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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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)

Scott C. Goebel, 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:	January 31, 2010

Item 1. Reports to Stockholders

Fidelity®
New York AMT
Tax-Free Money Market Fund -

New York AMT Tax-Free
Money Market
Institutional Class
Service Class

Annual Report

January 31, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes/ Performance	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

The turnaround in global capital markets that marked most of 2009 stalled in early 2010, as investors considered the risks to a sustained recovery, including increased political uncertainty, high unemployment, weak consumer spending and potential inflation on the horizon. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2009 to January 31, 2010).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Annual Report

	Annualized Expense Ratio	Beginning Account Value August 1, 2009	Ending Account Value January 31, 2010	Expenses Paid During Period* August 1, 2009 to January 31, 2010
New York AMT Tax-Free Money Market	.30%
Actual		$ 1,000.00	$ 1,000.20	$ 1.51
Hypothetical^A		$ 1,000.00	$ 1,023.69	$ 1.53
Institutional Class	.22%
Actual		$ 1,000.00	$ 1,000.60	$ 1.11
Hypothetical^A		$ 1,000.00	$ 1,024.10	$ 1.12
Service Class	.31%
Actual		$ 1,000.00	$ 1,000.10	$ 1.56**
Hypothetical^A		$ 1,000.00	$ 1,023.64	$ 1.58**

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:

	Annualized Expense Ratio	Expenses Paid
Service Class	.45%
Actual		$ 2.27
Hypothetical ^A		$ 2.29

Annual Report

Investment Changes/Performance (Unaudited)

Maturity Diversification
Days	% of fund's investments 1/31/10	% of fund's investments 7/31/09	% of fund's investments 1/31/09
0 - 30	89.5	87.4	81.0
31 - 90	2.4	6.4	2.4
91 - 180	6.9	3.2	9.0
181 - 397	1.2	3.0	7.6
Weighted Average Maturity
	1/31/10	7/31/09	1/31/09
Fidelity New York AMT Tax-Free Money Market Fund	21 Days	22 Days	38 Days
New York Tax-Free Money Market Funds Average *	28 Days	29 Days	28 Days

Asset Allocation (% of fund's net assets)
As of January 31, 2010		As of July 31, 2009
	Variable Rate Demand Notes (VRDNs) 79.2%		Variable Rate Demand Notes (VRDNs) 79.6%
	Commercial Paper (including CP Mode) 8.2%		Commercial Paper (including CP Mode) 5.3%
	Municipal Notes 8.6%		Municipal Notes 8.9%
	Fidelity Tax-Free Cash Central Fund 1.9%		Fidelity Tax-Free Cash Central Fund 1.7%
	Other Investments 0.3%		Other Investments 2.7%
	Net Other Assets 1.8%		Net Other Assets 1.8%

fid69

*Source: iMoneyNet, Inc.

Annual Report

Current and Historical Seven-Day Yields

	2/1/10	11/2/09	8/3/09	4/27/09	2/2/09

New York AMT Tax Free Money Market Fund	0.01%	0.01%	0.13%	0.39%	0.32%

Current and Historical Seven-Day Yields

	2/1/10	11/2/09	8/3/09	4/27/09	2/2/09

Institutional Class	0.04%	0.10%	0.22%	0.49%	0.42%

Current and Historical Seven-Day Yields

	2/1/10	11/2/09	8/3/09	4/27/09	2/2/09

Service Class	0.01%	0.01%	0.01%	0.24%	0.17%

Yield refers to the income paid by each class over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund. A portion of the Fund's expenses were reimbursed and/or waived. Absent such reimbursements and/or waivers the Fund would have had a net investment loss and therefore its performance would have been lower.

Annual Report

Investments January 31, 2010

Showing Percentage of Net Assets

Municipal Securities - 98.2%
	Principal Amount		Value
Arizona - 0.1%
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.26%, LOC Landesbank Baden-Wuert, VRDN (b)	$ 2,500,000		$ 2,500,000
California - 0.2%
East Bay Muni. Util. District Wtr. Sys. Rev.:
Series 2008 B2, 0.22% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)	1,200,000		1,200,000
Series 2008 B3, 0.25% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)	1,900,000		1,900,000
			3,100,000
Florida - 0.6%
Palm Beach County Rev. (Hospice of Palm Beach Proj.) Series 2001, 0.25%, LOC Northern Trust Co., Chicago, VRDN (b)	5,500,000		5,500,000
Sarasota County Continuing Care Retirement Cmnty. Rev. (Glenridge Palmer Proj.) Series 2006, 0.27%, LOC Bank of Scotland PLC, VRDN (b)	8,200,000		8,200,000
			13,700,000
Illinois - 0.2%
Illinois Fin. Auth. Rev. Participating VRDN Series BA 08 1205, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	4,170,000		4,170,000
Indiana - 0.1%
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 G, 0.19%, LOC Bank of New York, New York, VRDN (b)	1,500,000		1,500,000
Kentucky - 0.5%
Boyle County College Rev. (Centre College Proj.) Series 2008 A, 0.16%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	10,385,000		10,385,000
Massachusetts - 0.5%
Massachusetts Dev. Fin. Agcy. Rev. (Worcester Polytechnic Institute Proj.) Series A, 0.19%, LOC TD Banknorth, NA, VRDN (b)	7,745,000		7,745,000
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2008 C, 0.35% (Liquidity Facility Bayerische Landesbank), VRDN (b)	3,300,000		3,300,000
			11,045,000
Nevada - 0.1%
Clark County Arpt. Rev. Series 2008 D2, 0.27%, LOC Landesbank Baden-Wuert, VRDN (b)	2,800,000		2,800,000
Municipal Securities - continued
	Principal Amount		Value
New York - 88.6%
Albany Indl. Dev. Agcy. Civic Facility Rev. (Albany Med. Ctr. Proj.) Series 2007 C, 0.19%, LOC Bank of America NA, VRDN (b)	$ 2,105,000		$ 2,105,000
Battery Park City Auth. Rev. Participating VRDN Series BC 10 1B, 0.17% (Liquidity Facility Barclays Bank PLC) (b)(e)	4,700,000		4,700,000
Brookhaven Gen. Oblig. BAN Series 2009, 1.75% 6/24/10	12,125,000		12,185,717
Commack Union Free School District TAN 1.5% 6/30/10	10,500,000		10,542,700
Connetquot Central School District TAN 1.5% 6/30/10	15,000,000		15,065,401
East Aurora Union Free School District BAN 2% 2/15/10	6,900,000		6,903,212
Greene Co. Gen. Oblig. BAN Series 2009, 2% 12/17/10	12,000,000		12,154,379
Harrison Gen. Oblig. BAN Series 2009, 0.8% 3/18/10	13,092,820		13,094,015
Islip Union Free School District TAN 2% 6/25/10	15,000,000		15,078,890
Kings Park Central School District TAN 1.5% 6/25/10	14,200,000		14,255,380
Liberty Dev. Corp. Rev. (377 Greenwich LLC Proj.) Series 2004, 0.17%, LOC Wells Fargo Bank NA, VRDN (b)	18,950,000		18,950,000
Lindenhurst Unified Free School District TAN 1.5% 6/23/10	9,700,000		9,738,292
Middle Country Century School District TAN 1.5% 6/30/10	9,200,000		9,237,149
Nassau County Indl. Dev. Agcy. (Amsterdam at Harborside Proj.) Series 2007 C, 0.19%, LOC Bank of America NA, VRDN (b)	7,550,000		7,550,000
New York City Gen. Oblig.:
Bonds:
Series 2004 I, 5% 8/1/10	1,495,000		1,528,219
Series 2006 G, 5% 8/1/10	1,050,000		1,073,721
Series 2008 D1, 4% 12/1/10	1,000,000		1,028,609
Participating VRDN:
Series BA 08 1052, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	12,895,000		12,895,000
Series BA 08 1064, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	13,040,000		13,040,000
Series BA 08 1131, 0.21% (Liquidity Facility Bank of America NA) (b)(e)	9,715,000		9,715,000
Series Putters 2279, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	11,175,000		11,175,000
Series Putters 2951, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	4,460,000		4,460,000
Series Putters 3118, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	5,185,000		5,185,000
Series Putters 3282, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	6,650,000		6,650,000
Series 1994 A10, 0.2%, LOC JPMorgan Chase Bank, VRDN (b)	11,560,000		11,560,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Gen. Oblig.: - continued
Series 1995 F5, 0.2%, LOC Bayerische Landesbank Girozentrale, VRDN (b)	$ 12,370,000		$ 12,370,000
Series 2003 C3, 0.18%, LOC BNP Paribas SA, VRDN (b)	27,335,000		27,335,000
Series 2003 C4, 0.17%, LOC BNP Paribas SA, VRDN (b)	37,080,000		37,080,000
Series 2003 G2, 0.15%, LOC Bank of Nova Scotia New York Branch, VRDN (b)	7,995,000		7,995,000
Series 2004 A3, 0.2%, LOC BNP Paribas SA, VRDN (b)	19,575,000		19,575,000
Series 2004 H2 0.17%, LOC Bank of New York, New York, VRDN (b)	6,905,000		6,905,000
Series 2004 H3, 0.18%, LOC Bank of New York, New York, VRDN (b)	36,155,000		36,155,000
Series 2004 H5, 0.2%, LOC Dexia Cr. Local de France, VRDN (b)	2,150,000		2,150,000
Series 2004 H6, 0.16%, LOC Bank of America NA, VRDN (b)	40,880,000		40,880,000
Series 2004 H7, 0.2%, LOC KBC Bank NV, VRDN (b)	5,000,000		5,000,000
Series 2006 E2, 0.21%, LOC Bank of America NA, VRDN (b)	1,000,000		1,000,000
Series 2006 E4, 0.18%, LOC Bank of America NA, VRDN (b)	38,175,000		38,175,000
Series 2006 I4, 0.18%, LOC Bank of New York, New York, VRDN (b)	7,100,000		7,100,000
Series 2008 J10, 0.14% (Liquidity Facility BNP Paribas SA), VRDN (b)	1,000,000		1,000,000
Series 2008 J11, 0.17% (Liquidity Facility KBC Bank NV), VRDN (b)	9,600,000		9,600,000
Series 2008 J7, 0.25%, LOC Landesbank Baden-Wuert, VRDN (b)	33,150,000		33,150,000
Series 2008 J8, 0.2%, LOC Landesbank Baden-Wuert, VRDN (b)	2,000,000		2,000,000
Series I6, 0.19%, LOC California Teachers Retirement Sys., VRDN (b)	3,430,000		3,430,000
New York City Health & Hosp. Corp. Rev. Series 2008 B, 0.17%, LOC TD Banknorth, NA, VRDN (b)	5,600,000		5,600,000
New York City Hsg. Dev. Corp. Multi-family Hsg. Mtg. Rev. (Beekman Tower Proj.) Series 2008 A, 0.25%, LOC RBS Citizens NA, VRDN (b)	12,500,000		12,500,000
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.:
(90 West Street Proj.) Series 2006 A, 0.2%, LOC Fannie Mae, VRDN (b)	21,000,000		21,000,000
(Two Gold Street Proj.) Series 2006 A, 0.2%, LOC Fannie Mae, VRDN (b)	17,900,000		17,900,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Indl. Dev. Agcy. Rev. (123 Washington LLC Proj.) Series 2007, 0.2%, LOC Landesbank Baden-Wuert, VRDN (b)	$ 28,000,000		$ 28,000,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:
Participating VRDN:
Series BA 08 1192, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	2,750,000		2,750,000
Series BA 08 1206, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	4,400,000		4,400,000
Series BBT 08 15, 0.18% (Liquidity Facility Branch Banking & Trust Co.) (b)(e)	21,800,000		21,800,000
Series BC 09 39B, 0.17% (Liquidity Facility Barclays Bank PLC) (a)(b)(e)	1,295,000		1,295,000
Series Floaters 3129, 0.2% (Liquidity Facility Morgan Stanley) (b)(e)	8,260,000		8,260,000
Series Putters 3092, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	13,405,000		13,405,000
Series Putters 3223, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	12,430,000		12,430,000
Series Putters 3384, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	1,870,000		1,870,000
Series Putters 3485, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	3,745,000		3,745,000
Series Putters 3557, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	5,990,000		5,990,000
Series ROC II R 10381, 0.19% (Liquidity Facility Citibank NA) (b)(e)	6,105,000		6,105,000
Series ROC II R 11264, 0.19% (Liquidity Facility Citibank NA) (b)(e)	4,015,000		4,015,000
Series ROC II R 406, 0.19% (Liquidity Facility Citibank NA) (b)(e)	16,870,000		16,870,000
Series 2000 C, 0.21% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	34,200,000		34,200,000
Series 2001 F1, 0.21% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	21,165,000		21,165,000
Series 2008 B3, 0.21% (Liquidity Facility Bank of America NA), VRDN (b)	2,000,000		2,000,000
Series 2008 BB2, 0.18% (Liquidity Facility Bank of America NA), VRDN (b)	11,790,000		11,790,000
Series 7:
0.18% 2/4/10, CP	14,300,000		14,300,000
0.2% 2/4/10, CP	14,200,000		14,200,000
Series 8, 0.2% 2/3/10, CP	9,200,000		9,200,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued
Series AA3, 0.22% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	$ 2,400,000		$ 2,400,000
New York City Transitional Fin. Auth. Rev.:
Participating VRDN:
Series BA 08 1075, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	5,000,000		5,000,000
Series BA 08 1190, 0.18% (Liquidity Facility Bank of America NA) (b)(e)	610,000		610,000
Series 1999 A2:
0.2% (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (b)	2,000,000		2,000,000
0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	5,000,000		5,000,000
Series 2003 2A, 0.21% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	7,945,000		7,945,000
Series 2006 A3, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	6,285,000		6,285,000
Series 2007 A3, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	1,300,000		1,300,000
New York City Trust Cultural Resources Rev. (The New York Botanical Garden Proj.) Series 2009 A, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	20,600,000		20,600,000
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN:
Series Putters 3323, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	3,985,000		3,985,000
Series Putters 3518, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	5,245,000		5,245,000
New York Dorm. Auth. Revs.:
Participating VRDN:
Series BBT 08 18, 0.18% (Liquidity Facility Branch Banking & Trust Co.) (b)(e)	15,410,000		15,410,000
Series EGL 06 47 Class A, 0.19% (Liquidity Facility Citibank NA) (b)(e)	51,905,000		51,905,000
Series EGL 07 0066, 0.19% (Liquidity Facility Citibank NA) (b)(e)	10,600,000		10,600,000
Series PT 4639, 0.18% (Liquidity Facility Deutsche Postbank AG) (b)(e)	9,255,000		9,255,000
Series Putters 1955, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	12,600,000		12,600,000
Series ROC II R 11722, 0.19% (Liquidity Facility Citibank NA) (b)(e)	5,235,000		5,235,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Dorm. Auth. Revs.: - continued
(Catholic Heath Sys. Obligated Group Proj.) Series 2008, 0.17%, LOC HSBC Bank USA, NA, VRDN (b)	$ 2,470,000		$ 2,470,000
(City Univ. Proj.) Series 2008 C, 0.19%, LOC Bank of America NA, VRDN (b)	37,900,000		37,900,000
(College of New Rochelle Proj.) Series 2008, 0.42%, LOC RBS Citizens NA, VRDN (b)	16,300,000		16,300,000
(Mental Health Svcs. Facilities Impt. Proj.) Series 2003 D2H, 0.17%, LOC Royal Bank of Canada, VRDN (b)	2,100,000		2,100,000
(New York Law School Proj.) Series 2009, 0.15%, LOC TD Banknorth, NA, VRDN (b)	7,200,000		7,200,000
(Pratt Institute Proj.) Series 2009 A, 0.18%, LOC TD Banknorth, NA, VRDN (b)	13,000,000		13,000,000
(The Culinary Institute of America Proj.) Series 2006, 0.18%, LOC TD Banknorth, NA, VRDN (b)	5,775,000		5,775,000
(Univ. of Rochester Proj.):
Series 2003 C, 0.19%, LOC JPMorgan Chase Bank, VRDN (b)	20,700,000		20,700,000
Series 2008 A1, 0.18%, LOC Bank of America NA, VRDN (b)	10,900,000		10,900,000
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Participating VRDN:
Series Putters 3155, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	6,810,000		6,810,000
Series Putters 3376, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	4,450,000		4,450,000
New York Envir. Facilities Corp. State Personal Income Tax Rev. Participating VRDN Series Putters 2666, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	3,185,000		3,185,000
New York Hsg. Fin. Agcy. Rev.:
(10 Barclay Street Hsg. Proj.) Series 2004 A, 0.2%, LOC Fannie Mae, VRDN (b)	41,245,000		41,245,000
(320 West 38th Street Hsg. Proj.):
Series 2008 A, 0.15%, LOC Wachovia Bank NA, VRDN (b)	37,000,000		37,000,000
Series 2009 A, 0.15%, LOC Wachovia Bank NA, VRDN (b)	17,820,000		17,820,000
(330 Riverdale Avenue Apts. Proj.) Series 2008 A, 0.17%, LOC Bank of America NA, VRDN (b)	9,100,000		9,100,000
(42nd and 10th Hsg. Proj.) Series 2008 A, 0.23%, LOC Landesbank Baden-Wuert, VRDN (b)	18,100,000		18,100,000
(505 West 37th Street Proj.) Series 2009 B, 0.2%, LOC Landesbank Hessen-Thuringen, VRDN (b)	12,500,000		12,500,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Hsg. Fin. Agcy. Rev.: - continued
(80 DeKalb Ave. Hsg. Proj.):
Series 2009 A, 0.14%, LOC Wachovia Bank NA, VRDN (b)	$ 14,265,000		$ 14,265,000
Series 2009 B, 0.14%, LOC Wachovia Bank NA, VRDN (b)	10,520,000		10,520,000
(Shore Hill Hsg. Proj.) Series 2008 A, 0.2%, LOC Freddie Mac, VRDN (b)	10,000,000		10,000,000
(Taconic West 17th St. Proj.) Series 2009 A, 0.17%, LOC Fannie Mae, VRDN (b)	48,000,000		48,000,000
(West 37th St. Hsg. Proj.) Series 2009 A, 0.17%, LOC Wachovia Bank NA, VRDN (b)	4,200,000		4,200,000
New York Hsg. Fin. Svc. Contract Rev.:
Series 2003 B, 0.2%, LOC BNP Paribas SA, VRDN (b)	26,800,000		26,800,000
Series 2003 D, 0.2%, LOC State Street Bank & Trust Co., Boston, VRDN (b)	1,400,000		1,400,000
Series 2003 E, 0.2%, LOC BNP Paribas SA, VRDN (b)	2,000,000		2,000,000
Series 2003 I, 0.23%, LOC Landesbank Hessen-Thuringen, VRDN (b)	3,000,000		3,000,000
Series 2003 L, 0.18%, LOC Bank of America NA, VRDN (b)	4,100,000		4,100,000
Series 2003 M1, 0.18%, LOC Bank of America NA, VRDN (b)	7,800,000		7,800,000
New York Local Govt. Assistance Corp.:
Series 2008 B, 0.14% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	26,955,000		26,955,000
Series 2008 B3V, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	21,165,000		21,165,000
Series 2008 BAV, 0.14% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	22,730,000		22,730,000
Series 2008 BV2, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	15,000,000		15,000,000
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:
Series 2008 B2, 0.2%, LOC BNP Paribas SA, VRDN (b)	10,495,000		10,495,000
Series 2008 B3, 0.2%, LOC Lloyds TSB Bank PLC, VRDN (b)	5,000,000		5,000,000
Series 2008 B4, 0.2%, LOC KBC Bank NV, VRDN (b)	3,000,000		3,000,000
New York Metropolitan Trans. Auth. Rev.:
Series 2005 E1, 0.2%, LOC Fortis Banque SA, VRDN (b)	8,000,000		8,000,000
Series 2005 E2, 0.2%, LOC Fortis Banque SA, VRDN (b)	3,875,000		3,875,000
Series 2005 G1, 0.19%, LOC BNP Paribas SA, VRDN (b)	16,290,000		16,290,000
Series 2005 G2, 0.2%, LOC BNP Paribas SA, VRDN (b)	3,000,000		3,000,000
Series A, 0.37% 2/18/10, LOC ABN-AMRO Bank NV, CP	16,000,000		16,000,000
Series B, 0.37% 3/11/10, LOC ABN-AMRO Bank NV, CP	29,400,000		29,400,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Pwr. Auth.:
Series 1:
0.3% 2/11/10, CP	$ 22,000,000		$ 22,000,000
0.3% 3/11/10, CP	3,300,000		3,300,000
0.35% 2/10/10, CP	10,000,000		10,000,000
0.35% 3/1/10, CP	41,838,000		41,838,000
Series 2, 0.26% 2/10/10, CP	3,230,000		3,230,000
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series 1994 D1, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	1,000,000		1,000,000
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1987 A, 0.2%, VRDN (b)	3,000,000		3,000,000
New York State Gen. Oblig. Bonds Series 2009 C, 2% 8/1/10	2,560,000		2,580,669
New York Thruway Auth. Gen. Rev. Participating VRDN Series Solar 06 17, 0.18% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(e)	14,830,000		14,830,000
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Bonds Series 2005 A, 3.15% 4/1/10	1,080,000		1,084,821
New York Urban Dev. Corp. Rev.:
Participating VRDN:
Series Putters 2283, 0.23% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	14,375,000		14,375,000
Series Putters 2750, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	1,000,000		1,000,000
Series Putters 3470, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	11,995,000		11,995,000
Series SG 163, 0.16% (Liquidity Facility Societe Generale) (b)(e)	10,760,000		10,760,000
Series 2008 A1, 0.2%, LOC Wachovia Bank NA, VRDN (b)	7,500,000		7,500,000
Rondout Valley Central School District BAN Series 2009, 1.5% 6/15/10	12,400,000		12,422,562
Rotterdam-Mohonasen Central School District BAN 2% 7/9/10	6,686,950		6,717,344
Sayville Union Free School District BAN 1.5% 6/25/10	11,000,000		11,041,428
Schenectady Gen. Oblig. BAN Series 2009, 2.5% 5/21/10	8,395,000		8,414,454
Seaford Union Free School District BAN (School Construction Proj.) 2% 7/15/10	19,400,000		19,524,736
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (St. Francis Monastery Proj.) Series 2006, 0.15%, LOC U.S. Bank NA, Minnesota, VRDN (b)	9,030,000		9,030,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
Suffolk County Wtr. Auth. Wtrwks. Rev. Participating VRDN Series Putters 3357, 0.23% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	$ 3,265,000		$ 3,265,000
Triborough Bridge & Tunnel Auth. Revs.:
Series 2002 F, 0.2% (Liquidity Facility ABN-AMRO Bank NV), VRDN (b)	52,880,000		52,879,997
Series 2003 B, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	7,200,000		7,200,000
Series 2005 A, 0.19% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	6,295,000		6,295,000
Series 2005 B3, 0.18% (Liquidity Facility Bank of America NA), VRDN (b)	12,365,000		12,365,000
Series 2005 B4, 0.18% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)	22,505,000		22,505,000
Union-Endicott Central School District BAN Series 2009, 2% 8/13/10	6,400,000		6,430,515
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 0.18%, LOC JPMorgan Chase Bank, VRDN (b)	9,960,000		9,960,000
			1,897,030,210
New York & New Jersey - 2.9%
Port Auth. of New York & New Jersey:
Participating VRDN:
Series Putters 1546, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(e)	1,405,000		1,405,000
Series ROC II R 11439, 0.2% (Liquidity Facility Citibank NA) (b)(e)	7,200,000		7,200,000
Series 2004 2, 0.26%, VRDN (b)	8,300,000		8,300,000
Series 2006 3, 0.26%, VRDN (b)	22,120,000		22,120,000
Series 2008 2, 0.26%, VRDN (b)	13,810,000		13,810,000
Series B:
0.4% 3/2/10 (Liquidity Facility Landesbank Hessen-Thuringen), CP	4,500,000		4,500,000
0.4% 3/4/10 (Liquidity Facility Landesbank Hessen-Thuringen), CP	4,695,000		4,695,000
			62,030,000
Municipal Securities - continued
	Principal Amount		Value
North Carolina - 0.5%
New Hanover County Hosp. Rev. (New Hanover Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.22%, LOC RBC Centura Bank, Rocky Mount, VRDN (b)	$ 4,900,000		$ 4,900,000
Wake County Gen. Oblig. Series 2003 C, 0.19% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)	6,600,000		6,600,000
			11,500,000
South Carolina - 0.2%
Greenville Hosp. Sys. Facilities Rev. Series 2008 E, 0.18%, LOC Wachovia Bank NA, VRDN (b)	3,600,000		3,600,000
Tennessee - 0.4%
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 B, 0.28%, LOC Landesbank Baden-Wuert, VRDN (b)	9,200,000		9,200,000
Texas - 0.9%
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B2, 0.25%, LOC Compass Bank, VRDN (b)	4,145,000		4,145,000
Weslaco Health Facilities Dev. Corp. Rev. (Knapp Med. Ctr. Proj.):
Series 2008 A, 0.5%, LOC Compass Bank, VRDN (b)	9,625,000		9,625,000
Series 2008 B, 0.5%, LOC Compass Bank, VRDN (b)	4,730,000		4,730,000
			18,500,000
Virginia - 0.3%
Fairfax County Econ. Dev. Auth. Rev. (Flint Hill School Proj.) Series 2000, 0.18%, LOC Wachovia Bank NA, VRDN (b)	7,300,000		7,300,000
Washington - 0.2%
Washington Gen. Oblig. Participating VRDN Series BA 1212, 0.21% (Liquidity Facility Bank of America NA) (b)(e)	4,640,000		4,640,000
	Shares
Other - 1.9%
Fidelity Tax-Free Cash Central Fund, 0.19% (c)(d)	39,977,000		39,977,000
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $2,102,977,210)			2,102,977,210
NET OTHER ASSETS - 1.8%			38,788,144
NET ASSETS - 100%		$ 2,141,765,354

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

TAN - TAX ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,295,000 or 0.1% of net assets.

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

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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	$ 104,705

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	January 31, 2010

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $2,063,000,210)	$ 2,063,000,210
Fidelity Central Funds (cost $39,977,000)	39,977,000
Total Investments (cost $2,102,977,210)		$ 2,102,977,210
Cash		85,368
Receivable for investments sold		8,100,107
Receivable for fund shares sold		34,311,010
Interest receivable		2,003,607
Distributions receivable from Fidelity Central Funds		7,908
Receivable from investment adviser for expense reductions		53,907
Other receivables		264
Total assets		2,147,539,381

Liabilities
Payable for investments purchased	$ 2,500,039
Payable for fund shares redeemed	2,844,772
Distributions payable	2,482
Accrued management fee	355,592
Distribution fees payable	85
Other affiliated payables	71,057
Total liabilities		5,774,027

Net Assets		$ 2,141,765,354
Net Assets consist of:
Paid in capital		$ 2,141,716,489
Accumulated undistributed net realized gain (loss) on investments		48,865
Net Assets		$ 2,141,765,354

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Assets and Liabilities - continued

	January 31, 2010

New York AMT Tax-Free Money Market: Net Asset Value, offering price and redemption price per share ($727,666,588 ÷ 727,037,072 shares)		$ 1.00

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,408,275,549 ÷ 1,407,596,702 shares)		$ 1.00

Service Class: Net Asset Value, offering price and redemption price per share ($5,823,217 ÷ 5,820,260 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended January 31, 2010

Investment Income
Interest		$ 12,459,617
Income from Fidelity Central Funds		104,705
Total income		12,564,322

Expenses
Management fee	$ 5,061,894
Transfer agent fees	1,723,471
Distribution fees	19,710
Independent trustees' compensation	9,143
Money Market Guarantee Program fee	886,655
Total expenses before reductions	7,700,873
Expense reductions	(904,005)	6,796,868
Net investment income		5,767,454
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		87,207
Net increase in net assets resulting from operations		$ 5,854,661

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended January 31, 2010	Year ended January 31, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 5,767,454	$ 61,264,994
Net realized gain (loss)	87,207	217,259
Net increase in net assets resulting from operations	5,854,661	61,482,253
Distributions to shareholders from net investment income	(5,765,735)	(61,219,710)
Distributions to shareholders from net realized gain	(44,919)	(367,704)
Total distributions	(5,810,654)	(61,587,414)
Share transactions - net increase (decrease)	(724,662,091)	(1,030,418,736)
Total increase (decrease) in net assets	(724,618,084)	(1,030,523,897)

Net Assets
Beginning of period	2,866,383,438	3,896,907,335
End of period	$ 2,141,765,354	$ 2,866,383,438

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - New York AMT Tax-Free Money Market

Years ended January 31,	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.002	.016	.033	.031	.022
Net realized and unrealized gain (loss)^D	-	-	-	-	-
Total from investment operations	.002	.016	.033	.031	.022
Distributions from net investment income	(.002)	(.016)	(.033)	(.031)	(.022)
Distributions from net realized gain	-^D	-^D	-^D	-	-
Total distributions	(.002)	(.016)	(.033)	(.031)	(.022)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^A	.16%	1.65%	3.35%	3.15%	2.20%
Ratios to Average Net Assets^{B, C}
Expenses before reductions	.34%	.32%	.33%	.43%	.43%
Expenses net of fee waivers, if any	.33%	.32%	.32%	.40%	.40%
Expenses net of all reductions	.33%	.27%	.25%	.32%	.32%
Net investment income	.17%	1.66%	3.30%	3.12%	2.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 727,667	$ 1,077,634	$ 1,400,064	$ 2,203,387	$ 1,557,168

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended January 31,	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.002	.017	.027
Net realized and unrealized gain (loss)^G	-	-	-
Total from investment operations	.002	.017	.027
Distributions from net investment income	(.002)	(.017)	(.027)
Distributions from net realized gain	-^G	-^G	-^G
Total distributions	(.002)	(.017)	(.027)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00
Total Return^{B, C}	.25%	1.75%	2.72%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.29%	.27%	.25%^A
Expenses net of fee waivers, if any	.23%	.21%	.20%^A
Expenses net of all reductions	.23%	.17%	.14%^A
Net investment income	.26%	1.76%	3.36%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,408,276	$ 1,775,558	$ 2,467,175

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class

Years ended January 31,	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.001	.015	.025
Net realized and unrealized gain (loss)^G	-	-	-
Total from investment operations	.001	.015	.025
Distributions from net investment income	(.001)	(.015)	(.025)
Distributions from net realized gain	-^G	-^G	-^G
Total distributions	(.001)	(.015)	(.025)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00
Total Return^{B, C}	.08%	1.50%	2.52%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.54%	.51%	.50%^A
Expenses net of fee waivers, if any	.43%	.46%	.45%^A
Expenses net of all reductions	.42%	.42%	.40%^A
Net investment income	.07%	1.51%	3.04%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,823	$ 13,192	$ 29,669

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.

^G Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended January 31, 2010

1. Organization.

Fidelity New York AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity New York Municipal Trust II (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers New York AMT Tax-Free Money Market, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

The Fund participated in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds (the "Program") through September 18, 2009. The Fund paid the U.S. Treasury Department fees equal to 0.04% based on the number of shares outstanding as of September 19, 2008 to participate in the Program through September 18, 2009. The expense was borne by the Fund without regard to any expense limitation in effect for the Fund.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of January 31, 2010, the Fund did not have any unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation)	$ -

Tax Cost	$ 2,102,977,210

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income

$ 49,226

The tax character of distributions paid was as follows:

	January 31, 2010	January 31, 2009
Tax-exempt Income	$ 5,765,735	$ 61,219,710
Long-term Capital Gains	44,919	367,704
Total	$ 5,810,654	$ 61,587,414

Annual Report

Notes to Financial Statements - continued

4. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense.

In addition, under the expense contract, FMR pays class level expenses for New York AMT Tax-Free Money Market so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:

	Service Fee	Total Fees*	Retained by FDC
Service Class	.25%	$ 19,710	$ 271

* During the period, FMR or its affiliates waived a portion of these fees.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

	Amount **	% of Average Net Assets
New York AMT Tax-Free Money Market	$ 911,317	.10
Institutional Class	808,215	.05
Service Class	3,939	.05
	$ 1,723,471

** During the period, FMR or its affiliates waived a portion of these fees.

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Expense Reductions.

FMR contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example interest expense and the fee for participating in the U.S. Treasury Department's Temporary Guarantee Program, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $809,379 and $4,134 respectively.

FMR or its affiliates voluntarily agreed to waive certain fees during the period. The amount of the waiver for each class is as follows:

	Amount
NY AMT Tax-Free Money Market	$ 69,945
Institutional Class	4,184
Service Class	4,601
	$ 78,730

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $11,762.

Annual Report

Notes to Financial Statements - continued

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended January 31,	2010	2009
From net investment income
New York AMT Tax-Free Money Market	$ 1,572,123	$ 21,691,120
Institutional Class	4,184,954	39,067,202
Service Class	8,658	461,388
Total	$ 5,765,735	$ 61,219,710
From net realized gain
New York AMT Tax-Free Money Market	$ 15,638	$ 136,510
Institutional Class	29,157	227,962
Service Class	124	3,232
Total	$ 44,919	$ 367,704

8. Share Transactions.

Transactions for each class of shares at a $1.00 per share were as follows:

Years ended January 31,	2010	2009
New York AMT Tax-Free Money Market Shares sold	274,235,516	1,143,677,313
Reinvestment of distributions	1,466,760	20,143,092
Shares redeemed	(625,569,455)	(1,486,139,422)
Net increase (decrease)	(349,867,179)	(322,319,017)
Institutional Class Shares sold	523,560,086	2,269,358,360
Reinvestment of distributions	3,993,271	37,074,451
Shares redeemed	(894,980,949)	(2,998,057,840)
Net increase (decrease)	(367,427,592)	(691,625,029)
Service Class Shares sold	18,153,250	41,323,203
Reinvestment of distributions	8,715	209,595
Shares redeemed	(25,529,285)	(58,007,488)
Net increase (decrease)	(7,367,320)	(16,474,690)

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity New York Municipal Trust II and Shareholders of Fidelity New York AMT Tax-Free Money Market Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity New York AMT Tax-Free Money Market Fund (the Fund), a fund of Fidelity New York Municipal Trust II, including the schedule of investments, as of January 31, 2010, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2010, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York AMT Tax-Free Money Market Fund as of January 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 12, 2010

Annual Report

Trustees and Officers

The Trustees and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 188 funds advised by FMR or an affiliate. Mr. Curvey oversees 410 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates ("Statement of Policy"). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer ("CCO"), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (48)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (67)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (63)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related.
Michael E. Kenneally (55)
	Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (69)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (63)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (70)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (51)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Boyce I. Greer (53)
	Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President of the Asset Allocation Division (2008-present), President and a Director of Strategic Advisers, Inc. (2008-present), President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005).
Robert P. Brown (46)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Money Market Funds. Mr. Brown also serves as President, Money Market Group of FMR (2010-present) and is an employee of Fidelity Investments.
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (42)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007- present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Stephanie J. Dorsey (40)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2010, $29,926, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2010, 100% of the fund's income dividends was free from federal income tax, and 0% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on July 15, 2009. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To elect a Board of Trustees.^A
	# of Votes	% of Votes
James C. Curvey
Affirmative	2,824,866,659.44	95.247
Withheld	140,954,635.73	4.753
TOTAL	2,965,821,295.17	100.000
Albert R. Gamper, Jr.
Affirmative	2,826,472,229.06	95.301
Withheld	139,349,066.11	4.699
TOTAL	2,965,821,295.17	100.000
Abigail P. Johnson
Affirmative	2,823,209,261.72	95.191
Withheld	142,612,033.45	4.809
TOTAL	2,965,821,295.17	100.000
Arthur E. Johnson
Affirmative	2,823,713,458.39	95.208
Withheld	142,107,836.78	4.792
TOTAL	2,965,821,295.17	100.000
Michael E. Kenneally
Affirmative	2,827,655,790.50	95.341
Withheld	138,165,504.67	4.659
TOTAL	2,965,821,295.17	100.000
James H. Keyes
Affirmative	2,827,866,607.19	95.349
Withheld	137,954,687.98	4.651
TOTAL	2,965,821,295.17	100.000
Marie L. Knowles
Affirmative	2,828,174,804.15	95.359
Withheld	137,646,491.02	4.641
TOTAL	2,965,821,295.17	100.000
	# of Votes	% of Votes
Kenneth L. Wolfe
Affirmative	2,827,186,678.83	95.326
Withheld	138,634,616.34	4.674
TOTAL	2,965,821,295.17	100.000

^A Denotes trust-wide proposal and voting results.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity New York AMT Tax-Free Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established three standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its September 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

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Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to the recent financial crisis, Fidelity took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board specifically noted Fidelity's response to the 2008 credit market crisis. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integral part of the fixed-income portfolio management investment process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

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Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, as available, the cumulative total returns of Fidelity New York AMT Tax-Free Money Market (retail class) and Service Class of the fund and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Fidelity New York AMT Tax-Free Money Market (retail class) and Service Class show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on one-year performance), respectively. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

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Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity New York AMT Tax-Free Money Market Fund

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The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity New York AMT Tax-Free Money Market (retail class) of the fund was in the second quartile for the one-year period and the first quartile for the three- and five-year periods. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance during 2009.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented recent market events, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Annual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board. For a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and custody fees) from the fund's management fee. In this regard, the Board realizes that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted, however, that FMR does not pay transfer agent fees or other "class-level" expenses (including 12b-1 fees, if applicable) under the fund's management contract.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity New York AMT Tax-Free Money Market Fund

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The Board noted that the fund's hypothetical net management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Furthermore, the Board considered that it had approved an amended and restated management contract for the fund (effective April 1, 2007) that (i) lowered the fund's management fee from 43 basis points to 20 basis points, and (ii) provides that FMR will pay all "fund-level" expenses out of the management fee, with certain limited exceptions. (Transfer agent fees and 12b-1 fees, if applicable, currently are the only "class-level" expenses.) The Board considered that the chart reflects the fund's lower management fee for 2007 as if the lower fee were in effect for the entire year.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees. The Board also considered other "class-level" expenses, such as transfer agent fees and fund-paid 12b-1 fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

The Board noted that the total expenses of each of Fidelity New York AMT Tax-Free Money Market (retail class) and Institutional Class ranked below its competitive median for 2008 and the total expenses of Service Class ranked above its competitive median for 2008. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

The Board also considered that the current contractual arrangements for the fund (i) have the effect of setting the total "fund-level" expenses (including, among certain other expenses, the management fee) for each class at 20 basis points, (ii) set the "class-level" transfer agent fee for Fidelity New York AMT Tax-Free Money Market (retail class) at a fixed rate of 10 basis points, and (iii) limit the total expenses of Fidelity New York AMT Tax-Free Money Market (retail class) to 35 basis points. The fees and expenses payable under these contractual arrangements may not be increased without the approval of the Board and, in the case of (i) and (iii), the shareholders of the applicable class. Institutional Class and Service Class (which commenced operations on April 17, 2007) are subject to different "class-level" expenses (transfer agent fees and 12b-1 fees). In addition, the Board considered that, effective April 18, 2007, FMR contractually agreed to limit the total expenses of Institutional Class and Service Class to 20 basis points and 45 basis points, respectively. The fees and expenses payable under these contractual arrangements may not be increased without Board approval.

In its review, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability, and the extent to which current market conditions have affected retention and recruitment; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Annual Report

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

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

Press

fid75 For mutual fund and brokerage trading.

fid77 For quotes.*

fid79 For account balances and holdings.

fid81 To review orders and mutual
fund activity.

fid83 To change your PIN.

fid85 fid87 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management and Research
(U.K) Inc.

Fidelity Management and Research
(Hong Kong) Limited

Fidelity Management and Research
(Japan) Inc.

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) fid89 1-800-544-5555

Automated line for quickest service

NYS-UANN-0310
1.789256.108

fid92

Fidelity® New York Municipal
Money Market
Fund

Annual Report

January 31, 2010

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes/ Performance	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

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NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

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Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2009 to January 31, 2010).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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	Annualized Expense Ratio	Beginning Account Value August 1, 2009	Ending Account Value January 31, 2010	Expenses Paid During Period* August 1, 2009 to January 31, 2010
Actual	.35%	$ 1,000.00	$ 1,000.10	$ 1.76**
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,023.44	$ 1.79**

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio would have been ..51% and the expenses paid in the actual and hypothetical examples above would have been $2.57 and $2.60, respectively.

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Investment Changes/Performance (Unaudited)

Maturity Diversification
Days	% of fund's investments 1/31/10	% of fund's investments 7/31/09	% of fund's investments 1/31/09
0 - 30	90.9	88.7	83.5
31 - 90	1.9	4.6	3.1
91 - 180	5.0	3.1	7.0
181 - 397	2.2	3.6	6.4
Weighted Average Maturity
	1/31/10	7/31/09	1/31/09
Fidelity New York Municipal Money Market Fund	21 Days	23 Days	33 Days
New York Tax-Free Money Market Funds Average*	28 Days	29 Days	28 Days

Asset Allocation (% of fund's net assets)
As of January 31, 2010		As of July 31, 2009
	Variable Rate Demand Notes (VRDNs) 77.4%		Variable Rate Demand Notes (VRDNs) 72.7%
	Commercial Paper (including CP Mode) 7.7%		Commercial Paper (including CP Mode) 4.9%
	Tender Bonds 0.2%		Tender Bonds 0.6%
	Municipal Notes 8.0%		Municipal Notes 10.2%
	Fidelity Municipal Cash Central Fund 6.0%		Fidelity Municipal Cash Central Fund 8.2%
	Other Investments 0.6%		Other Investments 1.9%
	Net Other Assets 0.1%		Net Other Assets 1.5%

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Current and Historical Seven-Day Yields

	2/1/10	11/2/09	8/3/09	4/27/09	2/2/09
Fidelity New York Municipal Money Market Fund	0.01%	0.01%	0.01%	0.26%	0.22%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund. A portion of the Fund's expenses were reimbursed and/or waived. Absent such reimbursements and/or waivers the Fund would have had a net investment loss and therefore its performance would have been lower.

*Source: iMoneyNet, Inc.

Annual Report

Investments January 31, 2010

Showing Percentage of Net Assets

Municipal Securities - 99.9%
	Principal Amount		Value
Arizona - 0.1%
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.26%, LOC Landesbank Baden-Wuert, VRDN (b)	$ 5,400,000		$ 5,400,000
California - 0.1%
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2008 B3, 0.25% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)	4,000,000		4,000,000
Florida - 0.2%
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.3%, LOC Bank of America NA, VRDN (b)(e)	1,500,000		1,500,000
Sunshine State Govt. Fing. Commission Rev. Series L, 0.25% 2/3/10, LOC Dexia Cr. Local de France, CP	4,416,000		4,416,000
Tamarac Indl. Dev. Rev. (Fazio Hldgs. LP Proj.) Series 2000, 0.43%, LOC Wachovia Bank NA, VRDN (b)(e)	2,600,000		2,600,000
			8,516,000
Louisiana - 0.2%
Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 1.5%, LOC Citizens Bank of Pennsylvania, VRDN (b)	11,000,000		11,000,000
Maryland - 0.1%
Chestertown Econ. Dev. Rev. (Washington College Proj.) Series 2008 A, 0.75%, LOC RBS Citizens NA, VRDN (b)	3,700,000		3,700,000
Massachusetts - 1.0%
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN Series DC 8030, 0.23% (Liquidity Facility Dexia Cr. Local de France) (b)(f)	10,000,000		10,000,000
Massachusetts Dev. Fin. Agcy. Rev. (Olin College Proj.) Series 2008 C3, 0.22%, LOC RBS Citizens NA, VRDN (b)	26,000,000		26,000,000
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2008 C, 0.35% (Liquidity Facility Bayerische Landesbank), VRDN (b)	14,600,000		14,600,000
			50,600,000
Nevada - 0.2%
Clark County Arpt. Rev. Series 2008 D2, 0.27%, LOC Landesbank Baden-Wuert, VRDN (b)	5,900,000		5,900,000
Clark County Passenger Facility Charge Rev. McCarran Int'l. Arpt. Series 2005 A2, 0.3%, LOC Bayerische Landesbank, VRDN (b)(e)	5,900,000		5,900,000
			11,800,000
Municipal Securities - continued
	Principal Amount		Value
New York - 84.3%
Albany Gen. Oblig. BAN 2% 8/27/10	$ 14,645,000		$ 14,744,666
Brookhaven Gen. Oblig. BAN Series 2009, 1.75% 6/24/10	27,000,000		27,135,206
Buffalo Muni. Wtr. Fin. Auth. Series 2008 A, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	1,700,000		1,700,000
Chautauqua County Indl. Dev. Agcy. Exempt Facility Rev. (NRG Dunkirk Pwr. Proj.) Series 2009, 0.17%, LOC Bank of America NA, VRDN (b)	29,000,000		29,000,000
Chemung County Indl. Dev. Agcy. Indl. Dev. Rev. (Med. Mgmt. & Rehabilitation Svc. 2nd Prog. Trayer, Inc. Proj.) Series A, 0.4%, LOC HSBC Bank USA, NA, VRDN (b)(e)	1,825,000		1,825,000
Commack Union Free School District TAN 1.5% 6/30/10	22,500,000		22,591,500
Copiague Union Free School District TAN 1.5% 6/25/10	14,700,000		14,756,508
Depew Union Free School District BAN:
Series A, 2% 6/2/10	15,000,000		15,054,201
1.5% 1/13/11	15,000,000		15,124,332
East Aurora Union Free School District BAN 2% 2/15/10	14,600,000		14,606,795
East Rochester Hsg. Auth. Rev. (Daniels Creek at Baytowne Proj.) 0.32%, LOC HSBC Bank USA, NA, VRDN (b)(e)	9,425,000		9,425,000
Eastport-South Manor Central School District TAN 2% 6/25/10	10,000,000		10,052,726
Great Neck Union Free School District TAN 1.5% 6/23/10	2,000,000		2,007,925
Greece Central School District BAN Series 2009, 1.5% 12/30/10	12,000,000		12,109,696
Hampton Bays Union Free School District TAN 1.5% 6/23/10	12,900,000		12,939,012
Herricks Union Free School District TAN 1.5% 6/25/10	11,000,000		11,040,190
Jericho Union Free School District TAN 1.5% 6/18/10	10,000,000		10,038,077
Liberty Dev. Corp. Rev. (377 Greenwich LLC Proj.) Series 2004, 0.17%, LOC Wells Fargo Bank NA, VRDN (b)	8,025,000		8,025,000
Lindenhurst Unified Free School District TAN 1.5% 6/23/10	20,300,000		20,380,136
Middle Country Century School District TAN 1.5% 6/30/10	19,800,000		19,879,950
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Margaret Woodbury Strong Museum Proj.) Series 2005, 0.2%, LOC JPMorgan Chase Bank, VRDN (b)	11,650,000		11,650,000
Monroe County Indl. Dev. Agcy. Rev. (Advent Tool & Mold Proj.) Series 1990 D, 0.4%, LOC HSBC Bank USA, NA, VRDN (b)(e)	160,000		160,000
Monroe Woodbury Central School District BAN Series 2009, 1.75% 11/12/10	3,873,500		3,900,367
Nassau County Gen. Oblig. RAN Series 2009 A, 2% 4/15/10	25,000,000		25,075,726
Nassau County Interim Fin. Auth. Series 2008 B, 0.18% (Liquidity Facility KBC Bank NV), VRDN (b)	111,550,000		111,550,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
Nassau Health Care Corp. Rev.:
Bonds Series 2009 C1, 0.33%, tender 2/28/10, LOC Wachovia Bank NA (b)	$ 12,600,000		$ 12,600,000
Series 2009 B1, 0.16%, LOC TD Banknorth, NA, VRDN (b)	13,000,000		13,000,000
New York City Gen. Oblig.:
Participating VRDN:
Series BA 08 1064, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	18,050,000		18,050,000
Series Putters 2949, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	14,170,000		14,170,000
Series Putters 2951, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,300,000		1,300,000
Series Putters 3118, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,180,000		5,180,000
Series Putters 3198, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,665,000		10,665,000
Series Putters 3217, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	16,905,000		16,905,000
Series Solar 07 91, 0.18% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f)	10,050,000		10,050,000
Series 1993 E5:
0.21%, LOC JPMorgan Chase Bank, VRDN (b)	1,200,000		1,200,000
0.21%, LOC JPMorgan Chase Bank, VRDN (b)	5,300,000		5,300,000
Series 1994 A7, 0.21%, LOC JPMorgan Chase Bank, VRDN (b)	2,900,000		2,900,000
Series 1994 E5, 0.21%, LOC JPMorgan Chase Bank, VRDN (b)	7,700,000		7,700,000
Series 1995 F5, 0.2%, LOC Bayerische Landesbank Girozentrale, VRDN (b)	30,000		30,000
Series 2003 C3, 0.18%, LOC BNP Paribas SA, VRDN (b)	3,900,000		3,900,000
Series 2003 C5, 0.17%, LOC Bank of New York, New York, VRDN (b)	35,465,000		35,465,000
Series 2003 G2, 0.15%, LOC Bank of Nova Scotia New York Branch, VRDN (b)	4,035,000		4,035,000
Series 2003 H2, 0.15%, LOC Bank of Nova Scotia New York Branch, VRDN (b)	1,100,000		1,100,000
Series 2004 A2, 0.18%, LOC Bank of America NA, VRDN (b)	10,900,000		10,900,000
Series 2004 A4, 0.15%, LOC Bank of Nova Scotia New York Branch, VRDN (b)	7,200,000		7,200,000
Series 2004 H2 0.17%, LOC Bank of New York, New York, VRDN (b)	22,575,000		22,575,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Gen. Oblig.: - continued
Series 2004 H3, 0.18%, LOC Bank of New York, New York, VRDN (b)	$ 12,305,000		$ 12,305,000
Series 2004 H5, 0.2%, LOC Dexia Cr. Local de France, VRDN (b)	7,150,000		7,150,000
Series 2004 H6, 0.16%, LOC Bank of America NA, VRDN (b)	28,015,000		28,015,000
Series 2008 J10, 0.14% (Liquidity Facility BNP Paribas SA), VRDN (b)	24,830,000		24,830,000
Series A10, 0.2%, LOC JPMorgan Chase Bank, VRDN (b)	5,000,000		5,000,000
New York City Health & Hosp. Corp. Rev.:
Series 2008 B, 0.17%, LOC TD Banknorth, NA, VRDN (b)	4,800,000		4,800,000
Series 2008 D, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	9,300,000		9,300,000
Series 2008 E, 0.18%, LOC JPMorgan Chase Bank, VRDN (b)	15,875,000		15,875,000
New York City Hsg. Dev. Corp. Multi-family Hsg. Mtg. Rev.:
(Beekman Tower Proj.) Series 2008 A, 0.25%, LOC RBS Citizens NA, VRDN (b)	15,000,000		15,000,000
(Cook Street Apts. Proj.) Series A, 0.2%, LOC JPMorgan Chase Bank, VRDN (b)(e)	26,600,000		26,600,000
(Pitt Street Residence Proj.) Series A, 0.22%, LOC JPMorgan Chase Bank, VRDN (b)(e)	31,000,000		31,000,000
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.:
(15 East Clark Place Apts. Proj.) Series A, 0.25%, LOC JPMorgan Chase Bank, VRDN (b)(e)	5,430,000		5,430,000
(89 Murray St. Proj.) Series A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	4,000,000		4,000,000
(Beacon Mews Dev. Proj.) Series 2006 A, 0.27%, LOC Citibank NA, VRDN (b)(e)	23,500,000		23,500,000
(First Avenue Dev. Proj.) Series 2002 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	18,000,000		18,000,000
(Grace Towers Dev. Proj.) Series 2005 A, 0.22%, LOC Citibank NA, VRDN (b)(e)	5,500,000		5,500,000
(Related-Upper East Proj.) Series A, 0.35%, LOC Landesbank Baden-Wuert, VRDN (b)(e)	57,000,000		57,000,000
(Spring Creek Hsg. Proj.) Series 2006 A, 0.22%, LOC Freddie Mac, VRDN (b)(e)	21,000,000		21,000,000
(State Renaissance Court Proj.) Series A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	26,500,000		26,500,000
(Urban Horizons II Dev. Proj.) Series 2005 A, 0.22%, LOC Citibank NA, VRDN (b)(e)	5,000,000		5,000,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: - continued
(West 48th Street Dev. Proj.) Series 2001 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	$ 20,000,000		$ 20,000,000
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.:
(155 West 21st Street Dev. Proj.) Series 2007 A, 0.2%, LOC Fannie Mae, VRDN (b)(e)	16,400,000		16,400,000
(Brittany Dev. Proj.) Series A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	15,200,000		15,200,000
(Morris Avenue Apts. Proj.) Series A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	39,400,000		39,400,000
(One Columbus Place Dev. Proj.) Series A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	34,100,000		34,100,000
(Related-Tribeca Tower Proj.) Series 1997 A, 0.22%, LOC Fannie Mae, VRDN (b)(e)	54,700,000		54,700,000
(Rivereast Apts. Proj.) Series A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	45,550,000		45,550,000
(West 43rd Street Proj.) Series 1999 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	24,200,000		24,200,000
Series 2008 A, 0.22%, LOC Freddie Mac, VRDN (b)(e)	72,165,000		72,165,000
New York City Hsg. Dev. Corp. Residential Rev. (Queens College Residences Proj.) Series 2009 A, 0.17%, LOC Fed. Home Ln. Bank of Boston, VRDN (b)	15,000,000		15,000,000
New York City Indl. Dev. Agcy. Civic Facility Rev.:
(American Civil Liberties Union Foundation, Inc. Proj.) Series 2005, 0.21%, LOC JPMorgan Chase Bank, VRDN (b)	10,100,000		10,100,000
(Casa Proj.) Series 2000, 0.2%, LOC JPMorgan Chase Bank, VRDN (b)	9,550,000		9,550,000
New York City Indl. Dev. Agcy. Rev. (123 Washington LLC Proj.) Series 2007, 0.2%, LOC Landesbank Baden-Wuert, VRDN (b)	22,000,000		22,000,000
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Korean Airlines Proj.):
Series 1997 A, 0.2%, LOC HSBC Bank USA, NA, VRDN (b)(e)	31,400,000		31,400,000
Series 1997 B, 0.2%, LOC HSBC Bank USA, NA, VRDN (b)(e)	14,800,000		14,800,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:
Participating VRDN:
Series 07 1038, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	35,770,000		35,770,000
Series BA 08 1192, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	2,750,000		2,750,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued
Participating VRDN:
Series BA 08 1206, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	$ 4,400,000		$ 4,400,000
Series BBT 08 15, 0.18% (Liquidity Facility Branch Banking & Trust Co.) (b)(f)	3,910,000		3,910,000
Series BC 09 37B, 0.17% (Liquidity Facility Barclays Bank PLC) (b)(f)	3,500,000		3,500,000
Series BC 09 39B, 0.17% (Liquidity Facility Barclays Bank PLC) (a)(b)(f)	4,000,000		4,000,000
Series EGL 06 74 Class A, 0.19% (Liquidity Facility Citibank NA) (b)(f)	13,000,000		13,000,000
Series EGL 7050083 Class A, 0.19% (Liquidity Facility Citibank NA) (b)(f)	8,000,000		8,000,000
Series Floaters 3129, 0.2% (Liquidity Facility Morgan Stanley) (b)(f)	18,700,000		18,700,000
Series Merlots 00 DDD, 0.18% (Liquidity Facility Wachovia Bank NA) (b)(f)	35,150,000		35,150,000
Series Putters 3026, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,780,000		1,780,000
Series Putters 3092, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	15,500,000		15,500,000
Series Putters 3384, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,875,000		1,875,000
Series Putters 3465, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	6,000,000		6,000,000
Series Putters 3482, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,745,000		7,745,000
Series Putters 3485, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	11,250,000		11,250,000
Series Putters 3496Z, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	8,025,000		8,025,000
Series Putters 3497Z, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	13,260,000		13,260,000
Series Putters 3557, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,075,000		4,075,000
Series Putters 3587, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,825,000		10,825,000
Series Putters 998, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	15,995,000		15,995,000
Series ROC II R 10381, 0.19% (Liquidity Facility Citibank NA) (b)(f)	4,070,000		4,070,000
Series ROC II R 11249, 0.19% (Liquidity Facility Citibank NA) (b)(f)	10,145,000		10,145,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued
Participating VRDN:
Series ROC II R 11264, 0.19% (Liquidity Facility Citibank NA) (b)(f)	$ 6,575,000		$ 6,575,000
Series ROC II R 441, 0.19% (Liquidity Facility Citibank NA) (b)(f)	13,500,000		13,500,000
Series 1, 0.2% 2/8/10, CP	40,000,000		40,000,000
Series 2005 AA2, 0.21% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	13,000,000		13,000,000
Series 2008 B2, 0.21% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)	4,600,000		4,600,000
Series 2008 BB4, 0.16% (Liquidity Facility Fortis Banque SA), VRDN (b)	19,350,000		19,350,000
Series 7:
0.18% 2/4/10, CP	30,700,000		30,700,000
0.2% 2/4/10, CP	28,800,000		28,800,000
Series 8, 0.2% 2/3/10, CP	19,300,000		19,300,000
Series F2, 0.17% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	16,075,000		16,075,000
New York City Transitional Fin. Auth. Rev.:
Participating VRDN:
Series BA 08 1079, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	5,000,000		5,000,000
Series BA 08 3505, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	4,035,000		4,035,000
Series BC 09 34B, 0.17% (Liquidity Facility Barclays Bank PLC) (b)(f)	8,000,000		8,000,000
Series Putters 3218, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,300,000		5,300,000
Series Putters 3544, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,655,000		10,655,000
Series Putters 3545, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	2,215,000		2,215,000
Series 1999 A2, 0.2% (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (b)	8,800,000		8,800,000
Series 2001 A, 0.21% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	6,000,000		6,000,000
Series 2003 2B, 0.23% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	22,400,000		22,400,000
Series 2003 C1, 0.19% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	1,165,000		1,165,000
Series 2003 C3, 0.23% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	2,000,000		2,000,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York City Transitional Fin. Auth. Rev.: - continued
Series 2007 A3, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	$ 6,350,000		$ 6,350,000
New York City Trust Cultural Resources Rev.:
(Lincoln Ctr. for the Performing Arts, Inc. Proj.) Series 2008 B1, 0.18%, LOC U.S. Bank NA, Minnesota, VRDN (b)	2,250,000		2,250,000
(The New York Botanical Garden Proj.) Series 2009 A, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	1,000,000		1,000,000
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN:
Series BA 08 1189, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	6,750,000		6,750,000
Series Putters 3239, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,075,000		5,075,000
Series Putters 3281Z, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,015,000		7,015,000
Series Putters 3518, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	6,240,000		6,240,000
New York Dorm. Auth. Revs.:
Participating VRDN:
Series EGL 06 0138 Class A, 0.19% (Liquidity Facility Citibank NA) (b)(f)	8,000,000		8,000,000
Series PT 4623, 0.18% (Liquidity Facility Deutsche Postbank AG) (b)(f)	17,710,000		17,710,000
Series Putters 3382, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,995,000		4,995,000
Series Putters 3383, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	8,500,000		8,500,000
Series ROC II R 11722, 0.19% (Liquidity Facility Citibank NA) (b)(f)	1,735,000		1,735,000
Series SGA 01 132, 0.25% (Liquidity Facility Societe Generale) (b)(f)	2,000,000		2,000,000
(City Univ. Proj.) Series 2008 C, 0.19%, LOC Bank of America NA, VRDN (b)	55,550,000		55,550,000
(College of New Rochelle Proj.) Series 2008, 0.42%, LOC RBS Citizens NA, VRDN (b)	19,700,000		19,700,000
(Culinary Institute of America Proj.) Series 2004 D, 0.18%, LOC TD Banknorth, NA, VRDN (b)	4,775,000		4,775,000
(New York City Court Facilities Lease Proj.) Series 2005 B, 0.3%, LOC Bayerische Landesbank Girozentrale, VRDN (b)	7,775,000		7,775,000
(North Shore - Long Island Jewish Obligated Group Proj.):
Series 2009 B, 0.16%, LOC TD Banknorth, NA, VRDN (b)	9,000,000		9,000,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Dorm. Auth. Revs.: - continued
(North Shore - Long Island Jewish Obligated Group Proj.):
Series 2009 C, 0.17%, LOC JPMorgan Chase Bank, VRDN (b)	$ 18,800,000		$ 18,800,000
Series 2009 D, 0.18%, LOC Bank of America NA, VRDN (b)	12,500,000		12,500,000
(Northern Westchester Hosp. Assoc. Proj.) Series 2009, 0.16%, LOC TD Banknorth, NA, VRDN (b)	3,000,000		3,000,000
(Pratt Institute Proj.) Series 2009 A, 0.18%, LOC TD Banknorth, NA, VRDN (b)	10,000,000		10,000,000
(Rockefeller Univ. Proj.) Series 2009 B, 0.2% (Liquidity Facility U.S. Bank NA, Minnesota), VRDN (b)	9,500,000		9,500,000
(The Culinary Institute of America Proj.) Series 2004 C, 0.18%, LOC TD Banknorth, NA, VRDN (b)	12,800,000		12,800,000
(Univ. of Rochester Proj.):
Series 2003 C, 0.19%, LOC JPMorgan Chase Bank, VRDN (b)	8,000,000		8,000,000
Series 2006 B1, 0.17%, LOC Bank of America NA, VRDN (b)	11,050,000		11,050,000
Series 2008 A1, 0.18%, LOC Bank of America NA, VRDN (b)	20,130,000		20,130,000
Series 2003 D2E, 0.17%, LOC Royal Bank of Canada, VRDN (b)	4,955,000		4,955,000
New York Dorm. Authoirty Personal Income Tax Rev. Participating VRDN Series BA 08 1148, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	7,500,000		7,500,000
New York Hsg. Fin. Agcy. Rev.:
(101 West End Hsg. Proj.):
Series 1998 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	1,300,000		1,300,000
Series 2000 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	1,000,000		1,000,000
(125 West 31st Street Proj.) Series 2005 A, 0.2%, LOC Fannie Mae, VRDN (b)(e)	67,300,000		67,300,000
(1500 Lexington Avenue Proj.) Series A, 0.27%, LOC Fannie Mae, VRDN (b)(e)	15,475,000		15,475,000
(316 Eleventh Ave. Hsg. Proj.) Series A, 0.2%, LOC Fannie Mae, VRDN (b)(e)	19,000,000		19,000,000
(330 Riverdale Avenue Apts. Proj.) Series 2008 A, 0.17%, LOC Bank of America NA, VRDN (b)	9,600,000		9,600,000
(350 West 43rd Street Hsg. Proj.):
Series 2001 A, 0.24%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	17,450,000		17,450,000
Series 2002 A, 0.24%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	15,800,000		15,800,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Hsg. Fin. Agcy. Rev.: - continued
(350 West 43rd Street Hsg. Proj.):
Series 2004 A, 0.24%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	$ 10,600,000		$ 10,600,000
(455 West 37th Street Hsg. Proj.) Series A, 0.24%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	78,600,000		78,600,000
(505 West 37th Street Proj.) Series 2008 A, 0.3%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	19,700,000		19,700,000
(600 West 42nd Street Hsg. Proj.):
Series 2007 A, 0.19%, LOC Bank of New York, New York, VRDN (b)(e)	210,100,000		210,100,000
Series 2008 A, 0.18%, LOC Bank of New York, New York, VRDN (b)(e)	100,000,000		100,000,000
(66 West 38th Street Hsg. Proj.) Series A:
0.19%, LOC Fannie Mae, VRDN (b)(e)	30,300,000		30,300,000
0.21%, LOC Fannie Mae, VRDN (b)(e)	4,750,000		4,750,000
(70 Battery Place Hsg. Proj.) Series 1999 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	10,000,000		10,000,000
(Avalon Chrystie Place I Hsg. Proj.) Series 2004 A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	40,000,000		40,000,000
(Avalon Chrystie Place I Hsg. Proj.) Series 2004 B, 0.19%, LOC Freddie Mac, VRDN (b)(e)	51,400,000		51,400,000
(Bowery Place Hsg. Proj.) Series 2006 A, 0.22%, LOC Bank of America NA, VRDN (b)(e)	93,800,000		93,800,000
(Clinton Green North Hsg. Proj.):
Series 2005 A, 0.2%, LOC Freddie Mac, VRDN (b)(e)	60,000,000		60,000,000
Series 2006 A, 0.2%, LOC Freddie Mac, VRDN (b)(e)	34,000,000		34,000,000
(Clinton Green South Hsg. Proj.) Series 2005 A, 0.2%, LOC Freddie Mac, VRDN (b)(e)	35,000,000		35,000,000
(East 39th Street Hsg. Proj.) Series 1999 A, 0.2%, LOC Fannie Mae, VRDN (b)(e)	23,000,000		23,000,000
(Grace Towers Hsg. Proj.) Series 2004 A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	14,925,000		14,925,000
(Kew Garden Hills Apts. Hsg. Proj.) Series 2003 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	33,530,000		33,530,000
(Normandie Court II Hsg. Proj.) Series 1999 A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	28,570,000		28,570,000
(Related-42nd & 10th Street Proj.) Series 2007 A, 0.25%, LOC Landesbank Baden-Wuert, VRDN (b)(e)	95,125,000		95,125,000
(Saville Hsg. Proj.) Series 2002 A, 0.19%, LOC Freddie Mac, VRDN (b)(e)	10,000,000		10,000,000
(Sea Park East Hsg. Proj.) Series 2004 A, 0.22%, LOC Freddie Mac, VRDN (b)(e)	16,200,000		16,200,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Hsg. Fin. Agcy. Rev.: - continued
(South Cove Plaza Proj.) Series A, 0.27%, LOC Freddie Mac, VRDN (b)(e)	$ 19,300,000		$ 19,300,000
(Talleyrand Crescent Hsg. Proj.) Series A, 0.23%, LOC Fannie Mae, VRDN (b)(e)	19,300,000		19,300,000
(Tower 31 Hsg. Proj.) Series 2005 A, 0.2%, LOC Freddie Mac, VRDN (b)(e)	30,800,000		30,800,000
(Union Square South Proj.) Series 1996 A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	26,300,000		26,300,000
(West 38th Street Hsg. Proj.) Series A, 0.19%, LOC Fannie Mae, VRDN (b)(e)	1,400,000		1,400,000
New York Hsg. Fin. Svc. Contract Rev.:
Series 2003 B, 0.2%, LOC BNP Paribas SA, VRDN (b)	6,700,000		6,700,000
Series 2003 E, 0.2%, LOC BNP Paribas SA, VRDN (b)	1,800,000		1,800,000
Series 2003 I, 0.23%, LOC Landesbank Hessen-Thuringen, VRDN (b)	23,900,000		23,900,000
Series 2003 L, 0.18%, LOC Bank of America NA, VRDN (b)	24,600,000		24,600,000
Series 2003 M1, 0.18%, LOC Bank of America NA, VRDN (b)	3,200,000		3,200,000
Series 2003 M2, 0.18%, LOC Bank of America NA, VRDN (b)	4,200,000		4,200,000
New York Local Govt. Assistance Corp.:
Series 1995 F, 0.2% (New York State Gen. Oblig. Guaranteed), LOC Societe Generale, VRDN (b)	14,275,000		14,275,000
Series 2008 B3V, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	19,600,000		19,600,000
Series 2008 B7V, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	5,000,000		5,000,000
Series 2008 BAV, 0.14% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)	29,600,000		29,600,000
Series 2008 BV2, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	74,315,000		74,315,000
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2008 B3, 0.2%, LOC Lloyds TSB Bank PLC, VRDN (b)	5,060,000		5,060,000
New York Metropolitan Trans. Auth. Rev.:
Series 2005 E1, 0.2%, LOC Fortis Banque SA, VRDN (b)	10,000,000		10,000,000
Series 2005 E2, 0.2%, LOC Fortis Banque SA, VRDN (b)	12,500,000		12,500,000
Series A, 0.37% 2/18/10, LOC ABN-AMRO Bank NV, CP	34,000,000		34,000,000
Series B, 0.37% 3/11/10, LOC ABN-AMRO Bank NV, CP	51,100,000		51,100,000
Series C, 0.48% 2/1/10, LOC ABN-AMRO Bank NV, CP	25,800,000		25,800,000
New York Pwr. Auth.:
Series 1:
0.2% 3/11/10, CP	2,000,000		2,000,000
Municipal Securities - continued
	Principal Amount		Value
New York - continued
New York Pwr. Auth.: - continued
Series 1:
0.3% 2/11/10, CP	$ 26,800,000		$ 26,800,000
0.33% 2/4/10, CP	18,800,000		18,800,000
0.35% 2/10/10, CP	30,000,000		30,000,000
0.35% 3/1/10, CP	5,000,000		5,000,000
0.5% 2/1/10, CP	15,000,000		15,000,000
Series 2, 0.26% 2/10/10, CP	6,620,000		6,620,000
New York State Dorm. Auth. Lease Rev. Bonds Series A, 5.25% 5/15/10	1,400,000		1,417,078
New York State Energy Research & Dev. Auth. Facilities Rev.:
(Consolidated Edison Co. Proj.):
Series 2004 C1, 0.2%, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e)	16,800,000		16,800,000
Series 2004 C3, 0.25%, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e)	5,000,000		5,000,000
Series 2005 A3, 0.16%, LOC Wachovia Bank NA, VRDN (b)	12,100,000		12,100,000
Series C2, 0.2%, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e)	16,100,000		16,100,000
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series 1994 B, 0.18%, LOC JPMorgan Chase Bank, VRDN (b)	12,500,000		12,500,000
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1987 A, 0.2%, VRDN (b)	3,700,000		3,700,000
New York Thruway Auth. Gen. Rev. Participating VRDN Series 07 102, 0.17% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f)	2,000,000		2,000,000
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Bonds Series 2009 B, 2% 4/1/10	7,645,000		7,664,076
New York Thruway Auth. Svc. Contract Rev. Bonds Series 2003 A, 5% 3/15/10	1,945,000		1,954,291
New York Urban Dev. Corp. Rev.:
Bonds (State Facilities and Equip. Proj.) Series 2007 C, 5% 3/15/10	3,600,000		3,618,221
Participating VRDN Series Putters 2750, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	9,055,000		9,055,000
North Babylon Union Free School District TAN 1.5% 6/23/10	11,000,000		11,047,521
Onondaga County Indl. Dev. Auth. Civic Facility Rev. (Syracuse Research Corp. Facility Proj.) Series 2008 B, 0.13%, LOC JPMorgan Chase Bank, VRDN (b)	6,475,000		6,475,000
Palmyra-Macedon Central School District BAN 1.5% 6/17/10	10,300,000		10,325,091
Municipal Securities - continued
	Principal Amount		Value
New York - continued
Riverhead Indl. Dev. Auth. Indl. Dev. Rev. (Adchem Corp. Facility Proj.) Series 1998, 0.3%, LOC Citibank NA, VRDN (b)(e)	$ 1,100,000		$ 1,100,000
Rockville Ctr. Union Free School District TAN 1.5% 6/25/10	10,000,000		10,037,615
Roslyn Union Free School District TAN 2% 6/25/10	10,000,000		10,060,258
Rotterdam-Mohonasen Central School District BAN 2% 7/9/10	14,100,000		14,164,087
Schenectady Gen. Oblig. BAN Series 2009, 2.5% 5/21/10	17,400,000		17,440,322
Sewanhaka Central High School District Gen. Oblig. TAN 1.5% 6/23/10	9,000,000		9,033,191
Tarrytown Union Free School District BAN:
1.5% 2/19/10	21,630,000		21,638,149
1.5% 8/13/10	20,000,000		20,104,061
Tobacco Settlement Fing. Corp. Bonds Series 2008 B, 5% 6/1/10	5,000,000		5,061,760
Triborough Bridge & Tunnel Auth. Revs.:
Participating VRDN:
Series MS 3083, 0.22% (Liquidity Facility Morgan Stanley) (b)(f)	6,975,000		6,975,000
Series Putters 3093, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	11,465,000		11,465,000
Series Putters 3330, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	24,485,000		24,485,000
Series 2002 F, 0.2% (Liquidity Facility ABN-AMRO Bank NV), VRDN (b)	15,000,000		15,000,000
Series 2003 B, 0.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	10,245,000		10,245,000
Series 2005 B2, 0.23% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)	6,100,000		6,100,000
Series 2005 B3, 0.18% (Liquidity Facility Bank of America NA), VRDN (b)	33,585,000		33,585,000
Ulster County Gen. Oblig. BAN Series 2009, 1.5% 11/19/10	13,924,300		14,036,978
Union-Endicott Central School District BAN Series 2009, 2% 8/13/10	13,600,000		13,664,843
Warren and Washington Counties Indl. Dev. Agcy. Civic Facility Rev. (The Glen at Hiland Meadows Proj.) Series 2000, 0.15%, LOC Banco Santander SA, VRDN (b)	11,155,000		11,155,000
West Seneca Central School District BAN 1.5% 12/1/10	5,750,000		5,785,991
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 0.18%, LOC JPMorgan Chase Bank, VRDN (b)	13,350,000		13,350,000
			4,286,955,546
Municipal Securities - continued
	Principal Amount		Value
New York & New Jersey - 6.0%
Port Auth. of New York & New Jersery Participating VRDN Series WF 08 2C, 0.28% (Liquidity Facility Wells Fargo & Co.) (b)(e)(f)	$ 8,710,000		$ 8,710,000
Port Auth. of New York & New Jersey:
Bonds 126th Series, 5.5% 11/15/10 (e)	12,530,000		13,019,752
Participating VRDN:
Series BA 07 1043, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	2,175,000		2,175,000
Series BA 08 1055, 0.31% (Liquidity Facility Bank of America NA) (b)(e)(f)	15,580,000		15,580,000
Series BA 08 1066, 0.28% (Liquidity Facility Bank of America NA) (b)(e)(f)	8,205,000		8,205,000
Series BA 08 1067, 0.28% (Liquidity Facility Bank of America NA) (b)(e)(f)	16,840,000		16,840,000
Series BA 08 1107, 0.28% (Liquidity Facility Bank of America NA) (b)(e)(f)	8,085,000		8,085,000
Series BA 09 1213, 0.18% (Liquidity Facility Bank of America NA) (b)(f)	7,300,000		7,300,000
Series EGL 06 107 Class A, 0.24% (Liquidity Facility Citibank NA) (b)(e)(f)	81,600,000		81,600,000
Series Putters 1546, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	12,335,000		12,335,000
Series Putters 2945, 0.29% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	1,665,000		1,665,000
Series Putters 3090, 0.29% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	5,550,000		5,550,000
Series Putters 3114, 0.29% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	15,790,000		15,790,000
Series Putters 3115, 0.29% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	6,660,000		6,660,000
Series Putters 3523, 0.35% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	7,365,000		7,365,000
Series ROC II R 11715, 0.24% (Liquidity Facility Citibank NA) (b)(e)(f)	11,250,000		11,250,000
Series ROC II R 11743, 0.26% (Liquidity Facility Citibank NA) (b)(e)(f)	5,605,000		5,605,000
Series ROC II R 238, 0.26% (Liquidity Facility Citibank NA) (b)(e)(f)	6,925,000		6,925,000
Series ROC II R 664, 0.19% (Liquidity Facility Citibank NA) (b)(f)	5,140,000		5,140,000
Series 1991 2, 0.28%, VRDN (b)(e)(g)	6,400,000		6,400,000
Series 2004 3, 0.26%, VRDN (b)	5,365,000		5,365,000
Series 2004 4, 0.34%, VRDN (b)(e)	3,540,000		3,540,000
Municipal Securities - continued
	Principal Amount		Value
New York & New Jersey - continued
Port Auth. of New York & New Jersey: - continued
Series A:
0.3% 4/9/10 (Liquidity Facility Landesbank Hessen-Thuringen), CP (e)	$ 2,050,000		$ 2,050,000
0.37% 2/8/10 (Liquidity Facility Landesbank Hessen-Thuringen), CP (e)	49,600,000		49,600,000
			306,754,752
North Carolina - 0.0%
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series Putters 3248, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	2,000,000		2,000,000
Ohio - 0.8%
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (b)(e)	30,600,000		30,600,000
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.4%, VRDN (b)	1,000,000		1,000,000
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.41%, LOC RBS Citizens NA, VRDN (b)	10,000,000		10,000,000
			41,600,000
Pennsylvania - 0.1%
State Pub. School Bldg. Auth. Rev. (North Hills School District Proj.) Series 2008, 0.45%, LOC RBS Citizens NA, VRDN (b)	3,455,000		3,455,000
Rhode Island - 0.5%
Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.2%, LOC RBS Citizens NA, VRDN (b)	22,755,000		22,755,000
South Carolina - 0.0%
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Carolina Ceramics LLC Proj.) 0.38%, LOC Wachovia Bank NA, VRDN (b)(e)	2,000,000		2,000,000
Texas - 0.2%
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 B, 0.25%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e)	4,000,000		4,000,000
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 D3, 0.25%, LOC Compass Bank, VRDN (b)	3,625,000		3,625,000
			7,625,000
Municipal Securities - continued
	Principal Amount		Value
Washington - 0.1%
Port of Seattle Rev. Series 2005, 0.28%, LOC Fortis Banque SA, VRDN (b)(e)	$ 5,000,000		$ 5,000,000
Washington Gen. Oblig. Participating VRDN Series Putters 748, 0.2% (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,855,000		1,855,000
			6,855,000
	Shares
Other - 6.0%
Fidelity Municipal Cash Central Fund, 0.22% (c)(d)	302,451,000		302,451,000
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $5,077,467,298)		5,077,467,298
NET OTHER ASSETS - 0.1%		6,172,655
NET ASSETS - 100%		$ 5,083,639,953

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

RAN - REVENUE ANTICIPATION NOTE

TAN - TAX ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

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

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

(g) 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 $6,400,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Port Auth. of New York & New Jersey Series 1991 2, 0.28%, VRDN	12/3/03	$ 6,400,000

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 Municipal Cash Central Fund	$ 900,009

Other Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	January 31, 2010

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,775,016,298)	$ 4,775,016,298
Fidelity Central Funds (cost $302,451,000)	302,451,000
Total Investments (cost $5,077,467,298)		$ 5,077,467,298
Cash		149,957
Receivable for investments sold		23,825,248
Receivable for fund shares sold		77,347,383
Interest receivable		4,878,439
Distributions receivable from Fidelity Central Funds		61,659
Prepaid expenses		15,781
Other receivables		499
Total assets		5,183,746,264

Liabilities
Payable for investments purchased	$ 18,825,258
Payable for fund shares redeemed	79,520,381
Distributions payable	504
Accrued management fee	1,108,070
Other affiliated payables	608,853
Other payables and accrued expenses	43,245
Total liabilities		100,106,311

Net Assets		$ 5,083,639,953
Net Assets consist of:
Paid in capital		$ 5,083,590,278
Accumulated undistributed net realized gain (loss) on investments		49,675
Net Assets, for 5,080,156,933 shares outstanding		$ 5,083,639,953
Net Asset Value, offering price and redemption price per share ($5,083,639,953 ÷ 5,080,156,933 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended January 31, 2010

Investment Income
Interest		$ 29,355,205
Income from Fidelity Central Funds		900,009
Total income		30,255,214

Expenses
Management fee	$ 20,275,685
Transfer agent fees	6,746,456
Accounting fees and expenses	468,236
Custodian fees and expenses	99,362
Independent trustees' compensation	19,338
Registration fees	42,191
Audit	49,643
Legal	35,922
Money Market Guarantee Program fee	1,402,449
Miscellaneous	662,859
Total expenses before reductions	29,802,141
Expense reductions	(4,664,511)	25,137,630
Net investment income		5,117,584
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		151,823
Net increase in net assets resulting from operations		$ 5,269,407

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended January 31, 2010	Year ended January 31, 2009
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 5,117,584	$ 82,732,458
Net realized gain (loss)	151,823	334,507
Net increase in net assets resulting from operations	5,269,407	83,066,965
Distributions to shareholders from net investment income	(5,116,036)	(82,734,534)
Distributions to shareholders from net realized gain	-	(543,491)
Total distributions	(5,116,036)	(83,278,025)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	15,298,560,566	22,109,870,213
Reinvestment of distributions	5,054,537	81,584,612
Cost of shares redeemed	(16,162,957,916)	(21,820,176,305)
Net increase (decrease) in net assets and shares resulting from share transactions	(859,342,813)	371,278,520
Total increase (decrease) in net assets	(859,189,442)	371,067,460

Net Assets
Beginning of period	5,942,829,395	5,571,761,935
End of period	$ 5,083,639,953	$ 5,942,829,395

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended January 31,	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.001	.015	.031	.030	.021
Net realized and unrealized gain (loss)^D	-	-	-	-	-
Total from investment operations	.001	.015	.031	.030	.021
Distributions from net investment income	(.001)	(.015)	(.031)	(.030)	(.021)
Distributions from net realized gain	-	-^D	-^D	-	-^D
Total distributions	(.001)	(.015)	(.031)	(.030)	(.021)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^A	.09%	1.49%	3.17%	3.06%	2.11%
Ratios to Average Net Assets^{B, C}
Expenses before reductions	.54%	.52%	.50%	.51%	.51%
Expenses net of fee waivers, if any	.46%	.52%	.50%	.51%	.51%
Expenses net of all reductions	.46%	.47%	.40%	.39%	.40%
Net investment income	.09%	1.45%	3.11%	3.02%	2.08%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,083,640	$ 5,942,829	$ 5,571,762	$ 4,518,523	$ 3,583,892

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended January 31, 2010

1. Organization.

Fidelity New York Municipal Money Market Fund (the Fund) is a fund of Fidelity New York Municipal Trust II (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund may be affected by economic and political developments in the state of New York.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Annual Report

.3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation)	$ -

Tax Cost	$ 5,077,467,298

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$ 2,109
Undistributed ordinary income	$ 2,288
Undistributed long-term capital gain	$ 45,839
Net unrealized appreciation (depreciation)	$ -

The tax character of distributions paid was as follows:

	January 31, 2010	January 31, 2009
Tax-exempt Income	$ 5,116,036	$ 82,734,534
Long-term Capital Gains	-	543,491
Total	$ 5,116,036	$ 83,278,025

Annual Report

Notes to Financial Statements - continued

4. Operating Policies.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .37% of the Fund's average net assets.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .12% of average net assets.

6. Expense Reductions.

FMR or its affiliates voluntarily agreed to waive certain fees during the period. The amount of the waiver is $4,664,511.

Annual Report

7. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity New York Municipal Trust II and Shareholders of Fidelity New York Municipal Money Market Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Money Market Fund (the Fund), a fund of Fidelity New York Municipal Trust II, including the schedule of investments, as of January 31, 2010, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Money Market Fund as of January 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 12, 2010

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (48)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (67)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (63)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related.
Michael E. Kenneally (55)
	Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (69)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (63)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (70)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (51)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Boyce I. Greer (53)
	Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President of the Asset Allocation Division (2008-present), President and a Director of Strategic Advisers, Inc. (2008-present), President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005).
Robert P. Brown (46)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Money Market Funds. Mr. Brown also serves as President, Money Market Group of FMR (2010-present) and is an employee of Fidelity Investments.
Scott C. Goebel (42)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (42)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007- present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Stephanie J. Dorsey (40)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity New York Municipal Money Market Fund voted to pay on 03/08/2010, to shareholders of record at the opening of business on 03/05/2010, a distribution of $0.00001 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2010, $45,839, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2010, 100% of the fund's income dividends was free from federal income tax, and 40.60% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To elect a Board of Trustees.^A
	# of Votes	% of Votes
James C. Curvey
Affirmative	2,824,866,659.44	95.247
Withheld	140,954,635.73	4.753
TOTAL	2,965,821,295.17	100.000
Albert R. Gamper, Jr.
Affirmative	2,826,472,229.06	95.301
Withheld	139,349,066.11	4.699
TOTAL	2,965,821,295.17	100.000
Abigail P. Johnson
Affirmative	2,823,209,261.72	95.191
Withheld	142,612,033.45	4.809
TOTAL	2,965,821,295.17	100.000
Arthur E. Johnson
Affirmative	2,823,713,458.39	95.208
Withheld	142,107,836.78	4.792
TOTAL	2,965,821,295.17	100.000
Michael E. Kenneally
Affirmative	2,827,655,790.50	95.341
Withheld	138,165,504.67	4.659
TOTAL	2,965,821,295.17	100.000
James H. Keyes
Affirmative	2,827,866,607.19	95.349
Withheld	137,954,687.98	4.651
TOTAL	2,965,821,295.17	100.000
Marie L. Knowles
Affirmative	2,828,174,804.15	95.359
Withheld	137,646,491.02	4.641
TOTAL	2,965,821,295.17	100.000
	# of Votes	% of Votes
Kenneth L. Wolfe
Affirmative	2,827,186,678.83	95.326
Withheld	138,634,616.34	4.674
TOTAL	2,965,821,295.17	100.000

^A Denotes trust-wide proposal and voting results.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity New York Municipal Money Market Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity New York Municipal Money Market Fund

fid133

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also reviewed the fund's performance during 2009.

Annual Report

Fidelity New York Municipal Money Market Fund

fid135

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and equal to the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's total expenses ranked below its competitive median for 2008. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and management fees to maintain a minimum yield for the fund.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

fid75 For mutual fund and brokerage trading.

fid77 For quotes.*

fid79 For account balances and holdings.

fid81 To review orders and mutual
fund activity.

fid83 To change your PIN.

fid85 fid87 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Annual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Research & Analysis Company

Fidelity Management & Research
(U.K) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) fid89 1-800-544-5555

Automated line for quickest service

NFS-UANN-0310
1.853332.102

fid92

Item 2. Code of Ethics

As of the end of the period, January 31, 2010, Fidelity New York Municipal Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity New York AMT Tax-Free Money Market Fund and Fidelity New York Municipal Money Market Fund (the "Funds"):

Services Billed by Deloitte Entities

January 31, 2010 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity New York AMT Tax-Free Money Market Fund	$26,000	$-	$4,500	$-
Fidelity New York Municipal Money Market Fund	$26,000	$-	$4,500	$-

January 31, 2009 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity New York AMT Tax-Free Money Market Fund	$30,000	$-	$4,500	$-
Fidelity New York Municipal Money Market Fund	$31,000	$-	$4,500	$-

^AAmounts may reflect rounding.

The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):

Services Billed by Deloitte Entities

	January 31, 2010^A	January 31, 2009^A
Audit-Related Fees	$725,000	$815,000
Tax Fees	$-	$2,000
All Other Fees	$450,000	$445,000

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	January 31, 2010^A	January 31, 2009^A
Deloitte Entities	$1,185,000	$1,480,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	March 29, 2010

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	March 29, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	March 29, 2010

Fidelity New York Municipal Trust Ii N-CSRCertified annual shareholder report (management investment company)

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments January 31, 2010

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - New York AMT Tax-Free Money Market

Years ended January 31,

2010

2009

2008

2007

2006

Financial Highlights - Institutional Class

Years ended January 31,

2010

2009

2008 E

Financial Highlights - Service Class

Years ended January 31,

2010

2009

2008 E

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Proxy Voting Results

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments January 31, 2010

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Years ended January 31,

2010

2009

2008

2007

2006

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Proxy Voting Results

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Visit Fidelity

2008^E

2008^E