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: | July 31, 2011 |
Item 1. Reports to Stockholders
Fidelity®
New York Municipal
Money Market
Fund
Semiannual Report
July 31, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | The Chairman's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <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. |
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.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(Chairman's picture appears here)
Dear Shareholder:
The second half of 2011 began with U.S. equities continuing to give back some of the gains achieved earlier in the year. In the days leading up to July 31, markets were shaken by a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline. The resulting uncertainty held back markets in July, the third consecutive monthly decline for equities, effectively reversing the positive momentum seen through the end of April. Financial markets are always unpredictable, of course, but there 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,
(Chairman's signature appears here)
Abigail P. Johnson
Semiannual 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 (February 1, 2011 to July 31, 2011).
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.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
February 1, 2011 | Ending
Account Value
July 31, 2011 | Expenses Paid
During Period*
February 1, 2011 to
July 31, 2011 |
Actual | .24% | $ 1,000.00 | $ 1,000.05 | $ 1.19** |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,023.60 | $ 1.20** |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntariily waived by FMR or its affiliates during the period, the annualized expense ratio would have been ..50% and the expenses paid in the actual and hypothetical examples above would have been $2.48 and $2.51, respectively.
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification |
Days | % of fund's
investments
7/31/11 | % of fund's
investments
1/31/11 | % of fund's
investments
7/31/10 |
0 - 30 | 80.4 | 78.8 | 84.3 |
31 - 90 | 7.2 | 5.3 | 6.2 |
91 - 180 | 4.1 | 10.8 | 2.4 |
181 - 397 | 8.3 | 5.1 | 7.1 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity |
| 7/31/11 | 1/31/11 | 7/31/10 |
Fidelity New York Municipal Money Market Fund | 38 Days | 37 Days | 32 Days |
New York Tax-Free Money Market Funds Average* | 34 Days | 33 Days | 32 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 7/31/11 | 1/31/11 | 7/31/10 |
Fidelity New York Municipal Money Market Fund | 38 Days | 37 Days | 32 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
* Source: iMoneyNet, Inc.
Semiannual Report
Investment Changes (Unaudited) - continued
Asset Allocation (% of fund's net assets) |
As of July 31, 2011 | As of January 31, 2011 |
 | Variable Rate
Demand Notes
(VRDNs) 72.2% | | | Variable Rate
Demand Notes
(VRDNs) 68.9% | |
 | Commercial
Paper (including
CP Mode) 11.9% | | | Commercial
Paper (including
CP Mode) 10.0% | |
 | Tender Bonds 1.6% | | | Tender Bonds 1.0% | |
 | Municipal Notes 8.1% | | | Municipal Notes 10.8% | |
 | Fidelity Municipal
Cash Central Fund 4.7% | | | Fidelity Municipal
Cash Central Fund 5.4% | |
 | Other Investments 2.0% | | | Other Investments 2.9% | |
 | Net Other Assets† (0.5)% | |  | Net Other Assets 1.0% | |
† Net Other Assets is not included in the pie chart.
Semiannual Report
Investments July 31, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.5% |
| Principal Amount | | Value |
Alabama - 0.1% |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.32% 8/1/11, VRDN (c)(f) | $ 5,500,000 | | $ 5,500,000 |
California - 0.2% |
California Edl. Facilities Auth. Rev. (Univ. of San Francisco Proj.) Series 2000, 0.05% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,200,000 | | 2,200,000 |
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.) Series 2005 D, 0.07% 8/5/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000,000 | | 5,000,000 |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2010 A3, 0.06% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 5,000,000 | | 5,000,000 |
| | 12,200,000 |
Colorado - 0.5% |
Univ. of Colorado Hosp. Auth. Rev. Series A, 0.05% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c) | 23,000,000 | | 23,000,000 |
Florida - 0.5% |
Lee Memorial Health Sys. Hosp. Rev.: | | | |
Series 2009 A, 0.22% 8/1/11, LOC Bank of America NA, VRDN (c) | 3,465,000 | | 3,465,000 |
Series 2009 B, 0.22% 8/1/11, LOC Bank of America NA, VRDN (c) | 11,600,000 | | 11,600,000 |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.18% 8/5/11, LOC Bank of America NA, VRDN (c)(f) | 1,500,000 | | 1,500,000 |
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Participating VRDN Series ROC II R 12313, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 4,000,000 | | 4,000,000 |
Tamarac Indl. Dev. Rev. (Fazio Hldgs. LP Proj.) Series 2000, 0.3% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 2,000,000 | | 2,000,000 |
| | 22,565,000 |
Georgia - 0.1% |
Kennesaw Dev. Auth. Multifamily Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.11% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 7,350,000 | | 7,350,000 |
Illinois - 0.1% |
Illinois Fin. Auth. Rev. (Provena Health Proj.) Series D, 0.13% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | 4,500,000 | | 4,500,000 |
Indiana - 0.2% |
Rockport Indl. Dev. Rev. (AK Steel Corp. Proj.) Series 1999 A, 0.09% 8/5/11, LOC PNC Bank NA, VRDN (c)(f) | 10,000,000 | | 10,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Kentucky - 0.2% |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.35% tender 8/4/11, CP mode | $ 2,000,000 | | $ 2,000,000 |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series A2, 0.4% tender 8/25/11, CP mode (f) | 7,500,000 | | 7,500,000 |
| | 9,500,000 |
Louisiana - 0.1% |
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.) Series 2002, 0.08% 8/5/11, VRDN (c)(f) | 4,700,000 | | 4,700,000 |
Maryland - 0.1% |
Montgomery County Hsg. Opportunities Commission Hsg. Rev. (Falklands Apts. Proj.) Series 1985 B, 0.05% 8/5/11, LOC Fannie Mae, VRDN (c) | 3,600,000 | | 3,600,000 |
Massachusetts - 0.2% |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) 0.68% tender 8/26/11, CP mode | 5,000,000 | | 5,000,000 |
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) 0.9% tender 8/5/11, CP mode | 7,000,000 | | 7,000,000 |
| | 12,000,000 |
Missouri - 0.0% |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (Cox Health Sys. Proj.) Series 2008 C, 0.07% 8/5/11, LOC Bank of America NA, VRDN (c) | 2,000,000 | | 2,000,000 |
New Hampshire - 0.4% |
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1990 A, 0.65% tender 8/11/11, CP mode (f) | 200,000 | | 200,000 |
Series 1990 B, 0.6% tender 8/12/11, CP mode | 8,400,000 | | 8,400,000 |
Series A1: | | | |
0.55% tender 8/8/11, CP mode (f) | 1,500,000 | | 1,500,000 |
0.65% tender 8/4/11, CP mode (f) | 2,000,000 | | 2,000,000 |
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2006, 0.16% 8/5/11, LOC RBS Citizens NA, VRDN (c) | 6,525,000 | | 6,525,000 |
| | 18,625,000 |
New York - 84.5% |
Amherst Gen. Oblig. BAN Series 2010 B, 1.5% 11/16/11 | 21,434,577 | | 21,502,754 |
Beacon City School District BAN 1% 6/29/12 | 10,000,000 | | 10,017,061 |
Cheektowaga Gen. Oblig. BAN 1% 7/19/12 | 21,380,000 | | 21,500,961 |
Chemung County Indl. Dev. Agcy. Indl. Dev. Rev. (Med. Mgmt. & Rehabilitation Svc. 2nd Prog. Trayer, Inc. Proj.) Series A, 0.25% 8/5/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 1,345,000 | | 1,345,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
Clarkstown Central School District TAN 0.5% 11/4/11 | $ 14,500,000 | | $ 14,511,498 |
Commack Union Free School District BAN 1.5% 9/14/11 | 6,796,752 | | 6,804,986 |
East Rochester Hsg. Auth. Rev. (Daniel's Creek at Baytowne Proj.) Series 2001, 0.2% 8/5/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 9,055,000 | | 9,055,000 |
Eastchester Union Free School District TAN 1% 2/29/12 | 13,000,000 | | 13,055,345 |
Herricks Union Free School District BAN 1.5% 5/16/12 | 7,695,000 | | 7,759,103 |
Islip Gen. Oblig. BAN 1.25% 2/3/12 | 16,860,000 | | 16,949,527 |
Kenmore-Tonawanda Union Free School District BAN 1.5% 7/25/12 | 23,000,000 | | 23,237,983 |
Lancaster Gen. Oblig. BAN 1.5% 7/20/12 | 12,385,000 | | 12,520,973 |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | |
Bonds Series 1998 A, 5.5% 12/1/11 | 1,730,000 | | 1,758,411 |
Series 2001 1B, 0.19% 8/1/11, LOC State Street Bank & Trust Co., Boston, VRDN (c) | 2,000,000 | | 2,000,000 |
Subseries 2001 2B, 0.35% 8/1/11, LOC Bayerische Landesbank Girozentrale, VRDN (c) | 15,000,000 | | 15,000,000 |
0.07% 8/16/11, LOC State Street Bank & Trust Co., Boston, CP | 4,684,000 | | 4,684,000 |
0.23% 12/9/11, LOC JPMorgan Chase Bank, CP | 23,800,000 | | 23,800,000 |
Manhasset Union Free School District TAN 1.5% 6/21/12 (b) | 10,000,000 | | 10,109,800 |
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Margaret Woodbury Strong Museum Proj.) Series 2005, 0.13% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | 12,350,000 | | 12,350,000 |
Mount Sinai Union Free School District TAN 1.5% 6/29/12 | 11,500,000 | | 11,621,925 |
Nassau County Indl. Dev. Agcy. (Amsterdam at Harborside Proj.) Series 2007 C, 0.06% 8/5/11, LOC Bank of America NA, VRDN (c) | 78,485,000 | | 78,485,000 |
Nassau County Interim Fin. Auth. Series 2008 B, 0.07% 8/5/11 (Liquidity Facility KBC Bank NV), VRDN (c) | 121,550,000 | | 121,550,000 |
Nassau Health Care Corp. Rev. Bonds: | | | |
Series 2009 C1, 0.32%, tender 8/28/11, LOC Wells Fargo Bank NA (c) | 22,375,000 | | 22,375,000 |
Series 2009 C2, 0.15%, tender 10/6/11, LOC Wells Fargo Bank NA (c) | 21,400,000 | | 21,400,000 |
Series 2009 D2, 0.12%, tender 10/27/11, LOC JPMorgan Chase Bank (c) | 31,175,000 | | 31,175,043 |
New York City Gen. Oblig.: | | | |
Bonds: | | | |
Series 2008 C1, 5% 10/1/11 | 3,815,000 | | 3,845,296 |
Series 2011 I, 3% 8/1/11 | 29,100,000 | | 29,100,000 |
Series E, 5.25% 8/1/11 | 1,970,000 | | 1,970,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Gen. Oblig.: - continued | | | |
Participating VRDN: | | | |
ROC II R 11636, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | $ 7,760,000 | | $ 7,760,000 |
Series BA 08 1052, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,425,000 | | 4,425,000 |
Series Putters 2949, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 14,170,000 | | 14,170,000 |
Series Putters 2951, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 3,065,000 | | 3,065,000 |
Series Putters 3118, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,180,000 | | 5,180,000 |
Series Putters 3217, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 16,905,000 | | 16,905,000 |
Series Solar 07 91, 0.1% 8/5/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 10,035,000 | | 10,035,000 |
Series 1994 A5, 0.24% 8/1/11, LOC KBC Bank NV, VRDN (c) | 11,000,000 | | 11,000,000 |
Series 1995 B8, 0.23% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (c) | 11,000,000 | | 11,000,000 |
Series 1995 F5, 0.23% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (c) | 14,680,000 | | 14,680,000 |
Series 2003 C2, 0.23% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (c) | 4,810,000 | | 4,810,000 |
Series 2003 C4, 0.16% 8/5/11 (Liquidity Facility Bank of Tokyo-Mitsubishi), VRDN (c) | 10,500,000 | | 10,500,000 |
Series 2003 C5, 0.05% 8/5/11, LOC Bank of New York, New York, VRDN (c) | 23,885,000 | | 23,885,000 |
Series 2004 A3, 0.05% 8/5/11, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (c) | 7,100,000 | | 7,100,000 |
Series 2004 A6, 0.06% 8/5/11, LOC Mizuho Corporate Bank Ltd., VRDN (c) | 16,475,000 | | 16,475,000 |
Series 2004 H1, 0.19% 8/1/11, LOC Bank of New York, New York, VRDN (c) | 1,475,000 | | 1,475,000 |
Series 2004 H3, 0.05% 8/5/11, LOC Bank of New York, New York, VRDN (c) | 6,290,000 | | 6,290,000 |
Series 2004 H4, 0.24% 8/1/11, LOC Bank of New York, New York, VRDN (c) | 18,020,000 | | 18,020,000 |
Series 2006 I6, 0.3% 8/1/11, LOC California Teachers Retirement Sys., VRDN (c) | 1,700,000 | | 1,700,000 |
Series 2008 J10, 0.05% 8/5/11 (Liquidity Facility Bank of Tokyo-Mitsubishi), VRDN (c) | 13,000,000 | | 13,000,000 |
Series 2008 J11, 0.08% 8/5/11 (Liquidity Facility KBC Bank NV), VRDN (c) | 17,700,000 | | 17,700,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Health & Hosp. Corp. Rev. Series 2008 D, 0.08% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 12,890,000 | | $ 12,890,000 |
New York City Hsg. Dev. Corp. Multi-family Hsg. Mtg. Rev.: | | | |
(Beekman Tower Proj.) Series 2008 A, 0.08% 8/5/11, LOC RBS Citizens NA, VRDN (c) | 38,600,000 | | 38,600,000 |
(Bruckner by the Bridge Proj.) Series 2008 A, 0.06% 8/5/11, LOC Bank of America NA, VRDN (c) | 35,100,000 | | 35,100,000 |
(Cook Street Apts. Proj.) Series A, 0.18% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 4,680,000 | | 4,680,000 |
(Elliott Chelsea Dev. Proj.) Series 2010 A, 0.09% 8/5/11, LOC Citibank NA, VRDN (c) | 7,000,000 | | 7,000,000 |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
(15 East Clark Place Apts. Proj.) Series A, 0.08% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 5,430,000 | | 5,430,000 |
(89 Murray St. Proj.) Series A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 4,000,000 | | 4,000,000 |
(941 Hoe Avenue Apts. Proj.) Series A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 6,660,000 | | 6,660,000 |
(Aldus Street Apts. Proj.) Series A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 1,035,000 | | 1,035,000 |
(Beacon Mews Dev. Proj.) Series 2006 A, 0.08% 8/5/11, LOC Citibank NA, VRDN (c)(f) | 23,500,000 | | 23,500,000 |
(First Avenue Dev. Proj.) Series 2002 A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 19,795,000 | | 19,795,000 |
(Grace Towers Dev. Proj.) Series 2005 A, 0.1% 8/5/11, LOC Citibank NA, VRDN (c)(f) | 10,700,000 | | 10,700,000 |
(Peter Cintron Apts. Proj.) Series C, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 7,840,000 | | 7,840,000 |
(Spring Creek Hsg. Proj.) Series 2006 A, 0.18% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 21,000,000 | | 21,000,000 |
(State Renaissance Court Proj.) Series A, 0.07% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 26,500,000 | | 26,500,000 |
(Urban Horizons II Dev. Proj.) Series 2005 A, 0.1% 8/5/11, LOC Citibank NA, VRDN (c)(f) | 4,365,000 | | 4,365,000 |
(West 48th Street Dev. Proj.) Series 2001 A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 20,000,000 | | 20,000,000 |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | | | |
(255 West 9th Street Proj.) Series 2001 A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 3,500,000 | | 3,500,000 |
(Brittany Dev. Proj.) Series A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 15,200,000 | | 15,200,000 |
(Linden Plaza Proj.) Series 2008 A, 0.07% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 70,280,000 | | 70,280,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: - continued | | | |
(One Columbus Place Dev. Proj.) Series A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | $ 44,885,000 | | $ 44,885,000 |
(Queenswood Apts. Proj.) Series 2001 A, 0.17% 8/5/11, LOC Freddie Mac, VRDN (c) | 3,000,000 | | 3,000,000 |
(Related-Tribeca Tower Proj.) Series 1997 A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 54,700,000 | | 54,700,000 |
(Sierra Dev. Proj.) Series A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 41,935,000 | | 41,935,000 |
Series 2009 A, 0.1% 8/5/11, LOC Freddie Mac, VRDN (c) | 4,400,000 | | 4,400,000 |
New York City Hsg. Dev. Corp. Residential Rev. (Queens College Residences Proj.) Series 2009 A, 0.06% 8/5/11, LOC Fed. Home Ln. Bank of Boston, VRDN (c) | 19,275,000 | | 19,275,000 |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Planned Parenthood Proj.) 0.19% 8/5/11, LOC Bank of America NA, VRDN (c) | 1,960,000 | | 1,960,000 |
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Tiago Hldgs., LLC Proj.) Series 2007, 0.12% 8/5/11, LOC Lloyds TSB Bank PLC, VRDN (c)(f) | 36,000,000 | | 36,000,000 |
New York City Indl. Dev. Agcy. Spl. Facilities Rev.: | | | |
(Korean Airlines Proj.): | | | |
Series 1997 A, 0.08% 8/5/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 29,900,000 | | 29,900,000 |
Series 1997 B, 0.08% 8/5/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 14,100,000 | | 14,100,000 |
(New York Stock Exchange Proj.) Series 2004 B, 0.09% 8/5/11, LOC Bank of America NA, VRDN (c) | 4,500,000 | | 4,500,000 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series 07 1038, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 35,770,000 | | 35,770,000 |
Series BA 08 1192, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 1,925,000 | | 1,925,000 |
Series BA 08 1206, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,400,000 | | 4,400,000 |
Series BBT 08 15, 0.07% 8/5/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 18,825,000 | | 18,825,000 |
Series EGL 06 74 Class A, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 13,000,000 | | 13,000,000 |
Series EGL 07 0157, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 14,000,000 | | 14,000,000 |
Series EGL 7050083 Class A, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 28,015,000 | | 28,015,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | |
Participating VRDN: | | | |
Series Floaters 3129, 0.08% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | $ 12,220,000 | | $ 12,220,000 |
Series MS 3274 X, 0.08% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | 8,665,000 | | 8,665,000 |
Series PT 3992, 0.07% 8/5/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 4,200,000 | | 4,200,000 |
Series PT 4705, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 2,000,000 | | 2,000,000 |
Series Putters 1289, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 3,980,000 | | 3,980,000 |
Series Putters 2559, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,335,000 | | 5,335,000 |
Series Putters 3384, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 1,875,000 | | 1,875,000 |
Series Putters 3496Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 8,025,000 | | 8,025,000 |
Series Putters 3497Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 13,260,000 | | 13,260,000 |
Series ROC II R 11556, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 9,065,000 | | 9,065,000 |
Series ROC II R 11635, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 10,000,000 | | 10,000,000 |
Series ROC II R 11930, 0.1% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 9,715,000 | | 9,715,000 |
Series ROC II R 11931, 0.1% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 6,815,000 | | 6,815,000 |
Series ROC II R 11966, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 3,700,000 | | 3,700,000 |
Series ROC II R 12320, 0.1% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 11,300,000 | | 11,300,000 |
Series ROC II R380, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 13,300,000 | | 13,300,000 |
Series Solar 2006-0112, 0.07% 8/5/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 5,000,000 | | 5,000,000 |
Series 1, 0.13% 10/17/11, CP | 30,400,000 | | 30,400,000 |
Series 2003 F2, 0.24% 8/1/11 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c) | 4,000,000 | | 4,000,000 |
Series 2006 AA1, 0.3% 8/1/11 (Liquidity Facility California Teachers Retirement Sys.) (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c) | 12,600,000 | | 12,600,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | |
Series 2008 BB2, 0.09% 8/5/11 (Liquidity Facility Bank of America NA), VRDN (c) | $ 26,390,000 | | $ 26,390,000 |
Series 2008 BB3, 0.28% 8/1/11 (Liquidity Facility BNP Paribas SA), VRDN (c) | 31,735,000 | | 31,735,000 |
Series 2011 DD-1, 0.2% 8/1/11 (Liquidity Facility TD Banknorth, NA), VRDN (c) | 12,300,000 | | 12,300,000 |
Series 2011 DD-3B, 0.18% 8/1/11 (Liquidity Facility California Teachers Retirement Sys.), VRDN (c) | 3,250,000 | | 3,250,000 |
Series 7: | | | |
0.16% 4/16/12, CP | 22,900,000 | | 22,900,000 |
0.16% 4/23/12, CP | 23,200,000 | | 23,200,000 |
0.34% 1/30/12, CP | 13,500,000 | | 13,500,000 |
Series 8: | | | |
0.22% 3/6/12, CP | 43,400,000 | | 43,400,000 |
0.22% 3/6/12, CP | 18,900,000 | | 18,900,000 |
Series F2, 0.05% 8/5/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 3,525,000 | | 3,525,000 |
New York City Transitional Fin. Auth. Rev.: | | | |
Participating VRDN: | | | |
Series BA 08 1075, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 5,000,000 | | 5,000,000 |
Series BA 08 1079, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 5,000,000 | | 5,000,000 |
Series BA 08 3505, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,035,000 | | 4,035,000 |
Series Putters 3218, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,300,000 | | 5,300,000 |
Series Putters 3544, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 10,655,000 | | 10,655,000 |
Series ROC II R 11903, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 5,800,000 | | 5,800,000 |
Series ROC II R 11971, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 1,965,000 | | 1,965,000 |
Series ROC II R 12319, 0.1% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 9,500,000 | | 9,500,000 |
Series WF 11 7C, 0.08% 8/5/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 5,900,000 | | 5,900,000 |
Series WF 11-21C, 0.08% 8/5/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 3,000,000 | | 3,000,000 |
Series 2001 A, 0.04% 8/5/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 6,700,000 | | 6,700,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Transitional Fin. Auth. Rev.: - continued | | | |
Series 2003 1B, 0.06% 8/5/11 (Liquidity Facility Societe Generale), VRDN (c) | $ 59,865,000 | | $ 59,865,000 |
Series C, 0.24% 8/1/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah), VRDN (c) | 12,100,000 | | 12,100,000 |
Subseries F5, 0.05% 8/5/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c) | 24,900,000 | | 24,900,000 |
New York City Trust Cultural Resources Rev. Participating VRDN Series Putters 3680, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 3,500,000 | | 3,500,000 |
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | | | |
Series 3792Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 6,440,000 | | 6,440,000 |
Series BA 08 1189, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 6,750,000 | | 6,750,000 |
Series MS 3275, 0.08% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | 5,000,000 | | 5,000,000 |
Series Putters 3239, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,075,000 | | 5,075,000 |
Series Putters 3281Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 7,015,000 | | 7,015,000 |
Series Putters 3518, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 6,240,000 | | 6,240,000 |
Series Putters 3698 Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,465,000 | | 5,465,000 |
Series Putters 3800, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 2,500,000 | | 2,500,000 |
Series Putters 3875, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 7,000,000 | | 7,000,000 |
Series ROC II R 11978, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 5,000,000 | | 5,000,000 |
New York Dorm. Auth. Revs.: | | | |
(City Univ. Proj.) Series 2008 C, 0.09% 8/5/11, LOC Bank of America NA, VRDN (c) | 188,450,000 | | 188,450,000 |
(College of New Rochelle Proj.) Series 2008, 0.17% 8/5/11, LOC RBS Citizens NA, VRDN (c) | 19,700,000 | | 19,700,000 |
(Culinary Institute of America Proj.) Series 2004 D, 0.07% 8/5/11, LOC TD Banknorth, NA, VRDN (c) | 1,800,000 | | 1,800,000 |
(New York City Court Facilities Lease Proj.) Series 2005 B, 0.16% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (c) | 67,275,000 | | 67,275,000 |
(Rockefeller Univ. Proj.) Series 2009 B, 0.07% 8/5/11 (Liquidity Facility U.S. Bank NA, Minnesota), VRDN (c) | 2,000,000 | | 2,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | |
(Univ. of Rochester Proj.): | | | |
Series 2003 C, 0.05% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 16,300,000 | | $ 16,300,000 |
Series 2008 A1, 0.07% 8/5/11, LOC Bank of America NA, VRDN (c) | 3,430,000 | | 3,430,000 |
Participating VRDN: | | | |
ROC II R 11944, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 6,000,000 | | 6,000,000 |
Series PT 4623, 0.08% 8/5/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 17,680,000 | | 17,680,000 |
Series Putters 3382, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,995,000 | | 4,995,000 |
Series Putters 3383, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 11,905,000 | | 11,905,000 |
Series Putters 3803, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 6,000,000 | | 6,000,000 |
Series ROC II R 11722, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 2,735,000 | | 2,735,000 |
Series ROC II R 11975, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 2,790,000 | | 2,790,000 |
Series ROCS II R 11955, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 9,000,000 | | 9,000,000 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Participating VRDN Series ROC II R 11945, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 5,490,000 | | 5,490,000 |
New York Hsg. Fin. Agcy. Rev.: | | | |
(101 West End Hsg. Proj.): | | | |
Series 1998 A, 0.08% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 2,000,000 | | 2,000,000 |
Series 2000 A, 0.08% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 21,000,000 | | 21,000,000 |
(150 East 44th Street Hsg. Proj.) Series 2000 A, 0.08% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 37,200,000 | | 37,200,000 |
(29 Flatbush Ave. Hsg. Proj.) Series 2010 A, 0.06% 8/5/11, LOC Bank of America NA, VRDN (c) | 50,000,000 | | 50,000,000 |
(330 Riverdale Avenue Apts. Proj.) Series 2008 A, 0.09% 8/5/11, LOC Bank of America NA, VRDN (c) | 19,700,000 | | 19,700,000 |
(44th Street Dev. LLC Proj.): | | | |
Series 2011 A1, 0.05% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c) | 35,400,000 | | 35,400,000 |
Series 2011 A2, 0.03% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c) | 8,000,000 | | 8,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Hsg. Fin. Agcy. Rev.: - continued | | | |
(55 West 25th Street Hsg. Proj.) Series 2005 A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | $ 2,000,000 | | $ 2,000,000 |
(600 West 42nd Street Hsg. Proj.): | | | |
Series 2007 A, 0.06% 8/5/11, LOC Bank of New York, New York, VRDN (c)(f) | 129,335,000 | | 129,335,000 |
Series 2008 A, 0.08% 8/5/11, LOC Bank of New York, New York, VRDN (c)(f) | 50,000,000 | | 50,000,000 |
(66 West 38th Street Hsg. Proj.) Series A, 0.08% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 4,750,000 | | 4,750,000 |
(70 Battery Place Hsg. Proj.) Series 1999 A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 10,000,000 | | 10,000,000 |
(900 Eighth Avenue Hsg. Proj.) Series 2002 A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 10,500,000 | | 10,500,000 |
(Avalon Chrystie Place I Hsg. Proj.) Series 2004 A, 0.07% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 58,500,000 | | 58,500,000 |
(Avalon Chrystie Place I Hsg. Proj.) Series 2004 B, 0.07% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 54,400,000 | | 54,400,000 |
(Clinton Green North Hsg. Proj.) Series 2005 A, 0.05% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 10,000,000 | | 10,000,000 |
(Grace Towers Hsg. Proj.) Series 2004 A, 0.18% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 8,650,000 | | 8,650,000 |
(Helena Hsg. Proj.) Series 2003 A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 32,000,000 | | 32,000,000 |
(Saville Hsg. Proj.) Series 2002 A, 0.18% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 10,000,000 | | 10,000,000 |
(Sea Park East Hsg. Proj.) Series 2004 A, 0.11% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 15,300,000 | | 15,300,000 |
(Sea Park West Hsg. Proj.) Series 2004 A, 0.11% 8/5/11, LOC Freddie Mac, VRDN (c)(f) | 4,200,000 | | 4,200,000 |
(Talleyrand Crescent Hsg. Proj.) Series A, 0.11% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 19,300,000 | | 19,300,000 |
(West 20th Street Proj.) Series A: | | | |
0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 4,400,000 | | 4,400,000 |
0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 7,300,000 | | 7,300,000 |
(West 33rd Street Hsg. Proj.) Series A, 0.18% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 1,000,000 | | 1,000,000 |
(West 37th St. Hsg. Proj.) Series 2008 A, 0.07% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 9,900,000 | | 9,900,000 |
(West 38th Street Hsg. Proj.) Series A, 0.08% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 4,000,000 | | 4,000,000 |
(Worth Street Hsg. Proj.) Series A, 0.05% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 1,100,000 | | 1,100,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Hsg. Fin. Agcy. Rev.: - continued | | | |
Series 2004 A, 0.07% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | $ 1,150,000 | | $ 1,150,000 |
Series 2010 A, 0.05% 8/5/11, LOC Wells Fargo Bank NA, VRDN (c) | 14,800,000 | | 14,800,000 |
New York Hsg. Fin. Svc. Contract Rev.: | | | |
Series 2003 L, 0.07% 8/5/11, LOC Bank of America NA, VRDN (c) | 45,000,000 | | 45,000,000 |
Series 2003 M1, 0.07% 8/5/11, LOC Bank of America NA, VRDN (c) | 38,050,000 | | 38,050,000 |
New York Local Govt. Assistance Corp.: | | | |
Series 2008 B, 0.07% 8/5/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 17,355,000 | | 17,355,000 |
Series 2008 BAV, 0.07% 8/5/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 13,000,000 | | 13,000,000 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | |
Participating VRDN Series ROCS II R 12299, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 11,385,000 | | 11,385,000 |
Series 2008 A1, 0.05% 8/5/11, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (c) | 16,635,000 | | 16,635,000 |
Series 2008 A2, 0.05% 8/5/11, LOC Bank of Tokyo-Mitsubishi, VRDN (c) | 30,755,000 | | 30,755,000 |
Series 2008 B2, 0.07% 8/5/11, LOC BNP Paribas SA, VRDN (c) | 27,065,000 | | 27,065,000 |
New York Metropolitan Trans. Auth. Rev.: | | | |
Series 2, 0.17% 11/3/11, LOC Royal Bank of Canada, CP | 18,000,000 | | 18,000,000 |
Series 2005 E1, 0.07% 8/5/11, LOC BNP Paribas New York Branch, VRDN (c) | 48,900,000 | | 48,900,000 |
Series 2005 E2, 0.07% 8/5/11, LOC BNP Paribas New York Branch, VRDN (c) | 30,990,000 | | 30,990,000 |
Series B, 0.18% 10/5/11, LOC Barclays Bank PLC, CP | 13,800,000 | | 13,800,000 |
0.3% 9/6/11, LOC Royal Bank of Canada, CP | 14,600,000 | | 14,600,000 |
0.36% 9/15/11, LOC TD Banknorth, NA, CP | 11,325,000 | | 11,325,000 |
New York Pwr. Auth.: | | | |
Series 1: | | | |
0.1% 10/7/11, CP | 6,000,000 | | 6,000,000 |
0.12% 8/15/11, CP | 3,560,000 | | 3,560,000 |
0.12% 10/18/11, CP | 16,200,000 | | 16,200,000 |
0.14% 11/1/11, CP | 12,000,000 | | 12,000,000 |
0.14% 11/4/11, CP | 16,000,000 | | 16,000,000 |
0.17% 4/16/12, CP | 29,160,000 | | 29,160,000 |
0.19% 9/15/11, CP | 13,628,000 | | 13,628,000 |
0.2% 10/5/11, CP | 18,534,000 | | 18,534,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Pwr. Auth.: - continued | | | |
Series 1: | | | |
0.3% 8/3/11, CP | $ 17,500,000 | | $ 17,500,000 |
0.31% 8/9/11, CP | 12,500,000 | | 12,500,000 |
0.32% 8/4/11, CP | 16,200,000 | | 16,200,000 |
Series 2, 0.3% 9/8/11, CP | 16,550,000 | | 16,550,000 |
New York State Dorm. Auth. Lease Rev. Bonds Series 2003 A, 5.25% 5/15/12 | 1,635,000 | | 1,696,666 |
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.): | | | |
Series 2004 C2, 0.08% 8/5/11, LOC Mizuho Corporate Bank Ltd., VRDN (c)(f) | 28,000,000 | | 28,000,000 |
Series 2004 C3, 0.06% 8/5/11, LOC Mizuho Corporate Bank Ltd., VRDN (c)(f) | 5,000,000 | | 5,000,000 |
New York State Gen. Oblig.: | | | |
Bonds: | | | |
Series 2009 A, 4% 2/15/12 | 1,280,000 | | 1,306,012 |
Series 2009 C, 3% 2/1/12 | 1,000,000 | | 1,012,901 |
Series 2011 A, 3% 2/15/12 | 11,995,000 | | 12,163,611 |
Series 2011 C, 5% 9/1/11 | 48,700,000 | | 48,891,878 |
Series A, 3.5% 3/15/12 | 1,000,000 | | 1,019,276 |
Participating VRDN Series ROC II R 11936, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 16,800,000 | | 16,800,000 |
New York Thruway Auth. Gen. Rev. Participating VRDN Series 07 102, 0.07% 8/5/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 2,000,000 | | 2,000,000 |
New York Urban Dev. Corp. Rev.: | | | |
Bonds Series 2008 D, 5% 1/1/12 | 1,795,000 | | 1,828,697 |
Participating VRDN Series Putters 2750, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 14,055,000 | | 14,055,000 |
Newburgh City School District BAN: | | | |
1% 7/13/12 | 15,000,000 | | 15,083,423 |
1.5% 12/16/11 | 18,432,968 | | 18,492,053 |
North Hempstead Gen. Oblig. BAN Series 2011 A, 2% 6/8/12 | 12,082,500 | | 12,261,903 |
North Tonawanda City School District BAN: | | | |
Series 2010 B, 1.25% 9/22/11 | 16,311,930 | | 16,328,802 |
Series 2010, 1.5% 9/22/11 | 18,511,374 | | 18,536,270 |
Penn Yan NY Central School District BAN 1% 12/20/11 | 23,930,638 | | 23,983,972 |
Port Jervis NY City School District BAN 1% 6/29/12 | 9,500,000 | | 9,508,113 |
Riverhead Indl. Dev. Auth. Indl. Dev. Rev. (Adchem Corp. Facility Proj.) Series 1998, 0.62% 8/5/11, LOC Citibank NA, VRDN (c)(f) | 990,000 | | 990,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
Rockland Indl. Dev. Agcy. Civic Facility Rev. (Dominican College of Blauvelt Proj.) Series 2006 A, 0.07% 8/5/11, LOC TD Banknorth, NA, VRDN (c) | $ 14,195,000 | | $ 14,195,000 |
Rondout Valley Central School District BAN 1.5% 6/14/12 | 16,360,000 | | 16,505,669 |
Rotterdam-Mohonasen Central School District BAN 1.5% 7/6/12 | 15,331,950 | | 15,470,769 |
Suffolk County Wtr. Auth. BAN Series 2011 A, 1.5% 4/1/12 | 37,400,000 | | 37,678,318 |
Tobacco Settlement Fing. Corp. Bonds Series 2008 B, 5% 6/1/12 | 2,000,000 | | 2,074,307 |
Triborough Bridge & Tunnel Auth. Revs.: | | | |
Participating VRDN: | | | |
Series Putters 3330, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 36,730,000 | | 36,730,000 |
Series ROC II R11934, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 3,750,000 | | 3,750,000 |
Series 2005 B3, 0.07% 8/5/11 (Liquidity Facility Bank of America NA), VRDN (c) | 78,505,000 | | 78,505,000 |
Wappingers Central School District TAN 1% 10/31/11 | 7,000,000 | | 7,010,753 |
West Seneca Central School District BAN 1.5% 12/1/11 | 14,500,000 | | 14,547,690 |
White Plains Gen. Oblig. BAN Series 2010 B, 1.5% 9/16/11 | 9,186,750 | | 9,198,387 |
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 0.05% 8/5/11, LOC JPMorgan Chase Bank, VRDN (c) | 5,725,000 | | 5,725,000 |
| | 4,078,061,136 |
New York & New Jersey - 7.3% |
Port Auth. of New York & New Jersey: | | | |
Participating VRDN: | | | |
Series BA 07 1043, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (c)(g) | 1,425,000 | | 1,425,000 |
Series BA 08 1055, 0.18% 8/5/11 (Liquidity Facility Bank of America NA) (c)(f)(g) | 15,580,000 | | 15,580,000 |
Series BA 08 1066, 0.18% 8/5/11 (Liquidity Facility Bank of America NA) (c)(f)(g) | 5,230,000 | | 5,230,000 |
Series BA 08 1067, 0.18% 8/5/11 (Liquidity Facility Bank of America NA) (c)(f)(g) | 16,840,000 | | 16,840,000 |
Series BA 08 1107, 0.18% 8/5/11 (Liquidity Facility Bank of America NA) (c)(f)(g) | 8,085,000 | | 8,085,000 |
Series BC 11 17B, 0.06% 8/5/11 (Liquidity Facility Barclays Bank PLC) (a)(c)(g) | 2,150,000 | | 2,150,000 |
Series EGL 06 107 Class A, 0.16% 8/5/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 81,600,000 | | 81,600,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York & New Jersey - continued |
Port Auth. of New York & New Jersey: - continued | | | |
Participating VRDN: | | | |
Series MS 3249, 0.09% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | $ 4,000,000 | | $ 4,000,000 |
Series MS 3266, 0.08% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | 5,050,000 | | 5,050,000 |
Series Putters 1546, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 12,335,000 | | 12,335,000 |
Series Putters 2945, 0.19% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 1,665,000 | | 1,665,000 |
Series Putters 3090, 0.19% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 5,550,000 | | 5,550,000 |
Series Putters 3114, 0.19% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 15,790,000 | | 15,790,000 |
Series Putters 3115, 0.19% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 6,660,000 | | 6,660,000 |
Series Putters 3523, 0.2% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 7,365,000 | | 7,365,000 |
Series ROC II R 11715, 0.17% 8/5/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 11,250,000 | | 11,250,000 |
Series ROC II R 11743, 0.17% 8/5/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 11,205,000 | | 11,205,000 |
Series ROC II R 238, 0.17% 8/5/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 6,925,000 | | 6,925,000 |
Series ROC II R 664, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (c)(g) | 2,995,000 | | 2,995,000 |
Series WF 08 2C, 0.13% 8/5/11 (Liquidity Facility Wells Fargo & Co.) (c)(f)(g) | 8,710,000 | | 8,710,000 |
Series 1991 2, 0.16% 8/29/11, VRDN (c)(f)(h) | 6,400,000 | | 6,400,000 |
Series 2004 3, 0.13% 8/5/11, VRDN (c) | 5,365,000 | | 5,365,000 |
Series A: | | | |
0.11% 9/19/11, CP (f) | 12,500,000 | | 12,500,000 |
0.12% 10/11/11, CP (f) | 9,225,000 | | 9,225,000 |
0.18% 9/13/11, CP (f) | 960,000 | | 960,000 |
0.2% 9/26/11, CP (f) | 12,000,000 | | 12,000,000 |
0.31% 9/8/11, CP (f) | 14,700,000 | | 14,700,000 |
0.32% 8/8/11, CP (f) | 13,895,000 | | 13,895,000 |
Series B: | | | |
0.12% 11/10/11, CP | 13,035,000 | | 13,035,000 |
0.21% 11/15/11, CP | 12,365,000 | | 12,365,000 |
0.32% 8/11/11, CP | 8,110,000 | | 8,110,000 |
0.35% 8/4/11, CP | 11,990,000 | | 11,990,000 |
| | 350,955,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Ohio - 0.4% |
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.35% 8/5/11, VRDN (c) | $ 9,600,000 | | $ 9,600,000 |
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.16% 8/5/11, LOC RBS Citizens NA, VRDN (c) | 10,800,000 | | 10,800,000 |
| | 20,400,000 |
Pennsylvania - 0.2% |
Chester County Indl. Dev. Auth. Student Hsg. Rev. Series 2008 A, 0.13% 8/5/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 4,900,000 | | 4,900,000 |
Delaware County Indl. Dev. Auth. Rev. (Academy of Notre Dame de Namur Proj.) Series 2007, 0.2% 8/5/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 2,650,000 | | 2,650,000 |
| | 7,550,000 |
South Carolina - 0.1% |
Greenville Hosp. Sys. Facilities Rev. Series 2008 B, 0.05% 8/5/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 3,000,000 | | 3,000,000 |
Texas - 0.5% |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.) Series 2008, 0.13% 8/5/11, LOC Bank of America NA, VRDN (c)(f) | 10,000,000 | | 10,000,000 |
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 B, 0.08% 8/5/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 4,000,000 | | 4,000,000 |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Mayfair Park Apts. Proj.) 0.21% 8/5/11, LOC Fannie Mae, VRDN (c)(f) | 3,500,000 | | 3,500,000 |
Northwest Texas Independent School District Participating VRDN Series ROC II R 11539, 0.14% 8/5/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 4,995,000 | | 4,995,000 |
Univ. of Texas Board of Regents Sys. Rev. Series 2002 A, 0.07% 8/8/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 3,600,000 | | 3,600,000 |
| | 26,095,000 |
Utah - 0.1% |
Utah Hsg. Corp. Single Family Mtg. Rev. Series 2002 F1, 0.07% 8/5/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 2,780,000 | | 2,780,000 |
Municipal Securities - continued |
| Shares | | Value |
Other - 4.7% |
Fidelity Municipal Cash Central Fund, 0.13% (d)(e) | 225,022,000 | | $ 225,022,000 |
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $4,849,403,136) | | 4,849,403,136 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | | (24,700,274) |
NET ASSETS - 100% | $ 4,824,702,862 |
Security Type Abbreviations |
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
TAN | - | TAX ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
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 $2,150,000 or 0.0% of net assets. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
(h) 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 restricted holding is as follows: |
Security | Acquisition Date | Cost |
Port Auth. of New York & New Jersey Series 1991 2, 0.16% 8/29/11, 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 | $ 220,124 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
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.
Semiannual Report
Statement of Assets and Liabilities
| July 31, 2011 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,624,381,136) | $ 4,624,381,136 | |
Fidelity Central Funds (cost $225,022,000) | 225,022,000 | |
Total Investments (cost $4,849,403,136) | | $ 4,849,403,136 |
Cash | | 1,360,678 |
Receivable for investments sold | | 29,651,200 |
Receivable for fund shares sold | | 53,049,254 |
Interest receivable | | 3,704,728 |
Distributions receivable from Fidelity Central Funds | | 12,417 |
Other receivables | | 5,912 |
Total assets | | 4,937,187,325 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 47,304,585 | |
Delayed delivery | 10,109,800 | |
Payable for fund shares redeemed | 54,033,840 | |
Distributions payable | 419 | |
Accrued management fee | 440,284 | |
Other affiliated payables | 565,158 | |
Other payables and accrued expenses | 30,377 | |
Total liabilities | | 112,484,463 |
| | |
Net Assets | | $ 4,824,702,862 |
Net Assets consist of: | | |
Paid in capital | | $ 4,824,727,585 |
Undistributed net investment income | | 101 |
Accumulated undistributed net realized gain (loss) on investments | | (24,824) |
Net Assets, for 4,821,206,908 shares outstanding | | $ 4,824,702,862 |
Net Asset Value, offering price and redemption price per share ($4,824,702,862 ÷ 4,821,206,908 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended July 31, 2011 (Unaudited) |
Investment Income | | |
Interest | | $ 5,721,104 |
Income from Fidelity Central Funds | | 220,124 |
Total income | | 5,941,228 |
| | |
Expenses | | |
Management fee | $ 8,819,600 | |
Transfer agent fees | 2,955,844 | |
Accounting fees and expenses | 208,098 | |
Custodian fees and expenses | 28,918 | |
Independent trustees' compensation | 8,442 | |
Registration fees | 27,252 | |
Audit | 20,201 | |
Legal | 16,002 | |
Miscellaneous | 20,844 | |
Total expenses before reductions | 12,105,201 | |
Expense reductions | (6,403,637) | 5,701,564 |
Net investment income (loss) | | 239,664 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 30,108 |
Net increase in net assets resulting from operations | | $ 269,772 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended July 31, 2011
(Unaudited) | Year ended
January 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 239,664 | $ 483,429 |
Net realized gain (loss) | 30,108 | 33,702 |
Net increase in net assets resulting
from operations | 269,772 | 517,131 |
Distributions to shareholders from net investment income | (239,563) | (483,864) |
Distributions to shareholders from net realized gain | - | (50,542) |
Total distributions | (239,563) | (534,406) |
Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 7,251,745,447 | 15,105,631,602 |
Reinvestment of distributions | 236,854 | 528,650 |
Cost of shares redeemed | (7,249,164,273) | (15,367,928,305) |
Net increase (decrease) in net assets and shares resulting from share transactions | 2,818,028 | (261,768,053) |
Total increase (decrease) in net assets | 2,848,237 | (261,785,328) |
| | |
Net Assets | | |
Beginning of period | 4,821,854,625 | 5,083,639,953 |
End of period (including undistributed net investment income of $101 and $0, respectively) | $ 4,824,702,862 | $ 4,821,854,625 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
July 31, 2011 | Years ended January 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - F | - F | .001 | .015 | .031 | .030 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | - F | - F | .001 | .015 | .031 | .030 |
Distributions from net investment income | - F | - F | (.001) | (.015) | (.031) | (.030) |
Distributions from net realized gain | - | - F | - | - F | - F | - |
Total distributions | - F | - F | (.001) | (.015) | (.031) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | -% | .01% | .09% | 1.49% | 3.17% | 3.06% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% A | .50% | .54% | .52% | .50% | .51% |
Expenses net of fee waivers, if any | .24% A | .32% | .46% | .52% | .50% | .51% |
Expenses net of all reductions | .24% A | .32% | .46% | .47% | .40% | .39% |
Net investment income (loss) | .01% A | .01% | .09% | 1.45% | 3.11% | 3.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,824,703 | $ 4,821,855 | $ 5,083,640 | $ 5,942,829 | $ 5,571,762 | $ 4,518,523 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any 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 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.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2011 (Unaudited)
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 Fund invests 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, 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
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 fair 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including 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. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 losses deferred due to excise tax regulations.
The Funds purchase 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) on securities and other investments | $ - |
| |
Tax cost | $ 4,849,403,136 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be January 31, 2012.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in
Semiannual Report
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
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. 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 .11% 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 annualized 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 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 agency, dividend disbursing and shareholder servicing 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, transfer agent fees were equivalent to an annualized rate of .12% of average net assets. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $6,397,138.
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 $6,499.
7. 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.
Semiannual 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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
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 distributions, and the effects of any sales charges.
Semiannual 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
Semiannual 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
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
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®)
1-800-544-5555
Automated line for quickest service
NFS-USAN-0911
1.853335.104
Fidelity®
New York AMT
Tax-Free Money Market Fund -
Fidelity New York AMT Tax-Free
Money Market Fund
Institutional Class
Service Class
Semiannual Report
July 31, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | The Chairman's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <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. |
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.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(Chairman's picture appears here)
Dear Shareholder:
The second half of 2011 began with U.S. equities continuing to give back some of the gains achieved earlier in the year. In the days leading up to July 31, markets were shaken by a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline. The resulting uncertainty held back markets in July, the third consecutive monthly decline for equities, effectively reversing the positive momentum seen through the end of April. Financial markets are always unpredictable, of course, but there 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,
(Chairman's signature appears here)
Abigail P. Johnson
Semiannual 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 (February 1, 2011 to July 31, 2011).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense
Ratio | Beginning
Account Value
February 1, 2011 | Ending
Account Value
July 31, 2011 | Expenses Paid
During Period*
February 1, 2011
to July 31, 2011 |
New York AMT Tax-Free Money Market | .23% | | | |
Actual | | $ 1,000.00 | $ 1,000.00 | $ 1.14** |
HypotheticalA | | $ 1,000.00 | $ 1,023.65 | $ 1.15** |
Institutional Class | .18% | | | |
Actual | | $ 1,000.00 | $ 1,000.30 | $ .89 |
HypotheticalA | | $ 1,000.00 | $ 1,023.90 | $ .90 |
Service Class | .24% | | | |
Actual | | $ 1,000.00 | $ 1,000.00 | $ 1.19** |
HypotheticalA | | $ 1,000.00 | $ 1,023.60 | $ 1.20** |
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 181/365 (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 |
New York AMT Tax-Free Money Market | .30% | |
Actual | | $ 1.49 |
HypotheticalA | | $ 1.51 |
Service Class | .45% | |
Actual | | $ 2.23 |
HypotheticalA | | $ 2.26 |
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification |
Days | % of fund's investments 7/31/11 | % of fund's investments 1/31/11 | % of fund's
investments
7/31/10 |
0 - 30 | 78.6 | 78.5 | 85.0 |
31 - 90 | 7.4 | 4.6 | 3.9 |
91 - 180 | 3.5 | 9.2 | 1.3 |
181 - 397 | 10.5 | 7.7 | 9.8 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity |
| 7/31/11 | 1/31/11 | 7/31/10 |
Fidelity® New York AMT Tax-Free Money Market Fund | 43 Days | 40 Days | 36 Days |
New York Tax-Free Money Market Funds Average* | 34 Days | 33 Days | 32 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 7/31/11 | 1/31/11 | 7/31/10 |
Fidelity New York AMT Tax-Free Money Market Fund | 43 Days | 40 Days | 36 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of July 31, 2011 | As of January 31, 2011 |
| Variable Rate
Demand Notes
(VRDNs) 66.1% | | | Variable Rate
Demand Notes
(VRDNs) 68.0% | |
 | Commercial
Paper (including
CP Mode) 13.2% | | | Commercial
Paper (including
CP Mode) 10.1% | |
| Tender Bonds 1.3% | | | Tender Bonds 1.1% | |
 | Municipal Notes 6.5% | | | Municipal Notes 11.1% | |
 | Fidelity Tax-Free
Cash Central Fund 5.2% | | | Fidelity Tax-Free
Cash Central Fund 5.4% | |
 | Other Investments 6.1% | | | Other Investments 4.2% | |
| Net Other Assets 1.6% | | | Net Other Assets 0.1% | |
* Source: iMoneyNet, Inc.
Semiannual Report
Investments July 31, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 98.4% |
| Principal Amount | | Value |
Arizona - 0.2% |
Maricopa County Indl. Dev. Auth. Rev. (Valley of the Sun YMCA Proj.) Series 2008, 0.1% 8/5/11, LOC U.S. Bank NA, Minnesota, VRDN (a) | $ 2,900,000 | | $ 2,900,000 |
California - 0.4% |
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Point Loma Nazarene Univ. Proj.) Series 2008, 0.06% 8/5/11, LOC Wells Fargo Bank NA, VRDN (a) | 1,900,000 | | 1,900,000 |
California Health Facilities Fing. Auth. Rev. (Children's Hosp. of Orange County Proj.) Series 2009 D, 0.05% 8/5/11, LOC U.S. Bank NA, Minnesota, VRDN (a) | 2,150,000 | | 2,150,000 |
California Hsg. Fin. Agcy. Rev. Series 2001 F, 0.05% 8/5/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 2,050,000 | | 2,050,000 |
| | 6,100,000 |
District Of Columbia - 0.1% |
District of Columbia Rev. (George Washington Univ. Proj.) Series 1999 B, 0.07% 8/5/11, LOC Bank of America NA, VRDN (a) | 1,000,000 | | 1,000,000 |
Florida - 0.8% |
Broward County Edl. Facilities Auth. Rev. (Nova Southeastern Univ. Proj.) Series 2004 C, 0.26% 8/1/11, LOC Bank of America NA, VRDN (a) | 4,230,000 | | 4,230,000 |
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2008, 0.06% 8/5/11, LOC TD Banknorth, NA, VRDN (a) | 2,400,000 | | 2,400,000 |
Palm Beach County Rev. (Hospice of Palm Beach Proj.) Series 2001, 0.09% 8/5/11, LOC Northern Trust Co., VRDN (a) | 5,500,000 | | 5,500,000 |
| | 12,130,000 |
Georgia - 0.2% |
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Participating VRDN Series Putters 3755, 0.14% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 2,500,000 | | 2,500,000 |
Illinois - 0.3% |
Illinois Fin. Auth. Rev. Participating VRDN Series BA 08 1205, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 4,170,000 | | 4,170,000 |
Iowa - 0.1% |
Iowa Higher Ed. Ln. Auth. Rev. (Saint Ambrose Univ. Proj.) 0.33% 8/1/11, LOC Northern Trust Co., VRDN (a) | 1,100,000 | | 1,100,000 |
Kentucky - 0.2% |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.35% tender 8/4/11, CP mode | 2,700,000 | | 2,700,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Louisiana - 0.2% |
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.) Series 2010, 0.07% 8/5/11, VRDN (a) | $ 2,500,000 | | $ 2,500,000 |
Missouri - 0.1% |
St. Louis Indl. Dev. Auth. (The St. Louis Art Museum Proj.) Series 2009 B, 0.04% 8/5/11, LOC U.S. Bank NA, Minnesota, VRDN (a) | 1,000,000 | | 1,000,000 |
New Hampshire - 0.2% |
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 B, 0.6% tender 8/12/11, CP mode | 3,100,000 | | 3,100,000 |
New York - 86.5% |
Albany Indl. Dev. Agcy. Civic Facility Rev. (Albany Med. Ctr. Proj.) Series 2007 C, 0.08% 8/5/11, LOC Bank of America NA, VRDN (a) | 6,295,000 | | 6,295,000 |
Clarkstown Central School District TAN 0.5% 11/4/11 | 4,500,000 | | 4,503,568 |
Erie County Indl. Dev. Agcy. Rev. (Orchard Park CCRC, Inc. Proj.) Series 2006 B, 0.15% 8/5/11, LOC RBS Citizens NA, VRDN (a) | 500,000 | | 500,000 |
Erie County Indl. Dev. Agcy. School Facilities Rev. Bonds (Buffalo City School District Proj.) 1.5% 5/1/12 | 8,455,000 | | 8,521,842 |
Jamesville-Dewitt NY Central School District BAN Series 2011 A, 1.25% 6/29/12 | 11,000,000 | | 11,082,608 |
Long Island Pwr. Auth. Elec. Sys. Rev. 0.23% 12/9/11, LOC JPMorgan Chase Bank, CP | 7,700,000 | | 7,700,000 |
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Margaret Woodbury Strong Museum Proj.) Series 2005, 0.13% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | 11,590,000 | | 11,590,000 |
Nassau County Indl. Dev. Agcy. (Amsterdam at Harborside Proj.) Series 2007 C, 0.06% 8/5/11, LOC Bank of America NA, VRDN (a) | 6,700,000 | | 6,700,000 |
Nassau County Interim Fin. Auth. Series 2008 B, 0.07% 8/5/11 (Liquidity Facility KBC Bank NV), VRDN (a) | 3,450,000 | | 3,450,000 |
Nassau Health Care Corp. Rev. Bonds: | | | |
Series 2009 C1, 0.32%, tender 8/28/11, LOC Wells Fargo Bank NA (a) | 15,000,000 | | 15,000,000 |
Series 2009 C2, 0.15%, tender 10/6/11, LOC Wells Fargo Bank NA (a) | 4,030,000 | | 4,030,000 |
New York City Gen. Oblig.: | | | |
Bonds: | | | |
Series 1997 B, 6.5% 8/15/11 | 8,675,000 | | 8,695,477 |
Series 2003 A, 5.5% 8/1/11 | 2,000,000 | | 2,000,000 |
Series 2008 J1, 5% 8/1/11 | 3,165,000 | | 3,165,000 |
Series 2010 E, 3% 8/1/11 | 10,000,000 | | 10,000,000 |
Series 2011 I, 3% 8/1/11 | 10,045,000 | | 10,045,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Gen. Oblig.: - continued | | | |
Bonds: | | | |
Series G, 5.75% 8/1/11 | $ 1,510,000 | | $ 1,510,000 |
Participating VRDN: | | | |
Series BA 08 1052, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 12,895,000 | | 12,895,000 |
Series BA 08 1131, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 9,715,000 | | 9,715,000 |
Series Putters 2951, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 4,460,000 | | 4,460,000 |
Series Putters 3118, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,185,000 | | 5,185,000 |
Series Putters 3282, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 6,650,000 | | 6,650,000 |
Series Putters 3793, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,000,000 | | 5,000,000 |
Series 1993 E5, 0.19% 8/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 3,600,000 | | 3,600,000 |
Series 1994 A5, 0.24% 8/1/11, LOC KBC Bank NV, VRDN (a) | 4,015,000 | | 4,015,000 |
Series 1994 A7, 0.19% 8/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 2,300,000 | | 2,300,000 |
Series 1994 E5: | | | |
0.19% 8/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 1,900,000 | | 1,900,000 |
0.19% 8/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 4,000,000 | | 4,000,000 |
Series 1995 B8, 0.23% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (a) | 21,200,000 | | 21,200,000 |
Series 1995 F3, 0.08% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | 1,700,000 | | 1,700,000 |
Series 1995 F5, 0.23% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (a) | 12,370,000 | | 12,370,000 |
Series 1996 J3, 0.03% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | 2,000,000 | | 2,000,000 |
Series 2003 C4, 0.16% 8/5/11 (Liquidity Facility Bank of Tokyo-Mitsubishi), VRDN (a) | 3,500,000 | | 3,500,000 |
Series 2004 A2, 0.06% 8/5/11, LOC Bank of America NA, VRDN (a) | 15,450,000 | | 15,450,000 |
Series 2004 A3, 0.05% 8/5/11, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 9,400,000 | | 9,400,000 |
Series 2004 A6, 0.06% 8/5/11, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 7,650,000 | | 7,650,000 |
Series 2004 H6, 0.07% 8/5/11, LOC Bank of America NA, VRDN (a) | 800,000 | | 800,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Gen. Oblig.: - continued | | | |
Series 2006 I4, 0.04% 8/5/11, LOC Bank of New York, New York, VRDN (a) | $ 1,000,000 | | $ 1,000,000 |
Series 2006 I5, 0.3% 8/1/11, LOC California Pub. Employees Retirement Sys., VRDN (a) | 11,190,000 | | 11,190,000 |
Series 2008 J11, 0.08% 8/5/11 (Liquidity Facility KBC Bank NV), VRDN (a) | 13,600,000 | | 13,600,000 |
Series 2009 B3, 0.05% 8/5/11, LOC TD Banknorth, NA, VRDN (a) | 1,000,000 | | 1,000,000 |
New York City Hsg. Dev. Corp. Multi-family Hsg. Mtg. Rev. (Beekman Tower Proj.) Series 2008 A, 0.08% 8/5/11, LOC RBS Citizens NA, VRDN (a) | 18,900,000 | | 18,900,000 |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (Two Gold Street Proj.) Series 2006 A, 0.05% 8/5/11, LOC Fannie Mae, VRDN (a) | 2,700,000 | | 2,700,000 |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Planned Parenthood Proj.) 0.19% 8/5/11, LOC Bank of America NA, VRDN (a) | 1,700,000 | | 1,700,000 |
New York City Indl. Dev. Agcy. Rev. (FC Hanson Office Associates LLC Proj.) Series 2004, 0.05% 8/5/11, LOC Lloyds TSB Bank PLC, VRDN (a) | 11,205,000 | | 11,205,000 |
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (New York Stock Exchange Proj.) Series 2004 B, 0.09% 8/5/11, LOC Bank of America NA, VRDN (a) | 1,200,000 | | 1,200,000 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series BA 08 1192, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 1,950,000 | | 1,950,000 |
Series BBT 08 15, 0.07% 8/5/11 (Liquidity Facility Branch Banking & Trust Co.) (a)(e) | 6,760,000 | | 6,760,000 |
Series EGL 07 0157, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 5,800,000 | | 5,800,000 |
Series MS 3262 X, 0.09% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e) | 7,600,000 | | 7,600,000 |
Series Putters 1289, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 2,095,000 | | 2,095,000 |
Series Putters 2559, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 1,775,000 | | 1,775,000 |
Series Putters 3223, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 12,430,000 | | 12,430,000 |
Series Putters 3384, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 1,870,000 | | 1,870,000 |
Series ROC II R 10381, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 6,105,000 | | 6,105,000 |
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 11916, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | $ 8,155,000 | | $ 8,155,000 |
Series ROC II R 11931, 0.1% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 3,750,000 | | 3,750,000 |
Series 1, 0.13% 10/17/11, CP | 9,600,000 | | 9,600,000 |
Series 2008 BB2, 0.09% 8/5/11 (Liquidity Facility Bank of America NA), VRDN (a) | 3,300,000 | | 3,300,000 |
Series 2008 BB3, 0.28% 8/1/11 (Liquidity Facility BNP Paribas SA), VRDN (a) | 7,500,000 | | 7,500,000 |
Series 2011 DD-1, 0.2% 8/1/11 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 30,000,000 | | 30,000,000 |
Series 2011 DD-3A, 0.15% 8/1/11 (Liquidity Facility U.S. Bank NA, Minnesota), VRDN (a) | 1,050,000 | | 1,050,000 |
Series 7: | | | |
0.16% 4/16/12, CP | 7,200,000 | | 7,200,000 |
0.16% 4/23/12, CP | 7,650,000 | | 7,650,000 |
0.34% 1/30/12, CP | 4,500,000 | | 4,500,000 |
Series 8: | | | |
0.22% 3/6/12, CP | 14,400,000 | | 14,400,000 |
0.22% 3/6/12, CP | 6,100,000 | | 6,100,000 |
New York City Transitional Fin. Auth. Rev.: | | | |
Bonds Series 2004 D2, 5% 11/1/11 | 10,185,000 | | 10,303,178 |
Participating VRDN: | | | |
Series BA 08 1075, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 5,000,000 | | 5,000,000 |
Series BA 08 1079, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 5,000,000 | | 5,000,000 |
Series BA 08 1190, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | 5,610,000 | | 5,610,000 |
Series BC 11 6B, 0.06% 8/5/11 (Liquidity Facility Barclays Bank PLC) (a)(e) | 8,250,000 | | 8,250,000 |
Series BC 11 7B, 0.06% 8/5/11 (Liquidity Facility Barclays Bank PLC) (a)(e) | 5,000,000 | | 5,000,000 |
Series BC 11 8B, 0.06% 8/5/11 (Liquidity Facility Barclays Bank PLC) (a)(e) | 9,300,000 | | 9,300,000 |
Series Putters 3857, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 2,500,000 | | 2,500,000 |
Series Putters 3868, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 3,750,000 | | 3,750,000 |
Series ROC II R 10344, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 12,475,000 | | 12,475,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Transitional Fin. Auth. Rev.: - continued | | | |
Participating VRDN: | | | |
Series ROC II R 11972, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | $ 1,485,000 | | $ 1,485,000 |
Series 2003 1B, 0.06% 8/5/11 (Liquidity Facility Societe Generale), VRDN (a) | 4,900,000 | | 4,900,000 |
Series C, 0.24% 8/1/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah), VRDN (a) | 4,500,000 | | 4,500,000 |
New York City Trust Cultural Resources Rev.: | | | |
(The Pierpont Morgan Library Proj.) Series 2004, 0.07% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | 1,000,000 | | 1,000,000 |
Participating VRDN Series ROC II R 11927, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 3,400,000 | | 3,400,000 |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev. Bonds Series 2011 A, 2% 7/1/12 | 2,410,000 | | 2,447,505 |
New York Dorm. Auth. Personal Income Tax Rev.: | | | |
Bonds Series 2009 A, 3% 12/15/11 | 1,000,000 | | 1,009,353 |
Participating VRDN: | | | |
Series Putters 3518, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,245,000 | | 5,245,000 |
Series Putters 3698 Z, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 6,800,000 | | 6,800,000 |
Series WF 11 88C, 0.08% 8/5/11 (Liquidity Facility Wells Fargo Bank NA) (a)(e) | 1,395,000 | | 1,395,000 |
New York Dorm. Auth. Revs.: | | | |
(Catholic Heath Sys. Obligated Group Proj.) Series 2008, 0.06% 8/5/11, LOC HSBC Bank USA, NA, VRDN (a) | 2,470,000 | | 2,470,000 |
(City Univ. Proj.) Series 2008 C, 0.09% 8/5/11, LOC Bank of America NA, VRDN (a) | 54,200,000 | | 54,200,000 |
(College of New Rochelle Proj.) Series 2008, 0.17% 8/5/11, LOC RBS Citizens NA, VRDN (a) | 16,300,000 | | 16,300,000 |
(Culinary Institute of America Proj.) Series 2004 D, 0.07% 8/5/11, LOC TD Banknorth, NA, VRDN (a) | 7,425,000 | | 7,425,000 |
(New York City Court Facilities Lease Proj.) Series 2005 B, 0.16% 8/5/11, LOC Bayerische Landesbank Girozentrale, VRDN (a) | 4,500,000 | | 4,500,000 |
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 D, 0.06% 8/5/11, LOC Bank of America NA, VRDN (a) | 900,000 | | 900,000 |
(Pratt Institute Proj.) Series 2009 A, 0.06% 8/5/11, LOC TD Banknorth, NA, VRDN (a) | 11,900,000 | | 11,900,000 |
(The Culinary Institute of America Proj.) Series 2006, 0.07% 8/5/11, LOC TD Banknorth, NA, VRDN (a) | 8,175,000 | | 8,175,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | |
(Univ. of Rochester Proj.): | | | |
Series 2003 A, 0.19% 8/1/11, LOC JPMorgan Chase Bank, VRDN (a) | $ 6,850,000 | | $ 6,850,000 |
Series 2003 C, 0.05% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | 7,800,000 | | 7,800,000 |
Series 2006 B1, 0.05% 8/5/11, LOC Bank of America NA, VRDN (a) | 1,000,000 | | 1,000,000 |
Participating VRDN: | | | |
Series BBT 08 18, 0.07% 8/5/11 (Liquidity Facility Branch Banking & Trust Co.) (a)(e) | 15,350,000 | | 15,350,000 |
Series EGL 06 47 Class A, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 51,905,000 | | 51,905,000 |
Series EGL 07 0066, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 10,600,000 | | 10,600,000 |
Series Putters 1955, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 10,140,000 | | 10,140,000 |
Series ROC II R 11722, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 9,535,000 | | 9,535,000 |
Series ROC II R 11943, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 2,500,000 | | 2,500,000 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Participating VRDN: | | | |
Series Putters 3155, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 6,810,000 | | 6,810,000 |
Series Putters 3376, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 4,450,000 | | 4,450,000 |
New York Envir. Facilities Corp. State Personal Income Tax Rev. Participating VRDN Series Putters 2666, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 3,185,000 | | 3,185,000 |
New York Hsg. Fin. Agcy. Rev.: | | | |
(29 Flatbush Ave. Hsg. Proj.) Series 2010 A, 0.06% 8/5/11, LOC Bank of America NA, VRDN (a) | 3,000,000 | | 3,000,000 |
(320 West 38th Street Hsg. Proj.): | | | |
Series 2008 A, 0.2% 8/5/11, LOC Wells Fargo Bank NA, VRDN (a) | 38,000,000 | | 38,000,000 |
Series 2009 A, 0.2% 8/5/11, LOC Wells Fargo Bank NA, VRDN (a) | 5,100,000 | | 5,100,000 |
(44th Street Dev. LLC Proj.) Series 2011 A1, 0.05% 8/5/11, LOC Wells Fargo Bank NA, VRDN (a) | 11,100,000 | | 11,100,000 |
(600 West 42nd St. Hsg. Proj.) Series 2009 A, 0.06% 8/5/11, LOC Bank of New York, New York, VRDN (a) | 2,000,000 | | 2,000,000 |
(80 DeKalb Ave. Hsg. Proj.) Series 2009 A, 0.17% 8/5/11, LOC Wells Fargo Bank NA, VRDN (a) | 1,000,000 | | 1,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York Hsg. Fin. Agcy. Rev.: - continued | | | |
(Hegeman Residence Apts. Proj.) Series 2010 A, 0.05% 8/5/11, LOC JPMorgan Chase Bank, VRDN (a) | $ 4,000,000 | | $ 4,000,000 |
(Taconic West 17th St. Proj.) Series 2009 A, 0.04% 8/5/11, LOC Fannie Mae, VRDN (a) | 1,300,000 | | 1,300,000 |
New York Hsg. Fin. Svc. Contract Rev. Series 2003 M1, 0.07% 8/5/11, LOC Bank of America NA, VRDN (a) | 8,500,000 | | 8,500,000 |
New York Local Govt. Assistance Corp. Series 2008 B, 0.07% 8/5/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 10,000,000 | | 10,000,000 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | |
Series 2008 A1, 0.05% 8/5/11, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 5,200,000 | | 5,200,000 |
Series 2008 A2, 0.05% 8/5/11, LOC Bank of Tokyo-Mitsubishi, VRDN (a) | 9,700,000 | | 9,700,000 |
Series 2008 B2, 0.07% 8/5/11, LOC BNP Paribas SA, VRDN (a) | 16,265,000 | | 16,265,000 |
New York Metropolitan Trans. Auth. Rev.: | | | |
Series 2005 E1, 0.07% 8/5/11, LOC BNP Paribas New York Branch, VRDN (a) | 35,050,000 | | 35,050,000 |
Series 2005 E2, 0.07% 8/5/11, LOC BNP Paribas New York Branch, VRDN (a) | 10,000,000 | | 10,000,000 |
Series B: | | | |
0.18% 10/5/11, LOC Barclays Bank PLC, CP | 4,700,000 | | 4,700,000 |
0.18% 10/5/11, LOC Barclays Bank PLC, CP | 1,500,000 | | 1,500,000 |
0.3% 9/6/11, LOC Royal Bank of Canada, CP | 20,400,000 | | 20,400,000 |
0.36% 9/15/11, LOC TD Banknorth, NA, CP | 4,300,000 | | 4,300,000 |
New York Pwr. Auth.: | | | |
Series 1: | | | |
0.12% 8/15/11, CP | 3,560,000 | | 3,560,000 |
0.12% 10/18/11, CP | 3,800,000 | | 3,800,000 |
0.13% 10/7/11, CP | 5,000,000 | | 5,000,000 |
0.14% 11/1/11, CP | 8,000,000 | | 8,000,000 |
0.17% 4/16/12, CP | 37,328,000 | | 37,328,000 |
0.19% 9/15/11, CP | 2,396,000 | | 2,396,000 |
0.2% 10/5/11, CP | 9,204,000 | | 9,204,000 |
0.31% 8/9/11, CP | 7,222,000 | | 7,222,000 |
0.31% 8/9/11, CP | 12,500,000 | | 12,500,000 |
0.32% 8/4/11, CP | 3,800,000 | | 3,800,000 |
Series 2, 0.3% 9/8/11, CP | 6,260,000 | | 6,260,000 |
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2005 A1, 0.06% 8/5/11, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 2,300,000 | | 2,300,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York State Envir. Facilities Corp. Rev. Bonds Series 2011 C, 2% 11/15/11 | $ 3,315,000 | | $ 3,332,089 |
New York State Gen. Oblig.: | | | |
Bonds: | | | |
Series 2009 C, 3% 2/1/12 | 1,000,000 | | 1,012,778 |
Series 2011 C, 5% 9/1/11 | 16,600,000 | | 16,665,404 |
Participating VRDN Series WF 11 39C, 0.08% 8/5/11 (Liquidity Facility Wells Fargo Bank NA) (a)(e) | 10,000,000 | | 10,000,000 |
New York Thruway Auth. Gen. Rev. Participating VRDN Series Solar 06 17, 0.07% 8/5/11 (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e) | 14,635,000 | | 14,635,000 |
New York Urban Dev. Corp. Rev. Participating VRDN: | | | |
Series Putters 2283, 0.12% 8/5/11 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e) | 16,645,000 | | 16,645,000 |
Series Putters 2750, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 1,000,000 | | 1,000,000 |
North Hempstead Gen. Oblig. BAN Series 2011 A, 2% 6/8/12 | 22,100,000 | | 22,429,133 |
North Tonawanda City School District BAN Series 2010, 1.5% 9/22/11 | 7,000,000 | | 7,009,414 |
Penn Yan Cent School District BAN 1% 12/20/11 | 7,800,000 | | 7,817,384 |
Rondout Valley Central School District BAN 1.5% 6/14/12 | 5,300,000 | | 5,347,191 |
Rotterdam-Mohonasen Central School District BAN 1.5% 7/6/12 | 4,800,000 | | 4,843,460 |
Suffolk County Gen. Oblig. Bonds Series 2010 B, 3% 10/15/11 | 5,025,000 | | 5,052,163 |
Suffolk County Wtr. Auth. BAN Series 2011 A, 1.5% 4/1/12 | 12,600,000 | | 12,693,765 |
Suffolk County Wtr. Auth. Wtrwks. Rev. Participating VRDN Series Putters 3357, 0.13% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 3,265,000 | | 3,265,000 |
Tarrytown BAN Series 2011 B, 1.5% 5/25/12 | 6,739,000 | | 6,796,887 |
Tobacco Settlement Fing. Corp. Bonds Series 2008 B, 5% 6/1/12 | 2,565,000 | | 2,665,648 |
Triborough Bridge & Tunnel Auth. Revs.: | | | |
Bonds Series 2001 A, 5% 1/1/12 (Pre-Refunded to 1/1/12 @ 100) (d) | 2,460,000 | | 2,506,956 |
Participating VRDN: | | | |
Series MS 3213, 0.09% 8/5/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e) | 4,770,000 | | 4,770,000 |
Series Putters 3685, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,605,000 | | 5,605,000 |
Series 2005 B3, 0.07% 8/5/11 (Liquidity Facility Bank of America NA), VRDN (a) | 37,460,000 | | 37,460,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
West Seneca Central School District BAN 1.5% 12/1/11 | $ 5,500,000 | | $ 5,518,088 |
White Plains Gen. Oblig. BAN 0.75% 9/16/11 | 8,912,900 | | 8,917,000 |
| | 1,294,500,891 |
New York & New Jersey - 2.0% |
Port Auth. of New York & New Jersey: | | | |
Participating VRDN: | | | |
Series Putters 1546, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 1,405,000 | | 1,405,000 |
Series Putters 3862, 0.12% 8/5/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 4,000,000 | | 4,000,000 |
Series ROC II R 11439, 0.12% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 7,200,000 | | 7,200,000 |
Series 2008 2, 0.13% 8/5/11, VRDN (a) | 13,810,000 | | 13,810,000 |
Series B, 0.35% 8/4/11, CP | 4,100,000 | | 4,100,000 |
| | 30,515,000 |
Ohio - 1.1% |
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.35% 8/5/11, VRDN (a) | 6,800,000 | | 6,800,000 |
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.16% 8/5/11, LOC RBS Citizens NA, VRDN (a) | 9,600,000 | | 9,600,000 |
| | 16,400,000 |
Pennsylvania - 0.1% |
Chester County Indl. Dev. Auth. Student Hsg. Rev. Series 2008 A, 0.13% 8/5/11, LOC Citizens Bank of Pennsylvania, VRDN (a) | 1,600,000 | | 1,600,000 |
Texas - 0.4% |
Comal Independent School District Participating VRDN Series ROC II R 11907, 0.11% 8/5/11 (Liquidity Facility Citibank NA) (a)(e) | 1,985,000 | | 1,985,000 |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Air Products Proj.) Series 2004, 0.07% 8/5/11 (Air Products & Chemicals, Inc. Guaranteed), VRDN (a) | 2,800,000 | | 2,800,000 |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 C1, 0.09% 8/5/11, LOC Bank of America NA, VRDN (a) | 2,000,000 | | 2,000,000 |
| | 6,785,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Washington - 0.3% |
Washington Gen. Oblig. Participating VRDN Series BA 1212, 0.11% 8/5/11 (Liquidity Facility Bank of America NA) (a)(e) | $ 4,640,000 | | $ 4,640,000 |
| Shares | | |
Other - 5.2% |
Fidelity Tax-Free Cash Central Fund, 0.13% (b)(c) | 77,444,000 | | 77,444,000 |
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $1,471,084,891) | | 1,471,084,891 |
NET OTHER ASSETS (LIABILITIES) - 1.6% | | 24,660,776 |
NET ASSETS - 100% | $ 1,495,745,667 |
Security Type Abbreviations |
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
TAN | - | TAX ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(c) 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
(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 | $ 94,299 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
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.
Semiannual Report
Statement of Assets and Liabilities
| July 31, 2011 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,393,640,891) | $ 1,393,640,891 | |
Fidelity Central Funds (cost $77,444,000) | 77,444,000 | |
Total Investments (cost $1,471,084,891) | | $ 1,471,084,891 |
Cash | | 662,586 |
Receivable for investments sold | | 25,602,384 |
Receivable for fund shares sold | | 3,916,758 |
Interest receivable | | 1,907,561 |
Distributions receivable from Fidelity Central Funds | | 4,151 |
Receivable from investment adviser for expense reductions | | 39,745 |
Other receivables | | 1,951 |
Total assets | | 1,503,220,027 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,000,099 | |
Payable for fund shares redeemed | 3,130,379 | |
Distributions payable | 1,483 | |
Accrued management fee | 202,866 | |
Other affiliated payables | 139,533 | |
Total liabilities | | 7,474,360 |
| | |
Net Assets | | $ 1,495,745,667 |
Net Assets consist of: | | |
Paid in capital | | $ 1,495,679,075 |
Accumulated undistributed net realized gain (loss) on investments | | 66,592 |
Net Assets | | $ 1,495,745,667 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| July 31, 2011 (Unaudited) |
| | |
New York AMT Tax-Free Money Market:
Net Asset Value, offering price and redemption price per share ($472,774,153 ÷ 472,223,052 shares) | | $ 1.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,022,408,080 ÷ 1,021,608,305 shares) | | $ 1.00 |
| | |
Service Class:
Net Asset Value, offering price and redemption price per share ($563,434 ÷ 562,987 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended July 31, 2011 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 1,845,493 |
Income from Fidelity Central Funds | | 94,299 |
Total income | | 1,939,792 |
| | |
Expenses | | |
Management fee | $ 1,596,220 | |
Transfer agent fees | 526,458 | |
Distribution and service plan fees | 1,452 | |
Independent trustees' compensation | 2,863 | |
Total expenses before reductions | 2,126,993 | |
Expense reductions | (537,539) | 1,589,454 |
Net investment income (loss) | | 350,338 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 27,819 |
Net increase in net assets resulting from operations | | $ 378,157 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
July 31, 2011
(Unaudited) | Year ended
January 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 350,338 | $ 1,349,653 |
Net realized gain (loss) | 27,819 | 64,847 |
Net increase in net assets resulting
from operations | 378,157 | 1,414,500 |
Distributions to shareholders from net investment income | (350,338) | (1,349,648) |
Distributions to shareholders from net realized gain | - | (52,668) |
Total distributions | (350,338) | (1,402,316) |
Share transactions - net increase (decrease) | (178,992,261) | (467,067,429) |
Total increase (decrease) in net assets | (178,964,442) | (467,055,245) |
| | |
Net Assets | | |
Beginning of period | 1,674,710,109 | 2,141,765,354 |
End of period | $ 1,495,745,667 | $ 1,674,710,109 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - New York AMT Tax-Free Money Market
| Six months ended
July 31, 2011 | Years ended January 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) | - F | - F | .002 | .016 | .033 | .031 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | - F | - F | .002 | .016 | .033 | .031 |
Distributions from net investment income | - F | - F | (.002) | (.016) | (.033) | (.031) |
Distributions from net realized gain | - | - F | - F | - F | - F | - |
Total distributions | - F | - F | (.002) | (.016) | (.033) | (.031) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | -% | .02% | .16% | 1.65% | 3.35% | 3.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .30% A | .30% | .34% | .32% | .33% | .43% |
Expenses net of fee waivers, if any | .23% A | .29% | .33% | .32% | .32% | .40% |
Expenses net of all reductions | .23% A | .29% | .33% | .27% | .25% | .32% |
Net investment income (loss) | .01% A | .01% | .17% | 1.66% | 3.30% | 3.12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 472,774 | $ 537,828 | $ 727,667 | $ 1,077,634 | $ 1,400,064 | $ 2,203,387 |
A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DFees and expenses of any 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. EExpense 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. FAmount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
July 31, 2011 | Years ended January 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 E |
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 (loss) | - G | .001 | .002 | .017 | .027 |
Net realized and unrealized gain (loss) G | - | - | - | - | - |
Total from investment operations | - G | .001 | .002 | .017 | .027 |
Distributions from net investment income | - G | (.001) | (.002) | (.017) | (.027) |
Distributions from net realized gain | - | - G | - G | - G | - G |
Total distributions | - G | (.001) | (.002) | (.017) | (.027) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .03% | .11% | .25% | 1.75% | 2.72% |
Ratios to Average Net Assets D,F | | | | |
Expenses before reductions | .25% A | .25% | .29% | .27% | .25% A |
Expenses net of fee waivers, if any | .18% A | .20% | .23% | .21% | .20% A |
Expenses net of all reductions | .18% A | .20% | .23% | .17% | .14% A |
Net investment income (loss) | .06% A | .11% | .26% | 1.76% | 3.36% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,022,408 | $ 1,133,818 | $ 1,408,276 | $ 1,775,558 | $ 2,467,175 |
A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DFees and expenses of any 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. EFor the period April 18, 2007 (commencement of sale of shares) to January 31, 2008. FExpense 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. GAmount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Service Class
| Six months ended
July 31, 2011 | Years ended January 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 E |
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 (loss) | - G | - G | .001 | .015 | .025 |
Net realized and unrealized gain (loss) G | - | - | - | - | - |
Total from investment operations | - G | - G | .001 | .015 | .025 |
Distributions from net investment income | - G | - G | (.001) | (.015) | (.025) |
Distributions from net realized gain | - | - G | - G | - G | - G |
Total distributions | - G | - G | (.001) | (.015) | (.025) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | -% | .01% | .08% | 1.50% | 2.52% |
Ratios to Average Net Assets D,F | | | | |
Expenses before reductions | .51% A | .50% | .54% | .51% | .50% A |
Expenses net of fee waivers, if any | .24% A | .29% | .43% | .46% | .45% A |
Expenses net of all reductions | .24% A | .29% | .42% | .42% | .40% A |
Net investment income (loss) | -% A,H | .01% | .07% | 1.51% | 3.04% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 563 | $ 3,064 | $ 5,823 | $ 13,192 | $ 29,669 |
A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DFees and expenses of any 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. EFor the period April 18, 2007 (commencement of sale of shares) to January 31, 2008. FExpense 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. GAmount represents less than $.001 per share. HAmount represents less than .01%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2011 (Unaudited)
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 may also differ by class. The Fund may be affected by economic and political developments in the state of New York.
2. Investments in Fidelity Central Funds.
The Fund invests 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, 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
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 fair 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including 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. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and 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 GAAP.
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 and losses deferred due to excise tax regulations.
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) on securities and other investments | $ - |
| |
Tax cost | $ 1,471,084,891 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be January 31, 2012.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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 Fees. 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% | $ 1,452 | $ 34 |
* 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 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 agency, dividend disbursing and shareholder servicing 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:
| Amount** | % of
Average
Net Assets* |
New York AMT Tax-Free Money Market | $ 253,284 | .10 |
Institutional Class | 272,885 | .05 |
Service Class | 289 | .05 |
| $ 526,458 | |
* Annualized
** During the period, FMR or its affiliates waived a portion of these fees.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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.
5. 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, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $282,325 and $346, 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 |
New York AMT Tax-Free Money Market | $ 81,558 |
Institutional Class | 169,998 |
Service Class | 1,175 |
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 $2,137.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
July 31, 2011 | Year ended
January 31, 2011 |
From net investment income | | |
New York AMT Tax-Free Money Market | $ 25,076 | $ 88,275 |
Institutional Class | 325,206 | 1,260,923 |
Service Class | 56 | 450 |
Total | $ 350,338 | $ 1,349,648 |
From net realized gain | | |
New York AMT Tax-Free Money Market | $ - | $ 16,925 |
Institutional Class | - | 35,658 |
Service Class | - | 85 |
Total | $ - | $ 52,668 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
| Six months ended
July 31, 2011 | Year ended
January 31, 2011 |
New York AMT Tax-Free Money Market
Shares sold | 61,151,427 | 165,503,213 |
Reinvestment of distributions | 23,421 | 98,042 |
Shares redeemed | (126,214,140) | (355,375,983) |
Net increase (decrease) | (65,039,292) | (189,774,728) |
Institutional Class
Shares sold | 158,940,084 | 497,917,735 |
Reinvestment of distributions | 277,496 | 1,152,311 |
Shares redeemed | (270,672,017) | (773,604,006) |
Net increase (decrease) | (111,454,437) | (274,533,960) |
Service Class
Shares sold | 7,898,826 | 17,068,691 |
Reinvestment of distributions | 56 | 532 |
Shares redeemed | (10,397,414) | (19,827,964) |
Net increase (decrease) | (2,498,532) | (2,758,741) |
8. 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.
Semiannual Report
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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 distributions, and the effects of any sales charges.
Semiannual 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
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111 South Westlake Blvd
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21701 Hawthorne Boulevard
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2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
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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
Semiannual 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
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual 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.
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®)
1-800-544-5555
Automated line for quickest service
NYS-USAN-0911
1.789294.108
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
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 Fidelity New York Municipal Trust II's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Not applicable. |
(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: | September 21, 2011 |
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: | September 21, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | September 21, 2011 |
