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Fidelity® New York AMT Tax-Free Money Market Fund

Class/Ticker

Fidelity New York AMT Tax-Free Money Market Fund/FSNXX

In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.

Summary Prospectus

April 1, 2011


fid14411

Fund Summary

Fund/Class:
Fidelity® New York AMT Tax-Free Money Market Fund/Fidelity New York AMT Tax-Free Money Market Fund

Investment Objective

The fund seeks as high a level of current income, exempt from federal income tax and New York State and City personal income taxes, as is consistent with preservation of capital.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees
(fees paid directly from your investment)

None

Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee

0.20%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.10%

Total annual operating expenses

0.30%

This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

1 year

$ 31

3 years

$ 97

5 years

$ 169

10 years

$ 381

Principal Investment Strategies

  • Normally investing in municipal money market securities.
  • Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal and New York State and City personal income taxes.

Summary Prospectus

  • Potentially investing up to 20% of assets in municipal securities whose interest is subject to New York State and City personal income taxes.
  • Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.
    • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
    • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.

    Principal Investment Risks

    • Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
    • Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
    • Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
    • Geographic Concentration. Unfavorable political or economic conditions within New York can affect the credit quality of issuers located in that state.
    • Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

    An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

    Performance

    The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.

    Visit www.fidelity.com for updated return information.

    Summary Prospectus

    Fund Summary - continued

    Year-by-Year Returns

    Calendar Years

    2001

    2002

    2003

    2004

    2005

    2006

    2007

    2008

    2009

    2010

     

    2.38%

    1.17%

    0.74%

    0.87%

    2.09%

    3.10%

    3.39%

    1.86%

    0.19%

    0.02%

    fid14413

    During the periods shown in the chart:

    Returns

    Quarter ended

    Highest Quarter Return

    0.87%

    June 30, 2007

    Lowest Quarter Return

    0.00%

    September 30, 2010

    Average Annual Returns

    For the periods ended
    December 31, 2010

    Past 1
    year

    Past 5
    years

    Past 10
    years

    Fidelity New York AMT Tax-Free Money Market Fund

    0.02%

    1.70%

    1.58%

    Investment Advisers

    Fidelity Management & Research Company (FMR) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and other investment advisers serve as sub-advisers for the fund.

    Purchase and Sale of Shares

    You may buy or sell shares of the fund through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy or sell shares in various ways:

    Internet

    www.fidelity.com

    Phone

    Fidelity Automated Service Telephone (FAST®) 1-800-544-5555

    To reach a Fidelity representative 1-800-544-6666

    Mail

    Additional purchases:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0003

    Redemptions:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0035

    TDD - Service for the Deaf and Hearing Impaired

    1-800-544-0118

    The price to buy one share of the fund is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your investment is received in proper form.

    Summary Prospectus

    The price to sell one share of the fund is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.

    The fund is open for business each day the New York Stock Exchange (NYSE) is open. Even if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund's portfolio instruments are open, and the fund's management believes there is an adequate market to meet purchase and redemption requests.

    Initial Purchase Minimum

    $25,000

    The fund may waive or lower purchase minimums.

    Tax Information

    The fund seeks to earn income and pay dividends exempt from federal income tax and New York State and City personal income taxes. A portion of the dividends you receive may be subject to federal, state, or local income tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.

    Payments to Broker-Dealers and Other Financial Intermediaries

    The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

    Summary Prospectus

    FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

    Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC.

    The third party marks appearing above are the marks of their respective owners.

    1.923872.100 SNM-sum-0311

    Fidelity® New York AMT Tax-Free Money Market Fund

    Class/Ticker

    Institutional/FNKXX

    Summary Prospectus

    April 1, 2011


    fid14411

    Fund Summary

    Fund/Class:
    Fidelity® New York AMT Tax-Free Money Market Fund/Institutional

    Investment Objective

    The fund seeks as high a level of current income, exempt from federal income tax and New York State and City personal income taxes, as is consistent with preservation of capital.

    Fee Table

    The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

    Shareholder fees
    (fees paid directly from your investment)

    None

    Annual class operating expenses
    (expenses that you pay each year as a % of the value of your investment)

    Management fee

    0.20%

    Distribution and/or Service (12b-1) fees

    None

    Other expenses

    0.05%

    Total annual operating expenses

    0.25%

    Expense reimbursement

    0.05%

    Total annual operating expenses after expense reimbursementA

    0.20%

    A Effective April 17, 2007, Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.20%. This arrangement will remain in effect for at least one year from the effective date of the prospectus, unless terminated or modified earlier with the approval of the Board of Trustees. FMR may not discontinue or modify this arrangement without the approval of the Board of Trustees.

    Summary Prospectus

    This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

    Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

    1 year

    $ 26

    3 years

    $ 80

    5 years

    $ 141

    10 years

    $ 318

    Principal Investment Strategies

    • Normally investing in municipal money market securities.
    • Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal and New York State and City personal income taxes.
      • Potentially investing up to 20% of assets in municipal securities whose interest is subject to New York State and City personal income taxes.
    • Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.
    • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
    • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.

    Principal Investment Risks

    • Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
    • Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
    • Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
    • Geographic Concentration. Unfavorable political or economic conditions within New York can affect the credit quality of issuers located in that state.
    • Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

    Summary Prospectus

    Fund Summary - continued

    An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

    Performance

    The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.

    Visit www.fidelity.com or www.advisor.fidelity.com for updated return information.

    Year-by-Year Returns

    Calendar Years

     

     

     

     

     

     

     

    2008

    2009

    2010

     

     

     

     

     

     

     

     

    1.96%

    0.29%

    0.10%

    fid14416

    During the periods shown in the chart:

    Returns

    Quarter ended

    Highest Quarter Return

    0.62%

    March 31, 2008

    Lowest Quarter Return

    0.01%

    March 31, 2010

    Average Annual Returns

    For the periods ended
    December 31, 2010

    Past 1
    year

    Life of
    class    A

    Institutional Class

    0.10%

    1.30%

    A From April 18, 2007.

    Investment Advisers

    Fidelity Management & Research Company (FMR) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and other investment advisers serve as sub-advisers for the fund.

    Summary Prospectus

    Purchase and Sale of Shares

    You may buy or sell Institutional Class shares of the fund through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy or sell shares in various ways:

    Internet

    www.fidelity.com or www.advisor.fidelity.com

    Phone

    Fidelity Automated Service Telephone (FAST®) 1-800-544-5555

    To reach a Fidelity representative 1-800-544-6666

    Mail

    Additional purchases:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0003

    Redemptions:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0035

    TDD - Service for the Deaf and Hearing Impaired

    1-800-544-0118

    The price to buy one share of Institutional Class is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your order is received in proper form.

    The price to sell one share of Institutional Class is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.

    The fund is open for business each day the New York Stock Exchange (NYSE) is open. Even if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund's portfolio instruments are open, and the fund's management believes there is an adequate market to meet purchase and redemption requests.

    Initial Purchase Minimum

    $1,000,000

    Tax Information

    The fund seeks to earn income and pay dividends exempt from federal income tax and New York State and City personal income taxes. A portion of the dividends you receive may be subject to federal, state, or local income tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.

    Payments to Broker-Dealers and Other Financial Intermediaries

    The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including banks, broker-dealers, or other service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

    Summary Prospectus

    FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

    Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC.

    The third party marks appearing above are the marks of their respective owners.

    1.923873.100 NYO-sum-0311