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 22, 1994
The following table replaces that found in the section entitled
"Performance" beginning on page 19.
1995 TAX RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Combined
New York Combined New
State and York State,
Marginal Federal Federal City
Taxable Income Income Marginal Effective and Federal
Single Return* Joint Return* Tax Bracket Tax Rate Tax Bracket Tax Bracket
</TABLE>
New York New York
State State and
City
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
$23,351 - $25,000 $39,001 - $45,000 28% 7.59% 12.24% 33.47% 36.81%
25,001 - 56,550 45,001 - 94,250 28% 7.59% 12.31% 33.47% 36.86%
56,551 - 60,000 94,251 - 108,000 31% 7.59% 12.31% 36.24% 39.49%
60,001 - 117,950 108,001 - 143,600 31% 7.59% 12.38% 36.24% 39.54%
117,951 - 256,500 143,601 - 256,500 36% 7.59% 12.38% 40.86% 43.92%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
256,501 + above 256,501 + above 39.6% 7.59% 12.38% 44.19% 47.07%
</TABLE>
*Taxable income (gross income after all exemptions, adjustments, and
deductions) based on 1995 tax rates.
Having determined your effective tax bracket on the previous page, use the
appropriate table below to determine the tax-equivalent yield for a given
tax-free yield.
NEW YORK CITY RESIDENTS - TRIPLE TAXES - 1995
If your effective combined federal, state, and New York City personal
income tax rate in 1995 is:
36.81% 36.86% 39.49% 39.54% 43.92% 47.07%
To match these
tax-free yields: Your taxable investment would have to earn the following
yield:
2% 3.17% 3.17% 3.31% 3.31% 3.57% 3.78%
3% 4.75% 4.75% 4.96% 4.96% 5.35% 5.67%
4% 6.33% 6.34% 6.61% 6.62% 7.13% 7.56%
5% 7.91% 7.92% 8.26% 8.27% 8.92% 9.45%
6% 9.50% 9.50% 9.92% 9.92% 10.70% 11.34%
7% 11.08% 11.09% 11.57% 11.58% 12.48% 13.23%
NFRB-95-1
February
1, 1995
NEW YORK STATE RESIDENTS (OUTSIDE NYC) - DOUBLE TAXES - 1995
If your effective combined federal and state personal income tax rate in
1995 is:
33.47% 36.24% 40.86% 44.19%
To match these
tax-free yields: Your taxable investment would have to earn the following
yield:
2% 3.01% 3.14% 3.38% 3.58%
3% 4.51% 4.71% 5.07% 5.38%
4% 6.01% 6.27% 6.76% 7.17%
5% 7.52% 7.84% 8.45% 8.96%
6% 9.02% 9.41% 10.15% 10.75%
7% 10.52% 10.98% 11.84% 12.54%
MANAGEMENT CONTRACT. Effective August 1, 1994, 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 similar schedules found on page 28.
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 .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1690
24 - 30 .1800 200 .1652
30 - 36 .1750 225 .1618
36 - 42 .1700 250 .1587
42 - 48 .1650 275 .1560
48 - 66 .1600 300 .1536
66 - 84 .1550 325 .1514
84 - 120 .1500 350 .1494
120 - 156 .1450 375 .1476
156 - 192 .1400 400 .1459
192 - 228 .1350
228 - 264 .1300
264 - 300 .1275
300 - 336 .1250
336 - 372 .1225
Over 372 .1200
SPARTAN NEW YORK MUNICIPAL MONEY MARKET PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST II
SPARTAN NEW YORK INTERMEDIATE MUNICIPAL PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
SPARTAN NEW YORK MUNICIPAL HIGH YIELD PORTFOLIO
A FUND OF FIDELITY NEW YORK MUNICIPAL TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 22, 1994
The following table replaces that found in the section entitled
"Performance" beginning on page 18.
1995 TAX RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Combined
New York Combined New
State and York State,
Marginal Federal Federal City
Taxable Income Income Marginal Effective and Federal
Single Return* Joint Return* Tax Bracket Tax Rate Tax Bracket Tax Bracket
</TABLE>
New York New York
State State and
City
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
$23,351 - $25,000 $39,001 - $45,000 28% 7.59% 12.24% 33.47% 36.81%
25,001 - 56,550 45,001 - 94,250 28% 7.59% 12.31% 33.47% 36.86%
56,551 - 60,000 94,251 - 108,000 31% 7.59% 12.31% 36.24% 39.49%
60,001 - 117,950 108,001 - 143,600 31% 7.59% 12.38% 36.24% 39.54%
117,951 - 256,500 143,601 - 256,500 36% 7.59% 12.38% 40.86% 43.92%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
256,501 + above 256,501 + above 39.6% 7.59% 12.38% 44.19% 47.07%
</TABLE>
*Taxable income (gross income after all exemptions, adjustments, and
deductions) based on 1995 tax rates.
Having determined your effective tax bracket on the previous page, use the
appropriate table below to determine the tax-equivalent yield for a given
tax-free yield.
NEW YORK CITY RESIDENTS - TRIPLE TAXES - 1995
If your effective combined federal, state, and New York City personal
income tax rate in 1995 is:
36.81% 36.86% 39.49% 39.54% 43.92% 47.07%
To match these
tax-free yields: Your taxable investment would have to earn the following
yield:
2% 3.17% 3.17% 3.31% 3.31% 3.57% 3.78%
3% 4.75% 4.75% 4.96% 4.96% 5.35% 5.67%
4% 6.33% 6.34% 6.61% 6.62% 7.13% 7.56%
5% 7.91% 7.92% 8.26% 8.27% 8.92% 9.45%
6% 9.50% 9.50% 9.92% 9.92% 10.70% 11.34%
7% 11.08% 11.09% 11.57% 11.58% 12.48% 13.23%
SNRB-95-1
February 1,
1995
NEW YORK STATE RESIDENTS (OUTSIDE NYC) - DOUBLE TAXES - 1995
If your effective combined federal and state personal income tax rate in
1995 is:
33.47% 36.24% 40.86% 44.19%
To match these
tax-free yields: Your taxable investment would have to earn the following
yield:
2% 3.01% 3.14% 3.38% 3.58%
3% 4.51% 4.71% 5.07% 5.38%
4% 6.01% 6.27% 6.76% 7.17%
5% 7.52% 7.84% 8.45% 8.96%
6% 9.02% 9.41% 10.15% 10.75%
7% 10.52% 10.98% 11.84% 12.54%
The following replaces similar information found in the section entitled
"Additional Purchase and Redemption Information" beginning on page 22.
"FSC normally calculates each fund's NAV as of the close of the NYSE
(normally 4:00 p.m. Eastern time). However, NAV may be calculated earlier
if trading on the NYSE is restricted or as permitted by the SEC. To the
extent that portfolio securities are traded in other markets on days when
the NYSE is closed, a funds' NAV may be affected on days when investors do
not have access to the fund to purchase or redeem shares."
