SUPPLEMENT TO THE SPARTAN(registered trademark) NEW YORK MUNICIPAL
FUNDS' MARCH 31, 1997 PROSPECTUS
As of January 15, 1998, Spartan New York Intermediate Municipal Income
Fund was merged into Fidelity New York Municipal Income Fund and
shareholders of Spartan New York Intermediate Municipal Income Fund
became shareholders of Fidelity New York Municipal Income Fund. The
merger was voted on and approved at a shareholder meeting on December
17, 1997. Spartan New York Intermediate Municipal Income Fund ceased
to exist and is not offered.
As of January 8, 1998, Spartan New York Municipal Income Fund was
merged into Fidelity New York Municipal Income Fund and shareholders
of Spartan New York Municipal Income Fund became shareholders of
Fidelity New York Municipal Income Fund. The merger was voted on and
approved at a shareholder meeting on December 17, 1997. Spartan New
York Municipal Income Fund ceased to exist and is not offered.
The following information replaces similar information fund in
"Breakdown of Expenses" on page 22:
Each fund has adopted a Distribution and Service Plan. Each plan
recognizes that FMR may use its management fee revenues, as well as
its past profits or its resources from any other source, to pay FDC
for expenses incurred in connection with the distribution of fund
shares. FMR directly, or through FDC, may make payments to third
parties, such as banks or broker-dealers, that engage in the sale of,
or provide shareholder support services for, the fund's shares.
Currently, the Board of Trustees of each fund has authorized such
payments.
The following changes became effective April 1, 1997:
Spartan New York Municipal Income Fund and Spartan New York
Intermediate Municipal Income Fund closed to new accounts pending the
Reorganizations.
With respect to Spartan New York Municipal Income Fund and Spartan New
York Intermediate Municipal Income Fund, the following fees for
individual transactions have been eliminated: the $5.00 exchange fee,
the $5.00 wire fee, 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 References to these fees throughout the prospectus are no longer
in effect with respect to Spartan New York Municipal Income Fund and
Spartan New York Intermediate Municipal Income Fund.
The following information replaces similar information found in
"Expenses" beginning on page 5:
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you may 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.
<TABLE>
<CAPTION>
<S> <C>
SALES CHARGE ON PURCHASES NONE
AND REINVESTED DISTRIBUTIONS
DEFERRED SALES CHARGE ON REDEMPTIONS NONE
EXCHANGE FEE FOR SPARTAN NEW YORK MONEY MARKET ONLY $5.00
WIRE TRANSACTION FEE FOR SPARTAN NEW YORK MONEY MARKET ONLY $5.00
CHECKWRITING FEE, PER CHECK WRITTEN $2.00
FOR SPARTAN NEW YORK MONEY MARKET ONLY
ACCOUNT CLOSEOUT FEE $5.00
FOR SPARTAN NEW YORK MONEY MARKET ONLY
ANNUAL ACCOUNT MAINTENANCE FEE $12.00
(FOR ACCOUNTS UNDER $2,500)
</TABLE>
THE FEES FOR INDIVIDUAL TRANSACTIONS are waived 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 your shareholder transaction expenses and each fund's
annual operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses
if you close your account after the number of years indicated and
for Spartan New York Money Market, if you leave your account open:
SPARTAN NY INTERMEDIATE
1 YEAR $ 6
3 YEARS $ 18
5 YEARS $ 31
10 YEARS $ 69
SPARTAN NY INCOME
1 YEAR $ 6
3 YEARS $ 18
5 YEARS $ 31
10 YEARS $ 69
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected expenses or returns, all of which
may vary.
