Document/Exhibit Description Pages Size
1: 485BPOS Post-Effective Amendment 207± 911K
2: EX-99.B1 Miscellaneous Exhibit 16± 89K
3: EX-99.B9 Miscellaneous Exhibit 5± 30K
4: EX-99.B9 Miscellaneous Exhibit 5± 30K
5: EX-99.B9 Miscellaneous Exhibit 4± 23K
6: EX-99.B6 Miscellaneous Exhibit 6± 32K
7: EX-99.B6 Miscellaneous Exhibit 6± 32K
8: EX-99.B6 Miscellaneous Exhibit 5± 24K
9: EX-99.B6 Miscellaneous Exhibit 6± 31K
10: EX-99.B11 Miscellaneous Exhibit 1 9K
11: EX-99.B15 Miscellaneous Exhibit 2± 14K
12: EX-99.B15 Miscellaneous Exhibit 2± 14K
13: EX-99.B15 Miscellaneous Exhibit 2± 14K
14: EX-99.B16 Miscellaneous Exhibit 7± 39K
15: EX-99.B16 Miscellaneous Exhibit 11± 46K
16: EX-27.2 Financial Data Schedule 3± 10K
17: EX-27.3 Financial Data Schedule 3± 10K
18: EX-27.6 Financial Data Schedule 3± 10K
19: EX-27.7 Financial Data Schedule 3± 11K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT (No. 2-83295)
UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 33 [X]
and
REGISTRATION STATEMENT (No. 811-3723)
UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. [ ]
Fidelity New York Municipal Trust
(Exact Name of Registrant as Specified in Charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number: 617-563-7000
Arthur S. Loring, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
( ) immediately upon filing pursuant to paragraph (b)
(x) on March 20, 1995, pursuant to paragraph (b)
( ) 60 days after filing pursuant to paragraph (a)(i)
( ) on ( ) pursuant to paragraph (a)(i)
( ) 75 days after filing pursuant to paragraph (a)(ii)
( ) on ( ) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
( ) this post-effective amendment designates a new effective date for a
previously filed
post-effective amendment.
Registrant has filed a declaration pursuant to Rule 24f-2 under the
Investment Company Act of 1940 and intends to file the Notice required by
such Rule before March 31, 1995.
FIDELITY NEW YORK TAX-FREE FUNDS:
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO
CROSS REFERENCE SHEET
FORM N-1A
ITEM NUMBER PROSPECTUS SECTION
· Enlarge/Download Table
1 .............................. Cover Page
2 a .............................. Expenses
b, c .............................. Contents; The Funds at a Glance; Who May Want
to Invest
3 a .............................. Financial Highlights
b .............................. *
c,d .............................. Performance
4 a i............................. Charter
ii........................... The Funds at a Glance; Investment Principles and
Risks
b .............................. *
c .............................. Who May Want to Invest; Investment Principles
and Risks
5 a .............................. Charter
b i............................. Cover Page; The Funds at a Glance; Doing
Business with Fidelity; Charter
ii........................... Charter;
iii.......................... Expenses; Breakdown of Expenses
c .............................. Charter
d .............................. Charter; Breakdown of Expenses
e .............................. FMR and its Affiliates
f .............................. Expenses
g i............................. Charter
ii............................ *
5 A .............................. Performance
6 a i............................. Charter
ii........................... How to Buy Shares; How to Sell Shares;
Transaction Details; Exchange Restrictions
iii.......................... *
b ............................. *
c .............................. Transaction Details; Exchange Restrictions
d .............................. *
e .............................. Doing Business with Fidelity; How to Buy Shares;
How to Sell Shares; Investor Services
f, g .............................. Dividends, Capital Gains, and Taxes
7 a .............................. Charter; Cover Page
b .............................. Expenses; How to Buy Shares; Transaction Details
c .............................. *
d .............................. How to Buy Shares
e .............................. *
f .............................. Breakdown of Expenses
8 .............................. How to Sell Shares; Investor Services; Transaction
Details; Exchange Restrictions
9 .............................. *
* Not Applicable
CROSS REFERENCE SHEET
(CONTINUED)
FORM N-1A
ITEM NUMBER STATEMENT OF ADDITIONAL INFORMATION SECTION
· Enlarge/Download Table
10, 11 ............................ Cover Page
12 ............................ Description of the Trusts
13 a - c ............................ Investment Policies and Limitations
d ............................ Portfolio Transactions
14 a - c ............................ Trustees and Officers
15 a, b ............................ *
c ............................ Trustees and Officers
16 a i ............................ FMR
ii ............................ Trustees and Officers
iii ............................ Management Contracts
b ............................ Management Contracts
c, d ............................ Contracts with Companies Affiliated with FMR
e ............................ *
f ............................ Distribution and Service Plans
g ............................ *
h ............................ Description of the Trusts
i ............................ Contracts with Companies Affiliated with FMR
17 a ............................ Portfolio Transactions
b ............................ Portfolio Transactions
c ............................ Portfolio Transactions
d, e ............................ *
18 a ............................ Description of the Trusts
b ............................ *
19 a ............................ Additional Purchase and Redemption Information
b ............................ Additional Purchase and Redemption Information;
Valuation of Portfolio Securities
c ............................ *
20 Distributions and Taxes
21 a, b ............................ Contracts with Companies Affiliated with FMR
c ............................ *
22 a, b ............................ Performance
23 ............................ Financial Statements
* Not Applicable
Please read this prospectus before investing, and keep it on file for
future reference. It contains important information, including how each
fund invests and the services available to shareholders.
To learn more about each fund and its investments, you can obtain a copy of
the funds' most recent financial reports and portfolio listing, or a copy
of the Statement of Additional Information (SAI) dated March 20, 1995. The
SAI has been filed with the Securities and Exchange Commission (SEC) and is
incorporated herein by reference (legally forms a part of the prospectus).
For a free copy of either document, call Fidelity at 1-800-544-8888.
Investments in the money market fund are neither insured nor guaranteed by
the U.S. government, and there can be no assurance that the fund will
maintain a stable $1.00 share price.
Mutual fund shares are not deposits or obligations of, or guaranteed by,
any depository institution. Shares are not insured by the FDIC, the Federal
Reserve Board, or any other agency, and are subject to investment risk,
including the possible loss of principal.
LIKE ALL MUTUAL
FUNDS, THESE
SECURITIES HAVE NOT
BEEN APPROVED OR
DISAPPROVED BY THE
SECURITIES AND
EXCHANGE
COMMISSION OR ANY
STATE SECURITIES
COMMISSION, NOR HAS
THE SECURITIES AND
EXCHANGE
COMMISSION OR ANY
STATE SECURITIES
COMMISSION PASSED
UPON THE ACCURACY
OR ADEQUACY OF THIS
PROSPECTUS. ANY
REPRESENTATION TO
THE CONTRARY IS A
CRIMINAL OFFENSE.
NFR-pro-395
Each of these funds seeks a high level of current income free from federal
income tax and New York State and City income taxes. The funds have
different strategies, however, and carry varying degrees of risk and yield
potential.
FIDELITY
NEW YORK
TAX-FREE
FUNDS
FIDELITY NEW YORK TAX-FREE MONEY MARKET PORTFOLIO
FIDELITY NEW YORK TAX-FREE INSURED PORTFOLIO
FIDELITY NEW YORK TAX-FREE HIGH YIELD PORTFOLIO
PROSPECTUS
MARCH 20, 1995(FIDELITY_LOGO_GRAPHIC) 82 DEVONSHIRE STREET, BOSTON, MA
02109
CONTENTS
KEY FACTS THE FUNDS AT A GLANCE
WHO MAY WANT TO INVEST
EXPENSES Each fund's yearly
operating expenses.
FINANCIAL HIGHLIGHTS A summary
of each fund's financial data.
PERFORMANCE How each fund has
done over time.
THE FUNDS IN DETAIL CHARTER How each fund is
organized.
INVESTMENT PRINCIPLES AND RISKS
Each fund's overall approach to
investing.
BREAKDOWN OF EXPENSES How
operating costs are calculated and
what they include.
YOUR ACCOUNT DOING BUSINESS WITH FIDELITY
TYPES OF ACCOUNTS Different
ways to set up your account.
HOW TO BUY SHARES Opening an
account and making additional
investments.
HOW TO SELL SHARES Taking money
out and closing your account.
INVESTOR SERVICES Services to
help you manage your account.
SHAREHOLDER AND DIVIDENDS, CAPITAL GAINS, AND
ACCOUNT POLICIES TAXES
TRANSACTION DETAILS Share price
calculations and the timing of
purchases and redemptions.
EXCHANGE RESTRICTIONS
KEY FACTS
THE FUNDS AT A GLANCE
MANAGEMENT: Fidelity Management & Research Company (FMR) is the management
arm of Fidelity Investments, which was established in 1946 and is now
America's largest mutual fund manager. FMR Texas Inc. (FTX), a subsidiary
of FMR, chooses investments for New York Tax-Free Money Market.
As with any mutual fund, there is no assurance that a fund will achieve its
goal.
NEW YORK MONEY MARKET
GOAL: High current tax-free income for New York residents while maintaining
a stable $1.00 share price.
STRATEGY: Invests in high-quality, short-term municipal money market
securities whose interest is free from federal income tax and New York
State and City income taxes.
SIZE: As of January 31, 1995, the fund had over $ 737 million in
assets.
NEW YORK INSURED
GOAL: High current tax-free income for New York residents.
STRATEGY: Invests mainly in long-term municipal securities that are covered
by insurance guaranteeing the timely payment of principal and interest, and
whose interest is free from federal income tax and New York State and City
income taxes.
SIZE: As of January 31, 1995, the fund had over $ 310 million in
assets.
NEW YORK HIGH YIELD
GOAL: High current tax-free income for New York residents.
STRATEGY: Invests mainly in longer-term investment-grade municipal
securities whose interest is free from federal income tax and New York
State and City income taxes.
SIZE: As of January 31, 1995, the fund had over $ 394 million in
assets.
WHO MAY WANT TO INVEST
These non-diversified funds may be appropriate for investors in higher tax
brackets who seek high current income that is free from federal and New
York State and City income taxes. Each fund's level of risk and potential
reward depend on the quality and maturity of its investments. New York
Tax-Free Money Market is managed to keep its share price stable at
$1.00. New York Tax-Free Insured provides a high degree of credit
quality because insurance covers the timely payment of interest and
principal. However, the cost of the insurance lowers the fund's yield.
New York Tax-Free High Yield, with its broader range of investments, has
the potential for higher yields, but also carries a higher degree of
risk. You should consider your investment objective and tolerance
for risk when making an investment decision.
The value of the funds' investments and the income they generate will vary
from day to day and generally reflect interest rates, market conditions,
and other federal and state political and economic news. By themselves,
these funds do not constitute a balanced investment plan. Except for New
York Tax-Free Money Market, when you sell your shares of the other funds,
they may be worth more or less than what you paid for them.
THE SPECTRUM OF
FIDELITY FUNDS
Broad categories of Fidelity
funds are presented here in
order of ascending risk.
Generally, investors seeking to
maximize return must assume
greater risk. The funds in this
prospectus are in the INCOME
category, except for New York
Tax-Free Money Market ,
which is in the MONEY MARKET
category.
(right arrow) MONEY MARKET Seeks
income and stability by
investing in high-quality,
short-term investments.
(right arrow) INCOME Seeks income by
investing in bonds.
(solid bullet) GROWTH AND INCOME
Seeks long-term growth and
income by investing in stocks
and bonds.
(solid bullet) GROWTH Seeks long-term
growth by investing mainly in
stocks.
(checkmark)
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy, sell, or
hold shares of a fund. See page for more information about these
fees.
Maximum sales charge on purchases and
reinvested distributions None
Deferred sales charge on redemptions None
Exchange fee None
Annual account maintenance fee
(for accounts under $2,500) $12.00
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. A fund's expenses are factored into its
share price or dividends and are not charged directly to shareholder
accounts (see page ).
The following are projections based on historical expenses, and are
calculated as a percentage of average net assets.
NEW YORK MONEY MARKET
Management fee .41 %
12b-1 fee None
Other expenses .19 %
Total fund operating expenses .60 %
NEW YORK INSURED
Management fee .41 %
12b-1 fee None
Other expenses .17 %
Total fund operating expenses .58 %
NEW YORK HIGH YIELD
Management fee .41 %
12b-1 fee None
Other expenses .17 %
Total fund operating expenses .58 %
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 if you
close your account after the number of years indicated:
NEW YORK MONEY MARKET
After 1 year $ 6
After 3 years $ 19
After 5 years $ 33
After 10 years $ 75
NEW YORK INSURED
After 1 year $ 6
After 3 years $ 19
After 5 years $ 32
After 10 years $ 73
NEW YORK HIGH YIELD
After 1 year $ 6
After 3 years $ 19
After 5 years $ 32
After 10 years $ 73
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs or returns, all of which may vary.
FINANCIAL HIGHLIGHTS
The tables that follow are included in the funds' Annual Report and have
been audited by Price Waterhouse LLP, independent accountants. Their
reports on the financial statements and financial highlights are included
in the Annual Report. The financial statements and financial highlights are
incorporated by reference into (are legally a part of) the funds' Statement
of Additional Information.
NEW YORK TAX-FREE MONEY MARKET
· Enlarge/Download Table
1.Selected Per-Share Data
and Ratios
2.Years ended 1986C 1987C 1988C 1989C 1990C 1991C 1992C 1993D 1994 1995
January 31
3.Net asset
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.000 $ 1.00 $ 1.00
value, 0 0 0 0 0 0 0 0 0
beginning of
period
4.Income .047 .037 .039 .049 .052 .046 .034 .017 .018 .024
from
Investment
Operations
Net interest
income
5.Less (.047) (.037) (.039) (.049) (.052) (.046) (.034) (.017) (.018) (.024)
Distributions
From net
interest
income
6.Net asset $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.000 $ 1.00 $ 1.00
value, end of 0 0 0 0 0 0 0 0 0
period
7.Total
return 4.64% 3.78% 4.01% 4.99% 5.34% 4.74% 3.46% 1.72% 1.84% 2.44%
B
8.Net assets,$ 166,0 $ 465,9 $ 634,5 $ 684,7 $ 622,9 $ 541,4 $ 540,3 $ 565,6 $ 608,4 $ 737,2
end of period 62 03 18 23 11 72 74 19 44 82
(000 omitted)
9.Ratio of .60% .60% .56% .51% .61% .61% .64% .62%A .62% .60%
expenses to
average net
assetsE
10.Ratio of .73% .66% .61% .61% .61% .61% .64% .62%A .62% .60%
expenses to
average net
assets before
expense
reductionsE
11.Ratio of 4.73% 3.69% 3.96% 4.91% 5.21% 4.64% 3.39% 2.26% 1.83% 2.42%
net interest A
income to
average net
assets
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FISCAL YEARS ENDED APRIL 30
D MAY 1, 1992 TO JANUARY 31, 1993
E DURING THE PERIODS SHOWN, FMR VOLUNTARILY REIMBURSED THE FUND FOR
CERTAIN EXPENSES.
NEW YORK TAX-FREE INSURED
· Enlarge/Download Table
12.Selected Per-Share
Data and Ratios
13.Years 1986C 1987D 1988D 1989D 1990D 1991D 1992D 1993E 1994 1995
ended January
31
14.Net asset $ 10.0 $ 10.9 $ 10.4 $ 10.2 $ 10.7 $ 10.5 $ 10.9 $ 11.32 $ 11.83 $ 12.3
value, 00 60 70 90 10 40 90 0 0 00
beginning of
period
15.Income .414 .699 .693 .683 .701 .696 .684 .509 .648 .629
from
Investment
Operations
Net interest
income
16. Net .960 (.480) (.180) .420 (.170) .450 .330 .510 .780 (1.320
realized and )
unrealized
gain
(loss) on
investments
17. Total 1.374 .219 .513 1.103 .531 1.146 1.014 1.019 1.428 (.691)
from
investment
operations
18.Less (.414) (.699) (.693) (.683) (.701) (.696) (.684) (.509) (.648) (.629)
Distributions
From net
interest
income
19. From -- (.010) -- -- -- -- -- -- (.310) (.070)
net realized
gain on
investments
20. In -- -- -- -- -- -- -- -- -- (.080)
excess of
realized
gain on
investments
21. Total (.414) (.709) (.693) (.683) (.701) (.696) (.684) (.509) (.958) (.779)
distributions
22.Net asset $ 10.9 $ 10.4 $ 10.2 $ 10.7 $ 10.5 $ 10.9 $ 11.32 $ 11.83 $ 12.3 $ 10.8
value, 60 70 90 10 40 90 0 0 00 30
end of period
23.Total 13.96 1.85% 5.11% 11.05 4.99% 11.17 9.45% 9.16% 12.36 -5.48
return B % % % % %
24.Net $ 63,89 $ 172,1 $ 155,0 $ 179,4 $ 206,4 $ 246,8 $ 309,3 $ 359,3 $ 414,6 $ 310,9
assets, end 5 19 43 70 16 42 00 05 29 12
of period (000
omitted)
25.Ratio of .60%A .60% .67% .65% .65% .64% .62% .61%A .58% .58%
expenses to
average net
assetsF
26.Ratio of .96%A .78% .75% .65% .65% .64% .62% .61%A .58% .58%
expenses to
average net
assets before
expense
reductionsF
27.Ratio of 6.81% 6.31% 6.72% 6.55% 6.47% 6.45% 6.17% 5.73% 5.31% 5.60%
net interest A A
income to
average net
assets
28.Portfolio 8%A 30% 29% 31% 18% 33% 17% 39%A 48% 41%
turnover rate
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FROM OCTOBER 11, 1985 (COMMENCEMENT OF OPERATIONS) TO APRIL 30, 1986
D FISCAL YEARS ENDED APRIL 30
E MAY 1, 1992 TO JANUARY 31, 1993
F DURING THE PERIODS SHOWN, FMR VOLUNTARILY REIMBURSED THE FUND FOR CERTAIN
EXPENSES.
NEW YORK TAX-FREE HIGH YIELD
· Enlarge/Download Table
29.Selected Per-Share
Data and Ratios
30.Years 1986C 1987C 1988C 1989C 1990C 1991C 1992C 1993D 1994 1995
ended January
31
31.Net asset $ 10.6 $ 11.98 $ 11.48 $ 11.16 $ 11.64 $ 11.37 $ 11.75 $ 12.10 $ 12.6 $ 13.0
value, 90 0 0 0 0 0 0 0 60 50
beginning of
period
32.Income .892 .815 .794 .796 .806 .789 .773 .580 .714 .673
from
Investment
Operations
Net interest
income
33. Net 1.290 (.330) (.220) .480 (.270) .380 .350 .560 .850 (1.440
realized and )
unrealized
gain
(loss) on
investments
34. Total 2.182 .485 .574 1.276 .536 1.169 1.123 1.140 1.564 (.767)
from
investment
operations
35.Less (.892) (.815) (.794) (.796) (.806) (.789) (.773) (.580) (.714) (.673)
Distributions
From net
interest
income
36. From -- (.170) (.100) -- -- -- -- -- (.460) (.210)
net realized
gain on
investments
37. In -- -- -- -- -- -- -- -- -- (.030)
excess of net
realized
gain on
investments
38. Total (.892) (.985) (.894) (.796) (.806) (.789) (.773) (.580) (1.174 (.913)
distributions )
39.Net asset $ 11.98 $ 11.48 $ 11.16 $ 11.64 $ 11.37 $ 11.75 $ 12.1 $ 12.66 $ 13.0 $ 11.37
value, end of 0 0 0 0 0 0 00 0 50 0
period
40.Total 21.20 4.05% 5.26% 11.81 4.62% 10.59 9.80% 9.60% 12.70 -5.78
return B % % % % %
41.Net $ 202,7 $ 352,3 $ 311,7 $ 368,1 $ 381,2 $ 386,1 $ 412,0 $ 445,5 $ 491,4 $ 394,2
assets, end 79 10 91 74 76 69 30 06 21 34
of period (000
omitted)
42.Ratio of .67% .60% .67% .63% .61% .59% .61% .61%A .58% .58%
expenses to
average net
assetsE
43.Ratio of .81% .76% .71% .63% .61% .59% .61% .61%A .58% .58%
expenses to
average net
assets before
expense
reductionsE
44.Ratio of 7.61% 6.76% 7.10% 6.99% 6.87% 6.81% 6.52% 6.08% 5.45% 5.77%
net interest A
income to
average net
assets
45.Portfolio 62% 51% 64% 49% 34% 45% 30% 45%A 70% 34%
turnover rate
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FISCAL YEARS ENDED APRIL 30
D MAY 1, 1992 TO JANUARY 31, 1993
E DURING THE PERIODS SHOWN, FMR VOLUNTARILY REIMBURSED THE FUND FOR
CERTAIN EXPENSES.
PERFORMANCE
Mutual fund performance can be measured as TOTAL RETURN or YIELD. The total
returns that follow are based on historical fund results.
Each fund's fiscal year runs from February 1 through January 31. The tables
below show each fund's performance over past fiscal years compared to a
measure of inflation.
NEW YORK MONEY MARKET
Fiscal periods Past Pas Past
ended
1
t 5
10
January 31 , year yea year
1995 rs s
Average 2.44 3.08 3.80
annual % % %
total return
Cumulative 2.44 16.39 45.23
total return % % %
Consumer 2.80 3.36 3.60
Price
% % %
Index (average
annual)
Consumer 2.80 17.97 42.46
Price % % %
Index
(cumulative)
NEW YORK INSURED
Fiscal periods Past Pas Life
ended
1
t 5
of
January 31 , year yea fund
1995 rs A
Average -5.48 7.01 7.76
annual % % %
total return
Cumulative -5.48 40.35 100.62
total return % % %
Consumer 2.80 3.36 3.57
Price
% % %
Index (average
annual)
Consumer 2.80 17.97 38.78
Price % % %
Index
(cumulative)
A FROM OCTOBER 11, 1985.
NEW YORK HIGH YIELD
Fiscal periods Past Pas Past
ended
1
t 5
10
January 31 , year yea year
1995 rs s
Average -5.78 7.02 8.33
annual % % %
total return
Cumulative -5.78 40.30 122.63
total return % % %
Consumer 2.80 3.36 3.60
Price
% % %
Index (average
annual)
Consumer 2.80 17.97 42.46
Price % % %
Index
(cumulative)
UNDERSTANDING
PERFORMANCE
YIELD illustrates the income
earned by a fund over a
recent period. Seven-day
yields are the most common
illustration of money market
performance. 30-day yields
are usually used for bond
funds. Yields change daily,
reflecting changes in interest
rates.
TOTAL RETURN reflects both the
reinvestment of income and
capital gain distributions, and
any change in a fund's share
price.
(checkmark)
EXPLANATION OF TERMS
TOTAL RETURN is the change in value of an investment in a fund over a given
period, assuming reinvestment of any dividends and capital gains. A
CUMULATIVE TOTAL RETURN reflects actual performance over a stated period of
time. An AVERAGE ANNUAL TOTAL RETURN is a hypothetical rate of return that,
if achieved annually, would have produced the same cumulative total return
if performance had been constant over the entire period. Average annual
total returns smooth out variations in performance; they are not the same
as actual year-by-year results.
YIELD refers to the income generated by an investment in a fund over a
given period of time, expressed as an annual percentage rate. When a money
market fund yield assumes that income earned is reinvested, it is called an
EFFECTIVE YIELD. A TAX-EQUIVALENT YIELD shows what an investor would have
to earn before taxes to equal a tax-free yield. Yields for the bond funds
are calculated according to a standard that is required for all stock and
bond funds. Because this differs from other accounting methods, the quoted
yield may not equal the income actually paid to shareholders.
THE CONSUMER PRICE INDEX is a widely recognized measure of inflation
calculated by the U.S. government.
The funds' recent strategies, performance, and holdings are detailed twice
a year in financial reports, which are sent to all shareholders. For
current performance or a free annual report, call 1-800-544-8888.
TOTAL RETURNS AND YIELDS ARE BASED ON PAST RESULTS AND ARE NOT AN
INDICATION OF FUTURE PERFORMANCE.
THE FUNDS IN DETAIL
CHARTER
EACH FUND IS A MUTUAL FUND: an investment that pools shareholders' money
and invests it toward a specified goal. In technical terms, New York
Tax-Free Money Market is currently a non-diversified fund of Fidelity New
York Municipal Trust II, and New York Tax-Free Insured and New York
Tax-Free High Yield are currently non-diversified funds of Fidelity New
York Municipal Trust. Both trusts are open-end management investment
companies. Fidelity New York Municipal Trust II was organized as a Delaware
business trust on June 20, 1991. Fidelity New York Municipal Trust was
organized as a Massachusetts business trust on April 25, 1983. There is a
remote possibility that one fund might become liable for a misstatement in
the prospectus about another fund.
EACH FUND IS GOVERNED BY A BOARD OF TRUSTEES, which is responsible for
protecting the interests of shareholders. The trustees are experienced
executives who meet throughout the year to oversee the funds' activities,
review contractual arrangements with companies that provide services to the
funds, and review performance. The majority of trustees are not otherwise
affiliated with Fidelity.
THE FUNDS MAY HOLD SPECIAL MEETINGS AND MAIL PROXY MATERIALS. These
meetings may be called to elect or remove trustees, change fundamental
policies, approve a management contract, or for other purposes.
Shareholders not attending these meetings are encouraged to vote by proxy.
Fidelity will mail proxy materials in advance, including a voting card and
information about the proposals to be voted on. For the m oney market
fund , you are entitled to one vote for each share you
own. For the bond funds , the number of votes you are entitled to is
based upon the dollar value of your investment.
FMR AND ITS AFFILIATES
FIDELITY FACTS
Fidelity offers the broadest
selection of mutual funds
in the world.
(solid bullet) Number of Fidelity mutual
funds: over 210
(solid bullet) Assets in Fidelity mutual
funds: over $ 250 billion
(solid bullet) Number of shareholder
accounts: over 22 million
(solid bullet) Number of investment
analysts and portfolio
managers: over 200
(checkmark)
The funds are managed by FMR, which chooses their investments and handles
their business affairs. FTX has primary responsibility for providing
investment management services for New York Tax-Free Money Market.
Norman Lind is manager of New York Tax-Free Insured and New York Tax-Free
High Yield, which he has managed since March 1994 and October 1993,
respectively. He also manages Spartan New York Municipal High Yield and
Spartan Municipal Income. Previously, he served as a municipal research
analyst. Mr. Lind joined Fidelity in 1986.
Fidelity investment personnel may invest in securities for their own
account pursuant to a code of ethics that establishes procedures for
personal investing and restricts certain transactions.
FMR Corp. is the parent company of FMR and FTX. Through ownership of voting
common stock, members of the Edward C. Johnson 3d family form a controlling
group with respect to FMR Corp. Changes may occur in the Johnson family
group, through death or disability, which would result in changes in each
individual family member's holding of stock. Such changes could result in
one or more family members becoming holders of over 25% of the stock. FMR
Corp. has received an opinion of counsel that changes in the composition of
the Johnson family group under these circumstances would not result in the
termination of the funds' management or distribution contracts and,
accordingly, would not require a shareholder vote to continue operation
under those contracts.
United Missouri Bank, N.A., is each fund's transfer agent, although it
employs FSC to perform these functions for the funds. It is located at 1010
Grand Avenue, Kansas City, Missouri.
To carry out the funds' transactions, FMR may use its broker-dealer
affiliates and other firms that sell fund shares, provided that a fund
receives services and commission rates comparable to those of other
broker-dealers.
INVESTMENT PRINCIPLES AND RISKS
NEW YORK TAX-FREE MONEY MARKET seeks high current income that is free from
federal income tax and New York State and City income taxes while
maintaining a stable $1.00 share price by investing in high-quality,
short-term municipal money market securities of all types. FMR normally
invests at least 65% of the fund's total assets in state tax-free
securities, and normally invests so that at least 80% of the fund's income
distributions are free from federal income tax.
When you sell your shares, they should be worth the same amount as when you
bought them. Of course, there is no guarantee that the fund will maintain a
stable $1.00 share price. The fund follows industry-standard guidelines on
the quality and maturity of its investments, which are designed to help
maintain a stable $1.00 share price. The fund will purchase only
high-quality securities that FMR believes present minimal credit risks and
will observe maturity restrictions on securities it buys. It is possible
that a major change in interest rates or a default on the fund's
investments could cause its share price (and the value of your investment)
to change.
NEW YORK TAX-FREE INSURED seeks high current income that is free from
federal income tax and New York State and City income taxes by investing
primarily in municipal securities that are covered by insurance
guaranteeing the timely payment of interest and principal. The fund has no
restrictions on maturity, but it generally invests in long-term bonds and
maintains a dollar-weighted average maturity of 20 years or longer. FMR
normally invests so that at least 80% of the fund's income distributions
are free from federal and New York State and City income taxes.
The insurance coverage for the fund's investments is obtained either by the
bond's issuer or underwriter, or purchased by the fund. The fund pays
premiums for the insurance either directly or indirectly, which increases
the credit safety of the fund's investments, but decreases its yield. It is
important to note that the insurance does not guarantee the market value of
a security or of the fund's shares.
The insurance feature provides high credit quality to the fund's portfolio,
but the fund can also invest in some uninsured securities that are judged
by FMR to be of investment-grade quality.
NEW YORK TAX-FREE HIGH YIELD seeks high current income that is free from
federal income tax and New York State and City income taxes by investing
primarily in municipal securities judged by FMR to be of investment-grade
quality, although it can also invest in lower-quality securities. The fund
has no restrictions on maturity, but it generally invests in medium- and
long-term bonds and maintains a dollar-weighted average maturity of 15
years or longer. FMR normally invests so that at least 80% of the fund's
income distributions are free from federal and New York State and City
income taxes.
EACH FUND'S performance is affected by the economic and political
conditions within the state of New York. Both the city and state of New
York have recently experienced significant financial difficulty, and the
state's credit standing is one of the lowest in the country.
New York Tax-Free Money Market stresses income, preservation of capital,
and liquidity. New York Tax-Free Insured and New York Tax-Free High Yield
seek to provide a higher level of income by investing in a broader range of
securities. Each fund's yield and each bond fund's share price change daily
and are based on interest rates, market conditions, and other economic and
political news and on the quality and maturity of its investments. In
general, bond prices rise when interest rates fall, and vice versa. This
effect is usually more pronounced for longer-term securities. Lower-quality
securities offer higher yields, but also carry more risk. FMR may use
various investment techniques to hedge the bond funds' risks, but there is
no guarantee that these strategies will work as intended. When you
sell your shares of New York Tax-Free Insured and New York Tax-Free High
Yield, they may be worth more or less than what you paid for them.
If you are subject to the federal alternative minimum tax, you should note
that each fund may invest a portion 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.
FMR normally invests each fund's assets according to its investment
strategy. The funds do not expect to invest in federally taxable
obligations, and the bond funds also do not expect to invest in state
taxable obligations. When FMR considers it appropriate for defensive
purposes, however, New York Tax-Free Money Market temporarily may invest
more than normally permitted in taxable obligations. New York Tax-Free
Insured and New York Tax-Free High Yield temporarily may invest more than
normally permitted in state taxable obligations.
SECURITIES AND INVESTMENT PRACTICES
The following pages contain more detailed information about types of
instruments in which a fund may invest, and strategies FMR may employ in
pursuit of a fund's investment objective. A summary of risks and
restrictions associated with these instrument types and investment
practices is included as well. A complete listing of each fund's policies
and limitations and more detailed information about the funds' investments
is contained in the funds' SAI. Policies and limitations are considered at
the time of purchase; the sale of instruments is not required in the event
of a subsequent change in circumstances.
FMR may not buy all of these instruments or use all of these techniques to
the full extent permitted unless it believes that doing so will help the
funds achieve their goals. Current holdings and recent investment
strategies are described in the funds' financial reports which are sent to
shareholders twice a year. For a free SAI or financial report, call
1-800-544-8888.
DEBT SECURITIES. Bonds and other debt instruments are used by
issuers to borrow money from investors. The issuer pays the investor a
fixed or variable rate of interest, and must repay the amount borrowed at
maturity. Some debt securities, such as zero coupon bonds, do not pay
current interest, but are purchased at a discount from their face values.
In general, bond prices rise when interest rates fall, and vice versa. Debt
securities have varying degrees of quality and varying levels of
sensitivity to changes in interest rates. Longer-term bonds are generally
more sensitive to interest rate changes than short-term bonds.
NEW YORK TAX-FREE HIGH YIELD46.
Fiscal 1995 Debt Holdings, by Rating MOODY'S STANDARD & POOR'S
INVESTORS SERVICE, INC. CORPORATION
Rating Average A Rating Averag
eA
INVESTMENT GRADE
Highest quality Aaa AAA
High quality Aa 46.3 % AA 63.3 %
Upper-medium grade A A
Medium grade Baa 44.6 % BBB 30.3 %
LOWER QUALITY
Moderately speculative Ba 0.0 % BB 0.0 %
Speculative B 0.0 % B 0.0 %
Highly speculative Caa 0.0 % CCC 0.0 %
Poor quality Ca 0.0 % CC 0.0 %
Lowest quality, no interest C C
In default, in arrears -- 0.0% D 0.0 %
90.9% 93.6 %
A THE DOLLAR-WEIGHTED AVERAGE OF DEBT SECURITIES NOT RATED BY MOODY'S OR
S&P AMOUNTED TO 1.2 %. THIS MAY INCLUDE SECURITIES RATED BY OTHER
NATIONALLY RECOGNIZED RATING SERVICES, AS WELL AS UNRATED SECURITIES .
REFER
TO THE FUND'S STATEMENT OF ADDITIONAL INFORMATION FOR A MORE COMPLETE
DISCUSSION OF THESE RATINGS.
Lower-quality debt securities (sometimes called "municipal junk bonds")
often have speculative characteristics, and involve greater risk of
default or price changes due to changes in the issuer's creditworthiness.
The market prices of these securities may fluctuate more than
higher-quality securities and may decline significantly in periods of
general or regional economic difficulty.
The table on page provides a summary of ratings assigned to debt holdings
(not including money market instruments) in New York Tax-Free High Yield's
portfolio. These figures are dollar-weighted averages of month-end
portfolio holdings during fiscal 1995, and are presented as a percentage of
total security investments. These percentages are historical and do not
necessarily indicate the fund's current or future debt holdings.
RESTRICTIONS: New York Tax-Free Insured may not invest more than 35%
of its assets in uninsured securities, and may not invest in uninsured
securities judged by FMR to be of equivalent quality to those rated below
Baa by Moody's or BBB by S&P. New York Tax-Free High Yield may not invest
more than one-third of its assets in bonds judged by FMR to be of
equivalent quality to those rated Ba or lower by Moody's and BB or lower by
S&P, and may not invest in bonds of equivalent quality to bonds rated lower
than B. The fund does not currently intend to invest in bonds rated below
Caa by Moody's or CCC by S&P.
MONEY MARKET SECURITIES are high-quality, short-term obligations issued by
municipalities, local and state governments, and other entities. These
obligations may carry fixed, variable, or floating interest rates. Some
money market securities employ a trust or other similar structure to modify
the maturity, price characteristics, or quality of financial assets so that
they are eligible investments for money market funds. If the structure does
not perform as intended, adverse tax or investment consequences may
result.
MUNICIPAL SECURITIES are issued to raise money for a variety of public
or private purposes, including general financing for state and local
governments, or financing for specific projects or public facilities. They
may be issued in anticipation of future revenues, and may be backed by the
full taxing power of a municipality, the revenues from a specific project,
or the credit of a private organization. A security's credit may be
enhanced by a bank, insurance company, or other financial institution.
The value of municipal securities may be affected by uncertainties in the
municipal market which might result from current or potential legislation
or litigation involving the rights of municipal securities holders . A
fund may own a municipal security directly or through a participation
interest.
STATE TAX-FREE SECURITIES include municipal obligations issued by the state
of New York or its counties, municipalities, authorities, or other
subdivisions. The ability of issuers to repay their debt can be affected by
many factors that impact the economic vitality of either the state or a
region within the state.
OTHER STATE TAX-FREE SECURITIES include obligations of the U.S.
territories and possessions such as Guam, the Virgin Islands, and Puerto
Rico, and their political subdivisions and public corporations. The economy
of Puerto Rico is closely linked to the U.S. economy, and will be affected
by the strength of the U.S. dollar, interest rates, the price stability of
oil imports, and the continued existence of favorable tax incentives.
Recent legislation revised these incentives, but the government of Puerto
Rico anticipates only a slight reduction in the average real growth rates
for the economy.
VARIABLE AND FLOATING RATE SECURITIES have interest rates that are
periodically adjusted either at specific intervals or whenever a benchmark
rate changes. Inverse floaters have interest rates that move in the
opposite direction from a benchmark, making the security's market value
more volatile.
RESTRICTIONS: New York Tax-Free Money Market may not purchase certain types
of variable and floating rate securities which are inconsistent with the
fund's goal of maintaining a stable share price.
MUNICIPAL LEASE OBLIGATIONS are used by municipalities to acquire land,
equipment, or facilities. If the municipality stops making payments or
transfers its obligations to a private entity, the obligation could lose
value or become taxable.
PUT FEATURES entitle the holder to put (sell back) a security to the issuer
or a financial intermediary. In exchange for this benefit, the funds may
pay periodic fees or accept a lower interest rate. The credit quality of
the investment may be affected by the creditworthiness of the put provider.
Demand features, standby commitments , and tender options are types
of put features.
PRIVATE ENTITIES may be involved in some municipal securities. For example,
industrial revenue bonds are backed by private entities, and resource
recovery bonds often involve private corporations. The viability of a
project or tax incentives could affect the value and credit quality of
these securities.
ASSET-BACKED SECURITIES include interests in pools of
purchase contracts, financing leases, or sales agreements entered into by
municipalities. These securities usually rely on continued payments by a
municipality, and may also be subject to prepayment risk.
ADJUSTING INVESTMENT EXPOSURE. A fund can use various techniques to
increase or decrease its exposure to changing security prices, interest
rates, or other factors that affect security values. These techniques may
involve derivative transactions such as buying and selling options and
futures contracts and purchasing indexed securities.
FMR can use these practices to adjust the risk and return characteristics
of a fund's portfolio of investments. If FMR judges market conditions
incorrectly or employs a strategy that does not correlate well with the
fund's investments, these techniques could result in a loss, regardless of
whether the intent was to reduce risk or increase return. These techniques
may increase the volatility of the fund and may involve a small investment
of cash relative to the magnitude of the risk assumed. In addition, these
techniques could result in a loss if the counterparty to the transaction
does not perform as promised.
RESTRICTIONS: New York Tax-Free Money Market may not use investment
techniques which are inconsistent with the fund's goal of maintaining a
stable share price.
ILLIQUID AND RESTRICTED SECURITIES. Some investments may be determined by
FMR, under the supervision of the Board of Trustees, to be illiquid, which
means that they may be difficult to sell promptly at an acceptable price.
The sale of other securities, including some illiquid securities,
may be subject to legal restrictions. Difficulty in selling securities may
result in a loss or may be costly to a fund.
RESTRICTIONS: A fund may not purchase a security if, as a result, more than
10% of its assets would be invested in illiquid securities.
WHEN-ISSUED AND DELAYED-DELIVERY TRANSACTIONS are trading practices in
which payment and delivery for the securities take place at a future date.
The market value of a security could change during this period, which could
affect a fund's yield or the market value of its assets.
DIVERSIFICATION. Diversifying a fund's investment portfolio can reduce the
risks of investing. This may include limiting the amount of money invested
in any one issuer or, on a broader scale, in any one industry or type of
project. Economic, business, or political changes can affect all securities
of a similar type. A fund that is not diversified may be more sensitive to
these changes, and also to changes in the market value of a single issuer
or industry.
RESTRICTIONS: The funds are considered non-diversified. Generally, to meet
federal tax requirements at the close of each quarter, a fund does not
invest more than 25% of its total assets in any one issuer and, with
respect to 50% of total assets, does not invest more than 5% of its total
assets in any one issuer. These limitations do not apply to U.S. government
securities. A fund may invest more than 25% of its total assets in tax-free
securities that finance similar types of projects. New York Tax-Free
Insured may invest more than 25% of its assets in bonds insured by the same
insurance company.
BORROWING. A fund may borrow from banks or from other funds advised by FMR,
or through reverse repurchase agreements. If a bond fund borrows money, its
share price may be subject to greater fluctuation until the borrowing is
paid off. If the fund makes additional investments while borrowings are
outstanding, this may be considered a form of leverage.
RESTRICTIONS: A fund may borrow only for temporary or emergency purposes,
but not in an amount exceeding 33% of its total assets.
FUNDAMENTAL INVESTMENT POLICIES AND RESTRICTIONS
Some of the policies and restrictions discussed on the preceding pages are
fundamental, that is, subject to change only by shareholder approval. The
following paragraphs restate all those that are fundamental. All policies
stated throughout this prospectus, other than those identified in the
following paragraphs, can be changed without shareholder approval.
NEW YORK TAX-FREE MONEY MARKET seeks as high a level of current income
exempt from federal income tax and New York State and City income taxes as
is consistent with preservation of capital. The fund will normally invest
so that at least 80% of its income distributions are free from federal
income tax.
NEW YORK TAX-FREE INSURED seeks as high a level of current income, exempt
from federal and New York State and City income taxes, available from
investing primarily in municipal securities that are covered by insurance
guaranteeing the timely payment of principal and interest. FMR will invest
the fund's assets primarily in municipal bonds that are (1) insured under
an insurance policy obtained by the issuer or underwriter; or (2)
insured under an insurance policy purchased by the fund. Insurance will
cover the timely payment of interest and principal on municipal
obligations and will be retained from recognized insurers. The fund may
invest in uninsured municipal obligations judged to be of quality
equivalent to the four highest ratings assigned by Moody's and S&P (Baa,
BBB, or better). Under normal market conditions, such uninsured obligations
may not exceed 35% of the fund's assets. The fund will normally invest so
that at least 80% of its income distributions are exempt from federal and
New York State and City income taxes. During periods when FMR believes that
New York municipals that meet the fund's standards are not available, the
fund may temporarily invest more than 20% of its assets in obligations that
are only federally tax-exempt.
NEW YORK TAX-FREE HIGH YIELD seeks as high a level of current income,
exempt from federal and New York State and City income taxes, available
from investing primarily in municipal securities judged by FMR to be of
investment-grade quality. The fund may invest up to one-third of its assets
in lower-quality bonds, but may not purchase bonds that are judged by FMR
to be equivalent quality to those rated lower than B. The fund will
normally invest so that at least 80% of its income distributions are exempt
from federal and New York State and City income taxes. During periods when
FMR believes that New York municipals that meet the fund's standards are
not available, the fund may temporarily invest more than 20% of its assets
in obligations that are only federally tax-exempt.
EACH FUND may borrow only for temporary or emergency purposes, but not in
an amount exceeding 33% of its total assets.
BREAKDOWN OF EXPENSES
Like all mutual funds, the funds pay fees related to their daily
operations. Expenses paid out of a fund's assets are reflected in its share
price or dividends; they are neither billed directly to shareholders nor
deducted from shareholder accounts.
Each fund pays a MANAGEMENT FEE to FMR for managing its investments and
business affairs. FMR in turn pays fees to an affiliate who provides
assistance with these services for New York Tax-Free Money Market. Each
fund also pays OTHER EXPENSES, which are explained at right.
FMR may, from time to time, agree to reimburse the funds for management
fees and other expenses above a specified limit. FMR retains the ability to
be repaid by a fund if expenses fall below the specified limit prior to the
end of the fiscal year. Reimbursement arrangements, which may be terminated
at any time without notice, can decrease a fund's expenses and boost its
performance.
MANAGEMENT FEE
The management fee is calculated and paid to FMR every month. The fee is
calculated by adding a group fee rate to an individual fund fee rate, and
multiplying the result by the fund's average net assets.
The group fee rate is based on the average net assets of all the mutual
funds advised by FMR. This rate cannot rise above .37%, and it drops as
total assets under management increase.
For January 1995, the group fee rate was .1556 %. Each fund's
individual fund fee rate is .25%. Each fund's total management fee rate for
fiscal 1995 was .41%.
FMR HAS A SUB-ADVISORY AGREEMENT with FTX, which has primary responsibility
for providing investment management for New York Tax-Free Money Market,
while FMR retains responsibility for providing other management services.
FMR pays FTX 50% of its management fee (before expense reimbursements) for
these services.
OTHER EXPENSES
While the management fee is a significant component of the funds' annual
operating costs, the funds have other expenses as well.
FSC performs many transaction and accounting functions. These services
include processing shareholder trans- actions, valuing each fund's
investments, and handling securities loans. In fiscal 1995, FSC received
fees equal to .17%, .15% and .15%, respectively, of New York Tax-Free Money
Market's, New York Tax-Free Insured's, and New York Tax-Free High Yield's
average net assets.
The funds also pay other expenses, such as legal, audit, and custodian
fees; proxy solicitation costs; and the compensation of trustees who are
not affiliated with Fidelity.
Each fund has adopted a Distribution and Service Plan. These plans
recognize that FMR may use its resources, including management fees, to pay
expenses associated with the sale of fund shares. This may include payments
to third parties, such as banks or broker-dealers, that provide shareholder
support services or engage in the sale of the fund's shares. It is
important to note, however, that the funds do not pay FMR any separate fees
for this service.
For fiscal 1995, the portfolio turnover rates for New York Tax-Free Insured
and New York Tax-Free High Yield were 41% and 34%, respectively. These
rates vary from year to year.
YOUR ACCOUNT
DOING BUSINESS WITH FIDELITY
Fidelity Investments was established in 1946 to manage one of America's
first mutual funds. Today, Fidelity is the largest mutual fund company in
the country, and is known as an innovative provider of high-quality
financial services to individuals and institutions.
In addition to its mutual fund business, the company operates one of
America's leading discount brokerage firms, Fidelity Brokerage Services,
Inc. (FBSI). Fidelity is also a leader in providing tax-sheltered
retirement plans for individuals investing on their own or through their
employer.
Fidelity is committed to providing investors with practical information to
make investment decisions. Based in Boston, Fidelity provides customers
with complete service 24 hours a day, 365 days a year, through a network of
telephone service centers around the country.
To reach Fidelity for general information, call these numbers:
(small solid bullet) For mutual funds, 1-800-544-8888
(small solid bullet) For brokerage, 1-800-544-7272
If you would prefer to speak with a representative in person, Fidelity has
over 75 walk-in Investor Centers across the country.
TYPES OF ACCOUNTS
You may set up an account directly in a fund or, if you own or intend to
purchase individual securities as part of your total investment portfolio,
you may consider investing in a fund through a brokerage account. You can
choose New York Tax-Free Money Market as your core account for your
Fidelity Ultra Service Account(registered trademark) or FidelityPlusSM
brokerage account.
If you are investing through FBSI or another financial institution or
investment professional, refer to its program materials for any special
provisions regarding your investment in the fund.
The different ways to set up (register) your account with Fidelity are
listed below.
WAYS TO SET UP YOUR ACCOUNT
INDIVIDUAL OR JOINT TENANT
FOR YOUR GENERAL INVESTMENT NEEDS
Individual accounts are owned by one person. Joint accounts can have two or
more owners (tenants).
GIFTS OR TRANSFERS TO A MINOR (UGMA, UTMA)
TO INVEST FOR A CHILD'S EDUCATION OR OTHER FUTURE NEEDS
These custodial accounts provide a way to give money to a child and obtain
tax benefits. An individual can give up to $10,000 a year per child without
paying federal gift tax. Depending on state laws, you can set up a
custodial account under the Uniform Gifts to Minors Act (UGMA) or the
Uniform Transfers to Minors Act (UTMA).
TRUST
FOR MONEY BEING INVESTED BY A TRUST
The trust must be established before an account can be opened.
BUSINESS OR ORGANIZATION
FOR INVESTMENT NEEDS OF CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS, OR OTHER
GROUPS
Requires a special application.
HOW TO BUY SHARES
EACH FUND'S SHARE PRICE, called net asset value (NAV), is calculated every
business day. New York Tax-Free Money Market is managed to keep its share
price stable at $1.00. Each fund's shares are sold without a sales charge.
Shares are purchased at the next share price calculated after your
investment is received and accepted. Share price is normally calculated at
4 p.m. Eastern time, and also at noon for New York Tax-Free Money Market.
IF YOU ARE NEW TO FIDELITY, complete and sign an account application and
mail it along with your check. You may also open your account in person or
by wire as described on page . If there is no application accompanying this
prospectus, call 1-800-544-8888.
IF YOU ALREADY HAVE MONEY INVESTED IN A FIDELITY FUND, you can:
(small solid bullet) Mail in an application with a check, or
(small solid bullet) Open your account by exchanging from another Fidelity
fund.
If you buy shares by check or Fidelity Money Line(registered trademark),
and then sell those shares by any method other than by exchange to another
Fidelity fund, the payment may be delayed for up to seven business days to
ensure that your previous investment has cleared.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For New York Tax-Free Money Market $5,000
TO ADD TO AN ACCOUNT $250
Through automatic investment plans $100
MINIMUM BALANCE $1,000
· Enlarge/Download Table
TO OPEN AN ACCOUNT TO ADD TO AN ACCOUNT
Phone 1-800-544-7777 (phone_graphic) (small solid bullet) Exchange from another (small solid bullet) Exchange from another
Fidelity fund account Fidelity fund account
with the same with the same
registration, including registration, including
name, address, and name, address, and
taxpayer ID number. taxpayer ID number.
(small solid bullet) Use Fidelity Money
Line to transfer from
your bank account. Call
before your first use to
verify that this service
is in place on your
account. Maximum
Money Line: $50,000.
· Enlarge/Download Table
Mail (mail_graphic) (small solid bullet) Complete and sign the (small solid bullet) Make your check
application. Make your payable to the complete
check payable to the name of the fund.
complete name of the Indicate your fund
fund of your choice. account number on
Mail to the address your check and mail to
indicated on the the address printed on
application. your account statement.
(small solid bullet) Exchange by mail: call
1-800-544-6666 for
instructions.
· Enlarge/Download Table
In Person (hand_graphic) (small solid bullet) Bring your application (small solid bullet) Bring your check to a
and check to a Fidelity Fidelity Investor Center.
Investor Center. Call Call 1-800-544-9797 for
1-800-544-9797 for the the center nearest you.
center nearest you.
· Enlarge/Download Table
Wire (wire_graphic) (small solid bullet) Call 1-800-544-7777 to (small solid bullet) Wire to:
set up your account Bankers Trust
and to arrange a wire Company,
transaction. Bank Routing
(small solid bullet) Wire within 24 hours to: #021001033,
Bankers Trust Account #00163053.
Company, Specify the complete
Bank Routing name of the fund and
#021001033, include your account
Account #00163053. number and your
Specify the complete name.
name of the fund and
include your new
account number and
your name.
· Enlarge/Download Table
Automatically (automatic_graphic) (small solid bullet) Not available. (small solid bullet) Use Fidelity Automatic
Account Builder. Sign
up for this service
when opening your
account, or call
1-800-544-6666 to add
it.
· Download Table
(tdd_graphic) TDD - Service for the Deaf and Hearing Impaired: 1-800-544-0118
HOW TO SELL SHARES
You can arrange to take money out of your fund account at any time by
selling (redeeming) some or all of your shares. Your shares will be sold at
the next share price calculated after your order is received and accepted.
Share price is normally calculated at 4 p.m. Eastern time and also at noon
for New York Tax-Free Money Market.
TO SELL SHARES THROUGH YOUR FIDELITY ULTRA SERVICE OR FIDELITYPLUS ACCOUNT,
call 1-800-544-6262 to receive a handbook with instructions.
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least $1,000
worth of shares in the account to keep it open.
TO SELL SHARES BY BANK WIRE OR FIDELITY MONEY LINE, you will need to sign
up for these services in advance.
CERTAIN REQUESTS MUST INCLUDE A SIGNATURE GUARANTEE. It is designed to
protect you and Fidelity from fraud. Your request must be made in writing
and include a signature guarantee if any of the following situations apply:
(small solid bullet) You wish to redeem more than $100,000 worth of shares,
(small solid bullet) Your account registration has changed within the last
30 days,
(small solid bullet) The check is being mailed to a different address than
the one on your account (record address),
(small solid bullet) The check is being made payable to someone other than
the account owner, or
(small solid bullet) The redemption proceeds are being transferred to a
Fidelity account with a different registration.
You should be able to obtain a signature guarantee from a bank, broker
(including Fidelity Investor Centers), dealer, credit union (if authorized
under state law), securities exchange or association, clearing agency, or
savings association. A notary public cannot provide a signature guarantee.
SELLING SHARES IN WRITING
Write a "letter of instruction" with:
(small solid bullet) Your name,
(small solid bullet) The fund's name,
(small solid bullet) Your fund account number,
(small solid bullet) The dollar amount or number of shares to be redeemed,
and
(small solid bullet) Any other applicable requirements listed in the table
at right.
Unless otherwise instructed, Fidelity will send a check to the record
address. Deliver your letter to a Fidelity Investor Center, or mail it to:
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
CHECKWRITING
If you have a checkbook for your account, you may write an unlimited number
of checks. Do not, however, try to close out your account by check.
ACCOUNT TYPE SPECIAL REQUIREMENTS
· Enlarge/Download Table
Phone 1-800-544-777 (phone_graphic) All account types (small solid bullet) Maximum check request:
$100,000. 