SPARTAN(REGISTERED TRADEMARK)
(REGISTERED TRADEMARK)
NEW YORK MUNICIPAL
FUNDS
AND
FIDELITY
NEW YORK MUNICIPAL
MONEY MARKET FUND
SEMIANNUAL REPORT
JULY 31, 1998
CONTENTS
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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
23 FINANCIAL STATEMENTS
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
27 PERFORMANCE
29 FUND TALK: THE MANAGER'S OVERVIEW
31 INVESTMENT CHANGES
32 INVESTMENTS
42 FINANCIAL STATEMENTS
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
46 PERFORMANCE
48 FUND TALK: THE MANAGER'S OVERVIEW
50 INVESTMENT CHANGES
51 INVESTMENTS
61 FINANCIAL STATEMENTS
NOTES 65 NOTES TO THE FINANCIAL STATEMENTS
</TABLE>
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.
To reduce expenses and demonstrate respect for our environment, we
have initiated a project through which we will begin eliminating
duplicate copies of most financial reports and prospectuses to most
households, even if they have more than one account in the fund. If
additional copies of financial reports, prospectuses or historical
account information are needed, please call 1-800-544-6666.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)DEAR SHAREHOLDER:
So far, 1998 has been a year of considerable volatility in the U.S.
stock and bond markets. In the first quarter, the U.S. stock market
soared as inflation and interest rates remained stable, while the
economy maintained strong growth. By summer, however, investors began
to exercise caution relative to the troublesome Asian economic climate
and reports of concerns about corporate earnings domestically. Market
volatility and low interest rates were also the main stories in the
bond market, with many investors moving assets to highly rated U.S.
Treasuries.
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 there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
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.
If you have questions, please call us at 1-800-544-8888. 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 total returns and dividends would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1998 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
SPARTAN NY MUNICIPAL INCOME 1.47% 5.60% 34.75% 116.80%
LB NEW YORK 4 PLUS YEAR MUNICIPAL BOND 2.17% 6.57% 39.86% N/A
NEW YORK MUNICIPAL DEBT FUNDS AVERAGE 1.54% 5.31% 30.66% 111.58%
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
total return performance benchmark for New York investment-grade
municipal bonds with maturities of at least four years. 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
Analytical Services, Inc. The past six months average represents a
peer group of 96 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, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
SPARTAN NY MUNICIPAL INCOME 5.60% 6.15% 8.05%
LB NEW YORK 4 PLUS YEAR MUNICIPAL BOND 6.57% 6.94% N/A
NEW YORK MUNICIPAL DEBT FUNDS AVERAGE 5.31% 5.47% 7.75%
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 slightly 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
1988/07/31 10000.00 10000.00
1988/08/31 10031.00 10008.80
1988/09/30 10240.70 10189.96
1988/10/31 10480.23 10369.30
1988/11/30 10369.01 10274.32
1988/12/31 10529.44 10379.43
1989/01/31 10654.95 10594.07
1989/02/28 10570.45 10473.19
1989/03/31 10550.41 10448.16
1989/04/30 10863.29 10696.20
1989/05/31 11056.20 10918.36
1989/06/30 11212.39 11066.63
1989/07/31 11313.07 11217.25
1989/08/31 11253.16 11107.43
1989/09/30 11205.25 11074.33
1989/10/31 11267.68 11209.77
1989/11/30 11429.63 11405.94
1989/12/31 11506.78 11499.24
1990/01/31 11443.07 11444.85
1990/02/28 11518.61 11546.71
1990/03/31 11488.87 11550.18
1990/04/30 11365.30 11466.55
1990/05/31 11621.10 11716.87
1990/06/30 11776.77 11819.86
1990/07/31 11973.79 11993.61
1990/08/31 11776.46 11819.46
1990/09/30 11774.42 11826.20
1990/10/31 11843.79 12040.73
1990/11/30 12055.38 12282.87
1990/12/31 12092.69 12336.30
1991/01/31 12256.75 12501.85
1991/02/28 12334.37 12610.62
1991/03/31 12392.90 12615.16
1991/04/30 12569.00 12782.94
1991/05/31 12659.30 12896.58
1991/06/30 12696.44 12883.81
1991/07/31 12895.66 13040.74
1991/08/31 13053.39 13212.48
1991/09/30 13277.65 13384.51
1991/10/31 13413.97 13504.97
1991/11/30 13472.74 13542.65
1991/12/31 13711.00 13833.27
1992/01/31 13592.37 13864.81
1992/02/29 13650.50 13869.25
1992/03/31 13670.16 13874.38
1992/04/30 13800.73 13997.86
1992/05/31 14012.89 14162.62
1992/06/30 14290.92 14400.27
1992/07/31 14734.79 14831.99
1992/08/31 14544.74 14687.38
1992/09/30 14631.15 14783.43
1992/10/31 14403.33 14638.11
1992/11/30 14735.81 14900.28
1992/12/31 14941.99 15052.41
1993/01/31 15125.65 15227.47
1993/02/28 15717.00 15778.25
1993/03/31 15548.87 15611.47
1993/04/30 15706.00 15768.99
1993/05/31 15805.89 15857.61
1993/06/30 16074.09 16122.28
1993/07/31 16088.55 16143.40
1993/08/31 16458.26 16479.50
1993/09/30 16629.61 16667.20
1993/10/31 16642.75 16699.37
1993/11/30 16465.71 16552.25
1993/12/31 16868.80 16901.67
1994/01/31 17047.20 17094.69
1994/02/28 16540.68 16651.93
1994/03/31 15692.69 15973.87
1994/04/30 15820.21 16109.32
1994/05/31 15991.54 16248.99
1994/06/30 15796.21 16149.71
1994/07/31 16129.73 16445.74
1994/08/31 16192.65 16502.64
1994/09/30 15870.19 16260.38
1994/10/31 15494.17 15971.59
1994/11/30 15018.42 15682.83
1994/12/31 15516.86 16028.01
1995/01/31 16061.92 16486.09
1995/02/28 16612.90 16965.50
1995/03/31 16803.68 17160.44
1995/04/30 16836.56 17180.69
1995/05/31 17444.79 17728.92
1995/06/30 17231.73 17574.68
1995/07/31 17335.81 17741.29
1995/08/31 17586.60 17966.25
1995/09/30 17677.87 18079.97
1995/10/31 18006.40 18342.86
1995/11/30 18346.05 18647.16
1995/12/31 18553.65 18826.36
1996/01/31 18678.14 18968.50
1996/02/29 18484.45 18840.47
1996/03/31 18208.59 18599.68
1996/04/30 18151.50 18547.05
1996/05/31 18142.25 18539.63
1996/06/30 18371.64 18741.52
1996/07/31 18529.43 18912.07
1996/08/31 18473.05 18907.53
1996/09/30 18781.74 19172.24
1996/10/31 19018.56 19389.08
1996/11/30 19377.78 19743.90
1996/12/31 19258.12 19660.97
1997/01/31 19279.78 19698.13
1997/02/28 19480.61 19878.96
1997/03/31 19172.32 19613.97
1997/04/30 19349.60 19778.14
1997/05/31 19689.84 20075.61
1997/06/30 19900.27 20289.41
1997/07/31 20529.74 20851.43
1997/08/31 20276.01 20656.05
1997/09/30 20503.16 20901.24
1997/10/31 20652.97 21035.63
1997/11/30 20766.77 21159.32
1997/12/31 21130.63 21468.04
1998/01/31 21365.22 21689.59
1998/02/28 21327.44 21696.09
1998/03/31 21340.88 21715.19
1998/04/30 21157.72 21617.25
1998/05/31 21577.50 21959.45
1998/06/30 21643.39 22045.97
1998/07/31 21679.61 22266.21
IMATRL PRASUN SHR__CHT 19980731 19980825 110937 R00000000000123
Spartan NY Municipal Income LB Municipal Bond
$22,101
$21,680
$
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Spartan New York Municipal Income Fund on July 31, 1988.
As the chart shows, by July 31, 1998, the value of the investment
would have grown to $21,680 - a 116.80% increase on the initial
investment. For comparison, look at how the Lehman Brothers Municipal
Bond Index - which reflects the performance of the investment-grade
municipal bond market - did over the same period. With dividends
reinvested, the same $10,000 would have grown to $22,101 - a 121.01%
increase.
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.
(CHECKMARK)
TOTAL RETURN COMPONENTS
SIX MONTHS YEARS ENDED JANUARY 31,
ENDED
JULY 31,
1998 1998 1997 1996 1995 1994
DIVIDEND RETURNS 2.36% 5.36% 5.20% 5.93% 5.27% 5.78%
CAPITAL RETURNS -0.89% 5.46% -1.98% 10.36% -11.05% 6.92%
TOTAL RETURNS 1.47% 10.82% 3.22% 16.29% -5.78% 12.70%
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
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PERIODS ENDED JULY 31, 1998 PAST 1 PAST 6 PAST 1
MONTH MONTHS YEAR
DIVIDENDS PER SHARE 5.15(CENTS) 30.14(CENTS) 61.17(CENTS)
ANNUALIZED DIVIDEND RATE 4.74% 4.75% 4.80%
30-DAY ANNUALIZED YIELD 4.33% - -
30-DAY ANNUALIZED TAX-EQUIVALENT YIELD 7.62% - -
</TABLE>
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
$12.80 over the past one month, $12.80 over the past six months and
$12.75 over the past one year, you can compare the fund's income over
these three periods. Dividends per share show the income paid by the
fund for a set period and do not reflect any tax reclassifications.
The 30-day annualized YIELD is a standard formula for all 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 43.21% combined effective 1998
federal, state and New York City tax bracket, but does not reflect the
payment of the alternative minimum tax, if applicable.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
With the supply of municipal bonds
growing to near-record levels,
fluctuating consumer demand and
continued turmoil in the Asian
markets, the municipal bond market
experienced varying shifts in
performance during the six-month
period that ended July 31, 1998.
During this period, the Lehman
Brothers Municipal Bond Index -
a measure of the municipal bond
market - returned 1.90%. In
comparison, the Lehman Brothers
Aggregate Bond Index - a
measure of the investment-grade
taxable bond market in the U.S. -
returned 2.83%. Municipals lagged
taxable issue bonds throughout
this six-month period. In early
1998, lower interest rates proved
enticing to municipal bond issuers
seeking to refinance their debt at
lower rates. However, the increased
refinancing activity also caused an
increased supply of municipal
bonds. Coupled with weakened
demand, muni bond performance
suffered accordingly. Extremely
heavy municipal bond issuance
continued throughout the early
spring as many issuers rushed to
the market to capitalize on the
opportunity to refinance their older,
more expensive debt. Then, in May,
the largest deal in municipal history
took place - a $3.5 billion issuance
by the Long Island Power Authority.
This heavy supply, combined with
lower demand, continued to put
downward pressure on municipal
bonds throughout the remainder of
the period.
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, 1998, the fund had a
total return of 1.47%. To get a sense of how the fund did relative to
its competitors, the New York municipal debt funds average returned
1.54% for the same six-month period, according to Lipper Analytical
Services. Additionally, the Lehman Brothers New York 4 Plus Year
Municipal Bond Index - which tracks the types of securities in which
the fund invests - returned 2.17%. For the 12-month period that ended
July 31, 1998, the fund returned 5.60%. That compared to the 5.31%
return of the New York municipal debt funds average and the 6.57%
return of the Lehman Brothers New York 4 Plus Year Municipal Bond
Index over the same one-year period.
Q. A CLOSER LOOK AT THOSE RESULTS INDICATES THAT THE NEW YORK
MUNICIPAL MARKET HASN'T DONE AS WELL OVER THE PAST SIX MONTHS AS IT
DID IN THE PREVIOUS SIX. WHAT EXPLAINS THE RECENT DIMINISHED
PERFORMANCE?
A. A flood of new tax-exempt issues curtailed the New York municipal
market's returns over the past six months. While investors fleeing
Asian markets snapped up U.S. Treasuries and sent their prices higher,
record municipal bond issuance - at both the local and national level
- - prevented a similar muni market rally during the past six months.
The New York market in particular saw a number of large, high-profile
deals during the first half of 1998. The New York Power Authority, for
example, sold about $1.4 billion in both tax-exempt and taxable bonds
in a restructuring program aimed at lowering its debt service costs.
New York State issuers also were quite busy, selling about $20 billion
in long-term debt in the first six months of the year, up more than
50% from the same period a year ago. But the biggest municipal deal in
the national municipal market's history took place in May when Long
Island Power Authority sold $3.5 billion in municipal bonds to finance
its takeover of the Long Island Lighting Company. Demand for New York
municipals, while firm, failed to keep up with supply and bond prices
languished as a result.
Q. WHICH SECURITIES PERFORMED WELL AGAINST THIS BACKDROP?
A. Bonds that were in short supply - including those rated Baa - were
strong performers. As more and more municipal issuers obtained
municipal bond insurance and a Aaa-rating for their bonds, and many
more received a credit upgrade, the supply of lower-rated,
investment-grade bonds contracted considerably. Because interest rates
fell, investors increasingly sought out these lower-rated,
investment-grade bonds because they offered a yield advantage over
higher-quality bonds. Given the strong demand for them and their
relatively limited availability, Baa-rated bonds generally outpaced
higher-quality bonds. In addition, some of the fund's
state-appropriated holdings enjoyed good performance when they
received a credit upgrade to A from Baa during the period.
Q. WERE THERE ANY DISAPPOINTMENTS?
A. Yes, there were. When the New York Power Authority refunded - or
redeemed - all of its outstanding debt, its bonds rallied. While the
fund benefited from that refunding, its stake in New York Power
Authority bonds was relatively light.
Q. WHAT'S AHEAD FOR THE NEW YORK MUNICIPAL MARKET AND THE FUND?
A. I don't see the supply of New York municipal bonds tapering off
significantly over the near term. Another factor that bears close
watching is the stock market. A significant and prolonged stock market
correction could impact the New York municipal market in two, perhaps
contradictory, ways. First, it may prompt further demand for
municipals as investors look to the fixed-income markets as shelter
from falling stock prices. Second, it could negatively affect the
credit quality of New York issuers, particularly New York City. The
bull market in stocks translated into the City's substantially
improved economic and fiscal health. It remains to be seen if a bear
market will prompt a serious reversal of the City's fortunes. As far
as the fund is concerned, I'll continue to emphasize bonds that I
think offer good value given their yields and their risk.
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. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
NORM LIND ON THE LEHMAN
BROTHERS NEW YORK 4 PLUS YEAR
MUNICIPAL BOND INDEX AND ITS ROLE
IN MANAGING THE FUND:
"The Lehman Brothers New York
4 Plus Year Municipal Bond Index
serves as a representation of the
overall market in which the fund
invests. The index includes most of
the universe of New York municipal
bonds with maturities over four
years. I manage the fund to have
similar overall interest-rate risk to
its benchmark index, but beyond
that, the fund can vary significantly
from the index. With respect to
sector, issuer and structural
composition, the fund's holdings
reflect my research conclusions on
the relative value of bonds.
"One area where I've identified value
recently is bonds with maturities of
between 17 and 25 years. As a reminder,
the longer a bond's maturity, the more
its price generally falls when interest
rates rise and vice versa. The longer
a bond's maturity, the more
`interest-rate risk' it has and the
more yield an investor demands for
assuming that risk. However, the
yield advantage offered by very
long-maturity bonds of more than 25
years continued to diminish to a
historically small differential over
the past year. In response, I
emphasized 17-25 year bonds
because they offered about 90% of
the yield of longer maturities, but
with much less interest-rate risk."
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, 1998,
more than $1.1 billion
MANAGER: Norm Lind, since
1993; manager, various Fidelity
and Spartan municipal income
funds; joined Fidelity in 1986
(checkmark)
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENT CHANGES
TOP FIVE SECTORS AS OF JULY 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE SECTORS
6 MONTHS AGO
GENERAL OBLIGATION 37.1 37.7
SPECIAL TAX 13.7 11.2
TRANSPORTATION 11.9 16.5
EDUCATION 8.0 5.4
WATER & SEWER 7.1 8.6
AVERAGE YEARS TO MATURITY AS OF JULY 31, 1998
6 MONTHS AGO
YEARS 14.6 13.4
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY
DOLLAR AMOUNT.
DURATION AS OF JULY 31, 1998
6 MONTHS AGO
YEARS 7.5 7.2
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 (MOODY'S RATINGS)
AS OF JULY 31, 1998 AS OF JANUARY 31, 1998
AAA 39.6%
AA, A 40.8%
BAA 17.7%
NON-RATED 0.6%
SHORT-TERM
INVESTMENTS 1.3%
AAA 40.8%
AA, A 29.9%
BAA 22.7%
NON-RATED 1.0%
SHORT-TERM
INVESTMENTS 5.6%
ROW: 1, COL: 1, VALUE: 38.6
ROW: 1, COL: 2, VALUE: 39.8
ROW: 1, COL: 3, VALUE: 17.7
ROW: 1, COL: 4, VALUE: 1.6
ROW: 1, COL: 5, VALUE: 2.3
ROW: 1, COL: 1, VALUE: 39.8
ROW: 1, COL: 2, VALUE: 29.9
ROW: 1, COL: 3, VALUE: 22.7
ROW: 1, COL: 4, VALUE: 2.0
ROW: 1, COL: 5, VALUE: 5.6
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P RATINGS.
AMOUNTS SHOWN ARE AS A PERCENTAGE OF THE FUND'S INVESTMENTS.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENTS JULY 31, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
MUNICIPAL BONDS - 98.7%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - 95.1%
Albany County Gen. Oblig. Unltd. Tax
5.85% 6/1/13 (FGIC Insured) Aaa $ 1,275,000 $ 1,370,753
Buffalo Swr. Auth. Rev. Rfdg. Series G,
5% 7/1/12 (FGIC Insured) Aaa 2,700,000 2,704,644
Canandaigua City School Dist. Rfdg.
5.25% 6/1/07 (AMBAC Insured) Aaa 515,000 544,499
Cherry Valley Springfield Central School Dist.
Unltd. Tax:
7.80% 5/1/14 (MBIA Insured) Aaa 435,000 569,411
7.80% 5/1/15 (MBIA Insured) Aaa 435,000 572,012
7.80% 5/1/16 (MBIA Insured) Aaa 435,000 574,100
7.80% 5/1/17 (MBIA Insured) Aaa 435,000 576,971
7.80% 5/1/18 (MBIA Insured) Aaa 434,000 578,795
Erie County Gen. Oblig. Series A:
6% 2/1/04 (FGIC Insured) Aaa 1,100,000 1,192,532
6% 2/1/05 (FGIC Insured) Aaa 1,000,000 1,094,700
6% 2/1/06 (FGIC Insured) Aaa 1,030,000 1,133,567
Erie County Wtr. Auth. Impt. & Extension Rev.
3rd Series, 6.10% 12/1/04
(Escrowed to Maturity) (c) AA 2,000,000 2,145,560
Erie County Wtr. Auth. Wtr. Rev. Rfdg.
(Cap. Appreciation) (Fourth Resolution)
0% 12/1/17 (AMBAC Insured) Aaa 1,210,000 302,815
Long Island Pwr. Auth. Elec. Sys. Rev. Series A:
5.75% 12/1/24 Baa1 20,500,000 21,471,290
5.50% 12/1/29 Baa1 16,335,000 16,640,301
Metropolitan Trans. Auth. Dedicated Tax Fund
Series A, 5.25% 4/1/26 (MBIA Insured) Aaa 3,000,000 3,010,620
Metropolitan Trans. Auth. Svc. Contract:
(Commuter Facs.):
Rfdg. Series R, 5.40% 7/1/10 Baa1 2,960,000 3,077,601
Series E, 5.50% 7/1/09 (AMBAC Insured) Aaa 2,705,000 2,887,588
Series 3, 7.375% 7/1/08 Baa1 5,400,000 6,252,282
(Trans. Facs.):
Rfdg.:
(Cap. Appreciation):
Series N, 0% 7/1/11 (FGIC Insured) Aaa 5,980,000 3,194,157
Series 7, 0% 7/1/10 Baa1 9,500,000 5,271,075
Series K, 6.30% 7/1/06 (MBIA Insured) Aaa 10,150,000 11,383,936
Series R, 5.30% 7/1/09 Baa1 4,000,000 4,132,120
Series 5, 6.90% 7/1/05 Baa1 4,100,000 4,426,524
Series 7, 5.45% 7/1/07 Baa1 4,930,000 5,157,224
Series A:
6% 7/1/16 (FSA Insured) Aaa 9,090,000 9,907,373
6.10% 7/1/21 (FSA Insured)
(Pre-Refunded to 7/1/06 @ 102) (c) Aaa 8,990,000 10,160,408
5.75% 7/1/21 (MBIA Insured) Aaa 10,000,000 10,551,200
Series 3, 7.375% 7/1/08 Baa1 1,830,000 2,118,829
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Monroe County Gen. Oblig.:
6% 6/1/04 Aa2 $ 1,510,000 $ 1,648,724
6% 6/1/05 Aa2 2,155,000 2,373,452
Monroe County Pub. Impt.:
7% 6/1/03 (FGIC Insured) Aaa 1,000,000 1,120,210
6.10% 3/1/04 (MBIA Insured) Aaa 870,000 924,627
6.50% 6/1/04 (Escrowed to Maturity) (c) Aa2 2,245,000 2,515,208
6.50% 6/1/04 Aa2 65,000 72,468
7% 6/1/04 (FGIC Insured) Aaa 2,150,000 2,444,507
6.50% 6/1/05 (Escrowed to Maturity) (c) Aa2 3,335,000 3,785,659
6.50% 6/1/05 Aa2 115,000 129,813
6.50% 6/1/06 (Escrowed to Maturity) (c) Aa2 3,625,000 4,136,778
6.50% 6/1/06 Aa2 120,000 136,516
6.50% 06/1/07 (AMBAC Insured) Aaa 50,000 57,605
6.50% 06/1/07 (AMBAC Insured)
(Escrowed to Maturity) (c) Aaa 950,000 1,094,486
Monroe Woodbury Central School Dist.:
5.625% 5/15/22 (MBIA Insured) Aaa 1,245,000 1,300,975
5.625% 5/15/24 (MBIA Insured) Aaa 2,645,000 2,761,830
Nassau County Rfdg. (Combined Swr. Dist.)
Series F, 5.30% 7/1/07 (MBIA Insured) Aaa 350,000 370,167
Nassau County Gen. Impt.:
Rfdg. Series A, 6.50% 5/1/07 (FGIC Insured) Aaa 4,000,000
4,570,520
Series R, 5.125% 11/1/05 (FGIC Insured) Aaa 2,565,000 2,685,555
Series T, 5.20% 9/1/11 (FGIC Insured) Aaa 2,695,000 2,763,803
Nassau County Gen. Oblig.:
Rfdg. Series A, 6% 7/1/09 (FGIC Insured) Aaa 3,320,000 3,692,670
Series P, 6.30% 11/1/03 (FGIC Insured) Aaa 1,000,000 1,096,990
Series U:
5.25% 11/1/11 (AMBAC Insured) Aaa 1,500,000 1,544,745
5.25% 11/1/15 (AMBAC Insured) Aaa 2,150,000 2,174,317
New York City Edl. Construction Fund Rev. Series A,
6.25% 10/1/03 (MBIA Insured) Aaa 1,895,000 2,065,398
New York City Gen. Oblig.:
Rfdg.:
Series A:
7% 8/1/03 A3 2,000,000 2,230,040
6.25% 8/1/08 A3 1,000,000 1,107,100
5.30% 8/1/12 A3 6,000,000 6,088,320
Series B:
5.70% 8/15/02 (Escrowed to Maturity) (c) A3 75,000 79,355
5.70% 8/15/02 A3 2,260,000 2,373,000
6.20% 8/15/06 A3 945,000 1,035,219
Series C:
5.70% 8/15/02 A3 1,310,000 1,376,496
6% 2/1/22 A3 3,500,000 3,740,030
Series E:
6.50% 2/15/06 A3 1,000,000 1,112,420
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: - continued
Rfdg.:
Series E:
6.20% 8/1/07 (MBIA Insured) Aaa $ 1,750,000 $ 1,960,263
6% 8/1/26 A3 3,455,000 3,691,944
Series F, 6% 8/1/16 A3 7,750,000 8,281,495
Series G:
5.25% 8/1/11 A3 5,000,000 5,084,400
5.35% 8/1/13 A3 5,000,000 5,070,950
Series H:
6% 8/1/07 (FGIC Insured) Aaa 6,000,000 6,633,120
6% 8/1/14 A3 5,000,000 5,339,250
6% 8/1/17 A3 1,000,000 1,072,340
Series I, 5.875% 3/15/12 A3 10,000,000 10,625,000
Series J, 6.125% 8/1/12 A3 1,000,000 1,088,090
Series A-1, 6.25% 8/1/03 (AMBAC Insured) Aaa 9,200,000 10,012,084
Series B:
7.50% 2/1/02 A3 1,000,000 1,099,920
7.50% 2/1/03 A3 5,000,000 5,564,100
7.50% 2/1/07 A3 5,500,000 6,080,965
6.50% 8/15/11 A3 1,000,000 1,145,210
5.875%, 8/15/13 A3 3,870,000 4,092,022
Series C, 6.40% 8/1/03 A3 6,000,000 6,514,860
Series D:
5.75% 2/15/08 A3 1,000,000 1,058,190
5.25% 8/1/13 A3 2,500,000 2,513,450
5.375% 8/1/17 A3 2,500,000 2,510,250
5.25% 8/1/21 (MBIA Insured) Aaa 6,000,000 6,007,320
Series E:
6% 8/1/08 (FGIC Insured) Aaa 8,000,000 8,820,720
6% 8/1/26
(Pre-Refunded to 8/1/06 @ 101.50) (c) A3 295,000 329,627
Series F:
3% 11/15/00 (MBIA Insured) Aaa 1,000,000 977,540
5.75% 2/1/15 A3 2,500,000 2,598,800
Series G:
6% 10/15/26
(Pre-Refunded to 10/15/07 @ 101) (c) A3 50,000 56,126
6% 10/15/26 A3 4,950,000 5,305,806
Series H:
7% 2/1/05
(Pre-Refunded to 2/1/02 @ 101.50) (c) Aaa 1,355,000 1,501,503
7% 2/1/05 A3 675,000 737,586
7% 2/1/06 A3 420,000 457,661
5.50% 8/1/12 A3 9,000,000 9,292,230
Series I, 6.125% 4/15/11 A3 25,000,000 27,203,230
Series K, 6.25% 4/1/11
(Pre-Refunded to 4/1/06 @ 101.50) (c) A3 1,000,000 1,129,810
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: - continued
Series L, 5.75% 8/1/12 A3 $ 3,700,000 $ 3,898,764
New York City Ind. Dev. Agcy. Civic Facs. Rev.
(USTA Nat'l. Tennis Ctr. Proj.)
6.40% 11/15/08 (FSA Insured) Aaa 1,000,000 1,119,620
New York City Ind. Dev. Agcy. Ind. Dev. Rev.
(Japan Airlines Co. Ltd. Proj.)
6% 11/1/15 (FSA Insured)
LOC Morgan Guaranty Trust Co. (b) Aaa 3,000,000 3,237,780
New York City Ind. Dev. Agcy. Spl. Facs. Rev.:
(American Airlines, Inc. Proj.)
6.90% 8/1/24 (b) Baa2 10,000,000 11,142,200
(Terminal One Group Assoc. Proj.):
5.70% 1/1/04 (b) A3 1,500,000 1,582,830
6% 1/1/08 (b) A3 500,000 534,615
New York City Muni. Assistance Corp. Rfdg.:
Series D, 6% 7/1/05 (AMBAC Insured) Aaa 10,000,000 10,937,100
Series E:
6% 7/1/03 Aa2 1,000,000 1,077,750
6% 7/1/04 Aa2 14,500,000 15,786,295
6% 7/1/05 Aa2 12,945,000 14,206,620
Series I, 5.25% 7/1/02 Aa2 2,250,000 2,338,290
Series J, 5.75% 7/1/03 Aa2 1,000,000 1,066,770
New York City Muni. Wtr. Fin. Auth.
Wtr. & Swr. Sys. Rev.:
Series B:
5.375% 6/15/07 (AMBAC Insured) Aaa 500,000 527,645
5.875% 6/15/26 A2 21,250,000 22,524,150
5.50% 6/15/27 (MBIA Insured) Aaa 7,275,000 7,505,763
Series C, 7% 6/15/16 (FGIC Insured)
(Pre-Refunded to 6/15/01 @ 101.50) (c) Aaa 500,000 547,545
New York City Transitional Fin. Auth. Rev.:
Series A, 5.125% 8/15/21 Aa3 15,000,000 14,732,100
Series B:
4.75% 11/15/15 Aa3 2,500,000 2,402,525
4.75 11/15/16 Aa3 11,470,000 10,941,807
New York City Trust Cultural Resources Rev.:
(American Museum of Natural History)
Series A, 5.65% 4/1/22 (MBIA Insured) Aaa 4,850,000 5,066,650
(New York Botanical Gardens) 5.75% 7/1/16
(MBIA Insured) Aaa 1,250,000 1,315,088
New York State Crossover Rfdg.
7.50% 11/15/00 A2 1,000,000 1,076,290
New York State Dorm. Auth. Lease Rev. Rfdg.
(State Univ. Dorm. Facs.) Series A:
6% 7/1/03 (AMBAC Insured) Aaa 7,370,000 7,919,360
6% 7/1/05 (AMBAC Insured) Aaa 2,240,000 2,445,744
5.30% 7/1/24 (AMBAC Insured) Aaa 3,150,000 3,150,315
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth. Rev.:
Rfdg.:
(Cap. Appreciation) (Manhattanville College)
0% 7/1/10 (MBIA Insured) Aaa $ 2,175,000 $ 1,233,812
(Bronx-Lebanon Hosp. Ctr.) 5% 2/15/10 Baa1 3,500,000 3,501,645
(City Univ. Sys. Consolidated):
Series A, 5.75% 7/1/07 Baa1 500,000 533,815
Series C, 7.50% 7/1/10 Baa1 4,000,000 4,791,880
Series U, 6.25% 7/1/03 Baa1 525,000 565,793
(Third Gen.) 5.50% 7/1/16
(AMBAC Insured) Aaa 2,500,000 2,607,350
(Colgate Univ.):
6% 7/1/16 (MBIA Insured) Aaa 1,900,000 2,137,462
6% 7/1/21 (MBIA Insured) Aaa 2,500,000 2,816,975
(FIT Student Hsg.):
5.75% 7/1/03 (AMBAC Insured) Aaa 1,590,000 1,691,092
5.75% 7/1/04 (AMBAC Insured) Aaa 1,680,000 1,801,867
5.75% 7/1/05 (AMBAC Insured) Aaa 1,650,000 1,777,232
5.75% 7/1/06 (AMBAC Insured) Aaa 1,500,000 1,624,740
(Jamaica Hosp. Med. Ctr.) Series F:
5.10% 2/15/12 Baa1 3,605,000 3,579,549
5.20% 2/15/13 Baa1 6,935,000 6,926,193
(Mental Health Svcs. Facs.) Series B,
5.75% 2/15/11 A3 2,550,000 2,736,405
(New York & Presbyterian Hosp.)
4.40% 8/1/13 (FHA Insured) Aaa 5,000,000 5,070,400
(Rochester Institute of Tech.) 5.25% 7/1/22
(MBIA Insured) Aaa 4,375,000 4,387,338
(State Univ. Edl. Facs.):
Series A:
6.50% 5/15/05 A3 7,080,000 7,850,516
6.50% 5/15/06 A3 3,400,000 3,792,632
Series B:
5.25% 5/15/05 A3 2,250,000 2,332,665
5.25% 5/15/11 (FGIC Insured) Aaa 2,950,000 3,066,053
7.50% 5/15/11 A3 3,445,000 4,140,924
7.375% 5/15/14 A3 275,000 294,300
5.50% 5/15/09 A3 3,000,000 3,173,700
(Univ. of Rochester) Series A:
5% 7/1/10 (MBIA Insured) Aaa 2,000,000 2,037,000
5% 7/1/11 (MBIA Insured) Aaa 1,570,000 1,584,821
5% 7/1/12 (MBIA Insured) Aaa 1,805,000 1,813,935
5.25% 7/1/13 (MBIA Insured) Aaa 1,000,000 1,023,630
5% 7/1/27 (MBIA Insured) Aaa 16,475,000 15,915,674
(Vassar College):
6% 7/1/03 Aa3 300,000 324,153
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth. Rev.: - continued
Rfdg.:
(Vassar College):
6% 7/1/04 Aa3 $ 745,000 $ 813,935
6% 7/1/06 Aa3 850,000 939,471
(Barnard College) 5.25% 7/1/26
(AMBAC Insured) Aaa 4,625,000 4,630,365
(Champlain Valley Physicians):
6% 7/1/08 (Connie Lee Insured) Aaa 600,000 667,470
6% 7/1/09 (Connie Lee Insured) Aaa 370,000 413,212
6% 7/1/10 (Connie Lee Insured) Aaa 250,000 278,808
(City Univ. Sys. Consolidated):
Series A:
5.50% 7/1/04 Baa1 2,000,000 2,095,880
5.50% 7/1/05 Baa1 2,000,000 2,098,040
5.75% 7/1/07 Baa1 1,965,000 2,097,893
5.75% 7/1/09 Baa1 5,000,000 5,375,500
Series C, 6.25% 7/1/05 (AMBAC Insured) Aaa 6,320,000 6,993,586
Series D, 7% 7/1/09 Baa1 6,000,000 6,882,420
Series 1, 5% 7/1/11 Baa1 11,095,000 10,986,935
(Columbia Univ.) Series A, 5.75% 7/1/09 Aaa 9,700,000 10,688,139
(Ideal Sr. Living Hsg.) 7.625% 8/1/28
(MBIA Insured) (Pre-Refunded to 2/1/99) (c) Aaa 2,000,000
2,072,560
(Ithaca College) 5.25% 7/1/26
(AMBAC Insured) Aaa 9,805,000 9,800,294
(Judicial Facs. Lease) Series B, 7% 4/15/16 Baa1 2,000,000
2,157,660
(Mental Health Svcs. Facs.):
Series A:
6% 2/15/01 A3 500,000 520,265
5.75% 8/15/11 A3 3,000,000 3,219,300
Series B, 6.50% 8/15/10 A3 3,495,000 4,014,881
Series D, 4.75% 2/15/25 (MBIA Insured) Aaa 10,000,000 9,316,400
(New York Hosp. Med. Ctr.) 5.25%
2/1/07 (AMBAC Insured) (FHA Guaranteed) Aaa 5,500,000 5,654,550
(New York Univ.) Series A:
5.75% 7/1/15 (MBIA Insured) Aaa 1,250,000 1,368,038
5.75% 7/1/27 (MBIA Insured) Aaa 5,000,000 5,490,150
(St. Joseph's Hosp. Health Ctr.):
6% 7/1/08 (MBIA Insured) Aaa 1,260,000 1,403,804
6% 7/1/09 (MBIA Insured) Aaa 1,500,000 1,665,420
(St. Vincent's Hosp. & Med. Ctr.):
6% 2/1/03 (AMBAC Insured) Aaa 1,820,000 1,945,089
6% 8/1/03 (AMBAC Insured) Aaa 1,875,000 2,017,013
(Univ. Rochester-Strong Memorial Hosp.):
5.10% 7/1/04 A1 1,470,000 1,521,876
5.20% 7/1/05 A1 1,000,000 1,043,480
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Energy Research & Dev. Auth.
Facs. Rev. Rfdg. (Consolidated Edison Co.)
Series A, 6.10% 8/15/20 A1 $ 10,600,000 $ 11,394,364
New York State Energy Research & Dev. Auth.
Gas Facs. Rfdg. (Brooklyn Union Gas Co. Proj.)
Series A, 5.50% 1/1/21 (MBIA Insured) Aaa 1,000,000 1,029,790
New York State Energy Research & Dev. Auth.
Poll. Cont. Rev.:
Rfdg. (New York Gas & Elec.)
Series A, 5.90% 12/1/06 (MBIA Insured) Aaa 1,000,000 1,097,870
(Central Hudson Gas) Series B,
7.375% 10/1/14 (FGIC Insured) Aaa 2,250,000 2,399,490
New York State Envir. Facs. Corp. Poll. Cont. Rev.
(State Wtr. Revolving Fund):
Series A:
6.80% 6/15/01 Aa2 2,000,000 2,145,920
6.90% 6/15/02
(Pre-Refunded to 6/15/01 @ 102) (c) Aaa 835,000 915,895
6.90% 6/15/02 Aaa 265,000 288,336
7% 6/15/12
(Pre-Refunded to 6/15/01 @ 102) (c) Aaa 3,885,000 4,271,791
7%, 6/15/12 Aaa 190,000 207,075
Series B, 5.20% 5/15/14 Aaa 2,220,000 2,282,249
Series C, 5.85% 7/15/15 Aaa 3,060,000 3,252,321
Series D:
5.90% 5/15/01 Aaa 1,000,000 1,047,260
6.30% 5/15/05 Aaa 2,000,000 2,225,380
6.30% 11/15/05 Aaa 2,725,000 3,051,619
Series E:
6.25% 6/15/05
(Pre-Refunded to 6/15/04 @ 101.50) (c) Aa2 900,000 1,003,014
6.25% 6/15/05 Aa2 1,200,000 1,335,180
6.50% 6/15/14
(Pre-Refunded to 6/15/01 @ 102) (c) Aaa 3,370,000 3,660,393
6.50% 6/15/14 Aaa 130,000 139,770
New York State Envir. Facs. Corp. Resource
Recovery Rev. (Huntington Proj.)
Series A, 7.50% 10/1/12
(Pre-Refunded to 10/1/99 @ 102) (b)(c) Baa1 12,500,000 13,178,750
New York State Gen. Oblig. 5.50% 7/15/12 A2 1,000,000 1,048,660
New York State Hsg. Fin. Agcy. Rev.
(St. John Village Proj.) Section 8,
8.25% 5/1/09 - 4,795,000 4,865,966
New York State Local Gov't. Assistance Corp.:
Rfdg.:
Series C, 5.50% 4/1/17 A3 13,675,000 14,445,860
Series E, 5.25% 4/1/16 A3 23,600,000 24,199,392
Series A, 5.80% 4/1/10 A3 4,585,000 4,910,627
Series B, 6% 4/1/18 A3 17,245,000 18,345,576
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Local Gov't. Assistance Corp.: - continued
Series D, 5.375% 4/1/14 A3 $ 4,000,000 $ 4,089,160
New York State Med. Care Facs. Fin. Agcy. Rev.:
Rfdg.:
(Mental Health Svcs. Facs. Impt.)
Series A, 8.875% 8/15/07 A3 1,735,000 1,777,213
(Presbyterian Hosp.) Series A,
5.25% 8/15/14 Aa2 3,000,000 3,059,730
(Long-Term Health Care) Series A,
6.80% 11/1/14 (FSA Insured) Aaa 1,170,000 1,280,939
(Mary Imogene Basset Hosp.) Series A,
7.125% 11/1/20 (MBIA Insured)
(Pre-Refunded to 5/1/01 @102) (c) Aaa 2,290,000 2,517,947
(Mental Health Svcs. Facs. Impt.):
Series A:
7.50% 2/15/21
(Pre-Refunded to 2/15/01 @ 102) (c) Aaa 85,000 93,730
7.50% 2/15/21 Baa1 50,000 54,792
Series B:
7.875% 8/15/20
(Pre-Refunded to 8/15/00 @ 102) (c) Aaa 755,000 828,477
7.875% 8/15/20 Baa1 445,000 484,917
Series D, 7.40% 2/15/18 Baa1 450,000 498,258
(North Shore Univ. Hosp. Mtg. Proj.) Series A:
7.25% 11/1/11 (MBIA Insured) Aaa 3,200,000 3,462,336
7.20% 11/1/20 (MBIA Insured) Aaa 6,000,000 6,536,880
New York State Med. Care Facs. Fin. Agcy. Spl.
Oblig. (Mental Health Care Svcs. Facs. Impt.)
Series A, 8.40% 5/1/06
(Escrowed to Maturity) (c) Aaa 1,000,000 1,257,850
New York State Mtg. Agcy. Rev. (Homeowner Mtg.):
Rfdg. Series 60, 6.05% 4/1/26 (b) Aaa 7,250,000 7,644,255
Series HH-3, 7.95% 4/1/22 (b) Aa2 2,500,000 2,635,525
Series SS, 7.95% 10/1/22 (b) Aa2 2,355,000 2,489,211
Series 53, 5.90% 10/1/17 Aa2 2,000,000 2,099,500
Series 69, 4.70% 4/1/24 (b) Aa2 6,040,000 6,050,389
5.50% 4/1/19 (AMBAC Insured) (b) Aaa 4,500,000 4,562,820
New York State Pwr. Auth. Rev. & Gen. Purp.
Rfdg. Series W, 6.50% 1/1/08
(Escrowed to Maturity) (c) Aa2 250,000 285,488
New York State Thruway Auth. Gen. Rev.:
Rfdg. Series E, 5.25% 1/1/12 Aa3 5,410,000 5,557,368
Series A, 5.80% 1/1/06
(Pre-Refunded to 1/1/02 @ 102) (c) Aa3 3,000,000 3,212,670
Series D, 5.375% 1/1/27 Aa3 3,000,000 3,037,860
New York State Thruway Auth.
Hwy. & Bridge Trust Fund:
Series A, 6.25% 4/1/04 (MBIA Insured) Aaa 7,840,000 8,581,664
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Thruway Auth.
Hwy. & Bridge Trust Fund: - continued
Series B:
6% 4/1/03 (AMBAC Insured) Aaa $ 9,240,000 $ 9,896,225
6% 4/1/04 (MBIA Insured) Aaa 11,195,000 12,115,005
6.40% 4/1/04 (FGIC Insured) Aaa 1,000,000 1,102,060
5.50% 4/1/09 (FSA Insured) Aaa 2,000,000 2,132,280
New York State Thruway Auth. Svc. Contract Rev.
(Local Hwy. & Bridge):
Rfdg. 6% 4/1/11 Baa1 4,000,000 4,325,440
5.75% 4/1/08 Baa1 1,000,000 1,062,890
5.75% 4/1/16 Baa1 13,700,000 14,418,154
New York State Urban Dev. Corp. Rev.:
Rfdg.:
(Correctional Cap. Facs.):
Series A, 6.30%1/1/03 Baa1 700,000 750,666
5.625% 1/1/07 (AMBAC Insured) Aaa 2,000,000 2,129,240
5% 1/1/20 Baa1 6,000,000 5,733,780
(Sports Facs. Assistance Prog.) Series A,
6.25% 4/1/06 (MBIA Insured) Aaa 15,000 16,705
(Syracuse Univ. Ctr.) 5.20% 1/1/03 Baa1 1,000,000 1,028,810
(Correctional Cap. Facs.):
Series 5, 5.90% 1/1/08 Baa1 1,455,000 1,573,699
Niagara Falls (Pub. Impt.):
7.50% 3/1/08 (MBIA Insured) Aaa 995,000 1,224,666
7.50% 3/1/10 (MBIA Insured) Aaa 1,155,000 1,450,264
7.50% 3/1/11 (MBIA Insured) Aaa 1,245,000 1,576,942
7.50% 3/1/16 (MBIA Insured) Aaa 1,060,000 1,367,538
7.50% 3/1/17 (MBIA Insured) Aaa 1,200,000 1,555,188
Niagara Falls Wtr. Treatment Plant
7% 11/1/13 (MBIA Insured) (b) Aaa 1,000,000 1,152,030
North Hemstead Gen. Oblig. Rfdg. Series B,
6.10% 4/1/06 (FGIC Insured) Aaa 2,000,000 2,217,680
Onondaga County Ind. Dev. Agcy. Swr. Facs. Rev.
(Bristol-Meyers Squibb Co. Proj.)
5.75% 3/1/24 (b) Aaa 9,000,000 9,805,320
Rockland County Gen. Oblig. 6% 8/15/05
(AMBAC Insured) Aaa 1,475,000 1,624,772
Suffolk County Gen. Oblig.:
Rfdg. (Southwest Swr. Dist.)
6% 2/1/04 (MBIA Insured) Aaa 4,570,000 4,931,213
Series A, 6% 8/1/05 (AMBAC Insured) Aaa 3,380,000 3,700,221
Suffolk County Ind. Dev. Agcy. Civic Facs. Rev.
(Downing College) 8.25% 12/1/20
(Pre-Refunded to 12/1/00 @ 102) (c) BBB 955,000 1,063,755
Suffolk County Ind. Dev. Agcy. Rev. Rfdg.
(Southwest Swr. Sys.):
6% 2/1/07 (FGIC Insured) Aaa 3,090,000 3,417,046
6% 2/1/08 (FGIC Insured) Aaa 2,500,000 2,779,800
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Suffolk County Wtr. Auth. Wtrwks. Rev. Rfdg.:
(Sr. Lien):
5.10% 6/1/09 (MBIA Insured) Aaa $ 2,000,000 $ 2,080,120
5.10% 6/1/10 (MBIA Insured) Aaa 4,500,000 4,651,740
(Sub-Lien) 6% 6/1/17 (MBIA Insured) Aaa 6,560,000 7,362,485
Series C, 5.75% 6/1/10 (AMBAC Insured)
(Pre-Refunded to 6/1/02 @ 102) (c) Aaa 30,000 32,302
Syracuse Ind. Dev. Agcy. Civic Facs. Rev.
(St. Joseph's Hosp. Health Ctr. Proj.) 7.50%
6/1/18 (Pre-Refunded to 6/1/01 @ 102) (c) Baa1 1,265,000 1,404,567
Syracuse Ind. Dev. Agcy. Parking Facs. Rev.
(Syracuse Econ. Dev. Corp.) Series A, 7.70%
6/1/15 (Pre-Refunded to 6/1/99 @ 102) (c) - 2,445,000 2,572,776
Triborough Bridge & Tunnel Auth.:
Rfdg.:
(Gen. Purp.):
Series B:
6% 1/1/03 Aa3 2,500,000 2,676,025
6% 1/1/04 Aa3 5,000,000 5,399,600
5% 1/1/14 Aa3 2,000,000 2,008,080
Series Q, 6.75% 1/1/09 Aa3 1,000,000 1,177,620
Series Y:
5.50% 1/1/03 Aa3 1,500,000 1,575,735
6% 1/1/12 Aa3 14,110,000 15,900,700
(Convention Ctr. Proj.) Series E:
7.25% 1/1/10 Baa1 9,870,000 11,553,427
6% 1/1/11 Baa1 4,000,000 4,384,560
(Gen. Purp.):
Series A:
6% 1/1/11 Aa3 500,000 557,430
4.75% 1/1/14 Aa3 1,685,000 1,646,784
5.25% 1/1/28 Aa3 5,400,000 5,401,512
Series X, 6.20% 1/1/03 Aa3 1,000,000 1,076,150
Series R, 6% 1/1/20 (MBIA Insured)
(Pre-Refunded to 1/1/00 @ 100) (c) Aaa 90,000 92,743
United Nations Dev. Corp. Rev. Rfdg.
Series B, 5.60% 7/1/26 A2 4,000,000 4,009,880
Upper Mohawk Valley Reg. Wtr. Fin. Auth. Wtr. Sys.
Rev. Rfdg. Series A, 5.125% 10/1/26
(FSA Insured) Aaa 5,000,000 4,967,550
Yonkers Gen. Oblig. Series A:
6% 8/1/04 (FGIC Insured) Aaa 1,020,000 1,107,170
6% 8/1/05 (FGIC Insured) Aaa 1,080,000 1,182,320
1,073,671,845
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (E) AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - 2.6%
New York & New Jersey Port Auth. Consolidated:
Rfdg. 107th Series, 6% 10/15/06 (b) A1 $ 1,530,000 $ 1,672,826
73rd Series, 6.75% 10/15/06 (b) A1 2,000,000 2,127,920
85th Series:
5.20% 9/1/15 A1 2,400,000 2,473,920
5.20% 9/1/16 A1 2,000,000 2,056,680
5.20% 9/1/18 A1 1,675,000 1,714,966
99th Series, 7% 11/1/04 (FGIC Insured) (b) Aaa 5,040,000 5,767,978
109th Series, 5.375% 1/15/32 A1 12,500,000 12,698,750
28,513,040
PUERTO RICO - 1.0%
Puerto Rico Commonwealth Urban Renewal &
Hsg. Corp. Commonwealth Appropriation
Rfdg. 7.875% 10/1/04 Baa 6,270,000 6,631,528
Puerto Rico Tel. Auth. Rev. 7.11% 1/6/15
(MBIA Insured) INFL (d) Aaa 4,800,000 5,097,456
11,728,984
TOTAL MUNICIPAL BONDS
(Cost $1,059,877,800) 1,113,913,869
MUNICIPAL NOTES (A) - 1.3%
NEW YORK - 1.3%
Long Island Pwr. Auth. Elec. Sys. Rev. Series 6, 3.70%,
LOC ABN-AMRO Bank, VRDN VMIG 1 2,400,000 2,400,000
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.
Series C, 2.70% (FGIC Insured) VRDN VMIG 1 4,200,000 4,200,000
New York State Dorm Auth. Rev. (Oxford Univ.
Press, Inc.) 3.40%, LOC Landesbank
Hessen-Thuringen, VRDN VMIG 1 1,720,000 1,720,000
New York State Energy Research & Dev. Auth.
Poll. Cont. Rev.:
Rfdg. (New York State Elec. & Gas Corp.)
Series B, 3.40%,
LOC Union Bank of Switzerland, VRDN VMIG 1 5,100,000 5,100,000
(Niagara Mohawk Pwr. Co. Proj.) Series A,
3.35%, LOC Citibank, NA, VRDN P-1 1,400,000 1,400,000
TOTAL MUNICIPAL NOTES
(Cost $14,820,000) 14,820,000
TOTAL INVESTMENTS - 100%
(Cost $1,074,697,800) $ 1,128,733,869
SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(c) Security collateralized by an amount sufficient to pay interest
and principal.
(d) 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.
(e) Standard & Poor's credit ratings are used in the absence of a
rating by Moody's Investors Service, Inc.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total
value of investment in securities, is as follows:
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 80.0% AAA, AA, A 80.5%
Baa 17.6% BBB 13.7%
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 0.6%
The distribution of municipal securities by revenue source, as a
percentage of total value of investment in securities, is as follows:
General Obligation 37.1%
Special Tax 13.7
Transportation 11.9
Education 8.0
Water & Sewer 7.1
Escrowed/Pre-Refunded 5.1
Others (individually less than 5%) 17.1
TOTAL 100.0%
INCOME TAX INFORMATION
At July 31, 1998, the aggregate cost of investment securities for
income tax purposes was $1,074,697,800. Net unrealized appreciation
aggregated $54,036,069, of which $54,619,832 related to appreciated
investment securities and $583,763 related to depreciated investment
securities.
At January 31, 1998, the fund had a capital loss carryforward of
approximately $4,544,418 which will expire on January 31, 2003. All of
the loss carryforwards were acquired in the merger and is available to
offset future capital gains of the fund to the extent provided by
regulations (see Note 7 of Notes to Financial Statements).
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JULY 31, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (COST $1,074,697,800) - $ 1,128,733,869
SEE ACCOMPANYING SCHEDULE
RECEIVABLE FOR FUND SHARES SOLD 223,602
INTEREST RECEIVABLE 15,694,191
TOTAL ASSETS 1,144,651,662
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 14,764,201
PAYABLE FOR FUND SHARES REDEEMED 618,287
DISTRIBUTIONS PAYABLE 912,895
ACCRUED MANAGEMENT FEE 404,676
OTHER PAYABLES AND ACCRUED EXPENSES 176,188
TOTAL LIABILITIES 16,876,247
NET ASSETS $ 1,127,775,415
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,067,924,364
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) 5,814,982
ON INVESTMENTS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 54,036,069
NET ASSETS, FOR 88,166,922 SHARES OUTSTANDING $ 1,127,775,415
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $12.79
SHARE ($1,127,775,415 (DIVIDED BY) 88,166,922 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
INTEREST INCOME $ 29,430,256
EXPENSES
MANAGEMENT FEE $ 2,159,552
TRANSFER AGENT FEES 570,517
ACCOUNTING FEES AND EXPENSES 163,905
CUSTODIAN FEES AND EXPENSES 33,181
REGISTRATION FEES 190,267
LEGAL 3,344
MISCELLANEOUS 7,643
TOTAL EXPENSES BEFORE REDUCTIONS 3,128,409
EXPENSE REDUCTIONS (192,657) 2,935,752
NET INTEREST INCOME 26,494,504
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES 11,840,178
FUTURES CONTRACTS (322,110) 11,518,068
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (20,967,524)
FUTURES CONTRACTS (117,600) (21,085,124)
NET GAIN (LOSS) (9,567,056)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 16,927,448
FROM OPERATIONS
OTHER INFORMATION
EXPENSE REDUCTIONS
CUSTODIAN CREDITS $ 5,112
TRANSFER AGENT CREDITS 3,803
FMR REIMBURSEMENT 183,742
$ 192,657
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
JULY 31, 1998 JANUARY 31,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 26,494,504 $ 22,142,700
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 11,518,068 7,178,566
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (21,085,124) 14,463,710
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 16,927,448 43,784,976
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS (26,494,504) (22,142,700)
FROM NET INTEREST INCOME
FROM NET REALIZED GAIN (3,067,887) (689,878)
TOTAL DISTRIBUTIONS (29,562,391) (22,832,578)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) (NOTE 6) 6,742,735 711,644,417
TOTAL INCREASE (DECREASE) IN NET ASSETS (5,892,208) 732,596,815
NET ASSETS
BEGINNING OF PERIOD 1,133,667,623 401,070,808
END OF PERIOD $ 1,127,775,415 $ 1,133,667,623
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JANUARY 31,
JULY 31, 1998
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 12.940 $ 12.290 $ 12.540 $ 11.370 $ 13.050 $ 12.660
BEGINNING OF PERIOD
INCOME FROM INVESTMENT .301 .624 .629 .635 .673 .714
OPERATIONS
NET INTEREST INCOME
NET REALIZED AND (.115) .670 (.246) 1.177 (1.440) .850
UNREALIZED GAIN (LOSS)
TOTAL FROM INVESTMENT .186 1.294 .383 1.812 (.767) 1.564
OPERATIONS
LESS DISTRIBUTIONS
FROM NET (.301) (.624) (.631) D (.642) D (.673) (.714)
INTEREST INCOME
FROM NET (.035) (.020) (.002) D - (.210) (.460)
REALIZED GAIN
IN EXCESS OF NET - - - - (.030) -
REALIZED GAIN
TOTAL DISTRIBUTIONS (.336) (.644) (.633) (.642) (.913) (1.174)
NET ASSET VALUE, $ 12.790 $ 12.940 $ 12.290 $ 12.540 $ 11.370 $ 13.050
END OF PERIOD
TOTAL RETURN B, C 1.47% 10.82% 3.22% 16.29% (5.78)% 12.70%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 1,127,775 $ 1,133,668 $ 401,071 $ 433,678 $ 394,234 $ 491,421
(000 OMITTED)
RATIO OF EXPENSES TO .53% A, E .55% E .59% .59% .58% .58%
AVERAGE NET ASSETS
RATIO OF EXPENSES TO .53% A .55% .59% .58% F .58% .58%
AVERAGE NET ASSETS AFTER
EXPENSE REDUCTIONS
RATIO OF NET INTEREST 4.75% A 4.97% 5.15% 5.26% 5.77% 5.45%
INCOME TO AVERAGE
NET ASSETS
PORTFOLIO TURNOVER RATE 32% A 43% G 44% 83% 34% 70%
</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 (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES.
E 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 (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
G THE PORTFOLIO TURNOVER RATE DOES NOT INCLUDE THE ASSETS ACQUIRED IN
THE MERGER.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To measure a money market fund's 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
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.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1998 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND
SPARTAN NY MUNICIPAL MONEY MARKET 1.55% 3.21% 15.86% 31.99%
NEW YORK TAX-FREE 1.45% 3.00% 14.81% N/A
MONEY MARKET FUNDS AVERAGE
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 36 mutual
funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1998 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
SPARTAN NY MUNICIPAL MONEY MARKET 3.21% 2.99% 3.32%
NEW YORK TAX-FREE 3.00% 2.80% N/A
MONEY 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
8/3/98 4/27/98 2/2/98 11/3/97 7/28/97
SPARTAN NEW YORK 3.07% 3.59% 3.12% 3.24% 3.22%
MUNICIPAL MONEY MARKET
NEW YORK TAX-FREE MONEY 2.91% 3.34% 2.92% 3.04% 3.01%
MARKET FUNDS AVERAGE
SPARTAN NEW YORK 5.41% 6.32% 5.49% 5.71% 5.67%
MUNICIPAL MONEY MARKET -
TAX-EQUIVALENT
Row: 1, Col: 1, Value: 3.07
Row: 1, Col: 2, Value: 2.91
Row: 2, Col: 1, Value: 3.59
Row: 2, Col: 2, Value: 3.34
Row: 3, Col: 1, Value: 3.12
Row: 3, Col: 2, Value: 2.92
Row: 4, Col: 1, Value: 3.24
Row: 4, Col: 2, Value: 3.04
Row: 5, Col: 1, Value: 3.22
Row: 5, Col: 2, Value: 3.01
4% -
3% -
2% -
1% -
0%
Spartan New York
Municipal Money
Market
New York Tax-Free
Money Market
Funds Average
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
chart 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 1998 federal, state and New York City
income tax rate of 43.21%. 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.
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.
(checkmark)
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Diane McLaughlin, Portfolio Manager of Spartan New
York Municipal Money Market Fund
Q. DIANE, WHAT WAS THE INVESTING ENVIRONMENT LIKE OVER THE PAST SIX
MONTHS?
A. A unique combination of strong economic growth with an increasingly
tight labor market amidst benign inflation provided the backdrop for
the period. Overall, financial conditions have been very accommodating
for growth, as evidenced by stock prices that rose during most of the
past six months, low interest rates and easy credit. Positive consumer
sentiment during the period was at an all-time high. Strong consumer
spending and business investment resulted in preliminary estimates
showing that real GDP - gross domestic product adjusted for inflation
- - grew at a rate of 3.5% in the first half of 1998. Employment was
strong, with U.S. unemployment dropping to a 28-year low of 4.3% in
April. Low unemployment generally leads to increased prices at the
consumer level. However, labor cost pressures were contained because
increased compensation was offset by productivity improvements. In
addition, prices at the producer level declined, while prices at the
consumer level rose only marginally.
Q. HOW DID THESE FACTORS AFFECT MONETARY POLICY?
A. At the beginning of the period, many market participants believed
the Asian financial crisis would cause a significant slowdown in the
U.S. economy. In fact, many observers began to expect the Federal
Reserve Board to lower short-term rates in order to bolster economic
growth. When first-quarter economic data failed to show evidence of a
slowdown, however, fears of a rate increase were re-ignited. While the
Asian crisis has dampened U.S. net exports, the slowdown hasn't been
enough to offset the strength in domestic demand. As a result, the Fed
has indicated that it is biased toward raising rates if signs of
inflation emerge.
Q. WHAT WAS YOUR STRATEGY AS THIS SCENARIO UNFOLDED?
A. The fund's average maturity rolled down during the period and
remained shorter than most of its competitors. Supply and demand
factors helped dictate this strategy. There has been a tremendous
amount of issuance of short-term variable-rate demand notes in the
market, while fixed-rate, one-year notes haven't been as plentiful. To
attract buyers, issuers of the variable-rate paper have had to offer
yields that actually have been higher than those provided by
longer-term, one-year notes. Because of this situation, I built up the
fund's demand-note position to take advantage of those higher yields.
This strategy fit in nicely with my interest-rate outlook, because
keeping a shorter average maturity enabled me to keep the fund fairly
nimble if the Fed had stepped in to raise rates in response to, or in
anticipation of, signs of emerging inflation.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1998, was 3.10%, the same as
it was six months ago. The latest yield was the equivalent of a 5.46%
taxable yield for New York investors in the 43.21% combined federal
and state tax bracket. Through July 31, 1998, the fund's six-month
total return was 1.55%, compared to 1.45% for the New York tax-free
money market funds average, according to IBC Financial Data, Inc.
Q. WHAT'S YOUR OUTLOOK?
A. The economy slowed in the second quarter due to continued weakening
in net exports, record inventories built up in the first quarter and
the General Motors strike. These factors should be temporary, however,
with growth picking up again in the second half of 1998. Employment
continues to be strong, and these tight labor markets might spark
inflationary pressures that could cause the Fed to raise interest
rates. The Fed remains vigilant regarding inflation, watching two
opposing factors closely. On the one hand, growth remains quite
strong, a situation that could lead the Fed to raise rates. On the
other hand, the Asian situation has had a bigger impact than expected,
increasing the possibility of a Fed interest-rate cut. Because it is
uncertain which factor will prevail, I intend to maintain a neutral
stance with the fund's maturity.
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. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
FUND FACTS
GOAL: tax-free income by
investing in short-term
municipal money market
securities of all types
FUND NUMBER: 422
TRADING SYMBOL: FSNXX
START DATE: February 3, 1990
SIZE: as of July 31, 1998,
more than $813 million
MANAGER: Diane McLaughlin,
since 1997; manager, various
Fidelity and Spartan municipal
money market funds; joined
Fidelity in 1992
(checkmark)
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
7/31/98 1/31/98 7/31/97
0 - 30 77 65 74
31 - 90 13 21 13
91 - 180 3 9 6
181 - 397 7 5 7
WEIGHTED AVERAGE MATURITY
7/31/98 1/31/98 7/31/97
SPARTAN NEW YORK
MUNICIPAL MONEY MARKET 35 DAYS 42 DAYS 39 DAYS
NEW YORK TAX-FREE
MONEY MARKET FUNDS AVERAGE* 47 DAYS 44 DAYS 49 DAYS
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JULY 31, 1998 AS OF JANUARY 31, 1998
Row: 1, Col: 1, Value: 70.0
Row: 1, Col: 2, Value: 15.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 13.0
Row: 1, Col: 5, Value: 1.0
Row: 1, Col: 6, Value: 25.8
Row: 1, Col: 1, Value: 59.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 17.0
Row: 1, Col: 5, Value: 1.0
Variable rate demand
notes (VRDNs) 70%
Commercial paper
(including CP mode) 15%
Tender bonds 2%
Municipal notes 13%
Other 0%
Variable rate demand
notes (VRDNs) 59%
Commercial paper
(including CP mode) 21%
Tender bonds 2%
Municipal notes 17%
Other 1%
*SOURCE: IBC'S MONEY FUND REPORT(registered trademark)
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1998 (UNAUDITED)
Showing Percentage of Investment in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 93.2%
Albany County Arpt. Auth.
Participating VRDN, Series FR-7, 3.70%
(Liquidity Facility Bank of New York) (b)(c) $ 2,500,000 $ 2,500,000
Amherst Ind. Dev. Auth. (Maple Dev. Proj.) Series 1986,
3.60%, LOC Marine Midland Bank, NA, VRDN (b) 5,095,000 5,095,000
Babylon Ind. Dev. Rev. (Southern Container Corp.) 3.65%,
LOC Fleet Bank, NA, VRDN (b) 3,000,000 3,000,000
Buffalo Gen. Oblig. RAN 4.40% 8/5/98,
LOC Landesbank Hessen-Thurigen 8,000,000 8,000,496
Chemung County Ind. Dev. Agcy. Ind. Dev. Rev.
(MMARS Second Prog.) (Troyer Products Inv.) Series A,
3.60%, LOC Marine Midland Bank, NA, VRDN 2,400,000 2,400,000
Dutchess County Ind. Dev. Auth.
(Toys "R" Us/Nytex, Inc. Proj.) 3.675%,
LOC Bankers Trust Co., VRDN 500,000 500,000
East Greenbush Gen. Oblig. BAN 3.90% 6/24/99 2,800,000 2,806,040
Erie County Gen. Oblig. RAN Series B, 4.50% 10/29/98,
LOC United Bank of Switzerland 4,100,000 4,106,546
Erie County Ind. Dev. Auth., VRDN:
(Canfibre of Lackawanna) Series 1997, 3.50%
(Bayerische Landesbank Girozentrale Guaranteed) (b) 22,000,000
22,000,000
(Niagara Envelope Co. Proj.) 3.60%,
LOC Bankers Trust Co. (b) 1,700,000 1,700,000
(Uniland Dev./Buffalo Campus) Series 1986 D, 3.60%,
LOC Marine Midland Bank, NA (b) 1,230,000 1,230,000
Herkimer County Ind. Dev. Auth.
(H.M. Quackenbush, Inc.) Series 1988 A, 3.60%,
LOC Marine Midland Bank, NA, VRDN (b) 890,000 890,000
Islip Ind. Dev. Agcy. Rev. (Interstate Litho Corp.) Series 1996 A,
3.60%, LOC Marine Midland Bank, NA, VRDN (b) 1,200,000 1,200,000
Lewis County Ind. Dev. Agcy. Ind. Dev. Rev. Rfdg.
(Philip Morris Proj.) 3.55%, VRDN 1,300,000 1,300,000
Long Island Pwr. Auth. Elec. Sys. Sub. Rev.:
Bonds Series 3, 3.75% 8/19/98,
LOC Bayerische Landesbank Girozentrale, CP mode 4,300,000 4,300,000
VRDN:
Series 1, 3.55%,
LOC Bayerische Landesbank Girozentrale 4,300,000 4,300,000
Series 2, 3.60%,
LOC Bayerische Landesbank Girozentrale 4,200,000 4,200,000
Long Island Pwr. Auth. Participating VRDN (c):
Series PT-1043, 3.75%
(Liquidity Facility Merrill Lynch & Co.) 4,300,000 4,300,000
Series 983205, 3.67% (FSA Insured)
(Liquidity Facility Citibank, NA) 5,500,000 5,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Monroe County Arpt. Auth. Participating VRDN,
Series PT-98, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b)(c) $ 1,500,000 $
1,500,000
Monroe County Gen. Oblig. BAN 4% 7/23/99 6,400,000 6,424,098
Monroe County Ind. Dev. Agcy. Rev., VRDN:
(AJL Manufacturing) Series 1996 A, 3.60%,
LOC Marine Midland Bank, NA (b) 1,900,000 1,900,000
(Advent Tool & Mold) Series 1990 D, 3.60%,
LOC Marine Midland Bank, NA (b) 950,000 950,000
(Flower City Proj.) 3.76%, LOC Key Bank, NA (b) 3,200,000 3,200,000
(Illbruck Office Prod.) Series 1997, 3.55%,
LOC Key Bank, NA (b) 1,200,000 1,200,000
(JMT Prop. Proj.) Series 1988 B, 3.60%,
LOC Marine Midland Bank, NA (b) 1,220,000 1,220,000
Nassau County Gen. Oblig. BAN:
Series 1998 A, 4.25% 8/17/98 9,240,000 9,242,499
Series 1998 B, 4% 8/17/98 10,800,000 10,801,859
New York City Gen. Oblig.:
Bonds:
Series H, 3.75% 8/1/98 5,060,000 5,060,000
Series H-3:
3.25% 8/7/98 (FSA Insured)
(BPA State Street Bank & Trust Co.) CP mode 1,000,000 1,000,000
3.60% 10/8/98 (FSA Insured)
(BPA State Street Bank & Trust Co.) CP mode 1,500,000 1,500,000
Series L:
4.75% 8/1/98 (Escrowed to Maturity) (c) 3,925,000 3,925,000
4.75% 8/1/98 2,575,000 2,575,000
Series 1994 H-5, 3.60% 10/5/98 (MBIA Insured)
(BPA Landesbank Hessen-Thuringen) CP mode 4,300,000 4,300,000
Series 1994 H-6:
3.60% 9/16/98 (MBIA Insured)
(BPA Rabobank Nederland Coop) CP mode 2,500,000 2,500,000
3.55% 9/23/98 (MBIA Insured)
(BPA Rabobank Nederland Coop) CP mode 1,400,000 1,400,000
Series 1995 B-9, 3.50% 8/27/98,
LOC Chase Manhattan Bank, CP mode 4,300,000 4,300,000
Series 1996 J-3, 3.80% 8/10/98,
LOC Morgan Guaranty Trust Co., CP mode 3,000,000 3,000,000
Participating VRDN (c):
Series PT-1027, 3.75% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) 4,300,000 4,300,000
Series PT-1042, 3.78% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) 4,300,000 4,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: - continued
VRDN:
Series B, 3.45% (FGIC Insured)
(BPA FGIC Security Purchase, Inc.) $ 3,900,000 $ 3,900,000
Series 1992 B, 3.85% (FGIC Insured)
(Liquidity Facility FGIC Special Purchase, Inc.) 2,900,000
2,900,000
Series 1992 D:
3.40% (FGIC Insured)
(BPA FGIC Security Purchase, Inc.) 26,100,000 26,100,000
3.50% (FGIC Insured)
(BPA FGIC Security Purchase, Inc.) 3,200,000 3,200,000
Series 1994 A-7, 3.70%,
LOC Morgan Guaranty Trust Co. 350,000 350,000
Series 1994 A-10, 3.60%,
LOC Morgan Guarantee Trust Co. 1,200,000 1,200,000
Series 1994 B-2, 3.85%,
LOC Morgan Guaranty Trust Co. 2,800,000 2,800,000
Series 1994 B-3, 3.85%,
LOC Morgan Guaranty Trust Co. 2,400,000 2,400,000
Series 1994 E-2, 3.70%,
LOC Morgan Guaranty Trust Co. 1,800,000 1,800,000
Series 1995 B-8, 3.30%,
LOC Bayer Landesbank Girozentral 18,100,000 18,100,000
New York City Health & Hosp. Corp. Health Sys.
Series 1997 A, 3.60%, LOC Morgan Guaranty
Trust Co., VRDN 12,000,000 12,000,000
New York City Hsg. Dev. Corp. Mtg. Rev.
(York Ave. Proj.) Series 1994 A, 3.50%,
LOC Marine Midland Bank, NA, VRDN (b) 10,650,000 10,650,000
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., VRDN:
(Carnegie Park) Series 1997 A, 3.50%
(Fannie Mae Guaranteed) 11,300,000 11,300,000
(Gerard Court Proj.) Series 1997 A, 3.45%, LOC Bayerische
Hypotheken und Wechsel Bank (b) 3,500,000 3,500,000
(Tribeca Tower) Series 1997 A, 3.50%
(Fannie Mae Guaranteed) (b) 1,500,000 1,500,000
New York City Hsg. Dev. Corp. Multi-Family Mtg. Rev., VRDN:
(400 West 59th St. Proj.):
3.45%, LOC Bayerische Hypotheken und
Wechsel Bank (b) 2,200,000 2,200,000
3.45%, LOC Bayerische Landesbank Girozentrale (b) 6,100,000
6,100,000
3.55%, LOC Bayerische Hypotheken und
Wechsel Bank (b) 4,200,000 4,200,000
(West 43rd Street Dev.) Series 1996 B, 3.45%,
LOC Fleet Bank, NA 19,000,000 19,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Ind. Dev. Agcy.
Participating VRDN (c):
Series 1996 H, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) $ 1,695,000 $ 1,695,000
Series 1997 E, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 4,460,000 4,460,000
Series 1997 H, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 3,260,000 3,260,000
(Korean Airlines Proj.) Series 1997 B,
3.45%, LOC Bankers Trust Co., VRDN (b) 4,100,000 4,100,000
New York City Ind. Dev. Auth. Civic Facs. Rev.
(Columbia Grammar & Prep. School Proj.) Series 1994,
3.40%, LOC Chase Manhattan Bank, VRDN 3,100,000 3,100,000
New York City Metropolitan Trans. Auth.
Participating VRDN (c):
Series 96C3201, 3.64%
(Liquidity Facility Citibank, NA) 17,175,000 17,175,000
Series 983203, 3.67%
(Liquidity Facility Citibank, NA) 4,900,000 4,900,000
New York City Metropolitan Trans. Auth. Commuter Facs. Rev.
Participating VRDN (c):
Series PT-126, 3.78%
(Liquidity Facility Merrill Lynch & Co.) 1,760,000 1,760,000
Series PT-1006, 3.78%
(Liquidity Facility Merrill Lynch & Co.) 7,400,000 7,400,000
New York City Muni. Assistance Corp. Participating VRDN,
Series FR/RI-A11, 3.65% (Liquidity Facility Nat'l.
Westminster Bank, PLC) (c) 4,300,000 4,300,000
New York City Muni. Wtr. Fin. Auth., CP:
Series 1:
3.60% 9/8/98,
LOC Canadian Imperial Bank of Commerce 10,000,000 10,000,000
3.60% 9/11/98,
LOC Canadian Imperial Bank of Commerce 3,500,000 3,500,000
3.60% 9/11/98,
LOC Canadian Imperial Bank of Commerce 9,000,000 9,000,000
3.65% 9/11/98,
LOC Canadian Imperial Bank of Commerce 4,300,000 4,300,000
Series 3, 3.60% 11/5/98, LOC Bank of Nova Scotia 2,200,000
2,200,000
Series 4, 3.60% 11/5/98,
LOC Credit Suisse FirstBoston 3,000,000 3,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin. Auth., CP: - continued
Series 5-A:
3.60% 10/13/98,
LOC Bayerische Landesbank Girozentrale $ 7,800,000 $ 7,800,000
3.60% 10/14/98,
LOC Bayerische Landesbank Girozentrale 3,500,000 3,500,000
Series 5-B, 3.60% 11/20/98, LOC Bayerische
Landesbank Girozentrale 4,700,000 4,700,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys.
Rev. Series 1995 A, 3.90% (FGIC Insured)
(BPA FGIC Security Purchase, Inc.) VRDN 1,000,000 1,000,000
New York City Muni. Wtr. & Swr. Rev. Participating VRDN (c):
Series SGB-25, 3.70%
(Liquidity Facility Societe Generale, France) 14,000,000 14,000,000
Series SGB-26, 3.70%
(Liquidity Facility Societe Generale, France) 7,100,000 7,100,000
New York City Trust for Cultural Resources
(The Jewish Museum) 3.90%,
LOC Sumitomo Bank, Ltd., VRDN 100,000 100,000
New York State Dorm Auth.:
Bonds (Sloan-Kettering Cancer Center) Series 1989 B:
3.25% 8/7/98, LOC Chase Manhattan Bank, CP mode 2,600,000
2,600,000
3.75% 9/8/98, LOC Chase Manhattan Bank, CP mode 3,200,000
3,200,000
3.70% 9/9/98, LOC Chase Manhattan Bank, CP mode 1,000,000
1,000,000
Participating VRDN (c):
Series 97C3201, 3.62%
(Liquidity Facility Citibank, NA) 5,000,000 5,000,000
Series 97C3202, 3.62%
(Liquidity Facility Citibank, NA) 2,700,000 2,700,000
(Oxford Univ. Press, Inc.) Series 1993, 3.70%,
LOC Landesbank Hessen-Thuringen, VRDN 2,200,000 2,200,000
New York State Energy Research & Dev. Auth.:
Participating VRDN (c):
Series FR/RI-9, 3.60% (MBIA Insured)
(Liquidity Facility Bank of New York, NA) 7,800,000 7,800,000
Series 943202, 3.67% (MBIA Insured)
(Liquidity Facility Citibank, NA) 11,600,000 11,600,000
Series 943206, 3.67%
(Liquidity Facility Citibank, NA) (d) 2,700,000 2,700,000
Series 96C3202, 3.64%
(Liquidity Facility Citibank, NA) 5,700,000 5,700,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Energy Research & Dev. Auth.: - continued
(Long Island Lighting) VRDN:
Series 1993 A, 3.45%,
LOC Toronto Dominion Bank (b) $ 23,800,000 $ 23,800,000
Series 1994 A, 3.45%,
LOC United Bank of Switzerland (b) 13,300,000 13,300,000
Series 1995 A, 3.45%
LOC United Bank of Switzerland (b) 16,200,000 16,200,000
New York State Energy Research & Dev. Auth. Poll. Cont. Rev.:
Bonds:
(New York State Elec. & Gas Corp. Proj.)
Series 1985 A, 3.58% tender 3/15/99,
LOC Morgan Guaranty Trust Co. 8,700,000 8,700,000
(Niagra Mohawk Proj.) Series 1985 B, 3.58%
tender 3/1/99, LOC Deutsche Bank 11,750,000 11,750,000
VRDN:
(Hudson Gas & Elec. Corp. Proj.) Series 1985 A, 3.50%,
LOC Morgan Guaranty Trust Co. 4,750,000 4,750,000
(Niagra Mohawk Proj.):
Series 1985 A, 3.85%,
LOC Toronto Dominion Bank 2,470,000 2,470,000
Series 1986 A, 3.75%,
LOC Toronto Dominion Bank (b) 4,600,000 4,600,000
New York State Envir. Facs. Corp. Poll. Cont. Rev.
Participating VRDN, Series PA-174, 3.78%,
LOC Merrill Lynch & Co. (c) 4,995,000 4,995,000
New York State Envir. Quality Bonds Series 1997 A:
3.25% 8/7/98, LOC Bayerische Landesbank Girozentrale,
CP mode 2,000,000 2,000,000
3.60% 10/5/98, LOC Bayerische Landesbank Girozentrale,
CP mode 5,000,000 5,000,000
3.55% 11/13/98, LOC Bayerische Landesbank
Girozentrale, CP mode 4,100,000 4,100,000
New York State Gen. Oblig. Series V, CP:
3.60% 10/8/98 (Liquidity Facility Westdeutsche
Landesbank Girozentrale) 2,600,000 2,600,000
3.60% 10/9/98 (Liquidity Facility Westdeutsche
Landesbank Girozentrale) 9,500,000 9,500,000
3.60% 10/13/98 (Liquidity Facility Westdeutsche
Landesbank Girozentrale) 3,000,000 3,000,000
New York State Hsg. Fin. Agcy. Hsg. Rev., VRDN:
(East 84th St. Proj.) Series 1995 A, 3.55%,
LOC Fleet Bank, NA (b) 1,500,000 1,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Hsg. Fin. Agcy. Hsg. Rev., VRDN: - continued
(240 East 39th St.) Series 1997 A, 3.45%,
LOC Chase Manhattan Bank (b) $ 25,300,000 $ 25,300,000
(250 West 50th St.) Series 1997 A,
3.55% LOC Fleet Bank, NA (b) 10,000,000 10,000,000
(Tribeca Park) Series 1997 A, 3.55%,
LOC Bayerische Hypotheken und Wechsel Bank (b) 16,500,000
16,500,000
New York State Med. Care Facs. Fin. Agcy.
Participating VRDN, Series PT-145A, 3.78%
(Liquidity Facility Merrill Lynch & Co.) (c) 3,700,000 3,700,000
New York State Mtg. Agcy. Homeowner Mtg. Rev.
Participating VRDN (c):
Series FR/RI-24, 3.75%
(Liquidity Facility Bank of New York, NA) (b) 3,000,000 3,000,000
Series PA-29, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 6,000,000 6,000,000
Series PA-87, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 2,580,000 2,580,000
Series PA-153, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 2,640,000 2,640,000
Series PT-11, 3.80%
(Liquidity Facility Commerzbank, Germany) (b) 1,380,000 1,380,000
Series PT-15A, 3.80%
(Liquidity Facility Commerzbank, Germany) (b) 4,500,000 4,500,000
Series PT-15B, 3.80%
(Liquidity Facility Commerzbank, Germany) (b) 2,620,000 2,620,000
Series PT-26, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 1,930,000 1,930,000
Series PT-108, 3.80%
(Liquidity Facility Banco Santander, SA) (b) 2,845,000 2,845,000
Series 1997 G, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 6,080,000 6,080,000
Series 1997 J, 3.65%
(Liquidity Facility First Union Bank) (b) 4,600,000 4,600,000
New York State Pwr. Auth., CP:
Series 1:
3.85% 9/9/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 3,200,000 3,200,000
3.75% 10/6/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 2,200,000 2,200,000
3.60% 10/16/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 4,300,000 4,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Pwr. Auth., CP: - continued
Series 1:
3.65% 10/16/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) $ 4,300,000 $
4,300,000
Series 2, 3.60% 11/10/98
(Liquidity Facility Morgan Guarantee Trust Co.,
Commerz Bank) 4,300,000 4,300,000
New York State Thruway Auth. Bonds
(Highway & Bridge Trust Fund):
Series A, 4.50% 4/1/99 5,665,000 5,696,782
Series 1998 C, 4% 4/1/99 9,445,000 9,466,440
New York State Urban Dev. Corp.Participating VRDN,
Series BT-113, 3.65%
(Liquidity Facility Bankers Trust Co.) (c) 5,342,000 5,342,000
Oneida County Ind. Dev. Agcy. Ind. Dev. Rev. (Utica Corp.)
Series 1996, 3.60%, LOC Fleet Bank, NA, VRDN (b) 2,500,000 2,500,000
Oswego County Ind. Dev. Agcy. Poll. Cont. Rev. Rfdg.
(Philip Morris Co. Proj.) 3.55%, VRDN 5,200,000 5,200,000
Oswego County Ind. Dev. Rev. (Engraph, Inc. Proj.)
Series 1989, 3.60%, LOC SunTrust Bank, VRDN (b) 5,620,000 5,620,000
Oyster Bay Gen. Oblig. BAN 4% 2/25/99 4,850,000 4,862,258
Port Washington School Dist. TAN 4% 6/24/99 2,600,000 2,608,985
Riverhead Central School Dist. BAN Series 1997,
4.25% 12/4/98 3,455,000 3,459,212
Rochester Gen. Oblig.:
BAN Series I, 4% 3/9/99 6,420,000 6,436,064
Bonds 4% 10/1/98 2,490,000 2,490,511
Rockland County Ind. Dev. (INSL-X Prod. Corp. Proj.)
Series 1990, 3.55%, LOC Bank of New York, VRDN (b) 2,675,000
2,675,000
St. Lawrence County Ind. Dev. Agcy. Envir. Impt. Rev.
(Reynolds Metals Proj.) 3.50%,
LOC Royal Bank of Canada, VRDN 5,300,000 5,300,000
Saratoga County Ind. Dev. Agcy. (Spurlock Adhesives, Inc.)
Series 1997 A, 3.76%, LOC Key Bank, NA, VRDN 2,700,000 2,700,000
Schenectady Ind. Dev. Agcy. Rev.
(Super Steel Schenectady Proj.) 3.60%,
LOC Key Bank, NA, VRDN 1,900,000 1,900,000
Seneca County Ind. Dev. Agcy. Rev.
(New York Chiropractic College) Series 1997, 3.45%,
LOC Fleet Bank, NA, VRDN 3,100,000 3,100,000
Southampton School Dist. TAN 3.90% 6/25/99 4,325,000 4,336,248
Suffolk County Gen. Oblig. TAN Series II, 4.50% 9/10/98,
LOC Canadian Imperial Bank of Commerce 15,700,000 15,711,100
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Suffolk County Ind. Dev. Agcy. Rev.
(Maryhaven Center of Hope, Inc.) Series 1997 A, 3.61%,
LOC Key Bank, NA, VRDN $ 2,625,000 $ 2,625,000
776,246,138
NEW YORK & NEW JERSEY - 6.8 %
New York & New Jersey Port Auth.:
CP:
Series A, 3.75% 9/15/98
(Liquidity Facility Bank of Nova Scotia) (b) 1,000,000 1,000,000
Series B, 3.60% 11/12/98
(Liquidity Facility Bank of Nova Scotia) 1,015,000 1,015,000
(Equip. Notes):
Series 1997-1D, 3.55% VRDN 4,500,000 4,500,000
Series 1997-3B, 3.55% VRDN 8,300,000 8,300,000
Series 1997-4B, 3.65% VRDN (b) 2,000,000 2,000,000
Participating VRDN (c):
Series FR/RI-16, 3.65%
(Liquidity Facility Bank of New York) (b) 8,400,000 8,400,000
Series SG-117, 3.80%
(Liquidity Facility Societe Generale, France) (b) 5,800,000
5,800,000
Series 6:
3.70% (Liquidity Facility Societe Generale, France) (b) 7,500,000
7,500,000
3.80% (Liquidity Facility Societe Generale, France) (b) 5,300,000
5,300,000
VRDN:
Series 1991, 3.7365% (b) (d) 9,800,000 9,800,000
3.75% (BPA Morgan Guaranty Trust Co.) 3,350,000 3,350,000
56,965,000
TOTAL INVESTMENTS - 100% $ 833,211,138
Total Cost for Income Tax Purposes $ 833,211,138
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(d) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
New York & New Jersey
Port Auth. Series 1991,
3.7365%, VRDN 6/18/91 $ 9,800,000
New York State Energy
Research & Dev. Auth.
Participating VRDN,
Series 943206, 3.67%
(Liquidity Facility
Citibank,NA) 6/11/98 $ 2,700,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $12,500,000 or 1.5% of net assets (see Note 2 of
Notes to Financial Statements).
INCOME TAX INFORMATION
At January 31, 1998, the fund had a capital loss carryforward of
approximately $141,000 of which $20, $20,930, $50,780, $28,210 and
$41,060 will expire on January 31, 2000, 2001, 2002, 2005 and 2006,
respectively.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JULY 31, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - $ 833,211,138
SEE ACCOMPANYING SCHEDULE
RECEIVABLE FOR FUND SHARES SOLD 3,987,559
INTEREST RECEIVABLE 5,314,874
TOTAL ASSETS 842,513,571
LIABILITIES
PAYABLE TO CUSTODIAN BANK $ 39,116
PAYABLE FOR INVESTMENTS PURCHASED 12,002,367
REGULAR DELIVERY
DELAYED DELIVERY 9,470,638
PAYABLE FOR FUND SHARES PURCHASED 6,696,204
ACCRUED MANAGEMENT FEE 343,329
OTHER PAYABLES AND ACCRUED EXPENSES 2,805
TOTAL LIABILITIES 28,554,459
NET ASSETS $ 813,959,112
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 814,102,806
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (143,694)
NET ASSETS, FOR 814,085,813 SHARES OUTSTANDING $ 813,959,112
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $1.00
SHARE ($813,959,112 (DIVIDED BY) 814,085,813 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
INTEREST INCOME $ 14,525,865
EXPENSES
MANAGEMENT FEE $ 2,022,281
NON-INTERESTED TRUSTEES' COMPENSATION 1,903
TOTAL EXPENSES BEFORE REDUCTIONS 2,024,184
EXPENSE REDUCTIONS (28,405) 1,995,779
NET INTEREST INCOME 12,530,086
NET REALIZED GAIN (LOSS) ON INVESTMENT SECURITIES (2,706)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 12,527,380
OTHER INFORMATION
EXPENSE REDUCTIONS
CUSTODIAN CREDITS $ 6,100
TRANSFER AGENT CREDITS 22,305
$ 28,405
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
JULY 31, 1998 JANUARY 31,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 12,530,086 $ 24,441,162
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (2,706) (41,045)
INCREASE (DECREASE) IN NET UNREALIZED GAIN FROM ACCRETION - (2,163)
OF MARKET DISCOUNT
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 12,527,380 24,397,954
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (12,530,086) (24,441,162)
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE 481,040,904 782,843,921
PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 12,412,775 24,030,268
COST OF SHARES REDEEMED (466,170,672) (764,080,261)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 27,283,007 42,793,928
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 27,280,301 42,750,720
NET ASSETS
BEGINNING OF PERIOD 786,678,811 743,928,091
END OF PERIOD $ 813,959,112 $ 786,678,811
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JANUARY 31,
JULY 31, 1998
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF PERIOD
INCOME FROM INVESTMENT .015 .032 .030 .034 .025 .020
OPERATIONS
NET INTEREST INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST (.015) (.032) (.030) (.034) (.025) (.020)
INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B, C 1.55% 3.26% 3.07% 3.46% 2.56% 1.99%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, $ 813,959 $ 786,679 $ 743,928 $ 676,475 $ 570,708 $ 462,124
END OF PERIOD
(000 OMITTED)
RATIO OF EXPENSES TO .50% A .50% .50% .50% .50% .50%
AVERAGE NET ASSETS
RATIO OF EXPENSES TO .49% A, D .50% .49% D .50% .50% .50%
AVERAGE NET ASSETS
AFTER EXPENSE
REDUCTIONS
RATIO OF NET INTEREST 3.10% A 3.21% 3.03% 3.41% 2.55% 1.97%
INCOME TO AVERAGE
NET ASSETS
</TABLE>
A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND 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 (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
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
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To measure a money market fund's 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. If Fidelity had not reimbursed certain fund expenses, the
past 10 years total returns would have been lower.
CUMULATIVE TOTAL RETURNS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
PERIODS ENDED JULY 31, 1998 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
FIDELITY NY MUNICIPAL MONEY MARKET 1.49% 3.09% 15.13% 40.03%
NEW YORK TAX-FREE MONEY MARKET FUNDS AVERAGE 1.45% 3.00% 14.81% 39.69%
</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 36 New York
tax-free money market funds with similar objectives tracked by IBC
Financial Data, Inc. over the past year.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
FIDELITY NY MUNICIPAL MONEY MARKET 3.09% 2.86% 3.42%
NEW YORK TAX-FREE MONEY MARKET FUNDS AVERAGE 3.00% 2.80% 3.41%
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
8/3/98 4/27/98 2/2/98 11/3/97 7/28/97
NEW YORK MUNICIPAL 2.99% 3.46% 2.99% 3.13% 3.12%
MONEY MARKET
NEW YORK TAX-FREE MONEY 2.91% 3.34% 2.92% 3.04% 3.01%
MARKET FUNDS AVERAGE
NEW YORK MUNICIPAL 5.27% 6.09% 5.27% 5.51% 5.49%
MONEY MARKET TAX-EQUIVALENT
Row: 1, Col: 1, Value: 2.99
Row: 1, Col: 2, Value: 2.91
Row: 2, Col: 1, Value: 3.46
Row: 2, Col: 2, Value: 3.34
Row: 3, Col: 1, Value: 2.99
Row: 3, Col: 2, Value: 2.92
Row: 4, Col: 1, Value: 3.13
Row: 4, Col: 2, Value: 3.04
Row: 5, Col: 1, Value: 3.12
Row: 5, Col: 2, Value: 3.01
New York
Municipal
Money Market
New York Tax-Free
Money Market
Funds Average
4% -
3% -
2% -
1% -
0%
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
chart 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 1998 federal, state and New York City
income tax rate of 43.21%. 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.
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.
(checkmark)
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Diane McLaughlin, Portfolio Manager of Fidelity New
York Municipal Money Market Fund
Q. DIANE, WHAT WAS THE INVESTING ENVIRONMENT LIKE OVER THE PAST SIX
MONTHS?
A. The backdrop for the period was provided by a unique combination of
strong economic growth with an increasingly tight labor market amidst
benign inflation. Overall, financial conditions have been very
accommodating for growth, as evidenced by stock prices that rose
during most of the past six months, low interest rates and easy
credit. Positive consumer sentiment during the period was at an
all-time high. Strong consumer spending and business investment
resulted in preliminary estimates showing that real GDP - gross
domestic product adjusted for inflation - grew at a rate of 3.5% in
the first half of 1998. Employment was strong, with U.S. unemployment
dropping to a 28-year low of 4.3% in April. Low unemployment generally
leads to increased prices at the consumer level. However, labor cost
pressures were contained because increased compensation was offset by
productivity improvements. In addition, prices at the producer level
declined, while prices at the consumer level rose only marginally.
Q. HOW DID THESE FACTORS AFFECT MONETARY POLICY?
A. At the beginning of the period, many market participants believed
the Asian financial crisis would cause a significant slowdown in the
U.S. economy. In fact, many observers began to expect the Federal
Reserve Board to lower short-term rates in order to bolster economic
growth. When first-quarter economic data failed to show evidence of a
slowdown, however, fears of a rate increase were re-ignited. While the
Asian crisis has dampened U.S. net exports, the slowdown hasn't been
enough to offset the strength in domestic demand. As a result, the Fed
has indicated that it is biased toward raising rates if signs of
inflation emerge.
Q. WHAT WAS YOUR STRATEGY AS THIS SCENARIO UNFOLDED?
A. The fund's average maturity rolled down during the period and
remained shorter than most of its competitors. Supply and demand
factors helped dictate this strategy. There has been a tremendous
amount of issuance of short-term variable-rate demand notes in the
market, while fixed-rate, one-year notes haven't been as plentiful. To
attract buyers, issuers of the variable-rate paper have had to offer
yields that actually have been higher than those provided by
longer-term, one-year notes. Because of this situation, I built up the
fund's demand-note position to take advantage of those higher yields.
This strategy fit in nicely with my interest-rate outlook, because
keeping a shorter average maturity enabled me to keep the fund fairly
nimble if the Fed had stepped in to raise rates in response to, or in
anticipation of, signs of emerging inflation.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1998, was 3.01%, compared to
2.98% six months ago. The latest yield was the equivalent of a 5.30%
taxable yield for New York investors in the 43.21% combined federal
and state tax bracket. Through July 31, 1998, the fund's six-month
total return was 1.49%, compared to 1.45% for the New York tax-free
money market funds average, according to IBC Financial Data, Inc.
Q. WHAT'S YOUR OUTLOOK?
A. Continued weakening in net exports, record inventories built up in
the first quarter and the General Motors strike led to a slowdown in
the economy in the second quarter. These factors should be temporary,
however, with growth picking up again in the second half of 1998.
Employment continues to be strong, and these tight labor markets might
spark inflationary pressures that could cause the Fed to raise
interest rates. The Fed remains vigilant regarding inflation, watching
two opposing factors closely. On the one hand, growth remains quite
strong, a situation that could lead the Fed to raise rates. On the
other hand, the Asian situation has had a bigger impact than expected,
increasing the possibility of a Fed interest-rate cut. Because it is
uncertain which factor will prevail, I intend to maintain a neutral
stance with the fund's maturity.
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. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
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 money market
securities of all types
FUND NUMBER: 092
TRADING SYMBOL: FNYXX
START DATE: July 6, 1984
SIZE: as of July 31, 1998,
more than $1.0 billion
MANAGER: Diane McLaughlin,
since 1997; manager, various
Fidelity and Spartan municipal
money market funds; joined
Fidelity in 1992
(checkmark)
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
7/31/98 1/31/98 7/31/97
0 - 30 76 69 74
31 - 90 13 19 13
91 - 180 3 8 6
181 - 397 8 4 7
WEIGHTED AVERAGE MATURITY
7/31/98 1/31/98 7/31/97
FIDELITY NEW YORK MUNICIPAL
MONEY MARKET FUND 38 DAYS 37 DAYS 39 DAYS
NEW YORK TAX-FREE
MONEY MARKET FUNDS AVERAGE* 47 DAYS 44 DAYS 49 DAYS
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF JULY 31, 1998 AS OF JANUARY 31, 1998
Row: 1, Col: 1, Value: 69.0
Row: 1, Col: 2, Value: 16.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 13.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 25.8
Row: 1, Col: 1, Value: 63.0
Row: 1, Col: 2, Value: 20.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 14.0
Row: 1, Col: 5, Value: 1.0
Variable rate demand
notes (VRDNs) 69%
Commercial paper
(including CP mode) 16%
Tender bonds 2%
Municipal notes 13%
Other 0%
Variable rate demand
notes (VRDNs) 63%
Commercial paper
(including CP mode) 20%
Tender bonds 2%
Municipal notes 14%
Other 1%
*SOURCE: IBC'S MONEY FUND REPORT(registered trademark)
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1998 (UNAUDITED)
Showing Percentage of Investment in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 94.7%
Albany County Arpt. Auth.
Participating VRDN, Series FR-7, 3.70%
(Liquidity Facility Bank of New York) (b)(c) $ 2,800,000 $ 2,800,000
Albany County Ind. Dev. Auth. Ind. Dev. Rev.
(Campus Plaza 7, Inc. Proj.) 3.60%,
LOC Marine Midland Bank, NA, VRDN (b) 785,000 785,000
Amherst Ind. Dev. Auth.(Maple Dev. Proj.) Series 1986, 3.60%,
LOC Marine Midland Bank, NA, VRDN (b) 900,000 900,000
Amsterdam Ind. Dev. Rev. (Longview Fiber Co.)
Series 1987, 3.45%, LOC ABN-AMRO Bank, VRDN 1,880,000 1,880,000
Babylon Ind. Dev. Agcy. Resource Recovery Rev.
(Ogden Martin Proj.) Series 1998, 3.35% (FSA Insured)
(Liquidity Facility Chase Manhattan Bank) VRDN 4,420,000 4,420,000
Babylon Ind. Dev. Rev. (Southern Container Corp.) 3.65%,
LOC Fleet Bank, NA, VRDN (b) 3,600,000 3,600,000
Buffalo Gen. Oblig. RAN 4.40% 8/5/98,
LOC Landesbank Hessen-Thurigen 10,000,000 10,000,620
Chautauqua County Ind. Dev. Auth.
(Bush Ind., Inc. Proj.) Series 84, 3.875%,
LOC Mellon Bank, VRDN 600,000 600,000
Chemung County Ind. Dev. Agcy. Ind. Dev. Rev.
(MMARS Second Prog.) (Trayer Products Inv.) Series A, 3.60%,
LOC Marine Midland Bank, NA, VRDN 1,000,000 1,000,000
Chemung County Ind. Dev. Auth. Rev.
(McWayne Inc. Proj.) Series 1992 A, 3.75%,
LOC AmSouth Bank, VRDN (b) 2,490,000 2,490,000
Columbia County Ind. Dev. Auth. Ind. Dev. Rev.
(Philip Morris Proj.) 3.55%, VRDN 1,800,000 1,800,000
East Greenbush Gen. Oblig. BAN 3.90% 6/24/99 3,700,000 3,707,981
Erie County Gen. Oblig. RAN Series B, 4.50% 10/29/98,
LOC United Bank of Switzerland 4,900,000 4,907,823
Erie County Ind. Dev. Auth., VRDN:
(Canfibre of Lackawanna) Series 1997, 3.50%
(Bayerische Landesbank Girozentrale
Guaranteed) (b) 45,000,000 45,000,000
(Nat'l. Wire Products) Series 1988 E, 3.60%,
LOC Marine Midland Bank, NA (b) 280,000 280,000
(Niagara Envelope Co. Proj.) 3.60%,
LOC Bankers Trust Co. (b) 1,600,000 1,600,000
(Uniland Dev./Buffalo Campus) Series 1986 D, 3.60%,
LOC Marine Midland Bank, NA (b) 1,320,000 1,320,000
Hauppauge School Dist. TAN 3.90% 6/29/99 1,000,000 1,002,547
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
Islip Ind. Dev. Agcy. Rev. (Interstate Litho Corp.)
Series 1996 A, 3.60%,
LOC Marine Midland Bank, NA, VRDN (b) $ 1,350,000 $ 1,350,000
Jefferson County Ind. Dev. Agcy. Ind. Dev. Rev.
(Fisher Gauge Facs.) Series 1996, 3.60%,
LOC Fleet Bank, NA, VRDN (b) 2,700,000 2,700,000
Long Island Pwr. Auth. Elec. Sys. Sub. Rev.:
Bonds Series 3:
3.75% 8/19/98,
LOC Bayerische Landesbank Girozentrale, CP mode 5,700,000
5,700,000
3.60% 10/21/98,
LOC Bayerische Landesbank Girozentrale, CP mode 1,500,000
1,500,000
Series 1, 3.55%,
LOC Bayerische Landesbank Girozentrale, VRDN 5,700,000 5,700,000
Series 2, 3.60%,
LOC Bayerische Landesbank Girozentrale, VRDN 9,800,000 9,800,000
Long Island Pwr. Auth. Participating VRDN (c):
Series PT-1043, 3.75%
(Liquidity Facility Merrill Lynch & Co.) 5,700,000 5,700,000
Series 983205, 3.67% (FSA Insured)
(Liquidity Facility Citibank, NA) 7,370,000 7,370,000
Monroe County Arpt. Auth. Participating VRDN, Series PT-98,
3.80% (Liquidity Facility Merrill Lynch & Co.) (b)(c) 1,745,000
1,745,000
Monroe County Gen. Oblig. BAN 4% 7/23/99 8,700,000 8,732,759
Monroe County Ind. Dev. Agcy. Rev., VRDN:
(AJL Manufacturing) Series 1996 A, 3.60%,
LOC Marine Midland Bank, NA (b) 1,900,000 1,900,000
(Advent Tool & Mold) Series 1990 D, 3.60%,
LOC Marine Midland Bank, NA (b) 700,000 700,000
(Flower City Proj.) 3.76%,
LOC Key Bank, NA (b) 4,200,000 4,200,000
(Illbruck Office Prod., Inc.) Series 1997,
3.55%, LOC Key Bank, NA (b) 3,540,000 3,540,000
Nassau County Gen. Oblig. BAN
Series 1998 B, 4% 8/17/98 23,346,000 23,350,008
Nassau County Ind. Dev. Auth.
(CR/PL, Inc. Proj.) Series 1985, 3.90%,
LOC First Nat'l. Bank of Chicago, VRDN 4,930,000 4,930,000
Nassau County Ind. Dev. Auth. Civic Facs. Rev.
(Winthrop Univ. Hosp.) Series 1998, 3.75%,
LOC Morgan Guaranty Trust Co., VRDN 2,000,000 2,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.:
Bonds:
Series H, 3.75% 8/1/98 $ 6,600,000 $ 6,600,000
Series H-3:
3.60% 10/8/98 (FSA Insured)
(BPA State Street Bank & Trust Co.) CP mode 5,500,000 5,500,000
3.60% 10/21/98 (FSA Insured)
(BPA State Street Bank & Trust Co.) CP mode 1,000,000 1,000,000
Series L, 4.75% 8/1/98 3,500,000 3,500,000
Series 1994 H-2, 3.80% 8/13/98 (MBIA Insured)
(BPA Banco De Santander, Puerto Rico) CP mode 2,000,000 2,000,000
Series 1994 H-5, 3.60% 10/5/98 (MBIA Insured)
(BPA Landesbank Hessen-Thuringen) CP mode 6,700,000 6,700,000
Series 1994 H-6, 3.55% 9/23/98 (MBIA Insured)
(BPA Rabobank Nederland Coop) CP mode 1,600,000 1,600,000
Series 1995 B-9:
3.50% 8/27/98,
LOC Chase Manhattan Bank, CP mode 5,700,000 5,700,000
3.60% 11/20/98,
LOC Chase Manhattan Bank, CP mode 2,000,000 2,000,000
Series 1996 J-3, 3.60% 9/16/98,
LOC Morgan Guaranty Trust Co., CP mode 7,700,000 7,700,000
Participating VRDN (c):
Series PT-1027, 3.75% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) 5,700,000 5,700,000
Series PT-1042, 3.78% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) 5,700,000 5,700,000
Series 1994 C-3, 3.67% (Liquidity Facility Citibank, NA)
17,000,000 17,000,000
VRDN:
Series B, 3.45% (FGIC Insured)
(BPA FGIC Security Purchase, Inc.) 3,900,000 3,900,000
Series 1993 B, 3.85% (FGIC Insured)
(Liquidity Facility FGIC Security Purchase, Inc.) 1,000,000
1,000,000
Series 1994 B-3, 3.85%,
LOC Morgan Guaranty Trust Co. 1,900,000 1,900,000
Series 1994 E-2, 3.70%,
LOC Morgan Guaranty Trust Co. 1,400,000 1,400,000
Series 1994 E-5, 3.70%,
LOC Morgan Guaranty Trust Co. 1,700,000 1,700,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Health & Hosp. Corp.
Health Sys. Series 1997 A, 3.60%,
LOC Morgan Guaranty Trust Co., VRDN $ 12,000,000 $ 12,000,000
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., VRDN:
(Gerard Court Proj.) Series 1997 A, 3.45%,
LOC Bayerische Hypotheken-und Wechsel Bank (b) 4,600,000 4,600,000
(Monterey Proj.) Series 1997 A, 3.35%
(Fannie Mae Guaranteed) 10,300,000 10,300,000
(West 43rd St. Dev.) Series 1996 B, 3.45%,
LOC Fleet Bank, NA 25,300,000 25,300,000
(100 Jane St. Dev. Proj.) Series 1995 A, 3.45%,
LOC Fleet Bank, NA (b) 8,900,000 8,900,000
New York City Hsg. Dev. Multi-Family Mtg. Rev.
(400 West 59th St. Proj.) VRDN:
3.45%, LOC Bayerische Hypotheken-und Wechsel (b) 29,800,000
29,800,000
3.45%, LOC Bayerische Hypotheken-und Wechsel (b) 7,000,000
7,000,000
3.55%, LOC Bayerische Hypotheken-und Wechsel (b) 14,900,000
14,900,000
New York City Ind. Dev. Agcy.:
Participating VRDN (c):
Series 1996 H, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 1,795,000 1,795,000
Series 1997 E, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 5,200,000 5,200,000
Series 1997 H, 3.72% (Liquidity Facility Caisse des
Depots et Consignations) (b) 3,740,000 3,740,000
(Korean Airlines Proj.) Series 1997 B,
3.45% LOC Bankers Trust Co., VRDN (b) 5,000,000 5,000,000
New York City Metropolitan Trans. Auth.
Participating VRDN (c):
Series 96C3201, 3.64%
(Liquidity Facility Citibank, NA) 15,800,000 15,800,000
Series 983203, 3.67%
(Liquidity Facility Citibank, NA) 6,700,000 6,700,000
New York City Muni. Assistance Corp.:
Participating VRDN, Series FR/RI-A11, 3.65%
(Liquidity Facility Nat'l. Westminster Bank, PLC) (c) 5,700,000
5,700,000
Series K-2, 3.35%,
LOC Bayerische Landesbank Girozentrale, VRDN 4,300,000 4,300,000
New York City Muni. Wtr. Fin. Auth., CP:
Series 1:
3.60% 9/8/98,
LOC Canadian Imperial Bank of Commerce 11,500,000 11,500,000
3.60% 9/11/98,
LOC Canadian Imperial Bank of Commerce 15,200,000 15,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin. Auth., CP: - continued
Series 1:
3.65% 9/11/98,
LOC Canadian Imperial Bank of Commerce $ 5,700,000 $ 5,700,000
Series 3, 3.60% 11/5/98, LOC Bank of Nova Scotia 3,000,000
3,000,000
Series 4, 3.60% 11/5/98,
LOC Credit Suisse First Boston 6,500,000 6,500,000
Series 5A, 3.60% 10/13/98,
LOC Bayerische Landesbank Girozentrale 10,700,000 10,700,000
Series 5B, 3.60% 11/20/98,
LOC Bayerische Landesbank Girozentrale 4,300,000 4,300,000
New York City Muni. Wtr. & Swr. Rev.
Participating VRDN (c):
Series SGB-25, 3.70%
(Liquidity Facility Societe Generale) 13,600,000 13,600,000
Series SGB-26, 3.70%
(Liquidity Facility Societe Generale) (b) 8,700,000 8,700,000
New York City Trust for Cultural Resources
(The Jewish Museum) 3.90%,
LOC Sumitomo Bank, Ltd., VRDN 200,000 200,000
New York City Wtr. & Swr. Participating VRDN,
Series 953203, 3.62%
(Liquidity Facility Citibank, NA) 5,100,000 5,100,000
New York State Dorm. Auth.:
Bonds:
(Long Island Jewish Med. Ctr.)
4.25% 7/1/99 (MBIA Insured) 4,690,000 4,711,095
(Sloan-Kettering Cancer Center):
Series 1989 A, 3.75% 9/8/98,
LOC Chase Manhattan Bank, CP mode 1,500,000 1,500,000
Series 1989 B, 3.75% 9/8/98,
LOC Chase Manhattan Bank, CP mode 4,300,000 4,300,000
Series 1989-C:
3.70% 9/9/98,
LOC Chase Manhattan Bank, CP mode 6,025,000 6,025,000
3.25% 8/7/98,
LOC Chase Manhattan Bank, CP mode 2,250,000 2,250,000
Series 1989-D, 3.25% 8/7/98,
LOC Chase Manhattan Bank, CP mode 4,395,000 4,395,000
Participating VRDN (c):
Series PA-341, 3.78% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) 2,820,000 2,820,000
Series 97C3202, 3.62% (Liquidity Facility Citibank) 3,400,000
3,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth.: - continued
(Columbia Univ.) Series 1997, 3.60% 9/9/98, CP $ 1,555,000 $
1,555,000
New York State Energy Research & Dev. Auth.
Participating VRDN (c):
Series FR/RI-9, 3.60% (MBIA Insured)
(Liquidity Facility Bank of New York, NA) 10,900,000 10,900,000
Series 943202, 3.67% (MBIA Insured)
(Liquidity Facility Citibank, NA) 15,400,000 15,400,000
Series 943206, 3.67% (Liquidity Facility Citibank, NA) 7,950,000
7,950,000
Series 96C3202, 3.64% (Liquidity Facility Citibank, NA) 8,700,000
8,700,000
(Long Island Lighting Co.) VRDN:
Series 1993, 3.45%, LOC Toronto Dominion Bank (b) 11,800,000
11,800,000
Series 1993 A, 3.45%, LOC Toronto Dominion Bank (b) 6,200,000
6,200,000
Series 1994 A, 3.45%,
LOC United Bank of Switzerland (b) 14,800,000 14,800,000
Series 1995 A, 3.45%,
LOC United Bank of Switzerland (b) 10,800,000 10,800,000
New York State Energy Research & Dev. Auth. Poll. Cont. Rev.:
Bonds:
(Elec. & Gas Corp. Proj.) Series 1985 A,
3.58% tender 3/15/99, LOC Morgan Guarantee
Trust Co. 11,300,000 11,300,000
Series 1985 B, 3.58% tender 3/1/94,
LOC Deutsche Bank 15,000,000 15,000,000
(Central Hudson Gas & Elec.) Series 1985 B, 3.40%,
LOC Deutsche Bank, VRDN 5,000,000 5,000,000
(Hudson Gas & Elec. Corp. Proj.)Series 1985 A, 3.50%,
LOC Morgan Guaranty Trust Co., VRDN 6,500,000 6,500,000
(Niagara Mohawk Proj.) Series 1986 A, 3.75%,
LOC Toronto Dominion Bank, VRDN (b) 6,300,000 6,300,000
New York State Envir. Facs. Corp. Solid Waste Rev.
Rfdg. Bonds (General Elec. Co. Proj.) Series 1987 A,
3.60% 9/11/98, CP mode 1,000,000 1,000,000
New York State Gen. Oblig.:
(Environmental Quality) Series 1986, 3.55% 11/13/98,
LOC Bayerische Landesbank, Landesbank Hessen,
CP mode 5,600,000 5,600,000
Series V, CP:
3.80% 8/10/98 (Liquidity Facility Westdeutsche
Landesbank Girozentrale) 5,700,000 5,700,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Gen. Oblig.: - continued
Series V, CP:
3.60% 10/8/98 (Liquidity Facility Westdeutsche
Landesbank Girozentrale) $ 13,000,000 $ 13,000,000
New York State Hsg. Dev. Corp. Mtg.
Rev. (York Avenue Proj.) Series 1994 A, 3.50%,
LOC Marine Midland Bank, NA, VRDN (b) 15,650,000 15,650,000
New York State Hsg. Fin. Agcy. Hsg. Rev., VRDN:
(East 84th St. Proj.) Series 1995 A, 3.55%,
LOC Fleet Bank, NA (b) 4,700,000 4,700,000
(Liberty View) Series 1997 A, 3.45%
(Fannie Mae Guaranteed) 14,000,000 14,000,000
(Normandie Court I) Series 1991 A, 3.45%,
LOC Landesbank Hessen-Thuringen 3,000,000 3,000,000
(Tribeca Park) Series 1997 A, 3.55%
LOC Bayerische Hypotheken-und Wechsel Bank 3,300,000 3,300,000
(Union Square South) Series 1996 A, 3.55%,
LOC Bayerische Hypotheken-und Wechsel) (b) 19,700,000 19,700,000
(240 East 39th St.) Series 1997 A, 3.45%,
LOC Chase Manhattan Bank, NA (b) 42,500,000 42,500,000
(250 West 50th St. Proj.) Series 1997 A, 3.55%,
LOC Fleet Bank, NA (b) 17,000,000 17,000,000
New York State Med. Care Facs. Fin. Agcy.
Participating VRDN, Series PA-89, 3.78%
(Liquidity Facility Merrill Lynch & Co.) (c) 4,825,000 4,825,000
New York State Mtg. Agcy. Homeowner Mtg. Rev.
Participating VRDN (c):
Series PA-87, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 2,980,000 2,980,000
Series PA-153, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 2,000,000 2,000,000
Series PT-11, 3.80%
(Liquidity Facility Commerzbank, Germany) 6,515,000 6,515,000
Series PT-15 A, 3.80%
(Liquidity Facility Commerzbank, Germany) (b) 6,880,000 6,880,000
Series PT 15-B, 3.80%
(Liquidity Facility Commerzbank, Germany) (b) 3,860,000 3,860,000
Series PT-26, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b) 6,080,000 6,080,000
Series PT-108, 3.80%
(Liquidity Facility Banco Santander, SA) (b) 3,500,000 3,500,000
Series 1997, 3.75% (Liquidity Facility
Bank of New York, NA) (b) 3,400,000 3,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York State Mtg. Agcy. Homeowner Mtg. Rev.
Participating VRDN (c): - continued
Series 1997 G, 3.72% (Liquidity Facility Caisse
des Depots et Consignations) (b) $ 7,085,000 $ 7,085,000
Series 1997 J, 3.65%
(Liquidity Facility First Union Bank) (b) 5,400,000 5,400,000
New York State Pwr. Auth., CP:
Series 1:
3.80% 8/25/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 1,150,000 1,150,000
3.75% 10/6/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 2,800,000 2,800,000
3.60% 10/16/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 5,700,000 5,700,000
3.65% 10/16/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 5,700,000 5,700,000
3.60% 11/10/98 (Liquidity Facility Landesbank
Hessen-Thuringen, Morgan Guarantee Trust Co.) 5,000,000 5,000,000
Series 2, 3.60% 11/10/98
(Liquidity Facility Morgan Guarantee Trust Co.,
Commerz Bank & Trust) 5,700,000 5,700,000
New York State Thruway Auth. Bonds
(Highway & Bridge Trust Fund):
Series A, 4.50% 4/1/99 7,200,000 7,240,393
Series 1998 C, 4% 4/1/99 (d) 12,800,000 12,829,056
New York State Urban Dev. Corp. Participating VRDN (c):
Series BTP-113, 3.65%
(Liquidity Facility Bankers Trust Co.) 14,854,000 14,854,000
Series FR/RI-26, 3.60%
(Liquidity Facility Bank of New York) 8,975,000 8,975,000
Oneida County Ind. Dev. Agcy. Ind. Dev. Rev. (Utica Corp.)
Series 1996, 3.60%, LOC Fleet Bank, NA, VRDN (b) 2,800,000 2,800,000
Oswego County Ind. Dev. Agcy. Poll. Cont. Rev. Rfdg.
(Philip Morris Co. Proj.) 3.55%, VRDN 9,500,000 9,500,000
Oyster Bay Gen. Oblig. BAN 4% 2/25/99 6,150,000 6,165,543
Port Washington School Dist. TAN 4% 6/24/99 3,400,000 3,411,750
Riverhead Central School Dist. BAN
Series 1997, 4.25% 12/4/98 4,300,000 4,305,242
Rochester Gen. Oblig.:
BAN Series I, 4% 3/9/99 9,600,000 9,624,021
Bonds 4% 10/1/98 2,900,000 2,900,595
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
St. Lawrence County Ind. Dev. Agcy. Envir. Impt. Rev.
(Reynolds Metals Proj.) 3.50%,
LOC Royal Bank of Canada, VRDN $ 6,400,000 $ 6,400,000
Saratoga County Ind. Dev. Agcy. (Spurlock Adhesives, Inc.)
Series 1997 A, 3.76%, LOC Key Bank, NA, VRDN 3,150,000 3,150,000
Schenectady Ind. Dev. Agcy. Rev.
(Super Steel Schenectady Proj.)
3.60%, LOC Key Bank, NA, VRDN 2,100,000 2,100,000
Seneca County Ind. Dev. Agcy. Rev.
(New York Chiropractic College) Series 1997, 3.45%,
LOC Fleet Bank, NA, VRDN 3,900,000 3,900,000
Southampton School Dist. TAN 3.90% 6/25/99 5,800,000 5,815,084
Suffolk County Gen. Oblig. TAN Series II, 4.50% 9/10/98,
LOC Canadian Imperial Bank of Commerce 21,380,000 21,395,942
Suffolk County Ind. Dev. Agcy. Rev.
Series 1997 A, 3.61% Maryhaven Center of Hope Inc.,
LOC Key Bank, NA, VRDN 2,980,000 2,980,000
Suffolk County Ind. Dev. Agcy. Ind. Dev. Rev.
(Nissequogue Cogen Partner Facs.) 3.50%,
LOC Toronto-Dominion Bank, VRDN (b) 14,500,000 14,500,000
Triborough Bridge & Tunnel Auth. Spl. Oblig.
Series 1994, 3.35% (FGIC Insured)
(BPA FGIC-Special Purchase, Inc.) VRDN 2,600,000 2,600,000
Wyoming County Ind. Dev. Auth. Ind. Dev. Rev.
(American Precision) Series 1988 A, 3.60%,
LOC Marine Midland Bank, NA, VRDN (b) 520,000 520,000
1,036,444,459
NEW YORK & NEW JERSEY - 5.3 %
New York & New Jersey Port Auth.:
Participating VRDN (c):
Series FR/RI-16, 3.65%
(Liquidity Facility Bank of New York, NA) (b) 9,800,000 9,800,000
Series SG-117, 3.80%
(Liquidity Facility Societe Generale, France) (b) 8,755,000
8,755,000
Series 6:
3.70% (Liquidity Facility Societe Generale, France) 9,100,000
9,100,000
3.80% (Liquidity Facility Societe Generale, France) (b) 6,200,000
6,200,000
(Equip. Notes) VRDN:
Series 1997 1-C, 3.55% 3,800,000 3,800,000
Series 1997 2, 3.65% (b) 1,600,000 1,600,000
Series 1997 3-A, 3.55% 10,200,000 10,200,000
Series A, 3.60% 10/13/98
(Liquidity Facility Bank of Nova Scotia) CP (b) 2,200,000 2,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - CONTINUED
New York & New Jersey Port Auth.: - continued
Series FR-RI-3, 3.65% VRDN (b) $ 2,300,000 $ 2,300,000
3.65% (Liquidity Facility Bank of New York) 3,660,000 3,660,000
57,615,000
TOTAL INVESTMENTS - 100% $ 1,094,059,459
Total Cost for Income Tax Purposes $ 1,094,059,459
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(d) Security purchased on a delayed delivery or when-issued basis (see
Note 2 of Notes to Financial Statements).
INCOME TAX INFORMATION
At January 31, 1998, the fund had a capital loss carryforward of
approximately $124,000 of which $38,000, $3,000, $33,000, and $50,000
will expire on January 31, 2001, 2004, 2005 and 2006, respectively.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JULY 31, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - $ 1,094,059,459
SEE ACCOMPANYING SCHEDULE
CASH 56,261
RECEIVABLE FOR FUND SHARES SOLD 20,927,638
INTEREST RECEIVABLE 7,002,281
TOTAL ASSETS 1,122,045,639
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 12,002,367
REGULAR DELIVERY
DELAYED DELIVERY 12,834,745
PAYABLE FOR FUND SHARES PURCHASED 10,723,336
DISTRIBUTIONS PAYABLE 105,573
ACCRUED MANAGEMENT FEE 347,471
OTHER PAYABLES AND ACCRUED EXPENSES 189,007
TOTAL LIABILITIES 36,202,499
NET ASSETS $ 1,085,843,140
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,085,973,347
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (130,207)
NET ASSETS, FOR 1,085,808,056 SHARES OUTSTANDING $ 1,085,843,140
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $1.00
SHARE ($1,085,843,140 (DIVIDED BY) 1,085,808,056 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
INTEREST INCOME $ 19,210,543
EXPENSES
MANAGEMENT FEE $ 2,086,614
TRANSFER AGENT FEES 879,859
ACCOUNTING FEES AND EXPENSES 75,598
NON-INTERESTED TRUSTEES' COMPENSATION 2,403
CUSTODIAN FEES AND EXPENSES 31,823
REGISTRATION FEES 24,269
AUDIT 29,446
LEGAL 10,777
TOTAL EXPENSES BEFORE REDUCTIONS 3,140,789
EXPENSE REDUCTIONS (21,973) 3,118,816
NET INTEREST INCOME 16,091,727
NET REALIZED GAIN (LOSS) ON INVESTMENT SECURITIES (3,444)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,088,283
OTHER INFORMATION
EXPENSE REDUCTIONS
CUSTODIAN CREDITS $ 9,344
TRANSFER AGENT CREDITS 12,629
$ 21,973
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
JULY 31, 1998 JANUARY 31,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 16,091,727 $ 28,576,683
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (3,444) (52,805)
INCREASE (DECREASE) IN NET UNREALIZED GAIN FROM ACCRETION - (2,400)
OF MARKET DISCOUNT
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 16,088,283 28,521,478
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (16,091,727) (28,576,683)
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE 1,696,708,446 2,792,087,742
PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 15,658,638 27,750,434
COST OF SHARES REDEEMED (1,709,162,674) (2,617,216,206)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM 3,204,410 202,621,970
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 3,200,966 202,566,765
NET ASSETS
BEGINNING OF PERIOD 1,082,642,174 880,075,409
END OF PERIOD $ 1,085,843,140 $ 1,082,642,174
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JANUARY 31,
JULY 31,1998
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF
PERIOD
INCOME FROM .015 .031 .029 .033 .024 .018
INVESTMENT
OPERATIONS
NET INTEREST
INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST (.015) (.031) (.029) (.033) (.024) (.018)
INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B 1.49% 3.13% 2.94% 3.32% 2.44% 1.84%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END $ 1,085,843 $ 1,082,642 $ 880,075 $ 822,866 $ 737,282 $ 608,444
OF PERIOD
(000 OMITTED)
RATIO OF EXPENSES .58% A .61% .61% .62% .60% .62%
TO AVERAGE NET
ASSETS
RATIO OF NET 2.99% A 3.10% 2.89% 3.26% 2.42% 1.83%
INTEREST INCOME
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, 1998 (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 Funds 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 permit management to make certain estimates and
assumptions at the date of the financial statements. Effective March
24, 1998, Fidelity New York Municipal Income Fund changed its name to
Spartan New York Municipal Income Fund. The following summarizes the
significant accounting policies of the money market funds and the
income fund:
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 fund, 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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.
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, capital loss
carryforwards 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.
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.
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.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place a month or more
after the date of the transaction. The price of the underlying
securities is fixed at the time
2. OPERATING POLICIES -
CONTINUED
WHEN-ISSUED SECURITIES - CONTINUED
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 custodial 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.
3. PURCHASES AND SALES OF INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $223,617,878 and $174,619,918, respectively.
The market value of futures contracts opened and closed during the
period amounted to $127,286,545 and $146,267,699, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the investment adviser for Spartan New York
Municipal 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 the 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 fee s were equivalent to annualized
rates of .39% of average net assets for Spartan New York Municipal
Income Fund and Fidelity New York Municipal Money Market Fund.
As Spartan New York Municipal Money Market Fund's investment advisor,
FMR pays all expenses, except the compensation of the non-interested
Trustees and certain exceptions such as interest, taxes, brokerage
commissions and extraordinary expenses. FMR receives a fee that is
computed daily at an annualized 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 collect certain transaction fees
from the fund's shareholders which amounted to $4,674 for the period.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser,
Fidelity Investments Money Management, Inc., a
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
SUB-ADVISER FEE - CONTINUED
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. UMB Bank, n.a. (UMB) is the
custodian and transfer and shareholder servicing agent for Spartan New
York Municipal Income Fund and Fidelity New York Municipal Money
Market Fund. UMB 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 .10% and .16% of average net assets for Spartan New
York Municipal Income Fund and Fidelity New York Municipal Money
Market Fund, respectively.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the income fund's operating
expenses (excluding interest, taxes, brokerage commissions and
extraordinary expenses) above an annual rate of .53% of average net
assets.
In addition, Spartan New York Municipal Income Fund, Fidelity New York
Municipal Money Market Fund and FMR (on behalf of Spartan New York
Municipal Money Market Fund) have entered into arrangements with its
custodians and transfer agents whereby credits realized as a result of
uninvested cash balances were used to reduce a portion of the 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.
6. SHARE TRANSACTIONS.
Share transactions for the income fund were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SHARES DOLLARS SHARES DOLLARS
SIX MONTHS SIX MONTHS YEAR YEAR
ENDED ENDED ENDED ENDED
JANUARY 31, JANUARY 31, JANUARY 31, JANUARY 31,
1998 1998 1998 1998
SHARES SOLD 7,415,342 $ 94,884,807 9,891,184 $ 124,707,337
ISSUED IN EXCHANGE FOR THE - - 24,405,423 315,806,182
NET ASSETS OF SPARTAN
NEW YORK MUNICIPAL
INCOME FUND
ISSUED IN EXCHANGE FOR THE - - 4,167,207 54,257,038
NET ASSETS OF SPARTAN NEW
YORK INTERMEDIATE
MUNICIPAL INCOME FUND
ISSUED IN EXCHANGE FOR THE - - 23,431,479 303,437,659
NET ASSETS OF FIDELITY
NEW YORK INSURED
MUNICIPAL INCOME FUND
REINVESTMENT OF DISTRIBUTIONS 1,853,614 23,690,564 1,508,191 19,001,163
SHARES REDEEMED (8,736,550) (111,832,636) (8,405,380) (105,564,962)
NET INCREASE (DECREASE) 532,406 $ 6,742,735 54,998,104 $ 711,644,417
</TABLE>
7. MERGER INFORMATION.
On January 8, January 15, and January 22, 1998, Fidelity New York
Municipal Income Fund (the fund) acquired all of the assets and
assumed all of the liabilities of Spartan New York Municipal Income
Fund, Spartan New York Intermediate Municipal Income Fund and Fidelity
New York Insured Municipal Income Fund (target funds), respectively.
Each acquisition was approved by the shareholders of the target funds
on December 17, 1997. Based on the opinion of fund counsel, the
reorganizations qualified as tax-free reorganizations for federal
income tax purposes with no gain or loss recognized to the funds to
their shareholders.
The fund's acquisition of Spartan New York Municipal Income Fund was
accomplished by an exchange of 24,405,423 shares of the fund for
28,222,179 shares then outstanding of Spartan New York Municipal
Income fund (each valued at $11.19). Spartan New York Municipal Income
Fund's net assets, including $23,652,998 of unrealized appreciation
were combined with the fund for total net assets after the acquisition
of $769,705,267.
The fund's acquisition of Spartan New York Intermediate Municipal
Income Fund was accomplished by an exchange of 4,167,207 shares of the
fund for 5,277,922 shares then outstanding of Spartan New York
Intermediate Municipal Income Fund (each valued at $10.28). Spartan
New York Intermediate Municipal Income
7. MERGER INFORMATION -
CONTINUED
Fund's net assets, including $3,126,064 of unrealized appreciation
were combined with the fund for total net assets after the acquisition
of $830,969,959.
The fund's acquisition of Fidelity New York Insured Municipal Income
Fund was accomplished by an exchange of 23,431,479 shares of the fund
for 24,974,293 shares then outstanding of Fidelity New York Insured
Municipal Income Fund (each valued at $12.15). Fidelity New York
Insured Municipal Income Fund's net assets, including $21,188,713 of
unrealized appreciation were combined with the fund for total net
assets after the acquisition of $1,130,460,046.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity TouchTone Xpress(registered trademark) provides a single
toll-free number to access account balances, positions, quotes and
trading. It's easy to navigate the service, and on your first call,
the system will help you create a personal identification number (PIN)
for security.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(PHONE_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call Fidelity at
1-800-544-7272 and we'll send you an America Online CD or disk with up
to 50 free hours of Web access.
(PHONE_GRAPHIC)
FIDELITY ON-LINE XPRESS+
TM
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD
AND RETURN WILL VARY AND,
EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS MEANS
THAT YOU MAY HAVE A GAIN
OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO ASSURANCE THAT MONEY
MARKET FUNDS WILL BE ABLE TO
MAINTAIN A STABLE $1 SHARE PRICE; AN INVESTMENT IN A MONEY MARKET FUND
IS NOT INSURED OR
GUARANTEED BY THE U.S. GOVERNMENT. TOTAL RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN SHARE PRICE,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE EFFECTS OF ANY
SALES CHARGES.
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER,
MONEY MARKET FUNDS
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 Lind, Vice President -
INCOME FUND
Diane M. McLaughlin, Vice President -
MONEY MARKET FUNDS
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Thomas D. Maher, 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
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Company, Inc.
Boston, MA
CUSTODIAN
UMB Bank, n.a.
Kansas City, MO
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)
TouchTone Xpress(registered trademark) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE
