15/24
(MBIA Insured) Aaa 2,000,000 2,090,000
(North Shore Univ. Hosp. Mtg. Proj.)
Series A, 7.20% 11/1/20 (MBIA Insured) Aaa 6,000,000 6,330,000
(St. Francis Hosp. Proj.) Series A, 7.625%
11/1/21 (FGIC Insured) Aaa 1,795,000 1,895,969
New York State Pwr. Auth. & Gen. Purpose Rev.
Series CC, 5.125% 1/1/11 Aa 10,000,000 8,687,500
New York State Tollway Auth. Gen. Rev. Series B:
5% 1/1/14 (MBIA Insured) Aaa 7,950,000 6,717,750
5% 1/1/20 (MBIA Insured) (e) Aaa 21,550,000 17,617,125
Niagara Falls Bridge Commission Toll Rev.
Series B, 5.25% 10/1/15 (FGIC Insured) Aaa 14,225,000 12,322,406
Niagara Falls Pub. Impt.:
7.50% 3/1/08 (MBIA Insured) Aaa 995,000 1,119,375
7.50% 3/1/10 (MBIA Insured) Aaa 1,155,000 1,300,819
7.50% 3/1/11 (MBIA Insured) Aaa 1,245,000 1,400,625
7.50% 3/1/16 (MBIA Insured) Aaa 1,060,000 1,207,075
7.50% 3/1/17 (MBIA Insured) Aaa 1,200,000 1,362,000
Niagara Frontier Trans. Auth. Arpt. Rev.
(Greater Buffalo Int'l. Arpt.) Series C, 6%
4/1/14 (AMBAC Insured) Aaa 1,000,000 958,750
Suffolk County Ind. Dev. Agcy. Southwest Swr.
Sys. Rev. 6% 2/1/08 (FGIC Insured) Aaa 2,500,000 2,500,000
Suffolk County Wtr. Auth. Wtrwks. Rev.:
Rfdg. Series B, 5.625% 6/1/16
(AMBAC Insured) Aaa 2,400,000 2,163,000
Rfdg. (Sr. Lien):
5.10% 6/1/09 (MBIA Insured) Aaa 2,000,000 1,787,500
5.10% 6/1/10 (MBIA Insured) Aaa 4,500,000 3,982,500
Rfdg. (Sub. Lien) 5.10% 6/1/13
(MBIA Insured) Aaa 2,000,000 1,735,000
7.375% 6/1/12 (AMBAC Insured) Aaa 30,000 31,725
5% 6/1/15 (MBIA Insured) Aaa 2,000,000 1,685,000
5% 6/1/17 (MBIA Insured) Aaa 12,765,000 10,594,950
6% 6/1/17 (MBIA Insured) Aaa 3,500,000 3,338,125
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Triborough Bridge & Tunnel Auth. Rev.:
Rfdg. (Gen. Purpose) Series Y, 5.50% 1/1/17 Aa $ 9,025,000 $ 8,077,375
(Convention Ctr. Proj.) Series E, 7.25% 1/1/10 Baa1 1,700,000 1,797,750
Triborough Bridge & Tunnel Auth. Spl. Oblig. Rfdg.
Series B, 6.875% 1/1/15 (FGIC Insured) Aaa 500,000 516,875
284,480,756
NEW YORK & NEW JERSEY - 2.5%
New York & New Jersey Port Auth.:
Consolidated 53rd Series, 8.70% 7/15/20 A1 3,500,000 3,653,125
Consolidated 89th Series, 5.125% 10/1/21
(FGIC Insured) Aaa 4,750,000 3,930,625
7,583,750
PUERTO RICO - 2.0%
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:
Rfdg. Series S, 7% 7/1/06 Baa1 2,500,000 2,675,000
7.125% 7/1/14 Baa1 550,000 569,938
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.
Resources Auth. Pwr. Rev. Rfdg. Series N,
7.125% 7/1/14 Baa1 685,000 709,831
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Wtr. Resource
Auth. Pwr. Rev. Rfdg. Series N, 7% 7/1/07 Baa1 2,150,000 2,236,000
6,190,769
TOTAL MUNICIPAL BONDS
(Cost $310,212,900) 298,255,275
MUNICIPAL NOTES (A) - 3.1%
NEW YORK - 3.1%
New York City Trust Cultural Resources Rev.
(Guggenheim Foundation) Series 1990 B,
3.75%, LOC Swiss Bank, VRDN VMIG 1 6,500,000 6,500,000
New York State Energy Research & Dev. Auth.
Poll. Cont. Rev. (Niagara Mohawk Proj.)
Series 1985 A, 4.10%, LOC Long-Term Cr.
Bank of Japan, VRDN A-1+ 3,100,000 3,100,000
TOTAL MUNICIPAL NOTES
(Cost $9,600,000) 9,600,000
TOTAL INVESTMENTS - 100%
(Cost $319,812,900) $ 307,855,275
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SOLD
40 Municipal Bond Contracts March 1995 $ 3,491,250 $ (83,488)
80 Treasury Bond Contracts March 1995 8,117,500 (51,038)
$ (134,526)
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 3.8%

SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
VRDN - Variable Rate Demand Notes
LEGEND
(a) (a) The coupon rate shown on floating or adjustable rate securities
represents the rate
at period end.
(a) (b) Standard & Poor's Corporation credit ratings are used in the
absence of a rating by Moody's Investors Service, Inc.
(a) (c) Coupon is inversely indexed to a floating interest rate. The price
will be more volatile than the price of a comparable fixed rate security.
The rate shown is the rate at
period end.
(a) (d) Security collateralized by an amount sufficient to pay interest and
principal.
(a) (e) A portion of the Security was pledged to cover margin requirements
for futures contracts. At the period end, the value of securities pledged
amounted to $9,075,000.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows:
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 90.9% AAA, AA, A 95.1%
Baa 6.0% BBB 1.8%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 0.0%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investments, is as follows:
Transportation 21.8%
Water & Sewer 20.8
Lease Revenue 14.1
Others
(individually less than 10%) 43.3
TOTAL 100.0%
INCOME TAX INFORMATION
At January 31, 1995, the aggregate cost of investment securities for income
tax purposes was $319,812,866. Net unrealized depreciation aggregated
$11,957,591, of which $5,187,017 related to appreciated investment
securities and $17,144,608 related to depreciated investment securities.
The fund intends to elect to defer to its fiscal year ending January 31,
1996 $2,776,458 of losses recognized during the period November 1, 1994 to
January 31, 1995.
At January 31, 1995, the fund was required to defer $195,896 of losses on
futures contracts and options.
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

27.ASSETS

Investment in securities, at value (cost $319,812,900) - $ 307,855,275
See accompanying schedule

Receivable for investments sold 2,298,531

Interest receivable 3,627,285

28.TOTAL ASSETS 313,781,091

29.LIABILITIES

Payable to custodian bank $ 66,505

Payable for investments purchased 2,024,795

Payable for fund shares redeemed 171,422

Dividends payable 380,867

Accrued management fee 103,258

Payable for daily variation on futures contracts 64,113

Other payables and accrued expenses 58,569

30.TOTAL LIABILITIES 2,869,529

31.NET ASSETS $ 310,911,562

Net Assets consist of:

Paid in capital $ 325,841,541

Accumulated undistributed net realized gain (loss) on (2,837,828)
investments

Net unrealized appreciation (depreciation) (12,092,151)
on investments

32.NET ASSETS, for 28,709,741 shares outstanding $ 310,911,562

33.NET ASSET VALUE, offering price and redemption price $10.83
per share ($310,911,562 (divided by) 28,709,741 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

34.35.INTEREST INCOME $ 21,378,308

36.EXPENSES

Management fee $ 1,414,193

Transfer agent, accounting and custodian fees 534,500
and expenses

Non-interested trustees' compensation 6,936

Registration fees 554

Audit 39,821

Legal 2,392

Reports to shareholders 11,307

Miscellaneous 4,753

37.TOTAL EXPENSES 2,014,456

38.NET INTEREST INCOME 19,363,852

39.REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 228,651

Futures contracts 1,115,013 1,343,664

Change in net unrealized appreciation (depreciation) on:

Investment securities (45,177,417)

Futures contracts (94,877) (45,272,294)

40.NET GAIN (LOSS) (43,928,630)

41.NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (24,564,778)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED JANUARY 31,

1995 1994

42.INCREASE (DECREASE) IN NET ASSETS

Operations $ 19,363,852 $ 20,986,597
Net interest income

Net realized gain (loss) 1,343,664 16,060,906

Change in net unrealized appreciation (depreciation) (45,272,294) 8,371,146

43.NET INCREASE (DECREASE) IN NET ASSETS RESULTING (24,564,778) 45,418,649
FROM OPERATIONS

Distributions to shareholders: (19,363,852) (20,986,597)
From net interest income

From net realized gain (2,159,434) (10,212,037)

In excess of net realized gain (2,292,300) -

44.TOTAL DISTRIBUTIONS (23,815,586) (31,198,634)

Share transactions 57,210,652 111,811,958
Net proceeds from sales of shares

Reinvestment of distributions 18,383,206 24,514,581

Cost of shares redeemed (130,930,709) (95,222,561)

Net increase (decrease) in net assets resulting from (55,336,851) 41,103,978
share transactions

45.TOTAL INCREASE (DECREASE) IN NET ASSETS (103,717,215) 55,323,993

46.NET ASSETS

Beginning of period 414,628,777 359,304,784

End of period $ 310,911,562 $ 414,628,777

47.OTHER INFORMATION
Shares

Sold 5,128,613 9,106,343

Issued in reinvestment of distributions 1,674,611 1,996,632

Redeemed (11,812,561) (7,748,391)

Net increase (decrease) (5,009,337) 3,354,584

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED JANUARY 31, NINE MONTHS YEARS ENDED APRIL 30,
ENDED
JANUARY 31,

1995 1994 1993 1992 1991

SELECTED PER-SHARE DATA

Net asset value, $ 12.300 $ 11.830 $ 11.320 $ 10.990 $ 10.540
beginning of period

Income from Investment .629 .648 .509 .684 .696
Operations
Net interest income

Net realized and (1.320) .780 .510 .330 .450
unrealized gain (loss)

Total from investment (.691) 1.428 1.019 1.014 1.146
operations

Less Distributions (.629) (.648) (.509) (.684) (.696)
From net interest
income

From net realized gain (.070) (.310) - - -
on investments

In excess of net realized (.080) - - - -
gain on investments

Total distributions (.779) (.958) (.509) (.684) (.696)

Net asset value, $ 10.830 $ 12.300 $ 11.830 $ 11.320 $ 10.990
end of period

TOTAL RETURN B -5.48 12.36 9.16% 9.45 11.17
% % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 310,912 $ 414,629 $ 359,305 $ 309,300 $ 246,842
end of period
(000 omitted)

Ratio of expenses to .58 .58 .61% .62 .64
average net assets % % A % %

Ratio of net interest 5.60 5.31 5.73% 6.17 6.45
income to average net % % A % %
assets

Portfolio turnover rate 41 48 39% 17 33
% % A % %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period and reinvestment of its dividends (or income). Yield
measures the income paid by a fund. Since a money market fund tries to
maintain a $1 share price, yield is an important measure of performance. If
Fidelity had not reimbursed certain fund expenses during the periods shown,
the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

New York Tax-Free Money Market 2.44% 16.39% 45.23%

Average New York
Tax-Free Money Market Fund 2.28% 16.03% n/a

Consumer Price Index 2.80% 17.97% 42.46%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years or ten years. For example, if you
invested $1,000 in a fund that had a 5% return over the past year, you
would end up with $1,050. To measure how the fund stacked up against its
peers, you can compare its return to the average New York tax-free money
market fund's total return. This average currently reflects the performance
of 37 New York tax-free money market funds tracked by IBC/Donoghue.
Comparing the fund's performance to the consumer price index (CPI) helps
show how your investment did compared to inflation. (The periods covered by
the CPI and IBC Donoghue numbers are the closest available match to those
covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

New York Tax-Free Money Market 2.44% 3.08% 3.80%

Average New York
Tax-Free Money Market Fund 2.28% 3.02% n/a

Consumer Price Index 2.80% 3.36% 3.60%

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
1/31/94 4/30/94 7/31/94 10/31/94 1/31/95

New York Tax-Free 1.82% 2.30% 2.30% 2.74% 3.20%
Money Market

Average New York 1.67% 2.18% 2.18% 2.60% 2.97%
Tax-Free Money Market
Fund

New York Tax-Free 3.25% 4.10% 4.10% 4.89% 5.71%
Money Market Tax-equivalen
t

Average All Taxable 2.68% 3.15% 3.83% 4.40% 5.23%
Money Market Fund

</TABLE>

Row: 1, Col: 1, Value: 1.82
Row: 1, Col: 2, Value: 1.67
Row: 2, Col: 1, Value: 2.3
Row: 2, Col: 2, Value: 2.18
Row: 3, Col: 1, Value: 2.3
Row: 3, Col: 2, Value: 2.18
Row: 4, Col: 1, Value: 2.74
Row: 4, Col: 2, Value: 2.6
Row: 5, Col: 1, Value: 3.2
Row: 5, Col: 2, Value: 2.97
5% -
4% -
3% -
2% -
1% -
0%
New York
Tax-Free
Money Market
Average New York
Tax-Free Money
Market Fund
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average tax-free money market fund. Or you can
look at the fund's tax-equivalent yield, which is based on a combined
effective 1995 federal, state and New York City income tax rate of 43.92%.
The tax-equivalent figures are useful in seeing how the fund stacked up
against the average taxable money market fund as tracked by IBC/Donoghue. A
portion of the fund's income may be subject to the alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS REFLECT PAST RESULTS RATHER
THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the
tax-free yield - makes the
comparison more meaningful.
Keep in mind that the U.S.
government neither insures nor
guarantees a money market
fund. And there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jan Bradburn,
Portfolio Manager of Fidelity New
York Tax-Free Money Market Portfolio
Q. JAN, MONEY MARKET INTEREST RATES HAVE RISEN DRAMATICALLY OVER THE PAST
YEAR. CAN YOU BRING US UP TO DATE?
A. Sure. A year ago, the federal funds rate - what banks charge each other
for overnight loans - was at 3%, where it had been for some time. Then on
February 4, 1994, the Federal Reserve made a preemptive strike against
inflation, raising the federal funds rate one-quarter percentage point to
3.25%. I use the word preemptive because at the time there was very little
concrete evidence of inflation; only what seemed - to the Fed, at least -
to be a growing threat. Two more quarter-point increases followed in March
and April, two half-point increases in May and August, and finally a
three-quarter-point increase in November. The federal funds rate ended the
period at 5.50%. I should point out that on February 1, 1995 - one day
after the period ended - the Fed raised the federal funds rate another
one-half percentage point to 6.00%.
Q. WHAT WAS YOUR STRATEGY IN THE FACE OF RISING RATES?
A. Ordinarily when rates are rising, I try to shorten the fund's average
maturity. That way as the fund's securities roll over, I can replace them
with higher-yielding securities and seek to keep pace with rising rates. In
a nutshell, that was my strategy during most of 1994. In January 1994, at
the beginning of the period. the fund's average maturity was around 60
days. I let it roll down to around 50 days by the end of February, and on
down into the 40s by mid-summer. One way I did that was by adding variable
rate demand notes. VRDNs have rates that reset at daily, weekly or monthly
intervals. Then as New York entered its annual borrowing season and the
heavy supply of new issues propped up rates, I extended the fund slightly
out past 50 days in August. Since then I've let it roll back into the
mid-40s, and kept it there during the final months of the period. By the
end of January 1995, the fund's average maturity was 42 days.
Q. HOW DID THE FUND PERFORM?
A. On January 31, 1995, the fund's seven-day yield was 3.20%, compared to
1.82% a year ago, reflecting the dramatic rise in short-term interest rates
during the period. The latest yield is the equivalent of a 5.71% taxable
yield for New York investors in the 43.92% combined federal, state and New
York City tax bracket. The fund's total return for the year ended January
31, 1995 was 2.44%. That beat the average total return of 2.28% for all New
York tax-free money market funds during the same period, according to
IBC/Donoghue.
Q. WHAT CAN WE EXPECT IN THE MONTHS AHEAD?
A. Some observers believe that short-term rates are likely to move still
higher in the months ahead, despite the fact that inflation has so far
remained modest. The lesson we all learned last year is that the Fed is
determined to stifle inflation before it becomes a problem. Therefore, as
long as the economic growth rate remains above the Fed's target rate of
2.5%, we can probably expect the federal funds rate to keep rising. With
that in mind, I'll likely try to keep the fund's average maturity in the
neutral to defensive range - or around 40 to 50 days - for the foreseeable
future.

FUND FACTS
GOAL: tax-free income and
stability by investing in
high-quality, short-term New
York municipal securities
START DATE: July 6, 1984
SIZE: as of January 31, 1995,
more than $737 million
MANAGER: Janice Bradburn,
since September 1989;
manager, Fidelity Ohio
Municipal Money Market
Portfolio, since October 1993;
Fidelity Massachusetts
Tax-Free and Spartan
Massachusetts Municipal
Money Market Portfolios,
since January 1992; Spartan
New York Municipal Money
Market Portfolio, since
February 1990; joined
Fidelity in 1989
(checkmark)

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
1/31/95 7/31/94 1/31/94

0 - 30 68 63 60

31 - 90 16 20 16

91 - 180 11 12 12

181 - 397 5 5 12

WEIGHTED AVERAGE MATURITY
1/31/95 7/31/94 1/31/94

Fidelity New York Tax-Free
Money Market Portfolio 42 days 48 days 64 days

Average New York Tax-Free
42 days 54 days 58 days
Money Market Fund*

ASSET ALLOCATION
AS OF JANUARY 31, 1995 AS OF JULY 31, 1994

Row: 1, Col: 1, Value: 48.0
Row: 1, Col: 2, Value: 25.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 23.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 52.1
Row: 1, Col: 2, Value: 15.5
Row: 1, Col: 3, Value: 8.5
Row: 1, Col: 4, Value: 20.3
Row: 1, Col: 5, Value: 3.6
Variable rate
demand notes
(VRDNs) 48%
Commercial
paper 25%
Tender bonds 2%
Municipal
notes 23%
Other 2%
Variable rate
demand notes
(VRDNs) 52%
Commercial
paper 16%
Tender bonds 8%
Municipal
notes 20%
Other 4%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO

INVESTMENTS JANUARY 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 95.9%
Albany County Ind. Dev. Auth. Ind. Dev. Rev.
(Campus Plaza 7 Inc. Proj.) 3.90%,
LOC Marine Midland Bank, VRDN (b) $ 1,045,000 $ 1,045,000
Amsterdam Ind. Dev. Agcy. Ind. Dev. Rev.
(Longview Fiber Co.) Series 1987, 3.50%,
LOC Algemene Bank, VRDN 1,880,000 1,880,000
Broome County BAN 3.75% 4/20/95 8,300,000 8,309,099
Buffalo Gen. Oblig. RAN 5% 7/12/95,
LOC Landesbank Hessen-Thuringen 15,875,000 15,929,869
Chautauqua County Ind. Dev. Agcy. Rev., VRDN:
(Greater Buffalo Press, Inc. Proj.) Series 1984, 3.875%,
LOC Mitsui Bank 4,000,000 4,000,000
(Red Wing Co. Inc. Proj.) Series 1985, 3.875%,
LOC Bankers Trust 3,500,000 3,500,000
Chemung County Ind. Dev. Auth. Rev. (McWayne Inc. Proj.)
Series 1992 A, 3.65%, LOC Amsouth Bank, VRDN (b) 3,000,000 3,000,000
Columbia County Ind. Dev. Auth. Ind. Dev. Rev.
(Phillip Morris Proj.) 3.65%, VRDN 1,800,000 1,800,000
Commack Union Free School Dist. Gen. Oblig. TAN:
4.25% 6/30/95 4,700,000 4,705,904
4.50% 6/30/95 1,000,000 1,002,161
4.75% 6/30/95 1,000,000 1,003,184
Connetquot Central School Dist. Gen. Oblig.
TAN 4.75% 6/30/95 8,000,000 8,020,966
Deer Park Union Free School Dist. Gen. Oblig.
TAN 4.25% 6/28/95 2,800,000 2,805,435
East Rochester Union Free School Dist. Gen. Oblig.
BAN 4.75% 6/23/95 5,300,000 5,309,266
Erie County Ind. Dev. Auth. Ind. Dev. Rev., VRDN (b):
(Nat'l. Wire Products) Series 1988 E, 3.90%,
LOC Marine Midland Bank 345,000 345,000
(Niagara Envelope Co. Proj.) 3.90%,
LOC Marine Midland Bank 2,200,000 2,200,000
(Uniland Dev./Buffalo Campus-B) 3.90%,
LOC Marine Midland Bank 1,420,000 1,420,000
Erie County RAN 4.75% 8/15/95,
LOC Union Bank of Switzerland 1,200,000 1,201,870
Garden City BAN 5.25% 4/3/95 2,000,000 2,001,651
Hauppauge Union Free School Dist. Gen. Oblig.
TAN 4.75% 6/29/95 2,200,000 2,206,115
Islip Ind. Dev. Auth. Ind. Dev. Rev., VRDN:
(Brentwood Dist. Corp. Facs. Proj.) Series 1984, 2.975%,
LOC Bankers Trust 2,000,000 2,000,000
(Magu Realty/Creative Bath Proj.) Series 1992, 3.70%,
LOC Chemical Bank (b) 5,330,000 5,330,000
Jefferson County Ind. Dev. Auth. Ind. Dev. Rev.
(Watertown-Carthage Television Corp. Proj.) Series 1982,
4.12%, LOC First Nat'l. Bank of Chicago, VRDN 3,300,000 3,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Middle Country Central School Dist. Gen. Oblig. TAN
(Centereach of the Town of Brookhaven)
4.75% 6/30/95 $ 4,000,000 $ 4,011,945
Monroe County BAN 5% 6/9/95 1,700,000 1,702,601
Monroe County Ind. Dev. Auth. Ind. Agcy. Rev.
(Advent Tool & Mold) Series 1990 D, 3.90%,
LOC Marine Midland Bank, VRDN (b) 1,175,000 1,175,000
Nassau County BAN:
5% 8/15/95 3,259,000 3,270,853
5.25% 8/15/95 8,000,000 8,025,040
Nassau County Ind. Dev. Auth. Ind. Dev. Rev.
(Cr/PL Inc. Proj.) Series 1985, 3.45%,
LOC First Nat'l. Bank of Chicago, VRDN 3,930,000 3,930,000
New York City Gen. Oblig. Bonds Series 1995 B-9,
3.80%, tender 2/23/95, LOC Chemical Bank 6,000,000 6,000,000
New York City Gen. Oblig. Rev., VRDN:
Series 1992 D, 4.20% (FGIC Insured) 2,500,000 2,500,000
Series 1993 A-4, 3.85%, LOC Chemical Bank 3,000,000 3,000,000
Series 1994 A-10, 4.25%, LOC Sumitomo Bank Ltd 3,400,000 3,400,000
Series 1995 B-8, 3.60%, LOC Mitsubishi Bank Ltd 3,000,000 3,000,000
Series 1995 B-10, 3.55%, LOC Union Bank of
Switzerland 3,700,000 3,700,000
New York City Hsg. Dev. Corp. Mtg. Rev.
(York Avenue Proj.) Series 1994 A, 3.60%,
LOC Chemical Bank, VRDN (b) 11,000,000 11,000,000
New York City Hsg. Dev. Corp. Multi-Family
Hsg. Mtg. Rev., VRDN:
(Columbus Garden Proj.) Series 1993 A, 3.55%,
LOC Citibank 5,000,000 5,000,000
(Tribeca Towers) Series 1994 A, 3.65%
(FNMA Guaranty) (b) 8,800,000 8,800,000
New York City Hsg. Dev. Corp. Spl. Residential Rev., VRDN:
(Montefiore Med. Ctr. Proj.) Series 1993 A, 3.55%,
LOC Chemical Bank 8,400,000 8,400,000
(Related-East 96th St. Proj.) Series 1990 A, 2.45%,
LOC Mitsubishi Bank 13,000,000 13,000,000
New York City Ind. Dev. Agcy. Facs. Rev.
(Church of the Heavenly Rest Day School Proj.)
Series 1991, 3.40%, LOC Barclays Bank, VRDN 6,610,000 6,610,000
New York City Ind. Dev. Agcy. Ind. Dev. Rev.
(Nippon Cargo Airlines Co.) Series 1992, 4.40%,
LOC Ind. Bank of Japan, VRDN (b) 15,200,000 15,200,000
New York City Metropolitan Transit Auth. Participating
VRDN, Series M, 3.75% (Liquidity Facility Hong Kong &
Shanghai Banking Corp.) (c) 13,000,000 13,000,000
New York City Metropolitan Transit Auth. Tender
Option Bonds Series 144, 3.81%
(Liquidity Facility Citibank) (c) 16,655,000 16,655,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin. Auth. Rev. Series 1, CP:
3.60% 2/9/95,
LOC Canadian Imperial Bank of Commerce $ 11,000,000 $ 11,000,000
4.30% 2/23/95,
LOC Canadian Imperial Bank of Commerce 24,100,000 24,100,000
3.80% 3/8/95,
LOC Canadian Imperial Bank of Commerce 4,000,000 4,000,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys.
Rev. Bonds Series A, 9.25% 6/15/95
(Pre-refunded to 6/15/95 @ 102) (d) 7,310,000 7,584,009
New York City Participating VRDN, Series1994 C-3,
3.76% (Liquidity Facility Citibank) (c) 17,000,000 17,000,000
New York City RAN Series A, 4.50% 4/12/95 36,900,000 36,932,746
New York City Trust Cultural Resources Rev.
(Carnegie Hall), VRDN:
Series 1985, 2.75%, LOC Dai-Ichi Kangyo Bank Ltd 3,000,000 3,000,000
Series 1990, 2.75%, LOC Dai-Ichi Kangyo Bank Ltd 1,300,000 1,300,000
New York City Wtr. Fin. Auth. Participating VRDN,
Certificate V, 3.625% (Liquidity Facility Bankers
Trust) (c) 5,100,000 5,100,000
New York State Dorm. Auth. Bonds
(Mem. Sloan-Kettering Cancer Ctr.):
Series 1989 A:
3.80%, tender 2/21/95, LOC Fuji Bank Ltd 2,000,000 2,000,000
3.65%, tender 3/1/95, LOC Fuji Bank Ltd 5,400,000 5,400,000
3.65%, tender 3/9/95, LOC Fuji Bank Ltd 3,460,000 3,460,000
3.70%, tender 3/10/95, LOC Fuji Bank Ltd 2,000,000 2,000,000
3.95%, tender 3/14/95, LOC Fuji Bank Ltd 1,000,000 1,000,000
Series 1989 B:
3.70%, tender 3/8/95, LOC Fuji Bank Ltd 6,050,000 6,050,000
3.70%, tender 3/10/95, LOC Fuji Bank Ltd 6,450,000 6,450,000
Series 1989 C, 3.65%, tender 3/9/95,
LOC Fuji Bank Ltd 3,100,000 3,100,000
Series 1989 D:
3.75%, tender 2/17/95, LOC Fuji Bank Ltd 7,800,000 7,800,000
3.65%, tender 3/1/95, LOC Fuji Bank Ltd 2,000,000 2,000,000
New York State Dorm. Auth. Participating VRDN,
Series PA-60, 3.75% (Liquidity Facility Merrill Lynch) (c) 4,500,000
4,500,000
New York State Dorm. Auth. Pooled Short Term Rev.
Series 1987 A, 4.10% 2/1/95, LOC Tokai Bank, CP 2,744,000 2,744,000
New York State Dorm. Auth. Tender Option Ctfs.,
Series DD-1, 3.75% (Liquidity Facility Kredietbank) (c) 10,500,000
10,500,000
New York State Energy Research & Dev. Auth. Elec. Rev.
(Long Island Lighting), VRDN (b):
Series 1993 A, 3.65%, LOC Toronto-Dominion Bank 16,700,000 16,700,000
Series 1994 A, 3.60%, LOC Union Bank of
Switzerland 20,000,000 20,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Energy Research & Dev. Auth.
Participating VRDN:
Series 943202, 3.76% (Liquidity Facility Citibank) (c) $ 15,400,000 $
15,400,000
Series 943206, 4.50% (Liquidity Facility Citibank) (c) (e) 8,000,000
8,000,000
New York State Energy Research & Dev. Auth. Poll. Cont.
Rev. Bonds (New York State Elec. & Gas):
Rfdg. Series 1994 C, 3.10%, tender 2/16/95,
LOC Morgan Guaranty Trust Co 9,500,000 9,500,000
Rfdg. Series 1994 D, 3.90%, tender 3/14/95,
LOC Union Bank of Switzerland 4,000,000 4,000,000
3.75%, tender 2/10/95,
LOC Union Bank of Switzerland 4,000,000 4,000,000
New York State Energy Research & Dev. Auth. Poll. Cont.
Rev. (Niagara Mohawk Pwr. Proj.) Series 1988 A, 4.20%,
LOC Morgan Guaranty, VRDN (b) 1,100,000 1,100,000
New York State Environmental Facs. Corp. Solid Waste
Rev. Bonds Rfdg. (Gen. Elec. Proj.) Series 1992 A (b):
3.55%, tender 2/16/95 4,300,000 4,300,000
3.80%, tender 2/21/95 1,900,000 1,900,000
New York State Gen. Oblig. Rev., CP:
Series O:
3.90% 2/22/95 9,000,000 9,000,000
3.90% 2/24/95 3,400,000 3,400,000
3.90% 2/27/95 2,000,000 2,000,000
3.80% 3/16/95 11,000,000 11,000,000
Series P:
3.85% 2/14/95 4,400,000 4,400,000
3.90% 2/17/95 4,000,000 4,000,000
Series Q:
3.90% 2/27/95 9,500,000 9,500,000
3.65% 2/28/95 3,000,000 3,000,000
3.80% 2/28/95 9,000,000 9,000,000
New York State Hsg. Fin. Agcy. Rev., VRDN:
(Mem. Sloan-Kettering Cancer Ctr.)
Series 1985 A, 2.75% 5,800,000 5,800,000
(Normandie Court I) Series 1991 A, 3.55%,
LOC Societe Generale 11,800,000 11,800,000
New York State Local Gov't. Assistance Corp. Participating
VRDN, Series PW-4, 3.70% (Liquidity Facility Bank of
Nova Scotia) (c) 5,500,000 5,500,000
New York State Local Gov't. Assistance Corp. Rev.,
Series 1993 A, 3.40%, LOC Union Bank of Switzerland,
Credit Suisse, Swiss Bank Corp., VRDN 1,000,000 1,000,000
New York State Med. Care Facs. Fin. Agcy.
Participating VRDN (c):
Series PA-61, 3.75% (Liquidity Facility Merrill Lynch) 5,625,000
5,625,000
Series PA-72, 3.80% (Liquidity Facility Merrill Lynch) 9,125,000
9,125,000
Series PA-89, 3.75% (Liquidity Facility Merrill Lynch) 2,650,000
2,650,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Med. Care Facs. Fin. Agcy. Rev.
(Lenox Hill Hosp. Proj.) Series 1990 A, 3.45%,
LOC Chemical Bank, VRDN $ 5,000,000 $ 5,000,000
New York State Mtg. Agcy. Participating VRDN (c) (b):
Series PA-87, 3.80% (Liquidity Facility Merrill Lynch) 4,000,000
4,000,000
Series PT-15 A, 3.85% (Liquidity Facility
Dai-ichi Kangyo Bank Ltd.) 6,880,000 6,880,000
Series PT 15-B, 3.10% (Liquidity Facility
Dai-ichi Kangyo Bank Ltd.) 4,280,000 4,280,000
Series PT-26, 3.80% (Liquidity Facility Credit Suisse) 4,300,000
4,300,000
New York State Pwr. Auth. Rev. 3.45% 3/7/95, CP 14,000,000 14,000,000
New York State Thruway Auth. Gen. Rev. BAN Series 1994:
4.14% 4/14/95 11,100,000 11,100,000
4.19% 4/14/95 3,000,000 3,000,000
New York State Thruway Auth. Hwy. & Bridge Spl. Tax
Bonds Series B, 3.90% 4/1/95 4,000,000 4,000,000
New York State Urban Dev. Corp. Participating VRDN,
Series BTP-113, 3.775% (Liquidity Facility Bankers
Trust Co.) (c) 7,854,000 7,854,000
Niagara Falls Bldg. Community Toll Bridge Sys. Rev., 3.40%
(FGIC Insured) (BPA Ind. Bank of Japan Ltd.) VRDN 1,200,000 1,200,000
Oceanside Union Free School Dist. Gen. Oblig.
TAN 4.50% 6/29/95 3,300,000 3,308,638
Oswego County Ind. Dev. Agcy. Poll. Cont. Rev. Rfdg.
(Phillip Morris Co. Proj.) 3.65%, VRDN 7,000,000 7,000,000
Rensselaer County BAN 4.50% 5/25/95 8,954,000 8,964,874
Riverhead Central School Dist. Gen. Oblig.
TAN 4.75% 6/30/95 4,500,000 4,511,605
Suffolk County Ind. Dev. Agcy. Civic Facs. Rev.
(Suffolk Child Dev. Ctr. Proj.) Series 1989, 3.60%,
LOC Barclays Bank, VRDN 2,000,000 2,000,000
Suffolk County Ind. Dev. Agcy. Ind. Dev. Rev.
(Nissequogue Cogen Partner Fac.) 3.50%,
LOC Toronto-Dominion Bank, VRDN (b) 1,300,000 1,300,000
Suffolk County TAN 5.25% 8/15/95,
LOC Westdeutsche Landesbank Gironzentrale 28,300,000 28,388,494
Three Village Central Union Free School Dist.
TAN 4.50% 6/30/95 8,200,000 8,221,040
Triborough Bridge & Tunnel Auth. Spl. Oblig. Rev.
Series 1994, 3.40% (FGIC Insured), VRDN 6,000,000 5,999,723
Triborough Bridge & Tunnel Participating VRDN,
Series CR-133, 3.30% (Liquidity Facility Citibank) (c) (e) 6,205,000
6,205,000
Wyoming County Ind. Dev. Auth. Ind. Dev. Rev.
(American Precision) Series 1988 A, 3.90%,
LOC Marine Midland Bank, VRDN (b) 725,000 725,000
Yonkers Ind. Dev. Agcy. Civic Facs. Rev.
(Consumers Union) Series 1994 A, 3.35%,
LOC Cr. Local de France, VRDN (b) 1,400,000 1,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Yorktown Central Union Free School Dist.
TAN 3.75% 2/21/95 $ 2,000,000 $ 2,000,390
718,055,478
NEW YORK & NEW JERSEY - 4.1%
New York & New Jersey Port Auth. Rev.:
Series 1992, 3.93692%, VRDN 9,700,000 9,700,000
Series A, CP (b):
4.05% 2/21/95 1,350,000 1,350,000
3.60% 3/1/95 5,600,000 5,600,000
3.70% 3/9/95 2,280,000 2,280,000
New York & New Jersey Port Auth. Spl. Proj. Rev.
(KIAC Partners Proj.) Series 3, 3.55%,
LOC Deutsche Bank, VRDN (b) 12,000,000 12,000,000
30,930,000
TOTAL INVESTMENTS - 100% $ 748,985,478
Total Cost for Income Tax Purposes $ 748,985,475

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(e) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(f) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals (AMT securities).
(g) Provides evidence of ownership in one or more underlying municipal
bonds.
(h) Security collateralized by an amount sufficient to pay interest and
principal.
(i) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holdings is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
New York State
Energy Research &
Dev. Auth. Participating
VRDN Series 943206,
4.50% (Liquidity
Facility Citibank) 1/3/95 $ 8,000,000
Triborough Bridge
& Tunnel Participating
VRDN, Series CR-133,
3.30% (Liquidity
Facility Citibank) 1/16/95 $ 6,205,000
INCOME TAX INFORMATION
At January 31, 1995, the fund had a capital loss carryforward of
approximately $37,600 which will expire on January 31, 2002.
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1995

48.ASSETS

Investment in securities, at value - See accompanying $ 748,985,478
schedule

Cash 286,512

Interest receivable 5,639,748

49.TOTAL ASSETS 754,911,738

50.LIABILITIES

Payable for investments purchased $ 14,068,595

Share transactions in process 3,067,520

Dividends payable 96,643

Accrued management fee 246,906

Other payables and accrued expenses 150,069

51.TOTAL LIABILITIES 17,629,733

52.NET ASSETS $ 737,282,005

Net Assets consist of:

Paid in capital $ 737,320,951

Accumulated net realized gain (loss) on investments (38,949)

Unrealized gain from accretion of market discount 3

53.NET ASSETS, for 737,155,708 shares outstanding $ 737,282,005

54.NET ASSET VALUE, offering price and redemption price $1.00
per share ($737,282,005 (divided by) 737,155,708 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED JANUARY 31, 1995

55.56.INTEREST INCOME $ 20,491,073

57.EXPENSES

Management fee $ 2,765,682

Transfer agent, accounting and custodian fees 1,243,317
and expenses

Non-interested trustees' compensation 2,818

Registration fees 750

Audit 30,505

Legal 7,287

Miscellaneous 7,337

58.TOTAL EXPENSES 4,057,696

59.NET INTEREST INCOME 16,433,377

60.REALIZED AND UNREALIZED GAIN (LOSS) 40,326
Net realized gain (loss) on investment securities

Increase (decrease) in net unrealized gain from (188)
accretion
of market discount

61.NET GAIN (LOSS) 40,138

62.NET INCREASE IN NET ASSETS RESULTING FROM $ 16,473,515
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED JANUARY 31,

1995 1994

63.INCREASE (DECREASE) IN NET ASSETS

Operations $ 16,433,377 $ 10,319,209
Net interest income

Net realized gain (loss) 40,326 (56,608)

Increase (decrease) in net unrealized gain from (188) (7,630)
accretion of market discount

64.NET INCREASE (DECREASE) IN NET ASSETS RESULTING 16,473,515 10,254,971
FROM OPERATIONS

Dividends to shareholders from net interest income (16,433,377) (10,319,209)

Share transactions at net asset value of $1.00 per share 1,496,778,596 1,205,036,436
Proceeds from sales of shares

Reinvestment of dividends from net interest income 15,685,156 9,664,118

Cost of shares redeemed (1,383,665,527) (1,171,811,206)

Net increase (decrease) in net assets and shares 128,798,225 42,889,348
resulting from share transactions

65.TOTAL INCREASE (DECREASE) IN NET ASSETS 128,838,363 42,825,110

66.NET ASSETS

Beginning of period 608,443,642 565,618,532

End of period $ 737,282,005 $ 608,443,642

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED JANUARY 31, NINE MONTHS YEARS ENDED APRIL 30,
ENDED
JANUARY 31,

1995 1994 1993 1992 1991

SELECTED PER-SHARE DATA

Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

Income from Investment .024 .018 .017 .034 .046
Operations
Net interest income

Less Distributions (.024) (.018) (.017) (.034) (.046)
From net interest
income

Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

TOTAL RETURN B 2.44 1.84 1.72% 3.46 4.74
% % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 737,282 $ 608,444 $ 565,619 $ 540,374 $ 541,472
end of period
(000 omitted)

Ratio of expenses to .60 .62 .62% .64 .61
average net assets % % A % %

Ratio of net interest 2.42 1.83 2.26% 3.39 4.64
income to average % % A % %
net assets

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended January 31, 1995

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity New York Tax-Free High Yield Portfolio (the high yield fund) and
Fidelity New York Tax-Free Insured Portfolio (the insured fund) are funds
of Fidelity New York Municipal Trust. Fidelity New York Tax-Free Money
Market Portfolio (the money market fund) is a fund of Fidelity New York
Municipal Trust II. Each trust is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as an open-end management
investment company. Fidelity New York Municipal Trust and Fidelity New York
Municipal Trust II (the trusts) are organized as a Massachusetts business
trust and a Delaware business trust, respectively. Each fund is authorized
to issue an unlimited number of shares. The following summarizes the
significant accounting policies of the high yield fund, insured fund and
money market fund:
SECURITY VALUATION.
HIGH YIELD AND INSURED FUNDS. Securities are valued based upon a
computerized matrix system and/or appraisals by a pricing service, both of
which consider market transactions and dealer-supplied valuations.
Short-term securities maturing within sixty days of their purchase date are
valued either at amortized cost or original cost plus accrued interest,
both of which approximate current value. Securities for which quotations
are not readily available through the pricing service are valued at their
fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes all of its taxable income for the fiscal
year. The schedules of investments include information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments,
if any, are recorded on the ex-dividend date.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for futures
and options transactions, net operating losses, capital loss carryforwards,
expiring capital loss carryforwards and losses deferred due to wash sales,
futures and options and excise tax regulations. The high yield and insured
funds also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for income
tax purposes.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The high yield and insured funds may use
futures and options contracts to manage its exposure to the bond market and
to fluctuations in interest rates. Buying futures, writing puts, and buying
calls tend to increase the fund's exposure to the underlying instrument.
Selling futures, buying puts, and writing calls tend to decrease the fund's
exposure to the underlying instrument, or hedge other fund investments.
Futures contracts and written options involve, to varying degrees, risk of
loss in excess of the futures variation margin or the option value
reflected in the Statement of Assets and Liabilities. The underlying face
amount at value is shown in the schedules of investments under the caption
"Futures Contracts". This amount reflects each contract's exposure to the
underlying instrument at period end. Losses may arise from changes in the
value of the underlying instruments, if there is an illiquid secondary
market for the contracts, or if the counterparties do not perform under the
contracts' terms.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Exchange-traded
options are valued using the last sale price or, in the absence of a sale,
the last offering price. Options traded over-the-counter are valued using
dealer-supplied valuations.
RESTRICTED SECURITIES. Each fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations and
expense, and prompt sale at an acceptable price may be difficult. At the
end of the period, restricted securities (excluding 144A issues) amounted
to $5,962,500 or 1.5% of net assets for the high yield fund and $14,205,000
or 1.9% of net assets for the money market fund.
3. PURCHASES AND SALES OF
INVESTMENTS.
HIGH YIELD FUND. Purchases and sales of securities, other than short-term
securities, aggregated $137,454,967 and $188,369,315, respectively.
The market value of futures contracts opened and closed during the period
amounted to $656,337,822 and $642,124,389, respectively.
INSURED FUND. Purchases and sales of securities, other than short-term
securities, aggregated $138,490,817 and $206,255,678, respectively.
The market value of futures contracts opened and closed during the period
amounted to $583,068,332 and $573,944,663, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of each fund. The group fee rate is the weighted
average of a series of rates and is based on the monthly average net assets
of all the mutual funds advised by FMR. The rates ranged from .1325% to
.3700% for the period February 1, 1994 to July 31, 1994 and .1200% to
.3700% for the period August 1, 1994 to January 31, 1995. In the event that
these rates were lower than the contractual rates in effect during those
periods, FMR voluntarily implemented the above rates, as they resulted in
the same or a lower management fee. The annual individual fund fee rate is
.25%. For the period, the management fees were equivalent to annual rates
of .41% of average net assets for the high yield, insured and money market
funds, respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the 1940 Act, FMR
or the funds' distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of each fund's shares. Subject to
the approval of each Board of Trustees, the Plans also authorize payments
to third parties that assist in the sale of each fund's shares or render
shareholder support services. FMR or FDC has informed the funds that
payments made to third parties under the Plans amounted to $3,288, $3,836
and $83,388 for the high yield, insured and money market funds,
respectively, for the period.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the
funds. The Bank has entered into a sub-contract with Fidelity Service Co.
(FSC), an affiliate of FMR, under which FSC performs the activities
associated with the funds' transfer and shareholder servicing agent and
accounting functions. The funds pay transfer agent fees based on the type,
size, number of accounts and number of transactions made by shareholders.
FSC pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses. For the
period, FSC received transfer agent and accounting fees amounting to
$454,671 and $181,774 for the high yield fund, $375,731 and $149,305 for
the insured fund and $1,058,948 and $120,897 for the money market fund,
respectively.
Shareholders participating in the Fidelity Ultra Service Account(registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $93,880.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity New York Municipal Trust and Fidelity New York
Municipal Trust II and the Shareholders of Fidelity New York Tax-Free High
Yield Portfolio, Fidelity New York Tax-Free Insured Portfolio and Fidelity
New York Tax-Free Money Market Portfolio:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for Moody's and Standard &
Poor's ratings), and the related statements of operations and of changes in
net assets and the financial highlights present fairly, in all material
respects, the financial position of Fidelity New York Tax-Free High Yield
Portfolio and Fidelity New York Tax-Free Insured Portfolio (funds of
Fidelity New York Municipal Trust) and Fidelity New York Tax-Free Money
Market Portfolio (a fund of Fidelity New York Municipal Trust II) at
January 31, 1995, the results of each of their operations for the year then
ended, the changes in each of their net assets and the financial highlights
for the periods indicated in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the
Fidelity New York Municipal Trust and Fidelity New York Municipal Trust
II's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at January 31, 1995 by correspondence with the
custodian and brokers and the application of alternative auditing
procedures where confirmations from brokers were not received, provide a
reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Boston, Massachusetts
March 3, 1995
TO CALL FIDELITY

FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.

(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios.(registered trademark)
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES.
TO WRITE FIDELITY

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
4611 Sharon Road
Charlotte, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER, MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Janice Bradburn, Vice President -
MONEY MARKET FUND
Fred L. Henning, Jr., Vice President -
MONEY MARKET FUND
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE