SUPPLEMENT TO THE
FIDELITY NEW YORK
TAX-FREE FUNDS
PROSPECTUS
DATED MARCH 20, 1995
On February 20, 1996, Fidelity New York Tax-Free Money Market Portfolio's
name changed to Fidelity New York Municipal Money Market Fund, Fidelity New
York Tax-Free Insured Portfolio's name changed to Fidelity New York Insured
Municipal Income Fund, and Fidelity New York Tax-Free High Yield
Portfolio's name changed to Fidelity New York Municipal Income Fund.
With respect to Fidelity New York Insured Municipal Income Fund, and
Fidelity New York Municipal Income Fund the following replaces the similar
information for both funds found in the "Investment Principles and Risks"
section beginning on page 12.
Although the fund can invest in securities of any maturity, FMR seeks to
manage the fund so that it generally reacts to changes in interest rates
similarly to municipal bonds with maturities between eight and 18 years.
The following replaces the similar information found in the "Investment
Principles and Risks" section beginning on page 12.
If you are subject to the federal alternative minimum tax, you should note
that the fund may invest all of its assets in municipal securities issued
to finance private activities. The interest from these investments is a
tax-preference item for purposes of the tax.
The following replaced the similar information found in the "Taxes" section
beginning on page 28.
The interest from some municipal securities is subject to the federal
alternative minimum tax. Each fund may invest up to 100% of its assets in
these securities. Individuals who are subject to the tax must report this
interest on their tax returns.
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST II
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 20, 1995
On February 20, 1996, Fidelity New York Tax-Free Money Market
Portfolio's name changed to Fidelity New York Municipal Money Market Fund,
Fidelity New York Tax-Free Insured Portfolio's name changed to Fidelity New
York Insured Municipal Income Fund, and Fidelity New York Tax-Free High
Yield Portfolio's name changed to Fidelity New York Municipal Income
Fund.
MANAGEMENT CONTRACT. Effective January 1, 1996, FMR agreed to voluntarily
adopt the revised group fee rate schedule shown below for purposes of
calculating the group fee component of the management fee. The revised
schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules beginning on page 31.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .3700% $ 0.5 billion .5200%
3 - 6 .3400 25 .4238
6 - 9 .3100 50 .3823
9 - 12 .2800 75 .3626
12 - 15 .2500 100 .3512
15 - 18 .2200 125 .3430
18 - 21 .2000 150 .3371
21 - 24 .1900 175 .3325
24 - 30 .1800 200 .3284
30 - 36 .1750 225 .3249
36 - 42 .1700 250 .3219
42 - 48 .1650 275 .3190
48 - 66 .1600 300 .3163
66 - 84 .1550 325 .3137
84 - 120 .1500 350 .3113
120 - 156 .1450 375 .3090
192 - 228 .1350 425 .1443
228 - 264 .1300 450 .1427
264 - 300 .1275 475 .1413
300 - 336 .1250 500 .1399
336 - 372 .1225 525 .1385
372 - 408 .1200 550 .1372
408 - 444 .1175
444 - 480 .1150
480 - 516 .1125
Over 516 .1100
SUPPLEMENT TO THE
SPARTAN NEW YORK
MUNICIPAL FUNDS
PROSPECTUS
DATED MARCH 20, 1995
On February 20, 1996, Spartan New York Municipal Money Market Portfolio's
name changed to Spartan New York Municipal Money Market Fund, Spartan New
York Intermediate Municipal Portfolio's name changed to Spartan New York
Intermediate Municipal Income Fund, and Spartan New York Municipal High
Yield Portfolio's name changed to Spartan New York Municipal Income Fund.
With respect to Spartan New York Intermediate Municipal Income Fund, the
following replaces the similar information found in the "Investment
Principles and Risks" section beginning on page 15.
Although the fund can invest in securities of any maturity, the fund
maintains a dollar-weighted average maturity of between three to 10 years
under normal conditions. FMR seeks to manage the fund so that it generally
reacts to changes in interest rates similarly to municipal bonds with
maturities between seven and 10 years.
With respect to Spartan New York Municipal Income Fund, the following
replaces the similar information found in the "Investment Principles and
Risks" section beginning on page 15.
Although the fund can invest in securities of any maturity, FMR seeks to
manage the fund so that it generally reacts to changes in interest rates
similarly to municipal bonds with maturities between eight and 18
years.
Effective February 1, 1996 the following replaces the similar information
found in the "Expenses"section beginning on page 4.
SPARTAN NY INTERMEDIATE
Management fee (after reimbursement) .40%
12b-1 fee None
Other expenses .00%
Total fund operating expenses .40%
SPARTAN NY INTERMEDIATE
Account open Account closed
After 1 year $ 4 $ 9
After 3 years $ 13 $ 18
After 5 years $ 22 $ 27
After 10 years $ 51 $ 56
FMR has voluntarily agreed to temporarily limit Spartan NY Intermediate
Municipal's operating expenses to .40% of its average net assets. If this
agreement was not in effect, the management fee, other expenses, and total
operating expenses would be .55%, .00%, and .55%, respectively. Expenses
eligible for reimbursement do not include interest, taxes, brokerage
commissions, or extraordinary expenses.
SPARTAN(registered trademark) NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST II
SPARTAN(registered trademark) NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
SPARTAN(registered trademark) NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 20, 1995
On February 20, 1996, Spartan New York Municipal Money Market
Portfolio's name changed to Spartan New York Municipal Money Market Fund,
Spartan New York Intermediate Municipal Portfolio's name changed to Spartan
New York Intermediate Municipal Income Fund and Spartan New York Municipal
High Yield Portfolio's name changed to Spartan New York Municipal Income
Fund.
