N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-6398

Fidelity New York Municipal Trust II
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

Date of reporting period:

April 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® New York Municipal
Money Market Fund

April 30, 2007

1.800344.103

NFS-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 92.7%

Principal Amount

Value

New York - 84.7%

Albany City School District BAN 4.5% 6/29/07

$ 83,704,000

$ 83,810,911

Amherst BAN 4% 12/27/07

7,500,000

7,522,846

Chemung County Indl. Dev. Agcy. Indl. Dev. Rev.:

(McWane, Inc. Proj.) Series 1992 A, 4.12%, LOC Regions Bank of Alabama, VRDN (a)(b)

615,000

615,000

(Med. Mgmt. & Rehabilitation Svc. 2nd Prog. Trayer, Inc. Proj.) Series A, 4.1%, LOC HSBC Bank USA, VRDN (a)(b)

2,440,000

2,440,000

Deer Park Union Free School District TAN 4.5% 6/27/07

13,000,000

13,014,090

East Islip Unified School District TAN 4.5% 6/29/07

11,000,000

11,012,320

East Rochester Hsg. Auth. Rev. (Daniels Creek at Baytowne Proj.) 4.02%, LOC HSBC Bank USA, VRDN (a)(b)

6,535,000

6,535,000

Erie County Tobacco Asset Securitization Corp. Participating VRDN Series PA 1339, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

16,400,000

16,400,000

Hudson Yards Infrastructure Corp. Participating VRDN Series EGL 07 0030, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

70,000,000

70,000,000

Lancaster Indl. Dev. Agcy. Civic Facilities Rev. (Greenfield Manor Proj.) 3.83%, LOC Manufacturers & Traders Trust Co., VRDN (a)

4,185,000

4,185,000

Liberty Dev. Corp. Rev. Participating VRDN:

Series Austin 05 Q, 3.96% (Liquidity Facility Bank of America NA) (a)(d)

39,145,000

39,145,000

Series GS 06 41TP, 3.95% (Liquidity Facility Wells Fargo & Co.) (a)(d)

8,065,000

8,065,000

Series MS 06 1451, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

18,640,000

18,640,000

Series PT 3654, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

10,160,000

10,160,000

Series PT 3843, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

2,360,000

2,360,000

Series PT 3952, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

11,690,000

11,690,000

Long Island Pwr. Auth. Participating VRDN:

Series EGL 720050013 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

8,275,000

8,275,000

Series MS 06 1647, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

15,175,000

15,175,000

Metropolitan Trans. Auth. Dedicated Tax Fund Participating VRDN:

Series EGL 01 3205 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

9,565,000

9,565,000

Series EGL 02 6007 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

9,840,000

9,840,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Metropolitan Trans. Auth. Dedicated Tax Fund Participating VRDN: - continued

Series EGL 06 0133, 3.98% (Liquidity Facility Citibank NA) (a)(d)

$ 27,980,000

$ 27,980,000

Series EGL 06 0147, 3.98% (Liquidity Facility Citibank NA) (a)(d)

9,105,000

9,105,000

Series EGL 98 3203, 3.98% (Liquidity Facility Citibank NA) (a)(d)

6,700,000

6,700,000

Series PA 1098, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

10,400,000

10,400,000

Metropolitan Trans. Auth. Svc. Contract Rev. Participating VRDN:

Series EGL 02 6000, Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

8,100,000

8,100,000

Series PT 1439, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

7,225,000

7,225,000

Series PT 1836, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

9,775,000

9,775,000

Series PT 1967, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

6,375,000

6,375,000

Monroe County Arpt. Auth. Arpt. Rev. Participating VRDN Series Putters 123, 3.99% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)

8,965,000

8,965,000

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Action For Better Cmnty., Inc. Proj.) 4.02%, LOC Manufacturers & Traders Trust Co., VRDN (a)

2,065,000

2,065,000

Monroe County Indl. Dev. Agcy. Rev.:

(Advent Tool & Mold Proj.) Series 1990 D, 4.1%, LOC HSBC Bank USA, VRDN (a)(b)

580,000

580,000

(AJL Manufacturing Proj.) Series 1996 A, 4.13%, LOC Manufacturers & Traders Trust Co., VRDN (a)(b)

4,135,000

4,135,000

(Flower City Proj.) 4.08%, LOC KeyBank NA, VRDN (a)(b)

3,145,000

3,145,000

New York City Gen. Oblig.:

Bonds Series PT 2544, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France) (a)(d)(e)

16,365,000

16,365,000

Participating VRDN:

Series CRVS 05 22, 3.95% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

10,450,000

10,450,000

Series LB 05 F6, 4% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)

9,212,000

9,212,000

Series LB 05 FP09, 4% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)

17,060,000

17,060,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Gen. Oblig.: - continued

Participating VRDN:

Series LB 05 FP10, 4% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)

$ 6,225,000

$ 6,225,000

Series LB 06 FP2, 4% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)

21,695,000

21,695,000

Series MT 377, 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

19,230,000

19,230,000

Series PA 1336, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

15,050,000

15,050,000

Series PA 1363, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

3,750,000

3,750,000

Series PT 2480, 3.97% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

13,475,000

13,475,000

Series PT 3333, 3.97% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

5,330,000

5,330,000

Series PT 3547, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

18,520,000

18,520,000

Series PT 3844, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

17,815,000

17,815,000

Series PT 3845, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

29,130,000

29,130,000

Series PT 991, 3.95% (Liquidity Facility BNP Paribas SA) (a)(d)

10,000,000

10,000,000

Series Putters 1299, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

5,355,000

5,355,000

Series Putters 1318, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

1,935,000

1,935,000

Series Putters 1341, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

1,820,000

1,820,000

Series Putters 647, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

7,685,000

7,685,000

Series RobIns 17, Class F, 3.95% (Liquidity Facility Bank of New York, New York) (a)(d)

6,600,000

6,600,000

Series ROC 6081, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

8,010,000

8,010,000

Series ROC II R2138, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

6,720,000

6,720,000

New York City Hsg. Dev. Corp. Multi-family Hsg. Rev.:

(Bathgate Avenue Apartments Proj.) Series 2006 A, 3.93%, LOC KeyBank NA, VRDN (a)(b)

12,500,000

12,500,000

(Granite Terrace Apartments) Series A, 3.94%, LOC Citibank NA, VRDN (a)(b)

9,300,000

9,300,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Hsg. Dev. Corp. Multi-family Hsg. Rev.: - continued

(Intervale Gardens Apartments) Series A, 3.94%, LOC Citibank NA, VRDN (a)(b)

$ 8,100,000

$ 8,100,000

(Pitt Street Residence Proj.) Series A, 3.94%, LOC JPMorgan Chase Bank, VRDN (a)(b)

31,000,000

31,000,000

New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.:

(Brittany Dev. Proj.) Series A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

3,500,000

3,500,000

(Morris Avenue Apartments Proj.) Series A, 3.95%, LOC Fannie Mae, VRDN (a)(b)

9,400,000

9,400,000

(One Columbus Place Dev. Proj.) Series A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

20,000,000

20,000,000

(Progress of People Dev. Proj.) Series A, 3.95%, LOC Fannie Mae, VRDN (a)(b)

5,225,000

5,225,000

(Rivereast Apartments Proj.) Series A, 3.92%, LOC Freddie Mac, VRDN (a)(b)

50,000,000

50,000,000

(West 43rd Street Proj.) Series 1999 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

14,200,000

14,200,000

(West End Towers Proj.) Series 2004 A, 3.95%, LOC Fannie Mae, VRDN (a)(b)

61,285,000

61,285,000

New York City Hsg. Dev. Corp. Multi-family Rev.:

(15 East Clark Place Apts. Proj.) Series A, 3.93%, LOC JPMorgan Chase Bank, VRDN (a)(b)

5,800,000

5,800,000

(270 East Burnside Avenue Apartments) Series A, 3.93%, LOC HSBC Bank USA, VRDN (a)(b)

6,500,000

6,500,000

(Courtland Avenue Apts. Proj.) Series A, 3.95%, LOC KeyBank NA, VRDN (a)(b)

8,000,000

8,000,000

(Louis Nine Boulevard Apts. Proj.) Series A, 3.95%, LOC KeyBank NA, VRDN (a)(b)

4,500,000

4,500,000

(Manhattan Court Dev. Proj.) Series A, 3.94%, LOC Citibank NA, VRDN (a)(b)

13,530,000

13,530,000

(Nagle Courtyard Apts. Proj.) Series A, 3.93%, LOC Bank of America NA, VRDN (a)(b)

8,400,000

8,400,000

(Ogden Avenue Apts. Proj.) Series A, 3.93%, LOC Bank of America NA, VRDN (a)(b)

10,175,000

10,175,000

(State Renaissance Court Proj.) Series A, 3.92%, LOC Freddie Mac, VRDN (a)(b)

8,200,000

8,200,000

(West 48th Street Dev. Proj.) Series 2001 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

19,000,000

19,000,000

Series A:

3.93%, LOC HSBC Bank USA, VRDN (a)(b)

21,300,000

21,300,000

3.93%, LOC Landesbank Baden-Wuert, VRDN (a)(b)

51,600,000

51,600,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Hsg. Dev. Corp. Multi-family Rev.: - continued

Series A:

3.94%, LOC JPMorgan Chase Bank, VRDN (a)(b)

$ 10,740,000

$ 10,740,000

3.95%, LOC Bank of New York, New York, VRDN (a)(b)

11,000,000

11,000,000

3.95%, LOC HSBC Bank USA, VRDN (a)(b)

34,000,000

34,000,000

New York City Indl. Dev. Agcy. Civic Facility Rev.:

(Casa Proj.) Series 2000, 3.95%, LOC JPMorgan Chase Bank, VRDN (a)

3,600,000

3,600,000

(French Institute-Alliance Francaise de New York-Federation of French Alliances in the United States Proj.) 3.99%, LOC Manufacturers & Traders Trust Co., VRDN (a)

2,350,000

2,350,000

(Mercy College Proj.) Series A, 3.94%, LOC KeyBank NA, VRDN (a)

6,200,000

6,200,000

New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Linear Ltg. Proj.) 4.09%, LOC Manufacturers & Traders Trust Co., VRDN (a)(b)

1,400,000

1,400,000

New York City Indl. Dev. Agcy. Rev. Participating VRDN Series EGL 06 0112, Class A 3.98% (Liquidity Facility Citibank NA) (a)(d)

6,190,000

6,190,000

New York City Indl. Dev. Agcy. Spl. Facilities Rev.:

Participating VRDN:

Series MT 189, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

8,200,000

8,200,000

Series MT 205, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

4,995,000

4,995,000

Series ROC II R474CE, 4.02% (Liquidity Facility Citibank NA) (a)(b)(d)

3,610,000

3,610,000

(Korean Air Proj.) Series A, 3.97%, LOC HSBC Bank USA, VRDN (a)(b)

24,700,000

24,700,000

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Participating VRDN:

Series EGL 04 33 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

1,925,000

1,925,000

Series EGL 04 37 Class A, 3.97% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(d)

11,000,000

11,000,000

Series EGL 06 69 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

22,570,000

22,570,000

Series EGL 07 0035, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(d)

32,175,000

32,175,000

Series EGL 3207, 3.98% (Liquidity Facility Citibank NA) (a)(d)

12,900,000

12,900,000

Series Floaters 06 1329, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

7,300,000

7,300,000

Series Floaters 06 1351, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

27,930,000

27,930,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued

Participating VRDN:

Series Floaters 06 1352, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

$ 21,125,500

$ 21,125,500

Series MS 06 1470, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

7,500,000

7,500,000

Series MS 726X, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

6,500,000

6,500,000

Series PA 1022, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

24,625,000

24,625,000

Series PA 523, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

14,000,000

14,000,000

Series PA 921, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

17,300,000

17,300,000

Series PT 06 3385, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

6,320,000

6,320,000

Series PT 3401, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

10,340,000

10,340,000

Series PT 3992, 3.96% (Liquidity Facility Wells Fargo & Co.) (a)(d)

9,995,000

9,995,000

Series Putters 499, 3.98% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

4,995,000

4,995,000

Series Putters 620, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

7,820,000

7,820,000

Series Putters 622, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

6,910,000

6,910,000

Series Putters 624, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

1,695,000

1,695,000

Series Putters 998, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

19,445,000

19,445,000

Series ROC II R 441, 3.97% (Liquidity Facility Citibank NA) (a)(d)

3,200,000

3,200,000

Series ROC II R406, 3.97% (Liquidity Facility Citibank NA) (a)(d)

41,000,000

41,000,000

Series 2005 A, 3.68% 9/6/07 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

46,300,000

46,300,000

New York City Transitional Fin. Auth. Rev.:

Participating VRDN:

Series EGL 00 3203, 3.98% (Liquidity Facility Citibank NA) (a)(d)

7,000,000

7,000,000

Series EGL 00 3206 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

13,000,000

13,000,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Participating VRDN:

Series EGL 01 3202 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

$ 3,300,000

$ 3,300,000

Series EGL 03 52 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

10,000,000

10,000,000

Series EGL 06 0149, 3.98% (Liquidity Facility Citibank NA) (a)(d)

10,500,000

10,500,000

Series EGL 07 0014, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

12,000,000

12,000,000

Series EGL 07 0019, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(d)

7,865,000

7,865,000

Series EGL 07 0024, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(d)

13,300,000

13,300,000

Series EGL 07 0029, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

29,450,000

29,450,000

Series MS 00 433, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

650,000

650,000

Series MS 06 1401, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

13,000,000

13,000,000

Series PA 536, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

6,445,000

6,445,000

Series PT 1399, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

19,145,000

19,145,000

Series PT 2018, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

8,370,000

8,370,000

Series PT 2271, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

5,460,000

5,460,000

Series Putters 1155, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

15,940,000

15,940,000

Series Putters 129, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

12,855,000

12,855,000

Series Putters 1741, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

8,000,000

8,000,000

Series Putters 305, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

9,890,000

9,890,000

Series Putters 307, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

4,995,000

4,995,000

Series Putters 387, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

20,905,000

20,905,000

Series Putters 628, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

7,355,000

7,355,000

Series Putters 830, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

40,000

40,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Participating VRDN:

Series ROC II R1039, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

$ 5,790,000

$ 5,790,000

Series ROC II R3003, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

6,615,000

6,615,000

Series ROC II R4052, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

17,070,000

17,070,000

Series ROC II R4556, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

5,160,000

5,160,000

BAN 4.25% 6/29/07

21,800,000

21,821,205

New York Convention Ctr. Dev. Corp. Rev. Participating VRDN:

Series EGL 06 72 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

11,000,000

11,000,000

Series MACN 05 S, 3.96% (Liquidity Facility Bank of America NA) (a)(d)

9,995,000

9,995,000

Series Putters 1247Z, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

7,195,000

7,195,000

New York Counties Tobacco Trust II Participating VRDN Series PA 1347, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

29,085,000

29,085,000

New York Dorm. Auth. Participating VRDN Series ROC II R 656 CE, 3.97% (Liquidity Facility Citibank NA) (a)(d)

3,750,000

3,750,000

New York Dorm. Auth. Revs.:

Participating VRDN:

Series Clipper 07 15, 3.96% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

17,220,000

17,220,000

Series EGL 03 2 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

4,720,000

4,720,000

Series EGL 06 25 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

6,500,000

6,500,000

Series EGL 07 0002, 3.98% (Liquidity Facility Citibank NA) (a)(d)

35,000,000

35,000,000

Series EGL 07 0003, 3.98% (Liquidity Facility Citibank NA) (a)(d)

30,560,000

30,560,000

Series Floaters 06 1417, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

15,275,000

15,275,000

Series Floaters 06 1418, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

33,135,000

33,135,000

Series Merlots 00 G, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(d)

22,920,000

22,920,000

Series Merlots 00 X, 3.99% (Liquidity Facility Bank of New York, New York) (a)(d)

10,565,000

10,565,000

Series MS 06 1601, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

8,375,000

8,375,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Dorm. Auth. Revs.: - continued

Participating VRDN:

Series MS 06 1602, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

$ 9,675,000

$ 9,675,000

Series PA 1088, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

2,000,000

2,000,000

Series PA 1265, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

15,000,000

15,000,000

Series PA 781R, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

6,655,000

6,655,000

Series PT 2247, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

5,160,000

5,160,000

Series Putters 1187, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

8,545,000

8,545,000

Series Putters 588, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

2,580,000

2,580,000

Series ROC II R 6053, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

6,265,000

6,265,000

Series ROC II R6052, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

4,180,000

4,180,000

(Interfaith Med. Ctr. Proj.) Bonds Series D, 5.4% 2/15/28 (Pre-Refunded to 2/15/08 @ 101.5) (c)

25,700,000

26,436,342

New York Hsg. Fin. Agcy. Rev.:

(101 West End Hsg. Proj.) 3.97%, LOC Fannie Mae, VRDN (a)(b)

5,000,000

5,000,000

(150 East 44th Street Proj.) Series A, 3.97%, LOC Fannie Mae, VRDN (a)(b)

6,200,000

6,200,000

(17th Street Proj.) Series A, 3.95%, LOC Landesbank Baden-Wuert, VRDN (a)(b)

76,900,000

76,900,000

(240 East 39th Street Hsg. Proj.) Series 1997 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

27,700,000

27,700,000

(250 West 93rd Street Hsg. Proj.) Series A, 3.97%, LOC Bank of America NA, VRDN (a)(b)

30,500,000

30,500,000

(350 West 43rd Street Proj.) Series 2001 A, 3.95%, LOC Landesbank Hessen-Thuringen, VRDN (a)(b)

5,600,000

5,600,000

(66 West 38th Street Proj.) Series A, 3.97%, LOC Fannie Mae, VRDN (a)(b)

26,500,000

26,500,000

(70 Battery Place Proj.) Series 1999 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

10,000,000

10,000,000

(750 Sixth Avenue Hsg. Proj.):

Series 1998 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

34,500,000

34,500,000

Series 1999 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

8,500,000

8,500,000

(Archstone Westbury Hsg. Proj.) Series A, 3.93%, LOC JPMorgan Chase Bank, VRDN (a)(b)

27,450,000

27,450,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Hsg. Fin. Agcy. Rev.: - continued

(Biltmore Tower Hsg. Proj.) Series A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

$ 43,300,000

$ 43,300,000

(Bowery Place Proj.) Series A, 3.96%, LOC Bank of America NA, VRDN (a)(b)

52,800,000

52,800,000

(Clinton Green North Hsg. Proj.):

Series 2006 A, 3.93%, LOC Bank of America NA, VRDN (a)(b)

43,000,000

43,000,000

Series A, 3.93%, LOC Bank of America NA, VRDN (a)(b)

98,000,000

98,000,000

(Clinton Green South Hsg. Proj.) Series A, 3.93%, LOC Bank of America NA, VRDN (a)(b)

60,000,000

60,000,000

(East 39th Street Hsg. Proj.):

Series 1999 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

30,700,000

30,700,000

Series 2000 A, 3.93%, LOC Fannie Mae, VRDN (a)(b)

7,000,000

7,000,000

(Kew Garden Hills Apts. Proj.) Series A, 3.92%, LOC Fannie Mae, VRDN (a)(b)

20,100,000

20,100,000

(Reverend Polite Avenue Apts. Proj.) Series A, 4.01%, LOC Manufacturers & Traders Trust Co., VRDN (a)(b)

16,000,000

16,000,000

(Sea Park West Hsg. Proj.) 4%, LOC Freddie Mac, VRDN (a)(b)

14,800,000

14,800,000

(Talleyrand Crescent Proj.) Series A, 3.92%, LOC Fannie Mae, VRDN (a)(b)

11,300,000

11,300,000

(Theatre Row Tower Hsg. Proj.) Series 2000 A, 3.93%, LOC Freddie Mac, VRDN (a)(b)

42,500,000

42,500,000

(Tower 31 Proj.) Series 2005 A, 3.95%, LOC Freddie Mac, VRDN (a)(b)

69,800,000

69,800,000

(West 20th Street Proj.) Series A, 3.89%, LOC Fannie Mae, VRDN (a)(b)

13,345,000

13,345,000

(West 23rd Street Proj.):

3.97%, LOC Fannie Mae, VRDN (a)(b)

11,600,000

11,600,000

3.97%, LOC Fannie Mae, VRDN (a)(b)

5,600,000

5,600,000

(West 38th Street Proj.) Series A, 3.97%, LOC Fannie Mae, VRDN (a)(b)

4,700,000

4,700,000

New York Metropolitan Transit Auth. Rev. Participating VRDN:

Series EGL 02 6028 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

5,145,000

5,145,000

Series EGL 03 37 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

7,235,000

7,235,000

Series EGL 06 0015, Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

7,000,000

7,000,000

Series EGL 06 0114, 3.97% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(d)

16,245,000

16,245,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Metropolitan Transit Auth. Rev. Participating VRDN: - continued

Series EGL 06 0146, 3.98% (Liquidity Facility Citibank NA) (a)(d)

$ 28,000,000

$ 28,000,000

Series EGL 7053019 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

13,700,000

13,700,000

Series FRRI 02 F, 3.97% (Liquidity Facility Bank of New York, New York) (a)(d)

4,059,000

4,059,000

Series MS 862, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

4,660,000

4,660,000

Series PA 1036, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

4,000,000

4,000,000

Series PA 1084, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

8,665,000

8,665,000

Series PT 1103, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

22,495,000

22,495,000

Series PT 1466, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

5,635,000

5,635,000

Series Putters 1659, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

6,790,000

6,790,000

Series Putters 1662, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

11,335,000

11,335,000

Series ROC II R594PB, 3.97% (Liquidity Facility Deutsche Postbank AG) (a)(d)

6,795,000

6,795,000

New York Mtg. Agcy. Participating VRDN Series LB 06 K67, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(d)

11,610,000

11,610,000

New York State Participating VRDN Series Clipper 07 03, 3.96% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

10,000,000

10,000,000

New York State Dorm. Auth. Rev. Participating VRDN Series MT 409, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

3,690,000

3,690,000

New York State Energy Research & Dev. Auth. Poll. Cont. Rev. Participating VRDN Series MS 181, 3.99% (Liquidity Facility Morgan Stanley) (a)(b)(d)

10,870,000

10,870,000

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Participating VRDN:

Series Merlots B20, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(d)

5,320,000

5,320,000

Series PT 1424, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

10,200,000

10,200,000

Series Putters 1372, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

7,770,000

7,770,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Participating VRDN: - continued

Series Putters 611, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

$ 2,620,000

$ 2,620,000

Series Putters 613, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

8,125,000

8,125,000

Series ROC II R 859, 3.97% (Liquidity Facility Citibank NA) (a)(d)

4,000,000

4,000,000

Series Stars 07 24, 3.96% (Liquidity Facility BNP Paribas SA) (a)(d)

23,570,000

23,570,000

New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev. Participating VRDN Series EGL 94 3202, 3.98% (Liquidity Facility Citibank NA) (a)(d)

10,000,000

10,000,000

New York State Mtg. Agcy. Rev.:

Participating VRDN:

Series Merlots 00 A33, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(d)

2,365,000

2,365,000

Series Putters 1333, 4.02% (Liquidity Facility JPMorgan Chase & Co.) (a)(b)(d)

9,925,000

9,925,000

Series ROC II R181, 4.01% (Liquidity Facility Citibank NA) (a)(b)(d)

11,850,000

11,850,000

Series ROC II R404, 4.01% (Liquidity Facility Citibank NA) (a)(b)(d)

2,965,000

2,965,000

(Homeowner Mtg. Proj.) Series 122, 3.92% (Liquidity Facility Dexia Cr. Local de France), VRDN (a)(b)

9,900,000

9,900,000

New York State Thruway Auth. Gen. Rev. Participating VRDN:

Series EGL 06 49 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

4,750,000

4,750,000

Series EGL 06 63 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

6,960,000

6,960,000

Series Putters 1455, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

3,995,000

3,995,000

New York State Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series Putters 1433, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

6,920,000

6,920,000

New York State Urban Dev. Corp. Rev. Participating VRDN Series Putters 633, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

4,750,000

4,750,000

New York Thruway Auth. Hwy. & Bridge Trust Fund Participating VRDN Series MS 00 368, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

1,000,000

1,000,000

New York Thruway Auth. Personal Income Tax Rev. Participating VRDN Series ROC II R6030, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

1,980,000

1,980,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Niagara Frontier Trans. Auth. Arpt. Rev. Participating VRDN Series Putters 121, 3.99% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)

$ 3,495,000

$ 3,495,000

Onondaga County Indl. Dev. Agcy. Indl. Dev. Rev. (ICM Controls Corp. Proj.) 4.07%, LOC Manufacturers & Traders Trust Co., VRDN (a)(b)

5,860,000

5,860,000

Onondaga County Indl. Dev. Auth. Civic Facility Rev. (Syracuse Research Corp. Facility Proj.) Series 1997 A, 3.97%, LOC Manufacturers & Traders Trust Co., VRDN (a)

5,060,000

5,060,000

Oyster Bay Gen. Oblig. BAN Series A, 4% 3/14/08

19,900,000

19,975,104

Rensselaer Tobacco Asset Securitization Corp. Participating VRDN Series PA 1346, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

9,130,000

9,130,000

Riverhead Indl. Dev. Auth. Indl. Dev. Rev. (Adchem Corp. Facility Proj.) Series 1998, 3.97%, LOC European American Bank Uniondale, VRDN (a)(b)

2,870,000

2,870,000

Rochester Gen. Oblig. BAN Series I, 4% 2/28/08

35,000,000

35,103,137

Rockland County Gen. Oblig.:

BAN 4% 12/20/07

42,800,000

42,913,680

TAN:

4% 12/20/07

55,700,000

55,861,949

4% 12/20/07

21,000,000

21,058,488

Rockland Tobacco Asset Securitization Corp. Participating VRDN Series PA 1345, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

2,725,000

2,725,000

Sales Tax Asset Receivables Corp. Participating VRDN:

Series EGL 04 48 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

9,400,000

9,400,000

Series PT 3521, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

8,000,000

8,000,000

Series Putters 564, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

7,115,000

7,115,000

Series Putters 599, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

3,745,000

3,745,000

Suffolk County Gen. Oblig. Participating VRDN Series PT 2201, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

6,285,000

6,285,000

Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Maryhaven Ctr. of Hope Proj.) Series 1997 A, 4.01%, LOC KeyBank NA, VRDN (a)

620,000

620,000

Syracuse Indl. Dev. Agcy. Civic Facility Rev. (Crouse-Irving Hosp. Health Proj.) Series A, 4.01%, LOC Manufacturers & Traders Trust Co., VRDN (a)

5,500,000

5,500,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Tobacco Settlement Fing. Corp. Participating VRDN:

Series PT 2182, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

$ 5,150,000

$ 5,150,000

Series PT 835, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

25,650,000

25,650,000

Series PT 875, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

4,450,000

4,450,000

Series PT 893, 3.97% (Liquidity Facility DEPFA BANK PLC) (a)(d)

43,090,000

43,090,000

Series Putters 533, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

5,255,000

5,255,000

Series Putters 600, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

5,245,000

5,245,000

Series Putters 680, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

10,555,000

10,555,000

Series ROC II R4508, 3.98% (Liquidity Facility Citigroup, Inc.) (a)(d)

5,650,000

5,650,000

Series ROC II R6500, 3.98% (Liquidity Facility Citigroup, Inc.) (a)(d)

2,615,000

2,615,000

Tompkins County Indl. Dev. Agcy. Rev. (Civic Facilities Proj.) Series A, 4.02%, LOC Manufacturers & Traders Trust Co., VRDN (a)

12,875,000

12,875,000

Triborough Bridge & Tunnel Auth. Revs. Participating VRDN:

Series EGL 02 6011 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(d)

3,500,000

3,500,000

Series MS 06 1426, 3.96% (Liquidity Facility Morgan Stanley) (a)(d)

10,226,500

10,226,500

Series PA 1070, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

15,995,000

15,995,000

Series PA 1074, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

17,400,000

17,400,000

Series PA 948, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

17,590,000

17,590,000

Series PA 956, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

8,995,000

8,995,000

Series PT 1092, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

5,045,000

5,045,000

Series ROC II R1008, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(d)

7,450,000

7,450,000

Series SGB 43, 3.95% (Liquidity Facility Societe Generale) (a)(d)

3,650,000

3,650,000

Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A, 4.07%, LOC Manufacturers & Traders Trust Co., VRDN (a)(b)

880,000

880,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Upstate Telecommunications Corp. Rev. 3.97%, LOC Manufacturers & Traders Trust Co., VRDN (a)

$ 15,515,000

$ 15,515,000

West Babylon Union Free School District TAN 4% 6/28/07

11,000,000

11,009,040

Westchester Tobacco Asset Securitization Corp. Participating VRDN Series PA 1322, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

13,680,000

13,680,000

3,821,992,112

New York & New Jersey - 7.7%

Port Auth. of New York & New Jersey:

Bonds Series 7, 5% 7/15/07 (b)

3,125,000

3,133,255

Participating VRDN:

Series EGL 03 59 Class A, 3.97% (Liquidity Facility Citibank NA) (a)(d)

7,870,000

7,870,000

Series EGL 06 0134, 3.97% (Liquidity Facility Citibank NA) (a)(d)

34,150,000

34,150,000

Series EGL 06 107 Class A, 4% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(b)(d)

77,600,000

77,600,000

Series EGL 06 45 Class A, 4.01% (Liquidity Facility Citibank NA) (a)(b)(d)

13,860,000

13,860,000

Series MT 338, 3.97% (Liquidity Facility Lloyds TSB Bank PLC) (a)(b)(d)

41,960,000

41,960,000

Series MT 56, 3.97% (Liquidity Facility BNP Paribas SA) (a)(b)(d)

10,000,000

10,000,000

Series PA 1251, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

9,800,000

9,800,000

Series PA 1332, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

5,895,000

5,895,000

Series PA 1365, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)

9,570,000

9,570,000

Series PA 1377 R, 3.98% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

4,405,000

4,405,000

Series PT 1269, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

4,900,000

4,900,000

Series PT 3177, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

11,090,000

11,090,000

Series PT 3813, 3.97% (Liquidity Facility Dexia Cr. Local de France) (a)(b)(d)

13,965,000

13,965,000

Series PT MT 246, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

7,995,000

7,995,000

Series Putters 1546, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

9,400,000

9,400,000

Municipal Securities - continued

Principal Amount

Value

New York & New Jersey - continued

Port Auth. of New York & New Jersey: - continued

Participating VRDN:

Series ROC II 238, 4% (Liquidity Facility Citibank NA) (a)(b)(d)

$ 6,705,000

$ 6,705,000

Series ROC II R42, 4% (Liquidity Facility Citibank NA) (a)(b)(d)

6,155,000

6,155,000

Series Stars 121, 3.97% (Liquidity Facility BNP Paribas SA) (a)(b)(d)

6,820,000

6,820,000

Series 1991 2, 4%, VRDN (a)(b)(e)

6,400,000

6,400,000

Series 2001 2, 4.03%, VRDN (a)(b)

11,500,000

11,500,000

Series 2004 2, 3.95%, VRDN (a)

8,300,000

8,300,000

Series 2004 3, 3.95%, VRDN (a)

5,365,000

5,365,000

Series 2004 4, 4.03%, VRDN (a)(b)

3,540,000

3,540,000

Series 3, 3.95%, VRDN (a)

22,120,000

22,120,000

Port Auth. of New York & New Jersey Spl. Oblig. Rev. Participating VRDN:

Series Merlots 00 B5, 4.04% (Liquidity Facility Wachovia Bank NA) (a)(b)(d)

2,245,000

2,245,000

Series PA 1258, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(d)

4,000,000

4,000,000

348,743,255

Puerto Rico - 0.3%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN Series GS 07 36, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(d)

13,000,000

13,000,000

TOTAL INVESTMENT PORTFOLIO - 92.7%

(Cost $4,183,735,367)

4,183,735,367

NET OTHER ASSETS - 7.3%

331,458,337

NET ASSETS - 100%

$ 4,515,193,704

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

TAN - TAX ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

(d) Provides evidence of ownership in one or more underlying municipal bonds.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,765,000 or 0.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

New York City Gen. Oblig. Bonds Series PT 2544, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France)

3/3/05

$ 16,365,000

Port Auth. of New York & New Jersey Series 1991 2, 4%, VRDN

12/3/03

$ 6,400,000

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $4,183,735,367.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New York AMT Tax-Free
Money Market Fund

April 30, 2007

1.800352.103

SNM-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 98.6%

Principal Amount

Value

New York - 96.1%

Albany City School District BAN 4.5% 6/29/07

$ 40,000,000

$ 40,051,090

Albany Indl. Dev. Agcy. Civic Facility Rev. (Univ. at Albany Foundation Student Hsg. Corp.-Empire Commons Proj.) Series 2001 B, 3.99% (AMBAC Insured), VRDN (a)

13,390,000

13,390,000

Camden Central School District BAN 4% 3/21/08

6,479,636

6,496,829

Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 3.99%, LOC KeyBank NA, VRDN (a)

3,725,000

3,725,000

Erie County Tobacco Asset Securitization Corp. Participating VRDN Series PA 1339, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

13,520,000

13,520,000

Hicksville Union Free School District TAN 4.5% 6/28/07

1,000,000

1,001,169

Hudson Yards Infrastructure Corp. Participating VRDN Series EGL 07 0030, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

110,000,000

110,000,001

Lancaster Indl. Dev. Agcy. Civic Facilities Rev. (Greenfield Manor Proj.) 3.83%, LOC Manufacturers & Traders Trust Co., VRDN (a)

6,540,000

6,540,000

Liberty Dev. Corp. Rev. Participating VRDN:

Series Austin 05 Q, 3.96% (Liquidity Facility Bank of America NA) (a)(c)

17,100,000

17,100,000

Series BS 1529, 3.95% (Liquidity Facility Branch Banking & Trust Co.) (a)(c)

6,000,000

6,000,000

Series MS 06 1416, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

10,100,000

10,100,000

Series MS 1207, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

8,000,000

8,000,000

Series MS 1251, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

1,940,000

1,940,000

Series PT 3654, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

16,140,000

16,140,000

Lloyd BAN 4% 10/5/07

9,086,000

9,103,353

Long Island Pwr. Auth. Participating VRDN:

Series MT 360, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,995,000

6,995,000

Series Solar 06 119, 3.92% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(c)

27,680,000

27,680,000

Longwood Central School District TAN 4.5% 6/28/07

3,500,000

3,503,754

Metropolitan Trans. Auth. Dedicated Tax Fund:

Participating VRDN:

Series EGL 01 3205 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

8,300,000

8,300,000

Series EGL 02 6003 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

7,700,000

7,700,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Metropolitan Trans. Auth. Dedicated Tax Fund: - continued

Participating VRDN:

Series EGL 06 0133, 3.98% (Liquidity Facility Citibank NA) (a)(c)

$ 10,000,000

$ 10,000,000

Series EGL 06 0147, 3.98% (Liquidity Facility Citibank NA) (a)(c)

24,500,000

24,500,000

Series EGL 07 0008, Class A, 3.97% (Liquidity Facility Citibank NA) (a)(c)

11,385,000

11,385,000

Series EGL 98 3203, 3.98% (Liquidity Facility Citibank NA) (a)(c)

4,900,000

4,900,000

Series PA 1098, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

1,400,000

1,400,000

Series PA 1273, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

3,750,000

3,750,000

Series A1, 3.92% (XL Cap. Assurance, Inc. Insured), VRDN (a)

17,530,000

17,530,000

Metropolitan Trans. Auth. Rev. Participating VRDN Series MSTC 7001, 3.78% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

2,500,000

2,500,000

Metropolitan Trans. Auth. Svc. Contract Rev. Participating VRDN Series PT 1968, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

8,515,000

8,515,000

Metropolitan Trans. Auth. Transit Facilities Rev. Participating VRDN Series Merlots 00 F, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

11,000,000

11,000,000

Mount Sinai Union Free School District TAN 4.5% 6/22/07

5,900,000

5,906,808

New York City Participating VRDN Series MT 393, 3.98% (Liquidity Facility BNP Paribas SA) (a)(c)

9,450,000

9,450,000

New York City Gen. Oblig.:

Participating VRDN:

Series DB 167, 3.94% (Liquidity Facility Deutsche Bank AG) (a)(c)

12,200,000

12,200,000

Series DB 178, 3.94% (Liquidity Facility Deutsche Bank AG) (a)(c)

33,890,000

33,890,000

Series FP14, 4% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c)

9,715,000

9,715,000

Series LB 05 FP09, 4% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c)

7,700,000

7,700,000

Series MS 00 394, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

1,250,000

1,250,000

Series MS 01 525, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

5,910,000

5,910,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Gen. Oblig.: - continued

Participating VRDN:

Series MS 06 1454, 3.99% (Liquidity Facility Morgan Stanley) (a)(c)

$ 7,041,000

$ 7,041,000

Series MS 06 1585, 3.99% (Liquidity Facility Morgan Stanley) (a)(c)

4,250,000

4,250,000

Series MT 377, 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

9,900,000

9,900,000

Series PA 1336, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,700,000

6,700,000

Series PA 1363, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,500,000

7,500,000

Series PT 2480, 3.97% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

4,860,000

4,860,000

Series PT 2615, 3.97% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

6,665,000

6,665,000

Series PT 3821, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,440,000

6,440,000

Series PT 3844, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

11,650,000

11,650,000

Series PT 3845, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

24,600,000

24,600,000

Series PT 962, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

2,000,000

2,000,000

Series PT 991, 3.95% (Liquidity Facility BNP Paribas SA) (a)(c)

10,000,000

10,000,000

Series Putters 1088, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

13,770,000

13,770,000

Series Putters 1221, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

17,790,000

17,790,000

Series SGB 35, 3.92% (Liquidity Facility Societe Generale) (a)(c)

13,000,000

13,000,000

Series 1993 E5, 4.08%, LOC JPMorgan Chase Bank, VRDN (a)

1,600,000

1,600,000

Series 1994 A4, 4%, LOC WestLB AG, VRDN (a)

8,400,000

8,400,000

Series 1994 E2, 4.01%, LOC JPMorgan Chase Bank, VRDN (a)

3,500,000

3,500,000

Series 1994 E4, 4.08%, LOC State Street Bank & Trust Co., Boston, VRDN (a)

3,000,000

3,000,000

Series 1994 E5, 4.08%, LOC JPMorgan Chase Bank, VRDN (a)

800,000

800,000

Series 2002 A6, 4% (FSA Insured), VRDN (a)

855,000

855,000

Series E2, 4%, LOC Bank of America NA, VRDN (a)

10,000,000

10,000,000

Series I-3, 4.08%, LOC Bank of America NA, VRDN (a)

2,000,000

2,000,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Gen. Oblig.: - continued

Series I5, 4.08%, LOC California Pub. Employees' Retirement Sys., VRDN (a)

$ 16,195,000

$ 16,195,000

Series I6, 4.08%, LOC California Teachers Retirement Sys., VRDN (a)

8,355,000

8,355,000

Subseries 1996 J2, 3.88%, LOC WestLB AG, VRDN (a)

29,300,000

29,300,000

Subseries 2004 H7, 4%, LOC KBC Bank NV, VRDN (a)

4,500,000

4,500,000

Subseries H1, 4%, LOC Dexia Cr. Local de France, VRDN (a)

19,565,000

19,565,000

Subseries J3, 3.88%, LOC JPMorgan Chase Bank, VRDN (a)

35,000,000

35,000,000

New York City Indl. Dev. Agcy. Civic Facility Rev.:

(Sephardic Cmnty. Youth Ctr. Proj.) 3.97%, LOC Manufacturers & Traders Trust Co., VRDN (a)

10,000,000

10,000,000

(The Birch Wathen Lenox School Proj.) 3.94%, LOC Allied Irish Banks PLC, VRDN (a)

2,625,000

2,625,000

New York City Indl. Dev. Agcy. Rev. (One Bryant Park LLC Proj.) Series A, 3.97%, LOC Bank of America NA, LOC Citibank NA, VRDN (a)

10,000,000

10,000,000

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Participating VRDN:

Series AAB 04 46, 3.97% (Liquidity Facility ABN-AMRO Bank NV) (a)(c)

17,000,000

17,000,000

Series AAB 06 3, 3.97% (Liquidity Facility ABN-AMRO Bank NV) (a)(c)

8,335,000

8,335,000

Series EGL 06 69 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

10,100,000

10,100,000

Series EGL 06 74 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

13,000,000

13,000,000

Series Floaters 06 1329, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

1,500,000

1,500,000

Series LB 06 P45U, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c)

14,800,000

14,800,000

Series Merlots 00 DDD, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

16,800,000

16,800,000

Series MS 06 1501, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

17,000,000

17,000,000

Series MS 06 1607, 3.96% (Liquidity Facility DEPFA BANK PLC) (a)(c)

36,680,000

36,680,000

Series MS 1105, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

3,660,000

3,660,000

Series PA 1022, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

9,000,000

9,000,000

Series PA 1327, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,280,000

5,280,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued

Participating VRDN:

Series PA 454, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

$ 10,000,000

$ 10,000,000

Series PA 921, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

25,970,000

25,970,000

Series ROC II R 602, 3.97% (Liquidity Facility Citibank NA) (a)(c)

4,500,000

4,500,000

Series ROC II R3, 3.97% (Liquidity Facility Citibank NA) (a)(c)

7,000,000

7,000,000

Series ROC II R406, 3.97% (Liquidity Facility Citibank NA) (a)(c)

21,000,000

21,000,000

Series SGB 25, 3.95% (Liquidity Facility Societe Generale) (a)(c)

13,200,000

13,200,000

Series Stars 07 25, 3.96% (Liquidity Facility BNP Paribas SA) (a)(c)

19,990,000

19,990,000

Series 1995 A, 4% (FGIC Insured), VRDN (a)

10,565,000

10,565,000

Series 2005 A, 3.68% 9/6/07 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

23,700,000

23,700,000

Series 2005 AA2, 4% (Liquidity Facility Dexia Cr. Local de France), VRDN (a)

7,880,000

7,880,000

Series 2006 AA1, 4.07% (Liquidity Facility California Teachers Retirement Sys.) (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)

8,600,000

8,600,000

New York City Transitional Fin. Auth. Rev. Participating VRDN:

Series EGL 06 0149, 3.98% (Liquidity Facility Citibank NA) (a)(c)

7,500,000

7,500,000

Series EGL 07 0029, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

15,000,000

15,000,000

Series MSTC 02 202, 3.92% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

1,000,000

1,000,000

New York City Trust Cultural Resources Rev. Participating VRDN Series SGA 91, 4.03% (Liquidity Facility Societe Generale) (a)(c)

7,550,000

7,550,000

New York Counties Tobacco Trust II Participating VRDN Series PA 1347, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,815,000

6,815,000

New York Dorm. Auth. Revs.:

Bonds Series PT 2592, 3.72%, tender 7/19/07 (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)(d)

7,430,000

7,430,000

Participating VRDN:

Series BA 01 D, 3.96% (Liquidity Facility Bank of America NA) (a)(c)

1,000,000

1,000,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Dorm. Auth. Revs.: - continued

Participating VRDN:

Series Clipper 07 15, 3.96% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)

$ 8,800,000

$ 8,800,000

Series EGL 06 0138, 3.98% (Liquidity Facility Citibank NA) (a)(c)

5,000,000

5,000,000

Series EGL 06 47 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

12,700,000

12,700,000

Series EGL 07 0002, 3.98% (Liquidity Facility Citibank NA) (a)(c)

12,000,000

12,000,000

Series Floaters 00 310, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

2,895,000

2,895,000

Series Floaters 06 1418, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

7,610,000

7,610,000

Series Merlots 00 A30, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

1,760,000

1,760,000

Series Merlots 00 G, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

16,700,000

16,700,000

Series Merlots 00 X, 3.99% (Liquidity Facility Bank of New York, New York) (a)(c)

4,000,000

4,000,000

Series Merlots 01 A65, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

645,000

645,000

Series Merlots 02 A56, 3.99% (Liquidity Facility Bank of New York, New York) (a)(c)

21,695,000

21,695,000

Series Merlots 03 B9, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

7,405,000

7,405,000

Series Merlots 07 H1, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

33,395,000

33,395,000

Series MS 06 1520, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

3,040,000

3,040,000

Series MS 06 1601, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

4,300,000

4,300,000

Series MS 06 1602, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

3,000,000

3,000,000

Series MS 12216, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

12,000,000

12,000,000

Series MSDW 00 305, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

14,000,000

14,000,000

Series PT 130, 3.96% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(c)

10,690,000

10,690,000

Series ROC II R4558, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

2,740,000

2,740,000

Series ROC II R6052, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

4,600,000

4,600,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Dorm. Auth. Revs.: - continued

(Interfaith Med. Ctr. Proj.) Bonds Series D, 5.4% 2/15/28 (Pre-Refunded to 2/15/08 @ 101.5) (b)

$ 12,950,000

$ 13,321,036

New York Hsg. Fin. Agcy. Rev. (100 Meriden Lane Hsg. Proj.) Series A, 3.95%, LOC Bank of New York, New York, VRDN (a)

34,900,000

34,900,000

New York Local Govt. Assistance Corp. Participating VRDN:

Series PT 410, 3.96% (Liquidity Facility Lloyds TSB Bank PLC) (a)(c)

5,800,000

5,800,000

Series SG 99, 3.94% (Liquidity Facility Societe Generale) (a)(c)

16,200,000

16,200,000

New York Metropolitan Trans. Auth. Participating VRDN Series Solar 06 28, 3.92% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(c)

2,500,000

2,500,000

New York Metropolitan Transit Auth. Rev.:

Participating VRDN:

Series EGL 03 37 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

4,535,000

4,535,000

Series EGL 03 51 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

5,145,000

5,145,000

Series EGL 06 0015, Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

3,000,000

3,000,000

Series EGL 06 0064, 3.98% (Liquidity Facility Citibank NA) (a)(c)

23,360,000

23,360,000

Series EGL 06 0114, 3.97% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(c)

8,200,000

8,200,000

Series EGL 7053019 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

6,100,000

6,100,000

Series FRRI 02 F, 3.97% (Liquidity Facility Bank of New York, New York) (a)(c)

1,600,000

1,600,000

Series Merlots 2006 B26, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

9,985,000

9,985,000

Series MS 724X, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

3,000,000

3,000,000

Series PA 1036, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

2,995,000

2,995,000

Series PA 1040, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,400,000

7,400,000

Series PA 1083, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

13,545,000

13,545,000

Series PT 1466, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,960,000

4,960,000

Series PT 1946, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

11,575,000

11,575,000

Series PT 1969, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,215,000

5,215,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Metropolitan Transit Auth. Rev.: - continued

Participating VRDN:

Series PT 1972, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

$ 3,875,000

$ 3,875,000

Series PT 988, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

5,720,000

5,720,000

Series Putters 989, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

6,295,000

6,295,000

Series G, 4.03%, LOC BNP Paribas SA, VRDN (a)

11,935,000

11,935,000

Subseries 2005 G2, 4.1%, LOC BNP Paribas SA, VRDN (a)

1,500,000

1,500,000

New York State Dorm. Auth. Rev. Participating VRDN:

Series MT 409, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

15,000,000

15,000,000

Series Solar 06 148, 3.92% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(c)

10,510,000

10,510,000

New York State Dorm. Auth. Revs. Participating VRDN:

Series MS 06 1598, 3.96% (Liquidity Facility DEPFA BANK PLC) (a)(c)

19,270,000

19,270,000

Series ROC II R 7046, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

1,500,000

1,500,000

Series Solar 05 05, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(c)

6,265,000

6,265,000

New York State Envir. Facilities Corp. Participating VRDN Series Putters 652, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(c)

6,290,000

6,290,000

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Participating VRDN:

Series Floaters 01 658, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

4,925,000

4,925,000

Series Merlots B20, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

2,000,000

2,000,000

Series MS 731, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

38,579,500

38,579,500

Series PT 2108, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,000,000

7,000,000

Series ROC II R 7031, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

10,380,000

10,380,000

Series ROC II R 859, 3.97% (Liquidity Facility Citibank NA) (a)(c)

7,250,000

7,250,000

Series ROC II R4001, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

6,425,000

6,425,000

Series Stars 07 23, 3.96% (Liquidity Facility BNP Paribas SA) (a)(c)

5,025,000

5,025,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York State Hsg. Fin. Agcy. Personal Income Tax Rev. Participating VRDN Series MS 859, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

$ 5,525,000

$ 5,525,000

New York State Hsg. Fin. Svc. Contract Rev. Series 2003 I, 3.88%, LOC Landesbank Hessen-Thuringen, VRDN (a)

23,500,000

23,500,000

New York State Pwr. Auth. & Gen. Purp. Rev. Series 2, 3.65% 9/6/07, CP

8,000,000

8,000,000

New York State Thruway Auth. Gen. Rev. Participating VRDN:

Series EGL 06 49 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

20,000,000

20,000,000

Series EGL 06 61 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

14,100,000

14,100,000

Series ROC II R4076, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

2,025,000

2,025,000

Series SG 121, 3.94% (Liquidity Facility Societe Generale) (a)(c)

6,565,000

6,565,000

New York State Thruway Auth. Hwy. & Bridge Trust Fund Participating VRDN:

Series MS 00 368, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

3,500,000

3,500,000

Series MSTC 9045, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

9,990,000

9,990,000

Series PA 1328, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

1,200,000

1,200,000

Series Putters 1049, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

15,970,000

15,970,000

Series Putters 330, 3.96% (Liquidity Facility JPMorgan Chase & Co.) (a)(c)

16,015,000

16,015,000

Series ROC II R458, 3.97% (Liquidity Facility Citibank NA) (a)(c)

3,000,000

3,000,000

New York State Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series PT 3538, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,975,000

4,975,000

New York State Thruway Auth. Svc. Contract Rev. Participating VRDN Series EGL 00 3205, 3.98% (Liquidity Facility Citibank NA) (a)(c)

6,325,000

6,324,594

New York State Urban Dev. Corp. Rev. Participating VRDN:

Series Merlots 00 N, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

13,000,000

13,000,000

Series PT 2460, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

2,980,000

2,980,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Thruway Auth. Personal Income Tax Rev. Participating VRDN:

Series MT 292, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

$ 5,000,000

$ 5,000,000

Series ROC 6093, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

5,060,000

5,060,000

Series ROC II R6030, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

3,240,000

3,240,000

New York Transitional Fin. Auth. Rev.:

Participating VRDN:

Series EGL 07 0024, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(c)

6,485,000

6,485,000

Series FRRI 01 N11, 3.98% (Liquidity Facility Bank of New York, New York) (a)(c)

5,075,000

5,075,000

Series FRRI 02 L21, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c)

22,175,000

22,175,000

Series Merlots 99 G, 3.99% (Liquidity Facility Wachovia Bank NA) (a)(c)

33,995,000

33,995,000

Series Merlots A40, 3.99% (Liquidity Facility Bank of New York, New York) (a)(c)

4,940,000

4,940,000

Series MS 00 283, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

11,245,000

11,245,000

Series MS 00 433, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

1,817,500

1,817,500

Series MS 01 698, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

9,978,000

9,978,000

Series MS 06 1401, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

20,805,500

20,805,500

Series MSDW 00 319, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

5,465,000

5,465,000

Series PT 1814, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,245,000

5,245,000

Series PT 1839, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,380,000

5,380,000

Series Putters 1155, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

7,800,000

7,800,000

Series Putters 1720, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

6,000,000

6,000,000

Series Putters 628, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

7,275,000

7,275,000

Series Putters 830, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

21,060,000

21,060,000

Series ROC II R1039, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

2,370,000

2,370,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

New York Transitional Fin. Auth. Rev.: - continued

Participating VRDN:

Series ROC II R2052, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

$ 1,985,000

$ 1,985,000

Series ROC II R2054, 3.98% (Liquidity Facility Citigroup, Inc.) (a)(c)

3,750,000

3,750,000

Series 2003 1A, 3.93% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

6,400,000

6,400,000

Oyster Bay Gen. Oblig. BAN Series A, 4% 3/14/08

10,100,000

10,138,118

Rochester Gen. Oblig. BAN Series I, 4% 2/28/08

17,900,000

17,952,747

Rockland County Gen. Oblig.:

BAN 4% 12/20/07

20,900,000

20,955,512

TAN:

4% 12/20/07

28,100,000

28,181,701

4% 12/20/07

10,200,000

10,228,408

Rockland Tobacco Asset Securitization Corp. Participating VRDN Series PA 1345, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

2,720,000

2,720,000

Sales Tax Asset Receivables Corp. Participating VRDN:

Series PT 2450, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

1,360,000

1,360,000

Series PT 3521, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

37,940,000

37,940,000

Series Putters 1133Z, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

19,610,000

19,610,000

Series Putters 1438Z, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

6,445,000

6,445,000

Series Putters 629, 3.96% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

2,595,000

2,595,000

Series ROC II R 552, 3.97% (Liquidity Facility Citibank NA) (a)(c)

2,995,000

2,995,000

Series ROC II R 6084, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

5,695,000

5,695,000

Schenectady Gen. Oblig. BAN 4.5% 5/24/07, LOC Bank of America NA

2,200,000

2,201,109

Suffolk County Gen. Oblig. Bonds Series A, 4.5% 5/1/07 (CIFG North America Insured)

3,000,000

3,000,000

Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Maryhaven Ctr. of Hope Proj.) Series 1997 A, 4.01%, LOC KeyBank NA, VRDN (a)

2,400,000

2,400,000

Syracuse Ind. Dev. Agcy. Civic Fac. Rev. (Crouse-Irving Hosp. Health Proj.) Series A, 3.97%, LOC Bank of America NA, VRDN (a)

10,950,000

10,950,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Tobacco Settlement Fing. Corp. Participating VRDN:

Series MS 06 1457, 4.02% (Liquidity Facility Morgan Stanley) (a)(c)

$ 8,775,000

$ 8,775,000

Series PT 1907, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,275,000

5,275,000

Series PT 835, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

7,400,000

7,400,000

Series PT 875, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)

6,000,000

6,000,000

Series PT 893, 3.97% (Liquidity Facility DEPFA BANK PLC) (a)(c)

16,895,000

16,895,000

Series ROC II R2034, 3.98% (Liquidity Facility Citigroup, Inc.) (a)(c)

2,900,000

2,900,000

Series ROC II R4508, 3.98% (Liquidity Facility Citigroup, Inc.) (a)(c)

10,215,000

10,215,000

Tompkins County Indl. Dev. Agcy. Rev. (Civic Facilities Proj.) Series A, 4.02%, LOC Manufacturers & Traders Trust Co., VRDN (a)

5,300,000

5,300,000

Triborough Bridge & Tunnel Auth. Revs.:

Participating VRDN:

Series EGL 02 6011 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

3,700,000

3,700,000

Series EGL 02 6024 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

6,000,000

6,000,000

Series EGL 03 4, Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

4,500,000

4,500,000

Series EGL 03 55 Class A, 3.98% (Liquidity Facility Citibank NA) (a)(c)

4,985,000

4,985,000

Series MS 06 1403, 3.96% (Liquidity Facility Morgan Stanley) (a)(c)

5,155,000

5,155,000

Series MSTC 02 207, 3.92% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

9,995,000

9,995,000

Series PA 1074, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,000,000

7,000,000

Series PA 948, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,200,000

7,200,000

Series PT 2017, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

1,440,000

1,440,000

Series PT 3437, 3.94% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

21,300,000

21,300,000

Series ROC II R1008, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

3,105,000

3,105,000

Series ROC II R1032, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

5,310,000

5,310,000

Municipal Securities - continued

Principal Amount

Value

New York - continued

Triborough Bridge & Tunnel Auth. Revs.: - continued

Participating VRDN:

Series ROC II R2013, 3.97% (Liquidity Facility Citigroup, Inc.) (a)(c)

$ 3,800,000

$ 3,800,000

Series SGB 43, 3.95% (Liquidity Facility Societe Generale) (a)(c)

15,500,000

15,500,000

Series 2002 F, 3.88% (Liquidity Facility ABN-AMRO Bank NV), VRDN (a)

38,065,000

38,065,000

Series 2005 A, 3.95% (Liquidity Facility Dexia Cr. Local de France), VRDN (a)

34,300,000

34,300,000

Subseries B3, 3.96% (Liquidity Facility Bank of America NA), VRDN (a)

5,400,000

5,400,000

Upstate Telecommunications Corp. Rev. 3.97%, LOC Manufacturers & Traders Trust Co., VRDN (a)

5,600,000

5,600,000

Yates County Indl. Dev. Agcy. Civic Facilities Rev. (Keuka College Proj.) Series 2003 A, 3.96%, LOC KeyBank NA, VRDN (a)

3,150,000

3,150,000

2,497,407,729

New York & New Jersey - 1.0%

Port Auth. of New York & New Jersey Participating VRDN:

Series EGL 06 0134, 3.97% (Liquidity Facility Citibank NA) (a)(c)

17,600,000

17,600,000

Series MS 766, 3.94% (Liquidity Facility Morgan Stanley) (a)(c)

4,245,000

4,245,000

Series PA 1251, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

3,700,000

3,700,000

25,545,000

Puerto Rico - 1.5%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN:

Series GS 07 36, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(c)

6,700,000

6,700,000

Series MACN 06 R, 3.93% (Liquidity Facility Bank of America NA) (a)(c)

10,400,000

10,400,000

Series ROC II R 785 CE, 3.95% (Liquidity Facility Citigroup, Inc.) (a)(c)

9,240,000

9,240,000

Municipal Securities - continued

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series MT 258, 3.91% (Liquidity Facility Bayerische Landesbank (UNGTD)) (a)(c)

$ 7,700,000

$ 7,700,000

Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Participating VRDN Series MS 1290, 3.91% (Liquidity Facility Morgan Stanley) (a)(c)

6,120,000

6,120,000

40,160,000

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $2,563,112,729)

2,563,112,729

NET OTHER ASSETS - 1.4%

35,134,857

NET ASSETS - 100%

$ 2,598,247,586

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

TAN - TAX ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Security collateralized by an amount sufficient to pay interest and principal.

(c) Provides evidence of ownership in one or more underlying municipal bonds.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,430,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

New York Dorm. Auth. Revs. Bonds Series PT 2592, 3.72%, tender 7/19/07 (Liquidity Facility Merrill Lynch & Co., Inc.)

2/3/06

$ 7,430,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Tax-Free Cash Central Fund

$ 56,377

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $2,563,112,729.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity New York Municipal Trust II

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 22, 2007