SUPPLEMENT TO THE SPARTAN(registered trademark) NEW YORK MUNICIPAL FUNDS
MARCH 31, 1997
PROSPECTUS
The following changes are effective April 1, 1997:
FMR anticipates presenting a proposal in 1997 to the Board of Trustees of
Spartan New York Intermediate Municipal Income Fund and Spartan New York
Municipal Income Fund requesting their approval to present shareholders of
the fund a proposal to merge the funds into Fidelity New York Municipal
Income Fund. As a result, Spartan New York Intermediate Municipal Income
Fund and Spartan New York Municipal Income Fund are closed to new
investors.
With respect to Spartan New York Intermediate Municipal Income Fund and
Spartan New York Municipal Income Fund, the following fees for individual
transactions have been eliminated: the $5.00 exchange fee, the $5.00 wire
fee, and the $5.00 account closeout fee, and the $2.00 checkwriting fee for
Spartan New York Intermediate Municipal Income Fund. References to these
fees throughout the prospectus are no longer in effect with respect to
Spartan New York Intermediate Municipal Income Fund and Spartan New York
Municipal Income Fund.
The following information replaces similar information found in "Expenses"
beginning on page 5:
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy, sell, or
exchange shares of a fund. In addition, you may be charged an annual
account maintenance fee if your balance falls below $2,500. See
"Transaction Details," page 31 for an explanation of how and when these
charges apply.
Maximum sales charge on purchases None
and reinvested distributions
Deferred sales charge on redemptions None
Redemption fee (as a % of amount redeemed on shares held less None
than 180 days)
For Spartan New York Money Market and Spartan New York
Intermediate
For Spartan New York Income .50
%
Exchange and wire transaction fees $5.00
(for Spartan New York Money Market only)
Checkwriting fee, per check written $2.00
(applicable for Spartan New York Money Market)
Account closeout fee (for Spartan New York Money Market only) $5.00
Annual account maintenance fee $12.0
(for accounts under $2,500) 0
THESE FEES ARE WAIVED (except for the redemption fee) if your account
balance at the time of the transaction is $50,000 or more.
EXAMPLES: Let's say, hypothetically, that each fund's annual return is 5%
and that its operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses after
the number of years indicated. Figures for Spartan New York Money Market
assume that you leave your account open, and than assume that you close
your account at the end of period:
SPARTAN NY INTERMEDIATE
After 1 year $ 6
After 3 years $ 18
After 5 years $ 31
After 10 years $ 69
SPARTAN NY INCOME
After 1 year $ 6
After 3 years $ 18
After 5 years $ 31
After 10 years $ 69
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs or returns, all of which may vary.
SUPPLEMENT TO THE FIDELITY NEW YORK MUNICIPAL FUNDS MARCH 31, 1997
PROSPECTUS
The following changes are effective April 1, 1997:
FMR anticipates presenting a proposal in 1997 to the Board of Trustees of
Fidelity New York Insured Municipal Income Fund requesting their approval
to present to shareholders of the fund a proposal to merge the fund into
Fidelity New York Municipal Income Fund. As a result, Fidelity New York
Insured Municipal Income Fund is closed to new investors.
With respect to Fidelity New York Insured Municipal Income Fund and
Fidelity New York Municipal Income Fund, the minimum investments have been
changed to the following:
TO OPEN AN ACCOUNT $10,000
TO ADD TO AN ACCOUNT $1,000
Through regular investment plans $500
MINIMUM BALANCE $5,000
With respect to Fidelity New York Insured Municipal Income Fund and
Fidelity New York Municipal Income Fund, the minimum check amount has been
increased to $1,000.
References to the minimums throughout the prospectus are changed to the
above minimums with respect to Fidelity New York Insured Municipal Income
Fund and Fidelity New York Municipal Income Fund.
The following information replaces similar information found in "Expenses"
beginning on page 6:
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy or sell
shares of a fund. In addition, you may be charged an annual account
maintenance fee if your balance falls below $2,500. See "Transaction
Details," page 33 for an explanation of how and when these charges apply.
Maximum sales charge on purchases None
and reinvested distributions
Deferred sales charge on redemptions None
Exchange Fee None
Annual account maintenance fee $12.0
(for accounts under $2,500) 0
ANNUAL FUND OPERATING EXPENSES are paid out of each fund's assets. Each
fund pays a management fee to FMR. It also incurs other expenses for
services such as maintaining shareholder records and furnishing shareholder
statements and financial reports. The fund's expenses are factored into its
share price or dividends and are not charged directly to shareholder
accounts (see page 23).
The following figures are based on historical expenses, adjusted to reflect
current fees, and are calculated as a percentage of average net assets.
SPARTAN NY INTERMEDIATE
Management fee (after reimbursement) .35%
12b-1 fee None
Other expenses .20%
Total fund operating expenses .55%
(after reimbursement)
NEW YORK INCOME
Management fee (after reimbursement) .36%
12b-1 fee None
Other expenses .19%
Total fund operating expenses .55%
(after reimbursement)
EXAMPLES: Let's say, hypothetically, that each fund's annual return is 5%
and that its operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses after
the number of years indicated.
SPARTAN NY INTERMEDIATE
After 1 year $ 6
After 3 years $ 18
After 5 years $ 31
After 10 years $ 69
NEW YORK INCOME
After 1 year $ 6
After 3 years $ 18
After 5 years $ 31
After 10 years $ 69
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs or returns, all of which may vary.
Effective April 1, 1997, FMR voluntarily agreed to implement an expense cap
for New York Insured and New York Income. FMR will reimburse the funds to
the extent that total operating expenses exceed .55%. Each fund has entered
into arrangements with its custodian and transfer agent whereby interest
earned on uninvested cash balances is used to reduce custodian and transfer
agent expenses. If these agreements were not in effect, the management fee
and total operating expenses would be .40% and .60%, respectively for New
York Insured and .40% and .59%, respectively for New York Income.
