-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JPgmp/IZLPK06/FOHHg0mOwgbMqmDeXcSliyTQvcAHddzOzc6hXKZDtyXfjeZBXO SouAzAaIk6kVJxzGXZJlhA== 0000718581-03-000011.txt : 20031002 0000718581-03-000011.hdr.sgml : 20031002 20031002150805 ACCESSION NUMBER: 0000718581-03-000011 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20030731 FILED AS OF DATE: 20031002 EFFECTIVENESS DATE: 20031002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY NEW YORK MUNICIPAL TRUST CENTRAL INDEX KEY: 0000718581 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03723 FILM NUMBER: 03923960 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173300814 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE ZZ2 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY NEW YORK TAX FREE FUND DATE OF NAME CHANGE: 19900625 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY NEW YORK TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19850710 N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 3723

Fidelity New York Municipal Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

Date of reporting period:

July 31, 2003

Item 1. Reports to Stockholders

Fidelity Advisor

New York Municipal Income

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

July 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Class A, Class T, Class B, and Class C are classes of Spartan® New York Municipal Income Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

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 fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Five Sectors as of July 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

23.2

26.0

Special Tax

18.0

12.9

Escrowed/Pre-Refunded

15.7

19.2

Water & Sewer

11.3

12.0

Transportation

10.1

8.4

Average Years to Maturity as of July 31, 2003

6 months ago

Years

14.7

14.7

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of July 31, 2003

6 months ago

Years

7.5

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 (% of fund's net assets)

As of July 31, 2003

As of January 31, 2003

AAA 54.1%

AAA 55.1%

AA,A 39.8%

AA,A 37.0%

BBB 2.9%

BBB 3.1%

Not Rated 2.1%

Not Rated 3.7%

Short-Term
Investments and
Net Other Assets 1.1%

Short-Term
Investments and
Net Other Assets 1.1%



We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings.

Semiannual Report

Investments July 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.9%

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - 93.7%

Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured)

$ 1,275

$ 1,351

Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A:

5% 7/1/09 (AMBAC Insured)

500

545

5% 7/1/10 (AMBAC Insured)

600

649

5% 7/1/11 (AMBAC Insured)

500

537

5.5% 7/1/21 (AMBAC Insured)

2,300

2,418

Buffalo Gen. Oblig. Series 2001 C:

5% 12/1/07 (FGIC Insured)

1,010

1,106

5% 12/1/08 (FGIC Insured)

1,030

1,129

5% 12/1/09 (FGIC Insured)

1,840

2,013

5% 12/1/10 (FGIC Insured)

1,840

1,989

5% 12/1/11 (FGIC Insured)

1,820

1,948

Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured)

2,700

2,703

Cherry Valley Springfield Central School District:

7.8% 5/1/14 (MBIA Insured)

435

573

7.8% 5/1/15 (MBIA Insured)

435

579

7.8% 5/1/16 (MBIA Insured)

435

584

7.8% 5/1/17 (MBIA Insured)

435

588

7.8% 5/1/18 (MBIA Insured)

434

587

Dutchess County Indl. Dev. Agcy. Civic Facility Rev.:

(Bard College Civic Facility Proj.):

5.5% 8/1/20

4,190

4,389

5.75% 8/1/30

9,445

9,901

(Vassar College Proj.) 5.35% 9/1/40

5,000

5,065

Erie County Gen. Oblig. Series A:

5% 9/1/15 (FGIC Insured)

2,625

2,746

5% 9/1/16 (FGIC Insured)

1,680

1,745

5% 9/1/17 (FGIC Insured)

1,000

1,032

Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c)

1,055

1,094

Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured)

2,300

2,377

Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10

7,000

7,190

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series A, 5.75% 12/1/24

25,000

26,277

Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured)

11,180

12,294

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Commuter Facilities Rev.:

Series 1997 B:

5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c)

$ 3,000

$ 3,084

5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c)

5,080

5,176

Series 1997 D:

5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c)

2,580

2,659

5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,100

2,287

Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c)

3,705

4,144

Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,108

Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c)

2,960

3,321

Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured)

30,000

30,601

Metro. Trans. Auth. Rev.:

Series 2002 A:

5% 11/15/30 (FSA Insured)

42,500

41,272

5.5% 11/15/15 (AMBAC Insured)

1,340

1,458

5.5% 11/15/16 (AMBAC Insured)

1,000

1,077

5.5% 11/15/17 (AMBAC Insured)

1,000

1,076

5.5% 11/15/18 (AMBAC Insured)

1,000

1,071

5.75% 11/15/32

10,000

10,477

Series A, 5% 11/15/16 (FGIC Insured)

8,000

8,309

Series E, 5.5% 11/15/21 (MBIA Insured)

2,200

2,332

Metro. Trans. Auth. Svc. Contract Rev.:

(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

4,655

5,310

(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

1,580

1,805

Series 7:

0% 7/1/10 (Escrowed to Maturity) (c)

9,500

7,251

5.625% 7/1/16 (Escrowed to Maturity) (c)

3,000

3,091

Series A, 5.5% 1/1/20 (MBIA Insured)

5,000

5,319

Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c)

3,000

3,399

Metro. Trans. Auth. Transit Facilities Rev.:

(Svc. Contract Proj.):

Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c)

3,000

3,335

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Transit Facilities Rev.: - continued

(Svc. Contract Proj.):

Series R:

5.3% 7/1/09 (Escrowed to Maturity) (c)

$ 4,000

$ 4,505

5.4% 7/1/10 (Escrowed to Maturity) (c)

3,000

3,366

Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c)

1,000

1,158

Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,970

3,209

Series C:

4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,255

1,334

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

765

833

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,735

1,898

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,030

1,122

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,345

1,471

Series N:

0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

5,980

4,302

0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c)

4,000

2,574

Monroe County Gen. Oblig.:

Series 1996, 6.1% 3/1/04 (MBIA Insured)

660

669

6% 6/1/04

540

562

6% 6/1/05

770

826

6.5% 6/1/04

65

68

6.5% 6/1/05

115

124

6.5% 6/1/06

120

133

6.5% 6/1/07 (AMBAC Insured)

50

57

7% 6/1/04 (FGIC Insured)

875

919

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured)

1,000

1,032

Monroe Woodbury Central School District:

5.625% 5/15/22 (MBIA Insured)

1,245

1,327

5.625% 5/15/24 (MBIA Insured)

2,645

2,806

Muni. Assistance Corp. for New York City:

Series 1996 E, 6% 7/1/05

1,000

1,084

Series 1996 G:

6% 7/1/06

4,000

4,446

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Muni. Assistance Corp. for New York City: - continued

Series 1996 G:

6% 7/1/07

$ 2,305

$ 2,599

Series 1997 H, 6.25% 7/1/07

1,195

1,358

Series 1997 L:

6% 7/1/05

3,500

3,793

6% 7/1/07

5,275

5,947

Series 1998 M, 5.5% 7/1/07

6,500

7,208

Series 1999 O, 5.25% 7/1/07

1,780

1,958

Series 2002 P, 5% 7/1/08

10,850

11,871

Nassau County Gen. Oblig.:

Series 1997 X, 5% 11/1/07 (AMBAC Insured)

2,410

2,630

Series A:

6% 7/1/09 (FGIC Insured)

5,620

6,414

6.5% 5/1/07 (FGIC Insured)

4,000

4,537

Series E, 5.3% 7/1/07 (MBIA Insured)

350

384

Series T, 5.2% 9/1/11 (FGIC Insured)

2,695

2,892

Series U:

5.25% 11/1/11 (AMBAC Insured)

1,500

1,616

5.25% 11/1/15 (AMBAC Insured)

2,150

2,273

Series Z:

5% 9/1/11 (FGIC Insured)

3,000

3,199

5% 9/1/13 (FGIC Insured)

3,000

3,147

Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.):

Series 2001 A, 5.875% 11/1/11

205

214

Series 2001 B, 5.875% 11/1/11

1,390

1,448

Series 2001 C, 5.625% 11/1/10

915

941

Series 2001 D, 5.625% 11/1/10

1,225

1,260

Nassau County Interim Fin. Auth.:

Series 2000 A:

5.75% 11/15/11 (MBIA Insured)

7,845

8,789

5.75% 11/15/12 (MBIA Insured)

7,710

8,529

Series A:

5% 11/15/15 (AMBAC Insured)

4,745

4,964

5% 11/15/16 (AMBAC Insured)

7,730

8,029

5% 11/15/17 (AMBAC Insured)

6,000

6,202

5% 11/15/18 (AMBAC Insured)

2,375

2,427

New York City Gen. Oblig.:

Series A:

5.25% 11/1/14 (MBIA Insured)

1,350

1,435

6.25% 8/1/08

1,000

1,102

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Gen. Oblig.: - continued

Series B:

5.5% 8/1/11 (FGIC Insured)

$ 2,000

$ 2,189

5.875% 8/15/13

3,870

4,132

6.2% 8/15/06

2,195

2,368

6.5% 8/15/11

1,000

1,136

7.5% 2/1/07

335

338

Series C:

5.75% 3/15/27 (FSA Insured)

3,530

3,716

6% 2/1/22

3,410

3,601

6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c)

90

102

Series D:

5.25% 8/1/13

2,500

2,606

5.25% 8/1/21 (MBIA Insured)

5,000

5,146

5.375% 8/1/17

2,500

2,564

Series E:

6% 8/1/11

3,000

3,225

6% 8/1/26

2,850

3,002

6.5% 2/15/06

1,000

1,093

Series F:

5.75% 2/1/15

2,500

2,636

6% 8/1/16

7,750

8,309

Series G:

5.25% 8/1/14 (AMBAC Insured)

1,635

1,731

6% 10/15/26

4,965

5,219

6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c)

50

58

Series H:

5.5% 8/1/12

9,000

9,496

5.75% 3/15/13 (FSA Insured)

1,805

1,988

6% 8/1/17

1,000

1,066

Series I:

5.875% 3/15/12

10,000

10,698

6.125% 4/15/11

8,495

9,259

6.25% 4/15/07 (MBIA Insured)

8,005

8,968

Series J:

5.5% 6/1/18 (MBIA Insured)

5,000

5,305

5.875% 2/15/19

3,370

3,537

5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c)

630

700

6.125% 8/1/12

1,000

1,089

Series L, 5.75% 8/1/12

3,700

3,936

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Health & Hosp. Corp. Rev. Series A:

5.5% 2/15/16 (FSA Insured)

$ 2,605

$ 2,800

5.5% 2/15/17 (FSA Insured)

3,000

3,211

5.5% 2/15/18 (FSA Insured)

2,500

2,665

5.5% 2/15/19 (FSA Insured)

1,250

1,327

New York City Indl. Dev. Agcy. Civic Facility Rev.:

(New York Univ. Proj.) Series 2001:

5% 7/1/41 (AMBAC Insured)

10,000

9,657

5.375% 7/1/15 (AMBAC Insured)

1,090

1,169

(Spence School, Inc. Proj.) 5% 7/1/27

3,255

3,154

New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b)

2,470

2,613

New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.):

5.7% 1/1/04 (b)

1,500

1,506

6% 1/1/08 (b)

500

515

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 1996 B:

5.75% 6/15/26 (MBIA Insured)

1,000

1,081

5.875% 6/15/26

18,085

20,002

Series 1997 A, 5.375% 6/15/26 (FSA Insured)

13,450

13,619

Series 1997 B, 5.25% 6/15/29 (FGIC Insured)

3,785

3,809

Series 2000, 5.5% 6/15/33

14,215

14,459

Series A:

5% 6/15/32

5,000

4,809

5.25% 6/15/33 (FGIC Insured)

1,280

1,287

5.375% 6/15/15 (FGIC Insured)

7,000

7,530

6% 6/15/28

15,000

16,233

Series B:

5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c)

145

151

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

60

63

5.75% 6/15/26 (MBIA Insured)

5,025

5,417

5.75% 6/15/29 (MBIA Insured)

5,965

6,410

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

295

309

New York City Transitional Fin. Auth. Rev.:

Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c)

2,700

3,154

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2003 D:

5.25% 2/1/17 (MBIA Insured)

$ 9,385

$ 9,905

5.25% 2/1/19 (MBIA Insured)

8,075

8,383

Series 2003 E, 5.25% 2/1/15 (FGIC Insured)

7,250

7,732

Series A:

5.125% 8/15/21

8,140

8,368

5.25% 11/15/12 (FSA Insured)

1,500

1,607

5.5% 11/15/17 (FGIC Insured)

6,725

7,291

5.5% 11/15/20 (FGIC Insured)

9,000

9,594

5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c)

2,000

2,311

Series B:

5.125% 11/1/14

1,000

1,051

5.5% 2/1/08

2,435

2,686

5.5% 2/1/08 (Escrowed to Maturity) (c)

565

631

Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c)

16,140

18,242

New York City Trust Cultural Resources Rev.:

(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured)

4,850

5,155

(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured)

1,250

1,368

New York Local Govt. Assistance Corp.:

Series A1, 5% 4/1/12 (FSA Insured)

4,500

4,810

Series E, 5.25% 4/1/16

8,600

9,197

New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured)

3,150

3,214

New York State Dorm. Auth. Revs.:

(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured)

4,625

4,680

(Champlain Valley Physicians Proj.):

6% 7/1/08 (AMBAC Insured)

600

679

6% 7/1/09 (AMBAC Insured)

370

421

6% 7/1/10 (AMBAC Insured)

250

284

(City Univ. Sys. Consolidation Proj.):

Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c)

500

564

Series C, 7.5% 7/1/10

4,000

4,744

Series D, 7% 7/1/09 (Escrowed to Maturity) (c)

6,000

6,840

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(Colgate Univ. Proj.):

6% 7/1/16 (MBIA Insured)

$ 1,900

$ 2,182

6% 7/1/21 (MBIA Insured)

2,500

2,841

(Columbia Univ. Proj.):

Series 2001 A:

5.25% 7/1/13

1,000

1,089

5.25% 7/1/15

2,000

2,143

Series B, 5.375% 7/1/18

1,000

1,062

(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured)

1,500

1,653

(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured)

9,805

9,896

(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured)

8,000

8,133

(Long Island Jewish Med. Ctr. Proj.):

5% 7/1/08 (MBIA Insured)

2,000

2,182

5.25% 7/1/11 (MBIA Insured)

3,000

3,228

(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured)

2,175

1,664

(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11

3,000

3,272

(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11

2,550

2,797

(Montefiore Med. Ctr. Proj.) Series 2000:

5.8% 8/1/30

3,000

3,150

5.85% 8/1/40

9,500

9,992

(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured)

1,290

1,348

(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured)

4,500

4,887

(New York Univ. Proj.):

Series 2:

5.5% 7/1/17 (AMBAC Insured)

755

805

5.5% 7/1/19 (AMBAC Insured)

1,705

1,801

5.5% 7/1/20 (AMBAC Insured)

860

900

Series A:

5.5% 7/1/10 (AMBAC Insured)

7,650

8,502

5.75% 7/1/15 (MBIA Insured)

2,295

2,584

5.75% 7/1/27 (MBIA Insured)

5,000

5,476

(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured)

1,500

1,657

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(NYSARC, Inc. Proj.) Series A:

5% 7/1/06 (FSA Insured)

$ 500

$ 539

5% 7/1/07 (FSA Insured)

1,290

1,402

5% 7/1/09 (FSA Insured)

1,700

1,844

(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured)

4,875

5,054

(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32

7,000

6,886

(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured)

1,260

1,422

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (MBIA Insured)

7,925

8,603

Series 2002 E, 5.75% 10/1/22 (MBIA Insured)

1,485

1,598

Series 2002 H, 5.5% 10/1/17 (MBIA Insured)

2,600

2,800

Series 2002 I, 5.75% 10/1/18 (MBIA Insured)

1,500

1,646

(State Univ. Edl. Facilities Proj.):

Series B, 7.5% 5/15/11

2,365

2,838

5.5% 5/15/09

3,000

3,296

(The Jamaica Hosp. Proj.) Series F:

5.1% 2/15/12 (MBIA Insured)

3,605

3,828

5.2% 2/15/13 (MBIA Insured)

6,585

6,995

(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A:

6% 7/1/14

1,095

1,165

6% 7/1/15

1,160

1,227

6% 7/1/16

1,230

1,293

(Yeshiva Univ. Proj.) Series 2001:

4% 7/1/04 (AMBAC Insured)

200

206

5.375% 7/1/12 (AMBAC Insured)

1,000

1,091

5.375% 7/1/13 (AMBAC Insured)

800

868

5.375% 7/1/14 (AMBAC Insured)

1,130

1,226

5.375% 7/1/16 (AMBAC Insured)

670

714

5.375% 7/1/17 (AMBAC Insured)

370

392

Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c)

1,135

1,410

Series 2002 A, 5.75% 10/1/17 (MBIA Insured)

28,000

30,412

Series 2002 B:

6% 10/1/22 (MBIA Insured)

2,775

3,076

6% 10/1/29 (MBIA Insured)

5,600

6,094

Series 2003 A, 5.375% 3/15/22

2,000

2,049

Series B:

5.25%, tender 5/15/12 (a)

8,500

8,978

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

Series B:

6%, tender 11/15/29

$ 11,000

$ 12,171

5.5% 7/1/16 (AMBAC Insured)

725

778

New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20

10,600

11,175

New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured)

1,000

1,121

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series B, 5.25% 6/15/16

500

531

Series C:

5.25% 7/15/16

2,340

2,479

5.25% 7/15/17

2,410

2,541

Series D, 5% 6/15/20

20,150

20,426

Series G, 5.25% 10/15/20

1,255

1,296

Series J, 5% 6/15/18

5,395

5,520

(Pooled Fing. Prog.):

Series F:

5.25% 11/15/15

2,595

2,774

5.25% 11/15/16

3,770

4,016

Series I:

5.25% 9/15/15

2,085

2,227

5.25% 9/15/17

2,395

2,536

Series C:

5% 6/15/19

815

836

5% 6/15/19 (Escrowed to Maturity) (c)

3,185

3,274

5.25% 6/15/16

3,500

3,698

Series F:

4.875% 6/15/18

1,735

1,776

4.875% 6/15/18 (Escrowed to Maturity) (c)

1,265

1,319

4.875% 6/15/20

2,175

2,204

5% 6/15/15

1,295

1,348

5% 6/15/15 (Escrowed to Maturity) (c)

1,705

1,840

5.25% 6/15/13

1,575

1,676

5.25% 6/15/13 (Escrowed to Maturity) (c)

2,405

2,634

New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured)

4,785

4,907

New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b)

10,700

10,679

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series 1997 E, 6% 6/15/11 (MBIA Insured)

$ 2,700

$ 3,089

Series 2002:

5.75% 6/15/11

455

513

5.75% 6/15/11 (Escrowed to Maturity) (c)

2,950

3,357

Series A:

5.75% 6/15/11 (Escrowed to Maturity) (c)

1,595

1,815

7% 6/15/12

190

190

Series C, 5.85% 7/15/15

30

33

Series D:

5% 6/15/11 (Escrowed to Maturity) (c)

3,645

3,978

5.125% 6/15/19 (Escrowed to Maturity) (c)

5,000

5,224

Series E:

6.25% 6/15/05

1,200

1,266

6.5% 6/15/14

130

130

(Pooled Ln. Prog.) Series B, 5.2% 5/15/14

1,115

1,204

Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c)

1,105

1,212

Series D:

6.3% 5/15/05

365

394

6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c)

780

848

6.3% 11/15/05

105

113

New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A:

5.25% 3/15/18

2,290

2,384

5.25% 3/15/19

2,480

2,566

5.25% 9/15/20

2,685

2,759

5.25% 3/15/21

2,230

2,278

New York State Med. Care Facilities Fin. Agcy. Rev.:

(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured)

1,170

1,187

(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18

75

76

(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14

3,000

3,107

New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.):

Series 53, 5.9% 10/1/17

2,000

2,064

Series 69, 4.7% 4/1/24 (b)

3,160

3,174

5.5% 4/1/19 (AMBAC Insured) (b)

2,575

2,689

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Pwr. Auth. & Gen. Purp. Rev.:

Series A, 5.25% 11/15/40

$ 25,860

$ 25,981

Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c)

250

284

New York State Thruway Auth. Gen. Rev.:

Series D, 5.375% 1/1/27

3,000

3,060

Series E, 5.25% 1/1/12

5,410

5,826

New York State Thruway Auth. Hwy. & Bridge Trust Fund:

Series A, 5.25% 4/1/16 (AMBAC Insured)

5,175

5,439

Series B:

5.25% 4/1/15 (MBIA Insured)

5,000

5,310

5.375% 4/1/17 (AMBAC Insured)

5,000

5,326

5.375% 4/1/18 (AMBAC Insured)

5,310

5,649

Series B1:

5.75% 4/1/14 (FGIC Insured)

3,000

3,299

5.75% 4/1/15 (FGIC Insured)

4,000

4,389

New York State Thruway Auth. State Personal Income Tax Rev.:

(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured)

5,310

5,688

Series A:

5.5% 3/15/18

5,000

5,366

5.5% 3/15/19

5,460

5,827

5.5% 3/15/20

3,500

3,702

New York State Thruway Auth. Svc. Contract Rev.:

5.5% 4/1/14

7,700

8,317

5.5% 4/1/15

6,200

6,655

5.5% 4/1/16

12,000

12,828

6% 4/1/11

1,605

1,779

New York State Urban Dev. Corp. Rev.:

(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c)

6,340

6,967

(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured)

15

17

(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32

2,500

2,560

Series C1, 5.5% 3/15/19 (FGIC Insured)

3,000

3,192

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured)

3,000

3,078

Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b)

3,000

3,074

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Niagara Falls City Niagara County Pub. Impt.:

(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b)

$ 1,000

$ 1,075

7.5% 3/1/08 (MBIA Insured)

995

1,188

7.5% 3/1/10 (MBIA Insured)

1,155

1,414

7.5% 3/1/11 (MBIA Insured)

1,245

1,537

7.5% 3/1/16 (MBIA Insured)

1,060

1,366

7.5% 3/1/17 (MBIA Insured)

1,200

1,561

North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured)

500

552

Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured)

1,500

1,637

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured)

2,000

2,080

Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22

4,305

4,352

Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured)

1,130

1,173

Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16

14,500

14,929

Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E:

6% 1/1/11 (XL Cap. Assurance, Inc. Insured)

4,000

4,533

7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured)

9,870

11,348

Triborough Bridge & Tunnel Auth. Revs.:

Series A:

5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c)

3,000

3,365

5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c)

9,500

9,994

5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c)

3,000

3,348

6% 1/1/11 (Escrowed to Maturity) (c)

500

574

Series B:

5% 1/1/14 (Escrowed to Maturity) (c)

4,290

4,610

5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c)

9,870

10,814

5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

3,000

3,138

5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

2,000

2,092

5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c)

2,015

2,143

Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c)

1,000

1,163

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Triborough Bridge & Tunnel Auth. Revs.: - continued

Series Y:

5.5% 1/1/17 (Escrowed to Maturity) (c)

$ 15,425

$ 17,221

6% 1/1/12 (Escrowed to Maturity) (c)

19,250

22,204

Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A:

5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c)

2,200

2,361

5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c)

3,000

3,286

5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c)

1,000

1,092

5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,289

Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured)

5,000

5,016

Yonkers Gen. Oblig. Series 2001 A:

5% 12/15/11 (AMBAC Insured)

1,415

1,523

5% 12/15/12 (AMBAC Insured)

1,245

1,335

1,371,836

New York & New Jersey - 4.8%

Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b)

2,000

2,093

Port Auth. of New York & New Jersey:

107th Series, 6% 10/15/06 (b)

1,530

1,694

120th Series:

5.75% 10/15/11 (MBIA Insured) (b)

15,000

16,596

5.75% 10/15/12 (MBIA Insured) (b)

15,530

17,079

124th Series:

5% 8/1/08 (b)

9,875

10,582

5% 8/1/13 (FGIC Insured) (b)

3,000

3,091

126th Series, 5.25% 5/15/37 (FGIC Insured) (b)

5,970

5,824

128th Series:

5% 11/1/18 (FSA Insured)

6,145

6,345

5% 11/1/19 (FSA Insured)

7,200

7,377

70,681

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Puerto Rico - 0.4%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured)

$ 3,000

$ 3,202

Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04

2,210

2,229

5,431

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $1,403,779)

1,447,948

NET OTHER ASSETS - 1.1%

15,751

NET ASSETS - 100%

$ 1,463,699

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

23.2%

Special Tax

18.0

Escrowed/Pre-Refunded

15.7

Water & Sewer

11.3

Transportation

10.1

Education

6.7

Health Care

5.3

Electric Utilities

5.3

Others* (individually less than 5%)

4.4

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $1,403,779) - See accompanying schedule

$ 1,447,948

Receivable for investments sold

7,096

Receivable for fund shares sold

597

Interest receivable

17,024

Other receivables

4

Total assets

1,472,669

Liabilities

Payable to custodian bank

$ 4,069

Payable for fund shares redeemed

2,954

Distributions payable

1,289

Accrued management fee

483

Distribution fees payable

17

Other payables and accrued expenses

158

Total liabilities

8,970

Net Assets

$ 1,463,699

Net Assets consist of:

Paid in capital

$ 1,398,024

Undistributed net investment income

718

Accumulated undistributed net realized gain (loss) on investments

20,788

Net unrealized appreciation (depreciation) on investments

44,169

Net Assets

$ 1,463,699

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($3,268.154 ÷ 251.586 shares)

$ 12.99

Maximum offering price per share (100/95.25 of $12.99)

$ 13.64

Class T:
Net Asset Value and redemption price per share
($1,244.539 ÷ 95.787 shares)

$ 12.99

Maximum offering price per share (100/96.50 of $12.99)

$ 13.46

Class B:
Net Asset Value and offering price per share
($9,347.037 ÷ 719.503 shares) A

$ 12.99

Class C:
Net Asset Value and offering price per share
($10,355.982 ÷ 797.050 shares) A

$ 12.99

Spartan New York Municipal Income Fund:
Net Asset Value, offering price and redemption price per share ($1,439,378.951 ÷ 110,753.076 shares)

$ 13.00

Institutional Class:
Net Asset Value, offering price and redemption price per share ($104.126 ÷ 8.013 shares)

$ 12.99

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended July 31, 2003 (Unaudited)

Investment Income

Interest

$ 35,168

Expenses

Management fee

$ 2,935

Transfer agent fees

550

Distribution fees

82

Accounting fees and expenses

179

Non-interested trustees' compensation

4

Custodian fees and expenses

12

Registration fees

62

Audit

35

Legal

6

Total expenses before reductions

3,865

Expense reductions

(102)

3,763

Net investment income (loss)

31,405

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

20,787

Change in net unrealized appreciation (depreciation) on investment securities

(44,802)

Net gain (loss)

(24,015)

Net increase (decrease) in net assets resulting from operations

$ 7,390

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 31,405

$ 62,576

Net realized gain (loss)

20,787

27,568

Change in net unrealized appreciation (depreciation)

(44,802)

25,814

Net increase (decrease) in net assets resulting from operations

7,390

115,958

Distributions to shareholders from net investment income

(31,341)

(62,168)

Distributions to shareholders from net realized gain

(4,131)

(19,025)

Total distributions

(35,472)

(81,193)

Share transactions - net increase (decrease)

(7,553)

132,250

Redemption fees

20

45

Total increase (decrease) in net assets

(35,615)

167,060

Net Assets

Beginning of period

1,499,314

1,332,254

End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively)

$ 1,463,699

$ 1,499,314

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.262

.277

Net realized and unrealized gain (loss)

(.214)

.194

Total from investment operations

.048

.471

Distributions from net investment income

(.262)

(.271)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.298)

(.441)

Redemption fees added to paid in capital E,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C,D

.31%

3.59%

Ratios to Average Net Assets G

Expenses before expense reductions

.67% A

.66% A

Expenses net of voluntary waivers, if any

.67% A

.66% A

Expenses net of all reductions

.67% A

.66% A

Net investment income (loss)

3.93% A

4.17% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,268

$ 2,962

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.255

.266

Net realized and unrealized gain (loss)

(.214)

.197

Total from investment operations

.041

.463

Distributions from net investment income

(.255)

(.263)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.291)

(.433)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

.26%

3.53%

Ratios to Average Net AssetsG

Expenses before expense reductions

.78%A

.79%A

Expenses net of voluntary waivers, if any

.78%A

.79%A

Expenses net of all reductions

.78%A

.79%A

Net investment income (loss)

3.82%A

4.04%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,245

$ 1,228

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.211

.226

Net realized and unrealized gain (loss)

(.214)

.193

Total from investment operations

(.003)

.419

Distributions from net investment income

(.211)

(.219)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.247)

(.389)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.07)%

3.19%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.43%A

1.41%A

Expenses net of voluntary waivers, if any

1.43%A

1.41%A

Expenses net of all reductions

1.42%A

1.40%A

Net investment income (loss)

3.18%A

3.42%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,347

$ 5,463

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.204

.219

Net realized and unrealized gain (loss)

(.214)

.191

Total from investment operations

(.010)

.410

Distributions from net investment income

(.204)

(.210)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.240)

(.380)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.12)%

3.12%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.53%A

1.51%A

Expenses net of voluntary waivers, if any

1.53%A

1.51%A

Expenses net of all reductions

1.52%A

1.51%A

Net investment income (loss)

3.08%A

3.32%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,356

$ 6,120

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Spartan New York Municipal Income

Six months
ended
July 31,
2003

Years ended January 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

$ 12.94

Income from Investment Operations

Net investment
income (loss)

.275D

.574D

.584D,F

.614D

.590D

.602

Net realized and unrealized gain (loss)

(.205)

.506

.117F

1.030

(1.230)

.205

Total from investment operations

.070

1.080

.701

1.644

(.640)

.807

Distributions from net investment income

(.274)

(.570)

(.581)

(.604)

(.589)

(.602)

Distributions from net realized gain

(.036)

(.170)

-

-

(.006)

(.155)

Distributions in excess of net realized gain

-

-

-

-

(.015)

-

Total distributions

(.310)

(.740)

(.581)

(.604)

(.610)

(.757)

Redemption fees added to paid
in capital

-D,G

-D,G

-D,G

-

-

-

Net asset value, end of period

$ 13.00

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

Total Return B,C

.48%

8.55%

5.60%

14.34%

(5.03)%

6.45%

Ratios to Average Net Assets E

Expenses before expense
reductions

.49% A

.49%

.49%

.49%

.49%

.54%

Expenses net of voluntary
waivers, if any

.49% A

.49%

.49%

.49%

.49%

.53%

Expenses net of all reductions

.48% A

.47%

.44%

.42%

.49%

.53%

Net investment income (loss)

4.12% A

4.36%

4.54%F

4.96%

4.78%

4.67%

Supplemental Data

Net assets,
end of period (000 omitted)

$ 1,439,379

$ 1,483,436

$ 1,332,254

$ 1,197,691

$ 1,007,447

$ 1,200,091

Portfolio turnover rate

26% A

22%

12%

23%

19%

25%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 E

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) D

.276

.286

Net realized and unrealized gain (loss)

(.215)

.195

Total from investment operations

.061

.481

Distributions from net investment income

(.275)

(.281)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.311)

(.451)

Redemption fees added to paid in capital D,G

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C

.41%

3.67%

Ratios to Average Net Assets F

Expenses before expense reductions

.48% A

.53% A

Expenses net of voluntary waivers, if any

.48% A

.53% A

Expenses net of all reductions

.47% A

.53% A

Net investment income (loss)

4.13% A

4.30% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 104

$ 104

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market 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. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 58,184,698

Unrealized depreciation

(13,263,849)

Net unrealized appreciation (depreciation)

$ 44,920,849

Cost for federal income tax purposes

$ 1,403,027,357

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

2. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.15%

$ 2,312

$ 26

Class T

0%

.25%

1,755

177

Class B

.65%

.25%

36,779

26,609

Class C

.75%

.25%

41,001

40,483

$ 81,847

$ 67,295

Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 4,935

Class T

222

Class B*

6,556

Class C*

813

$ 12,526

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:

Amount

% of
Average
Net Assets*

Class A

$ 1,531

.10

Class T

754

.11

Class B

4,194

.10

Class C

3,970

.10

Spartan New York Municipal Income

539,102

.07

Institutional Class

28

.05

$ 549,579

*Annualized

Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.

4. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.

In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.

Semiannual Report

5. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2003

Year ended
January 31,
2003A

From net investment income

Class A

$ 59,789

$ 41,291

Class T

26,516

13,057

Class B

127,161

51,877

Class C

123,543

49,354

Spartan New York Municipal Income

31,001,743

62,008,981

Institutional Class

2,177

3,038

Total

$ 31,340,929

$ 62,167,598

From net realized gain

Class A

$ 7,853

$ 37,979

Class T

3,885

12,410

Class B

17,873

57,394

Class C

18,764

59,289

Spartan New York Municipal Income

4,082,579

18,856,163

Institutional Class

283

1,305

Total

$ 4,131,237

$ 19,024,540

A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

6. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class A

Shares sold

111,222

272,415

$ 1,493,998

$ 3,649,038

Reinvestment of distributions

3,529

4,654

47,296

61,815

Shares redeemed

(86,941)

(53,293)

(1,165,282)

(708,156)

Net increase (decrease)

27,810

223,776

$ 376,012

$ 3,002,697

Class T

Shares sold

20,149

91,985

$ 268,374

$ 1,229,333

Reinvestment of distributions

1,484

1,336

19,899

17,736

Shares redeemed

(18,589)

(578)

(253,367)

(7,660)

Net increase (decrease)

3,044

92,743

$ 34,906

$ 1,239,409

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Share Transactions - continued

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class B

Shares sold

351,416

429,057

$ 4,721,633

$ 5,748,196

Reinvestment of distributions

8,209

5,965

110,020

79,147

Shares redeemed

(52,806)

(22,338)

(706,410)

(297,028)

Net increase (decrease)

306,819

412,684

$ 4,125,243

$ 5,530,315

Class C

Shares sold

411,512

493,422

$ 5,538,187

$ 6,606,236

Reinvestment of distributions

6,608

4,353

88,485

57,763

Shares redeemed

(83,313)

(35,532)

(1,107,424)

(470,300)

Net increase (decrease)

334,807

462,243

$ 4,519,248

$ 6,193,699

Spartan New York Municipal Income

Shares sold

10,068,099

30,007,653

$ 135,550,163

$ 395,192,356

Reinvestment of distributions

1,995,251

4,696,216

26,762,528

61,959,856

Shares redeemed

(13,318,505)

(25,951,612)

(178,924,241)

(340,971,868)

Net increase (decrease)

(1,255,155)

8,752,257

$ (16,611,550)

$ 116,180,344

Institutional Class

Shares sold

-

34,401

$ -

$ 464,607

Reinvestment of distributions

183

260

2,460

3,458

Shares redeemed

-

(26,831)

-

(364,612)

Net increase (decrease)

183

7,830

$ 2,460

$ 103,453

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

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Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Citibank, N.A.

New York, NY
and

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

ASNM-USAN-0903
1.789728.100

Fidelity Advisor

New York Municipal Income

Fund - Institutional Class

Semiannual Report

July 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is a class of Spartan® New York Municipal Income Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

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 fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Five Sectors as of July 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

23.2

26.0

Special Tax

18.0

12.9

Escrowed/Pre-Refunded

15.7

19.2

Water & Sewer

11.3

12.0

Transportation

10.1

8.4

Average Years to Maturity as of July 31, 2003

6 months ago

Years

14.7

14.7

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of July 31, 2003

6 months ago

Years

7.5

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 (% of fund's net assets)

As of July 31, 2003

As of January 31, 2003

AAA 54.1%

AAA 55.1%

AA,A 39.8%

AA,A 37.0%

BBB 2.9%

BBB 3.1%

Not Rated 2.1%

Not Rated 3.7%

Short-Term
Investments and
Net Other Assets 1.1%

Short-Term
Investments and
Net Other Assets 1.1%



We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings.

Semiannual Report

Investments July 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.9%

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - 93.7%

Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured)

$ 1,275

$ 1,351

Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A:

5% 7/1/09 (AMBAC Insured)

500

545

5% 7/1/10 (AMBAC Insured)

600

649

5% 7/1/11 (AMBAC Insured)

500

537

5.5% 7/1/21 (AMBAC Insured)

2,300

2,418

Buffalo Gen. Oblig. Series 2001 C:

5% 12/1/07 (FGIC Insured)

1,010

1,106

5% 12/1/08 (FGIC Insured)

1,030

1,129

5% 12/1/09 (FGIC Insured)

1,840

2,013

5% 12/1/10 (FGIC Insured)

1,840

1,989

5% 12/1/11 (FGIC Insured)

1,820

1,948

Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured)

2,700

2,703

Cherry Valley Springfield Central School District:

7.8% 5/1/14 (MBIA Insured)

435

573

7.8% 5/1/15 (MBIA Insured)

435

579

7.8% 5/1/16 (MBIA Insured)

435

584

7.8% 5/1/17 (MBIA Insured)

435

588

7.8% 5/1/18 (MBIA Insured)

434

587

Dutchess County Indl. Dev. Agcy. Civic Facility Rev.:

(Bard College Civic Facility Proj.):

5.5% 8/1/20

4,190

4,389

5.75% 8/1/30

9,445

9,901

(Vassar College Proj.) 5.35% 9/1/40

5,000

5,065

Erie County Gen. Oblig. Series A:

5% 9/1/15 (FGIC Insured)

2,625

2,746

5% 9/1/16 (FGIC Insured)

1,680

1,745

5% 9/1/17 (FGIC Insured)

1,000

1,032

Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c)

1,055

1,094

Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured)

2,300

2,377

Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10

7,000

7,190

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series A, 5.75% 12/1/24

25,000

26,277

Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured)

11,180

12,294

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Commuter Facilities Rev.:

Series 1997 B:

5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c)

$ 3,000

$ 3,084

5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c)

5,080

5,176

Series 1997 D:

5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c)

2,580

2,659

5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,100

2,287

Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c)

3,705

4,144

Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,108

Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c)

2,960

3,321

Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured)

30,000

30,601

Metro. Trans. Auth. Rev.:

Series 2002 A:

5% 11/15/30 (FSA Insured)

42,500

41,272

5.5% 11/15/15 (AMBAC Insured)

1,340

1,458

5.5% 11/15/16 (AMBAC Insured)

1,000

1,077

5.5% 11/15/17 (AMBAC Insured)

1,000

1,076

5.5% 11/15/18 (AMBAC Insured)

1,000

1,071

5.75% 11/15/32

10,000

10,477

Series A, 5% 11/15/16 (FGIC Insured)

8,000

8,309

Series E, 5.5% 11/15/21 (MBIA Insured)

2,200

2,332

Metro. Trans. Auth. Svc. Contract Rev.:

(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

4,655

5,310

(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

1,580

1,805

Series 7:

0% 7/1/10 (Escrowed to Maturity) (c)

9,500

7,251

5.625% 7/1/16 (Escrowed to Maturity) (c)

3,000

3,091

Series A, 5.5% 1/1/20 (MBIA Insured)

5,000

5,319

Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c)

3,000

3,399

Metro. Trans. Auth. Transit Facilities Rev.:

(Svc. Contract Proj.):

Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c)

3,000

3,335

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Transit Facilities Rev.: - continued

(Svc. Contract Proj.):

Series R:

5.3% 7/1/09 (Escrowed to Maturity) (c)

$ 4,000

$ 4,505

5.4% 7/1/10 (Escrowed to Maturity) (c)

3,000

3,366

Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c)

1,000

1,158

Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,970

3,209

Series C:

4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,255

1,334

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

765

833

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,735

1,898

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,030

1,122

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,345

1,471

Series N:

0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

5,980

4,302

0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c)

4,000

2,574

Monroe County Gen. Oblig.:

Series 1996, 6.1% 3/1/04 (MBIA Insured)

660

669

6% 6/1/04

540

562

6% 6/1/05

770

826

6.5% 6/1/04

65

68

6.5% 6/1/05

115

124

6.5% 6/1/06

120

133

6.5% 6/1/07 (AMBAC Insured)

50

57

7% 6/1/04 (FGIC Insured)

875

919

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured)

1,000

1,032

Monroe Woodbury Central School District:

5.625% 5/15/22 (MBIA Insured)

1,245

1,327

5.625% 5/15/24 (MBIA Insured)

2,645

2,806

Muni. Assistance Corp. for New York City:

Series 1996 E, 6% 7/1/05

1,000

1,084

Series 1996 G:

6% 7/1/06

4,000

4,446

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Muni. Assistance Corp. for New York City: - continued

Series 1996 G:

6% 7/1/07

$ 2,305

$ 2,599

Series 1997 H, 6.25% 7/1/07

1,195

1,358

Series 1997 L:

6% 7/1/05

3,500

3,793

6% 7/1/07

5,275

5,947

Series 1998 M, 5.5% 7/1/07

6,500

7,208

Series 1999 O, 5.25% 7/1/07

1,780

1,958

Series 2002 P, 5% 7/1/08

10,850

11,871

Nassau County Gen. Oblig.:

Series 1997 X, 5% 11/1/07 (AMBAC Insured)

2,410

2,630

Series A:

6% 7/1/09 (FGIC Insured)

5,620

6,414

6.5% 5/1/07 (FGIC Insured)

4,000

4,537

Series E, 5.3% 7/1/07 (MBIA Insured)

350

384

Series T, 5.2% 9/1/11 (FGIC Insured)

2,695

2,892

Series U:

5.25% 11/1/11 (AMBAC Insured)

1,500

1,616

5.25% 11/1/15 (AMBAC Insured)

2,150

2,273

Series Z:

5% 9/1/11 (FGIC Insured)

3,000

3,199

5% 9/1/13 (FGIC Insured)

3,000

3,147

Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.):

Series 2001 A, 5.875% 11/1/11

205

214

Series 2001 B, 5.875% 11/1/11

1,390

1,448

Series 2001 C, 5.625% 11/1/10

915

941

Series 2001 D, 5.625% 11/1/10

1,225

1,260

Nassau County Interim Fin. Auth.:

Series 2000 A:

5.75% 11/15/11 (MBIA Insured)

7,845

8,789

5.75% 11/15/12 (MBIA Insured)

7,710

8,529

Series A:

5% 11/15/15 (AMBAC Insured)

4,745

4,964

5% 11/15/16 (AMBAC Insured)

7,730

8,029

5% 11/15/17 (AMBAC Insured)

6,000

6,202

5% 11/15/18 (AMBAC Insured)

2,375

2,427

New York City Gen. Oblig.:

Series A:

5.25% 11/1/14 (MBIA Insured)

1,350

1,435

6.25% 8/1/08

1,000

1,102

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Gen. Oblig.: - continued

Series B:

5.5% 8/1/11 (FGIC Insured)

$ 2,000

$ 2,189

5.875% 8/15/13

3,870

4,132

6.2% 8/15/06

2,195

2,368

6.5% 8/15/11

1,000

1,136

7.5% 2/1/07

335

338

Series C:

5.75% 3/15/27 (FSA Insured)

3,530

3,716

6% 2/1/22

3,410

3,601

6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c)

90

102

Series D:

5.25% 8/1/13

2,500

2,606

5.25% 8/1/21 (MBIA Insured)

5,000

5,146

5.375% 8/1/17

2,500

2,564

Series E:

6% 8/1/11

3,000

3,225

6% 8/1/26

2,850

3,002

6.5% 2/15/06

1,000

1,093

Series F:

5.75% 2/1/15

2,500

2,636

6% 8/1/16

7,750

8,309

Series G:

5.25% 8/1/14 (AMBAC Insured)

1,635

1,731

6% 10/15/26

4,965

5,219

6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c)

50

58

Series H:

5.5% 8/1/12

9,000

9,496

5.75% 3/15/13 (FSA Insured)

1,805

1,988

6% 8/1/17

1,000

1,066

Series I:

5.875% 3/15/12

10,000

10,698

6.125% 4/15/11

8,495

9,259

6.25% 4/15/07 (MBIA Insured)

8,005

8,968

Series J:

5.5% 6/1/18 (MBIA Insured)

5,000

5,305

5.875% 2/15/19

3,370

3,537

5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c)

630

700

6.125% 8/1/12

1,000

1,089

Series L, 5.75% 8/1/12

3,700

3,936

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Health & Hosp. Corp. Rev. Series A:

5.5% 2/15/16 (FSA Insured)

$ 2,605

$ 2,800

5.5% 2/15/17 (FSA Insured)

3,000

3,211

5.5% 2/15/18 (FSA Insured)

2,500

2,665

5.5% 2/15/19 (FSA Insured)

1,250

1,327

New York City Indl. Dev. Agcy. Civic Facility Rev.:

(New York Univ. Proj.) Series 2001:

5% 7/1/41 (AMBAC Insured)

10,000

9,657

5.375% 7/1/15 (AMBAC Insured)

1,090

1,169

(Spence School, Inc. Proj.) 5% 7/1/27

3,255

3,154

New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b)

2,470

2,613

New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.):

5.7% 1/1/04 (b)

1,500

1,506

6% 1/1/08 (b)

500

515

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 1996 B:

5.75% 6/15/26 (MBIA Insured)

1,000

1,081

5.875% 6/15/26

18,085

20,002

Series 1997 A, 5.375% 6/15/26 (FSA Insured)

13,450

13,619

Series 1997 B, 5.25% 6/15/29 (FGIC Insured)

3,785

3,809

Series 2000, 5.5% 6/15/33

14,215

14,459

Series A:

5% 6/15/32

5,000

4,809

5.25% 6/15/33 (FGIC Insured)

1,280

1,287

5.375% 6/15/15 (FGIC Insured)

7,000

7,530

6% 6/15/28

15,000

16,233

Series B:

5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c)

145

151

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

60

63

5.75% 6/15/26 (MBIA Insured)

5,025

5,417

5.75% 6/15/29 (MBIA Insured)

5,965

6,410

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

295

309

New York City Transitional Fin. Auth. Rev.:

Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c)

2,700

3,154

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2003 D:

5.25% 2/1/17 (MBIA Insured)

$ 9,385

$ 9,905

5.25% 2/1/19 (MBIA Insured)

8,075

8,383

Series 2003 E, 5.25% 2/1/15 (FGIC Insured)

7,250

7,732

Series A:

5.125% 8/15/21

8,140

8,368

5.25% 11/15/12 (FSA Insured)

1,500

1,607

5.5% 11/15/17 (FGIC Insured)

6,725

7,291

5.5% 11/15/20 (FGIC Insured)

9,000

9,594

5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c)

2,000

2,311

Series B:

5.125% 11/1/14

1,000

1,051

5.5% 2/1/08

2,435

2,686

5.5% 2/1/08 (Escrowed to Maturity) (c)

565

631

Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c)

16,140

18,242

New York City Trust Cultural Resources Rev.:

(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured)

4,850

5,155

(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured)

1,250

1,368

New York Local Govt. Assistance Corp.:

Series A1, 5% 4/1/12 (FSA Insured)

4,500

4,810

Series E, 5.25% 4/1/16

8,600

9,197

New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured)

3,150

3,214

New York State Dorm. Auth. Revs.:

(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured)

4,625

4,680

(Champlain Valley Physicians Proj.):

6% 7/1/08 (AMBAC Insured)

600

679

6% 7/1/09 (AMBAC Insured)

370

421

6% 7/1/10 (AMBAC Insured)

250

284

(City Univ. Sys. Consolidation Proj.):

Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c)

500

564

Series C, 7.5% 7/1/10

4,000

4,744

Series D, 7% 7/1/09 (Escrowed to Maturity) (c)

6,000

6,840

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(Colgate Univ. Proj.):

6% 7/1/16 (MBIA Insured)

$ 1,900

$ 2,182

6% 7/1/21 (MBIA Insured)

2,500

2,841

(Columbia Univ. Proj.):

Series 2001 A:

5.25% 7/1/13

1,000

1,089

5.25% 7/1/15

2,000

2,143

Series B, 5.375% 7/1/18

1,000

1,062

(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured)

1,500

1,653

(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured)

9,805

9,896

(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured)

8,000

8,133

(Long Island Jewish Med. Ctr. Proj.):

5% 7/1/08 (MBIA Insured)

2,000

2,182

5.25% 7/1/11 (MBIA Insured)

3,000

3,228

(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured)

2,175

1,664

(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11

3,000

3,272

(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11

2,550

2,797

(Montefiore Med. Ctr. Proj.) Series 2000:

5.8% 8/1/30

3,000

3,150

5.85% 8/1/40

9,500

9,992

(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured)

1,290

1,348

(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured)

4,500

4,887

(New York Univ. Proj.):

Series 2:

5.5% 7/1/17 (AMBAC Insured)

755

805

5.5% 7/1/19 (AMBAC Insured)

1,705

1,801

5.5% 7/1/20 (AMBAC Insured)

860

900

Series A:

5.5% 7/1/10 (AMBAC Insured)

7,650

8,502

5.75% 7/1/15 (MBIA Insured)

2,295

2,584

5.75% 7/1/27 (MBIA Insured)

5,000

5,476

(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured)

1,500

1,657

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(NYSARC, Inc. Proj.) Series A:

5% 7/1/06 (FSA Insured)

$ 500

$ 539

5% 7/1/07 (FSA Insured)

1,290

1,402

5% 7/1/09 (FSA Insured)

1,700

1,844

(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured)

4,875

5,054

(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32

7,000

6,886

(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured)

1,260

1,422

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (MBIA Insured)

7,925

8,603

Series 2002 E, 5.75% 10/1/22 (MBIA Insured)

1,485

1,598

Series 2002 H, 5.5% 10/1/17 (MBIA Insured)

2,600

2,800

Series 2002 I, 5.75% 10/1/18 (MBIA Insured)

1,500

1,646

(State Univ. Edl. Facilities Proj.):

Series B, 7.5% 5/15/11

2,365

2,838

5.5% 5/15/09

3,000

3,296

(The Jamaica Hosp. Proj.) Series F:

5.1% 2/15/12 (MBIA Insured)

3,605

3,828

5.2% 2/15/13 (MBIA Insured)

6,585

6,995

(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A:

6% 7/1/14

1,095

1,165

6% 7/1/15

1,160

1,227

6% 7/1/16

1,230

1,293

(Yeshiva Univ. Proj.) Series 2001:

4% 7/1/04 (AMBAC Insured)

200

206

5.375% 7/1/12 (AMBAC Insured)

1,000

1,091

5.375% 7/1/13 (AMBAC Insured)

800

868

5.375% 7/1/14 (AMBAC Insured)

1,130

1,226

5.375% 7/1/16 (AMBAC Insured)

670

714

5.375% 7/1/17 (AMBAC Insured)

370

392

Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c)

1,135

1,410

Series 2002 A, 5.75% 10/1/17 (MBIA Insured)

28,000

30,412

Series 2002 B:

6% 10/1/22 (MBIA Insured)

2,775

3,076

6% 10/1/29 (MBIA Insured)

5,600

6,094

Series 2003 A, 5.375% 3/15/22

2,000

2,049

Series B:

5.25%, tender 5/15/12 (a)

8,500

8,978

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

Series B:

6%, tender 11/15/29

$ 11,000

$ 12,171

5.5% 7/1/16 (AMBAC Insured)

725

778

New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20

10,600

11,175

New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured)

1,000

1,121

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series B, 5.25% 6/15/16

500

531

Series C:

5.25% 7/15/16

2,340

2,479

5.25% 7/15/17

2,410

2,541

Series D, 5% 6/15/20

20,150

20,426

Series G, 5.25% 10/15/20

1,255

1,296

Series J, 5% 6/15/18

5,395

5,520

(Pooled Fing. Prog.):

Series F:

5.25% 11/15/15

2,595

2,774

5.25% 11/15/16

3,770

4,016

Series I:

5.25% 9/15/15

2,085

2,227

5.25% 9/15/17

2,395

2,536

Series C:

5% 6/15/19

815

836

5% 6/15/19 (Escrowed to Maturity) (c)

3,185

3,274

5.25% 6/15/16

3,500

3,698

Series F:

4.875% 6/15/18

1,735

1,776

4.875% 6/15/18 (Escrowed to Maturity) (c)

1,265

1,319

4.875% 6/15/20

2,175

2,204

5% 6/15/15

1,295

1,348

5% 6/15/15 (Escrowed to Maturity) (c)

1,705

1,840

5.25% 6/15/13

1,575

1,676

5.25% 6/15/13 (Escrowed to Maturity) (c)

2,405

2,634

New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured)

4,785

4,907

New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b)

10,700

10,679

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series 1997 E, 6% 6/15/11 (MBIA Insured)

$ 2,700

$ 3,089

Series 2002:

5.75% 6/15/11

455

513

5.75% 6/15/11 (Escrowed to Maturity) (c)

2,950

3,357

Series A:

5.75% 6/15/11 (Escrowed to Maturity) (c)

1,595

1,815

7% 6/15/12

190

190

Series C, 5.85% 7/15/15

30

33

Series D:

5% 6/15/11 (Escrowed to Maturity) (c)

3,645

3,978

5.125% 6/15/19 (Escrowed to Maturity) (c)

5,000

5,224

Series E:

6.25% 6/15/05

1,200

1,266

6.5% 6/15/14

130

130

(Pooled Ln. Prog.) Series B, 5.2% 5/15/14

1,115

1,204

Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c)

1,105

1,212

Series D:

6.3% 5/15/05

365

394

6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c)

780

848

6.3% 11/15/05

105

113

New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A:

5.25% 3/15/18

2,290

2,384

5.25% 3/15/19

2,480

2,566

5.25% 9/15/20

2,685

2,759

5.25% 3/15/21

2,230

2,278

New York State Med. Care Facilities Fin. Agcy. Rev.:

(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured)

1,170

1,187

(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18

75

76

(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14

3,000

3,107

New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.):

Series 53, 5.9% 10/1/17

2,000

2,064

Series 69, 4.7% 4/1/24 (b)

3,160

3,174

5.5% 4/1/19 (AMBAC Insured) (b)

2,575

2,689

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Pwr. Auth. & Gen. Purp. Rev.:

Series A, 5.25% 11/15/40

$ 25,860

$ 25,981

Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c)

250

284

New York State Thruway Auth. Gen. Rev.:

Series D, 5.375% 1/1/27

3,000

3,060

Series E, 5.25% 1/1/12

5,410

5,826

New York State Thruway Auth. Hwy. & Bridge Trust Fund:

Series A, 5.25% 4/1/16 (AMBAC Insured)

5,175

5,439

Series B:

5.25% 4/1/15 (MBIA Insured)

5,000

5,310

5.375% 4/1/17 (AMBAC Insured)

5,000

5,326

5.375% 4/1/18 (AMBAC Insured)

5,310

5,649

Series B1:

5.75% 4/1/14 (FGIC Insured)

3,000

3,299

5.75% 4/1/15 (FGIC Insured)

4,000

4,389

New York State Thruway Auth. State Personal Income Tax Rev.:

(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured)

5,310

5,688

Series A:

5.5% 3/15/18

5,000

5,366

5.5% 3/15/19

5,460

5,827

5.5% 3/15/20

3,500

3,702

New York State Thruway Auth. Svc. Contract Rev.:

5.5% 4/1/14

7,700

8,317

5.5% 4/1/15

6,200

6,655

5.5% 4/1/16

12,000

12,828

6% 4/1/11

1,605

1,779

New York State Urban Dev. Corp. Rev.:

(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c)

6,340

6,967

(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured)

15

17

(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32

2,500

2,560

Series C1, 5.5% 3/15/19 (FGIC Insured)

3,000

3,192

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured)

3,000

3,078

Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b)

3,000

3,074

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Niagara Falls City Niagara County Pub. Impt.:

(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b)

$ 1,000

$ 1,075

7.5% 3/1/08 (MBIA Insured)

995

1,188

7.5% 3/1/10 (MBIA Insured)

1,155

1,414

7.5% 3/1/11 (MBIA Insured)

1,245

1,537

7.5% 3/1/16 (MBIA Insured)

1,060

1,366

7.5% 3/1/17 (MBIA Insured)

1,200

1,561

North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured)

500

552

Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured)

1,500

1,637

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured)

2,000

2,080

Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22

4,305

4,352

Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured)

1,130

1,173

Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16

14,500

14,929

Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E:

6% 1/1/11 (XL Cap. Assurance, Inc. Insured)

4,000

4,533

7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured)

9,870

11,348

Triborough Bridge & Tunnel Auth. Revs.:

Series A:

5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c)

3,000

3,365

5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c)

9,500

9,994

5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c)

3,000

3,348

6% 1/1/11 (Escrowed to Maturity) (c)

500

574

Series B:

5% 1/1/14 (Escrowed to Maturity) (c)

4,290

4,610

5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c)

9,870

10,814

5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

3,000

3,138

5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

2,000

2,092

5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c)

2,015

2,143

Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c)

1,000

1,163

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Triborough Bridge & Tunnel Auth. Revs.: - continued

Series Y:

5.5% 1/1/17 (Escrowed to Maturity) (c)

$ 15,425

$ 17,221

6% 1/1/12 (Escrowed to Maturity) (c)

19,250

22,204

Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A:

5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c)

2,200

2,361

5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c)

3,000

3,286

5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c)

1,000

1,092

5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,289

Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured)

5,000

5,016

Yonkers Gen. Oblig. Series 2001 A:

5% 12/15/11 (AMBAC Insured)

1,415

1,523

5% 12/15/12 (AMBAC Insured)

1,245

1,335

1,371,836

New York & New Jersey - 4.8%

Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b)

2,000

2,093

Port Auth. of New York & New Jersey:

107th Series, 6% 10/15/06 (b)

1,530

1,694

120th Series:

5.75% 10/15/11 (MBIA Insured) (b)

15,000

16,596

5.75% 10/15/12 (MBIA Insured) (b)

15,530

17,079

124th Series:

5% 8/1/08 (b)

9,875

10,582

5% 8/1/13 (FGIC Insured) (b)

3,000

3,091

126th Series, 5.25% 5/15/37 (FGIC Insured) (b)

5,970

5,824

128th Series:

5% 11/1/18 (FSA Insured)

6,145

6,345

5% 11/1/19 (FSA Insured)

7,200

7,377

70,681

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Puerto Rico - 0.4%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured)

$ 3,000

$ 3,202

Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04

2,210

2,229

5,431

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $1,403,779)

1,447,948

NET OTHER ASSETS - 1.1%

15,751

NET ASSETS - 100%

$ 1,463,699

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

23.2%

Special Tax

18.0

Escrowed/Pre-Refunded

15.7

Water & Sewer

11.3

Transportation

10.1

Education

6.7

Health Care

5.3

Electric Utilities

5.3

Others* (individually less than 5%)

4.4

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $1,403,779) - See accompanying schedule

$ 1,447,948

Receivable for investments sold

7,096

Receivable for fund shares sold

597

Interest receivable

17,024

Other receivables

4

Total assets

1,472,669

Liabilities

Payable to custodian bank

$ 4,069

Payable for fund shares redeemed

2,954

Distributions payable

1,289

Accrued management fee

483

Distribution fees payable

17

Other payables and accrued expenses

158

Total liabilities

8,970

Net Assets

$ 1,463,699

Net Assets consist of:

Paid in capital

$ 1,398,024

Undistributed net investment income

718

Accumulated undistributed net realized gain (loss) on investments

20,788

Net unrealized appreciation (depreciation) on investments

44,169

Net Assets

$ 1,463,699

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($3,268.154 ÷ 251.586 shares)

$ 12.99

Maximum offering price per share (100/95.25 of $12.99)

$ 13.64

Class T:
Net Asset Value and redemption price per share
($1,244.539 ÷ 95.787 shares)

$ 12.99

Maximum offering price per share (100/96.50 of $12.99)

$ 13.46

Class B:
Net Asset Value and offering price per share
($9,347.037 ÷ 719.503 shares) A

$ 12.99

Class C:
Net Asset Value and offering price per share
($10,355.982 ÷ 797.050 shares) A

$ 12.99

Spartan New York Municipal Income Fund:
Net Asset Value, offering price and redemption price per share ($1,439,378.951 ÷ 110,753.076 shares)

$ 13.00

Institutional Class:
Net Asset Value, offering price and redemption price per share ($104.126 ÷ 8.013 shares)

$ 12.99

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended July 31, 2003 (Unaudited)

Investment Income

Interest

$ 35,168

Expenses

Management fee

$ 2,935

Transfer agent fees

550

Distribution fees

82

Accounting fees and expenses

179

Non-interested trustees' compensation

4

Custodian fees and expenses

12

Registration fees

62

Audit

35

Legal

6

Total expenses before reductions

3,865

Expense reductions

(102)

3,763

Net investment income (loss)

31,405

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

20,787

Change in net unrealized appreciation (depreciation) on investment securities

(44,802)

Net gain (loss)

(24,015)

Net increase (decrease) in net assets resulting from operations

$ 7,390

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 31,405

$ 62,576

Net realized gain (loss)

20,787

27,568

Change in net unrealized appreciation (depreciation)

(44,802)

25,814

Net increase (decrease) in net assets resulting from operations

7,390

115,958

Distributions to shareholders from net investment income

(31,341)

(62,168)

Distributions to shareholders from net realized gain

(4,131)

(19,025)

Total distributions

(35,472)

(81,193)

Share transactions - net increase (decrease)

(7,553)

132,250

Redemption fees

20

45

Total increase (decrease) in net assets

(35,615)

167,060

Net Assets

Beginning of period

1,499,314

1,332,254

End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively)

$ 1,463,699

$ 1,499,314

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.262

.277

Net realized and unrealized gain (loss)

(.214)

.194

Total from investment operations

.048

.471

Distributions from net investment income

(.262)

(.271)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.298)

(.441)

Redemption fees added to paid in capital E,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C,D

.31%

3.59%

Ratios to Average Net Assets G

Expenses before expense reductions

.67% A

.66% A

Expenses net of voluntary waivers, if any

.67% A

.66% A

Expenses net of all reductions

.67% A

.66% A

Net investment income (loss)

3.93% A

4.17% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,268

$ 2,962

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.255

.266

Net realized and unrealized gain (loss)

(.214)

.197

Total from investment operations

.041

.463

Distributions from net investment income

(.255)

(.263)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.291)

(.433)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

.26%

3.53%

Ratios to Average Net AssetsG

Expenses before expense reductions

.78%A

.79%A

Expenses net of voluntary waivers, if any

.78%A

.79%A

Expenses net of all reductions

.78%A

.79%A

Net investment income (loss)

3.82%A

4.04%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,245

$ 1,228

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.211

.226

Net realized and unrealized gain (loss)

(.214)

.193

Total from investment operations

(.003)

.419

Distributions from net investment income

(.211)

(.219)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.247)

(.389)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.07)%

3.19%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.43%A

1.41%A

Expenses net of voluntary waivers, if any

1.43%A

1.41%A

Expenses net of all reductions

1.42%A

1.40%A

Net investment income (loss)

3.18%A

3.42%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,347

$ 5,463

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.204

.219

Net realized and unrealized gain (loss)

(.214)

.191

Total from investment operations

(.010)

.410

Distributions from net investment income

(.204)

(.210)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.240)

(.380)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.12)%

3.12%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.53%A

1.51%A

Expenses net of voluntary waivers, if any

1.53%A

1.51%A

Expenses net of all reductions

1.52%A

1.51%A

Net investment income (loss)

3.08%A

3.32%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,356

$ 6,120

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Spartan New York Municipal Income

Six months
ended
July 31,
2003

Years ended January 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

$ 12.94

Income from Investment Operations

Net investment
income (loss)

.275D

.574D

.584D,F

.614D

.590D

.602

Net realized and unrealized gain (loss)

(.205)

.506

.117F

1.030

(1.230)

.205

Total from investment operations

.070

1.080

.701

1.644

(.640)

.807

Distributions from net investment income

(.274)

(.570)

(.581)

(.604)

(.589)

(.602)

Distributions from net realized gain

(.036)

(.170)

-

-

(.006)

(.155)

Distributions in excess of net realized gain

-

-

-

-

(.015)

-

Total distributions

(.310)

(.740)

(.581)

(.604)

(.610)

(.757)

Redemption fees added to paid
in capital

-D,G

-D,G

-D,G

-

-

-

Net asset value, end of period

$ 13.00

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

Total Return B,C

.48%

8.55%

5.60%

14.34%

(5.03)%

6.45%

Ratios to Average Net Assets E

Expenses before expense
reductions

.49% A

.49%

.49%

.49%

.49%

.54%

Expenses net of voluntary
waivers, if any

.49% A

.49%

.49%

.49%

.49%

.53%

Expenses net of all reductions

.48% A

.47%

.44%

.42%

.49%

.53%

Net investment income (loss)

4.12% A

4.36%

4.54%F

4.96%

4.78%

4.67%

Supplemental Data

Net assets,
end of period (000 omitted)

$ 1,439,379

$ 1,483,436

$ 1,332,254

$ 1,197,691

$ 1,007,447

$ 1,200,091

Portfolio turnover rate

26% A

22%

12%

23%

19%

25%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 E

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) D

.276

.286

Net realized and unrealized gain (loss)

(.215)

.195

Total from investment operations

.061

.481

Distributions from net investment income

(.275)

(.281)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.311)

(.451)

Redemption fees added to paid in capital D,G

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C

.41%

3.67%

Ratios to Average Net Assets F

Expenses before expense reductions

.48% A

.53% A

Expenses net of voluntary waivers, if any

.48% A

.53% A

Expenses net of all reductions

.47% A

.53% A

Net investment income (loss)

4.13% A

4.30% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 104

$ 104

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market 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. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 58,184,698

Unrealized depreciation

(13,263,849)

Net unrealized appreciation (depreciation)

$ 44,920,849

Cost for federal income tax purposes

$ 1,403,027,357

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

2. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.15%

$ 2,312

$ 26

Class T

0%

.25%

1,755

177

Class B

.65%

.25%

36,779

26,609

Class C

.75%

.25%

41,001

40,483

$ 81,847

$ 67,295

Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 4,935

Class T

222

Class B*

6,556

Class C*

813

$ 12,526

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:

Amount

% of
Average
Net Assets*

Class A

$ 1,531

.10

Class T

754

.11

Class B

4,194

.10

Class C

3,970

.10

Spartan New York Municipal Income

539,102

.07

Institutional Class

28

.05

$ 549,579

*Annualized

Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.

4. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.

In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.

Semiannual Report

5. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2003

Year ended
January 31,
2003A

From net investment income

Class A

$ 59,789

$ 41,291

Class T

26,516

13,057

Class B

127,161

51,877

Class C

123,543

49,354

Spartan New York Municipal Income

31,001,743

62,008,981

Institutional Class

2,177

3,038

Total

$ 31,340,929

$ 62,167,598

From net realized gain

Class A

$ 7,853

$ 37,979

Class T

3,885

12,410

Class B

17,873

57,394

Class C

18,764

59,289

Spartan New York Municipal Income

4,082,579

18,856,163

Institutional Class

283

1,305

Total

$ 4,131,237

$ 19,024,540

A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

6. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class A

Shares sold

111,222

272,415

$ 1,493,998

$ 3,649,038

Reinvestment of distributions

3,529

4,654

47,296

61,815

Shares redeemed

(86,941)

(53,293)

(1,165,282)

(708,156)

Net increase (decrease)

27,810

223,776

$ 376,012

$ 3,002,697

Class T

Shares sold

20,149

91,985

$ 268,374

$ 1,229,333

Reinvestment of distributions

1,484

1,336

19,899

17,736

Shares redeemed

(18,589)

(578)

(253,367)

(7,660)

Net increase (decrease)

3,044

92,743

$ 34,906

$ 1,239,409

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Share Transactions - continued

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class B

Shares sold

351,416

429,057

$ 4,721,633

$ 5,748,196

Reinvestment of distributions

8,209

5,965

110,020

79,147

Shares redeemed

(52,806)

(22,338)

(706,410)

(297,028)

Net increase (decrease)

306,819

412,684

$ 4,125,243

$ 5,530,315

Class C

Shares sold

411,512

493,422

$ 5,538,187

$ 6,606,236

Reinvestment of distributions

6,608

4,353

88,485

57,763

Shares redeemed

(83,313)

(35,532)

(1,107,424)

(470,300)

Net increase (decrease)

334,807

462,243

$ 4,519,248

$ 6,193,699

Spartan New York Municipal Income

Shares sold

10,068,099

30,007,653

$ 135,550,163

$ 395,192,356

Reinvestment of distributions

1,995,251

4,696,216

26,762,528

61,959,856

Shares redeemed

(13,318,505)

(25,951,612)

(178,924,241)

(340,971,868)

Net increase (decrease)

(1,255,155)

8,752,257

$ (16,611,550)

$ 116,180,344

Institutional Class

Shares sold

-

34,401

$ -

$ 464,607

Reinvestment of distributions

183

260

2,460

3,458

Shares redeemed

-

(26,831)

-

(364,612)

Net increase (decrease)

183

7,830

$ 2,460

$ 103,453

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Citibank, N.A.

New York, NY
and

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

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Treasury Fund

(Fidelity Investment logo)(registered trademark)

ASNMI-USAN-0903
1.789729.100

Spartan®

New York Municipal Income
Fund

Semiannual Report

July 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Five Sectors as of July 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

23.2

26.0

Special Tax

18.0

12.9

Escrowed/Pre-Refunded

15.7

19.2

Water & Sewer

11.3

12.0

Transportation

10.1

8.4

Average Years to Maturity as of July 31, 2003

6 months ago

Years

14.7

14.7

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of July 31, 2003

6 months ago

Years

7.5

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 (% of fund's net assets)

As of July 31, 2003

As of January 31, 2003

AAA 54.1%

AAA 55.1%

AA,A 39.8%

AA,A 37.0%

BBB 2.9%

BBB 3.1%

Not Rated 2.1%

Not Rated 3.7%

Short-Term
Investments and
Net Other Assets 1.1%

Short-Term
Investments and
Net Other Assets 1.1%



We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings.

Semiannual Report

Investments July 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.9%

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - 93.7%

Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured)

$ 1,275

$ 1,351

Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A:

5% 7/1/09 (AMBAC Insured)

500

545

5% 7/1/10 (AMBAC Insured)

600

649

5% 7/1/11 (AMBAC Insured)

500

537

5.5% 7/1/21 (AMBAC Insured)

2,300

2,418

Buffalo Gen. Oblig. Series 2001 C:

5% 12/1/07 (FGIC Insured)

1,010

1,106

5% 12/1/08 (FGIC Insured)

1,030

1,129

5% 12/1/09 (FGIC Insured)

1,840

2,013

5% 12/1/10 (FGIC Insured)

1,840

1,989

5% 12/1/11 (FGIC Insured)

1,820

1,948

Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured)

2,700

2,703

Cherry Valley Springfield Central School District:

7.8% 5/1/14 (MBIA Insured)

435

573

7.8% 5/1/15 (MBIA Insured)

435

579

7.8% 5/1/16 (MBIA Insured)

435

584

7.8% 5/1/17 (MBIA Insured)

435

588

7.8% 5/1/18 (MBIA Insured)

434

587

Dutchess County Indl. Dev. Agcy. Civic Facility Rev.:

(Bard College Civic Facility Proj.):

5.5% 8/1/20

4,190

4,389

5.75% 8/1/30

9,445

9,901

(Vassar College Proj.) 5.35% 9/1/40

5,000

5,065

Erie County Gen. Oblig. Series A:

5% 9/1/15 (FGIC Insured)

2,625

2,746

5% 9/1/16 (FGIC Insured)

1,680

1,745

5% 9/1/17 (FGIC Insured)

1,000

1,032

Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c)

1,055

1,094

Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured)

2,300

2,377

Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10

7,000

7,190

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series A, 5.75% 12/1/24

25,000

26,277

Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured)

11,180

12,294

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Commuter Facilities Rev.:

Series 1997 B:

5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c)

$ 3,000

$ 3,084

5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c)

5,080

5,176

Series 1997 D:

5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c)

2,580

2,659

5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,100

2,287

Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c)

3,705

4,144

Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,108

Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c)

2,960

3,321

Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured)

30,000

30,601

Metro. Trans. Auth. Rev.:

Series 2002 A:

5% 11/15/30 (FSA Insured)

42,500

41,272

5.5% 11/15/15 (AMBAC Insured)

1,340

1,458

5.5% 11/15/16 (AMBAC Insured)

1,000

1,077

5.5% 11/15/17 (AMBAC Insured)

1,000

1,076

5.5% 11/15/18 (AMBAC Insured)

1,000

1,071

5.75% 11/15/32

10,000

10,477

Series A, 5% 11/15/16 (FGIC Insured)

8,000

8,309

Series E, 5.5% 11/15/21 (MBIA Insured)

2,200

2,332

Metro. Trans. Auth. Svc. Contract Rev.:

(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

4,655

5,310

(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c)

1,580

1,805

Series 7:

0% 7/1/10 (Escrowed to Maturity) (c)

9,500

7,251

5.625% 7/1/16 (Escrowed to Maturity) (c)

3,000

3,091

Series A, 5.5% 1/1/20 (MBIA Insured)

5,000

5,319

Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c)

3,000

3,399

Metro. Trans. Auth. Transit Facilities Rev.:

(Svc. Contract Proj.):

Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c)

3,000

3,335

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Metro. Trans. Auth. Transit Facilities Rev.: - continued

(Svc. Contract Proj.):

Series R:

5.3% 7/1/09 (Escrowed to Maturity) (c)

$ 4,000

$ 4,505

5.4% 7/1/10 (Escrowed to Maturity) (c)

3,000

3,366

Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c)

1,000

1,158

Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

2,970

3,209

Series C:

4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,255

1,334

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

765

833

5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,735

1,898

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c)

1,030

1,122

5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c)

1,345

1,471

Series N:

0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

5,980

4,302

0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c)

4,000

2,574

Monroe County Gen. Oblig.:

Series 1996, 6.1% 3/1/04 (MBIA Insured)

660

669

6% 6/1/04

540

562

6% 6/1/05

770

826

6.5% 6/1/04

65

68

6.5% 6/1/05

115

124

6.5% 6/1/06

120

133

6.5% 6/1/07 (AMBAC Insured)

50

57

7% 6/1/04 (FGIC Insured)

875

919

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured)

1,000

1,032

Monroe Woodbury Central School District:

5.625% 5/15/22 (MBIA Insured)

1,245

1,327

5.625% 5/15/24 (MBIA Insured)

2,645

2,806

Muni. Assistance Corp. for New York City:

Series 1996 E, 6% 7/1/05

1,000

1,084

Series 1996 G:

6% 7/1/06

4,000

4,446

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Muni. Assistance Corp. for New York City: - continued

Series 1996 G:

6% 7/1/07

$ 2,305

$ 2,599

Series 1997 H, 6.25% 7/1/07

1,195

1,358

Series 1997 L:

6% 7/1/05

3,500

3,793

6% 7/1/07

5,275

5,947

Series 1998 M, 5.5% 7/1/07

6,500

7,208

Series 1999 O, 5.25% 7/1/07

1,780

1,958

Series 2002 P, 5% 7/1/08

10,850

11,871

Nassau County Gen. Oblig.:

Series 1997 X, 5% 11/1/07 (AMBAC Insured)

2,410

2,630

Series A:

6% 7/1/09 (FGIC Insured)

5,620

6,414

6.5% 5/1/07 (FGIC Insured)

4,000

4,537

Series E, 5.3% 7/1/07 (MBIA Insured)

350

384

Series T, 5.2% 9/1/11 (FGIC Insured)

2,695

2,892

Series U:

5.25% 11/1/11 (AMBAC Insured)

1,500

1,616

5.25% 11/1/15 (AMBAC Insured)

2,150

2,273

Series Z:

5% 9/1/11 (FGIC Insured)

3,000

3,199

5% 9/1/13 (FGIC Insured)

3,000

3,147

Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.):

Series 2001 A, 5.875% 11/1/11

205

214

Series 2001 B, 5.875% 11/1/11

1,390

1,448

Series 2001 C, 5.625% 11/1/10

915

941

Series 2001 D, 5.625% 11/1/10

1,225

1,260

Nassau County Interim Fin. Auth.:

Series 2000 A:

5.75% 11/15/11 (MBIA Insured)

7,845

8,789

5.75% 11/15/12 (MBIA Insured)

7,710

8,529

Series A:

5% 11/15/15 (AMBAC Insured)

4,745

4,964

5% 11/15/16 (AMBAC Insured)

7,730

8,029

5% 11/15/17 (AMBAC Insured)

6,000

6,202

5% 11/15/18 (AMBAC Insured)

2,375

2,427

New York City Gen. Oblig.:

Series A:

5.25% 11/1/14 (MBIA Insured)

1,350

1,435

6.25% 8/1/08

1,000

1,102

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Gen. Oblig.: - continued

Series B:

5.5% 8/1/11 (FGIC Insured)

$ 2,000

$ 2,189

5.875% 8/15/13

3,870

4,132

6.2% 8/15/06

2,195

2,368

6.5% 8/15/11

1,000

1,136

7.5% 2/1/07

335

338

Series C:

5.75% 3/15/27 (FSA Insured)

3,530

3,716

6% 2/1/22

3,410

3,601

6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c)

90

102

Series D:

5.25% 8/1/13

2,500

2,606

5.25% 8/1/21 (MBIA Insured)

5,000

5,146

5.375% 8/1/17

2,500

2,564

Series E:

6% 8/1/11

3,000

3,225

6% 8/1/26

2,850

3,002

6.5% 2/15/06

1,000

1,093

Series F:

5.75% 2/1/15

2,500

2,636

6% 8/1/16

7,750

8,309

Series G:

5.25% 8/1/14 (AMBAC Insured)

1,635

1,731

6% 10/15/26

4,965

5,219

6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c)

50

58

Series H:

5.5% 8/1/12

9,000

9,496

5.75% 3/15/13 (FSA Insured)

1,805

1,988

6% 8/1/17

1,000

1,066

Series I:

5.875% 3/15/12

10,000

10,698

6.125% 4/15/11

8,495

9,259

6.25% 4/15/07 (MBIA Insured)

8,005

8,968

Series J:

5.5% 6/1/18 (MBIA Insured)

5,000

5,305

5.875% 2/15/19

3,370

3,537

5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c)

630

700

6.125% 8/1/12

1,000

1,089

Series L, 5.75% 8/1/12

3,700

3,936

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Health & Hosp. Corp. Rev. Series A:

5.5% 2/15/16 (FSA Insured)

$ 2,605

$ 2,800

5.5% 2/15/17 (FSA Insured)

3,000

3,211

5.5% 2/15/18 (FSA Insured)

2,500

2,665

5.5% 2/15/19 (FSA Insured)

1,250

1,327

New York City Indl. Dev. Agcy. Civic Facility Rev.:

(New York Univ. Proj.) Series 2001:

5% 7/1/41 (AMBAC Insured)

10,000

9,657

5.375% 7/1/15 (AMBAC Insured)

1,090

1,169

(Spence School, Inc. Proj.) 5% 7/1/27

3,255

3,154

New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b)

2,470

2,613

New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.):

5.7% 1/1/04 (b)

1,500

1,506

6% 1/1/08 (b)

500

515

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 1996 B:

5.75% 6/15/26 (MBIA Insured)

1,000

1,081

5.875% 6/15/26

18,085

20,002

Series 1997 A, 5.375% 6/15/26 (FSA Insured)

13,450

13,619

Series 1997 B, 5.25% 6/15/29 (FGIC Insured)

3,785

3,809

Series 2000, 5.5% 6/15/33

14,215

14,459

Series A:

5% 6/15/32

5,000

4,809

5.25% 6/15/33 (FGIC Insured)

1,280

1,287

5.375% 6/15/15 (FGIC Insured)

7,000

7,530

6% 6/15/28

15,000

16,233

Series B:

5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c)

145

151

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

60

63

5.75% 6/15/26 (MBIA Insured)

5,025

5,417

5.75% 6/15/29 (MBIA Insured)

5,965

6,410

5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c)

295

309

New York City Transitional Fin. Auth. Rev.:

Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c)

2,700

3,154

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2003 D:

5.25% 2/1/17 (MBIA Insured)

$ 9,385

$ 9,905

5.25% 2/1/19 (MBIA Insured)

8,075

8,383

Series 2003 E, 5.25% 2/1/15 (FGIC Insured)

7,250

7,732

Series A:

5.125% 8/15/21

8,140

8,368

5.25% 11/15/12 (FSA Insured)

1,500

1,607

5.5% 11/15/17 (FGIC Insured)

6,725

7,291

5.5% 11/15/20 (FGIC Insured)

9,000

9,594

5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c)

2,000

2,311

Series B:

5.125% 11/1/14

1,000

1,051

5.5% 2/1/08

2,435

2,686

5.5% 2/1/08 (Escrowed to Maturity) (c)

565

631

Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c)

16,140

18,242

New York City Trust Cultural Resources Rev.:

(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured)

4,850

5,155

(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured)

1,250

1,368

New York Local Govt. Assistance Corp.:

Series A1, 5% 4/1/12 (FSA Insured)

4,500

4,810

Series E, 5.25% 4/1/16

8,600

9,197

New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured)

3,150

3,214

New York State Dorm. Auth. Revs.:

(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured)

4,625

4,680

(Champlain Valley Physicians Proj.):

6% 7/1/08 (AMBAC Insured)

600

679

6% 7/1/09 (AMBAC Insured)

370

421

6% 7/1/10 (AMBAC Insured)

250

284

(City Univ. Sys. Consolidation Proj.):

Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c)

500

564

Series C, 7.5% 7/1/10

4,000

4,744

Series D, 7% 7/1/09 (Escrowed to Maturity) (c)

6,000

6,840

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(Colgate Univ. Proj.):

6% 7/1/16 (MBIA Insured)

$ 1,900

$ 2,182

6% 7/1/21 (MBIA Insured)

2,500

2,841

(Columbia Univ. Proj.):

Series 2001 A:

5.25% 7/1/13

1,000

1,089

5.25% 7/1/15

2,000

2,143

Series B, 5.375% 7/1/18

1,000

1,062

(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured)

1,500

1,653

(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured)

9,805

9,896

(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured)

8,000

8,133

(Long Island Jewish Med. Ctr. Proj.):

5% 7/1/08 (MBIA Insured)

2,000

2,182

5.25% 7/1/11 (MBIA Insured)

3,000

3,228

(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured)

2,175

1,664

(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11

3,000

3,272

(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11

2,550

2,797

(Montefiore Med. Ctr. Proj.) Series 2000:

5.8% 8/1/30

3,000

3,150

5.85% 8/1/40

9,500

9,992

(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured)

1,290

1,348

(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured)

4,500

4,887

(New York Univ. Proj.):

Series 2:

5.5% 7/1/17 (AMBAC Insured)

755

805

5.5% 7/1/19 (AMBAC Insured)

1,705

1,801

5.5% 7/1/20 (AMBAC Insured)

860

900

Series A:

5.5% 7/1/10 (AMBAC Insured)

7,650

8,502

5.75% 7/1/15 (MBIA Insured)

2,295

2,584

5.75% 7/1/27 (MBIA Insured)

5,000

5,476

(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured)

1,500

1,657

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

(NYSARC, Inc. Proj.) Series A:

5% 7/1/06 (FSA Insured)

$ 500

$ 539

5% 7/1/07 (FSA Insured)

1,290

1,402

5% 7/1/09 (FSA Insured)

1,700

1,844

(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured)

4,875

5,054

(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32

7,000

6,886

(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured)

1,260

1,422

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (MBIA Insured)

7,925

8,603

Series 2002 E, 5.75% 10/1/22 (MBIA Insured)

1,485

1,598

Series 2002 H, 5.5% 10/1/17 (MBIA Insured)

2,600

2,800

Series 2002 I, 5.75% 10/1/18 (MBIA Insured)

1,500

1,646

(State Univ. Edl. Facilities Proj.):

Series B, 7.5% 5/15/11

2,365

2,838

5.5% 5/15/09

3,000

3,296

(The Jamaica Hosp. Proj.) Series F:

5.1% 2/15/12 (MBIA Insured)

3,605

3,828

5.2% 2/15/13 (MBIA Insured)

6,585

6,995

(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A:

6% 7/1/14

1,095

1,165

6% 7/1/15

1,160

1,227

6% 7/1/16

1,230

1,293

(Yeshiva Univ. Proj.) Series 2001:

4% 7/1/04 (AMBAC Insured)

200

206

5.375% 7/1/12 (AMBAC Insured)

1,000

1,091

5.375% 7/1/13 (AMBAC Insured)

800

868

5.375% 7/1/14 (AMBAC Insured)

1,130

1,226

5.375% 7/1/16 (AMBAC Insured)

670

714

5.375% 7/1/17 (AMBAC Insured)

370

392

Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c)

1,135

1,410

Series 2002 A, 5.75% 10/1/17 (MBIA Insured)

28,000

30,412

Series 2002 B:

6% 10/1/22 (MBIA Insured)

2,775

3,076

6% 10/1/29 (MBIA Insured)

5,600

6,094

Series 2003 A, 5.375% 3/15/22

2,000

2,049

Series B:

5.25%, tender 5/15/12 (a)

8,500

8,978

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Dorm. Auth. Revs.: - continued

Series B:

6%, tender 11/15/29

$ 11,000

$ 12,171

5.5% 7/1/16 (AMBAC Insured)

725

778

New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20

10,600

11,175

New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured)

1,000

1,121

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series B, 5.25% 6/15/16

500

531

Series C:

5.25% 7/15/16

2,340

2,479

5.25% 7/15/17

2,410

2,541

Series D, 5% 6/15/20

20,150

20,426

Series G, 5.25% 10/15/20

1,255

1,296

Series J, 5% 6/15/18

5,395

5,520

(Pooled Fing. Prog.):

Series F:

5.25% 11/15/15

2,595

2,774

5.25% 11/15/16

3,770

4,016

Series I:

5.25% 9/15/15

2,085

2,227

5.25% 9/15/17

2,395

2,536

Series C:

5% 6/15/19

815

836

5% 6/15/19 (Escrowed to Maturity) (c)

3,185

3,274

5.25% 6/15/16

3,500

3,698

Series F:

4.875% 6/15/18

1,735

1,776

4.875% 6/15/18 (Escrowed to Maturity) (c)

1,265

1,319

4.875% 6/15/20

2,175

2,204

5% 6/15/15

1,295

1,348

5% 6/15/15 (Escrowed to Maturity) (c)

1,705

1,840

5.25% 6/15/13

1,575

1,676

5.25% 6/15/13 (Escrowed to Maturity) (c)

2,405

2,634

New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured)

4,785

4,907

New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b)

10,700

10,679

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.:

(New York City Muni. Wtr. Fin. Auth. Proj.):

Series 1997 E, 6% 6/15/11 (MBIA Insured)

$ 2,700

$ 3,089

Series 2002:

5.75% 6/15/11

455

513

5.75% 6/15/11 (Escrowed to Maturity) (c)

2,950

3,357

Series A:

5.75% 6/15/11 (Escrowed to Maturity) (c)

1,595

1,815

7% 6/15/12

190

190

Series C, 5.85% 7/15/15

30

33

Series D:

5% 6/15/11 (Escrowed to Maturity) (c)

3,645

3,978

5.125% 6/15/19 (Escrowed to Maturity) (c)

5,000

5,224

Series E:

6.25% 6/15/05

1,200

1,266

6.5% 6/15/14

130

130

(Pooled Ln. Prog.) Series B, 5.2% 5/15/14

1,115

1,204

Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c)

1,105

1,212

Series D:

6.3% 5/15/05

365

394

6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c)

780

848

6.3% 11/15/05

105

113

New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A:

5.25% 3/15/18

2,290

2,384

5.25% 3/15/19

2,480

2,566

5.25% 9/15/20

2,685

2,759

5.25% 3/15/21

2,230

2,278

New York State Med. Care Facilities Fin. Agcy. Rev.:

(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured)

1,170

1,187

(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18

75

76

(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14

3,000

3,107

New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.):

Series 53, 5.9% 10/1/17

2,000

2,064

Series 69, 4.7% 4/1/24 (b)

3,160

3,174

5.5% 4/1/19 (AMBAC Insured) (b)

2,575

2,689

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

New York State Pwr. Auth. & Gen. Purp. Rev.:

Series A, 5.25% 11/15/40

$ 25,860

$ 25,981

Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c)

250

284

New York State Thruway Auth. Gen. Rev.:

Series D, 5.375% 1/1/27

3,000

3,060

Series E, 5.25% 1/1/12

5,410

5,826

New York State Thruway Auth. Hwy. & Bridge Trust Fund:

Series A, 5.25% 4/1/16 (AMBAC Insured)

5,175

5,439

Series B:

5.25% 4/1/15 (MBIA Insured)

5,000

5,310

5.375% 4/1/17 (AMBAC Insured)

5,000

5,326

5.375% 4/1/18 (AMBAC Insured)

5,310

5,649

Series B1:

5.75% 4/1/14 (FGIC Insured)

3,000

3,299

5.75% 4/1/15 (FGIC Insured)

4,000

4,389

New York State Thruway Auth. State Personal Income Tax Rev.:

(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured)

5,310

5,688

Series A:

5.5% 3/15/18

5,000

5,366

5.5% 3/15/19

5,460

5,827

5.5% 3/15/20

3,500

3,702

New York State Thruway Auth. Svc. Contract Rev.:

5.5% 4/1/14

7,700

8,317

5.5% 4/1/15

6,200

6,655

5.5% 4/1/16

12,000

12,828

6% 4/1/11

1,605

1,779

New York State Urban Dev. Corp. Rev.:

(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c)

6,340

6,967

(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured)

15

17

(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32

2,500

2,560

Series C1, 5.5% 3/15/19 (FGIC Insured)

3,000

3,192

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured)

3,000

3,078

Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b)

3,000

3,074

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Niagara Falls City Niagara County Pub. Impt.:

(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b)

$ 1,000

$ 1,075

7.5% 3/1/08 (MBIA Insured)

995

1,188

7.5% 3/1/10 (MBIA Insured)

1,155

1,414

7.5% 3/1/11 (MBIA Insured)

1,245

1,537

7.5% 3/1/16 (MBIA Insured)

1,060

1,366

7.5% 3/1/17 (MBIA Insured)

1,200

1,561

North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured)

500

552

Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured)

1,500

1,637

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured)

2,000

2,080

Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22

4,305

4,352

Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured)

1,130

1,173

Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16

14,500

14,929

Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E:

6% 1/1/11 (XL Cap. Assurance, Inc. Insured)

4,000

4,533

7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured)

9,870

11,348

Triborough Bridge & Tunnel Auth. Revs.:

Series A:

5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c)

3,000

3,365

5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c)

9,500

9,994

5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c)

3,000

3,348

6% 1/1/11 (Escrowed to Maturity) (c)

500

574

Series B:

5% 1/1/14 (Escrowed to Maturity) (c)

4,290

4,610

5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c)

9,870

10,814

5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

3,000

3,138

5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c)

2,000

2,092

5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c)

2,015

2,143

Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c)

1,000

1,163

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

New York - continued

Triborough Bridge & Tunnel Auth. Revs.: - continued

Series Y:

5.5% 1/1/17 (Escrowed to Maturity) (c)

$ 15,425

$ 17,221

6% 1/1/12 (Escrowed to Maturity) (c)

19,250

22,204

Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A:

5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c)

2,200

2,361

5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c)

3,000

3,286

5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c)

1,000

1,092

5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c)

3,000

3,289

Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured)

5,000

5,016

Yonkers Gen. Oblig. Series 2001 A:

5% 12/15/11 (AMBAC Insured)

1,415

1,523

5% 12/15/12 (AMBAC Insured)

1,245

1,335

1,371,836

New York & New Jersey - 4.8%

Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b)

2,000

2,093

Port Auth. of New York & New Jersey:

107th Series, 6% 10/15/06 (b)

1,530

1,694

120th Series:

5.75% 10/15/11 (MBIA Insured) (b)

15,000

16,596

5.75% 10/15/12 (MBIA Insured) (b)

15,530

17,079

124th Series:

5% 8/1/08 (b)

9,875

10,582

5% 8/1/13 (FGIC Insured) (b)

3,000

3,091

126th Series, 5.25% 5/15/37 (FGIC Insured) (b)

5,970

5,824

128th Series:

5% 11/1/18 (FSA Insured)

6,145

6,345

5% 11/1/19 (FSA Insured)

7,200

7,377

70,681

Municipal Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Puerto Rico - 0.4%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured)

$ 3,000

$ 3,202

Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04

2,210

2,229

5,431

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $1,403,779)

1,447,948

NET OTHER ASSETS - 1.1%

15,751

NET ASSETS - 100%

$ 1,463,699

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

23.2%

Special Tax

18.0

Escrowed/Pre-Refunded

15.7

Water & Sewer

11.3

Transportation

10.1

Education

6.7

Health Care

5.3

Electric Utilities

5.3

Others* (individually less than 5%)

4.4

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $1,403,779) - See accompanying schedule

$ 1,447,948

Receivable for investments sold

7,096

Receivable for fund shares sold

597

Interest receivable

17,024

Other receivables

4

Total assets

1,472,669

Liabilities

Payable to custodian bank

$ 4,069

Payable for fund shares redeemed

2,954

Distributions payable

1,289

Accrued management fee

483

Distribution fees payable

17

Other payables and accrued expenses

158

Total liabilities

8,970

Net Assets

$ 1,463,699

Net Assets consist of:

Paid in capital

$ 1,398,024

Undistributed net investment income

718

Accumulated undistributed net realized gain (loss) on investments

20,788

Net unrealized appreciation (depreciation) on investments

44,169

Net Assets

$ 1,463,699

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

July 31, 2003 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($3,268.154 ÷ 251.586 shares)

$ 12.99

Maximum offering price per share (100/95.25 of $12.99)

$ 13.64

Class T:
Net Asset Value and redemption price per share
($1,244.539 ÷ 95.787 shares)

$ 12.99

Maximum offering price per share (100/96.50 of $12.99)

$ 13.46

Class B:
Net Asset Value and offering price per share
($9,347.037 ÷ 719.503 shares) A

$ 12.99

Class C:
Net Asset Value and offering price per share
($10,355.982 ÷ 797.050 shares) A

$ 12.99

Spartan New York Municipal Income Fund:
Net Asset Value, offering price and redemption price per share ($1,439,378.951 ÷ 110,753.076 shares)

$ 13.00

Institutional Class:
Net Asset Value, offering price and redemption price per share ($104.126 ÷ 8.013 shares)

$ 12.99

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended July 31, 2003 (Unaudited)

Investment Income

Interest

$ 35,168

Expenses

Management fee

$ 2,935

Transfer agent fees

550

Distribution fees

82

Accounting fees and expenses

179

Non-interested trustees' compensation

4

Custodian fees and expenses

12

Registration fees

62

Audit

35

Legal

6

Total expenses before reductions

3,865

Expense reductions

(102)

3,763

Net investment income (loss)

31,405

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

20,787

Change in net unrealized appreciation (depreciation) on investment securities

(44,802)

Net gain (loss)

(24,015)

Net increase (decrease) in net assets resulting from operations

$ 7,390

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 31,405

$ 62,576

Net realized gain (loss)

20,787

27,568

Change in net unrealized appreciation (depreciation)

(44,802)

25,814

Net increase (decrease) in net assets resulting from operations

7,390

115,958

Distributions to shareholders from net investment income

(31,341)

(62,168)

Distributions to shareholders from net realized gain

(4,131)

(19,025)

Total distributions

(35,472)

(81,193)

Share transactions - net increase (decrease)

(7,553)

132,250

Redemption fees

20

45

Total increase (decrease) in net assets

(35,615)

167,060

Net Assets

Beginning of period

1,499,314

1,332,254

End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively)

$ 1,463,699

$ 1,499,314

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.262

.277

Net realized and unrealized gain (loss)

(.214)

.194

Total from investment operations

.048

.471

Distributions from net investment income

(.262)

(.271)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.298)

(.441)

Redemption fees added to paid in capital E,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C,D

.31%

3.59%

Ratios to Average Net Assets G

Expenses before expense reductions

.67% A

.66% A

Expenses net of voluntary waivers, if any

.67% A

.66% A

Expenses net of all reductions

.67% A

.66% A

Net investment income (loss)

3.93% A

4.17% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,268

$ 2,962

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) E

.255

.266

Net realized and unrealized gain (loss)

(.214)

.197

Total from investment operations

.041

.463

Distributions from net investment income

(.255)

(.263)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.291)

(.433)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

.26%

3.53%

Ratios to Average Net AssetsG

Expenses before expense reductions

.78%A

.79%A

Expenses net of voluntary waivers, if any

.78%A

.79%A

Expenses net of all reductions

.78%A

.79%A

Net investment income (loss)

3.82%A

4.04%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,245

$ 1,228

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.211

.226

Net realized and unrealized gain (loss)

(.214)

.193

Total from investment operations

(.003)

.419

Distributions from net investment income

(.211)

(.219)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.247)

(.389)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.07)%

3.19%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.43%A

1.41%A

Expenses net of voluntary waivers, if any

1.43%A

1.41%A

Expenses net of all reductions

1.42%A

1.40%A

Net investment income (loss)

3.18%A

3.42%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,347

$ 5,463

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003F

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss)E

.204

.219

Net realized and unrealized gain (loss)

(.214)

.191

Total from investment operations

(.010)

.410

Distributions from net investment income

(.204)

(.210)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.240)

(.380)

Redemption fees added to paid in capitalE,H

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total ReturnB,C,D

(.12)%

3.12%

Ratios to Average Net AssetsG

Expenses before expense reductions

1.53%A

1.51%A

Expenses net of voluntary waivers, if any

1.53%A

1.51%A

Expenses net of all reductions

1.52%A

1.51%A

Net investment income (loss)

3.08%A

3.32%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,356

$ 6,120

Portfolio turnover rate

26%A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Spartan New York Municipal Income

Six months
ended
July 31,
2003

Years ended January 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

$ 12.94

Income from Investment Operations

Net investment
income (loss)

.275D

.574D

.584D,F

.614D

.590D

.602

Net realized and unrealized gain (loss)

(.205)

.506

.117F

1.030

(1.230)

.205

Total from investment operations

.070

1.080

.701

1.644

(.640)

.807

Distributions from net investment income

(.274)

(.570)

(.581)

(.604)

(.589)

(.602)

Distributions from net realized gain

(.036)

(.170)

-

-

(.006)

(.155)

Distributions in excess of net realized gain

-

-

-

-

(.015)

-

Total distributions

(.310)

(.740)

(.581)

(.604)

(.610)

(.757)

Redemption fees added to paid
in capital

-D,G

-D,G

-D,G

-

-

-

Net asset value, end of period

$ 13.00

$ 13.24

$ 12.90

$ 12.78

$ 11.74

$ 12.99

Total Return B,C

.48%

8.55%

5.60%

14.34%

(5.03)%

6.45%

Ratios to Average Net Assets E

Expenses before expense
reductions

.49% A

.49%

.49%

.49%

.49%

.54%

Expenses net of voluntary
waivers, if any

.49% A

.49%

.49%

.49%

.49%

.53%

Expenses net of all reductions

.48% A

.47%

.44%

.42%

.49%

.53%

Net investment income (loss)

4.12% A

4.36%

4.54%F

4.96%

4.78%

4.67%

Supplemental Data

Net assets,
end of period (000 omitted)

$ 1,439,379

$ 1,483,436

$ 1,332,254

$ 1,197,691

$ 1,007,447

$ 1,200,091

Portfolio turnover rate

26% A

22%

12%

23%

19%

25%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
July 31, 2003
(Unaudited)

Year ended
January 31,
2003 E

Selected Per-Share Data

Net asset value, beginning of period

$ 13.24

$ 13.21

Income from Investment Operations

Net investment income (loss) D

.276

.286

Net realized and unrealized gain (loss)

(.215)

.195

Total from investment operations

.061

.481

Distributions from net investment income

(.275)

(.281)

Distributions from net realized gain

(.036)

(.170)

Total distributions

(.311)

(.451)

Redemption fees added to paid in capital D,G

-

-

Net asset value, end of period

$ 12.99

$ 13.24

Total Return B,C

.41%

3.67%

Ratios to Average Net Assets F

Expenses before expense reductions

.48% A

.53% A

Expenses net of voluntary waivers, if any

.48% A

.53% A

Expenses net of all reductions

.47% A

.53% A

Net investment income (loss)

4.13% A

4.30% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 104

$ 104

Portfolio turnover rate

26% A

22%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.001 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market 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. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 58,184,698

Unrealized depreciation

(13,263,849)

Net unrealized appreciation (depreciation)

$ 44,920,849

Cost for federal income tax purposes

$ 1,403,027,357

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

2. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.15%

$ 2,312

$ 26

Class T

0%

.25%

1,755

177

Class B

.65%

.25%

36,779

26,609

Class C

.75%

.25%

41,001

40,483

$ 81,847

$ 67,295

Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 4,935

Class T

222

Class B*

6,556

Class C*

813

$ 12,526

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:

Amount

% of
Average
Net Assets*

Class A

$ 1,531

.10

Class T

754

.11

Class B

4,194

.10

Class C

3,970

.10

Spartan New York Municipal Income

539,102

.07

Institutional Class

28

.05

$ 549,579

*Annualized

Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.

4. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.

In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.

Semiannual Report

5. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2003

Year ended
January 31,
2003A

From net investment income

Class A

$ 59,789

$ 41,291

Class T

26,516

13,057

Class B

127,161

51,877

Class C

123,543

49,354

Spartan New York Municipal Income

31,001,743

62,008,981

Institutional Class

2,177

3,038

Total

$ 31,340,929

$ 62,167,598

From net realized gain

Class A

$ 7,853

$ 37,979

Class T

3,885

12,410

Class B

17,873

57,394

Class C

18,764

59,289

Spartan New York Municipal Income

4,082,579

18,856,163

Institutional Class

283

1,305

Total

$ 4,131,237

$ 19,024,540

A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

6. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class A

Shares sold

111,222

272,415

$ 1,493,998

$ 3,649,038

Reinvestment of distributions

3,529

4,654

47,296

61,815

Shares redeemed

(86,941)

(53,293)

(1,165,282)

(708,156)

Net increase (decrease)

27,810

223,776

$ 376,012

$ 3,002,697

Class T

Shares sold

20,149

91,985

$ 268,374

$ 1,229,333

Reinvestment of distributions

1,484

1,336

19,899

17,736

Shares redeemed

(18,589)

(578)

(253,367)

(7,660)

Net increase (decrease)

3,044

92,743

$ 34,906

$ 1,239,409

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Share Transactions - continued

Shares

Dollars

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Six months ended
July 31,
2003

Year ended
January 31,
2003A

Class B

Shares sold

351,416

429,057

$ 4,721,633

$ 5,748,196

Reinvestment of distributions

8,209

5,965

110,020

79,147

Shares redeemed

(52,806)

(22,338)

(706,410)

(297,028)

Net increase (decrease)

306,819

412,684

$ 4,125,243

$ 5,530,315

Class C

Shares sold

411,512

493,422

$ 5,538,187

$ 6,606,236

Reinvestment of distributions

6,608

4,353

88,485

57,763

Shares redeemed

(83,313)

(35,532)

(1,107,424)

(470,300)

Net increase (decrease)

334,807

462,243

$ 4,519,248

$ 6,193,699

Spartan New York Municipal Income

Shares sold

10,068,099

30,007,653

$ 135,550,163

$ 395,192,356

Reinvestment of distributions

1,995,251

4,696,216

26,762,528

61,959,856

Shares redeemed

(13,318,505)

(25,951,612)

(178,924,241)

(340,971,868)

Net increase (decrease)

(1,255,155)

8,752,257

$ (16,611,550)

$ 116,180,344

Institutional Class

Shares sold

-

34,401

$ -

$ 464,607

Reinvestment of distributions

183

260

2,460

3,458

Shares redeemed

-

(26,831)

-

(364,612)

Net increase (decrease)

183

7,830

$ 2,460

$ 103,453

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
2300 Litton Lane - KH2B
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Adviser

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Citibank, N.A.

New York, NY

and

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

NFY-USAN-0903
1.789735.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 10. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity New York Municipal Trust

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

September 24, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

September 24, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

September 24, 2003

EX-99.CERT 3 nycert.htm

Exhibit EX-99.CERT

I, Maria Dwyer, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity New York Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 24, 2003

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

I, Timothy F. Hayes, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity New York Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 24, 2003

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

EX-99.906 CERT 4 ny906.htm

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity New York Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 24, 2003

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Dated: September 24, 2003

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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