SUPPLEMENT TO FIDELITY'S NEW YORK MUNICIPAL FUNDS' MARCH 22, 1999
PROSPECTUS
The following information replaces the third paragraph in the
"Dividends and Capital Gains Distributions" section beginning on page
28.
However, on any day that the principal bond markets close early (as
recommended by the Bond Market Association) or the Federal Reserve
Bank of New York (New York Fed) closes early, New York Municipal Money
Market may advance the time on that day by which wire purchase orders
must be placed so that shares earn dividends on the day of purchase.
In addition, on any day that the principal bond markets do not open
(as recommended by the Bond Market Association) or the New York Fed
does not open, shares begin to earn dividends on the first business
day following the day of purchase.
The following information replaces the sixth paragraph in the
"Dividends and Capital Gains Distributions" section beginning on page
28.
However, on any day that the principal bond markets close early (as
recommended by the Bond Market Association) or the New York Fed closes
early, New York Municipal Money Market may set a time after which
shares redeemed by wire order earn dividends until, but not including,
the next business day following the day of redemption. On any day that
the principal bond markets do not open (as recommended by the Bond
Market Association) or the New York Fed does not open, shares earn
dividends until, but not including, the next business day following
the day of redemption.
SUPPLEMENT TO
FIDELITY'S NEW YORK MUNICIPAL FUNDS'
MARCH 22, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "TRANSFER AND SERVICE AGENT AGREEMENTS" BEGINNING ON PAGE 38.
Each fund has entered into a transfer agent agreement with Citibank,
N.A., which is located at 111 Wall Street, New York, New York. Under
the terms of the agreements, Citibank, N.A. provides transfer agency,
dividend disbursing, and shareholder services for each fund. Citibank,
N.A. in turn has entered into sub-transfer agent agreements with FSC,
an affiliate of FMR. Under the terms of the sub-agreements, FSC
performs all processing activities associated with providing these
services for each fund and receives all related transfer agency fees
paid to Citibank, N.A.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "TRANSFER AND SERVICE AGENT AGREEMENTS" BEGINNING ON PAGE 38.
In addition, Citibank, N.A. receives the pro rata portion of the
transfer agency fees applicable to shareholder accounts in a qualified
state tuition program (QSTP), as defined under the Small Business Job
Protection Act of 1996, managed by FMR or an affiliate and each
Fidelity Freedom Fund, a fund of funds managed by an FMR affiliate,
according to the percentage of the QSTP's or Freedom Fund's assets
that is invested in a fund.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "TRANSFER AND SERVICE AGENT AGREEMENTS" BEGINNING ON PAGE 38.
Each fund has also entered into a service agent agreement with
Citibank, N.A. Under the terms of the agreements, Citibank, N.A.
provides pricing and bookkeeping services for each fund. Citibank,
N.A. in turn has entered into sub-service agent agreements with FSC.
Under the terms of the sub-agreements, FSC performs all processing
activities associated with providing these services, including
calculating the NAV and dividends for each fund and maintaining each
fund's portfolio and general accounting records, and receives all
related pricing and bookkeeping fees paid to Citibank, N.A.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "DESCRIPTION OF THE TRUSTS" BEGINNING ON PAGE 39.
CUSTODIAN. Citibank, N.A., 111 Wall Street, New York, New York, is
custodian of the assets of the funds. The custodian is responsible for
the safekeeping of a fund's assets and the appointment of any
subcustodian banks and clearing agencies.
