SPARTAN(REGISTERED TRADEMARK)
NEW YORK MUNICIPAL
FUNDS
AND
FIDELITY(REGISTERED TRADEMARK)
NEW YORK MUNICIPAL
MONEY MARKET FUND
ANNUAL REPORT
JANUARY 31, 2000
(2_FIDELITY_LOGOS)(registered trademark)
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES
SPARTAN NEW YORK MUNICIPAL
INCOME FUND
4 PERFORMANCE
7 FUND TALK: THE MANAGER'S
OVERVIEW
10 INVESTMENT CHANGES
11 INVESTMENTS
25 FINANCIAL STATEMENTS
SPARTAN NEW YORK MUNICIPAL
MONEY MARKET FUND
29 PERFORMANCE
31 FUND TALK: THE MANAGER'S
OVERVIEW
33 INVESTMENT CHANGES
34 INVESTMENTS
43 FINANCIAL STATEMENTS
FIDELITY NEW YORK MUNICIPAL
MONEY MARKET FUND
47 PERFORMANCE
49 FUND TALK: THE MANAGER'S
OVERVIEW
51 INVESTMENT CHANGES
52 INVESTMENTS
63 FINANCIAL STATEMENTS
NOTES 67 NOTES TO THE FINANCIAL
STATEMENTS
INDEPENDENT AUDITORS' REPORT 72 THE AUDITORS' OPINION.
PROXY VOTING RESULTS 73
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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT
AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-6666
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND
MONEY.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)DEAR SHAREHOLDER:
While no major Y2K glitches disrupted the financial markets to start
the new year, inflation worries re-emerged to hinder stock performance
throughout January. The S&P 500(Registered trademark) and Dow Jones
Industrial Average each fell approximately 5%, while the
technology-oriented NASDAQ Index dropped more than 3% for the month.
In bond markets, the potential for further rate hikes as a pre-emptive
move against inflation continued to be an obstacle to fixed-income
performance.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
The longer your investment time frame, the less likely it is that you
will be affected by short-term market volatility. A 10-year investment
horizon appropriate for saving for a college education, for example,
enables you to weather market cycles in a long-term fund, which may
have a higher risk potential, but also has a higher potential rate of
return.
An intermediate-length fund could make sense if your investment
horizon is two to four years, while a short-term bond fund could be
the right choice if you need your money in one or two years.
If your time horizon is less than a year, you might want to consider
moving some of your bond investment into a money market fund. These
funds seek income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-6666, or visit our
web site at www.fidelity.com. We are available 24 hours a day, seven
days a week to provide you the information you need to make the
investments that are right for you.
Best regards,
Edward C. Johnson 3d
SPARTAN NEW YORK MUNICIPAL INCOME FUND
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate historical performance. You can
look at the total percentage change in value, the average annual
percentage change, or the growth of a hypothetical $10,000 investment.
Total return reflects the change in value of an investment, assuming
reinvestment of the fund's dividend income and capital gains (the
profits earned upon the sale of securities that have grown in value).
You can also look at the fund's income, as reflected in its yield, to
measure performance. If Fidelity had not reimbursed certain fund
expenses, the past five year and past 10 year total returns would have
been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN NY MUNICIPAL INCOME -5.03% 34.47% 88.74%
LB New York 4 Plus Year -4.92% 37.81% n/a
Municipal Bond
New York Municipal Debt Funds -6.63% 27.49% 82.21%
Average
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be
$1,050. You can compare the fund's returns to the performance of the
Lehman Brothers New York 4 Plus Year Municipal Bond Index - a market
value-weighted index of New York investment-grade municipal bonds with
maturities of four years or more. To measure how the fund's
performance stacked up against its peers, you can compare it to the
New York municipal debt funds average, which reflects the performance
of mutual funds with similar objectives tracked by Lipper Inc. The
past one year average represents a peer group of 102 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 JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN NY MUNICIPAL INCOME -5.03% 6.10% 6.56%
LB New York 4 Plus Year -4.92% 6.62% n/a
Municipal Bond
New York Municipal Debt Funds -6.63% 4.95% 6.13%
Average
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)
$10,000 OVER 10 YEARS
Spartan NY Muni Income LB Municipal Bond
00071 LB015
1990/01/31 10000.00 10000.00
1990/02/28 10066.01 10089.00
1990/03/31 10040.02 10092.03
1990/04/30 9932.04 10018.96
1990/05/31 10155.57 10237.67
1990/06/30 10291.61 10327.66
1990/07/31 10463.79 10479.48
1990/08/31 10291.34 10327.32
1990/09/30 10289.56 10333.20
1990/10/31 10350.18 10520.65
1990/11/30 10535.09 10732.22
1990/12/31 10567.69 10778.90
1991/01/31 10711.07 10923.56
1991/02/28 10778.90 11018.59
1991/03/31 10830.05 11022.56
1991/04/30 10983.93 11169.16
1991/05/31 11062.85 11268.45
1991/06/30 11095.31 11257.30
1991/07/31 11269.40 11394.41
1991/08/31 11407.24 11544.48
1991/09/30 11603.22 11694.78
1991/10/31 11722.34 11800.04
1991/11/30 11773.71 11832.96
1991/12/31 11981.92 12086.89
1992/01/31 11878.25 12114.45
1992/02/29 11929.05 12118.33
1992/03/31 11946.23 12122.81
1992/04/30 12060.33 12230.71
1992/05/31 12245.74 12374.66
1992/06/30 12488.71 12582.31
1992/07/31 12876.60 12959.53
1992/08/31 12710.51 12833.17
1992/09/30 12786.03 12917.10
1992/10/31 12586.94 12790.12
1992/11/30 12877.50 13019.20
1992/12/31 13057.67 13152.12
1993/01/31 13218.17 13305.08
1993/02/28 13734.95 13786.33
1993/03/31 13588.02 13640.60
1993/04/30 13725.33 13778.24
1993/05/31 13812.63 13855.67
1993/06/30 14047.00 14086.92
1993/07/31 14059.64 14105.38
1993/08/31 14382.72 14399.05
1993/09/30 14532.47 14563.06
1993/10/31 14543.95 14591.16
1993/11/30 14389.24 14462.61
1993/12/31 14741.49 14767.92
1994/01/31 14897.39 14936.57
1994/02/28 14454.75 14549.71
1994/03/31 13713.70 13957.25
1994/04/30 13825.14 14075.61
1994/05/31 13974.87 14197.64
1994/06/30 13804.17 14110.89
1994/07/31 14095.63 14369.55
1994/08/31 14150.61 14419.27
1994/09/30 13868.81 14207.59
1994/10/31 13540.21 13955.26
1994/11/30 13124.46 13702.95
1994/12/31 13560.05 14004.55
1995/01/31 14036.36 14404.80
1995/02/28 14517.86 14823.70
1995/03/31 14684.59 14994.02
1995/04/30 14713.32 15011.71
1995/05/31 15244.85 15490.74
1995/06/30 15058.66 15355.97
1995/07/31 15149.61 15501.54
1995/08/31 15368.77 15698.10
1995/09/30 15448.53 15797.47
1995/10/31 15735.63 16027.17
1995/11/30 16032.45 16293.06
1995/12/31 16213.87 16449.63
1996/01/31 16322.66 16573.83
1996/02/29 16153.40 16461.95
1996/03/31 15912.33 16251.57
1996/04/30 15862.43 16205.58
1996/05/31 15854.35 16199.10
1996/06/30 16054.81 16375.50
1996/07/31 16192.71 16524.52
1996/08/31 16143.43 16520.56
1996/09/30 16413.19 16751.84
1996/10/31 16620.15 16941.31
1996/11/30 16934.07 17251.33
1996/12/31 16829.50 17178.88
1997/01/31 16848.43 17211.35
1997/02/28 17023.93 17369.35
1997/03/31 16754.52 17137.81
1997/04/30 16909.44 17281.26
1997/05/31 17206.78 17541.17
1997/06/30 17390.67 17727.98
1997/07/31 17940.75 18219.04
1997/08/31 17719.02 18048.33
1997/09/30 17917.53 18262.57
1997/10/31 18048.45 18379.99
1997/11/30 18147.89 18488.07
1997/12/31 18465.87 18757.81
1998/01/31 18670.87 18951.39
1998/02/28 18637.86 18957.08
1998/03/31 18649.60 18973.76
1998/04/30 18489.55 18888.19
1998/05/31 18856.39 19187.19
1998/06/30 18913.97 19262.78
1998/07/31 18945.62 19311.13
1998/08/31 19288.87 19609.49
1998/09/30 19555.49 19853.82
1998/10/31 19541.42 19853.43
1998/11/30 19599.72 19923.11
1998/12/31 19630.99 19973.32
1999/01/31 19875.06 20210.80
1999/02/28 19729.75 20122.48
1999/03/31 19731.79 20150.45
1999/04/30 19775.28 20200.63
1999/05/31 19620.34 20083.66
1999/06/30 19275.39 19794.46
1999/07/31 19338.19 19866.51
1999/08/31 19197.27 19707.58
1999/09/30 19178.81 19715.66
1999/10/31 18909.08 19501.94
1999/11/30 19159.62 19709.44
1999/12/31 18984.71 19562.61
2000/01/31 18874.46 19477.51
IMATRL PRASUN SHR__CHT 20000131 20000209 152958 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Spartan New York Municipal Income Fund on January 31,
1990. As the chart shows, by January 31, 2000, the value of the
investment would have grown to $18,874 - an 88.74% increase on the
initial investment. For comparison, look at how the Lehman Brothers
Municipal Bond Index - a market value-weighted index of
investment-grade municipal bonds with maturities of one year or more -
did over the same period. With dividends reinvested, the same $10,000
would have grown to $19,478 - a 94.78% increase.
(checkmark)UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, generally move in
the opposite direction of
interest rates. In turn, the share
price, return and yield of a
fund that invests in bonds will
vary. That means if you sell
your shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
TOTAL RETURN COMPONENTS
YEARS ENDED JANUARY 31,
2000 1999 1998 1997 1996
Dividend returns 4.44% 4.81% 5.36% 5.20% 5.93%
Capital returns -9.47% 1.64% 5.46% -1.98% 10.36%
Total returns -5.03% 6.45% 10.82% 3.22% 16.29%
TOTAL RETURN COMPONENTS include both dividend returns and capital
returns. A dividend return reflects the actual dividends paid by the
fund. A capital return reflects both the amount paid by the fund to
shareholders as capital gain distributions and changes in the fund's
share price. Both returns assume the dividends or capital gains, if
any, paid by the fund are reinvested.
DIVIDENDS AND YIELD
PERIODS ENDED JANUARY 31, 2000 PAST 1 MONTH PAST 6 MONTHS PAST 1 YEAR
Dividends per share 5.11(cents) 29.70(cents) 58.90(cents)
Annualized dividend rate 5.11% 4.91% 4.78%
30-day annualized yield 5.26% - -
30-day annualized 9.20% - -
tax-equivalent yield
DIVIDENDS per share show the income paid by the fund for a set period.
If you annualize this number, based on an average share price of
$11.77 over the past one month, $12.01 over the past six months and
$12.33 over the past one year, you can compare the fund's income over
these three periods. The 30-day annualized YIELD is a standard formula
for all bond funds based on the yields of the bonds in the fund,
averaged over the past 30 days. This figure shows you the yield
characteristics of the fund's investments at the end of the period. It
also helps you compare funds from different companies on an equal
basis. The tax-equivalent yield shows what you would have to earn on a
taxable investment to equal the fund's tax-free yield, if you're in
the 42.80% combined effective 2000 federal, state and New York City
tax bracket, but does not reflect the payment of the federal
alternative minimum tax, if applicable.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Whether it was due to a greater
appetite for risk or to a growing
distaste for conservative debt issues,
many investors left municipal bonds
off their menus in order to fatten up
on the more tantalizing returns of
equities during the 12-month period
ending January 31, 2000. To
illustrate, municipal bond mutual
funds in 1999 experienced their
second-worst year ever in terms of
outflows. But it wasn't just the allure
of stocks that munis struggled
against: Restrictive Federal Reserve
Board monetary policy -
culminating in three quarter-point
interest-rate hikes during the period
- - also hampered muni bond
returns. For the 12-month period
ending January 31, 2000, the Lehman
Brothers Municipal Bond Index -
an index of over 35,000
investment-grade, fixed-rate,
tax-exempt bonds - fell 3.63%.
Relative to other fixed-income
investments, municipal bonds
turned in mixed results. Compared
to Treasurys, for example, munis
were a steal. By the end of the
period, short-term munis offered
similar yields to 30-year Treasurys.
Compared to investment-grade
spread sectors, however, municipal
bonds lagged behind. The Lehman
Brothers Corporate Bond Index's
return of -3.26% narrowly
outperformed, while mortgage
securities, one of the
best-performing domestic debt
offerings of the past year, soundly
outdistanced their muni
counterparts with a one-year return
of 0.26%, according to the Lehman
Brothers Mortgage-Backed
Securities Index.
(photograph of Norm Lind)
An interview with Norm Lind, Portfolio Manager of Spartan New York
Municipal Income Fund
Q. HOW DID THE FUND PERFORM, NORM?
A. Rising interest rates translated into negative returns for
municipal bonds, although the fund performed better than its peers.
For the 12-month period that ended January 31, 2000, the fund had a
total return of -5.03%. To get a sense of how the fund did relative to
its competitors, the New York municipal debt funds average returned
- -6.63% for the same 12-month period, according to Lipper Inc.
Additionally, the Lehman Brothers New York 4 Plus Year Municipal Bond
Index, which tracks the types of securities in which the fund invests,
fell 4.92% during the same 12-month period.
Q. WERE THERE ANY TYPES OF MUNICIPALS THAT PERFORMED BETTER THAN THE
MUNICIPAL MARKET AS A WHOLE DURING THE PAST 12 MONTHS?
A. Yes, there were. The fund benefited from its relatively large
position in premium coupon bonds, which pay interest rates above
prevailing market rates and trade at prices that are above their face
- - or par - value. The primary reason why I favored them is because
their premium gives them DE MINIMIS protection. This protects certain
premium bonds' gains from unfavorable tax treatment that can occur
during particular market environments. In addition, individual
investors tend to shy away from premiums, so I'm often able to
purchase them at attractive prices compared to similarly rated,
comparable maturity bonds with coupons at or below prevailing rates.
Q. WHICH BONDS WERE MOST DISAPPOINTING DURING THE PERIOD?
A. The fund had a larger-than-average stake in intermediate-term bonds
- - with maturities between five and 15 years - which helped performance
in the second half of the year when they outpaced longer-term bonds,
but detracted from performance in the first half when they lagged
longer-term bonds. In the first half of the year, longer-term bond
yields rose less than intermediate-term yields in response to rising
interest rates, and their prices - which move in the opposite
direction of their yields - fell less. By pushing long-bond yields up
less, investors were indicating that they were more worried about
higher interest rates over the short and intermediate term, but less
worried over the longer term. In contrast, strong demand from
individual investors helped short- and intermediate-maturity bonds
outpace longer-term bonds in the second half of the year. In the final
months of the period, however, I added more long-term bonds. They
started offering additional yield over intermediate-term bonds, enough
so that I felt it compensated for longer-maturity bonds' additional
interest-rate sensitivity.
Q. HOW DID YOU MANAGE THE FUND'S DURATION - WHICH MEASURES ITS
INTEREST-RATE SENSITIVITY?
A. I kept the fund's duration in line with the intermediate municipal
market as a whole, as measured by the Lehman Brothers New York 4 Plus
Year Municipal Bond Index. At the end of the period, the fund's
duration was 7.8 years, which remained in line with the Lehman
Brothers index.
Q. WHAT CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS SINCE THE REPORT
TO SHAREHOLDERS SIX MONTHS AGO?
A. I added higher-rated bonds from issuers that are less economically
sensitive - those that provide essential services, such as water,
sewer and transportation. Given that more economically sensitive bonds
- - such as general obligation bonds - offered only a small amount of
additional yield, there really wasn't any penalty for getting some
measure of protection against a potential economic slowdown.
Q. WHAT'S AHEAD FOR THE MUNICIPAL MARKET?
A. The main factor affecting the future of municipals probably will
continue to be - as it has been over the past year - the direction of
interest rates. But since I don't spend time on interest-rate
forecasting, I'll look for attractively priced bonds that I believe
can perform well in relation to other bonds, no matter what the
interest-rate backdrop. From a technical standpoint, the municipal
market is in reasonably good shape. Rising interest rates have
curtailed the supply of new issuance, and refundings - or refinancings
- - of existing debt have slowed. Given that municipal bonds currently
offer good value relative to U.S. Treasury securities, I think we
could see better demand in the months to come. I think that conditions
now provide some interesting opportunities to buy bonds that will
provide some measure of protection against a slowing economy, if that
were to occur. As for the state of New York, its economic and fiscal
fortunes will continue to be tied to the strength of Wall Street.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal, state and
New York City income taxes
by investing primarily in
investment-grade securities
FUND NUMBER: 071
TRADING SYMBOL: FTFMX
START DATE: July 10, 1984
SIZE: as of January 31,
2000, more than $1.0
billion
MANAGER: Norm Lind, since
1993; manager, various
Fidelity and Spartan municipal
income funds; joined Fidelity
in 1986
NORM LIND ON SUPPLY AND
DEMAND CHARACTERISTICS OF
THE MUNICIPAL MARKET:
"After the direction of interest
rates, supply and demand are
probably the most important
factors determining municipal bond
performance. As a portfolio
manager, I try to take advantage of
seasonal shifts, selling bonds when
supply is light and prices are fairly
advantageous, and buying when
supply is heavy and prices are
relatively cheap. For example,
municipal supply generally slows
down during the summer when
market participants - such as
investment bankers, dealers, investors
and others - go on vacation,
although supply generally picks up
again in the remaining months of
the year. What's more interesting, in
my view, are demand patterns.
With the help of Fidelity's research
team, I look for opportunities to
exploit changes in investor activity,
buying after certain types of
investors have unloaded municipal
bonds and prices are cheap, and
selling when there is strong
demand."
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENT CHANGES
TOP FIVE SECTORS AS OF
JANUARY 31, 2000
% OF FUND'S NET ASSETS % OF FUND'S NET ASSETS 6
MONTHS AGO
General Obligations 37.7 35.5
Transportation 16.9 12.8
Special Tax 15.0 17.1
Water & Sewer 8.9 8.6
Education 5.5 7.9
AVERAGE YEARS TO MATURITY AS
OF JANUARY 31, 2000
6 MONTHS AGO
Years 15.0 13.3
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME REMAINING UNTIL
PRINCIPAL PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS,
WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF JANUARY 31, 2000
6 MONTHS AGO
Years 7.8 7.3
DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH
A FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER
FACTORS ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE.
ACCORDINGLY, A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS
EXAMPLE.
QUALITY DIVERSIFICATION
(MOODY'S RATINGS)
AS OF JANUARY 31, 2000
Aaa 36.9%
Aa, A 45.5%
Baa 17.5%
Not Rated 0.0%
Short-term
Investments 0.1%
Row: 1, Col: 1, Value: 36.9
Row: 1, Col: 2, Value: 45.5
Row: 1, Col: 3, Value: 17.5
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.1
AS OF JULY 31, 1999
Aaa 42.2%
Aa, A 43.1%
Baa 12.9%
Not Rated 0.4%
Short-term
Investments 1.4%
Row: 1, Col: 1, Value: 42.2
Row: 1, Col: 2, Value: 43.1
Row: 1, Col: 3, Value: 12.9
Row: 1, Col: 4, Value: 0.4
Row: 1, Col: 5, Value: 1.4
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P(registered
trademark) RATINGS. AMOUNTS SHOWN ARE AS A PERCENTAGE OF THE FUND'S
INVESTMENTS.
PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.
SPARTAN NEW YORK MUNICIPAL INCOME FUND
INVESTMENTS JANUARY 31, 2000
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS - 98.8%
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 94.9%
Albany County Gen. Oblig. Aaa $ 1,275,000 $ 1,288,043
5.85% 6/1/13 (FGIC Insured)
Buffalo Swr. Auth. Rev. Rfdg. Aaa 2,700,000 2,529,981
(Swr. Sys. Proj.) Series G,
5% 7/1/12 (FGIC Insured)
Cherry Valley Springfield
Central School District:
7.8% 5/1/14 (MBIA Insured) Aaa 435,000 523,644
7.8% 5/1/15 (MBIA Insured) Aaa 435,000 523,636
7.8% 5/1/16 (MBIA Insured) Aaa 435,000 524,110
7.8% 5/1/17 (MBIA Insured) Aaa 435,000 524,680
7.8% 5/1/18 (MBIA Insured) Aaa 434,000 523,677
Erie County Gen. Oblig.
Series A:
6% 2/1/04 (FGIC Insured) Aaa 1,100,000 1,143,010
6% 2/1/05 (FGIC Insured) Aaa 1,000,000 1,044,260
6% 2/1/06 (FGIC Insured) Aaa 1,030,000 1,078,235
Erie County Wtr. Auth. Impt. AA 2,000,000 2,051,860
& Extension Rev. Series 3,
6.1% 12/1/04 (Escrowed to
Maturity) (d)
Long Island Pwr. Auth. New
York Elec. Sys. Rev.:
Bonds Sub Series 8D, 4.5%, Aaa 10,000,000 9,760,800
tender 4/1/04 (AMBAC Insured)
Series A, 5.75% 12/1/24 Baa1 25,000,000 22,785,250
Metro. Trans. Auth. Dedicated
Tax Fund Series A:
4.75% 4/1/28 (FGIC Insured) Aaa 2,500,000 1,961,475
5% 4/1/23 (FGIC Insured) Aaa 6,000,000 5,009,880
5.25% 4/1/26 (MBIA Insured) Aaa 5,000,000 4,301,600
Metro. Trans. Auth. New York
Commuter Facilities Rev.:
Rfdg.:
(Svc. Contract Proj.):
Series 8, 5.25% 7/1/17 Baa1 8,000,000 7,116,720
Series R, 5.4% 7/1/10 Baa1 2,960,000 2,903,050
Series D, 5.125% 7/1/22 (MBIA Aaa 3,000,000 2,575,890
Insured)
Series A:
5.625% 7/1/27 (MBIA Insured) Aaa 4,930,000 4,546,002
6% 7/1/24 Baa1 5,000,000 4,807,700
Series B, 4.75% 7/1/26 (FGIC Aaa 3,000,000 2,372,340
Insured)
Series E, 5.5% 7/1/09 (AMBAC Aaa 2,705,000 2,735,161
Insured)
Metro. Trans. Auth. New York
Svc. Contract Rev.:
(Commuter Facilities Proj.):
Series 3, 7.375% 7/1/08 Baa1 5,400,000 5,895,126
Series O, 5.75% 7/1/13 Baa1 3,000,000 2,990,520
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Metro. Trans. Auth. New York
Svc. Contract Rev.: -
continued
(Trans. Facilities Proj.):
Series 3, 7.375% 7/1/08 Baa1 $ 1,830,000 $ 1,997,793
Series 7, 5.625% 7/1/16 Baa1 3,000,000 2,828,820
Series P, 5.75% 7/1/15 Baa1 6,000,000 5,772,660
Rfdg. (Trans. Facilities
Proj.):
Series 5, 6.9% 7/1/05 Baa1 4,100,000 4,281,671
Series 7, 5.45% 7/1/07 Baa1 4,930,000 4,947,452
Rfdg. (Cap. Appreciation) Baa1 9,500,000 5,237,255
(Trans. Facilities Proj.)
Series 7, 0% 7/1/10
Metro. Trans. Auth. New York
Trans. Facilities Rev.:
Rfdg.:
(Svc. Contract Proj.):
Series 8, 5.375% 7/1/21 (FSA Aaa 3,000,000 2,711,460
Insured)
Series R:
5.3% 7/1/09 Baa1 4,000,000 3,919,360
5.4% 7/1/10 Baa1 3,000,000 2,942,280
Series K, 6.3% 7/1/06 (MBIA Aaa 10,150,000 10,812,795
Insured)
Series N, 0% 7/1/11 (FGIC Aaa 5,980,000 3,138,005
Insured)
Series A:
4.75% 7/1/21 (MBIA Insured) Aaa 2,000,000 1,627,620
5.75% 7/1/21 (MBIA Insured) Aaa 11,500,000 10,915,225
6% 7/1/16 (FSA Insured) Aaa 9,090,000 9,089,909
6% 7/1/24 Baa1 2,000,000 1,923,080
6.125% 7/1/29 Baa1 25,000,000 24,254,491
Series B, 4.75% 7/1/26 (FGIC Aaa 3,000,000 2,372,340
Insured)
Monroe County Gen. Oblig.:
(Pub. Impt. Proj.):
6.1% 3/1/04 (MBIA Insured) Aaa 870,000 897,675
6.5% 6/1/04 Aa2 65,000 68,980
6.5% 6/1/04 (Escrowed to Aa2 2,245,000 2,386,951
Maturity) (d)
6.5% 6/1/05 Aa2 115,000 122,915
6.5% 6/1/06 Aa2 120,000 128,911
6.5% 6/1/07 (AMBAC Insured) Aaa 50,000 54,136
6.5% 6/1/07 (AMBAC Insured) Aaa 950,000 1,028,584
(Escrowed to Maturity) (d)
7% 6/1/03 (FGIC Insured) Aaa 1,000,000 1,063,360
7% 6/1/04 (FGIC Insured) Aaa 2,150,000 2,316,066
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Monroe County Gen. Oblig.: -
continued
6% 6/1/04 Aa2 $ 1,510,000 $ 1,570,264
6% 6/1/05 Aa2 2,155,000 2,248,764
Monroe Woodbury Central
School District:
5.625% 5/15/22 (MBIA Insured) Aaa 1,245,000 1,171,782
5.625% 5/15/24 (MBIA Insured) Aaa 2,645,000 2,473,816
Muni. Assistance Corp. for
New York City:
Rfdg.:
Series D, 6% 7/1/05 (AMBAC Aaa 10,000,000 10,475,300
Insured)
Series E, 6% 7/1/05 Aa2 12,945,000 13,516,522
Series E, 6% 7/1/06 Aa2 5,000,000 5,228,600
Series L, 6% 7/1/07 Aa2 5,000,000 5,227,500
Nassau County Gen. Oblig.:
(Gen. Impt. Proj.):
Series R, 5.125% 11/1/05 Aaa 2,565,000 2,569,822
(FGIC Insured)
Series T, 5.2% 9/1/11 (FGIC Aaa 2,695,000 2,611,725
Insured)
Rfdg.:
(Combined Swr. District Aaa 350,000 350,396
Proj.) Series F, 5.3% 7/1/07
(MBIA Insured)
(Gen. Impt. Proj.) Series A, Aaa 4,000,000 4,290,200
6.5% 5/1/07 (FGIC Insured)
Series A, 6% 7/1/09 (FGIC Aaa 3,320,000 3,461,133
Insured)
Series P, 6.3% 11/1/03 (FGIC Aaa 1,000,000 1,046,920
Insured)
Series U:
5.25% 11/1/11 (AMBAC Insured) Aaa 1,500,000 1,459,530
5.25% 11/1/15 (AMBAC Insured) Aaa 2,150,000 1,982,257
New York City Edl. Aaa 1,895,000 1,986,756
Construction Fund Rev. Sr.
Series A, 6.25% 10/1/03
(MBIA Insured)
New York City Gen. Oblig.:
Rfdg.:
Series A:
6.25% 8/1/08 A3 1,000,000 1,051,870
7% 8/1/03 A3 2,000,000 2,122,200
Series B:
5.7% 8/15/02 A3 2,260,000 2,302,533
5.7% 8/15/02 (Escrowed to A3 75,000 76,752
Maturity) (d)
6.2% 8/15/06 A3 2,195,000 2,301,326
Series C:
5.7% 8/15/02 A3 1,310,000 1,334,654
6% 2/1/22 A3 3,500,000 3,387,720
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Rfdg.:
Series E:
6% 8/1/26 A3 $ 3,455,000 $ 3,317,940
6.5% 2/15/06 A3 1,000,000 1,057,890
Series F, 6% 8/1/16 A3 7,750,000 7,692,185
Series G:
5.25% 8/1/11 A3 5,000,000 4,777,450
5.35% 8/1/13 A3 5,000,000 4,740,300
Series H, 6% 8/1/17 A3 1,000,000 987,020
Series I, 5.875% 3/15/12 A3 10,000,000 10,079,800
Series A, 5.3% 8/1/12 A3 6,000,000 5,692,620
Series B:
5.875% 8/15/13 A3 3,870,000 3,871,471
6.5% 8/15/11 A3 1,000,000 1,072,680
7.5% 2/1/02 A3 1,000,000 1,047,860
7.5% 2/1/03 A3 5,000,000 5,325,050
7.5% 2/1/07 A3 5,500,000 5,841,330
Series C, 6.4% 8/1/03 A3 6,000,000 6,262,380
Series D:
5.25% 8/1/13 A3 2,500,000 2,333,875
5.25% 8/1/21 (MBIA Insured) Aaa 6,000,000 5,236,980
5.375% 8/1/17 A3 2,500,000 2,261,175
5.75% 2/15/08 A3 1,000,000 1,015,480
Series E, 6% 8/1/26 A3 295,000 312,544
(Pre-Refunded to 8/1/06 @
101.5) (d)
Series F, 5.75% 2/1/15 A3 2,500,000 2,433,225
Series G:
6% 10/15/26 A3 4,950,000 4,752,545
6% 10/15/26 (Pre-Refunded to A3 50,000 52,909
10/15/07 @ 101) (d)
Series H:
5.5% 8/1/12 A3 9,000,000 8,766,630
7% 2/1/05 A3 665,000 699,766
7% 2/1/06 A3 280,000 293,821
7% 2/1/06 (Pre-Refunded to A3 140,000 148,030
2/1/02 @ 101.5) (d)
Series I:
6.125% 4/15/11 A3 18,820,000 19,415,465
6.125% 4/15/11 (Pre-Refunded A3 6,180,000 6,569,464
to 4/15/07 @ 101) (d)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Series J:
5.875% 2/15/19 A3 $ 4,000,000 $ 3,846,480
6.125% 8/1/12 A3 1,000,000 1,027,360
Series L, 5.75% 8/1/12 A3 3,700,000 3,700,703
New York City Ind. Dev. Agcy. Aaa 2,805,000 2,912,123
Ind. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.)
Series 1991, 6% 11/1/15 (FSA
Insured) (c)
New York City Ind. Dev. Agcy.
Spl. Facilities Rev.:
(American Airlines, Inc. Baa2 10,000,000 10,175,500
Proj.) 6.9% 8/1/24 (c)
(Term. One Group Assoc. Proj.):
5.7% 1/1/04 (c) A3 1,500,000 1,520,340
6% 1/1/08 (c) A3 500,000 508,790
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.:
Series B:
5.375% 6/15/07 (AMBAC Insured) Aaa 500,000 507,370
5.5% 6/15/27 (MBIA Insured) Aaa 7,775,000 6,958,159
5.75% 6/15/26 (MBIA Insured) Aaa 5,000,000 4,715,350
5.75% 6/15/29 (MBIA Insured) Aaa 4,000,000 3,757,800
5.875% 6/15/26 A1 21,250,000 19,937,813
Series C, 7% 6/15/16 (FGIC Aaa 500,000 524,090
Insured) (Pre-Refunded to
6/15/01 @ 101.5) (d)
New York City Transitional
Fin. Auth. Rev.:
Series A:
5% 8/15/15 Aa3 3,375,000 3,039,086
5.125% 8/15/21 Aa3 21,000,000 18,264,960
6% 8/15/29 Aa3 3,000,000 2,923,260
Series B:
4.75% 11/15/16 Aa3 11,470,000 9,820,614
4.75% 11/1/23 Aa3 9,000,000 7,187,490
Series C, 5.25% 5/1/13 Aa3 10,000,000 9,563,200
New York City Trust Cultural
Resources Rev.:
(American Museum of Natural Aaa 4,850,000 4,557,739
History Proj.) Series A,
5.65% 4/1/22 (MBIA Insured)
(New York Botanical Garden Aaa 1,250,000 1,224,963
Proj.) 5.75% 7/1/16 (MBIA
Insured)
New York Dorm. Auth. Revs.:
(Barnard College Proj.) 5.25% Aaa 4,625,000 4,003,215
7/1/26 (AMBAC Insured)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York Dorm. Auth. Revs.: -
continued
(Champlain Valley Physicians
Proj.):
6% 7/1/08 (AMBAC Insured) AAA $ 600,000 $ 627,012
6% 7/1/09 (AMBAC Insured) AAA 370,000 387,675
6% 7/1/10 (AMBAC Insured) AAA 250,000 260,893
(City Univ. Sys.
Consolidation Proj.):
Series C, 6.25% 7/1/05 (AMBAC Aaa 6,320,000 6,691,490
Insured)
Series D, 7% 7/1/09 Baa1 6,000,000 6,452,160
(City Univ. Sys. Proj.):
Series 2, 5.5% 7/1/16 (AMBAC Aaa 2,500,000 2,369,850
Insured)
Series C, 7.5% 7/1/10 Baa1 4,000,000 4,490,600
(Consolidated City Univ. Sys.
Proj.):
Series 1, 5% 7/1/11 (MBIA Aaa 10,000,000 9,526,600
Insured)
Series A:
5.5% 7/1/05 Baa1 1,000,000 1,013,160
5.75% 7/1/07 (MBIA Insured) Aaa 1,965,000 2,030,651
(Ithaca College Proj.) 5.25% Aaa 9,805,000 8,486,816
7/1/26 (AMBAC Insured)
(Judicial Facilities Lease Baa1 2,000,000 2,073,520
Proj.) Series B, 7% 4/15/16
(Mental Health Svcs.
Facilities Impt. Proj.):
Series A:
5.75% 8/15/11 A3 3,000,000 3,004,560
6% 2/15/01 A3 500,000 508,595
Series B, 6.5% 8/15/10 A3 3,495,000 3,735,421
Series D, 4.75% 2/15/25 (MBIA Aaa 10,000,000 7,952,300
Insured)
Series F, 4.5% 8/15/28 (AMBAC Aaa 5,000,000 3,739,500
Insured)
(New York Hosp. Med. Ctr. Aaa 5,500,000 5,499,505
Proj.) 5.25% 2/1/07 (AMBAC
Insured)
(New York Univ. Proj.) Series
A:
5.75% 7/1/15 (MBIA Insured) Aaa 1,250,000 1,240,800
5.75% 7/1/27 (MBIA Insured) Aaa 5,000,000 4,806,850
(Saint Joseph's Hosp. Health
Ctr. Proj.):
6% 7/1/08 (MBIA Insured) Aaa 1,260,000 1,316,725
6% 7/1/09 (MBIA Insured) Aaa 1,500,000 1,566,015
(Saint Vincent's Hosp. & Med.
Ctr. Proj.):
6% 2/1/03 (AMBAC Insured) Aaa 1,820,000 1,878,185
6% 8/1/03 (AMBAC Insured) Aaa 1,875,000 1,944,150
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York Dorm. Auth. Revs.: -
continued
Rfdg.:
(City Univ. Proj.) Series U, Baa1 $ 525,000 $ 544,987
6.25% 7/1/03
(City Univ. Sys. Baa1 500,000 510,840
Consolidation Proj.) Series
A, 5.75% 7/1/07
(Colgate Univ. Proj.):
6% 7/1/16 (MBIA Insured) Aaa 1,900,000 1,937,392
6% 7/1/21 (MBIA Insured) Aaa 2,500,000 2,499,700
(FIT Student Hsg. Proj.):
5.75% 7/1/03 (AMBAC Insured) Aaa 1,590,000 1,637,430
5.75% 7/1/04 (AMBAC Insured) Aaa 1,680,000 1,737,893
5.75% 7/1/05 (AMBAC Insured) Aaa 1,650,000 1,708,262
5.75% 7/1/06 (AMBAC Insured) Aaa 1,500,000 1,553,280
(Jamaica Hosp. Med. Ctr. Aaa 3,605,000 3,416,891
Proj.) Series F, 5.1%
2/15/12 (MBIA Insured)
(Mental Health Svcs. A3 2,550,000 2,553,876
Facilities Proj.) Series B,
5.75% 2/15/11
(New York & Presbyterian Aaa 5,000,000 4,924,000
Hosp. Proj.) 4.4% 8/1/13
(AMBAC Insured) (FHA Insured)
(Rochester Institute of Aaa 4,875,000 4,284,979
Technology Proj.) 5.25%
7/1/22 (MBIA Insured)
(Second Hosp./Jamaica Hosp. Aaa 6,935,000 6,489,010
Proj.) Series F, 5.2%
2/15/13 (MBIA Insured)
(State Univ. Edl. Facilities
Proj.):
Series A:
6.5% 5/15/05 A3 7,080,000 7,500,977
6.5% 5/15/06 A3 3,400,000 3,616,648
Series B:
7.375% 5/15/14 (Pre-Refunded A2 275,000 283,071
to 5/15/00 @ 102) (d)
7.5% 5/15/11 A2 3,445,000 3,875,901
5.5% 5/15/09 A2 3,000,000 2,987,340
(Univ. of Rochester Proj.)
Series A:
5% 7/1/11 (MBIA Insured) Aaa 1,570,000 1,495,676
5% 7/1/12 (MBIA Insured) Aaa 1,805,000 1,691,339
5% 7/1/27 (MBIA Insured) Aaa 16,475,000 13,582,155
Series E, 5% 2/15/10 (MBIA Aaa 3,500,000 3,369,800
Insured)
Rfdg. (Cap. Appreciation) Aaa 2,175,000 1,217,435
(Manhattanville College
Proj.) 0% 7/1/10 (MBIA
Insured)
New York Gen. Oblig. Rfdg. A2 10,150,000 9,836,264
Series F, 5.25% 9/15/11
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Dorm. Auth. Aaa $ 3,150,000 $ 2,784,411
Lease Rev. (State Univ.
Dorm. Facilities Proj.)
Series A, 5.3% 7/1/24 (AMBAC
Insured)
New York State Energy A1 10,600,000 10,367,966
Research & Dev. Auth.
Facilities Rev. Rfdg.
(Consolidated Edison Co.
Proj.) Series A, 6.1% 8/15/20
New York State Energy Aaa 1,000,000 919,470
Research & Dev. Auth. Gas
Facilities Rev. Rfdg.
(Brooklyn Union Gas Co.
Proj.) Series A, 5.5% 1/1/21
(MBIA Insured)
New York State Energy Aaa 1,000,000 1,046,070
Research & Dev. Auth. Poll.
Cont. Rev. Rfdg. (State
Elec. & Gas Corp. Proj.)
Series E, 5.9% 12/1/06 (MBIA
Insured)
New York State Envir.
Facilities Corp. Clean Wtr.
& Drinking Wtr. Rev.
(Revolving Funds Proj.):
Series C, 5% 6/15/19 Aa1 4,000,000 3,449,720
Series F:
4.875% 6/15/18 Aa1 3,000,000 2,543,340
4.875% 6/15/20 Aa1 3,555,000 2,948,588
5% 6/15/15 Aa1 3,000,000 2,689,260
5.25% 6/15/13 Aa1 2,580,000 2,452,780
New York State Envir.
Facilities Corp. Poll. Cont.
Rev.:
(State Wtr. Revolving Fund
Pooled Ln. Prog.):
Series B, 5.2% 5/15/14 Aaa 2,220,000 2,097,101
Series C, 5.85% 7/15/15 Aaa 3,060,000 3,046,811
(State Wtr. Revolving Fund
Proj.) Series D:
5% 6/15/11 Aa1 3,645,000 3,478,788
5% 6/15/12 Aa1 2,000,000 1,886,200
5.125% 6/15/19 Aa1 5,000,000 4,397,300
(State Wtr. Revolving
Fund-New York City Muni.
Wtr. Proj.):
Series A:
6.8% 6/15/01 Aa2 2,000,000 2,058,020
6.9% 6/15/02 Aaa 265,000 277,874
6.9% 6/15/02 (Pre-Refunded to Aaa 835,000 878,069
6/15/01 @ 102) (d)
7% 6/15/12 Aaa 190,000 198,753
Series B, 5.25% 6/15/14 Aa1 3,180,000 2,980,328
Series D:
5.9% 5/15/01 Aaa 1,000,000 1,017,190
6.3% 5/15/05 Aaa 2,000,000 2,124,360
6.3% 11/15/05 Aaa 2,725,000 2,907,221
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Envir.
Facilities Corp. Poll. Cont.
Rev.: - continued
Series E:
6.25% 6/15/05 Aa1 $ 1,200,000 $ 1,269,408
6.5% 6/15/14 Aaa 130,000 134,302
Rfdg. (State Wtr. Revolving Aa1 5,000,000 5,098,000
Fund-New York City Muni.
Wtr. Proj.) Series A, 5.75%
6/15/11
New York State Hsg. Fin.
Agcy. Rev.:
(Nursing Home & Health Care Aaa 3,955,000 3,811,869
Proj.) Series A, 4.6%
11/1/06 (MBIA Insured)
8.25% 5/1/09 (f) Aa3 4,375,000 4,156,250
New York State Local Govt.
Assistance Corp.:
Rfdg.:
Series A, 5.25% 4/1/15 (AMBAC Aaa 5,000,000 4,642,200
Insured)
Series C, 5.5% 4/1/17 A3 14,675,000 13,969,133
Series E, 5.25% 4/1/16 A3 23,600,000 21,990,716
Series C, 5.5% 4/1/22 A3 6,375,000 5,684,970
Series D, 5.375% 4/1/14 A3 4,000,000 3,798,640
New York State Med. Care
Facilities Fin. Agcy. Rev.:
(Long-Term. Health Care Aaa 1,170,000 1,220,263
Proj.) Series A, 6.8%
11/1/14 (FSA Insured)
(Mental Health Svcs.
Facilities Proj.):
Series A:
7.5% 2/15/21 A3 50,000 51,859
7.5% 2/15/21 (Pre-Refunded to Aaa 85,000 89,479
2/15/01 @ 102) (d)
Series D, 7.4% 2/15/18 A3 450,000 473,661
Rfdg.:
(Mental Health Svcs. A3 1,735,000 1,744,456
Facilities Proj.) Series A,
8.875% 8/15/07
(Presbyterian Hosp. Proj.) Aa2 3,000,000 2,793,780
Series A, 5.25% 8/15/14
Series A, 7.25% 11/1/11 (MBIA Aaa 890,000 922,111
Insured)
New York State Mtg. Agcy.
(Homeowner Mtg. Prog.):
Series 53, 5.9% 10/1/17 Aa2 2,000,000 1,968,920
Series 69, 4.7% 4/1/24 (c) Aa2 5,920,000 5,815,275
5.5% 4/1/19 (AMBAC Insured) Aaa 4,500,000 4,430,970
(c)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Pwr. Auth. Aaa $ 250,000 $ 267,938
Rev. & Gen. Purp. Rfdg.
Series W, 6.5% 1/1/08
(Escrowed to Maturity) (d)
New York State Thruway Auth.
Gen. Rev.:
Rfdg. Series E, 5.25% 1/1/12 Aa3 5,410,000 5,203,554
Series D, 5.375% 1/1/27 Aa3 3,000,000 2,638,560
New York State Thruway Auth.
Hwy. & Bridge Trust Fund:
Series A:
5.25% 4/1/16 (AMBAC Insured) Aaa 5,175,000 4,749,977
6.25% 4/1/05 (AMBAC Insured) Aaa 5,000,000 5,281,550
Series B, 6% 4/1/04 (MBIA Aaa 11,195,000 11,664,294
Insured)
New York State Thruway Auth.
Svc. Contract Rev.:
(Local Hwy. & Bridge Proj.) Baa1 13,700,000 13,234,063
5.75% 4/1/16
Rfdg. (Local Hwy. & Bridge Baa1 4,000,000 4,070,800
Proj.) 6% 4/1/11
New York State Urban Dev.
Corp. Rev.:
(Correctional Cap. Facilities Baa1 1,455,000 1,489,542
Proj.) Series 5, 5.9% 1/1/08
(Sports Facilities Assistance Aaa 15,000 15,907
Prog.) Series A, 6.25%
4/1/06 (MBIA Insured)
Rfdg.:
(Correctional Cap. Facilities Baa1 700,000 723,947
Proj.) Series A, 6.3% 1/1/03
(Correctional Facilities Aaa 2,000,000 2,035,560
Proj.) 5.625% 1/1/07 (AMBAC
Insured)
(Syracuse Univ. Ctr. Proj.) Baa1 1,000,000 1,004,770
5.2% 1/1/03
Niagara Falls Gen. Oblig.:
(Pub. Impt. Proj.):
7.5% 3/1/08 (MBIA Insured) Aaa 995,000 1,133,922
7.5% 3/1/10 (MBIA Insured) Aaa 1,155,000 1,338,148
7.5% 3/1/11 (MBIA Insured) Aaa 1,245,000 1,455,803
7.5% 3/1/16 (MBIA Insured) Aaa 1,060,000 1,249,072
7.5% 3/1/17 (MBIA Insured) Aaa 1,200,000 1,414,764
(Wtr. Treatment Plant Proj.) Aaa 1,000,000 1,077,730
7% 11/1/13 (MBIA Insured) (c)
North Hempstead Gen. Oblig. Aaa 2,000,000 2,106,260
Rfdg. Series B, 6.1% 4/1/06
(FGIC Insured)
Rensselaer County Ind. Dev. Aaa 1,500,000 1,460,520
Auth. Civic Facilities Rev.
(Polytechnic Institute
Proj.) Series B, 5% 8/1/09
(AMBAC Insured)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Rockland County Gen. Oblig. Aaa $ 1,475,000 $ 1,546,567
6% 8/15/05 (AMBAC Insured)
Suffolk County Gen. Oblig. Aaa 3,380,000 3,541,361
Series A, 6% 8/1/05 (AMBAC
Insured)
Suffolk County Ind. Dev. BBB 925,000 974,515
Agcy. Civic Facility Rev.
(Dowling College Proj.)
8.25% 12/1/20 (Pre-Refunded
to 12/1/00 @ 102) (d)
Suffolk County Wtr. Auth. Aaa 30,000 31,271
Wtrwks. Rev. Rfdg. Series C,
5.75% 6/1/10 (AMBAC Insured)
(Pre-Refunded to 6/1/02 @
102) (d)
Triborough Bridge & Tunnel
Auth. Rev.:
(Convention Ctr. Proj.)
Series E:
6% 1/1/11 Baa1 4,000,000 4,084,720
7.25% 1/1/10 Baa1 9,870,000 10,864,699
Rfdg.:
Series B:
5% 1/1/14 Aa3 2,000,000 1,824,640
6% 1/1/04 Aa3 5,000,000 5,168,200
Series Q, 6.75% 1/1/09 Aa3 1,000,000 1,078,090
Series Y, 6% 1/1/12 Aa3 16,610,000 17,192,679
Series A:
5.25% 1/1/28 Aa3 5,400,000 4,627,152
5.5% 1/1/09 Aa3 4,250,000 4,277,200
6% 1/1/11 Aa3 500,000 517,990
Series X, 6.2% 1/1/03 Aa3 1,000,000 1,034,540
Triborough Bridge & Tunnel
Auth. Spl. Oblig. Rfdg.
Series A:
5.125% 1/1/11 (MBIA Insured) Aaa 3,000,000 2,895,150
5.125% 1/1/12 (MBIA Insured) Aaa 1,000,000 950,300
5.25% 1/1/11 (FGIC Insured) Aaa 3,000,000 2,932,770
Tsasc, Inc. Rev. Series 1, Aa1 8,500,000 8,186,945
6.25% 7/15/27
Upper Mohawk Valley Reg'l. Aaa 5,000,000 4,244,900
Wtr. Fin. Auth. Wtr. Sys.
Rev. Rfdg. Series A, 5.125%
10/1/26 (FSA Insured)
Yonkers Gen. Oblig. Series A:
6% 8/1/04 (FGIC Insured) Aaa 1,020,000 1,060,994
6% 8/1/05 (FGIC Insured) Aaa 1,080,000 1,126,818
956,591,319
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK & NEW JERSEY - 2.6%
Port Auth. New York & New
Jersey:
Rfdg.:
Series 107, 6% 10/15/06 (c) A1 $ 1,530,000 $ 1,593,816
Series 109, 5.375% 1/15/32 A1 12,500,000 10,901,500
Series 73, 6.75% 10/15/06 (c) A1 2,000,000 2,058,220
Series 85:
5.2% 9/1/15 A1 2,400,000 2,215,728
5.2% 9/1/16 A1 2,000,000 1,830,820
Series 99, 7% 11/1/04 (FGIC Aaa 5,040,000 5,467,543
Insured) (c)
Port Auth. New York & New Aaa 2,000,000 1,882,140
Jersey Spl. Oblig. Rev. (JFK
Int'l. Air Term. Spl. Proj.)
Series 6, 5.75% 12/1/25
(MBIA Insured) (c)
25,949,767
PUERTO RICO - 1.3%
Puerto Rico Commonwealth Hwy. Baa1 2,000,000 1,520,800
& Trans. Auth. Trans. Rev.
Series A, 4.75% 7/1/38
Puerto Rico Commonwealth Baa 6,270,000 6,404,805
Urban Renewal & Hsg. Corp.
Rfdg. 7.875% 10/1/04
Puerto Rico Tel. Auth. Rev. Aaa 4,800,000 5,105,760
6.56% 1/16/15 (MBIA Insured)
(Pre-Refunded to 1/1/03 @
103) INFL (b)(d)(e)
13,031,365
TOTAL MUNICIPAL BONDS 995,572,451
(Cost $1,030,347,946)
MUNICIPAL NOTES - 0.1%
NEW YORK - 0.1%
New York City Gen. Oblig. 1,000,000 1,000,000
Series A10, 3.65%, LOC
Morgan Guaranty Trust Co.,
NY, VRDN (b) (Cost
$1,000,000)
TOTAL INVESTMENT PORTFOLIO - 996,572,451
98.9% (Cost $1,031,347,946)
NET OTHER ASSETS - 1.1% 10,874,115
NET ASSETS - 100% $ 1,007,446,566
</TABLE>
SECURITY TYPE ABBREVIATIONS
INFL - INVERSE FLOATING RATE SECURITY
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) S&P credit ratings are used in the absence of a rating by Moody's
Investors Service, Inc.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(d) Security collateralized by an amount sufficient to pay interest
and principal.
(e) 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.
(f) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
Additional information on each holding is as follows:
SECURITY ACQUISITION DATE ACQUISITION COST
New York State Hsg. Fin. 5/1/86 $ 4,506,250
Agcy. Rev. 8.25% 5/1/09
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total
value of investments in securities, is as follows (ratings are
unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 82.1% AAA, AA, A 94.9%
Baa 17.4% BBB 2.9%
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 fund invested in securities that are not registered under the
Securities Act of 1933. These securities are subject to legal or
contractual restrictions on resale. At the end of the period,
restricted securities (excluding Rule 144A issues) amounted to
$4,156,250 or 0.4% of net assets.
The distribution of municipal securities by revenue source, as a
percentage of net assets, is as follows:
General Obligations 37.7%
Transportation 16.9
Special Tax 15.0
Water & Sewer 8.9
Education 5.5
Others* (individually less 16.0
than 5%)
100.0%
* Includes short-term investments and net other assets.
INCOME TAX INFORMATION
At January 31, 2000, the aggregate cost of investment securities for
income tax purposes was $1,031,347,946. Net unrealized depreciation
aggregated $34,775,495, of which $11,904,281 related to appreciated
investment securities and $46,679,776 related to depreciated
investment securities.
The fund hereby designates approximately $1,916,000 as a capital gain
dividend for the purpose of the dividend paid deduction.
The fund hereby designates 100% of the long-term capital gain
dividends distributed during the fiscal year as 20%-rate capital gain
dividends (unaudited).
At January 31, 2000, the fund had a capital loss carryforward of
approximately $2,776,000 all of which will expire on January 31, 2008.
During the fiscal year ended January 31, 2000, 100% of the fund's
income dividends was free from federal income tax, and 5.11% of the
fund's income dividends was subject to the federal alternative minimum
tax (unaudited).
SPARTAN NEW YORK MUNICIPAL INCOME FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000
ASSETS
Investment in securities, at $ 996,572,451
value (cost $1,031,347,946)
- - See accompanying schedule
Receivable for fund shares 978,495
sold
Interest receivable 14,442,948
TOTAL ASSETS 1,011,993,894
LIABILITIES
Payable to custodian bank $ 4,396
Payable for fund shares 3,051,105
redeemed
Distributions payable 1,047,830
Accrued management fee 320,260
Other payables and accrued 123,737
expenses
TOTAL LIABILITIES 4,547,328
NET ASSETS $ 1,007,446,566
Net Assets consist of:
Paid in capital $ 1,047,329,319
Distributions in excess of (306,948)
net interest income
Accumulated undistributed net (4,800,310)
realized gain (loss) on
investments
Net unrealized appreciation (34,775,495)
(depreciation) on investments
NET ASSETS, for 85,785,676 $ 1,007,446,566
shares outstanding
NET ASSET VALUE, offering $11.74
price and redemption price
per share ($1,007,446,566
(divided by) 85,785,676
shares)
STATEMENT OF OPERATIONS
YEAR ENDED JANUARY 31, 2000
INTEREST INCOME $ 60,107,225
Expenses
Management fee $ 4,320,416
Transfer agent fees 912,592
Accounting fees and expenses 269,329
Non-interested trustees' 3,017
compensation
Custodian fees and expenses 38,872
Registration fees 26,017
Audit 31,383
Legal 10,056
Reports to shareholders 21,509
Miscellaneous 2,458
Total expenses before 5,635,649
reductions
Expense reductions (13,874) 5,621,775
NET INTEREST INCOME 54,485,450
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) on:
Investment securities (114,472)
Futures contracts (3,366,907) (3,481,379)
Change in net unrealized
appreciation (depreciation)
on:
Investment securities (110,161,172)
Futures contracts (39,756) (110,200,928)
NET GAIN (LOSS) (113,682,307)
NET INCREASE (DECREASE) IN $ (59,196,857)
NET ASSETS RESULTING FROM
OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 7,408
credits
Transfer agent credits 6,466
$ 13,874
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31, 2000 YEAR ENDED JANUARY 31, 1999
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 54,485,450 $ 53,491,979
Net realized gain (loss) (3,481,379) 19,104,342
Change in net unrealized (110,200,928) 304,240
appreciation (depreciation)
NET INCREASE (DECREASE) IN (59,196,857) 72,900,561
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (54,350,673) (53,491,979)
From net interest income
From net realized gain (603,460) (13,895,534)
In excess of net realized (1,354,809) -
gain
TOTAL DISTRIBUTIONS (56,308,942) (67,387,513)
Share transactions Net 227,054,112 236,488,822
proceeds from sales of shares
Reinvestment of distributions 43,201,504 53,230,286
Cost of shares redeemed (347,394,370) (228,808,660)
NET INCREASE (DECREASE) IN (77,138,754) 60,910,448
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) (192,644,553) 66,423,496
IN NET ASSETS
NET ASSETS
Beginning of period 1,200,091,119 1,133,667,623
End of period (including $ 1,007,446,566 $ 1,200,091,119
distributions in excess of
net interest income of
$306,948 and $0,
respectively)
OTHER INFORMATION
Shares
Sold 18,303,331 18,328,379
Issued in reinvestment of 3,511,447 4,132,077
distributions
Redeemed (28,383,532) (17,740,542)
Net increase (decrease) (6,568,754) 4,719,914
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31, 2000 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning $ 12.990 $ 12.940 $ 12.290 $ 12.540 $ 11.370
of period
Income from Investment .590 D .602 .624 .629 .635
Operations Net interest
income
Net realized and unrealized (1.230) .205 .670 (.246) 1.177
gain (loss)
Total from investment (.640) .807 1.294 .383 1.812
operations
Less Distributions
From net interest income (.589) (.602) (.624) (.631) (.642)
From net realized gain (.006) (.155) (.020) (.002) -
In excess of net realized (.015) - - - -
gain
Total distributions (.610) (.757) (.644) (.633) (.642)
Net asset value, end of $ 11.740 $ 12.990 $ 12.940 $ 12.290 $ 12.540
period
TOTAL RETURN A (5.03)% 6.45% 10.82% 3.22% 16.29%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,007,447 $ 1,200,091 $ 1,133,668 $ 401,071 $ 433,678
(000 omitted)
Ratio of expenses to average .49% .53% B .55% B .59% .59%
net assets
Ratio of expenses to average .49% .53% .55% .59% .58% C
net assets after expense
reductions
Ratio of net interest income 4.78% 4.67% 4.97% 5.15% 5.26%
to average net assets
Portfolio turnover rate 19% 25% 43% 44% 83%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B 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.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
D NET INTEREST INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
value of an investment, assuming reinvestment of the fund's dividend
income and does not include the effect of the fund's $5 account
closeout fee on an average-sized account. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had
not reimbursed certain fund expenses, the life of fund total returns
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN NY MUNICIPAL MONEY 2.86% 16.67% 37.72%
MARKET
New York Tax-Free Retail 2.64% 15.38% n/a
Money Market Funds Average
CUMULATIVE TOTAL RETURNS show the fund's performance over a set period
- - in this case, 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 retail
money market funds average, which reflects the performance of mutual
funds with similar objectives tracked by IBC Financial Data, Inc. The
past one year average represents a peer group of 39 money market
funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN NY MUNICIPAL MONEY 2.86% 3.13% 3.25%
MARKET
New York Tax-Free Retail 2.64% 2.90% 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
1/31/00 11/1/99 8/2/99 5/3/99 2/1/99
Spartan New York Municipal 2.88% 2.98% 2.66% 3.07% 2.46%
Money Market Fund
New York Tax-Free Retail 2.71% 2.71% 2.46% 2.92% 2.24%
Money Market Funds Average
Spartan New York Municipal 5.04% 5.22% 4.65% 5.38% 4.30%
Money Market Fund -
Tax-equivalent
Portion of fund's income 2.30% 4.75% 6.90% 4.58% 3.94%
subject to state taxes
Spartan New York
Municipal Money
Market Fund
New York Tax-Free
Retail Money Market
Funds Average
4% -
3% -
2% -
1% -
0%
Row: 1, Col: 1, Value: 2.88
Row: 1, Col: 2, Value: 2.71
Row: 2, Col: 1, Value: 2.98
Row: 2, Col: 2, Value: 2.71
Row: 3, Col: 1, Value: 2.66
Row: 3, Col: 2, Value: 2.46
Row: 4, Col: 1, Value: 3.07
Row: 4, Col: 2, Value: 2.92
Row: 5, Col: 1, Value: 2.46
Row: 5, Col: 2, Value: 2.24
YIELD refers to the income paid by the fund over a given period.
Yields for money market funds are usually for seven-day periods,
expressed as annual percentage rates. A yield that assumes income
earned is reinvested or compounded is called an effective yield. The
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the New
York tax-free retail 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 2000 federal, state and
New York City income tax rate of 42.80%. The fund's yields mentioned
above reflect that a portion of the fund's income was subject to state
taxes. A portion of the fund's income may be subject to the federal
alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the tax-free
yield - makes the comparison
more meaningful. Keep in mind
that the U.S. government
neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money market
fund will maintain a $1 share
price.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Diane McLaughlin)
An interview with Diane McLaughlin, Portfolio Manager of Spartan New
York Municipal Money Market Fund
Q. DIANE, WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE 12
MONTHS THAT ENDED JANUARY 31, 2000?
A. Economic growth was solid throughout the period. The wealth effect
created by appreciating equity and real estate markets fueled consumer
spending, a significant component of gross domestic product. Growth in
real GDP - gross domestic product adjusted for inflation - was 4.5% in
1999. Meanwhile, unemployment hit record lows; it ended 1998 at 4.4%
and trended downward throughout 1999, ultimately falling to 4.0% in
January 2000, the lowest jobless rate since January 1970. With growth
this strong and employment this tight, wage pressures were expected to
carry through to the consumer in the form of higher prices. However,
very few hints of higher prices emerged, as increased productivity
offset inflationary tendencies. Nevertheless, the Federal Reserve
Board felt that action was warranted on its part. Striking against
inflation before it emerged, the Fed raised the rate banks charge each
other for overnight loans - known as the fed funds target rate - three
times, in June, August and November. These rate hikes brought the fed
funds target rate back to 5.50%, where it stood in mid-1998 before the
Fed cut it three times in order to help alleviate a building global
credit crunch. After its November interest-rate increase, the Fed
chose to stand pat through the rest of 1999 to maintain stability in
the markets through the changeover into the year 2000.
Q. WHAT WAS YOUR STRATEGY WITH THE FUND?
A. Despite my expectation for higher rates during the period, I was
able to find attractive opportunities among one-year, fixed-rate
notes. In the summer, many New York municipalities issue one-year,
fixed-rate notes to help sustain cash flow. Because of this added
supply, fixed-rate notes offer higher yields. Even though I expected
rates to move higher in the future, I was able to find longer-term
notes that incorporated my expectations for higher yields. From a
starting point of 34 days at the beginning of the period, the fund's
average maturity moved out to the mid-60-day range in the summer. For
the rest of the period, with less one-year note issuance, I turned my
focus to commercial paper. Overall, yields on these three- and
four-month securities were the same as those offered by one-year
securities, so there was little advantage to invest in the longer-term
notes given my outlook for rising interest rates. As yields rose and
the commercial paper matured, I was able to roll over the assets into
securities bearing higher yields. I also increased the fund's
investments in variable-rate demand notes - very-short-term securities
whose yields are reset at regular intervals - when I anticipated
outflows from the fund, namely at tax time and the end of the year. At
the end of 1999, I maximized the fund's liquidity in preparation for
potential volatility and shareholder flows due to possible problems
related to Y2K. Holding a significant stake in demand notes at the end
of the year benefited the fund; they captured higher yields as they
emerged. In fact, at the end of 1999, tax-exempt rates outpaced yields
on taxable securities with comparable maturities, an unusual
phenomenon.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on January 31, 2000, was 2.88%, compared
to 2.48% 12 months ago. The latest yield was the equivalent of a 5.04%
taxable yield for New York investors in the 42.80% combined federal,
state and New York City tax bracket. The fund's yields reflect that a
portion of the fund's income was subject to state taxes. Through
January 31, 2000, the fund's 12-month total return was 2.86%, compared
to 2.64% for the New York tax-free retail money market funds average,
according to IBC Financial Data, Inc.
Q. WHAT IS YOUR OUTLOOK?
A. Given the continued strength of the U.S. economy, it's likely that
additional Fed rate hikes will follow. The market has priced in at
least two more 0.25 percentage point Fed rate increases, and the Fed
may be even more aggressive if continued economic strength results in
higher prices. Looking more closely at the fund, given my outlook for
higher interest rates, I intend to maintain a neutral maturity.
However, I will continue to seek opportunities in fixed-rate
securities that accurately reflect my fundamental outlook.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal income tax
and New York State and City
income taxes, consistent with
the preservation of capital,
by investing in municipal
money market securities
FUND NUMBER: 422
TRADING SYMBOL: FSNXX
START DATE: February 3, 1990
SIZE: as of January 31,
2000, more than $809
million
MANAGER: Diane McLaughlin,
since 1997; manager,
various Fidelity and Spartan
municipal money market
funds; joined Fidelity in
1992
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 1/31/00 % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99
0 - 30 56.6 61.6 77.5
31 - 90 31.3 23.2 11.6
91 - 180 8.4 1.2 7.5
181 - 397 3.7 14.0 3.4
WEIGHTED AVERAGE MATURITY
1/31/00 7/31/99 1/31/99
Spartan New York Municipal 42 DAYS 58 Days 34 Days
Money Market Fund
New York Tax-Free Money 41 DAYS 53 Days 40 Days
Market Funds Average *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)
AS OF JANUARY 31, 2000 AS OF JULY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 50.3% (VRDNs) 46.2%
Commercial Paper (including Commercial Paper (including
CP Mode) 25.0% CP Mode) 28.3%
Tender Bonds 4.4% Tender Bonds 4.2%
Municipal Notes 15.3% Municipal Notes 11.1%
Municipal Money Market Funds 0.0% Municipal Money Market Funds 6.8%
Other Investments and Net Other Investments and Net
Other Assets 5.0% Other Assets 3.4%
Row: 1, Col: 1, Value: 50.3 Row: 1, Col: 1, Value: 46.2
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 25.0 Row: 1, Col: 3, Value: 28.3
Row: 1, Col: 4, Value: 4.4 Row: 1, Col: 4, Value: 4.2
Row: 1, Col: 5, Value: 15.3 Row: 1, Col: 5, Value: 11.1
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 6.8
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 5.0 Row: 1, Col: 8, Value: 3.4
</TABLE>
PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JANUARY 31, 2000
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 97.8%
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 93.8%
Albany County Arpt. Auth. $ 2,500,000 $ 2,500,000
Arpt. Rev. Participating
VRDN Series FR 7, 3.3%
(Liquidity Facility Bank of
New York NA) (a)(b)(c)
Amherst Ind. Dev. Auth. Ind. 4,720,000 4,720,000
Dev. Rev. (Maple Dev. Proj.)
Series 1986, 3.2%, LOC HSBC
Bank USA, VRDN (a)(b)
Babylon Ind. Dev. Rev. 2,400,000 2,400,000
(Southern Container Corp.
Proj.) 3.2%, LOC Fleet Bank
NA, VRDN (a)(b)
Board Coop. Edl. Services 8,100,000 8,119,903
Sole Supervisory District
RAN 4.375% 6/29/00, LOC
Chase Manhattan Bank
Buffalo Gen. Oblig. RAN 4.65% 2,900,000 2,911,538
7/25/00, LOC Landesbank
Hessen-Thuringen
Chemung County Ind. Dev. 2,400,000 2,400,000
Agcy. Ind. Dev. Rev. (Mmars
2nd Prog. Trayer, Inc.
Proj.) Series A, 3.2%, LOC
HSBC Bank USA, VRDN (a)(b)
Deer Park Union Free School 10,500,000 10,522,274
District TAN Series 1999, 4%
6/26/00
Dutchess County Gen. Oblig. 4,500,000 4,509,446
BAN Series 1999 A, 4% 8/18/00
Erie County Ind. Dev. Auth. 1,215,000 1,215,000
Ind. Dev. Rev. (Uniland
Dev./Buffalo Campus Proj.)
Series 1986 D, 3.2%, LOC
HSBC Bank USA, VRDN (a)(b)
Garden City Union Free School 4,000,000 4,008,390
District TAN 4% 6/27/00
Half Hollow Hills Central 1,900,000 1,904,488
School District TAN
(Huntington & Babylon Proj.)
4% 6/29/00
Herkimer County Ind. Dev. 630,000 630,000
Agcy. (H. M. Quackenbush,
Inc. Proj.) Series 1988 A,
3.2%, LOC HSBC Bank USA,
VRDN (a)(b)
Honeoye Falls Lima Central 3,328,304 3,329,485
School District BAN 3.25%
4/20/00
Huntington Union Free School 5,500,000 5,511,513
District TAN 4% 6/29/00
Islip Gen. Oblig. BAN Series 4,700,000 4,712,215
1999, 4% 7/14/00
Islip Ind. Dev. Agcy. Rev. 370,000 370,000
(Interstate Litho Corp.
Proj.) Series 1996 A, 3.2%,
LOC HSBC Bank USA, VRDN
(a)(b)
Long Island Pwr. Auth. New
York Elec. Sys. Rev.:
Bonds:
Series 3, 3.6% tender 12,700,000 12,700,000
3/27/00, LOC Bayerische
Landesbank Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Series 4:
3.5% tender 3/10/00, LOC 3,000,000 3,000,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
3.55% tender 3/14/00, LOC 3,100,000 3,100,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Long Island Pwr. Auth. New
York Elec. Sys. Rev.: -
continued
Bonds:
Series 4:
3.6% tender 4/6/00, LOC $ 6,900,000 $ 6,900,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Participating VRDN:
Series MLPT 1043, 3.27% 4,300,000 4,300,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series PA 522, 3.27% 8,095,000 8,095,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Series PA 565, 3.27% 5,700,000 5,700,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Series SG 125, 3.27% 2,000,000 2,000,000
(Liquidity Facility Societe
Generale) (a)(c)
Sub Series 7A, 3.125% (MBIA 7,600,000 7,600,000
Insured), VRDN (a)
Metro. Trans. Auth. New York
Trans. Facilities Rev.:
Series A, 3.55% 3/24/00, LOC 11,500,000 11,500,000
ABN-AMRO Bank NV, CP
Series CP 1, 3.6% 4/5/00, LOC 13,700,000 13,700,000
ABN-AMRO Bank NV, CP
Monroe County Arpt. Auth. 3,365,000 3,365,000
Rev. Participating VRDN
Series 123, 3.35% (Liquidity
Facility Morgan Guaranty
Trust Co., NY) (a)(b)(c)
Monroe County Ind. Dev. Agcy.
Rev.:
(Advent Tool & Mold Proj.) 830,000 830,000
Series 1990 D, 3.2%, LOC
HSBC Bank USA, VRDN (a)(b)
(AJL Manufacturing, Inc.) 2,460,000 2,460,000
Series 1996 A, 3.5%, LOC Key
Bank NA, VRDN (a)(b)
(Flower City Proj.) 3.5%, LOC 2,875,000 2,875,000
Key Bank NA, VRDN (a)(b)
Nassau County Gen. Oblig.:
BAN 4.25% 5/16/00 (BPA Fleet 2,600,000 2,604,878
Nat'l. Bank)
TAN:
4.75% 8/31/00, LOC First 8,200,000 8,234,631
Union Nat'l. Bank, North
Carolina
4.85% 4/28/00, LOC First 8,200,000 8,218,281
Union Nat'l. Bank, North
Carolina
New York City Gen. Oblig.:
Bonds:
Series 1994 H2:
3.6% tender 4/5/00 (MBIA 8,300,000 8,300,000
Insured), CP mode
3.8% tender 4/12/00 (MBIA 2,000,000 2,000,000
Insured), CP mode
Series E, 5% 2/15/00 3,475,000 3,477,262
Series H3, 3.55% tender 4,700,000 4,700,000
3/14/00 (FSA Insured), CP
mode
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Participating VRDN:
Series 1999 A50, 3.2% $ 22,500,000 $ 22,500,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(c)
Series 1999 A51, 3.2% 11,800,000 11,800,000
(Liquidity Facility Bank of
New York NA) (a)(c)
Series PT 1027, 3.27% 3,305,000 3,305,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series 1992 B, 3.65% (FGIC 1,300,000 1,300,000
Insured), VRDN (a)
Series 1993 B, 3.65% (FGIC 10,225,000 10,225,000
Insured), VRDN (a)
Series 1994 A10, 3.65%, LOC 8,950,000 8,950,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1994 A4, 3.6%, LOC 1,600,000 1,600,000
Chase Manhattan Bank, VRDN
(a)
Series 1994 A7, 3.55%, LOC 3,500,000 3,500,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1994 B2, 3.65%, LOC 2,500,000 2,500,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1994 E5, 3.55%, LOC 3,500,000 3,500,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series A10, 3.65%, LOC Morgan 3,500,000 3,500,000
Guaranty Trust Co., NY, VRDN
(a)
Sub Series J3, 3.1%, LOC 4,400,000 4,400,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Bonds Series 1994 C3, 3.75%, 10,100,000 10,100,000
tender 4/10/00 (Liquidity
Facility Citibank, New York
NA) (c)(d)
New York City Health & Hosp. 10,800,000 10,800,000
Corp. Bonds Series A, 3.75%,
tender 2/1/00, LOC Morgan
Guaranty Trust Co., NY
New York City Hsg. Dev. Corp.
Multi-family Rental Hsg. Rev.:
(Brittany Dev. Proj.) Series 6,900,000 6,900,000
1999 A, 3% (Fannie Mae
Guaranteed), VRDN (a)(b)
(One Columbus Place Dev. 3,900,000 3,900,000
Proj.) Series A, 3% (Fannie
Mae Guaranteed), VRDN (a)(b)
New York City Hsg. Dev. Corp. 3,000,000 3,000,000
Multi-family Rev. (West 54th
Street Dev. Proj.) Series
1999 A, 3%, LOC Key Bank NA,
VRDN (a)(b)
New York City Ind. Dev. Agcy. 4,160,000 4,160,000
Ind. Dev. Rev. Participating
VRDN Series 1997 E, 3.3%
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(b)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.:
Participating VRDN:
Series 1997 A1, 3.3% $ 6,300,000 $ 6,300,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series PT 1032, 3.25% 2,200,000 2,200,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series SGB 25, 3.27% 10,700,000 10,700,000
(Liquidity Facility Societe
Generale) (a)(c)
Series SGB 26, 3.27% 3,800,000 3,800,000
(Liquidity Facility Societe
Generale) (a)(c)
Series 1:
3.55% 3/7/00, LOC Commerzbank 10,000,000 10,000,000
AG, LOC Toronto Dominion
Bank, LOC Bank of Nova
Scotia, CP
3.6% 4/11/00, LOC Commerzbank 9,600,000 9,600,000
AG, LOC Toronto Dominion
Bank, LOC Bank of Nova
Scotia, CP
3.8% 4/7/00, LOC Commerzbank 25,000,000 25,000,000
AG, LOC Toronto Dominion
Bank, LOC Bank of Nova
Scotia, CP
Series 1995 A, 3.65% (FGIC 4,050,000 4,050,000
Insured) (BPA FGIC-SPI),
VRDN (a)
Series 5A:
3.4% 2/1/00, LOC Westdeutsche 2,500,000 2,500,000
Landesbank Girozentrale, LOC
Bayerische Landesbank
Girozentrale, LOC Landesbank
Hessen-Thuringen, CP
3.5% 3/10/00, LOC 4,100,000 4,100,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
New York City Transitional
Fin. Auth. Rev.
Participating VRDN:
Series 129, 3.32% (Liquidity 5,000,000 5,000,000
Facility J. P. Morgan & Co.,
Inc.) (a)(c)
Series FRRI 1999 A48, 3.2% 2,200,000 2,200,000
(Liquidity Facility Bank of
New York NA) (a)(c)
Series G, 3.35% (Liquidity 8,000,000 8,000,000
Facility First Union Nat'l.
Bank, North Carolina) (a)(c)
New York Dorm. Auth. Revs. 12,285,000 12,285,000
Participating VRDN Series PT
1067, 3.25% (Liquidity
Facility Bank of America NA)
(a)(c)
New York Gen. Oblig.:
Bonds 5% 3/1/00 5,190,000 5,197,076
Series V, 3.5% 3/9/00, CP 6,200,000 6,200,000
New York Metro. Trans. Auth. 4,900,000 4,900,000
Rev. Bonds 3.75%, tender
4/10/00 (Liquidity Facility
Citibank, New York NA) (c)(d)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Energy $ 6,300,000 $ 6,300,000
Research & Dev. Auth.
Facilities Rev. (Con Edison
Co. Proj.) Series 1999 A3,
3.2% (Liquidity Facility
Morgan Guaranty Trust Co.,
NY), VRDN (a)(b)
New York State Energy 7,600,000 7,600,000
Research & Dev. Auth. Gas
Facilities Rev.
Participating VRDN Series
FRRI 9, 3.2% (Liquidity
Facility Bank of New York
NA) (a)(c)
New York State Energy
Research & Dev. Auth. Poll.
Cont. Rev.:
Bonds (New York State Elec. & 5,000,000 5,000,000
Gas Corp. Proj.) Series 1985
A, 3%, tender 3/15/00, LOC
Morgan Guaranty Trust Co., NY
Participating VRDN Series 4,000,000 4,000,000
181, 3.33% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(b)(c)
New York State Envir. 4,995,000 4,995,000
Facilities Corp. Poll. Cont.
Rev. Participating VRDN
Series PA 174, 3.25%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
New York State Hsg. Fin.
Agcy. Rev.:
Participating VRDN Series PT 6,000,000 6,000,000
107, 3.25% (Liquidity
Facility Banco Santander SA)
(a)(c)
(240 East 39th Street Proj.) 8,900,000 8,900,000
Series 1997 A, 3%, LOC Chase
Manhattan Bank, VRDN (a)(b)
(South Cove Plaza Proj.) 10,000,000 10,000,000
Series A, 3.15%, LOC HSBC
Bank USA, VRDN (a)(b)
(Tribeca Park Proj.) Series 4,000,000 4,000,000
1997 A, 3.05%, LOC
Bayerische Hypo-und
Vereinsbank AG, VRDN (a)(b)
New York State Local Govt.
Assistance Corp.
Participating VRDN:
Series PA 445, 3.25% 6,895,000 6,895,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Series PT 1040, 3.25% 11,200,000 11,200,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series SG 99, 3.25% 11,000,000 11,000,000
(Liquidity Facility Societe
Generale) (a)(c)
New York State Mtg. Agcy.:
Bonds:
Series PA 153, 3.65%, tender 4,640,000 4,640,000
2/24/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
(b)(c)(d)
Series PA 87, 3.75%, tender 660,000 660,000
2/24/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
(b)(c)(d)
Participating VRDN:
Series 2000 B, 3.5% 7,200,000 7,200,000
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(b)(c)
Series FRRI 24, 3.35% 2,200,000 2,200,000
(Liquidity Facility Bank of
New York NA) (a)(b)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Mtg. Agcy.: -
continued
Participating VRDN:
Series PA 29, 3.3% (Liquidity $ 6,000,000 $ 6,000,000
Facility Merrill Lynch &
Co., Inc.) (a)(b)(c)
Series PT 108, 3.3% 2,845,000 2,845,000
(Liquidity Facility Banco
Santander SA) (a)(b)(c)
Series PT 1204, 3.3% 3,110,000 3,110,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(b)(c)
Series PT 15A, 3.3% 4,500,000 4,500,000
(Liquidity Facility
Commerzbank AG) (a)(b)(c)
Series PT 15B, 3.3% 1,720,000 1,720,000
(Liquidity Facility
Commerzbank AG) (a)(b)(c)
New York State Pwr. Auth.
Rev. & Gen. Purp.:
Series 1:
3.5% 3/8/00, CP 15,200,000 15,200,000
3.5% 3/10/00, CP 7,200,000 7,200,000
3.6% 2/4/00, CP 8,000,000 8,000,000
3.8% 4/7/00, CP 3,300,000 3,300,000
Series 2:
3.5% 3/14/00, CP 3,500,000 3,500,000
3.65% 4/13/00, CP 5,600,000 5,600,000
3.75% 4/3/00, CP 17,400,000 17,400,000
3.75% 4/3/00, CP 4,600,000 4,600,000
Series 4:
3.45% 3/15/00, CP 6,100,000 6,100,000
3.5% 3/14/00, CP 2,000,000 2,000,000
New York State Thruway Auth. 7,865,000 7,865,000
Gen. Rev. Participating VRDN
Series SG 121, 3.25%
(Liquidity Facility Societe
Generale) (a)(c)
New York State Thruway Auth.
Hwy. & Bridge Trust Fund
Bonds:
Series A, 4% 4/1/00 (FGIC 6,400,000 6,409,807
Insured)
Series B, 4% 4/1/00 8,000,000 8,009,552
New York State Urban Dev. 5,000,000 5,000,000
Corp. Rev. Participating
VRDN Series SG 33, 3.25%
(Liquidity Facility Societe
Generale) (a)(c)
Niagara Frontier Trans. Auth. 2,800,000 2,800,000
Arpt. Rev. Participating
VRDN Series Putters 121,
3.35% (Liquidity Facility
Morgan Guaranty Trust Co.,
NY) (a)(b)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Northport-East Northport $ 8,000,000 $ 8,017,268
Union Free School District
TAN Series 1999 2000, 4%
6/30/00
Oneida County Ind. Dev. Agcy. 1,680,000 1,680,000
Rev. (Utica Corp. Proj.)
Series 1996, 3.2%, LOC Fleet
Bank NA, VRDN (a)(b)
Oswego County Ind. Dev. Agcy. 5,200,000 5,200,000
Poll. Cont. Rev. Rfdg.
(Philip Morris Co. Proj.)
3.3%, VRDN (a)
Oswego County Ind. Dev. Agcy. 5,620,000 5,620,000
Ind. Rev. (Engraph, Inc.
Proj.) Series 1989, 3.4%,
LOC Suntrust Bank, VRDN
(a)(b)
Oyster Bay Gen. Oblig. BAN:
Series 1999 E, 4.25% 9/29/00 8,900,000 8,921,469
Series C, 4% 8/25/00 3,800,000 3,801,002
Series D, 4% 8/25/00 3,600,000 3,606,051
Riverhead Ind. Dev. Auth. 2,800,000 2,800,000
Ind. Dev. Rev. (Adchem Corp.
Facility Proj.) Series 1998,
3.24%, LOC European American
Bank Uniondale, VRDN (a)(b)
Rochester Gen. Oblig. BAN 16,000,000 16,008,096
Series 1999 I, 3.5% 3/8/00
Rockland County Ind. Dev. 2,225,000 2,225,000
Agcy. Ind. Dev. Rev. (INSL-X
Prod. Corp. Proj.) Series
1990, 3.25%, LOC Bank of New
York NA, VRDN (a)(b)
Saint Lawrence County Ind. 5,000,000 5,000,000
Dev. Agcy. Poll. Cont. Rev.
(Aluminum Co. of America
Proj.) Series B, 3.22%, VRDN
(a)
Saint Lawrence County Ind. 3,250,000 3,250,000
Dev. Auth. Envir. Facilities
(Aluminum Co. of America
Proj.) Series 1998 A, 3.27%,
VRDN (a)(b)
South Huntington Union Free 5,000,000 5,011,100
School District TAN Series
1999 2000, 4% 6/30/00
Suffolk County Gen. Oblig. 26,650,000 26,649,997
Participating VRDN Series
FRRI A38, 3.2% (Liquidity
Facility Bank of New York
NA) (a)(c)
Suffolk County Ind. Dev. 2,480,000 2,480,000
Agcy. Civic Facility Rev.
(Maryhaven Ctr. of Hope
Proj.) Series 1997 A, 3.35%,
LOC Key Bank NA, VRDN (a)
Syracuse Gen. Oblig. RAN 4,600,000 4,612,100
4.25% 6/30/00 (BPA Fleet
Nat'l. Bank)
Three Village Central School 9,000,000 9,020,399
District TAN Series 1999
2000, 4% 6/30/00
759,048,221
NEW YORK & NEW JERSEY - 4.0%
Port Auth. New York & New
Jersey:
Participating VRDN Series 2,200,000 2,200,000
FRRI 3, 3.25% (Liquidity
Facility Bank of New York
NA) (a)(b)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK & NEW JERSEY -
CONTINUED
Port Auth. New York & New
Jersey: - continued
Series 1991, 4.0945%, VRDN $ 9,800,000 $ 9,800,000
(a)(b)(d)
Series 1996 5, 3.35%, VRDN (a) 4,800,000 4,800,000
Series 1997 4B, 3.45%, VRDN 2,000,000 2,000,000
(a)(b)
Series 4, 3.35%, VRDN (a) 4,400,000 4,400,000
Series A, 3.15% 2/9/00, CP (b) 4,600,000 4,600,000
Port Auth. New York & New 4,700,000 4,700,000
Jersey Spl. Oblig. Rev.
Series 3, 3.6%, VRDN (a)
32,500,000
TOTAL INVESTMENT PORTFOLIO - 791,548,221
97.8%
NET OTHER ASSETS - 2.2% 17,539,860
NET ASSETS - 100% $ 809,088,081
Total Cost for Income Tax Purposes $ 791,548,200
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
TAN - TAX ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) 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.
Additional information on each holding is as follows:
SECURITY ACQUISITION DATE COST
New York City Gen. Oblig. 9/1/99 $ 10,100,000
Bonds Series 1994 C3, 3.75%,
tender 4/10/00 (Liquidity
Facility Citibank, New York
NA)
New York Metro. Trans. Auth. 9/1/99 $ 4,900,000
Rev. Bonds 3.75%, tender
4/10/00 (Liquidity Facility
Citibank, New York NA)
New York State Mtg. Agcy. 7/1/99 $ 4,640,000
Bonds Series PA 153, 3.65%,
tender 2/24/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.)
New York State Mtg. Agcy. 8/24/99 $ 660,000
Bonds Series PA 87, 3.75%,
tender 2/24/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.)
Port Auth. New York & New 6/18/91 $ 9,800,000
Jersey Series 1991,
4.0945%, VRDN
OTHER INFORMATION
The fund invested in securities that are not registered under the
Securities Act of 1933. These securities are subject to legal or
contractual restrictions on resale. At the end of the period,
restricted securities (excluding Rule 144A issues) amounted to
$30,100,000 or 3.7% of net assets.
INCOME TAX INFORMATION
At January 31, 2000, the fund had a capital loss carryforward of
approximately $102,000 of which $33,000, $28,000 and $41,000 will
expire on January 31, 2002, 2005 and 2006, respectively.
During the fiscal year ended January 31, 2000, 100% of the fund's
income dividends was free from federal income tax, and 20.88% of the
fund's income dividends was subject to the federal alternative minimum
tax (unaudited).
SPARTAN NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000
ASSETS
Investment in securities, at $ 791,548,221
value - See accompanying
schedule
Receivable for investments 7,100,410
sold
Receivable for fund shares 6,400,549
sold
Interest receivable 6,651,594
TOTAL ASSETS 811,700,774
LIABILITIES
Payable to custodian bank $ 247,769
Payable for fund shares 1,871,885
redeemed
Distributions payable 144,659
Accrued management fee 344,180
Other payables and accrued 4,200
expenses
TOTAL LIABILITIES 2,612,693
NET ASSETS $ 809,088,081
Net Assets consist of:
Paid in capital $ 809,189,633
Accumulated undistributed net (101,552)
realized gain (loss) on
investments
NET ASSETS, for 809,172,642 $ 809,088,081
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($809,088,081
(divided by) 809,172,642
shares)
STATEMENT OF OPERATIONS
YEAR ENDED JANUARY 31, 2000
INTEREST INCOME $ 27,053,218
EXPENSES
Management fee $ 4,071,038
Non-interested trustees' 2,439
compensation
Total expenses before 4,073,477
reductions
Expense reductions (33,218) 4,040,259
NET INTEREST INCOME 23,012,959
NET REALIZED GAIN (LOSS) ON 22,941
INVESTMENTS
NET INCREASE (DECREASE) IN $ 23,035,900
NET ASSETS RESULTING FROM
OPERATIONS
<TABLE>
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STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31, 2000 YEAR ENDED JANUARY 31, 1999
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 23,012,959 $ 23,986,043
Net realized gain (loss) 22,941 16,495
NET INCREASE (DECREASE) IN 23,035,900 24,002,538
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (23,012,959) (23,986,043)
from net interest income
Share transactions at net 631,581,062 812,304,407
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 21,823,688 23,196,815
distributions from net
interest income
Cost of shares redeemed (652,822,355) (813,713,783)
NET INCREASE (DECREASE) IN 582,395 21,787,439
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 605,336 21,803,934
IN NET ASSETS
NET ASSETS
Beginning of period 808,482,745 786,678,811
End of period $ 809,088,081 $ 808,482,745
</TABLE>
<TABLE>
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FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31, 2000 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
of period
Income from Investment .028 .030 .032 .030 .034
Operations Net interest
income
Less Distributions
From net interest income (.028) (.030) (.032) (.030) (.034)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A, B 2.86% 3.01% 3.26% 3.07% 3.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 809,088 $ 808,483 $ 786,679 $ 743,928 $ 676,475
(000 omitted)
Ratio of expenses to average .50% .50% .50% .50% .50%
net assets
Ratio of expenses to average .50% .49% C .50% .49% C .50%
net assets after expense
reductions
Ratio of net interest income 2.82% 2.97% 3.21% 3.03% 3.41%
to average net assets
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
value of an investment, assuming reinvestment of the fund's dividend
income. Yield measures the income paid by a fund. Since a money market
fund tries to maintain a $1 share price, yield is an important measure
of performance.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY NY MUNICIPAL MONEY 2.78% 16.01% 35.02%
MARKET
New York Tax-Free Retail 2.64% 15.38% 33.89%
Money Market Funds Average
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, 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 retail money market
funds average, which reflects the performance of tax-free money market
funds with similar objectives tracked by IBC Financial Data, Inc. The
past one year average represents a peer group of 39 money market
funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JANUARY 31, 2000 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY NY MUNICIPAL MONEY 2.78% 3.01% 3.05%
MARKET
New York Tax-Free Retail 2.64% 2.90% 2.96%
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
1/31/00 11/1/99 8/2/99 5/3/99 2/1/99
Fidelity New York Municipal 2.81% 2.92% 2.60% 3.03% 2.37%
Money Market Fund
New York Tax-Free Retail 2.71% 2.71% 2.46% 2.92% 2.24%
Money Market Funds Average
Fidelity New York Municipal 4.91% 5.10% 4.55% 5.30% 4.14%
Money Market Fund Fund -
Tax-equivalent
Portion of fund's income 2.98% 4.48% 3.61% 0.00% 1.33%
subject to state taxes
New York
Municipal Money
Market Fund
New York Tax-Free
Retail Money Market
Funds Average
4% -
3% -
2% -
1% -
0%
Row: 1, Col: 1, Value: 2.81
Row: 1, Col: 2, Value: 2.71
Row: 2, Col: 1, Value: 2.92
Row: 2, Col: 2, Value: 2.71
Row: 3, Col: 1, Value: 2.6
Row: 3, Col: 2, Value: 2.46
Row: 4, Col: 1, Value: 3.03
Row: 4, Col: 2, Value: 2.92
Row: 5, Col: 1, Value: 2.37
Row: 5, Col: 2, Value: 2.24
YIELD refers to the income paid by the fund over a given period.
Yields for money market funds are usually for seven-day periods,
expressed as annual percentage rates. A yield that assumes income
earned is reinvested or compounded is called an effective yield. The
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the New
York tax-free retail 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 2000 federal, state and
New York City income tax rate of 42.80%. The fund's yields mentioned
above reflect that a portion of the fund's income was subject to state
taxes. A portion of the fund's income may be subject to the federal
alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the tax-free
yield - makes the comparison
more meaningful. Keep in
mind that the U.S. government
neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money market
fund will maintain a $1 share
price.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Diane McLaughlin)
An interview with Diane McLaughlin, Portfolio Manager of Fidelity New
York Municipal Money Market Fund
Q. DIANE, WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE 12
MONTHS THAT ENDED JANUARY 31, 2000?
A. Economic growth was solid throughout the period. The wealth effect
created by appreciating equity and real estate markets fueled consumer
spending, a significant component of gross domestic product. Growth in
real GDP - gross domestic product adjusted for inflation - was 4.5% in
1999. Meanwhile, unemployment hit record lows; it ended 1998 at 4.4%
and trended downward throughout 1999, ultimately falling to 4.0% in
January 2000, the lowest jobless rate since January 1970. With growth
this strong and employment this tight, wage pressures were expected to
carry through to the consumer in the form of higher prices. However,
very few hints of higher prices emerged, as increased productivity
offset inflationary tendencies. Nevertheless, the Federal Reserve
Board felt that action was warranted on its part. Striking against
inflation before it emerged, the Fed raised the rate banks charge each
other for overnight loans - known as the fed funds target rate - three
times, in June, August and November. These rate hikes brought the fed
funds target rate back to 5.50%, where it stood in mid-1998 before the
Fed cut it three times in order to help alleviate a building global
credit crunch. After its November interest-rate increase, the Fed
chose to stand pat through the rest of 1999 to maintain stability in
the markets through the changeover into the year 2000.
Q. WHAT WAS YOUR STRATEGY WITH THE FUND?
A. Despite my expectation for higher rates during the period, I was
able to find attractive opportunities among one-year, fixed-rate
notes. In the summer, many New York municipalities issue one-year,
fixed-rate notes to help sustain cash flow. Because of this added
supply, fixed-rate notes offer higher yields. Even though I expected
rates to move higher in the future, I was able to find longer-term
notes that incorporated my expectations for higher yields. From a
starting point of 33 days at the beginning of the period, the fund's
average maturity moved out to the mid-60-day range in the summer. For
the rest of the period, with less one-year note issuance, I turned my
focus to commercial paper. Overall, yields on these three- and
four-month securities were the same as those offered by one-year
securities, so there was little advantage to invest in the longer-term
notes given my outlook for rising interest rates. As yields rose and
the commercial paper matured, I was able to roll over the assets into
securities bearing higher yields. I also increased the fund's
investments in variable-rate demand notes - very-short-term securities
whose yields are reset at regular intervals - when I anticipated
outflows from the fund, namely at tax time and the end of the year. At
the end of 1999, I maximized the fund's liquidity in preparation for
potential volatility and shareholder flows due to possible problems
related to Y2K. Holding a significant stake in demand notes at the end
of the year benefited the fund; they captured higher yields as they
emerged. In fact, at the end of 1999, tax-exempt rates outpaced yields
on taxable securities with comparable maturities, an unusual
phenomenon.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on January 31, 2000 was 2.81%, compared
to 2.39% 12 months ago. The latest yield was the equivalent of a 4.91%
taxable yield for New York investors in the 42.80% combined federal,
state and New York City tax bracket. The fund's yields reflect that a
portion of the fund's income was subject to state taxes. Through
January 31, 2000, the fund's 12-month total return was 2.78%, compared
to 2.64% for the New York tax-free retail money market funds average,
according to IBC Financial Data, Inc.
Q. WHAT IS YOUR OUTLOOK?
A. Given the continued strength of the U.S. economy, it's likely that
additional Fed rate hikes will follow. The market has priced in at
least two more 0.25 percentage point Fed rate increases, and the Fed
may be even more aggressive if continued economic strength results in
higher prices. Looking more closely at the fund, given my outlook for
higher interest rates, I intend to maintain a neutral maturity.
However, I will continue to seek opportunities in fixed-rate
securities that accurately reflect my fundamental outlook.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current income
free from federal income tax
and New York State and
City income taxes, consistent
with the preservation of
capital, by investing in
municipal money market
securities
FUND NUMBER: 092
TRADING SYMBOL: FNYXX
START DATE: July 6, 1984
SIZE: as of January 31,
2000, more than $1.5
billion
MANAGER: Diane McLaughlin,
since 1997; manager,
various Fidelity and Spartan
municipal money market
funds; joined Fidelity in
1992
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
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MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 1/31/00 % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99
0 - 30 61.6 63.9 78.0
31 - 90 26.3 22.1 12.1
91 - 180 8.8 1.2 6.9
181 - 397 3.3 12.8 3.0
WEIGHTED AVERAGE MATURITY
1/31/00 7/31/99 1/31/99
Fidelity New York Municipal 39 DAYS 55 Days 33 Days
Money Market Fund
New York Tax-Free Money 41 DAYS 53 Days 40 Days
Market Funds Average *
</TABLE>
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ASSET ALLOCATION (% OF FUND'S
NET ASSETS)
AS OF JANUARY 31, 2000 AS OF JULY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 53.7% (VRDNs) 52.8%
Commercial Paper (including Commercial Paper (including
CP Mode) 21.5% CP Mode) 26.2%
Tender Bonds 3.8% Tender Bonds 5.1%
Municipal Notes 13.6% Municipal Notes 11.4%
Other Investments and Net Other Investments and Net
Other Assets 7.4% Other Assets 4.5%
Row: 1, Col: 1, Value: 53.7 Row: 1, Col: 1, Value: 52.8
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 21.5 Row: 1, Col: 3, Value: 26.2
Row: 1, Col: 4, Value: 3.8 Row: 1, Col: 4, Value: 5.1
Row: 1, Col: 5, Value: 13.6 Row: 1, Col: 5, Value: 11.4
Row: 1, Col: 6, Value: 1.3 Row: 1, Col: 6, Value: nil
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 7.4 Row: 1, Col: 8, Value: 4.5
</TABLE>
PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
INVESTMENTS JANUARY 31, 2000
Showing Percentage of Net Assets
<TABLE>
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MUNICIPAL SECURITIES - 95.9%
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 90.6%
Albany County Arpt. Auth. $ 2,800,000 $ 2,800,000
Arpt. Rev. Participating
VRDN Series FR 7, 3.3%
(Liquidity Facility Bank of
New York NA) (a)(d)(e)
Albany County Ind. Dev. Auth. 605,000 605,000
Ind. Dev. Rev. (Campus Plaza
7, Inc. Proj.) 3.2%, LOC
HSBC Bank USA, LOC Marine
Midland Bank NA, VRDN (a)(d)
Amherst Ind. Dev. Auth. Ind. 765,000 765,000
Dev. Rev. (Maple Dev. Proj.)
Series 1986, 3.2%, LOC HSBC
Bank USA, VRDN (a)(d)
Amsterdam Ind. Dev. Agcy. 1,880,000 1,880,000
Ind. Dev. Rev. (Longview
Fiber Co. Proj.) Series
1987, 3.6%, LOC ABN-AMRO
Bank NV, VRDN (a)
Babylon Ind. Dev. Rev. 2,800,000 2,800,000
(Southern Container Corp.
Proj.) 3.2%, LOC Fleet Bank
NA, VRDN (a)(d)
Board Coop. Edl. Services 10,000,000 10,024,571
Sole Supervisory District
RAN 4.375% 6/29/00, LOC
Chase Manhattan Bank
Buffalo Gen. Oblig. RAN 4.65% 4,600,000 4,618,301
7/25/00, LOC Landesbank
Hessen-Thuringen
Chemung County Ind. Dev.
Agcy. Ind. Dev. Rev.:
(McWane, Inc. Proj.) Series 2,300,000 2,300,000
1992 A, 3.4%, LOC Amsouth
Bank, Birmingham, VRDN (a)(d)
(Mmars 2nd Prog. Trayer, Inc. 900,000 900,000
Proj.) Series A, 3.2%, LOC
HSBC Bank USA, VRDN (a)(d)
Deer Park Union Free School 5,000,000 5,010,606
District TAN Series 1999,
4% 6/26/00
Dutchess County Gen. Oblig. 7,200,000 7,215,113
BAN Series 1999 A, 4%
8/18/00
Erie County Ind. Dev. Auth. 1,115,000 1,115,000
Ind. Dev. Rev. (Uniland
Dev./Buffalo Campus Proj.)
Series 1986 D, 3.2%, LOC
HSBC Bank USA, VRDN (a)(d)
Garden City Union Free School 3,000,000 3,006,292
District TAN 4% 6/27/00
Half Hollow Hills Central 3,100,000 3,107,323
School District TAN
(Huntington & Babylon Proj.)
4% 6/29/00
Hicksville Union Free School 11,800,000 11,820,863
District TAN 4% 6/29/00
Honeoye Falls Lima Central 4,900,000 4,901,739
School District BAN 3.25%
4/20/00
Huntington Union Free School 14,000,000 14,029,687
District TAN 4% 6/29/00
Islip Gen. Oblig. BAN Series 7,700,000 7,720,012
1999, 4% 7/14/00
Islip Ind. Dev. Agcy. Rev. 1,350,000 1,350,000
(Interstate Litho Corp.
Proj.) Series 1996 A, 3.2%,
LOC HSBC Bank USA, VRDN
(a)(d)
Jefferson County Ind. Dev. 2,600,000 2,600,000
Agcy. Ind. Dev. Rev. (Fisher
Gauge Facilities Proj.)
Series 1996, 3.2%, LOC Fleet
Bank NA, VRDN (a)(d)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Long Island Pwr. Auth. New
York Elec. Sys. Rev.:
Bonds:
Series 3, 3.6% tender $ 23,500,000 $ 23,500,000
3/27/00, LOC Bayerische
Landesbank Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Series 4:
3.55% tender 3/14/00, LOC 11,400,000 11,400,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
3.55% tender 3/14/00, LOC 5,900,000 5,900,000
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP mode
Participating VRDN:
Series 1998 A, 3.27% 4,500,000 4,500,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series MLPA 544, 3.27% 8,250,000 8,250,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series MLPT 1043, 3.27% 12,800,000 12,800,000
(Liquidity Facility Bank of
America NA) (a)(e)
Series MS 98 65, 3.28% 5,000,000 5,000,000
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(e)
Series MS 98 66, 3.28% 3,635,000 3,635,000
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(e)
Series PA 420, 3.27% 13,400,000 13,400,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series PA 522, 3.27% 12,900,000 12,900,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series PA 565, 3.27% 9,300,000 9,300,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series SG 125, 3.27% 3,200,000 3,200,000
(Liquidity Facility Societe
Generale) (a)(e)
Sub Series 7A, 3.125% (MBIA 18,400,000 18,400,000
Insured), VRDN (a)
Metro. Trans. Auth. New York
Trans. Facilities Rev.:
Bonds Series PA 477R, 3.6%, 5,470,000 5,470,000
tender 2/17/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.) (e)(f)
Series A:
3.55% 3/24/00, LOC ABN-AMRO 5,700,000 5,700,000
Bank NV, CP
3.6% 3/23/00, LOC ABN-AMRO 25,600,000 25,600,000
Bank NV, CP
Series CP 1, 3.6% 4/5/00, LOC 16,300,000 16,300,000
ABN-AMRO Bank NV, CP
Monroe County Arpt. Auth. 5,600,000 5,600,000
Rev. Participating VRDN
Series 123, 3.35% (Liquidity
Facility Morgan Guaranty
Trust Co., NY) (a)(d)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Monroe County Gen. Oblig. BAN $ 5,250,000 $ 5,255,297
3.75% 7/21/00
Monroe County Ind. Dev. Agcy.
Rev.:
(Advent Tool & Mold Proj.) 450,000 450,000
Series 1990 D, 3.2%, LOC
HSBC Bank USA, VRDN (a)(d)
(AJL Manufacturing, Inc.) 4,115,000 4,115,000
Series 1996 A, 3.5%, LOC Key
Bank NA, VRDN (a)(d)
(Flower City Proj.) 3.5%, LOC 4,140,000 4,140,000
Key Bank NA, VRDN (a)(d)
Muni. Assistance Corp. for 7,890,000 7,947,114
New York City Bonds Series
M, 5% 7/1/00
Nassau County Gen. Oblig.:
BAN 4.25% 5/16/00 (BPA Fleet 4,150,000 4,157,785
Nat'l. Bank)
TAN:
4.75% 8/31/00, LOC First 13,800,000 13,858,281
Union Nat'l. Bank, North
Carolina
4.85% 4/28/00, LOC First 13,800,000 13,830,765
Union Nat'l. Bank, North
Carolina
Nassau County Ind. Dev. Agcy. 4,930,000 4,930,000
Ind. Dev. Rev. (CR/PL, Inc.
Proj.) Series 1985, 3.25%,
LOC American Nat'l. Bank &
Trust, Chicago, VRDN (a)
Nassau County Ind. Dev. Auth. 3,200,000 3,200,000
Civic Facilities Rev.
(Winthrop Univ. Hosp. Proj.)
Series 1998, 3.6%, LOC
Morgan Guaranty Trust Co.,
NY, VRDN (a)
New York City Gen. Oblig.:
Bonds:
Series 1994 H2, 3.55% tender 3,000,000 3,000,000
3/13/00 (MBIA Insured), CP
mode
Series 1994 H5, 3.8% tender 5,400,000 5,400,000
4/12/00 (MBIA Insured), CP
mode
Series 1994 H6:
3.6% tender 4/5/00 (MBIA 5,000,000 5,000,000
Insured), CP mode
3.8% tender 4/12/00 (MBIA 2,500,000 2,500,000
Insured), CP mode
Series E, 5% 2/15/00 5,200,000 5,203,385
Series H Sub Series H4, 3.8% 2,000,000 2,000,000
tender 4/12/00 (AMBAC
Insured), CP mode
Series H, 3.6% tender 4/5/00 7,100,000 7,100,000
(MBIA Insured), CP mode
Series H3:
3.55% tender 3/13/00 (FSA 1,000,000 1,000,000
Insured), CP mode
3.55% tender 3/14/00 (FSA 5,500,000 5,500,000
Insured) (BPA State Street
Bank & Trust Co.), CP mode
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: -
continued
Participating VRDN:
Series 1999 A50, 3.2% $ 46,200,000 $ 46,200,001
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(e)
Series 1999 A51, 3.2% 6,200,000 6,200,000
(Liquidity Facility Bank of
New York NA) (a)(e)
Series PT 1027, 3.27% 4,390,000 4,390,000
(Liquidity Facility Bank of
America NA) (a)(e)
Series 1993 E5, 3.55%, LOC 3,300,000 3,300,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1994 E2, 3.55%, LOC 5,000,000 5,000,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1994 E3, 3.55%, LOC 3,400,000 3,400,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series 1995 B5, 3.55% (MBIA 3,750,000 3,750,000
Insured) (BPA Bank of Nova
Scotia), VRDN (a)
Sub Series B3, 3.65%, LOC 3,700,000 3,700,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Sub Series B9, 3.1%, LOC 5,100,000 5,100,000
Chase Manhattan Bank, VRDN
(a)
Sub Series J3, 3.1%, LOC 26,400,000 26,400,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Bonds Series 1994 C3, 3.75%, 19,740,000 19,740,000
tender 4/10/00 (Liquidity
Facility Citibank, New York
NA) (e)(f)
New York City Health & Hosp. 17,200,000 17,200,000
Corp. Bonds Series A, 3.75%,
tender 2/1/00, LOC Morgan
Guaranty Trust Co., NY
New York City Hsg. Dev. Corp.
Multi-family Rental Hsg. Rev.:
(Brittany Dev. Proj.) Series 34,100,000 34,100,000
1999 A, 3% (Fannie Mae
Guaranteed), VRDN (a)(d)
(One Columbus Place Dev. 16,700,000 16,700,000
Proj.) Series A, 3% (Fannie
Mae Guaranteed), VRDN (a)(d)
New York City Hsg. Dev. Corp. 5,300,000 5,300,000
Multi-family Rev. (West 54th
Street Dev. Proj.) Series
1999 A, 3%, LOC Key Bank NA,
VRDN (a)(d)
New York City Ind. Dev. Agcy. 2,525,000 2,525,000
Civic Facilities Rev.
(Peninsula Hosp. Ctr. Proj.)
Series 1998, 3.3%, LOC Chase
Manhattan Bank, VRDN (a)
New York City Ind. Dev. Agcy.
Ind. Dev. Rev. Participating
VRDN:
Series 1996 H, 3.3% 1,665,000 1,665,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(d)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Ind. Dev. Agcy.
Ind. Dev. Rev. Participating
VRDN: - continued
Series 1997 E, 3.3% $ 4,800,000 $ 4,800,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(d)(e)
Series 1997 H, 3.3% 3,600,000 3,600,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(d)(e)
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.:
Participating VRDN:
Series 1997 A2, 3.3% 9,345,000 9,345,000
(Liquidity Facility Bank of
America NA) (a)(e)
Series FR 5, 3.2% (Liquidity 1,800,000 1,800,000
Facility Bank of New York
NA) (a)(e)
Series PA 441, 3.25% 5,000,000 5,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series PA 454, 3.25% 9,500,000 9,500,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
Series PT 1032, 3.25% 18,700,000 18,700,000
(Liquidity Facility Bank of
America NA) (a)(e)
Series SGB 25, 3.27% 37,400,000 37,400,000
(Liquidity Facility Societe
Generale) (a)(e)
Series SGB 26, 3.27% 8,600,000 8,600,000
(Liquidity Facility Societe
Generale) (a)(e)
Series 1:
3.6% 4/11/00, LOC Commerzbank 17,600,000 17,600,000
AG, LOC Toronto Dominion
Bank, LOC Bank of Nova
Scotia, CP
3.8% 2/8/00, LOC Commerzbank 18,000,000 18,000,000
AG, LOC Toronto Dominion
Bank, LOC Bank of Nova
Scotia, CP
Series 1995 A, 3.65% (FGIC 19,200,000 19,200,000
Insured) (BPA FGIC-SPI),
VRDN (a)
Series 4, 3.6% 4/27/00, LOC 20,000,000 20,000,000
Westdeutsche Landesbank
Girozentrale, CP
Series 5A, 3.5% 3/10/00, LOC 7,600,000 7,600,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
Series 5B, 3.5% 3/13/00, LOC 5,000,000 5,000,000
Westdeutsche Landesbank
Girozentrale, LOC Bayerische
Landesbank Girozentrale, LOC
Landesbank Hessen-Thuringen,
CP
New York City Transitional
Fin. Auth. Rev.
Participating VRDN:
Series 129, 3.32% (Liquidity 8,000,000 8,000,000
Facility J. P. Morgan & Co.,
Inc.) (a)(e)
Series 1995, 3.28% (Liquidity 14,800,000 14,800,000
Facility Morgan Stanley Dean
Witter & Co.) (a)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York City Transitional
Fin. Auth. Rev.
Participating VRDN: -
continued
Series FRRI 1999 A48, 3.2% $ 18,900,000 $ 18,900,000
(Liquidity Facility Bank of
New York NA) (a)(e)
Series G, 3.35% (Liquidity 13,000,000 13,000,000
Facility First Union Nat'l.
Bank, North Carolina) (a)(e)
Series PA 536, 3.25% 6,445,000 6,445,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(e)
New York Dorm. Auth. Revs.:
Participating VRDN Series PT 11,400,000 11,400,000
1067, 3.25% (Liquidity
Facility Bank of America NA)
(a)(e)
(Memorial Sloan-Kettering 7,950,000 7,950,000
Cancer Ctr. Proj.) Series
1989 C, 3%, LOC Chase
Manhattan Bank, VRDN (a)
New York Gen. Oblig.:
Bonds (Envir. Quality 1986 3,000,000 3,000,000
Proj.) Series 1997 A, 3.55%
tender 3/14/00, LOC
Bayerische Landesbank
Girozentrale, LOC Landesbank
Hessen-Thuringen, CP mode
Series V:
3.5% 3/9/00, CP 11,300,000 11,300,000
3.55% 3/9/00, CP 6,500,000 6,500,000
Series W, 3.65% 4/13/00, CP 5,700,000 5,700,000
New York Metro. Trans. Auth. 6,700,000 6,700,000
Rev. Bonds 3.75%, tender
4/10/00 (Liquidity Facility
Citibank, New York NA) (e)(f)
New York State Dorm. Auth. 3,800,000 3,800,000
Participating VRDN Series
97C3202, 3.27% (Liquidity
Facility Citibank, New York
NA) (a)(e)
New York State Energy
Research & Dev. Auth.
Facilities Rev. (Con Edison
Co. Proj.):
Series 1999 A2, 3.1% 6,275,000 6,275,000
(Liquidity Facility Morgan
Guaranty Trust Co., NY),
VRDN (a)(d)
Series 1999 A3, 3.2% 20,900,000 20,900,000
(Liquidity Facility Morgan
Guaranty Trust Co., NY),
VRDN (a)(d)
Sub Series A1, 3.15% 2,000,000 2,000,000
(Liquidity Facility Morgan
Guaranty Trust Co., NY),
VRDN (a)(d)
New York State Energy 8,200,000 8,200,000
Research & Dev. Auth. Gas
Facilities Rev.
Participating VRDN Series
FRRI 9, 3.2% (Liquidity
Facility Bank of New York
NA) (a)(e)
New York State Energy
Research & Dev. Auth. Poll.
Cont. Rev.:
Bonds (New York State Elec. & 7,345,000 7,345,000
Gas Corp. Proj.) Series
1985 A, 3%, tender 3/15/00,
LOC Morgan Guaranty Trust
Co., NY
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Energy
Research & Dev. Auth. Poll.
Cont. Rev.: - continued
Participating VRDN Series $ 6,870,000 $ 6,870,000
181, 3.33% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(d)(e)
(Niagara Mohawk Pwr. Corp.
Proj.):
Series 1985 A, 3.6%, LOC 4,300,000 4,300,000
Toronto Dominion Bank, VRDN
(a)
Series 1985 B, 3.6%, LOC 3,000,000 3,000,000
Toronto Dominion Bank, VRDN
(a)
Series 1987 A, 3.6%, LOC 4,300,000 4,300,000
Toronto Dominion Bank, VRDN
(a)
Series B, 3.65%, LOC Morgan 12,950,000 12,950,000
Guaranty Trust Co., NY, VRDN
(a)(d)
New York State Hsg. Fin.
Agcy. Rev.:
(101 West End Avenue Proj.) 11,000,000 11,000,000
Series A, 3.15%, LOC Fleet
Bank NA, VRDN (a)(d)
(240 East 39th Street Proj.) 2,500,000 2,500,000
Series 1997 A, 3%, LOC Chase
Manhattan Bank, VRDN (a)(d)
(750 Sixth Avenue Hsg. Proj.) 8,300,000 8,300,000
Series 1998 A, 3.05%, LOC
Fleet Bank NA, VRDN (a)(d)
(South Cove Plaza Proj.) 22,000,000 22,000,000
Series A, 3.15%, LOC HSBC
Bank USA, VRDN (a)(d)
(Tribeca Park Proj.) Series 8,500,000 8,500,000
1997 A, 3.05%, LOC
Bayerische Hypo-und
Vereinsbank AG, VRDN (a)(d)
New York State Local Govt. 14,495,000 14,495,000
Assistance Corp.
Participating VRDN Series PT
1040, 3.25% (Liquidity
Facility Bank of America NA)
(a)(e)
New York State Med. Care 5,799,000 5,799,000
Facilities Fin. Agcy. Rev.
Participating VRDN Series PA
89, 3.25% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(e)
New York State Mtg. Agcy.:
Bonds Series PA 87, 3.75%, 760,000 760,000
tender 2/24/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.) (d)(e)(f)
Participating VRDN:
Series 2000 B, 3.5% 12,800,000 12,800,000
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(d)(e)
Series FRRI 24, 3.35% 6,085,000 6,085,000
(Liquidity Facility Bank of
New York NA) (a)(d)(e)
Series PA 410, 3.3% 4,720,000 4,720,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(d)(e)
Series PT 108, 3.3% 3,500,000 3,500,000
(Liquidity Facility Banco
Santander SA) (a)(d)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York State Mtg. Agcy.: -
continued
Participating VRDN:
Series PT 1204, 3.3% $ 5,000,000 $ 5,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(d)(e)
Series PT 15A, 3.3% 6,880,000 6,880,000
(Liquidity Facility
Commerzbank AG) (a)(d)(e)
Series PT 15B, 3.3% 2,480,000 2,480,000
(Liquidity Facility
Commerzbank AG) (a)(d)(e)
Series PT 26, 3.3% (Liquidity 45,000 45,000
Facility Merrill Lynch &
Co., Inc.) (a)(d)(e)
New York State Pwr. Auth.
Rev. & Gen. Purp.:
Series 1:
3.5% 3/8/00, CP 19,300,000 19,300,000
3.5% 3/10/00, CP 12,800,000 12,800,000
3.6% 2/4/00, CP 14,700,000 14,700,000
3.8% 4/7/00, CP 5,400,000 5,400,000
Series 2:
3.5% 3/14/00, CP 6,500,000 6,500,000
3.75% 4/3/00, CP 26,900,000 26,900,000
3.75% 4/3/00, CP 10,400,000 10,400,000
Series 4:
3.45% 3/15/00, CP 10,800,000 10,800,000
3.5% 3/6/00, CP 4,000,000 4,000,000
3.6% 4/6/00, CP 10,900,000 10,900,000
New York State Thruway Auth. 11,800,000 11,800,000
Gen. Rev. Participating VRDN
Series SG 121, 3.25%
(Liquidity Facility Societe
Generale) (a)(e)
New York State Thruway Auth.
Hwy. & Bridge Trust Fund
Bonds:
Series A, 4% 4/1/00 (FGIC 9,000,000 9,013,791
Insured)
Series B, 4% 4/1/00 10,000,000 10,011,940
New York State Urban Dev. 8,650,000 8,650,000
Corp. Rev. Participating
VRDN Series SG 33, 3.25%
(Liquidity Facility Societe
Generale) (a)(e)
Niagara Frontier Trans. Auth. 4,445,000 4,445,000
Arpt. Rev. Participating
VRDN Series Putters 121,
3.35% (Liquidity Facility
Morgan Guaranty Trust Co.,
NY) (a)(d)(e)
Northport-East Northport 10,200,000 10,221,980
Union Free School District
TAN Series 1999 2000, 4%
6/30/00
Oneida County Ind. Dev. Agcy. 1,850,000 1,850,000
Rev. (Utica Corp. Proj.)
Series 1996, 3.2%, LOC Fleet
Bank NA, VRDN (a)(d)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
Oswego County Ind. Dev. Agcy. $ 9,500,000 $ 9,500,000
Poll. Cont. Rev. Rfdg.
(Philip Morris Co. Proj.)
3.3%, VRDN (a)
Oyster Bay Gen. Oblig. BAN:
Series 1999 E, 4.25% 9/29/00 14,430,000 14,464,739
Series C, 4% 8/25/00 14,270,000 14,285,100
Plainedge Union Free School 4,000,000 4,006,650
District TAN Series 1999, 4%
6/30/00
Riverhead Ind. Dev. Auth. 4,200,000 4,200,000
Ind. Dev. Rev. (Adchem Corp.
Facility Proj.) Series 1998,
3.24%, LOC European American
Bank Uniondale, VRDN (a)(d)
Rochester Gen. Oblig. BAN 19,000,000 19,009,614
Series 1999 I, 3.5% 3/8/00
Roslyn Union Free School 2,000,000 2,004,331
District TAN 4% 6/29/00
Saint Lawrence County Ind. 6,600,000 6,600,000
Dev. Auth. Envir. Facilities
(Aluminum Co. of America
Proj.) Series 1998 A, 3.27%,
VRDN (a)(d)
South Huntington Union Free 12,700,000 12,727,937
School District TAN Series
1999 2000, 4% 6/30/00
Southampton Union Free School 10,125,000 10,143,008
District TAN Series 1999
2000, 4% 6/29/00
Suffolk County Gen. Oblig. 38,200,000 38,200,000
Participating VRDN Series
FRRI A38, 3.2% (Liquidity
Facility Bank of New York
NA) (a)(e)
Suffolk County Ind. Dev. 2,680,000 2,680,000
Agcy. Civic Facility Rev.
(Maryhaven Ctr. of Hope
Proj.) Series 1997 A, 3.35%,
LOC Key Bank NA, VRDN (a)
Syracuse Gen. Oblig. RAN 7,450,000 7,469,597
4.25% 6/30/00 (BPA Fleet
Nat'l. Bank)
Three Village Central School 8,500,000 8,519,221
District TAN Series 1999
2000, 4% 6/30/00
Triborough Bridge & Tunnel 9,000,000 9,000,000
Auth. Rev. (Gen. Purp.
Proj.) Series 1999 C, 3.05%
(AMBAC Insured), VRDN (a)
Wyoming County Ind. Dev. 300,000 300,000
Agcy. Ind. Dev. Rev.
(American Precision Proj.)
Series 1988 A, 3.2%, LOC
HSBC Bank USA, VRDN (a)(d)
1,418,129,043
NEW YORK & NEW JERSEY - 4.0%
Port Auth. New York & New
Jersey:
Participating VRDN:
Series FRRI 3, 3.25% 3,800,000 3,800,000
(Liquidity Facility Bank of
New York NA) (a)(d)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK & NEW JERSEY -
CONTINUED
Port Auth. New York & New
Jersey: - continued
Participating VRDN:
Series SG 52, 3.17% $ 5,100,000 $ 5,100,000
(Liquidity Facility Societe
Generale) (a)(d)(e)
Series 1996 1, 3.35%, VRDN (a) 5,000,000 5,000,000
Series 1996 4, 3.35%, VRDN (a) 4,200,000 4,200,000
Series 1997 1C, 3.35%, VRDN 3,800,000 3,800,000
(a)
Series 1997 1D, 3.35%, VRDN 4,500,000 4,500,000
(a)
Series 1997 2, 3.45%, VRDN 1,600,000 1,600,000
(a)(d)
Series 1997 3A, 3.35%, VRDN 10,200,000 10,200,000
(a)
Series 1997 3B, 3.35%, VRDN 8,300,000 8,300,000
(a)
Series 1997 4A, 3.45%, VRDN 2,300,000 2,300,000
(a)(d)
Series 3, 3.35%, VRDN (a) 6,600,000 6,600,000
Port Auth. New York & New
Jersey Spl. Oblig. Rev.
Participating VRDN:
Series 6, 3.17% (Liquidity 1,800,000 1,800,000
Facility Societe Generale)
(a)(d)(e)
Series SG 117, 3.17% 5,000,000 5,000,000
(Liquidity Facility Societe
Generale) (a)(d)(e)
62,200,000
SHARES
OTHER - 1.3%
Municipal Central Cash Fund 20,095,051 20,095,051
3.34% (b)(c)
</TABLE>
TOTAL INVESTMENT PORTFOLIO - 1,500,424,094
95.9%
NET OTHER ASSETS - 4.1% 64,811,520
NET ASSETS - 100% $ 1,565,235,614
Total Cost for Income Tax Purposes $ 1,500,425,062
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
TAN - TAX ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Information in this report regarding holdings by state and
security types does not reflect the holdings of the Municipal Central
Cash Fund. A listing of the Municipal Central Cash Fund's holdings as
of its most recent fiscal period end is available upon request.
(c) The rate quoted is the annualized seven-day yield of the fund at
period end.
(d) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(e) Provides evidence of ownership in one or more underlying municipal
bonds.
(f) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
Additional information on each holding is as follows:
SECURITY ACQUISITION DATE COST
Metro. Trans. Auth. New York 7/1/99 $ 5,470,000
Trans. Facilities Rev. Bonds
Series PA 477R, 3.6%, tender
2/17/00 (Liquidity Facility
Merrill Lynch & Co., Inc.)
New York City Gen. Oblig. 9/1/99 $ 19,740,000
Bonds Series 1994 C3,
3.75%, tender 4/10/00
(Liquidity Facility
Citibank, New York NA)
New York Metro. Trans. Auth. 9/1/99 $ 6,700,000
Rev. Bonds 3.75%, tender
4/10/00 (Liquidity Facility
Citibank, New York NA)
New York State Mtg. Agcy. 8/24/99 $ 760,000
Bonds Series PA 87, 3.75%,
tender 2/24/00 (Liquidity
Facility Merrill Lynch &
Co., Inc.)
OTHER INFORMATION
The fund invested in securities that are not registered under the
Securities Act of 1933. These securities are subject to legal or
contractual restrictions on resale. At the end of the period,
restricted securities (excluding Rule 144A issues) amounted to
$32,670,000 or 2.1% of net assets.
INCOME TAX INFORMATION
At January 31, 2000, the fund had a capital loss carryforward of
approximately $111,000 of which $20,000, $3,000, $33,000, $50,000 and
$5,000 will expire on January 31, 2001, 2003, 2004, 2005 and 2007,
respectively.
During the fiscal year ended January 31, 2000, 100% of the fund's
income dividends was free from federal income tax, and 22.36% of the
fund's income dividends was subject to the federal alternative minimum
tax (unaudited).
FIDELITY NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000
ASSETS
Investment in securities, at $ 1,500,424,094
value - See accompanying
schedule
Receivable for investments 6,055,787
sold
Receivable for fund shares 72,248,382
sold
Interest receivable 11,033,500
Prepaid expenses 50,673
TOTAL ASSETS 1,589,812,436
LIABILITIES
Payable to custodian bank $ 40,628
Payable for investments 6,553,937
purchased
Payable for fund shares 17,186,408
redeemed
Distributions payable 48,714
Accrued management fee 458,379
Other payables and accrued 288,756
expenses
TOTAL LIABILITIES 24,576,822
NET ASSETS $ 1,565,235,614
Net Assets consist of:
Paid in capital $ 1,565,346,419
Accumulated undistributed net (110,805)
realized gain (loss) on
investments
NET ASSETS, for 1,565,181,128 $ 1,565,235,614
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($1,565,235,614
(divided by) 1,565,181,128
shares)
STATEMENT OF OPERATIONS
YEAR ENDED JANUARY 31, 2000
INTEREST INCOME $ 44,052,466
EXPENSES
Management fee $ 5,031,206
Transfer agent fees 2,044,550
Accounting fees and expenses 161,506
Non-interested trustees' 3,898
compensation
Custodian fees and expenses 42,778
Registration fees 100,136
Audit 24,043
Legal 14,429
Miscellaneous 56,335
Total expenses before 7,478,881
reductions
Expense reductions (10,554) 7,468,327
NET INTEREST INCOME 36,584,139
NET REALIZED GAIN (LOSS) ON 18,220
INVESTMENTS
NET INCREASE (DECREASE) IN $ 36,602,359
NET ASSETS RESULTING FROM
OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 10,554
credits
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31, 2000 YEAR ENDED JANUARY 31, 1999
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 36,584,139 $ 32,210,520
Net realized gain (loss) 18,220 (2,262)
NET INCREASE (DECREASE) IN 36,602,359 32,208,258
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (36,584,139) (32,210,520)
from net interest income
Share transactions at net 4,873,783,359 3,575,190,769
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 35,906,642 31,407,887
distributions from net
interest income
Cost of shares redeemed (4,600,877,054) (3,432,834,121)
NET INCREASE (DECREASE) IN 308,812,947 173,764,535
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 308,831,167 173,762,273
IN NET ASSETS
NET ASSETS
Beginning of period 1,256,404,447 1,082,642,174
End of period $ 1,565,235,614 $ 1,256,404,447
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31, 2000 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
of period
Income from Investment .027 .029 .031 .029 .033
Operations Net interest
income
Less Distributions
From net interest income (.027) (.029) (.031) (.029) (.033)
Net asset value, end of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
TOTAL RETURN 2.78% 2.91% 3.13% 2.94% 3.32%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,565,236 $ 1,256,404 $ 1,082,642 $ 880,075 $ 822,866
(000 omitted)
Ratio of expenses to average .56% .58% .61% .61% .62%
net assets
Ratio of net interest income 2.75% 2.86% 3.10% 2.89% 3.26%
to average net assets
</TABLE>
NOTES TO FINANCIAL STATEMENTS
For the period ended January 31, 2000
1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan New York Municipal Income Fund (the income fund) is a fund of
Fidelity New York Municipal Trust. Spartan New York Municipal Money
Market Fund and Fidelity New York Municipal Money Market Fund (the
money market funds) are funds of Fidelity New York Municipal Trust II.
Each trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as an open-end management investment company.
Fidelity New York Municipal Trust and Fidelity New York Municipal
Trust II (the trusts) are organized as a Massachusetts business trust
and a Delaware business trust, respectively. Each fund is authorized
to issue an unlimited number of shares. The financial statements have
been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and
assumptions at the date of the financial statements. Each fund may be
affected by economic and political developments in the state of New
York. The following summarizes the significant accounting policies of
the income fund and the money market funds:
SECURITY VALUATION.
INCOME FUND. Securities are valued based upon a computerized matrix
system and/or appraisals by a pricing service, both of which consider
market transactions and dealer-supplied valuations. Securities
(including restricted securities) for which quotations are not readily
available are valued at their fair value as determined in good faith
under consistently applied procedures under the general supervision of
the Board of Trustees. Short-term securities with remaining maturities
of sixty days or less for which quotations are not readily available
are valued at amortized cost or original cost plus accrued interest,
both of which approximate current value.
MONEY MARKET FUNDS. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost
and thereafter assume a constant amortization to maturity of any
discount or premium.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, each fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for the fiscal year. The schedules of investments
include information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of original issue discount, is accrued as
earned. For the money market funds, accretion of discount represents
unrealized gain until realized at the time of a security disposition
or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for futures transactions, market discount, capital loss
carryforwards and losses deferred due to futures and excise tax
regulations.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Distributions in excess of net interest income and accumulated
undistributed net realized gain (loss) on investments may include
temporary book and tax basis differences that will reverse in a
subsequent period. Any taxable gain remaining at fiscal year end is
distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
MUNICIPAL CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission (the SEC), the funds may invest
in the Municipal Central Cash Fund (the Cash Fund) managed by Fidelity
Investments Money Management, Inc. (FIMM), an affiliate of Fidelity
Management & Research Company (FMR). The Cash Fund is an open-end
money market fund available only to investment companies and other
accounts managed by FMR and its affiliates. The Cash Fund seeks
preservation of capital, liquidity, and current income by investing in
high-quality, short-term municipal securities of various states and
municipalities. Income distributions from the Cash Fund are declared
daily and paid monthly from net interest income. Income distributions
earned by the funds are recorded as interest income in the
accompanying financial statements.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place after the
customary settlement period for that security. The price of the
underlying securities is fixed at the time the transaction is
negotiated. Each fund may receive compensation for interest forgone in
the purchase of a when-issued security. With respect to purchase
commitments, each fund identifies securities as segregated in its
records with a value at least equal to the amount of the commitment.
Losses may arise due to changes in the market value of the underlying
securities, if the counterparty does not perform under the contract,
or if the issuer does not issue the securities due to political,
economic, or other factors.
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
2. OPERATING POLICIES -
CONTINUED
FUTURES CONTRACTS - CONTINUED
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.
3. PURCHASES AND SALES OF INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $211,553,201 and $273,729,417, respectively.
The market value of futures contracts opened and closed during the
period amounted to $121,845,664 and $128,295,001, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser for the income fund
and Fidelity New York Municipal Money Market Fund, FMR receives a
monthly fee that is calculated on the basis of a group fee rate plus a
fixed individual fund fee rate applied to the average net assets of
each fund. The group fee rate is the weighted average of a series of
rates and is based on the monthly average net assets of all the mutual
funds advised by FMR. The rates ranged from .0920% to .3700% for the
period. The annual individual fund fee rate is .25%. In the event that
these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted
in the same or a lower management fee. For the period, the management
fees were equivalent to annual rates of .38% of average net assets for
the income fund and Fidelity New York Municipal Money Market Fund.
As Spartan New York Municipal Money Market Fund's investment adviser,
FMR receives a fee that is computed daily at an annual rate of .50% of
the fund's average net assets. FMR pays all other expenses, except the
compensation of the non-interested Trustees and certain exceptions
such as interest, taxes, brokerage commissions and extraordinary
expenses. The management fee paid to FMR by the fund is reduced by an
amount equal to the fees and expenses paid by the fund to the
non-interested Trustees.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
MANAGEMENT FEE - CONTINUED
FMR also bears the cost of providing shareholder services to Spartan
New York Municipal Money Market Fund. To offset the cost of providing
these services, FMR or its affiliates collected certain transaction
fees from shareholders which amounted to $6,245 for the period.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FIMM, a wholly
owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect.
TRANSFER AGENT AND ACCOUNTING FEES. Effective June 14, 1999 for the
income fund and June 21, 1999 for Fidelity New York Municipal Money
Market Fund Citibank, N.A.(Citibank) replaced UMB Bank, n.a. as the
custodian, transfer agent and shareholder servicing agent for the
funds. Citibank has entered into a sub-contract with Fidelity Service
Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the
activities associated with the funds' transfer and shareholder
servicing agent and accounting functions. The funds pay account fees
and asset-based fees that vary according to account size and type of
account. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements. The accounting fee is
based on the level of average net assets for the month plus
out-of-pocket expenses.
For the period, the transfer agent fees were equivalent to an annual
rate of .08% and .15% of average net assets for the income fund and
Fidelity New York Municipal Money Market Fund, respectively.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, the money market funds, along with other money market funds
advised by FMR or its affiliates, have entered into insurance
agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated
mutual insurance company. FIDFUNDS provides limited coverage for
certain loss events including issuer default as to payment of
principal or interest and bankruptcy or insolvency of a credit
enhancement provider. The insurance does not cover losses resulting
from changes in interest rates, ratings downgrades or other market
conditions. Each fund may be subject to a special assessment of up to
approximately 2.5 times the fund's annual gross premium if covered
losses exceed certain levels. Fidelity New York Municipal Money Market
Fund paid premiums of $55,280 for the calendar year 2000 to FIDFUNDS,
which are being amortized over one year. FMR has borne the cost of
Spartan New York Municipal Money Market Fund's premium payable to
FIDFUNDS.
5. EXPENSE REDUCTIONS.
Through arrangements with the income fund and Fidelity New York
Municipal Money Market Fund's custodian and transfer agent, credits
realized as a result of uninvested cash balances were used to reduce a
portion of each applicable
5. EXPENSE REDUCTIONS -
CONTINUED
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.
In addition, through arrangements with Spartan New York Municipal
Money Market Fund's custodian and transfer agent, credits realized as
a result of uninvested cash balances were used to reduce a portion of
the fund's expenses. During the period, the fund's expenses were
reduced by $33,218 under these arrangements.
INDEPENDENT AUDITORS' REPORT
To the Trustees of Fidelity New York Municipal Trust and Fidelity New
York Municipal Trust II and Shareholders of Spartan New York Municipal
Income Fund, Spartan New York Municipal Money Market Fund and Fidelity
New York Municipal Money Market Fund:
We have audited the accompanying statements of assets and liabilities
of Spartan New York Municipal Income Fund, Spartan New York Municipal
Money Market Fund, and Fidelity New York Municipal Money Market Fund,
(the "Funds"), including the portfolios of investments, as of January
31, 2000, and the related statements of operations, changes in net
assets, and financial highlights for the year then ended. These
financial statements and financial highlights are the responsibility
of the Funds' management. Our responsibility is to express an opinion
on these financial statements and financial highlights based on our
audits. The statements of changes in net assets for the year ended
January 31, 1999, and the financial highlights for each of the four
years in the period then ended were audited by other auditors whose
report, dated March 9, 1999, expressed an unqualified opinion on those
statements and financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of January 31, 2000, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Spartan New York Municipal Income Fund, Spartan
New York Municipal Money Market Fund, and Fidelity New York Municipal
Money Market Fund as of January 31, 2000, the results of their
operations, the changes in their net assets, and the financial
highlights for the year then ended, in conformity with generally
accepted accounting principles.
/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 9, 2000
PROXY VOTING RESULTS
A special meeting of Fidelity New York Municipal Trust: Spartan New
York Municipal Income Fund's shareholders was held on February 16,
2000. The results of votes taken among shareholders on proposals
before them are reported below. Each vote reported represents one
dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees for Fidelity New York Municipal Trust.*
# OF % OF
VOTES CAST VOTES CAST
RALPH F. COX
Affirmative 561,142,589.92 96.428
Withheld 20,788,001.16 3.572
TOTAL 581,930,591.08 100.000
PHYLLIS BURKE DAVIS
Affirmative 561,071,733.87 96.416
Withheld 20,858,857.21 3.584
TOTAL 581,930,591.08 100.000
ROBERT M. GATES
Affirmative 559,652,929.70 96.172
Withheld 22,277,661.38 3.828
TOTAL 581,930,591.08 100.000
EDWARD C. JOHNSON 3D
Affirmative 562,122,225.64 96.596
Withheld 19,808,365.44 3.404
TOTAL 581,930,591.08 100.000
DONALD J. KIRK
Affirmative 561,358,733.25 96.465
Withheld 20,571,857.83 3.535
TOTAL 581,930,591.08 100.000
NED C. LAUTENBACH
Affirmative 562,047,951.65 96.583
Withheld 19,882,639.43 3.417
TOTAL 581,930,591.08 100.000
# OF % OF
VOTES CAST VOTES CAST
PETER S. LYNCH
Affirmative 562,278,389.97 96.623
Withheld 19,652,201.11 3.377
TOTAL 581,930,591.08 100.000
WILLIAM O. MCCOY
Affirmative 561,799,664.36 96.541
Withheld 20,130,926.72 3.459
TOTAL 581,930,591.08 100.000
GERALD C. MCDONOUGH
Affirmative 560,195,627.91 96.265
Withheld 21,734,963.17 3.735
TOTAL 581,930,591.08 100.000
MARVIN L. MANN
Affirmative 561,734,357.51 96.529
Withheld 20,196,233.57 3.471
TOTAL 581,930,591.08 100.000
ROBERT C. POZEN
Affirmative 562,099,275.00 96.592
Withheld 19,831,316.08 3.408
TOTAL 581,930,591.08 100.000
THOMAS R. WILLIAMS
Affirmative 560,317,201.55 96.286
Withheld 21,613,389.53 3.714
TOTAL 581,930,591.08 100.000
PROPOSAL 2
To ratify the selection of Deloitte & Touche LLP as independent
accountants of Spartan New York Municipal Income Fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 551,918,619.59 94.843
Against 9,643,979.15 1.657
Abstain 20,367,992.34 3.500
TOTAL 581,930,591.08 100.000
PROPOSAL 3
To authorize the Trustees to adopt an amended and restated Declaration
of Trust for Fidelity New York Municipal Trust.*
# OF % OF
VOTES CAST VOTES CAST
Affirmative 511,136,159.01 89.427
Against 27,064,235.36 4.735
Abstain 33,370,368.37 5.838
TOTAL 571,570,762.74 100.000
Broker Non-Votes 10,359,828.34
PROPOSAL 4
To approve an amended management contract for Spartan New York
Municipal Income Fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 520,997,775.43 89.529
Against 24,799,659.49 4.262
Abstain 36,133,156.16 6.209
TOTAL 581,930,591.08 100.000
PROPOSAL 5
To modify Spartan New York Municipal Income Fund's fundamental
investment objective and eliminate certain fundamental investment
policies of Spartan New York Municipal Income Fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 487,210,255.54 85.241
Against 40,507,154.80 7.087
Abstain 43,853,352.40 7.672
TOTAL 571,570,762.74 100.000
Broker Non-Votes 10,359,828.34
PROPOSAL 6
To eliminate Spartan New York Municipal Income Fund's fundamental 80%
investment policy and adopt a comparable non-fundamental policy.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 477,620,440.35 83.563
Against 48,820,360.12 8.541
Abstain 45,129,962.27 7.896
TOTAL 571,570,762.74 100.000
Broker Non-Votes 10,359,828.34
PROPOSAL 7
To eliminate Spartan New York Municipal Income Fund's fundamental 20%
investment policy.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 477,808,781.35 83.596
Against 46,235,207.76 8.089
Abstain 47,526,773.63 8.315
TOTAL 571,570,762.74 100.000
Broker Non-Votes 10,359,828.34
* DENOTES TRUST-WIDE PROPOSALS AND VOTING
RESULTS.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity Automated Service Telephone provides a single toll-free
number to access account balances, positions, quotes and trading. It's
easy to navigate the service, and on your first call, the system will
help you create a personal identification number (PIN) for security.
(PHONE_GRAPHIC)FIDELITY AUTOMATED
SERVICE TELEPHONE (FASTSM)
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.
*0To speak to a Fidelity representative.
BY PC
Fidelity's web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)
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 1-800-544-0240 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.
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INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
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Fidelity Investments
Money Management, Inc. (FIMM)
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Fred L. Henning Jr., Vice President
Dwight D. Churchill, Vice President -
INCOME FUND
Boyce I. Greer, Vice President -
MONEY MARKET FUNDS
Norman U. Lind, Vice President -
INCOME FUND
Diane M. McLaughlin, Vice President -
MONEY MARKET FUNDS
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Maria F. Dwyer, Deputy Treasurer
Stanley N. Griffith, Assistant
Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant
Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
* INDEPENDENT TRUSTEES
ADVISORY BOARD
NYS-ANN-0300 95624
1.700624.102
J. Gary Burkhead
Abigail P. Johnson
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