FIDELITY NEW YORK AMT TAX-FREE MONEY MARKET FUND

Fund Objective

Normally investing in municipal money market securities, including at least 80% of assets in municipal securities whose interest is exempt from federal and New York State and City personal income taxes. Potentially investing up to 20% of assets in municipal securities subject to New York State and City personal income taxes. Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.

Fund Manager

Mike Marchese

Mike Marchese joined Fidelity in 2003. He currently manages a number of Fidelity money market funds, including Fidelity Massachusetts AMT Tax-Free Money Market Fund, and was appointed manager of Fidelity New York AMT Tax-Free Money Market Fund in September 2003.

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Past performance is no guarantee of future results. Yield will vary and an investor's shares, when redeemed, may be worth more or less than their original cost.

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