SPARTAN(REGISTERED TRADEMARK)
NEW YORK MUNICIPAL
FUNDS
AND
FIDELITY
NEW YORK MUNICIPAL
MONEY MARKET FUND
SEMIANNUAL REPORT
JULY 31, 1999
(2_FIDELITY_LOGOS)(registered trademark)
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES
SPARTAN NEW YORK MUNICIPAL
INCOME FUND
4 PERFORMANCE
7 FUND TALK: THE MANAGER'S
OVERVIEW
10 INVESTMENT CHANGES
11 INVESTMENTS
26 FINANCIAL STATEMENTS
SPARTAN NEW YORK MUNICIPAL
MONEY MARKET FUND
30 PERFORMANCE
32 FUND TALK: THE MANAGER'S
OVERVIEW
34 INVESTMENT CHANGES
35 INVESTMENTS
44 FINANCIAL STATEMENTS
FIDELITY NEW YORK MUNICIPAL
MONEY MARKET FUND
48 PERFORMANCE
50 FUND TALK: THE MANAGER'S
OVERVIEW
52 INVESTMENT CHANGES
53 INVESTMENTS
63 FINANCIAL STATEMENTS
NOTES 67 NOTES TO THE FINANCIAL
STATEMENTS
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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT
AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-8888
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND
MONEY.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)
DEAR SHAREHOLDER:
In July, the steadily growing U.S. economy again sparked fears of
inflation and posed the threat of another Federal Reserve Board
interest-rate hike at its August policy meeting. Despite rising
profits and continued productivity gains at many U.S. corporations,
stock and bond markets sold off sharply toward the month's end.
Renewed jitters about inflation were sparked by a government report
that showed a larger-than-expected increase in the employment-cost
index.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
The longer your investment time frame, the less likely it is that you
will be affected by short-term market volatility. A 10-year investment
horizon appropriate for saving for a college education, for example,
enables you to weather market cycles in a long-term fund, which may
have a higher risk potential, but also has a higher potential rate of
return.
An intermediate-length fund could make sense if your investment
horizon is two to four years, while a short-term bond fund could be
the right choice if you need your money in one or two years.
If your time horizon is less than a year, you might want to consider
moving some of your bond investment into a money market fund. These
funds seek income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-8888, or visit our
web site at www.fidelity.com. We are available 24 hours a day, seven
days a week to provide you the information you need to make the
investments that are right for you.
Best regards,
Edward C. Johnson 3d
SPARTAN NEW YORK MUNICIPAL INCOME FUND
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate historical performance. You can
look at the total percentage change in value, the average annual
percentage change, or the growth of a hypothetical $10,000 investment.
Total return reflects the change in value of an investment, assuming
reinvestment of the fund's dividend income and capital gains (the
profits earned upon the sale of securities that have grown in value).
You can also look at the fund's income, as reflected in its yield, to
measure performance. If Fidelity had not reimbursed certain fund
expenses, the past one year, past five year and past 10 year total
returns and dividends would have been lower.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN NY MUNICIPAL INCOME -2.70% 2.07% 37.19% 95.60%
LB New York 4 Plus Year -2.27% 2.75% 40.79% n/a
Municipal Bond
New York Municipal Debt Funds -2.77% 1.32% 32.06% 90.57%
Average
</TABLE>
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare the fund's returns to the performance
of the Lehman Brothers New York 4 Plus Year Municipal Bond Index - a
market value-weighted index of New York investment-grade municipal
bonds with maturities of four years or more. To measure how the fund's
performance stacked up against its peers, you can compare it to the
New York municipal debt funds average, which reflects the performance
of mutual funds with similar objectives tracked by Lipper Inc. The
past six months average represents a peer group of 101 mutual funds.
These benchmarks include reinvested dividends and capital gains, if
any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN NY MUNICIPAL INCOME 2.07% 6.53% 6.94%
LB New York 4 Plus Year 2.75% 7.08% n/a
Municipal Bond
New York Municipal Debt Funds 1.32% 5.69% 6.62%
Average
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)
$10,000 OVER 10 YEARS
Spartan NY Muni Income LB Municipal Bond
00071 LB015
1989/07/31 10000.00 10000.00
1989/08/31 9947.04 9902.10
1989/09/30 9904.69 9872.59
1989/10/31 9959.88 9993.33
1989/11/30 10103.02 10168.22
1989/12/31 10171.22 10251.39
1990/01/31 10114.91 10202.90
1990/02/28 10181.68 10293.71
1990/03/31 10155.40 10296.80
1990/04/30 10046.17 10222.25
1990/05/31 10272.27 10445.40
1990/06/30 10409.88 10537.22
1990/07/31 10584.03 10692.11
1990/08/31 10409.60 10536.86
1990/09/30 10407.80 10542.87
1990/10/31 10469.12 10734.12
1990/11/30 10656.15 10949.98
1990/12/31 10689.13 10997.61
1991/01/31 10834.15 11145.20
1991/02/28 10902.76 11242.16
1991/03/31 10954.50 11246.21
1991/04/30 11110.15 11395.79
1991/05/31 11189.97 11497.09
1991/06/30 11222.81 11485.71
1991/07/31 11398.90 11625.61
1991/08/31 11538.33 11778.72
1991/09/30 11736.55 11932.08
1991/10/31 11857.05 12039.46
1991/11/30 11909.00 12073.05
1991/12/31 12119.61 12332.14
1992/01/31 12014.75 12360.26
1992/02/29 12066.13 12364.22
1992/03/31 12083.51 12368.79
1992/04/30 12198.92 12478.87
1992/05/31 12386.46 12625.75
1992/06/30 12632.22 12837.61
1992/07/31 13024.57 13222.48
1992/08/31 12856.57 13093.56
1992/09/30 12932.96 13179.19
1992/10/31 12731.58 13049.64
1992/11/30 13025.47 13283.36
1992/12/31 13207.72 13418.98
1993/01/31 13370.06 13575.05
1993/02/28 13892.78 14066.06
1993/03/31 13744.16 13917.38
1993/04/30 13883.06 14057.80
1993/05/31 13971.35 14136.81
1993/06/30 14208.42 14372.75
1993/07/31 14221.21 14391.58
1993/08/31 14548.00 14691.21
1993/09/30 14699.47 14858.55
1993/10/31 14711.08 14887.22
1993/11/30 14554.59 14756.07
1993/12/31 14910.89 15067.57
1994/01/31 15068.58 15239.64
1994/02/28 14620.86 14844.93
1994/03/31 13871.29 14240.45
1994/04/30 13984.00 14361.21
1994/05/31 14135.45 14485.72
1994/06/30 13962.79 14397.21
1994/07/31 14257.60 14661.11
1994/08/31 14313.22 14711.84
1994/09/30 14028.18 14495.87
1994/10/31 13695.81 14238.42
1994/11/30 13275.28 13980.99
1994/12/31 13715.87 14288.71
1995/01/31 14197.66 14697.08
1995/02/28 14684.69 15124.47
1995/03/31 14853.33 15298.25
1995/04/30 14882.39 15316.31
1995/05/31 15420.03 15805.05
1995/06/30 15231.70 15667.55
1995/07/31 15323.70 15816.07
1995/08/31 15545.38 16016.62
1995/09/30 15626.05 16118.01
1995/10/31 15916.45 16352.36
1995/11/30 16216.68 16623.65
1995/12/31 16400.19 16783.40
1996/01/31 16510.23 16910.12
1996/02/29 16339.02 16795.97
1996/03/31 16095.18 16581.32
1996/04/30 16044.71 16534.40
1996/05/31 16036.53 16527.78
1996/06/30 16239.30 16707.77
1996/07/31 16378.78 16859.81
1996/08/31 16328.94 16855.76
1996/09/30 16601.80 17091.74
1996/10/31 16811.13 17285.05
1996/11/30 17128.66 17601.37
1996/12/31 17022.89 17527.44
1997/01/31 17042.04 17560.57
1997/02/28 17219.56 17721.78
1997/03/31 16947.05 17485.54
1997/04/30 17103.75 17631.90
1997/05/31 17404.50 17897.08
1997/06/30 17590.51 18087.69
1997/07/31 18146.92 18588.72
1997/08/31 17922.63 18414.54
1997/09/30 18123.43 18633.12
1997/10/31 18255.84 18752.93
1997/11/30 18356.43 18863.20
1997/12/31 18678.06 19138.41
1998/01/31 18885.42 19335.92
1998/02/28 18852.03 19341.72
1998/03/31 18863.91 19358.74
1998/04/30 18702.01 19271.43
1998/05/31 19073.07 19576.50
1998/06/30 19131.31 19653.63
1998/07/31 19163.33 19702.96
1998/08/31 19510.52 20007.37
1998/09/30 19780.20 20256.67
1998/10/31 19765.98 20256.26
1998/11/30 19824.95 20327.36
1998/12/31 19856.57 20378.58
1999/01/31 20103.45 20620.89
1999/02/28 19956.47 20530.77
1999/03/31 19958.53 20559.31
1999/04/30 20002.52 20610.50
1999/05/31 19845.80 20491.17
1999/06/30 19496.89 20196.10
1999/07/30 19560.41 20269.61
IMATRL PRASUN SHR__CHT 19990731 19990812 115801 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Spartan New York Municipal Income Fund on July 31, 1989.
As the chart shows, by July 31, 1999, the value of the investment
would have grown to $19,560 a 95.60% increase on the initial
investment. For comparison, look at how the Lehman Brothers Municipal
Bond Index - a market value-weighted index of investment-grade
municipal bonds with maturities of one year or more - did over the
same period. With dividends reinvested, the same $10,000 would have
grown to $20,270 - a 102.70% increase.
(checkmark)UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, generally move in
the opposite direction of
interest rates. In turn, the share
price, return and yield of a
fund that invests in bonds will
vary. That means if you sell
your shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
TOTAL RETURN COMPONENTS
SIX MONTHS ENDED JULY 31, YEARS ENDED JANUARY 31,
1999 1999 1998 1997 1996 1995
Dividend returns 2.22% 4.81% 5.36% 5.20% 5.93% 5.27%
Capital returns -4.92% 1.64% 5.46% -1.98% 10.36% -11.05%
Total returns -2.70% 6.45% 10.82% 3.22% 16.29% -5.78%
</TABLE>
TOTAL RETURN COMPONENTS include both dividend returns and capital
returns. A dividend return reflects the actual dividends paid by the
fund. A capital return reflects both the amount paid by the fund to
shareholders as capital gain distributions and changes in the fund's
share price. Both returns assume the dividends or capital gains, if
any, paid by the fund are reinvested.
DIVIDENDS AND YIELD
PERIODS ENDED JULY 31, 1999 PAST 1 MONTH PAST 6 MONTHS PAST 1 YEAR
Dividends per share 5.02(cents) 29.20(cents) 59.29(cents)
Annualized dividend rate 4.77% 4.65% 4.62%
30-day annualized yield 4.60% - -
30-day annualized 8.05% - -
tax-equivalent yield
DIVIDENDS per share show the income paid by the fund for a set period.
If you annualize this number, based on an average share price of
$12.38 over the past one month, $12.66 over the past six months and
$12.82 over the past one year, you can compare the fund's income over
these three periods. The 30-day annualized YIELD is a standard formula
for all bond funds based on the yields of the bonds in the fund,
averaged over the past 30 days. This figure shows you the yield
characteristics of the fund's investments at the end of the period. It
also helps you compare funds from different companies on an equal
basis. The tax-equivalent yield shows what you would have to earn on a
taxable investment to equal the fund's tax-free yield, if you're in
the 42.83% combined effective 1999 federal, state and New York City
tax bracket, but does not reflect the payment of the federal
alternative minimum tax, if applicable.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Municipal bonds outperformed their
Treasury and spread-sector
counterparts - corporates,
mortgages and the like - on an
absolute basis during the six-month
period ending July 31, 1999.
Unfortunately, the muni market's
overall performance was also in
negative territory. For the period,
the Lehman Brothers Municipal
Bond Index - an index of
approximately 50,000
investment-grade, fixed-rate,
tax-exempt bonds - declined
1.70%. In comparison, the market
proxy for U.S. government bonds, the
Lehman Brothers Long-Term
Government Bond Index, fell
7.96%. The overall taxable-bond
market, as measured by the
Lehman Brothers Aggregate Bond
Index, dropped 2.49% over the
past six months. While the supply of
municipals was relatively light
during the period - particularly
compared to 1998's near-record
levels of issuance - demand was
similarly muted, especially among
institutional investors. Tighter Federal
Reserve Board monetary policy and
Y2K concerns also contributed to
the downward pressure on muni
bond prices. Municipals did
receive a lift on the last day of June,
as the Fed shifted its monetary
policy stance from a tightening bias
to a neutral stance. However, that
good news was effectively
counterbalanced by a
stronger-than-expected 1.1% increase
in the employment cost index for the
month of July, a potential harbinger
of inflation and another Fed rate
hike.
(photograph of Norm Lind)
An interview with Norm Lind, Portfolio Manager of Spartan New York
Municipal Income Fund
Q. HOW DID THE FUND PERFORM, NORM?
A. For the six-month period that ended July 31, 1999, the fund had a
total return of -2.70%. To get a sense of how the fund did relative to
its competitors, the New York municipal debt funds average returned
- -2.77% for the same six-month period, according to Lipper Inc.
Additionally, the Lehman Brothers New York 4 Plus Year Municipal Bond
Index - which tracks the types of securities in which the fund invests
- - fell 2.27%. For the 12 months that ended July 31, 1999, the fund
returned 2.07%. That compared to the New York municipal debt funds
average's 1.32% return and the Lehman Brothers index's 2.75% return
for the same 12-month period.
Q. WHY DID THE FUND BEAT ITS PEERS DURING THE PAST SIX MONTHS?
A. The fund benefited from its relatively large position in premium
coupon bonds, which pay interest rates above prevailing market rates
and trade at prices above face - or par - value. As interest rates
rose, premiums outperformed par and discount bonds, which trade at and
below face value, respectively.
Q. WHAT WERE SOME OTHER POSITIVES FOR THE FUND'S PERFORMANCE?
A. General obligation bonds (GOs) performed best. A GO is backed by
the full faith and credit - which includes the taxing power - of a
city, county, state or other issuer, and is paid with general
revenues, including taxes. Thanks to strong economic conditions, most
New York GO issuers enjoyed increased tax collections.
Q. WHAT WERE THE DISAPPOINTMENTS?
A. As often occurs in the fund management business, key factors that
boosted performance in one period caused returns to lag in the
following period. Throughout most of 1998 and early 1999, the fund
benefited from its relatively large weighting in intermediate-maturity
bonds with maturities of between five and 15 years. They outpaced
their longer-term counterparts during that period. Over the past six
months, however, the fund's relatively large weighting in
intermediate-maturity bonds and its relatively small weighting in
longer-term securities hurt the fund. In addition, health care bonds
performed poorly, coming under pressure from increasingly competitive
industry conditions and federally mandated cutbacks in Medicare
reimbursements.
Q. WHAT WAS THE SOURCE OF INTERMEDIATE-MATURITY BONDS' PROBLEMS AND
WHAT WAS YOUR RESPONSE?
A. Given the ongoing strength of the economy and growing fears of
inflation, investors became increasingly worried that interest rates
would rise over the short- to medium-term, but appeared less concerned
about the long-term outlook. In response, investors pushed short- and
intermediate-maturity bond yields higher in percentage terms than
longer-term bond yields. Since bond prices move in the opposite
direction of their yields, short- and intermediate-maturity bond
prices declined more in percentage terms than their longer-maturity
counterparts during the past six months. In addition,
intermediate-maturity municipals came under pressure when some
institutional investors that had been heavy buyers of intermediate
municipal bonds last year, sold them in 1999. Despite their
disappointing recent performance, I continued to maintain a relatively
large weighting in intermediate maturity bonds because I believe that
they - much more than longer-term bonds - offer an attractive amount
of yield for their interest-rate risk.
Q. WHAT'S AHEAD FOR THE MUNICIPAL MARKET AND THE FUND?
A. Supply and demand conditions - which can have a dramatic effect on
the municipal market's performance - appear favorable. In contrast to
last year, there has been a relatively light supply of municipal bonds
issued so far in 1999. In 1998, falling interest rates prompted a wave
of municipal bond refundings as issuers looked to refinance their debt
at lower interest rates. Those refundings made up more than one-third
of total municipal bond supply issued last year. So far this year,
however, refunding issuance has slowed dramatically as interest rates
have risen. Meanwhile, demand has been firm. However, the direction of
interest rates will be the primary factor determining municipal bond
performance. Rather than spending time trying to predict the direction
of interest rates, I'll continue to look for attractively priced bonds
that I believe can perform well in relation to other bonds, no matter
where interest rates end up.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal, state and
New York City income
taxes by investing primarily
in longer-term,
investment-grade New York
municipal securities
FUND NUMBER: 071
TRADING SYMBOL: FTFMX
START DATE: July 10, 1984
SIZE: as of July 31, 1999,
more than $1.1 billion
MANAGER: Norm Lind, since
1993; manager, various Fidelity
and Spartan municipal income
funds; joined Fidelity in
1986
NORM LIND ON THE STRENGTH OF
WALL STREET AND ITS
CONTRIBUTION TO THE NEW YORK
ECONOMY:
"The five-year-long bull market in
stocks and the resulting strength
of Wall Street have been key
ingredients in both New York City's
and New York state's strong fiscal
condition. The city and the state
have enjoyed exploding revenue
collections, despite posting
overall economic growth rates that
lag the national average. All the
revenues generated by Wall Street
- - in the form of property,
personal and business taxes -
have helped the city and state
avoid budgetary challenges. Even
areas as far away from Wall Street
as upstate have enjoyed a "trickle
down" effect, receiving more
money from the state to fund
schools, welfare programs and other
programs. Using history as a guide,
however, we know that Wall Street's
current strength probably won't go
uninterrupted forever. Among the
many factors I consider when
evaluating municipal issuers is how
well New York municipal issuers are
planning for the day when the
current Wall Street boom slows and
tax revenues decline. Fortunately,
many municipal issuers across the
state have been conservative in
their projections of future revenues.
That's especially true for New York
City, which I believe is a positive
for the city's creditworthiness."
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE SECTORS AS OF JULY
31, 1999
% OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN
THESE SECTORS 6 MONTHS AGO
General Obligations 35.6 36.2
Special Tax 17.2 16.7
Transportation 13.0 12.4
Water & Sewer 8.6 6.5
Education 7.9 7.6
AVERAGE YEARS TO MATURITY AS
OF JULY 31, 1999
6 MONTHS AGO
Years 13.3 13.7
</TABLE>
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME REMAINING UNTIL
PRINCIPAL PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS,
WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF JULY 31, 1999
6 MONTHS AGO
Years 7.3 7.3
DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH
A FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER
FACTORS ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE.
ACCORDINGLY, A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS
EXAMPLE.
QUALITY DIVERSIFICATION
AS OF JULY 31, 1999
Aaa 42.2%
Aa, A 43.1%
Baa 12.9%
Not Rated 0.4%
Short-term
Investments 1.4%
Row: 1, Col: 1, Value: 42.2
Row: 1, Col: 2, Value: 43.1
Row: 1, Col: 3, Value: 12.9
Row: 1, Col: 4, Value: 0.4
Row: 1, Col: 5, Value: 1.4
AS OF JANUARY 31, 1999
Aaa 42.1%
Aa, A 42.0%
Baa 14.0%
Not Rated 0.4%
Short-term
Investments 1.5%
Row: 1, Col: 1, Value: 42.1
Row: 1, Col: 2, Value: 42.0
Row: 1, Col: 3, Value: 14.0
Row: 1, Col: 4, Value: 0.4
Row: 1, Col: 5, Value: 1.5
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P (registered
trademark) RATINGS. AMOUNTS SHOWN ARE AS A PERCENTAGE OF THE FUND'S
INVESTMENTS.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS - 98.6%
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 95.3%
Albany County Gen. Oblig. Aaa $ 1,275,000 $ 1,342,856
5.85% 6/1/13 (FGIC Insured)
Buffalo Swr. Auth. Rev. Rfdg. Aaa 2,700,000 2,653,641
(Swr. Sys.) Series G, 5%
7/1/12 (FGIC Insured)
Canandaigua City School Aaa 515,000 534,395
District Rfdg. 5.25% 6/1/07
(AMBAC Insured)
Cherry Valley Springfield
Central School District:
7.8% 5/1/14 (MBIA Insured) Aaa 435,000 552,463
7.8% 5/1/15 (MBIA Insured) Aaa 435,000 554,960
7.8% 5/1/16 (MBIA Insured) Aaa 435,000 556,957
7.8% 5/1/17 (MBIA Insured) Aaa 435,000 559,658
7.8% 5/1/18 (MBIA Insured) Aaa 434,000 560,702
Erie County Gen. Oblig.
Series A:
6% 2/1/04 (FGIC Insured) Aaa 1,100,000 1,171,951
6% 2/1/05 (FGIC Insured) Aaa 1,000,000 1,073,530
6% 2/1/06 (FGIC Insured) Aaa 1,030,000 1,111,844
Erie County Wtr. Auth. Impt. AA 2,000,000 2,100,020
& Extension Rev. Series 3,
6.1% 12/1/04 (Escrowed to
Maturity) (e)
Long Island Pwr. Auth. Elec.
Sys. Rev.:
Series 8, 4.5%, tender 4/1/04 Aaa 10,000,000 9,895,100
(AMBAC Insured)
Series A, 5.75% 12/1/24 Baa1 25,000,000 25,126,735
Metro. Trans. Auth. Dedicated Aaa 3,000,000 2,887,710
Tax Fund Series A, 5.25%
4/1/26 (MBIA Insured)
Metro. Trans. Auth. Svc.
Contract:
(Commuter Facilities) Series Baa1 5,400,000 6,107,562
3, 7.375% 7/1/08
(Trans. Facilities) Series 3, Baa1 1,830,000 2,069,785
7.375% 7/1/08
Rfdg. (Trans. Facilities):
Series 5, 6.9% 7/1/05 Baa1 4,100,000 4,353,134
Series 7, 5.45% 7/1/07 Baa1 4,930,000 5,112,706
Rfdg. (Cap. Appreciation) Baa1 9,500,000 5,391,630
(Trans. Facilities) Series
7, 0% 7/1/10
Monroe County Gen. Oblig.:
(Pub. Impt.):
6.1% 3/1/04 (MBIA Insured) Aaa 870,000 909,159
6.5% 6/1/04 Aa2 65,000 70,871
6.5% 6/1/04 (Escrowed to Aa2 2,245,000 2,452,865
Maturity) (e)
6.5% 6/1/05 Aa2 115,000 126,662
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Monroe County Gen. Oblig.: -
continued
(Pub. Impt.): - continued
6.5% 6/1/06 Aa2 $ 120,000 $ 133,216
6.5% 6/1/06 (Escrowed to Aa2 3,625,000 4,035,459
Maturity) (e)
6.5% 6/1/07 (AMBAC Insured) Aaa 50,000 56,006
6.5% 6/1/07 (AMBAC Insured) Aaa 950,000 1,064,105
(Escrowed to Maturity) (e)
7% 6/1/03 (FGIC Insured) Aaa 1,000,000 1,092,370
7% 6/1/04 (FGIC Insured) Aaa 2,150,000 2,387,769
6% 6/1/04 Aa2 1,510,000 1,612,001
6% 6/1/05 Aa2 2,155,000 2,329,921
Monroe Woodbury Central
School District:
5.625% 5/15/22 (MBIA Insured) Aaa 1,245,000 1,260,102
5.625% 5/15/24 (MBIA Insured) Aaa 2,645,000 2,673,407
Muni. Assistance Corp. for
New York City:
Rfdg.:
Series D, 6% 7/1/05 (AMBAC Aaa 10,000,000 10,784,600
Insured)
Series E:
6% 7/1/03 Aa2 1,250,000 1,324,263
6% 7/1/04 Aa2 14,500,000 15,508,620
6% 7/1/05 Aa2 12,945,000 13,939,694
Series E, 6% 7/1/06 Aa2 5,000,000 5,409,950
Series I, 5.5% 7/1/04 (AMBAC Aa2 8,000,000 8,381,520
Insured)
Series L, 6% 7/1/07 Aa2 5,000,000 5,425,600
Nassau County Gen. Oblig.:
(Gen. Impt.):
Series R, 5.125% 11/1/05 Aaa 2,565,000 2,640,975
(FGIC Insured)
Series T, 5.2% 9/1/11 (FGIC Aaa 2,695,000 2,703,139
Insured)
Rfdg.:
(Combined Swr. District) Aaa 350,000 362,114
Series F, 5.3% 7/1/07 (MBIA
Insured)
(Gen. Impt.) Series A, 6.5% Aaa 4,000,000 4,443,680
5/1/07 (FGIC Insured)
Series A, 6% 7/1/09 (FGIC Aaa 3,320,000 3,588,787
Insured)
Series P, 6.3% 11/1/03 (FGIC Aaa 1,000,000 1,073,460
Insured)
Series U:
5.25% 11/1/11 (AMBAC Insured) Aaa 1,500,000 1,510,020
5.25% 11/1/15 (AMBAC Insured) Aaa 2,150,000 2,123,985
New York City Edl. Aaa 1,895,000 2,029,602
Construction Fund Series A,
6.25% 10/1/03 (MBIA Insured)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.:
Rfdg.:
Series A:
6.25% 8/1/08 A3 $ 1,000,000 $ 1,085,450
7% 8/1/03 A3 2,000,000 2,179,300
Series B:
5.7% 8/15/02 A3 2,260,000 2,345,066
5.7% 8/15/02 (Escrowed to A3 75,000 78,212
Maturity) (e)
6.2% 8/15/06 A3 2,195,000 2,372,751
Series C:
5.7% 8/15/02 A3 1,310,000 1,359,308
6% 2/1/22 A3 3,500,000 3,625,965
Series E:
6% 8/1/26 A3 3,455,000 3,571,917
6.2% 8/1/07 (MBIA Insured) Aaa 1,750,000 1,912,488
6.5% 2/15/06 A3 1,000,000 1,092,490
Series F, 6% 8/1/16 A3 7,750,000 8,090,535
Series G:
5.25% 8/1/11 A3 5,000,000 4,993,700
5.35% 8/1/13 A3 5,000,000 4,988,850
Series H, 6% 8/1/17 A3 1,000,000 1,044,470
Series I, 5.875% 3/15/12 A3 10,000,000 10,408,400
Series 1999 I:
6.125% 4/15/07 (Pre-Refunded A3 2,290,000 2,514,557
to 4/15/07 @ 101) (e)
6.125% 4/15/11 A3 22,710,000 24,225,665
Series A, 5.3% 8/1/12 A3 6,000,000 5,986,860
Series A1, 6.25% 8/1/03 Aaa 9,200,000 9,809,868
(AMBAC Insured)
Series B:
5.875% 8/15/13 A3 3,870,000 4,020,350
6.5% 8/15/11 A3 1,000,000 1,119,630
7.5% 2/1/02 A3 1,000,000 1,072,160
7.5% 2/1/03 A3 5,000,000 5,426,800
7.5% 2/1/07 A3 5,500,000 5,936,975
Series C, 6.4% 8/1/03 A3 6,000,000 6,399,720
Series D:
5.25% 8/1/13 A3 2,500,000 2,470,025
5.25% 8/1/21 (MBIA Insured) Aaa 6,000,000 5,787,600
5.375% 8/1/17 A3 2,500,000 2,464,250
5.75% 2/15/08 A3 1,000,000 1,044,650
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Series E:
6% 8/1/08 (FGIC Insured) Aaa $ 8,000,000 $ 8,605,920
6% 8/1/26 (Pre-Refunded to A3 295,000 322,674
8/1/06 @ 101.5 (e)
Series F, 5.75% 2/1/15 A3 2,500,000 2,550,700
Series G:
6% 10/15/26 A3 4,950,000 5,134,536
6% 10/15/26 (Pre-Refunded to A3 50,000 54,718
10/15/07 @ 101) (e)
Series H:
5.5% 8/1/12 A3 9,000,000 9,129,690
7% 2/1/05 A3 665,000 711,723
7% 2/1/05 (Pre-Refunded to Aaa 1,365,000 1,475,347
2/1/02 @ 101.5 (e)
7% 2/1/06 A3 420,000 448,997
Series J, 6.125% 8/1/12 A3 1,000,000 1,064,560
Series L, 5.75% 8/1/12 A3 3,700,000 3,834,865
New York City Ind. Dev. Agcy. Aaa 1,000,000 1,093,980
Civic Facilities Rev. (USTA
Nat'l. Tennis Ctr. Proj.)
6.4% 11/15/08 (FSA Insured)
New York City Ind. Dev. Agcy. Aaa 2,900,000 3,084,237
Ind. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.)
Series 1991, 6% 11/1/15 (FSA
Insured) (d)
New York City Ind. Dev. Agcy.
Spl. Facilities Rev.:
(American Airlines, Inc. Baa2 10,000,000 10,835,200
Proj.) 6.9% 8/1/24 (d)
(Term. One Group Assoc. Proj.):
5.7% 1/1/04 (d) A3 1,500,000 1,552,320
6% 1/1/08 (d) A3 500,000 523,405
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.:
Series B:
5.375% 6/15/07 (AMBAC Insured) Aaa 500,000 519,585
5.5% 6/15/27 (MBIA Insured) Aaa 7,775,000 7,731,771
5.875% 6/15/26 A1 21,250,000 21,724,938
Series C, 7% 6/15/16 (FGIC Aaa 500,000 533,900
Insured) (Pre-Refunded to
6/15/01 @ 101.5 (e)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Transitional
Fin. Auth. Rev. (Future Tax):
2nd Series A:
5% 8/15/15 Aa3 $ 3,375,000 $ 3,237,604
5.125% 8/15/21 Aa3 21,000,000 19,846,680
2nd Series B:
4.75% 11/15/16 Aa3 11,470,000 10,563,297
4.75% 11/1/23 Aa3 9,000,000 7,969,140
4.75% 11/15/23 Aa3 2,000,000 1,768,340
2nd Series C, 5.25% 5/1/13 Aa3 10,000,000 9,986,700
New York City Trust Cultural
Resources Rev.:
(American Museum of Natural Aaa 4,850,000 4,893,844
History) Series A, 5.65%
4/1/22 (MBIA Insured)
(New York Botanical Garden) Aaa 1,250,000 1,290,850
5.75% 7/1/16 (MBIA Insured)
New York Metro. Trans. Auth.
Commuter Facilities Rev.:
Rfdg. (Svc. Contract) Series Baa1 2,960,000 3,019,792
R, 5.4% 7/1/10
Series E, 5.5% 7/1/09 (AMBAC Aaa 2,705,000 2,823,479
Insured)
New York Metro. Trans. Auth.
Trans. Facilities Rev.:
Rfdg.:
(Svc. Contract) Series R, Baa1 4,000,000 4,075,160
5.3% 7/1/09
Series K, 6.3% 7/1/06 (MBIA Aaa 10,150,000 11,129,272
Insured)
Series N, 0% 7/1/11 (FGIC Aaa 5,980,000 3,233,685
Insured)
Series A:
5.75% 7/1/21 (MBIA Insured) Aaa 10,000,000 10,214,300
6% 7/1/16 (FSA Insured) Aaa 9,090,000 9,578,133
New York State Dorm. Auth.
Lease Rev.:
(State Univ. Dorm.
Facilities) Series A:
5.3% 7/1/24 (AMBAC Insured) Aaa 3,150,000 3,065,171
6% 7/1/05 (AMBAC Insured) (b) Aaa 2,240,000 2,406,118
Rfdg. (State Univ. Dorm. Aaa 7,370,000 7,794,291
Facilities) Series A, 6%
7/1/03 (AMBAC Insured)
New York State Dorm. Auth.
Revs.:
(Barnard College) 5.25% Aaa 4,625,000 4,451,285
7/1/26 (AMBAC Insured)
(Champlain Valley Physicians):
6% 7/1/08 (Connie Lee Insured) AAA 600,000 647,298
6% 7/1/09 (Connie Lee Insured) AAA 370,000 400,862
6% 7/1/10 (Connie Lee Insured) AAA 250,000 270,938
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth.
Revs.: - continued
(City Univ. Sys.):
Series C, 7.5% 7/1/10 Baa1 $ 4,000,000 $ 4,627,120
5.5% 7/1/16 (AMBAC Insured) Aaa 2,500,000 2,533,650
(Columbia Univ.) Series A, Aaa 9,700,000 10,407,324
5.75% 7/1/09
(Consolidated City Univ. Sys.):
2nd Series A, 5.75% 7/1/07 Aaa 1,965,000 2,093,413
(MBIA Insured)
Series 1, 5% 7/1/11 (MBIA Aaa 11,095,000 10,972,733
Insured)
Series A:
5.5% 7/1/04 Baa1 2,000,000 2,081,940
5.5% 7/1/05 Baa1 1,000,000 1,042,180
5.75% 7/1/09 (MBIA Insured) Aaa 5,000,000 5,319,900
Series C, 6.25% 7/1/05 (AMBAC Aaa 6,320,000 6,869,777
Insured)
Series D, 7% 7/1/09 Baa1 6,000,000 6,680,580
(Ithaca College) 5.25% 7/1/26 Aaa 9,805,000 9,436,724
(AMBAC Insured)
(Judicial Facilities Lease) Baa1 2,000,000 2,105,940
Series B, 7% 4/15/16
(Mental Health Svcs.
Facilities Impt.):
Series B, 6.5% 8/15/10 A3 3,495,000 3,902,587
Series D, 4.75% 2/15/25 (MBIA Aaa 10,000,000 8,852,400
Insured)
Series F, 4.5% 8/15/28 (AMBAC Aaa 5,000,000 4,209,150
Insured)
(Mental Health Svcs.
Facilities) Series A:
5.75% 8/15/11 A3 3,000,000 3,128,130
6% 2/15/01 A3 500,000 512,975
(New York Hosp. Med. Ctr.) Aaa 5,500,000 5,654,275
5.25% 2/1/07 (AMBAC Insured)
(New York Univ.) Series A:
5.75% 7/1/15 (MBIA Insured) Aaa 1,250,000 1,324,950
5.75% 7/1/27 (MBIA Insured) Aaa 5,000,000 5,236,850
(Saint Joseph's Hosp. Health
Ctr.):
6% 7/1/08 (MBIA Insured) Aaa 1,260,000 1,359,326
6% 7/1/09 (MBIA Insured) Aaa 1,500,000 1,618,995
(Saint Vincent's Hosp. & Med.
Ctr.):
6% 2/1/03 (AMBAC Insured) Aaa 1,820,000 1,911,491
6% 8/1/03 (AMBAC Insured) Aaa 1,875,000 1,981,613
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth.
Revs.: - continued
Rfdg.:
(City Univ.) Series U, 6.25% Baa1 $ 525,000 $ 557,760
7/1/03
(Colgate Univ.):
6% 7/1/16 (MBIA Insured) Aaa 1,900,000 2,060,398
6% 7/1/21 (MBIA Insured) Aaa 2,500,000 2,704,925
(Consolidated City Univ. Baa1 500,000 528,280
Sys.) Series A, 5.75% 7/1/07
(FIT Student Hsg.):
5.75% 7/1/03 (AMBAC Insured) Aaa 1,590,000 1,667,401
5.75% 7/1/04 (AMBAC Insured) Aaa 1,680,000 1,774,685
5.75% 7/1/05 (AMBAC Insured) Aaa 1,650,000 1,751,195
5.75% 7/1/06 (AMBAC Insured) Aaa 1,500,000 1,596,420
(Mental Health Svcs. A3 2,550,000 2,658,911
Facilities) Series B, 5.75%
2/15/11
(New York & Presbyterian Aaa 5,000,000 4,811,400
Hosp.) 4.4% 8/1/13 (AMBAC
Insured) (Fed. Hsg.
Administration Insured)
(Rochester Institute of Aaa 4,875,000 4,729,530
Technology) 5.25% 7/1/22
(MBIA Insured)
(Second Hosp.) Series E, 5% Aaa 3,500,000 3,478,580
2/15/10 (MBIA Insured)
(Second Hosp./Jamaica Hosp.)
Series F:
5.1% 2/15/12 (MBIA Insured) Aaa 3,605,000 3,561,019
5.2% 2/15/13 (MBIA Insured) Baa1 6,935,000 6,748,795
(State Univ. Edl. Facilities):
Series A:
6.5% 5/15/05 A3 7,080,000 7,739,006
6.5% 5/15/06 A3 3,400,000 3,743,128
Series B:
5.25% 5/15/05 A3 2,250,000 2,318,220
5.25% 5/15/11 (FGIC Insured) Aaa 2,950,000 2,995,371
7.375% 5/15/14 A3 275,000 286,022
7.5% 5/15/11 A3 3,445,000 4,049,529
5.5% 5/15/09 A3 3,000,000 3,108,570
(Univ. of Rochester) Series A:
5% 7/1/10 (MBIA Insured) Aaa 2,000,000 1,995,740
5% 7/1/11 (MBIA Insured) Aaa 1,570,000 1,552,699
5% 7/1/12 (MBIA Insured) Aaa 1,805,000 1,774,008
5% 7/1/27 (MBIA Insured) Aaa 16,475,000 15,175,287
5.25% 7/1/13 (MBIA Insured) Aaa 2,160,000 2,162,527
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth.
Revs.: - continued
Rfdg. (Cap Appreciation) Aaa $ 2,175,000 $ 1,251,626
(Manhattanville College) 0%
7/1/10 (MBIA Insured)
New York State Energy Aaa 1,000,000 1,000,700
Research & Dev. Auth. Rfdg.
(Brooklyn Union Gas Co.
Proj.) Series A, 5.5% 1/1/21
(MBIA Insured)
New York State Energy A1 10,600,000 11,088,554
Research & Dev. Auth.
Facilities Rev. Rfdg.
(Consolidated Edison Co.)
Series A, 6.1% 8/15/20
New York State Energy
Research & Dev. Auth. Poll.
Cont. Rev.:
(Central Hudson Gas) Series Aaa 2,250,000 2,329,223
B, 7.375% 10/1/14 (FGIC
Insured), LOC Morgan
Guaranty Trust Co., NY
Rfdg. (State Elec. & Gas Aaa 1,000,000 1,076,810
Corp.) Series E, 5.9%
12/1/06 (MBIA Insured)
New York State Envir.
Facilities Corp. Clean Wtr.
& Drinking Wtr. Rev.:
(Revolving Funds):
Series C, 5% 6/15/19 Aa1 3,000,000 2,819,610
Series F:
4.875% 6/15/18 Aa1 3,000,000 2,780,970
4.875% 6/15/20 Aa1 3,555,000 3,251,830
5% 6/15/15 Aa1 3,000,000 2,890,950
New York State Envir.
Facilities Corp. Poll. Cont.
Rev.:
(State Wtr. Revolving Fund):
Series A:
6.8% 6/15/01 Aa2 2,000,000 2,093,620
6.9% 6/15/02 Aaa 265,000 282,784
6.9% 6/15/02 (Pre-Refunded to Aaa 835,000 894,001
6/15/01 @ 102) (e)
7% 6/15/12 Aaa 190,000 202,344
Series B: 5.2% 5/15/14 Aaa 2,220,000 2,235,296
5.25% 6/15/14 Aa1 3,180,000 3,166,072
Series C, 5.85% 7/15/15 Aaa 3,060,000 3,186,409
Series D:
5.9% 5/15/01 Aaa 1,000,000 1,029,840
6.3% 5/15/05 Aaa 2,000,000 2,180,900
6.3% 11/15/05 Aaa 2,725,000 3,005,948
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Envir.
Facilities Corp. Poll. Cont.
Rev.: - continued
(State Wtr. Revolving Fund):
- - continued
Series E:
6.25% 6/15/05 Aa1 $ 1,200,000 $ 1,301,544
6.5% 6/15/14 Aaa 130,000 137,103
Series D:
5% 6/15/11 Aa1 3,645,000 3,598,490
5% 6/15/12 Aa1 2,000,000 1,963,880
5.125% 6/15/19 Aa1 5,000,000 4,774,350
New York State Envir. Baa1 12,500,000 12,821,500
Facilities Corp. Resource
Recovery Rev. (Huntington
Proj.) Series A, 7.5%
10/1/12 (d)
New York State Gen. Oblig.:
Rfdg. Series F, 5.25% 9/15/11 A2 10,150,000 10,230,388
5.5% 7/15/12 A2 1,000,000 1,019,960
New York State Hsg. Fin. Aaa 3,955,000 3,930,558
Agcy. Rev.: (Nursing Home &
Health Care Proj.) Series
A, 4.6% 11/1/06 (MBIA
Insured)
8.25% 5/1/09 - 4,520,000 4,564,748
New York State Local Govt.
Assistance Corp.:
Rfdg.:
Series A:
5% 4/1/10 (FGIC Insured) Aaa 5,000,000 5,009,800
5.25% 4/1/15 (AMBAC Insured) Aaa 5,000,000 4,982,800
Series C, 5.5% 4/1/17 A3 14,675,000 14,899,674
Series E, 5.25% 4/1/16 A3 23,600,000 23,466,896
Series B, 6% 4/1/18 A3 12,145,000 12,912,443
(Pre-Refunded to 4/1/02 @
102) (e)
Series C, 5.5% 4/1/22 A3 6,375,000 6,333,818
Series D, 5.375% 4/1/14 A3 4,000,000 4,011,360
New York State Med. Care
Facilities Fin. Agcy. Rev.:
(Long-Term. Health Care) Aaa 1,170,000 1,255,515
Series A, 6.8% 11/1/14 (FSA
Insured)
(Mental Health Svcs.
Facilities):
Series A:
7.5% 2/15/21 A3 50,000 52,815
7.5% 2/15/21 (Pre-Refunded to Aaa 85,000 91,012
2/15/01 @ 102) (e)
Series D, 7.4% 2/15/18 A3 450,000 483,750
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Med. Care
Facilities Fin. Agcy. Rev.:
- - continued
(North Shore Univ. Hosp. Mtg. Aaa $ 6,000,000 $ 6,366,720
Proj.) Series A, 7.2%
11/1/20 (MBIA Insured)
(Pre-Refunded to 11/1/00 @
102) (e)
Rfdg.:
(Mental Health Svcs. A3 1,735,000 1,761,025
Facilities) Series A, 8.875%
8/15/07
(Presbyterian Hosp.) Series Aa2 3,000,000 2,980,770
A, 5.25% 8/15/14
Series A, 7.25% 11/1/11 (MBIA Aaa 890,000 933,112
Insured)
New York State Mtg. Agcy.
Rev. (Homeowner Mtg.):
Series 53, 5.9% 10/1/17 Aa2 2,000,000 2,045,460
Series 69, 4.7% 4/1/24 (d) Aa2 6,025,000 5,981,078
5.5% 4/1/19 (AMBAC Insured) Aaa 4,500,000 4,543,785
(d)
New York State Pwr. Auth. Aaa 250,000 277,243
Rev. & Gen. Purp. Rfdg.
Series W, 6.5% 1/1/08
(Escrowed to Maturity) (e)
New York State Thruway Auth.
Gen. Rev.:
Rfdg. Series E, 5.25% 1/1/12 Aa3 5,410,000 5,441,811
Series D, 5.375% 1/1/27 Aa3 3,000,000 2,930,850
New York State Thruway Auth.
Hwy. & Bridge Trust Fund:
Series A:
5.125% 4/1/11 (FGIC Insured) Aaa 4,030,000 4,029,960
5.25% 4/1/16 (AMBAC Insured) Aaa 5,175,000 5,117,195
5.4% 4/1/08 (MBIA Insured) Aaa 2,000,000 2,069,620
6.25% 4/1/04 (MBIA Insured) Aaa 7,840,000 8,424,315
6.25% 4/1/05 (AMBAC Insured) Aaa 5,000,000 5,418,400
Series B:
5% 4/1/07 (FGIC Insured) AAA 5,000,000 5,079,350
5.5% 4/1/09 (FSA Insured) Aaa 2,000,000 2,092,240
6% 4/1/03 (AMBAC Insured) Aaa 9,240,000 9,740,254
6% 4/1/04 (MBIA Insured) Aaa 11,195,000 11,912,711
6.4% 4/1/04 (FGIC Insured) Aaa 1,000,000 1,080,780
New York State Thruway Auth.
Svc. Contract Rev.:
(Local Hwy. & Bridge) 5.75% Baa1 13,700,000 13,896,321
4/1/16
Rfdg. (Local Hwy. & Bridge) Baa1 4,000,000 4,225,880
6% 4/1/11
New York State Urban Dev.
Corp. Rev.:
(Correctional Cap. Baa1 1,455,000 1,541,660
Facilities) Series 5, 5.9%
1/1/08
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Urban Dev.
Corp. Rev.: - continued
(Sports Facilities Assistance Aaa $ 15,000 $ 16,359
Prog.) Series A, 6.25%
4/1/06 (MBIA Insured)
Rfdg.:
(Correctional Cap. Baa1 700,000 739,592
Facilities) Series A, 6.3%
1/1/03
(Correctional Facilities) Aaa 2,000,000 2,099,040
5.625% 1/1/07 (AMBAC Insured)
(Syracuse Univ. Ctr.) 5.2% Baa1 1,000,000 1,022,170
1/1/03
Niagara Falls Gen. Oblig.:
(Pub. Impt.):
7.5% 3/1/08 (MBIA Insured) Aaa 995,000 1,180,737
7.5% 3/1/10 (MBIA Insured) Aaa 1,155,000 1,396,903
7.5% 3/1/11 (MBIA Insured) Aaa 1,245,000 1,514,406
7.5% 3/1/16 (MBIA Insured) Aaa 1,060,000 1,327,237
7.5% 3/1/17 (MBIA Insured) Aaa 1,200,000 1,509,060
(Wtr. Treatment Plant) 7% Aaa 1,000,000 1,111,190
11/1/13 (MBIA Insured) (d)
North Hempstead Gen. Oblig. Aaa 2,000,000 2,173,720
Rfdg. Series B, 6.1% 4/1/06
(FGIC Insured)
Onondaga County Ind. Dev. Aaa 9,000,000 9,314,280
Agcy. Swr. Facilities Rev.
(Bristol-Meyers Squibb Co.
Proj.) 5.75% 3/1/24 (d)
Rensselaer County Ind. Dev.
Agcy. Civic Facilities Rev.
(Polytechnic Institute
Proj.) Series B:
5% 8/1/07 (AMBAC Insured) Aaa 1,900,000 1,931,426
5% 8/1/08 (AMBAC Insured) Aaa 1,830,000 1,850,185
5% 8/1/09 (AMBAC Insured) Aaa 1,500,000 1,508,685
Rockland County Gen. Oblig. Aaa 1,475,000 1,592,897
6% 8/15/05 (AMBAC Insured)
Suffolk County Gen. Oblig.:
Rfdg. (Southwest Swr. Aaa 4,570,000 4,853,614
District) 6% 2/1/04 (MBIA
Insured)
Series A, 6% 8/1/05 (AMBAC Aaa 3,380,000 3,633,939
Insured)
Suffolk County Ind. Dev. BBB 940,000 1,011,995
Agcy. Civic Facilities Rev.
(Dowling College) 8.25%
12/1/20 (Pre-Refunded to
12/1/00 @ 102) (e)
Suffolk County Ind. Dev.
Agcy. Southwest Swr. Sys.
Rev. Rfdg.:
6% 2/1/07 (FGIC Insured) Aaa 3,090,000 3,331,267
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Suffolk County Ind. Dev.
Agcy. Southwest Swr. Sys.
Rev. Rfdg.: - continued
6% 2/1/08 (FGIC Insured) Aaa $ 2,500,000 $ 2,698,650
Suffolk County Wtr. Auth.
Wtrwks. Rev. Rfdg.:
(Senior Lien):
5.1% 6/1/09 (MBIA Insured) Aaa 2,000,000 2,026,700
5.1% 6/1/10 (MBIA Insured) Aaa 4,500,000 4,538,835
(Sub. Lien) 6% 6/1/17 (MBIA Aaa 6,560,000 7,060,790
Insured)
Series C, 5.75% 6/1/10 (AMBAC Aaa 30,000 31,816
Insured) (Pre-Refunded to
6/1/02 @ 102) (e)
Triborough Bridge & Tunnel
Auth. Rev.: (Convention Ctr.
Proj.) Series E:
6% 1/1/11 Baa1 4,000,000 4,288,920
7.25% 1/1/10 Baa1 9,870,000 11,205,510
Rfdg.:
Series B:
5% 1/1/14 Aa3 2,000,000 1,935,520
6% 1/1/03 Aa3 2,500,000 2,626,025
6% 1/1/04 Aa3 5,000,000 5,302,700
Series Q, 6.75% 1/1/09 Aa3 1,000,000 1,131,520
Series Y:
5.5% 1/1/03 Aa3 1,500,000 1,552,110
6% 1/1/12 Aa3 14,110,000 15,265,609
Series A:
5.25% 1/1/28 Aa3 5,400,000 5,140,476
6% 1/1/11 Aa3 500,000 535,225
Series R, 6% 1/1/20 (MBIA Aaa 90,000 90,880
Insured) (Pre-Refunded to
1/1/00 @ 100) (e)
Series X, 6.2% 1/1/03 Aa3 1,000,000 1,055,580
Triborough Bridge & Tunnel
Auth. Spl. Oblig. Rfdg.
Series A:
5.125% 1/1/11 (MBIA Insured) Aaa 3,000,000 2,999,970
5.125% 1/1/12 (MBIA Insured) Aaa 1,000,000 994,620
5.25% 1/1/11 (FGIC Insured) Aaa 3,000,000 3,029,670
Upper Mohawk Valley Reg'l. Aaa 5,000,000 4,703,750
Wtr. Fin. Auth. Wtr. Sys.
Rev. Rfdg. Series A, 5.125%
10/1/26 (FSA Insured)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Yonkers Gen. Oblig. Series A:
6% 8/1/04 (FGIC Insured) Aaa $ 1,020,000 $ 1,088,789
6% 8/1/05 (FGIC Insured) Aaa 1,080,000 1,159,974
1,091,674,779
NEW YORK & NEW JERSEY - 2.3%
Port Auth. New York & New
Jersey:
Rfdg. Series107, 6% 10/15/06 A1 1,530,000 1,644,368
(d)
Series109, 5.375% 1/15/32 A1 12,500,000 12,230,125
Series 73, 6.75% 10/15/06 (d) A1 2,000,000 2,093,120
Series 85:
5.2% 9/1/15 A1 2,400,000 2,381,400
5.2% 9/1/16 A1 2,000,000 1,975,120
Series 99, 7% 11/1/04 (FGIC Aaa 5,040,000 5,633,208
Insured) (d)
25,957,341
PUERTO RICO - 1.0%
Puerto Rico Commonwealth Baa 6,270,000 6,426,875
Urban Renewal & Hsg. Corp.
Rfdg. 7.875% 10/1/04
Puerto Rico Tel. Auth. Rev. Aaa 4,800,000 5,294,112
7.483% 1/1/03 (MBIA Insured)
(Pre-Refunded to 1/1/03 @
103) INFL (c)(e)(f)
11,720,987
TOTAL MUNICIPAL BONDS 1,129,353,107
(Cost $1,111,944,454)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL NOTES - 1.4%
NEW YORK - 1.4%
Long Island Pwr. Auth. Elec. 2,500,000 2,500,000
Sys. Sub. Rev. Series 6,
3.4%, LOC Morgan Guaranty
Trust Co., NY, VRDN (c)
New York City Gen. Oblig.:
Series 1992 B, 3.7% (FGIC 4,000,000 4,000,000
Insured), VRDN (c)
Series 1994 B2, 3.7%, LOC 500,000 500,000
Morgan Guaranty Trust Co.,
NY, VRDN (c)
Series 1995 B5, 3.4% (MBIA 1,200,000 1,200,000
Insured) (BPA Bank of Nova
Scotia), VRDN (c)
Series 1995 B6, 3.4% (MBIA 400,000 400,000
Insured) (BPA Bank of Nova
Scotia), VRDN (c)
MUNICIPAL NOTES - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Series B5, 3.4% (MBIA $ 2,975,000 $ 2,975,000
Insured), VRDN (c)
New York State Energy 5,200,000 5,200,000
Research & Dev. Auth. Poll.
Cont. Rev. (Niagara Mohawk
Pwr. Proj.) Series 1988 A,
3.55%, LOC Morgan Guaranty
Trust Co., NY, VRDN (c)(d)
TOTAL MUNICIPAL NOTES 16,775,000
(Cost $16,775,000)
TOTAL INVESTMENT IN $ 1,146,128,107
SECURITIES - 100%
(Cost $1,128,719,454)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FUTURES CONTRACTS
EXPIRATION DATE UNDERLYING FACE AMOUNT UNREALIZED GAIN/(LOSS)
PURCHASED
170 U.S. Treasury Bond Sept. 1999 $ 19,544,688 $ (296,020)
Contracts
</TABLE>
The face value of futures purchased as a percentage of investment in
securities - 1.7%
SECURITY TYPE ABBREVIATIONS
INFL - INVERSE FLOATING RATE SECURITY
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Standard & Poor's(registered trademark) credit ratings are used in
the absence of a rating by Moody's Investors Service, Inc.
(b) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $880,811.
(c) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(d) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(e) Security collateralized by an amount sufficient to pay interest
and principal.
(f) Coupon is inversely indexed to a floating interest rate. The price
will be more volatile than the price of a comparable fixed rate
security. The rate shown is the rate at period end.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total
value of investments in securities, is as follows (ratings are
unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 84.5% AAA, AA, A 86.1%
Baa 12.8% BBB 9.6%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by Moody's or S&P amounted to 0.4%.
The distribution of municipal securities by revenue source, as a
percentage of total value of investments in securities, is as follows:
General Obligations 35.6%
Special Tax 17.2
Transportation 13.0
Water & Sewer 8.6
Education 7.9
Electric Utilities 5.2
Others (individually less 12.5
than 5%)
100.0%
INCOME TAX INFORMATION
At July 31, 1999, the aggregate cost of investment securities for
income tax purposes was $1,128,719,454. Net unrealized appreciation
aggregated $17,408,653, of which $31,339,924 related to appreciated
investment securities and $13,931,271 related to depreciated
investment securities.
At January 31, 1999 the fund was required to defer approximately
$1,233,000 of losses on futures contracts.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 1,146,128,107
value (cost $1,128,719,454)
- - See accompanying schedule
Receivable for fund shares 338,043
sold
Interest receivable 16,200,993
TOTAL ASSETS 1,162,667,143
LIABILITIES
Payable to custodian bank $ 7,587
Payable for investments 7,648,881
purchased
Payable for fund shares 2,915,288
redeemed
Distributions payable 1,078,303
Accrued management fee 364,842
Payable for daily variation 58,438
on futures contracts
Other payables and accrued 133,373
expenses
TOTAL LIABILITIES 12,206,712
NET ASSETS $ 1,150,460,431
Net Assets consist of:
Paid in capital $ 1,136,363,114
Accumulated undistributed net (3,015,316)
realized gain (loss) on
investments
Net unrealized appreciation 17,112,633
(depreciation) on investments
NET ASSETS, for 93,290,585 $ 1,150,460,431
shares outstanding
NET ASSET VALUE, offering $12.33
price and redemption price
per share ($1,150,460,431
(divided by) 93,290,585
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 30,306,187
EXPENSES
Management fee $ 2,255,704
Transfer agent fees 469,285
Accounting fees and expenses 141,312
Non-interested trustees' 1,600
compensation
Custodian fees and expenses 27,195
Registration fees 19,983
Audit 12,907
Legal 4,033
Total expenses before 2,932,019
reductions
Expense reductions (5,833) 2,926,186
NET INTEREST INCOME 27,380,001
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) on:
Investment securities 227,816
Futures contracts (1,967,763) (1,739,947)
Change in net unrealized
appreciation (depreciation)
on:
Investment securities (57,977,024)
Futures contracts (335,776) (58,312,800)
NET GAIN (LOSS) (60,052,747)
NET INCREASE (DECREASE) IN $ (32,672,746)
NET ASSETS RESULTING FROM
OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 1,271
credits
Transfer agent credits 4,562
$ 5,833
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 27,380,001 $ 53,491,979
Net realized gain (loss) (1,739,947) 19,104,342
Change in net unrealized (58,312,800) 304,240
appreciation (depreciation)
NET INCREASE (DECREASE) IN (32,672,746) 72,900,561
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (27,380,001) (53,491,979)
From net interest income
From net realized gain (603,460) (13,895,534)
In excess of net realized (1,354,809) 0
gain
TOTAL DISTRIBUTIONS (29,338,270) (67,387,513)
Share transactions Net 136,169,268 236,488,822
proceeds from sales of shares
Reinvestment of distributions 22,630,370 53,230,286
Cost of shares redeemed (146,419,310) (228,808,660)
NET INCREASE (DECREASE) IN 12,380,328 60,910,448
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) (49,630,688) 66,423,496
IN NET ASSETS
NET ASSETS
Beginning of period 1,200,091,119 1,133,667,623
End of period $ 1,150,460,431 $ 1,200,091,119
OTHER INFORMATION
Shares
Sold 10,722,639 18,328,379
Issued in reinvestment of 1,793,688 4,132,077
distributions
Redeemed (11,580,172) (17,740,542)
Net increase (decrease) 936,155 4,719,914
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning $ 12.990 $ 12.940 $ 12.290 $ 12.540 $ 11.370
of period
Income from Investment .292 .602 .624 .629 .635
Operations Net interest
income
Net realized and unrealized (.639) .205 .670 (.246) 1.177
gain (loss)
Total from investment (.347) .807 1.294 .383 1.812
operations
Less Distributions
From net interest income (.292) (.602) (.624) (.631) (.642)
From net realized gain (.006) (.155) (.020) (.002) -
In excess of net realized gain (.015) - - - -
Total distributions (.313) (.757) (.644) (.633) (.642)
Net asset value, end of $ 12.330 $ 12.990 $ 12.940 $ 12.290 $ 12.540
period
TOTAL RETURN B, C (2.70)% 6.45% 10.82% 3.22% 16.29%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,150,460 $ 1,200,091 $ 1,133,668 $ 401,071 $ 433,678
(000 omitted)
Ratio of expenses to average .50% A .53% D .55% D .59% .59%
net assets
Ratio of expenses to average .50% A .53% .55% .59% .58% E
net assets after expense
reductions
Ratio of net interest income 4.65% A 4.67% 4.97% 5.15% 5.26%
to average net assets
Portfolio turnover rate 11% A 25% 43% 44% 83%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning $ 13.050
of period
Income from Investment .673
Operations Net interest
income
Net realized and unrealized (1.440)
gain (loss)
Total from investment (.767)
operations
Less Distributions
From net interest income (.673)
From net realized gain (.210)
In excess of net realized gain (.030)
Total distributions (.913)
Net asset value, end of $ 11.370
period
TOTAL RETURN B, C (5.78)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 394,234
(000 omitted)
Ratio of expenses to average .58%
net assets
Ratio of expenses to average .58%
net assets after expense
reductions
Ratio of net interest income 5.77%
to average net assets
Portfolio turnover rate 34%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
value of an investment, assuming reinvestment of the fund's dividend
income and does not include the effect of the fund's $5 account
closeout fee on an average-sized account. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had
not reimbursed certain fund expenses, the life of fund total returns
would have been lower.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN NY MUNICIPAL MONEY 1.31% 2.76% 16.62% 35.63%
MARKET
New York Tax-Free Money 1.21% 2.55% 15.32% n/a
Market Funds Average
</TABLE>
CUMULATIVE TOTAL RETURNS show the fund's performance over a set period
- - in this case, six months, one year, five years or since the fund
started on February 3, 1990. For example, if you had invested $1,000
in a fund that had a 5% return over the past year, the value of your
investment would be $1,050. To measure how the fund's performance
stacked up against its peers, you can compare it to the New York
tax-free money market funds average, which reflects the performance of
mutual funds with similar objectives tracked by IBC Financial Data,
Inc. The past six months average represents a peer group of 39 money
market funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN NY MUNICIPAL MONEY 2.76% 3.12% 3.26%
MARKET
New York Tax-Free Money 2.55% 2.89% n/a
Market Funds Average
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
8/2/99 5/3/99 2/1/99 11/2/98 8/3/98
Spartan New York Municipal 2.68% 3.09% 2.47% 2.74% 3.07%
Money Market Fund
New York Tax-Free Money 2.46% 2.92% 2.24% 2.56% 2.91%
Market Funds Average
Spartan New York Municipal 4.65% 5.38% 4.30% 4.79% 5.37%
Money Market Fund -
Tax-equivalent
Portion of fund's income 6.90% 4.58% 3.94% 0.00% 0.00%
subject to state taxes
Spartan New York
Municipal Money
Market Fund
New York Tax-Free
Money Market
Funds Average
4% -
3% -
2% -
1% -
0%
Row: 1, Col: 1, Value: 2.68
Row: 1, Col: 2, Value: 2.46
Row: 2, Col: 1, Value: 3.09
Row: 2, Col: 2, Value: 2.92
Row: 3, Col: 1, Value: 2.47
Row: 3, Col: 2, Value: 2.24
Row: 4, Col: 1, Value: 2.74
Row: 4, Col: 2, Value: 2.56
Row: 5, Col: 1, Value: 3.07
Row: 5, Col: 2, Value: 2.91
YIELD refers to the income paid by the fund over a given period.
Yields for money market funds are usually for seven-day periods,
expressed as annual percentage rates. A yield that assumes income
earned is reinvested or compounded is called an effective yield. The
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the New
York tax-free money market funds average as tracked by IBC Financial
Data, Inc. Or you can look at the fund's tax-equivalent yield, which
is based on a combined effective 1999 federal, state and New York City
income tax rate of 42.83% and reflects that a portion of the fund's
income was subject to state taxes. A portion of the fund's income may
be subject to the federal alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the tax-free
yield - makes the comparison
more meaningful. Keep in mind
that the U.S. government
neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money market
fund will maintain a $1 share
price.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Diane McLaughlin)
An interview with Diane McLaughlin, Portfolio Manager of Spartan New
York Municipal Money Market Fund
Q. WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE SIX MONTHS THAT
ENDED JULY 31, 1999, DIANE?
A. Market observers confronted many issues that have characterized the
U.S. economy for some time: strong economic growth, tight labor
markets and continued expectations of inflationary pressures. Consumer
confidence was at an all-time high, prompting strong consumer spending
that fueled economic growth above an annual rate of 3% during the
first half of 1999. In addition, unemployment stayed at historically
low levels. Low unemployment usually causes employers to raise wages
to attract or retain workers, passing on the additional costs in the
form of price increases. However, we have yet to see significant
evidence that American consumers are paying higher prices. The
consumer price index (CPI) increased only about 2% over the past year.
Wages have started to creep up, but have been largely offset by
increases in productivity. The backdrop at the end of 1998 was
similar, but the Federal Reserve Board cut short-term interest rates
three times because of global economic instability. As these risks
lessened, the markets began to expect the Fed to change course, which
it did by raising the rate banks charge each other for overnight loans
- - known as the fed funds target rate - by 0.25 percentage points to
5.0% on June 30.
Q. WHAT PROMPTED THE FED TO REVERSE COURSE?
A. Last fall, the Fed rate cuts were a response to global financial
instability and aversion to risk, the latter sparked by the
near-collapse of a highly leveraged hedge fund. During the first six
months of 1999, it became apparent that these negative influences had
dissipated. In addition, global economic growth started to trend
upward and U.S. exports were expected to improve. In May, these
changes prompted the Fed to shift to a "tightening" bias - an
inclination toward raising rates to slow growth and head off
inflation. With continued robust economic growth and tight labor
markets increasing the potential for inflation, the Fed felt the need
to act pre-emptively by implementing its rate hike in June.
Q. WHAT WAS YOUR STRATEGY WITH THE FUND?
A. In addition to economic fundamentals, the fund's strategy was
dictated by technical factors - issues of supply and demand. In
general, strong demand for short-term New York paper dampens yields on
very short-maturity money market instruments such as variable-rate
demand notes and commercial paper. Investors looking to buy these
securities have to pay a premium for the New York State and City tax
exemption. The supply of one-year New York exempt notes, however,
outpaces the demand for them, leading issuers to offer yields that are
attractive even to mutual funds that invest in municipal securities
from across the U.S. Throughout the period, I looked for opportunities
in one-year paper. I increased the fund's stake in that sector toward
the end of the fiscal year because the supply of one-year paper was
particularly heavy, leading to especially attractive yields. These
purchases increased the average maturity of the fund to 58 days at the
end of the period, longer than the average of its peers.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1999, was 2.68%, compared to
2.49% six months ago. The latest yield was the equivalent of a 4.65%
taxable yield for New York investors in the 42.83% combined federal,
state and New York City tax bracket and reflects that a portion of the
fund's income was subject to state taxes. Through July 31, 1999, the
fund's six-month total return was 1.31%, compared to 1.21% for the New
York tax-free money market funds average, according to IBC Financial
Data, Inc.
Q. WHAT IS YOUR OUTLOOK?
A. The consensus of the market at the end of the period was that the
Fed would raise rates again to take back two, if not three, of the
0.25 percentage point cuts it implemented in late 1998. Broad hints of
inflation have sparked these concerns, including overall compensation
and unit labor costs, as well as rising commodity prices. In addition,
the weakening dollar could stimulate exports. We also saw a slowdown
in non-farm productivity in the second quarter. Fed Chairman Alan
Greenspan made clear in his July Humphrey-Hawkins testimony before
Congress that if productivity slows it may lead to price pressures
arising from tight labor markets. At this point, it appears possible
that the economy will thrive and that wage pressures may continue to
build, which may lead the Fed to raise rates in August and perhaps in
October as well. Another consideration that might influence municipal
securities is the Year 2000 issue. As one of many factors we look at,
we'll be paying close attention to this issue in the months ahead.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal income tax
and New York State and City
income taxes, by investing in
short-term municipal securities
of all types
FUND NUMBER: 422
TRADING SYMBOL: FSNXX
START DATE: February 3, 1990
SIZE: as of July 31, 1999,
more than $805 million
MANAGER: Diane McLaughlin,
since 1997; manager,
various Fidelity and Spartan
municipal money market
funds; joined Fidelity in 1992
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
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MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99 % OF FUND'S INVESTMENTS 7/31/98
0 - 30 61.6 77.5 76.6
31 - 90 23.2 11.6 13.1
91 - 180 1.2 7.5 2.8
181 - 397 14.0 3.4 7.5
WEIGHTED AVERAGE MATURITY
7/31/99 1/31/99 7/31/98
Spartan New York
Municipal 58 DAYS 34 Days 35 Days
Money Market Fund
New York Tax-Free
Money 53 DAYS 40 Days 47 Days
Market Funds Average *
</TABLE>
<TABLE>
<CAPTION>
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ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF JULY 31, 1999 AS OF JANUARY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 46.2% (VRDNs) 58.7%
Commercial Paper (including Commercial Paper (including
CP Mode) 28.3% CP Mode) 18.2%
Tender Bonds 4.2% Tender Bonds 5.6%
Municipal Notes 11.1% Municipal Notes 11.8%
Municipal Money Market Funds 6.8% Municipal Money Market Funds 3.3%
Other Investments 3.4% Other Investments 2.4%
Row: 1, Col: 1, Value: 46.2 Row: 1, Col: 1, Value: 58.7
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 28.3 Row: 1, Col: 3, Value: 18.2
Row: 1, Col: 4, Value: 4.2 Row: 1, Col: 4, Value: 5.6
Row: 1, Col: 5, Value: 11.1 Row: 1, Col: 5, Value: 11.8
Row: 1, Col: 6, Value: 6.8 Row: 1, Col: 6, Value: 3.3
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 3.4 Row: 1, Col: 8, Value: 2.4
</TABLE>
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.0%
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 87.1%
Albany County Arpt. Auth. $ 2,500,000 $ 2,500,000
Arpt. Rev. Participating
VRDN Series FR 7, 3.2%
(Liquidity Facility Bank of
New York NA) (b)(e)(f)
Amherst Ind. Dev. Auth. Ind. 4,950,000 4,950,000
Dev. Rev. (Maple Dev. Proj.)
Series 1986, 3.25%, LOC HSBC
Bank USA, VRDN (b)(e)
Babylon Ind. Dev. Rev. 2,700,000 2,700,000
(Southern Container Corp.)
3.1%, LOC Fleet Bank NA,
VRDN (b)(e)
Bedford Central School 2,500,000 2,504,124
District TAN Series
1999-2000, 4% 11/12/99
Chemung County Ind. Dev. 2,400,000 2,400,000
Agcy. Ind. Dev. Rev. (MMARS
Second Prog./Trayer Prod.,
Inc.) Series A, 3.25%, LOC
HSBC Bank USA, VRDN (b)(e)
Deer Park Union Free School 10,500,000 10,550,344
District TAN Series 1999, 4%
6/26/00
Erie County Ind. Dev. Auth. 1,230,000 1,230,000
Ind. Dev. Rev. (Uniland
Dev./Buffalo Campus) Series
1986 D, 3.25%, LOC HSBC Bank
USA, VRDN (b)(e)
Garden City Union Free School 4,000,000 4,018,892
District TAN 4% 6/27/00
Half Hollow Hills Central 1,900,000 1,910,031
School District TAN
(Huntington & Babylon) 4%
6/29/00
Herkimer County Ind. Dev. 760,000 760,000
Agcy. (H.M. Quackenbush,
Inc.) Series 1988-A, 3.25%,
LOC HSBC Bank USA, VRDN
(b)(e)
Honeoye Falls Lima Central 3,328,304 3,332,237
School District BAN 3.25%
4/20/00
Huntington Union Free School 5,500,000 5,525,575
District TAN 4% 6/29/00 (a)
Islip Gen. Oblig. BAN Series 4,700,000 4,725,919
1999, 4% 7/14/00
Islip Ind. Dev. Agcy. Rev. 800,000 800,000
(Interstate Litho Corp.)
Series 1996 A, 3.25%, LOC
HSBC Bank USA, VRDN (b)(e)
Katonah-Lewisboro Union Free 2,900,000 2,900,567
School District TAN Series
1999-2000, 3.4% 10/15/99
Long Island Pwr. Auth.:
Participating VRDN:
Series 1998 10, 3.18% 5,100,000 5,100,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series 65, 3.18% (Liquidity 5,000,000 5,000,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(f)
Series ML PT 1043, 3.24% 4,300,000 4,300,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series MS 44, 3.18% 4,570,000 4,570,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(b)(f)
Series PA 522, 3.24% 8,095,000 8,095,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Long Island Pwr. Auth.: -
continued
Elec. Sys. Sub. Rev.:
Series 1, 3.15%, LOC $ 27,800,000 $ 27,800,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, VRDN (b)
Bonds:
Series 3:
3.2% tender 8/26/99, LOC 3,400,000 3,400,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
3.25% tender 10/13/99, LOC 2,100,000 2,100,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
3.35% tender 10/12/99, LOC 1,000,000 1,000,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Series 4, 3.3% tender 6,000,000 6,000,000
8/10/99, LOC Bayerische
Landesbank Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Monroe County Ind. Dev. Agcy.
Rev.:
(Advent Tool & Mold) Series 950,000 950,000
1990 D, 3.25%, LOC HSBC Bank
USA, VRDN (b)(e)
(Flower City Proj.) 3.35%, 3,015,000 3,015,000
LOC Key Bank, NA, VRDN (b)(e)
(Illbruck Office Prod., Inc.) 1,200,000 1,200,000
Series 1997, 3.05%, LOC Key
Bank, NA, VRDN (b)(e)
Nassau County Gen. Oblig.:
BAN:
Series 1999 A, 3.5% 8/17/99 8,049,000 8,050,392
4.25% 5/16/00 (BPA Fleet 2,600,000 2,613,425
Nat'l. Bank)
Bonds Series T, 5.125% 9/1/99 3,655,000 3,661,189
(FGIC Insured)
New York City Gen. Oblig.:
Bonds:
Series 1994 C 3, 3%, tender 10,100,000 10,100,000
9/1/99 (Liquidity Facility
Citibank, New York NA) (f)(g)
Series 1994 H 5, 3.1% tender 1,000,000 1,000,000
9/14/99 (MBIA Insured), CP
mode
Series E, 5% 2/15/00 3,475,000 3,506,992
Series H, 3.3% tender 8/10/99 2,600,000 2,600,000
(MBIA Insured), CP mode
Series H3:
3.1% tender 8/17/99 (FSA 1,000,000 1,000,000
Insured) (BPA State Street
Bank & Trust Co.), CP mode
3.3% tender 8/10/99 (FSA 1,000,000 1,000,000
Insured) (Liquidity Facility
State Street Bank & Trust
Co.), CP mode
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Series H3: - continued
3.3% tender 8/10/99 (FSA $ 1,500,000 $ 1,500,000
Insured) (BPA State Street
Bank & Trust Co.), CP mode
Series H4, 3.3% tender 5,000,000 5,000,000
8/10/99 (AMBAC Insured)
(Liquidity Facility KBC
Bank, NV), CP mode
Participating VRDN:
Series FR/RI 33, 3.2% 8,685,000 8,685,000
(Liquidity Facility Bank of
New York NA) (b)(f)
Series PT 1027, 3.24% 3,305,000 3,305,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series 1994 E4, 3.5%, LOC 1,600,000 1,600,000
State Street Bank & Trust
Co., VRDN (b)
Series 1994 E6, 3.5% (FGIC 3,600,000 3,600,000
Insured), VRDN (b)
New York City Hsg. Dev. Corp.
Multi-family Rental Hsg. Rev.:
(Brittany Dev.) Series 1999 15,900,000 15,900,000
A, 3% (92nd Realty Co.)
(Fannie Mae Guaranteed),
VRDN (b)(e)
(Columbus Place) Series A, 3% 2,000,000 2,000,000
(Fannie Mae Guaranteed),
VRDN (b)(e)
New York City Ind. Dev. Agcy. 4,320,000 4,320,000
Ind. Dev. Rev. Participating
VRDN Series 1997 E, 3.24%
(Liquidity Facility Caisse
des Depots et Consignations)
(b)(e)(f)
New York City Muni. Wtr. Fin.
Auth.:
Participating VRDN:
Series PA 441, 3.19% 2,000,000 2,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PA 454, 3.19% 2,000,000 2,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PA 523, 3.19% 7,900,000 7,900,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series SGB 25, 3.16% 9,000,000 9,000,000
(Liquidity Facility Societe
Generale, France) (b)(f)
Series SGB 26, 3.16% 17,800,000 17,800,000
(Liquidity Facility Societe
Generale, France) (b)(f)
Series 1, 3.2% 9/14/99, LOC 8,700,000 8,700,000
Commerzbank AG, LOC Toronto
Dominion Bank, LOC Bank of
Nova Scotia, CP
Series 4:
3.15% 9/9/99, LOC 10,200,000 10,200,000
Westdeutsche Landesbank
Girozentrale, CP
3.3% 9/23/99, LOC 11,300,000 11,300,000
Westdeutsche Landesbank
Girozentrale, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin.
Auth.: - continued
Series 5, 3.4% 9/17/99, LOC $ 8,000,000 $ 8,000,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
Series 5B, 3.35% 9/23/99, LOC 13,300,000 13,300,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
New York City Transitional
Fin. Auth.:
Participating VRDN:
Series 1995, 3.18% (Liquidity 3,000,000 3,000,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(f)
Series PA 536, 3.19% 6,445,000 6,445,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series A1, 3% (Liquidity 3,700,000 3,700,000
Facility Morgan Guaranty
Trust Co., NY), VRDN (b)
New York Metro. Trans. Auth. 4,900,000 4,900,000
Bonds 3%, tender 9/1/99
(Liquidity Facility
Citibank, New York NA) (f)(g)
New York Metro. Trans. Auth.
Trans. Facilities Rev.:
Series A:
3% 8/10/99, LOC ABN-AMRO Bank 14,400,000 14,400,000
NV, CP
3.3% 8/9/99, LOC ABN-AMRO 6,000,000 6,000,000
Bank NV, CP
Series B:
3% 9/7/99, LOC ABN-AMRO Bank 11,600,000 11,600,000
NV, CP
3.05% 8/12/99, LOC ABN-AMRO 1,900,000 1,900,000
Bank NV, CP
3.15% 9/14/99, LOC ABN-AMRO 8,900,000 8,900,000
Bank NV, CP
Series CP 1:
3.1% 9/3/99, LOC ABN-AMRO 15,000,000 15,000,000
Bank NV, CP
3.2% 9/8/99, LOC ABN-AMRO 6,000,000 6,000,000
Bank NV, CP
3.35% 10/6/99, LOC ABN-AMRO 6,100,000 6,100,000
Bank NV, CP
3.45% 1/27/00, LOC ABN-AMRO 7,600,000 7,600,000
Bank NV, CP
New York State Dorm. Auth.
Revs.:
Participating VRDN:
Series PA 430, 3.19% 7,945,000 7,945,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PT 1067, 3.19% 12,285,000 12,285,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series 1997, 3% 8/18/99, CP 2,880,000 2,880,000
3.4% 10/12/99, CP 4,500,000 4,500,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Energy
Research & Dev. Auth.:
Participating VRDN:
Series FR/RI 9, 3.2% $ 10,100,000 $ 10,100,000
(Liquidity Facility Bank of
New York NA) (b)(f)
Series PA 450, 3.19% 3,450,000 3,450,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Poll. Cont. Rev.:
(Niagara Mohawk Pwr. Proj.): 1,300,000 1,300,000
Series 1985 A, 3.5%, LOC
Toronto Dominion Bank, VRDN
(b)
Series 1986 A, 3.45%, LOC 800,000 800,000
Toronto Dominion Bank, VRDN
(b)(e)
Bonds (New York State Elec. & 5,000,000 5,000,000
Gas Corp.) Series 1985 A,
3%, tender 3/15/00, LOC
Morgan Guaranty Trust Co., NY
New York State Envir. 4,995,000 4,995,000
Facilities Corp. Poll. Cont.
Rev. Participating VRDN
Series PA 174, 3.19%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
New York State Envir. 6,985,000 6,985,000
Facilities Corp. Revolving
Fund Rev. Participating VRDN
Series 943202, 3.14%
(Liquidity Facility
Citibank, New York NA) (b)(f)
New York State Gen. Oblig.:
Bonds: 3.3% tender 10/14/99, 7,300,000 7,300,000
LOC Morgan Guaranty Trust
Co., NY, LOC Bayerische
Landesbank Girozentrale,
LOC Landesbank
Hessen-Thuringen, CP mode
5% 3/1/00 5,190,000 5,241,974
Series V, 3% 8/10/99 2,600,000 2,600,000
(Liquidity Facility
Westdeutche Landesbank
Girozentrale), CP
New York State Hsg. Fin.
Agcy. Rev.:
Participating VRDN Series PT 6,000,000 6,000,000
107, 3.19% (Liquidity
Facility Banco Santander SA)
(b)(f)
(250 West 50th Street Hsg.)
Series 1997 A:
3%, VRDN (b)(e) 2,200,000 2,200,000
3%, LOC Fleet Bank NA, VRDN 2,200,000 2,200,000
(b)(e)
(South Cove Plaza) Series A, 5,000,000 5,000,000
2.95%, LOC HSBC Bank USA,
VRDN (b)(e)
(Tallyrand Cresent Hsg.) 5,800,000 5,800,000
Series 1999 A, 3%, LOC Fleet
Bank NA, VRDN (b)(e)
New York State Local Govt.
Assistance Corp.
Participating VRDN:
Series PA 445, 3.24% 2,875,000 2,875,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Local Govt.
Assistance Corp.
Participating VRDN: -
continued
Series PT 1040, 3.19% $ 11,200,000 $ 11,200,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series SG 99, 3.19% 11,000,000 11,000,000
(Liquidity Facility Societe
Generale, France) (b)(f)
New York State Mtg. Agcy.:
Participating VRDN:
Series FR/RI 24, 3.25% 3,000,000 3,000,000
(Liquidity Facility Bank of
New York NA) (b)(e)(f)
Series PA 29, 3.24% 6,000,000 6,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
Series PA 87, 3.24% 1,640,000 1,640,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
Series PT 108, 3.24% 2,845,000 2,845,000
(Liquidity Facility Banco
Santander SA) (b)(e)(f)
Series PT 11, 3.24% 420,000 420,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 15 A, 3.24% 4,500,000 4,500,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 15 B, 3.24% 2,200,000 2,200,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 26, 3.24% 980,000 980,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
Homeowner Mtg. Rev. Bonds 4,640,000 4,640,000
Series PA 153, 3.65%, tender
2/24/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
(e)(f)(g)
New York State Pwr. Auth.:
Bonds 2.9%, tender 9/1/99 9,035,000 9,035,000
Series 1:
3.35% 10/12/99, CP 7,900,000 7,900,000
3.35% 10/14/99, CP 7,900,000 7,900,000
Series 2:
3.15% 8/24/99, CP 7,900,000 7,900,000
3.15% 9/1/99, CP 7,900,000 7,900,000
3.15% 9/8/99, CP 6,200,000 6,200,000
3.2% 10/5/99, CP 9,000,000 9,000,000
Series 4, 3.3% 8/11/99, CP 5,900,000 5,900,000
New York State Thruway Auth. 7,865,000 7,865,000
Participating VRDN Series SG
121, 3.19% (Liquidity
Facility Societe Generale,
France) (b)(f)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Thruway Auth.
Hwy. & Bridge Trust Fund
Bonds:
Series A, 4% 4/1/00 (FGIC $ 6,400,000 $ 6,439,880
Insured)
Series B, 4% 4/1/00 8,000,000 8,038,843
New York State Urban Dev. 5,000,000 5,000,000
Corp. Rev. Participating
VRDN Series SG 33, 3.19%
(Liquidity Facility Societe
Generale, France) (b)(f)
Northport-East Northport 8,000,000 8,038,450
Union Free School District
TAN Series 1999-2000, 4%
6/30/00
Oneida County Ind. Dev. Agcy. 2,100,000 2,100,000
Rev. (Utica Corp.) Series
1996, 3.15%, LOC Fleet Bank
NA, VRDN (b)(e)
Oswego County Ind. Dev. Agcy. 5,620,000 5,620,000
Ind. Rev. (Engraph, Inc.
Proj.) Series 1989, 3.15%,
LOC SunTrust Bank of
Atlanta, VRDN (b)(e)
Oswego County Ind. Dev. Agcy. 5,200,000 5,200,000
Poll. Cont. Rev. Rfdg.
(Philip Morris Co.) 3.2%,
VRDN (b)
Oyster Bay Gen. Oblig. BAN 1,000,000 1,000,137
Series 1998, 3.8% 8/27/99
Riverhead Ind. Dev. Auth. 2,800,000 2,800,000
Ind. Dev. Rev. (Adchem Corp.
Facility) Series 1998, 3.2%,
LOC European Amern Bank
Uniondale, VRDN (b)(e)
Rochester Gen. Oblig. BAN 16,000,000 16,049,473
Series 1999 I, 3.5% 3/8/00
Rockland County Ind. Dev. 2,400,000 2,400,000
Agcy. Ind. Dev. (INSL-X
Prod. Corp. Proj.) Series
1990, 3.2%, LOC Bank of New
York NA, VRDN (b)(e)
Saint Lawrence County Ind. 5,300,000 5,300,000
Dev. Agcy. Envir. Impt. Rev.
(Reynolds Metals Proj.)
2.97%, LOC Royal Bank of
Canada, VRDN (b)(e)
Saint Lawrence County Ind. 2,500,000 2,500,000
Dev. Agcy. Poll. Cont. Rev.
(Aluminum Co. of America
Proj.) Series B, 3.15%, VRDN
(b)
Saint Lawrence County Ind. 3,250,000 3,250,000
Dev. Auth. Envir. Facilities
(Aluminum Co. of America
Proj.) Series 1998 A, 3.2%,
VRDN (b)(e)
South Huntington Union Free 5,000,000 5,024,716
School District TAN Series
1999-2000, 4% 6/30/00
Suffolk County Ind. Dev. 2,550,000 2,550,000
Agcy. Civic Facilities Rev.
(Maryhaven Ctr. of Hope)
Series 1997 A, 3.2%, LOC Key
Bank, NA, VRDN (b)
Syracuse Gen. Oblig. RAN 4,600,000 4,626,943
4.25% 6/30/00 (BPA Fleet
Nat'l. Bank)
Three Village Central School 9,000,000 9,045,422
District TAN Series
1999-2000, 4% 6/30/00
700,990,525
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK & NEW JERSEY - 6.1%
Port Auth. New York & New
Jersey:
Series 1991, 3.4407%, VRDN $ 9,800,000 $ 9,800,000
(b)(e)(g)
Series 1996 5, 3.1%, VRDN (b) 4,800,000 4,800,000
Series 1997 1D, 3.1%, VRDN (b) 4,500,000 4,500,000
Series 1997 3B, 3.1%, VRDN (b) 8,300,000 8,300,000
Series 1997 4B, 3.2%, VRDN 2,000,000 2,000,000
(b)(e)
Series 4, 3.1%, VRDN (b) 4,400,000 4,400,000
Series A, 3.15% 2/9/00, CP (e) 4,600,000 4,600,000
Port Auth. of New York & New
Jersey Participating VRDN:
Series 6, 3.24% (Liquidity 5,300,000 5,300,000
Facility Societe Generale,
France) (b)(e)(f)
Series SG 117, 3.24% 5,800,000 5,800,000
(Liquidity Facility Societe
Generale, France) (b)(e)(f)
49,500,000
SHARES
OTHER - 6.8%
Municipal Central Cash Fund 54,372,392 54,372,392
(c)(d)
TOTAL INVESTMENT IN $ 804,862,917
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 804,863,046
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
TAN - TAX ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Security purchased on a delayed delivery or when-issued basis.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Information in this report regarding holdings by state and
security types does not reflect the holdings of the Municipal Central
Cash Fund. A listing of the Municipal Central Cash Fund's holdings as
of its most recent fiscal period end is available upon request.
(d) At the period end, the seven-day yield of the Municipal Central
Cash Fund was 3.20%. The yield refers to the income earned by
investing in the fund over the seven-day period, expressed as an
annual percentage.
(e) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(f) Provides evidence of ownership in one or more underlying municipal
bonds.
(g) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
SECURITY ACQUISITION DATE COST
New York City Gen. Oblig. 3/1/99 $ 10,100,000
Bonds Series 1994 C 3, 3%,
tender 9/1/99 (Liquidity
Facility Citibank, New York
NA)
New York Metro. Trans. Auth. 3/1/99 $ 4,900,000
Bonds 3%, tender 9/1/99
(Liquidity Facility
Citibank, New York NA)
New York State Mtg. Agcy. 7/1/99 $ 4,640,000
Homeowner Mtg. Rev. Bonds
Series PA 153, 3.65%, tender
2/24/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
Port Auth. New York & New 6/18/91 $ 9,800,000
Jersey Series 1991, 3.4407%,
VRDN
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $29,440,000 or 3.7% of net assets.
INCOME TAX INFORMATION
At January 31, 1999, the fund had a capital loss carryforward of
approximately $124,000 of which $4,000, $51,000, $28,000 and $41,000
will expire on January 31, 2001, 2002, 2005 and 2006, respectively.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 804,862,917
value - See accompanying
schedule
Cash 41,647
Receivable for investments 4,064,949
sold
Receivable for fund shares 2,274,401
sold
Interest receivable 4,684,986
TOTAL ASSETS 815,928,900
LIABILITIES
Payable for investments $ 2,200,000
purchased Regular delivery
Delayed delivery 5,525,575
Payable for fund shares 2,595,690
redeemed
Distributions payable 95,516
Accrued management fee 340,245
Other payables and accrued 4,837
expenses
TOTAL LIABILITIES 10,761,863
NET ASSETS $ 805,167,037
Net Assets consist of:
Paid in capital $ 805,268,629
Accumulated undistributed net (101,592)
realized gain (loss) on
investments
NET ASSETS, for 805,251,638 $ 805,167,037
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($805,167,037
(divided by) 805,251,638
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 12,469,610
EXPENSES
Management fee $ 2,001,290
Non-interested trustees' 1,226
compensation
Total expenses before 2,002,516
reductions
Expense reductions (18,764) 1,983,752
NET INTEREST INCOME 10,485,858
NET REALIZED GAIN (LOSS) ON 22,901
INVESTMENTS
NET INCREASE IN NET ASSETS $ 10,508,759
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 10,485,858 $ 23,986,043
Net realized gain (loss) 22,901 16,495
NET INCREASE (DECREASE) IN 10,508,759 24,002,538
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (10,485,858) (23,986,043)
from net interest income
Share transactions at net 297,933,123 812,304,407
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 9,973,174 23,196,815
distributions from net
interest income
Cost of shares redeemed (311,244,906) (813,713,783)
NET INCREASE (DECREASE) IN (3,338,609) 21,787,439
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) (3,315,708) 21,803,934
IN NET ASSETS
NET ASSETS
Beginning of period 808,482,745 786,678,811
End of period $ 805,167,037 $ 808,482,745
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .013 .030 .032 .030 .034
Operations Net interest
income
Less Distributions
From net interest income (.013) (.030) (.032) (.030) (.034)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 1.31% 3.01% 3.26% 3.07% 3.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 805,167 $ 808,483 $ 786,679 $ 743,928 $ 676,475
(000 omitted)
Ratio of expenses to average .50% A .50% .50% .50% .50%
net assets
Ratio of expenses to average .50% A .49% D .50% .49% D .50%
net assets after expense
reductions
Ratio of net interest income 2.62% A 2.97% 3.21% 3.03% 3.41%
to average net assets
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .025
Operations Net interest
income
Less Distributions
From net interest income (.025)
Net asset value, end of period $ 1.000
TOTAL RETURN B, C 2.56%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 570,708
(000 omitted)
Ratio of expenses to average .50%
net assets
Ratio of expenses to average .50%
net assets after expense
reductions
Ratio of net interest income 2.55%
to average net assets
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
value of an investment, assuming reinvestment of the fund's dividend
income. Yield measures the income paid by a fund. Since a money market
fund tries to maintain a $1 share price, yield is an important measure
of performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY NY MUNICIPAL MONEY 1.26% 2.68% 15.93% 36.56%
MARKET
New York Tax-Free Money 1.21% 2.55% 15.32% 35.51%
Market Funds Average
</TABLE>
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. To measure how the fund's performance stacked up
against its peers, you can compare it to the New York tax-free money
market funds average, which reflects the performance of tax-free money
market funds with similar objectives tracked by IBC Financial Data,
Inc. The past six months average represents a peer group of 39 money
market funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY NY MUNICIPAL MONEY 2.68% 3.00% 3.16%
MARKET
New York Tax-Free Money 2.55% 2.89% 3.08%
Market Funds Average
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
8/2/99 5/3/99 2/1/99 11/2/98 8/3/98
Fidelity New York Municipal 2.61% 3.03% 2.37% 2.68% 2.99%
Money Market Fund
New York Tax-Free Money 2.46% 2.92% 2.24% 2.56% 2.91%
Market Funds Average
Fidelity New York Municipal 4.55% 5.30% 4.14% 4.69% 5.23%
Money Market Fund -
Tax-equivalent
Portion of fund's income 3.61% 0.00% 1.33% 0.00% 0.00%
subject to state taxes
New York
Municipal
Money Market
New York Tax-Free
Money Market
Funds Average
4% -
3% -
2% -
1% -
0%
Row: 1, Col: 1, Value: 2.61
Row: 1, Col: 2, Value: 2.46
Row: 2, Col: 1, Value: 3.03
Row: 2, Col: 2, Value: 2.92
Row: 3, Col: 1, Value: 2.37
Row: 3, Col: 2, Value: 2.24
Row: 4, Col: 1, Value: 2.68
Row: 4, Col: 2, Value: 2.56
Row: 5, Col: 1, Value: 2.99
Row: 5, Col: 2, Value: 2.91
YIELD refers to the income paid by the fund over a given period.
Yields for money market funds are usually for seven-day periods,
expressed as annual percentage rates. A yield that assumes income
earned is reinvested or compounded is called an effective yield. The
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the New
York tax-free money market funds average as tracked by IBC Financial
Data, Inc. Or you can look at the fund's tax-equivalent yield, which
is based on a combined effective 1999 federal, state and New York City
income tax rate of 42.83% and reflects that a portion of the fund's
income was subject to state taxes. A portion of the fund's income may
be subject to the federal alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the tax-free
yield - makes the comparison
more meaningful. Keep in
mind that the U.S. government
neither insures nor guarantees
a money market fund. And
there is no
assurance that a money fund
will maintain a $1 share price.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Diane McLaughlin)
An interview with Diane McLaughlin, Portfolio Manager of Fidelity New
York Municipal Money Market Fund
Q. WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE SIX MONTHS THAT
ENDED JULY 31, 1999, DIANE?
A. Market observers confronted many issues that have characterized the
U.S. economy for some time: strong economic growth, tight labor
markets and continued expectations of inflationary pressures. Consumer
confidence was at an all-time high, prompting strong consumer spending
that fueled economic growth above an annual rate of 3% during the
first half of 1999. In addition, unemployment stayed at historically
low levels. Low unemployment usually causes employers to raise wages
to attract or retain workers, passing on the additional costs in the
form of price increases. However, we have yet to see significant
evidence that American consumers are paying higher prices. The
consumer price index (CPI) increased only about 2% over the past year.
Wages have started to creep up, but have been largely offset by
increases in productivity. The backdrop at the end of 1998 was
similar, but the Federal Reserve Board cut short-term interest rates
three times because of global economic instability. As these risks
lessened, the markets began to expect the Fed to change course, which
it did by raising the rate banks charge each other for overnight loans
- - known as the fed funds target rate - by 0.25 percentage points to
5.0% on June 30.
Q. WHAT PROMPTED THE FED TO REVERSE COURSE?
A. Last fall, the Fed rate cuts were a response to global financial
instability and aversion to risk, the latter sparked by the
near-collapse of a highly leveraged hedge fund. During the first six
months of 1999, it became apparent that these negative influences had
dissipated. In addition, global economic growth started to trend
upward and U.S. exports were expected to improve. In May, these
changes prompted the Fed to shift to a "tightening" bias - an
inclination toward raising rates to slow growth and head off
inflation. With continued robust economic growth and tight labor
markets increasing the potential for inflation, the Fed felt the need
to act pre-emptively by implementing its rate hike in June.
Q. WHAT WAS YOUR STRATEGY WITH THE FUND?
A. In addition to economic fundamentals, the fund's strategy was
dictated by technical factors - issues of supply and demand. In
general, strong demand for short-term New York paper dampens yields on
very short-maturity money market instruments such as variable-rate
demand notes and commercial paper. Investors looking to buy these
securities have to pay a premium for the New York State and City tax
exemption. The supply of one-year New York exempt notes, however,
outpaces the demand for them, leading issuers to offer yields that are
attractive even to mutual funds that invest in municipal securities
from across the U.S. Throughout the period, I looked for opportunities
in one-year paper. I increased the fund's stake in that sector toward
the end of the fiscal year because the supply of one-year paper was
particularly heavy, leading to especially attractive yields. These
purchases increased the average maturity of the fund to 55 days at the
end of the period, longer than the average of its peers.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1999, was 2.61%, compared to
2.39% six months ago. The latest yield was the equivalent of a 4.55%
taxable yield for New York investors in the 42.83% combined federal,
state and New York City tax bracket and reflects that a portion of the
fund's income was subject to state taxes. Through July 31, 1999, the
fund's six-month total return was 1.26%, compared to 1.21% for the New
York tax-free money market funds average, according to IBC Financial
Data, Inc.
Q. WHAT IS YOUR OUTLOOK?
A. The consensus of the market at the end of the period was that the
Fed would raise rates again to take back two, if not three, of the
0.25 percentage point cuts it implemented in late 1998. Broad hints of
inflation have sparked these concerns, including overall compensation
and unit labor costs, as well as rising commodity prices. In addition,
the weakening dollar could stimulate exports. We also saw a slowdown
in non-farm productivity in the second quarter. Fed Chairman Alan
Greenspan made clear in his July Humphrey-Hawkins testimony before
Congress that if productivity slows it may lead to price pressures
arising from tight labor markets. At this point, it appears possible
that the economy will thrive and that wage pressures may continue to
build, which may lead the Fed to raise rates in August and perhaps in
October as well. Another consideration that might influence municipal
securities is the Year 2000 issue. As one of many factors we look at,
we'll be paying close attention to this issue in the months ahead.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal income tax
and New York State and City
income taxes, by investing in
short-term municipal securities
of all types
FUND NUMBER: 092
TRADING SYMBOL: FNYXX
START DATE: July 6, 1984
SIZE: as of July 31, 1999,
more than $1.3 billion
MANAGER: Diane McLaughlin,
since 1997; manager,
various Fidelity and Spartan
municipal money market
funds; joined Fidelity in
1992
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99 % OF FUND'S INVESTMENTS 7/31/98
0 - 30 63.9 78.0 75.8
31 - 90 22.1 12.1 12.6
91 - 180 1.2 6.9 3.4
181 - 397 12.8 3.0 8.2
WEIGHTED AVERAGE MATURITY
7/31/99 1/31/99 7/31/98
Fidelity New York
Municipal 55 DAYS 33 Days 38 Days
Money Market Fund
New York Tax-Free
Money 53 DAYS 40 Days 47 Days
Market Funds Average *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF JULY 31, 1999 AS OF JANUARY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 52.1% (VRDNs) 60.7%
Commercial Paper (including Commercial Paper (including
CP Mode) 25.8% CP Mode) 21.0%
Tender Bonds 5.1% Tender Bonds 5.3%
Municipal Notes 11.1% Municipal Notes 10.7%
Other Investments 5.9% Other Investments 2.3%
Row: 1, Col: 1, Value: 52.1 Row: 1, Col: 1, Value: 60.7
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 25.8 Row: 1, Col: 3, Value: 21.0
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 5.1 Row: 1, Col: 5, Value: 5.3
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 11.1 Row: 1, Col: 7, Value: 10.7
Row: 1, Col: 8, Value: 2.5 Row: 1, Col: 8, Value: 2.3
</TABLE>
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.0%
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 92.4%
Albany County Arpt. Auth. $ 2,800,000 $ 2,800,000
Arpt. Rev. Participating
VRDN Series FR 7, 3.2%
(Liquidity Facility Bank of
New York NA) (b)(e)(f)
Albany County Ind. Dev. Auth. 695,000 695,000
Ind. Dev. Rev. (Campus Plaza
7, Inc. Proj.) 3.25%, LOC
HSBC Bank USA, VRDN (b)(e)
Amherst Ind. Dev. Auth. Ind. 800,000 800,000
Dev. Rev. (Maple Dev. Proj.)
Series 1986, 3.25%, LOC HSBC
Bank USA, VRDN (b)(e)
Amsterdam Ind. Dev. Agcy. 1,880,000 1,880,000
Ind. Dev. Rev. (Longview
Fiber Co.) Series 1987,
3.1%, LOC ABN-AMRO Bank NV,
VRDN (b)
Babylon Ind. Dev. Rev. 3,200,000 3,200,000
(Southern Container Corp.)
3.1%, LOC Fleet Bank NA,
VRDN (b)(e)
Battery Park City Auth. Rev. 7,425,000 7,425,000
Participating VRDN Series
FR/RI-25, 3.2% (Liquidity
Facility Bank of New York
NA) (b)(f)
Bedford Central School 4,000,000 4,006,598
District TAN Series
1999-2000, 4% 11/12/99
Chautauqua County Ind. Dev. 300,000 300,000
Auth. Rev. (Bush Industries,
Inc. Proj.) Series 84,
3.525%, LOC Mellon Bank NA,
Pittsburgh, VRDN (b)
Chemung County Ind. Dev.
Agcy. Ind. Dev. Rev.:
(McWayne, Inc. Proj.) Series 2,300,000 2,300,000
1992 A, 3.35%, LOC Amsouth
Bank, Birmingham, VRDN (b)(e)
(MMARS Second Prog./Trayer 900,000 900,000
Prod., Inc.) Series A,
3.25%, LOC HSBC Bank USA,
VRDN (b)(e)
Deer Park Union Free School 5,000,000 5,023,974
District TAN Series 1999, 4%
6/26/00
Erie County Ind. Dev. Auth. 1,215,000 1,215,000
Ind. Dev. Rev. (Uniland
Dev./Buffalo Campus) Series
1986 D, 3.25%, LOC HSBC Bank
USA, VRDN (b)(e)
Garden City Union Free School 3,000,000 3,014,169
District TAN 4% 6/27/00
Half Hollow Hills Central 3,100,000 3,116,366
School District TAN
(Huntington & Babylon) 4%
6/29/00
Hicksville Union Free School 11,800,000 11,846,626
District TAN 4% 6/29/00
Honeoye Falls Lima Central 4,900,000 4,905,790
School District BAN 3.25%
4/20/00
Huntington Union Free School 14,000,000 14,065,950
District TAN 4% 6/29/00 (a)
Islip Gen. Oblig. BAN Series 7,700,000 7,742,464
1999, 4% 7/14/00
Islip Ind. Dev. Agcy. Rev. 1,350,000 1,350,000
(Interstate Litho Corp.)
Series 1996 A, 3.25%, LOC
HSBC Bank USA, VRDN (b)(e)
Jefferson County Ind. Dev. 2,600,000 2,600,000
Agcy. Ind. Dev. Rev. (Fisher
Gauge Facilities) Series
1996, 3.15%, LOC Fleet Bank
NA, VRDN (b)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Katonah-Lewisboro Union Free $ 4,600,000 $ 4,600,900
School District TAN Series
1999-2000, 3.4% 10/15/99
Long Island Pwr. Auth.:
Participating VRDN:
Series 1998 10, 3.18% 10,740,000 10,740,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series 1998 A, 3.24% 4,500,000 4,500,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series 66, 3.18% (Liquidity 6,335,000 6,335,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(f)
Series ML PA 544, 3.24% 8,250,000 8,250,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series ML PT 1043, 3.24% 5,700,000 5,700,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series MS 44, 3.18% 6,600,000 6,600,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(b)(f)
Series PA 420, 3.24% 9,900,000 9,900,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PA 522, 3.24% 12,900,000 12,900,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Elec. Sys. Sub. Rev.:
Series 1, 3.15%, LOC 48,100,000 48,100,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, VRDN (b)
Bonds Series 3:
3.2% tender 8/26/99, LOC 4,000,000 4,000,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
3.25% tender 10/13/99, LOC 3,400,000 3,400,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Monroe County Gen. Oblig. BAN 5,250,000 5,260,997
3.75% 7/21/00
Monroe County Ind. Dev. Agcy.
Rev.:
(Advent Tool & Mold) Series 520,000 520,000
1990 D, 3.25%, LOC HSBC Bank
USA, VRDN (b)(e)
(Flower City Proj.) 3.35%, 4,200,000 4,200,000
LOC Key Bank, NA, VRDN (b)(e)
(Illbruck Office Prod., Inc.) 3,230,000 3,230,000
Series 1997, 3.05%, LOC Key
Bank, NA, VRDN (b)(e)
Muni. Assistance Corp. for 7,890,000 8,016,710
New York City Bonds Series
M, 5% 7/1/00
Nassau County Gen. Oblig. BAN:
Series 1999 A, 3.5% 8/17/99 10,000,000 10,001,730
4.25% 5/16/00 (BPA Fleet 4,150,000 4,171,428
Nat'l. Bank)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Nassau County Ind. Dev. Agcy. $ 4,930,000 $ 4,930,000
Ind. Dev. Rev. (CR/PL, Inc.
Proj.) Series 1985, 3%, LOC
American Nat'l. Bank &
Trust, Chicago, VRDN (b)
New York City Gen. Oblig.:
Bonds:
Series 1994 C 3, 3%, tender 19,740,000 19,740,000
9/1/99 (Liquidity Facility
Citibank, New York NA) (f)(g)
Series 1994 H 5:
3.25% tender 9/9/99 (MBIA 5,400,000 5,400,000
Insured) (Liquidity Facility
State Street Bank & Trust
Co.), CP mode
3.3% tender 8/10/99 (MBIA 5,600,000 5,600,000
Insured) (Liquidity Facility
Credit Agricole Indosuez),
CP mode
Series E, 5% 2/15/00 5,200,000 5,247,873
Series H 3:
3.1% tender 8/16/99 (FSA 1,300,000 1,300,000
Insured) (Liquidity Facility
State Street Bank & Trust
Co.), CP mode
3.15% tender 8/17/99 (FSA 3,500,000 3,500,000
Insured) (Liquidity Facility
State Street Bank & Trust
Co.), CP mode
3.3% tender 8/10/99 (FSA 4,700,000 4,700,000
Insured) (Liquidity Facility
State Street Bank & Trust
Co.), CP mode
3.3% tender 8/10/99 (FSA 5,500,000 5,500,000
Insured) (BPA State Street
Bank & Trust Co.), CP mode
Series H, Subseries H 4, 2,000,000 2,000,000
3.15% tender 9/14/99 (AMBAC
Insured) (Liquidity Facility
KBC Bank, NV), CP mode
Participating VRDN:
Series FR/RI 33, 3.2% 6,000,000 6,000,000
(Liquidity Facility Bank of
New York NA) (b)(f)
Series PT 1027, 3.24% 4,390,000 4,390,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series 1992 B, 3.7% (FGIC 1,000,000 1,000,000
Insured), VRDN (b)
Series 1993 E5, 3.5%, LOC 2,100,000 2,100,000
Morgan Guaranty Trust Co.,
NY, VRDN (b)
Series 1994 A4, 3.4%, LOC 2,050,000 2,050,000
Chase Manhattan Bank, VRDN
(b)
Series 1994 A7, 3.5%, LOC 2,400,000 2,400,000
Morgan Guaranty Trust Co.,
NY, VRDN (b)
Series 1994 E4, 3.5%, LOC 2,200,000 2,200,000
State Street Bank & Trust
Co., VRDN (b)
Series 1994 E5, 3.5%, LOC 1,400,000 1,400,000
Morgan Guaranty Trust Co.,
NY, VRDN (b)
Series 1994 E6, 3.5% (FGIC 5,500,000 5,500,000
Insured), VRDN (b)
Series 1995 F4, 2.9%, LOC 4,400,000 4,400,000
Landesbank Hessen-Thuringen,
VRDN (b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Hsg. Dev. Corp.
Multi-family Rental Hsg. Rev.:
(Brittany Dev.) Series 1999 $ 14,600,000 $ 14,600,000
A, 3% (92nd Realty Co.)
(Fannie Mae Guaranteed),
VRDN (b)(e)
(Columbus Place) Series A, 3% 48,700,000 48,700,000
(400 West 59th Street)
(Fannie Mae Guaranteed),
VRDN (b)(e)
(West 43rd Street) Series 22,100,000 22,100,000
1999 A, 3% (Fannie Mae
Guaranteed), VRDN (b)(e)
New York City Ind. Dev. Agcy. 2,625,000 2,625,000
Civic Fac. Rev. (Peninsula
Hosp. Ctr.) Series 1998,
3.3%, LOC Chase Manhattan
Bank, VRDN (b)
New York City Ind. Dev. Agcy.
Ind. Dev. Rev.:
Participating VRDN:
Series 1996 H, 3.24% 1,710,000 1,710,000
(Liquidity Facility Caisse
des Depots et Consignations)
(b)(e)(f)
Series 1997 E, 3.24% 5,020,000 5,020,000
(Liquidity Facility Caisse
des Depots et Consignations)
(b)(e)(f)
Series 1997 H, 3.24% 3,700,000 3,700,000
(Liquidity Facility Caisse
des Depots et Consignations)
(b)(e)(f)
(Linear Ltg. Proj.) 3.15%, 3,500,000 3,500,000
LOC Chase Manhattan Bank,
VRDN (b)(e)
New York City Muni. Wtr. Fin.
Auth.:
Participating VRDN:
Series FR 6, 3.2% (Liquidity 1,800,000 1,800,000
Facility Bank of New York
NA) (b)(f)
Series PA 441, 3.19% 7,320,000 7,320,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PA 454, 3.19% 6,995,000 6,995,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PA 523, 3.19% 10,340,000 10,340,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PT 1032, 3.19% 18,700,000 18,700,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (Liquidity
Facility Merrill Lynch &
Co., Inc.) (b)(f)
Series SGB 25, 3.16% 28,600,000 28,600,000
(Liquidity Facility Societe
Generale, France) (b)(f)
Series SGB 26, 3.16% 3,600,000 3,600,000
(Liquidity Facility Societe
Generale, France) (b)(f)
Series 1, 3.2% 9/14/99, LOC 5,300,000 5,300,000
Commerzbank AG, LOC Toronto
Dominion Bank, LOC Bank of
Nova Scotia, CP
Series 3, 3.15% 9/9/99, LOC 4,000,000 4,000,000
Commerzbank AG, LOC Toronto
Dominion Bank, LOC Bank of
Nova Scotia, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin.
Auth.: - continued
Series 4:
3.15% 9/9/99, LOC $ 10,800,000 $ 10,800,000
Westdeutsche Landesbank
Girozentrale, CP
3.3% 9/23/99, LOC 13,100,000 13,100,000
Westdeutsche Landesbank
Girozentrale, CP
Series 5, 3.4% 9/17/99, LOC 12,000,000 12,000,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
Series 5B, 3.35% 9/23/99, LOC 18,300,000 18,300,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
New York City Transitional
Fin. Auth.:
Participating VRDN:
Series 1995, 3.18% (Liquidity 17,515,000 17,515,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(f)
Series PA 431, 3.19% 7,495,000 7,495,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series A1, 3% (Liquidity 6,000,000 6,000,000
Facility Morgan Guaranty
Trust Co., NY), VRDN (b)
New York Metro. Trans. Auth. 6,700,000 6,700,000
Bonds 3%, tender 9/1/99
(Liquidity Facility
Citibank, New York NA) (f)(g)
New York Metro. Trans. Auth.
Trans. Facilities Rev.:
Bonds Series PA 477R, 3.6%, 5,470,000 5,470,000
tender 2/17/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.) (f)(g)
Series A:
3% 8/10/99, LOC ABN-AMRO Bank 25,600,000 25,600,000
NV, CP
3.3% 8/9/99, LOC ABN-AMRO 9,800,000 9,800,000
Bank NV, CP
Series B:
3% 9/7/99, LOC ABN-AMRO Bank 18,800,000 18,800,000
NV, CP
3.05% 8/12/99, LOC ABN-AMRO 3,100,000 3,100,000
Bank NV, CP
3.1% 9/15/99, LOC ABN-AMRO 4,900,000 4,900,000
Bank NV, CP
3.15% 9/14/99, LOC ABN-AMRO 12,100,000 12,100,000
Bank NV, CP
Series CP 1:
3.1% 9/3/99, LOC ABN-AMRO 25,000,000 25,000,000
Bank NV, CP
3.2% 9/8/99, LOC ABN-AMRO 9,000,000 9,000,000
Bank NV, CP
3.35% 10/6/99, LOC ABN-AMRO 4,000,000 4,000,000
Bank NV, CP
3.45% 1/27/00, LOC ABN-AMRO 12,300,000 12,300,000
Bank NV, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth.
Revs.:
Participating VRDN:
Series 97C3202, 3.14% $ 3,800,000 $ 3,800,000
(Liquidity Facility
Citibank, New York NA) (b)(f)
Series PA 341, 3.19% 2,820,000 2,820,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(f)
Series PT 1067, 3.19% 10,300,000 10,300,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
(Cornell Univ.) Series 1990 2,600,000 2,600,000
B, 3.4% (BPA Morgan Guaranty
Trust Co., NY), VRDN (b)
Series 1997, 3% 8/18/99, CP 4,600,000 4,600,000
3.4% 10/12/99, CP 7,300,000 7,300,000
New York State Energy
Research & Dev. Auth.:
Participating VRDN:
Series 43, 3.23% (Liquidity 4,995,000 4,995,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(e)(f)
Series 943202, 3.14% 12,700,000 12,700,000
(Liquidity Facility
Citibank, New York NA) (b)(f)
Series FR/RI 9, 3.2% 10,900,000 10,900,000
(Liquidity Facility Bank of
New York NA) (b)(f)
Poll. Cont. Rev. Bonds (New 7,345,000 7,345,000
York State Elec. & Gas
Corp.) Series 1985 A, 3%,
tender 3/15/00, LOC Morgan
Guaranty Trust Co., NY
New York State Envir. 5,100,000 5,100,000
Facilities Corp. Revolving
Fund Rev. Participating VRDN
Series 943202, 3.14%
(Liquidity Facility
Citibank, New York NA) (b)(f)
New York State Gen. Oblig.:
Bonds 3.3% tender 10/14/99, 11,700,000 11,700,000
LOC Morgan Guaranty Trust
Co., NY, LOC Bayerische
Landesbank Girozentrale,
LOC Landesbank
Hessen-Thuringen, CP mode
Series V, 3% 8/10/99, CP 14,500,000 14,500,000
New York State Hsg. Fin.
Agcy. Rev.:
(240 East 39th Street) Series 11,300,000 11,300,000
1997 A, 3%, LOC Chase
Manhattan Bank, VRDN (b)(e)
(250 West 50th Street Hsg.)
Series 1997 A:
3%, VRDN (b)(e) 18,000,000 18,000,000
3%, LOC Fleet Bank NA, VRDN 18,000,000 18,000,000
(b)(e)
(South Cove Plaza) Series A, 13,000,000 13,000,000
2.95%, (Dematteis Battery
Park Assoc. LLC) LOC HSBC
Bank USA, VRDN (b)(e)
(Tallyrand Cresent Hsg.) 9,200,000 9,200,000
Series 1999 A, 3%, LOC
Fleet Bank NA, VRDN (b)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Local Govt.
Assistance Corp.
Participating VRDN:
Series PT 1040, 3.19% $ 14,495,000 $ 14,495,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(f)
Series SG 99, 3.19% 9,250,000 9,250,000
(Liquidity Facility Societe
Generale, France) (b)(f)
New York State Med. Care 5,899,000 5,899,000
Facilities Fin. Agcy. Rev.
Participating VRDN Series PA
89, 3.19% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (b)(f)
New York State Mtg. Agcy.
Participating VRDN:
Series FR/RI 24, 3.25% 8,400,000 8,400,000
(Liquidity Facility Bank of
New York NA) (b)(e)(f)
Series PA 410, 3.24% 4,720,000 4,720,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
Series PA 87, 3.24% 1,880,000 1,880,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
Series PT 108, 3.24% 3,500,000 3,500,000
(Liquidity Facility Banco
Santander SA) (b)(e)(f)
Series PT 11, 3.24% 1,865,000 1,865,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 15 A, 3.24% 6,880,000 6,880,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 15 B, 3.24% 3,220,000 3,220,000
(Liquidity Facility
Commerzbank AG) (b)(e)(f)
Series PT 26, 3.24% 3,125,000 3,125,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(f)
New York State Pwr. Auth.:
Bonds 2.9%, tender 9/1/99 27,680,000 27,680,000
Series 1:
3.35% 10/8/99, CP 13,000,000 13,000,000
3.35% 10/13/99, CP 12,550,000 12,550,000
Series 2:
3.15% 8/24/99, CP 11,100,000 11,100,000
3.15% 9/1/99, CP 12,100,000 12,100,000
3.15% 9/8/99, CP 9,850,000 9,850,000
3.2% 10/5/99, CP 14,600,000 14,600,000
Series 4, 3.3% 8/11/99, CP 9,550,000 9,550,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Thruway Auth. $ 11,800,000 $ 11,800,000
Participating VRDN Series SG
121, 3.19% (Liquidity
Facility Societe Generale,
France) (b)(f)
New York State Thruway Auth.
Hwy. & Bridge Trust Fund
Bonds:
Series A, 4% 4/1/00 (FGIC 9,000,000 9,056,082
Insured)
Series B, 4% 4/1/00 10,000,000 10,048,554
New York State Urban Dev.
Corp. Rev. Participating VRDN:
Series FR/RI 26, 3.2% 8,975,000 8,975,000
(Liquidity Facility Bank of
New York NA) (b)(f)
Series SG 33, 3.19% 3,650,000 3,650,000
(Liquidity Facility Societe
Generale, France) (b)(f)
Niagara Falls Bridge & Toll 2,675,000 2,675,000
Commission Participating
VRDN Series 1993 B PA 488,
3.19% (Liquidity Facility
Merrill Lynch & Co., Inc.)
(b)(f)
Northport-East Northport 10,200,000 10,248,943
Union Free School District
TAN Series 1999-2000, 4%
6/30/00
Oneida County Ind. Dev. Agcy. 2,315,000 2,315,000
Rev. (Utica Corp.) Series
1996, 3.15%, LOC Fleet Bank
NA, VRDN (b)(e)
Oswego County Ind. Dev. Agcy. 9,500,000 9,500,000
Poll. Cont. Rev. Rfdg.
(Philip Morris Co.) 3.2%,
VRDN (b)
Oyster Bay Gen. Oblig. BAN 5,000,000 5,003,637
3.75% 10/1/99
Plainedge Union Free School 4,000,000 4,014,806
District TAN Series 1999, 4%
6/30/00
Riverhead Ind. Dev. Auth. 4,200,000 4,200,000
Ind. Dev. Rev. (Adchem Corp.
Facility) Series 1998, 3.2%,
LOC European Amern Bank
Uniondale, VRDN (b)(e)
Rochester Gen. Oblig. BAN 19,000,000 19,058,749
Series 1999 I, 3.5% 3/8/00
Roslyn Union Free School 2,000,000 2,009,680
District TAN 4% 6/29/00
Saint Lawrence County Ind. 6,400,000 6,400,000
Dev. Agcy. Envir. Impt. Rev.
(Reynolds Metals Proj.)
2.97%, LOC Royal Bank of
Canada, VRDN (b)(e)
Saint Lawrence County Ind. 5,000,000 5,000,000
Dev. Auth. Envir. Facilities
(Aluminum Co. of America
Proj.) Series 1998 A, 3.2%,
VRDN (b)(e)
Schenectady County Ind. Dev. 1,800,000 1,800,000
Agcy. Rev. (Super Steel
Schenectady Proj.) Series
1996 A, 3.05%, LOC Key Bank,
NA, VRDN (b)(e)
South Huntington Union Free 12,700,000 12,762,206
School District TAN Series
1999-2000, 4% 6/30/00
Suffolk County Ind. Dev. 2,760,000 2,760,000
Agcy. Civic Facilities Rev.
(Maryhaven Ctr. of Hope)
Series 1997 A, 3.2%, LOC Key
Bank, NA, VRDN (b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Syracuse Gen. Oblig. RAN $ 7,450,000 $ 7,493,635
4.25% 6/30/00 (BPA Fleet
Nat'l. Bank)
Three Village Central School 8,500,000 8,542,734
District TAN Series
1999-2000, 4% 6/30/00
Wyoming County Ind. Dev. 410,000 410,000
Agcy. Ind. Dev. Rev.
(American Precision) Series
1988 A, 3.25%, LOC HSBC Bank
USA, VRDN (b)(e)
1,229,109,601
NEW YORK & NEW JERSEY - 4.2%
Port Auth. New York & New
Jersey:
Participating VRDN Series SG 5,100,000 5,100,000
52, 3.24% (Liquidity
Facility Societe Generale,
France) (b)(e)(f)
Series 1996 1, 3.1%, VRDN (b) 5,000,000 5,000,000
Series 1996 4, 3.1%, VRDN (b) 4,200,000 4,200,000
Series 1997 1C, 3.1%, VRDN (b) 3,800,000 3,800,000
Series 1997 2, 3.2%, VRDN 1,600,000 1,600,000
(b)(e)
Series 1997 3A, 3.1%, VRDN (b) 10,200,000 10,200,000
Series 1997 4A, 3.2%, VRDN 2,300,000 2,300,000
(b)(e)
Series 3, 3.1%, VRDN (b) 6,600,000 6,600,000
Series A, 3.1% 9/10/99, CP (e) 1,800,000 1,800,000
Port Auth. of New York & New
Jersey Participating VRDN:
Series 6, 3.24% (Liquidity 6,200,000 6,200,000
Facility Societe Generale,
France) (b)(e)(f)
Series SG 117, 3.24% 8,755,000 8,755,000
(Liquidity Facility Societe
Generale, France) (b)(e)(f)
55,555,000
SHARES
OTHER - 3.4%
Municipal Central Cash Fund 45,845,169 45,845,169
(c)(d)
TOTAL INVESTMENT IN $ 1,330,509,770
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 1,330,510,330
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
TAN - TAX ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Security purchased on a delayed delivery or when-issued basis.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Information in this report regarding holdings by state and
security types does not reflect the holdings of the Municipal Central
Cash Fund. A listing of the Municipal Central Cash Fund's holdings as
of its most recent fiscal period end is available upon request.
(d) At the period end, the seven-day yield of the Municipal Central
Cash Fund was 3.20%. The yield refers to the income earned by
investing in the fund over the seven-day period, expressed as an
annual percentage.
(e) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(f) Provides evidence of ownership in one or more underlying municipal
bonds.
(g) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
SECURITY ACQUISITION DATE COST
New York City Gen. Oblig. 3/1/99 $ 19,740,000
Bonds Series 1994 C 3, 3%,
tender 9/1/99 (Liquidity
Facility Citibank, New York
NA)
New York Metro. Trans. Auth. 3/1/99 $ 6,700,000
Bonds 3%, tender 9/1/99
(Liquidity Facility
Citibank, New York NA)
New York Metro. Trans. Auth. 7/1/99 $ 5,470,000
Trans. Facilities Rev. Bonds
Series PA 477R, 3.6%, tender
2/17/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $31,910,000 or 2.4% of net assets.
INCOME TAX INFORMATION
At January 31, 1999, the fund had a capital loss carryforward of
approximately $129,000 of which $38,000, $3,000, $33,000, $50,000 and
$5,000 will expire on January 31, 2001, 2004, 2005, 2006 and 2007,
respectively.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 1,330,509,770
value - See accompanying
schedule
Receivable for investments 6,200,510
sold
Receivable for fund shares 14,314,159
sold
Interest receivable 7,210,797
Prepaid expenses 22,350
TOTAL ASSETS 1,358,257,586
LIABILITIES
Payable to custodian bank $ 160,726
Payable for investments 22,631,020
purchased Regular delivery
Delayed delivery 13,965,485
Payable for fund shares 10,487,472
purchased
Distributions payable 59,492
Accrued management fee 407,117
Other payables and accrued 225,686
expenses
TOTAL LIABILITIES 47,936,998
NET ASSETS $ 1,310,320,588
Net Assets consist of:
Paid in capital $ 1,310,431,388
Accumulated net realized gain (110,800)
(loss) on investments
NET ASSETS, for 1,310,266,097 $ 1,310,320,588
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($1,310,320,588
(divided by) 1,310,266,097
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 19,819,881
EXPENSES
Management fee $ 2,450,287
Transfer agent fees 983,695
Accounting fees and expenses 79,965
Non-interested trustees' 1,981
compensation
Custodian fees and expenses 31,641
Registration fees 32,121
Audit 9,448
Legal 6,072
Miscellaneous 26,811
Total expenses before 3,622,021
reductions
Expense reductions (8,058) 3,613,963
NET INTEREST INCOME 16,205,918
NET REALIZED GAIN (LOSS) ON 18,225
INVESTMENTS
NET INCREASE IN NET ASSETS $ 16,224,143
RESULTING FROM OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 6,995
credits
Transfer agent credits 1,063
$ 8,058
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 16,205,918 $ 32,210,520
Net realized gain (loss) 18,225 (2,262)
NET INCREASE (DECREASE) IN 16,224,143 32,208,258
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (16,205,918) (32,210,520)
from net interest income
Share transactions at net 2,363,464,783 3,575,190,769
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 13,965,042 31,407,887
distributions from net
interest income
Cost of shares redeemed (2,323,531,909) (3,432,834,121)
NET INCREASE (DECREASE) IN 53,897,916 173,764,535
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 53,916,141 173,762,273
IN NET ASSETS
NET ASSETS
Beginning of period 1,256,404,447 1,082,642,174
End of period $ 1,310,320,588 $ 1,256,404,447
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .013 .029 .031 .029 .033
Operations Net interest
income
Less Distributions
From net interest income (.013) (.029) (.031) (.029) (.033)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.26% 2.91% 3.13% 2.94% 3.32%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,310,321 $ 1,256,404 $ 1,082,642 $ 880,075 $ 822,866
(000 omitted)
Ratio of expenses to average .57% A .58% .61% .61% .62%
net assets
Ratio of net interest income 2.53% A 2.86% 3.10% 2.89% 3.26%
to average net assets
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .024
Operations Net interest
income
Less Distributions
From net interest income (.024)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 737,282
(000 omitted)
Ratio of expenses to average .60%
net assets
Ratio of net interest income 2.42%
to average net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended July 31, 1999 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan New York Municipal Income Fund (the income fund) is a fund of
Fidelity New York Municipal Trust. Spartan New York Municipal Money
Market Fund and Fidelity New York Municipal Money Market Fund (the
money market funds) are funds of Fidelity New York Municipal Trust II.
Each trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as an open-end management investment company.
Fidelity New York Municipal Trust and Fidelity New York Municipal
Trust II (the trusts) are organized as a Massachusetts business trust
and a Delaware business trust, respectively. Each fund is authorized
to issue an unlimited number of shares. The financial statements have
been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and
assumptions at the date of the financial statements. Each fund may be
affected by economic and political developments in the state of New
York. The following summarizes the significant accounting policies of
the income fund and the money market funds:
SECURITY VALUATION.
INCOME FUND. Securities are valued based upon a computerized matrix
system and/or appraisals by a pricing service, both of which consider
market transactions and dealer-supplied valuations. Securities for
which quotations are not readily available are valued at their fair
value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities with remaining maturities of sixty days or less
for which quotations are not readily available are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
MONEY MARKET FUNDS. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost
and thereafter assume a constant amortization to maturity of any
discount or premium.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, each fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for the fiscal year. The schedules of investments
include information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of original issue discount, is accrued as
earned. For the money market funds, accretion of discount represents
unrealized gain until realized at the time of a security disposition
or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for futures transactions, market discount, and losses
deferred due to futures. The income fund also utilized earnings and
profits distributed to shareholders on redemption of shares as a part
of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and
may affect the per-share allocation between net interest income and
realized and unrealized gain (loss). Accumulated undistributed net
realized gain (loss) on investments may include temporary book and
tax basis differences that will reverse in a subsequent period. Any
taxable gain remaining at fiscal year end is distributed in the
following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
MUNICIPAL CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission (the SEC), the funds may invest
in the Municipal Central Cash Fund (the Cash Fund) managed by Fidelity
Investments Money Management, Inc. (FIMM), an affiliate of Fidelity
Management & Research Company (FMR). The Cash Fund is an open-end
money market fund available only to investment companies and other
accounts managed by FMR and its affiliates. The Cash Fund seeks
preservation of capital, liquidity, and current income by investing in
high-quality, short-term municipal securities of various states and
municipalities. Income distributions from the Cash Fund are declared
daily and paid monthly from net interest income. Income distributions
earned by the funds are recorded as interest income in the
accompanying financial statements.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place after the
customary settlement period for that security. The price of the
underlying securities is fixed at the time the transaction is
negotiated. The market values of the securities purchased on a
when-issued or forward commitment basis are identified as such in each
applicable fund's schedule of investments. Each fund may receive
compensation for interest forgone in the purchase of a when-issued
security. With respect to purchase commitments, each 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 market value of the underlying securities, if the counterparty
does not perform under the contract, or if the issuer does not issue
the securities due to political, economic, or other factors.
2. OPERATING POLICIES -
CONTINUED
FUTURES CONTRACTS. The income fund may use futures contracts to manage
its exposure to the bond market and to fluctuations in interest rates.
Buying futures tends to increase the fund's exposure to the underlying
instrument, while selling futures tends to decrease the fund's
exposure to the underlying instrument or hedge other fund investments.
Futures contracts involve, to varying degrees, risk of loss in excess
of the futures variation margin reflected in the Statement of Assets
and Liabilities. The underlying face amount at value of any open
futures contracts at period end is shown in the schedule of
investments under the caption "Futures Contracts." This amount
reflects each contract's exposure to the underlying instrument at
period end. Losses may arise from changes in the value of the
underlying instruments or if the counterparties do not perform under
the contracts' terms. Gains (losses) are realized upon the expiration
or closing of the futures contracts. Futures contracts are valued at
the settlement price established each day by the board of trade or
exchange on which they are traded.
RESTRICTED SECURITIES. Certain funds are permitted to 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
under the caption "Other Information" at the end of each applicable
fund's schedule of investments.
3. PURCHASES AND SALES OF INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $81,443,266 and $63,462,460, respectively.
The market value of futures contracts opened and closed during the
period amounted to $85,450,472 and $73,458,245, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the funds' investment adviser for the income fund
and Fidelity New York Municipal Money Market Fund, FMR receives a
monthly fee that is calculated on the basis of a group fee rate plus
a fixed individual fund fee rate applied to the average net assets of
each fund. The group fee rate is the weighted average of a series of
rates and is based on the monthly average net assets of all the mutual
funds advised by FMR. The rates ranged from .1100% to .3700% for the
period. The annual individual fund fee rate is .25%. In the event that
these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted
in the same or a lower management fee. For the period, the management
fees were equivalent to annualized rates of .38% of average net
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
MANAGEMENT FEE - CONTINUED
assets for the income fund and Fidelity New York Municipal Money
Market Fund.
As Spartan New York Municipal Money Market Fund's investment adviser,
FMR pays all expenses, except the compensation of the non-interested
Trustees and certain exceptions such as interest, taxes, brokerage
commissions and extraordinary expenses. The management fee paid to FMR
by the fund is reduced by an amount equal to the fees and expenses
paid by the fund to the non-interested Trustees. FMR receives a fee
that is computed daily at an annual rate of .50% of the fund's average
net assets.
FMR also bears the cost of providing shareholder services to Spartan
New York Municipal Money Market Fund. To offset the cost of providing
these services, FMR or its affiliates collected certain transaction
fees from the fund's shareholders which amounted to $3,103 for the
period.
SUB-ADVISER FEE. As the money market and the income (effective January
1, 1999) funds' investment sub-adviser, FIMM, a wholly owned
subsidiary of FMR, receives a fee from FMR of 50% of the management
fee payable to FMR. The fee is paid prior to any voluntary expense
reimbursements which may be in effect.
TRANSFER AGENT AND ACCOUNTING FEES. Effective June 14, 1999 for the
income fund and June 21, 1999 for the Fidelity New York Municipal
Money Market Fund Citibank, N.A. (Citibank) replaced UMB Bank, n.a. as
the custodian, transfer agent and shareholder servicing agent for the
funds. Citibank has entered into a sub-contract with Fidelity Service
Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the
activities associated with the funds' transfer and shareholder
servicing agent and accounting functions. The funds pay account fees
and asset-based fees that vary according to account size and type of
account. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements. The accounting fee is
based on the level of average net assets for the month plus
out-of-pocket expenses.
For the period, the transfer agent fees were equivalent to an
annualized rate of .08% and .15% of average net assets for the income
fund and Fidelity New York Municipal Money Market Fund, respectively.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, the money market funds, along with other money market funds
advised by FMR or its affiliates, have entered into insurance
agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated
mutual insurance company, effective January 1, 1999. FIDFUNDS provides
limited coverage for certain loss events including issuer default as
to payment of principal or interest and bankruptcy or insolvency of a
credit enhancement provider. The insurance does not cover losses
resulting from changes in interest rates, ratings downgrades or other
market conditions. Each fund may be subject to a special assessment of
up to approximately 2.5 times the fund's annual gross premium
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
MONEY MARKET INSURANCE - CONTINUED
if covered losses exceed certain levels. Fidelity New York Municipal
Money Market Fund paid premiums of $53,639 to FIDFUNDS, which are
being amortized over one year. FMR has borne the cost of Spartan New
York Municipal Money Market Fund's premium payable to FIDFUNDS.
5. EXPENSE REDUCTIONS.
The income fund and Fidelity New York Municipal Money Market Fund have
entered into arrangements with their custodian and transfer agent
whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of each applicable fund's expenses. For the
period, the reductions under these arrangements are shown under the
caption "Other Information" on each applicable fund's Statement of
Operations.
FMR has entered into an arrangement on behalf of Spartan New York
Municipal Money Market Fund with the fund's custodian and transfer
agent whereby credits realized as a result of uninvested cash balances
were used to reduce a portion of the fund's expenses. During the
period, the fund's expenses were reduced by $18,764 under these
arrangements.
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER
Fidelity Investments
Money Management, Inc.
Merrimack, NH
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Fred L. Henning Jr., Vice President
Dwight D. Churchill, Vice President -
INCOME FUND
Boyce I. Greer, Vice President -
MONEY MARKET FUNDS
Norman U. Lind, Vice President -
INCOME FUND
Diane M. McLaughlin, Vice President -
MONEY MARKET FUNDS
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Stanley N. Griffith, Assistant
Vice President
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant
Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
* INDEPENDENT TRUSTEES
NYS-SANN-0999 83615
1.536272.102
ADVISORY BOARD
J. Gary Burkhead
Abigail P. Johnson
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Citibank, N.A.
New York, NY
and
Fidelity Service Company, Inc.
Boston, MA
CUSTODIAN
Citibank, N.A.
New York, NY
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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 (FASTSM) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE
(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
