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UNITED STATES FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 3723
Fidelity New York Municipal Trust 82 Devonshire St., Boston, Massachusetts 02109 Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109 Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end:
January 31
Date of reporting period:
July 31, 2004
Item 1. Reports to Stockholders
Fidelity Advisor
Fund - Class A, Class T, Class B Semiannual Report
July 31, 2004
(2_fidelity_logos)
(Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Spartan® New York
Municipal Income Fund
Chairman's Message
Ned Johnson's message to shareholders.
Shareholder Expense
Example
An example of shareholder expenses.
Investment Changes
A summary of major shifts in the fund's
investments over the past six months.
Investments
A complete list of the fund's investments
with their market values.
Financial Statements
Statements of assets and liabilities,
operations, and changes in net assets, Notes
Notes to the financial statements.
Proxy Voting Results
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended
June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange
Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free
copy of the proxy voting guidelines.
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.
Semiannual Report
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.
Commencing with the fiscal quarter ending October 31, 2004, the fund files its complete schedule
of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
Forms N-Q are available on the SEC's web site at http://www.sec.gov. The fund's Forms N-Q may
be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information
regarding the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the fund's most recent
quarterly holdings report, semiannual report, or annual report on Fidelity's web site at
http://www.advisor.fidelity.com.
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.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
New York Municipal Income
and Class C
Contents
as well as financial highlights.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2004 to July 31, 2004).
Actual Expenses
The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning |
Ending |
Expenses Paid |
Class A |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 3.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.53 |
$ 3.47 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 996.50 |
$ 3.82 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.12 |
$ 3.88 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 993.20 |
$ 7.19 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.70 |
$ 7.30 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 993.50 |
$ 7.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.25 |
$ 7.75 |
Spartan New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 997.90 |
$ 2.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.53 |
$ 2.47 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 2.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.33 |
$ 2.67 |
* (5% return per year before expenses)
Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
|
Annualized |
Class A |
.69% |
Class T |
.77% |
Class B |
1.45% |
Class C |
1.54% |
Spartan New York Municipal Income |
.49% |
Institutional Class |
.53% |
Semiannual Report
Top Five Sectors as of July 31, 2004 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
27.2 |
27.1 |
Special Tax |
18.6 |
17.8 |
Water & Sewer |
12.6 |
11.6 |
Transportation |
12.0 |
9.6 |
Escrowed/Pre-Refunded |
8.4 |
12.8 |
Average Years to Maturity as of July 31, 2004 |
||
|
|
6 months ago |
Years |
15.0 |
14.2 |
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, 2004 |
||
|
|
6 months ago |
Years |
7.4 |
7.4 |
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, 2004 |
As of January 31, 2004 |
||||||
![]() |
AAA 56.6% |
|
![]() |
AAA 54.6% |
|
||
![]() |
AA,A 39.1% |
|
![]() |
AA,A 41.9% |
|
||
![]() |
BBB 2.9% |
|
![]() |
BBB 2.6% |
|
||
![]() |
Not Rated 0.0% |
|
![]() |
Not Rated 0.2% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
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
Showing Percentage of Net Assets
Municipal Bonds - 98.6% |
||||
|
Principal |
Value (Note 1) |
||
New York - 92.7% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/09 (AMBAC Insured) |
|
$ 500 |
$ 546 |
|
5% 7/1/10 (AMBAC Insured) |
|
600 |
657 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
549 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,492 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,184 |
|
5.25% 11/1/17 |
|
1,400 |
1,519 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (c) |
|
435 |
579 |
|
7.8% 5/1/15 (Escrowed to Maturity) (c) |
|
435 |
583 |
|
7.8% 5/1/16 (Escrowed to Maturity) (c) |
|
435 |
590 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
596 |
|
7.8% 5/1/18 (Escrowed to Maturity) (c) |
|
434 |
597 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,426 |
|
5.75% 8/1/30 |
|
9,445 |
9,835 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,137 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,818 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,787 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,058 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
9,993 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,666 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,549 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,374 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,093 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,684 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,073 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,435 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
26,188 |
|
Metropolitan Trans. Auth. Commuter Facilities Rev.: |
|
|
|
|
Series 1997 B, 5.125% 7/1/24 (Escrowed to Maturity) (c) |
|
4,080 |
4,292 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev.: - continued |
|
|
|
|
Series 1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
$ 2,100 |
$ 2,330 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A: |
|
|
|
|
5.25% 11/15/24 (FSA Insured) |
|
30,000 |
31,207 |
|
5.5% 11/15/26 (FSA Insured) |
|
10,300 |
10,882 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series B1, 5% 7/1/18 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
2,970 |
3,271 |
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,255 |
1,362 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
765 |
849 |
|
5.125% 7/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,030 |
1,143 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (c) |
|
5,980 |
4,642 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
47,505 |
47,501 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,490 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,109 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,102 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,870 |
|
5.75% 11/15/32 |
|
10,000 |
10,595 |
|
Series A, 5.125% 11/15/31 |
|
12,150 |
12,090 |
|
Series B, 5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,315 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,395 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) |
|
1,310 |
1,459 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,256 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (c) |
|
3,500 |
2,860 |
|
5.625% 7/1/16 (Escrowed to Maturity) (c) |
|
3,000 |
3,043 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,740 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,277 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,286 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,378 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) |
|
3,000 |
3,368 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Gen. Oblig.: |
|
|
|
|
6% 6/1/05 |
|
$ 770 |
$ 796 |
|
6.5% 6/1/05 |
|
115 |
119 |
|
6.5% 6/1/06 |
|
120 |
129 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
55 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,053 |
|
Monroe Woodbury Central School District: |
|
|
|
|
5.625% 5/15/22 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
1,245 |
1,352 |
|
5.625% 5/15/24 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
2,645 |
2,873 |
|
Muni. Assistance Corp. for New York City: |
|
|
|
|
Series 1996 G, 6% 7/1/07 |
|
2,305 |
2,537 |
|
Series 1997 H, 6.25% 7/1/07 |
|
1,195 |
1,323 |
|
Series 1997 L, 6% 7/1/07 |
|
5,275 |
5,805 |
|
Series 1998 M, 5.5% 7/1/07 |
|
6,500 |
7,063 |
|
Series 1999 O, 5.25% 7/1/07 |
|
2,120 |
2,289 |
|
Series 2002 P, 5% 7/1/08 |
|
10,850 |
11,736 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series E, 5.3% 7/1/07 (MBIA Insured) |
|
350 |
378 |
|
Series T, 5.2% 9/1/11 (FGIC Insured) |
|
2,695 |
2,879 |
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,320 |
|
Series Z: |
|
|
|
|
5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,227 |
|
5% 9/1/13 (FGIC Insured) |
|
3,000 |
3,191 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
185 |
202 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,270 |
1,385 |
|
Series 2001 C, 5.625% 11/1/10 |
|
825 |
890 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,322 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,235 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,507 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 F, 5.75% 2/1/15 |
|
495 |
525 |
|
Series 2000 A, 6.5% 5/15/11 |
|
3,000 |
3,439 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 C, 5.25% 8/1/10 |
|
$ 5,000 |
$ 5,421 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,168 |
|
5.25% 8/1/11 |
|
6,245 |
6,773 |
|
5.25% 8/1/14 |
|
3,390 |
3,640 |
|
Series 2003 F, 5.5% 12/15/10 |
|
1,000 |
1,097 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,473 |
|
6.25% 8/1/08 |
|
1,000 |
1,087 |
|
Series B: |
|
|
|
|
5.5% 8/1/11 (FGIC Insured) |
|
2,000 |
2,234 |
|
5.875% 8/15/13 |
|
1,970 |
2,130 |
|
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ 101.5) (c) |
|
1,900 |
2,075 |
|
6.2% 8/15/06 |
|
2,195 |
2,306 |
|
6.5% 8/15/11 |
|
1,000 |
1,161 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
3,530 |
3,786 |
|
6% 2/1/22 |
|
840 |
895 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
2,500 |
2,623 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,271 |
|
5.375% 8/1/17 |
|
2,500 |
2,615 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
3,000 |
3,251 |
|
6% 8/1/26 |
|
2,850 |
3,012 |
|
6.5% 2/15/06 |
|
1,000 |
1,065 |
|
Series F, 6% 8/1/16 |
|
4,110 |
4,442 |
|
Series G: |
|
|
|
|
5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,772 |
|
6% 10/15/26 |
|
4,250 |
4,510 |
|
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) |
|
765 |
859 |
|
Series H: |
|
|
|
|
5.5% 8/1/12 |
|
9,000 |
9,653 |
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,378 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,039 |
|
6% 8/1/17 |
|
1,000 |
1,080 |
|
Series I, 6.125% 4/15/11 |
|
8,495 |
9,270 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
$ 5,000 |
$ 5,484 |
|
5.875% 2/15/19 |
|
3,370 |
3,564 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) |
|
630 |
677 |
|
6.125% 8/1/12 |
|
1,000 |
1,095 |
|
Series L, 5.75% 8/1/12 |
|
3,700 |
3,979 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,857 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,282 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,730 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,360 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,186 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,242 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 |
|
2,345 |
2,411 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (b) |
|
500 |
513 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1996 B: |
|
|
|
|
5.75% 6/15/26 (MBIA Insured) |
|
645 |
694 |
|
5.875% 6/15/26 |
|
18,085 |
19,500 |
|
Series 1997 A, 5.375% 6/15/26 (FSA Insured) |
|
13,450 |
13,808 |
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,834 |
|
Series 1999 A, 5.75% 6/15/30 |
|
1,000 |
1,062 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
14,781 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
4,942 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,228 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,304 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,665 |
|
6% 6/15/28 |
|
15,000 |
16,415 |
|
Series B: |
|
|
|
|
5.375% 6/15/07 (Escrowed to Maturity) (c) |
|
145 |
147 |
|
5.75% 6/15/26 (MBIA Insured) |
|
5,025 |
5,424 |
|
5.75% 6/15/29 (MBIA Insured) |
|
5,965 |
6,393 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,166 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) |
|
$ 4,850 |
$ 5,248 |
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
3,000 |
3,022 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,341 |
|
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) |
|
10,000 |
10,862 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
4,625 |
4,710 |
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/08 (AMBAC Insured) |
|
600 |
670 |
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
419 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
286 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,940 |
|
Series C, 7.5% 7/1/10 |
|
4,000 |
4,568 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,239 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
2,954 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,105 |
|
5.25% 7/1/15 |
|
2,000 |
2,193 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,087 |
|
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
9,805 |
9,983 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,271 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,163 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,262 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,751 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.75% 8/15/11 |
|
2,990 |
3,249 |
|
5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,755 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
15 |
17 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Montefiore Med. Ctr. Proj.) Series 2000: |
|
|
|
|
5.8% 8/1/30 |
|
$ 3,000 |
$ 3,193 |
|
5.85% 8/1/40 |
|
9,500 |
10,197 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
1,000 |
1,029 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
4,350 |
4,643 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,861 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
936 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,646 |
|
5.75% 7/1/27 (MBIA Insured) |
|
5,000 |
5,672 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,705 |
|
(NYSARC, Inc. Proj.) Series A, 5% 7/1/06 (FSA Insured) |
|
500 |
527 |
|
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) |
|
4,875 |
5,100 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,404 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,695 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,627 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,881 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
1,500 |
1,690 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,541 |
|
Series B, 7.5% 5/15/11 |
|
2,365 |
2,746 |
|
5.5% 5/15/09 |
|
3,000 |
3,262 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,860 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
7,062 |
|
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,176 |
|
6% 7/1/15 |
|
1,160 |
1,239 |
|
6% 7/1/16 |
|
1,230 |
1,308 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
$ 1,000 |
$ 1,110 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
885 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,250 |
|
5.375% 7/1/16 (AMBAC Insured) |
|
670 |
727 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
398 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) |
|
1,135 |
1,362 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,100 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,126 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,165 |
|
Series 2003 A, 5.375% 3/15/22 |
|
2,000 |
2,102 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (a) |
|
8,500 |
9,181 |
|
6%, tender 5/15/12 (a) |
|
11,000 |
12,428 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
781 |
|
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 |
|
10,600 |
11,095 |
|
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 |
1,085 |
|
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 |
544 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,546 |
|
5.25% 7/15/17 |
|
2,410 |
2,598 |
|
Series D, 5% 6/15/20 |
|
20,150 |
21,029 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,325 |
|
(New York Muni. Wtr. Fin. Auth. Proj.) Series D, 5.375% 6/15/19 |
|
5,250 |
5,697 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,839 |
|
5.25% 11/15/16 |
|
3,770 |
4,100 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,278 |
|
5.25% 9/15/17 |
|
2,395 |
2,586 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: - continued |
|
|
|
|
Series C: |
|
|
|
|
5% 6/15/19 |
|
$ 815 |
$ 850 |
|
5% 6/15/19 (Escrowed to Maturity) (c) |
|
3,185 |
3,299 |
|
5.25% 6/15/16 |
|
3,500 |
3,771 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,797 |
|
4.875% 6/15/20 |
|
2,175 |
2,239 |
|
5% 6/15/15 |
|
1,295 |
1,361 |
|
5.25% 6/15/13 |
|
1,575 |
1,702 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,062 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,382 |
|
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 |
10,964 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 2002, 5.75% 6/15/11 |
|
455 |
520 |
|
Series A: |
|
|
|
|
5.75% 6/15/11 (Escrowed to Maturity) (c) |
|
1,595 |
1,833 |
|
7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
32 |
|
Series E: |
|
|
|
|
6.25% 6/15/05 |
|
1,200 |
1,223 |
|
6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,239 |
|
Series 2002 D: |
|
|
|
|
6.3% 5/15/05 |
|
365 |
377 |
|
6.3% 11/15/05 |
|
105 |
108 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) |
|
1,105 |
1,212 |
|
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: |
|
|
|
|
5.25% 9/15/15 (MBIA Insured) |
|
1,690 |
1,835 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,927 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,411 |
|
5.25% 3/15/18 |
|
2,290 |
2,444 |
|
5.25% 3/15/19 |
|
2,480 |
2,632 |
|
5.25% 9/15/20 |
|
2,685 |
2,842 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: - continued |
|
|
|
|
5.25% 3/15/21 |
|
$ 2,230 |
$ 2,345 |
|
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 |
1,173 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): |
|
|
|
|
Series 53, 5.9% 10/1/17 |
|
1,795 |
1,840 |
|
Series 69, 4.7% 4/1/24 (b) |
|
890 |
891 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
26,129 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) |
|
250 |
271 |
|
New York State Thruway Auth. Gen. Rev.: |
|
|
|
|
Series D, 5.375% 1/1/27 |
|
3,000 |
3,092 |
|
Series E, 5.25% 1/1/12 |
|
5,410 |
5,843 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,521 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,399 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,402 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,744 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,351 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,460 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 |
|
5,000 |
5,461 |
|
5.5% 3/15/19 |
|
5,460 |
5,878 |
|
5.5% 3/15/20 |
|
3,500 |
3,770 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
Series A, 5% 3/15/10 (FSA Insured) |
|
1,025 |
1,117 |
|
5.25% 4/1/14 (Pre-Refunded to 4/1/11 @ 100) (c) |
|
735 |
820 |
|
5.5% 4/1/14 |
|
11,700 |
12,857 |
|
5.5% 4/1/15 |
|
6,200 |
6,762 |
|
5.5% 4/1/16 |
|
3,665 |
3,987 |
|
6% 4/1/11 |
|
1,605 |
1,763 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Correctional Cap. Facilities Proj.) Series A, 6.5% 1/1/09 (FSA Insured) |
|
3,000 |
3,432 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Urban Dev. Corp. Rev.: - continued |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
$ 15 |
$ 16 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 |
|
2,500 |
2,575 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,968 |
|
Series C1, 5.5% 3/15/19 (FGIC Insured) |
|
3,000 |
3,291 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,160 |
|
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2003 D: |
|
|
|
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,127 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,618 |
|
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,866 |
|
Series 2004 A: |
|
|
|
|
5.125% 8/15/21 (FGIC Insured) |
|
5,345 |
5,504 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (c) |
|
2,795 |
3,052 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,610 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
310 |
340 |
|
Series A: |
|
|
|
|
5.25% 11/15/12 (FSA Insured) |
|
1,500 |
1,632 |
|
5.375% 11/15/21 |
|
2,900 |
3,086 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,461 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
9,852 |
|
5.75% 2/15/16 |
|
3,000 |
3,326 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
1,000 |
1,065 |
|
5.375% 2/1/15 |
|
3,000 |
3,274 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
565 |
620 |
|
Series C, 5.5% 11/1/24 |
|
1,000 |
1,057 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,303 |
|
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (a)(b) |
|
3,000 |
3,132 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,152 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,397 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,536 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,394 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,599 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. |
|
$ 2,000 |
$ 2,150 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,409 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,200 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,000 |
3,136 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,529 |
|
5.5% 6/1/16 |
|
14,500 |
15,423 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,790 |
|
5% 6/1/11 |
|
1,375 |
1,466 |
|
Series C1, 5% 6/1/11 |
|
4,780 |
4,947 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,592 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
8,705 |
9,829 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series A: |
|
|
|
|
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) |
|
9,500 |
10,329 |
|
6% 1/1/11 (Escrowed to Maturity) (c) |
|
500 |
577 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
4,000 |
4,325 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
2,015 |
2,190 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) |
|
1,000 |
1,123 |
|
Series Y: |
|
|
|
|
5.5% 1/1/17 (Escrowed to Maturity) (c) |
|
15,425 |
17,424 |
|
6% 1/1/12 (Escrowed to Maturity) (c) |
|
20,000 |
22,792 |
|
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: |
|
|
|
|
5.125% 1/1/11 (Escrowed to Maturity) (c) |
|
3,000 |
3,271 |
|
5.125% 1/1/12 (Escrowed to Maturity) (c) |
|
1,000 |
1,087 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,033 |
|
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
1,415 |
1,546 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,359 |
|
|
1,257,418 |
|||
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York & New Jersey - 5.3% |
||||
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 |
$ 2,078 |
|
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (b) |
|
15,000 |
16,284 |
|
5.75% 10/15/12 (MBIA Insured) (b) |
|
15,530 |
16,834 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (b) |
|
9,875 |
10,506 |
|
5% 8/1/13 (FGIC Insured) (b) |
|
3,000 |
3,131 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) |
|
5,970 |
6,007 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,598 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
9,794 |
|
|
72,232 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Gen. Oblig. Series 2001 A, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured) |
|
3,800 |
4,308 |
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,318 |
|
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 |
|
645 |
647 |
|
|
8,273 |
|||
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $1,297,084) |
1,337,923 |
|||
NET OTHER ASSETS - 1.4% |
18,432 |
|||
NET ASSETS - 100% |
$ 1,356,355 |
Swap Agreements |
|||||
|
Expiration |
Notional |
Value |
||
Interest Rate Swap |
|||||
Receive quarterly a fixed rate equal to 4.522% and pay quarterly a floating rate based on BMA Municipal Swap Index with JPMorgan Chase, Inc. |
Nov. 2024 |
$ 7,500 |
$ 152 |
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 |
27.2% |
Special Tax |
18.6% |
Water & Sewer |
12.6% |
Transportation |
12.0% |
Escrowed/Pre-Refunded |
8.4% |
Education |
7.9% |
Health Care |
5.2% |
Others* (individually less than 5%) |
8.1% |
|
100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,297,084) - See accompanying schedule |
|
$ 1,337,923 |
Cash |
|
3,667 |
Receivable for fund shares sold |
|
597 |
Interest receivable |
|
16,407 |
Swap agreements, at value |
|
152 |
Prepaid expenses |
|
3 |
Other receivables |
|
5 |
Total assets |
|
1,358,754 |
|
|
|
Liabilities |
|
|
Payable for fund shares redeemed |
$ 668 |
|
Distributions payable |
1,138 |
|
Accrued management fee |
424 |
|
Distribution fees payable |
20 |
|
Other affiliated payables |
114 |
|
Other payables and accrued expenses |
35 |
|
Total liabilities |
|
2,399 |
|
|
|
Net Assets |
|
$ 1,356,355 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,303,191 |
Undistributed net investment income |
|
350 |
Accumulated undistributed net realized gain (loss) on investments |
|
11,823 |
Net unrealized appreciation (depreciation) on investments |
|
40,991 |
Net Assets |
|
$ 1,356,355 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/95.25 of $12.93) |
|
$ 13.57 |
Class T: |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/96.50 of $12.93) |
|
$ 13.40 |
Class B: |
|
$ 12.92 |
|
|
|
Class C: |
|
$ 12.93 |
|
|
|
Spartan New York Municipal Income: |
|
$ 12.93 |
|
|
|
Institutional Class: |
|
$ 12.93 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2004 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 32,167 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,656 |
|
Transfer agent fees |
516 |
|
Distribution fees |
120 |
|
Accounting fees and expenses |
150 |
|
Non-interested trustees' compensation |
4 |
|
Custodian fees and expenses |
12 |
|
Registration fees |
63 |
|
Audit |
25 |
|
Legal |
15 |
|
Miscellaneous |
25 |
|
Total expenses before reductions |
3,586 |
|
Expense reductions |
(18) |
3,568 |
Net investment income (loss) |
|
28,599 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
12,100 |
|
Swap agreements |
(38) |
|
Total net realized gain (loss) |
|
12,062 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
(45,428) |
|
Swap agreements |
(264) |
|
Total change in net unrealized appreciation (depreciation) |
|
(45,692) |
Net gain (loss) |
|
(33,630) |
Net increase (decrease) in net assets resulting from operations |
|
$ (5,031) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 28,599 |
$ 61,348 |
Net realized gain (loss) |
12,062 |
33,111 |
Change in net unrealized appreciation (depreciation) |
(45,692) |
(2,288) |
Net increase (decrease) in net assets resulting |
(5,031) |
92,171 |
Distributions to shareholders from net investment income |
(28,513) |
(61,256) |
Distributions to shareholders from net realized gain |
(3,107) |
(31,189) |
Total distributions |
(31,620) |
(92,445) |
Share transactions - net increase (decrease) |
(65,571) |
(40,506) |
Redemption fees |
14 |
29 |
Total increase (decrease) in net assets |
(102,208) |
(40,751) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,458,563 |
1,499,314 |
End of period (including undistributed net investment income of $350 and undistributed net investment income of $1,113, respectively) |
$ 1,356,355 |
$ 1,458,563 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.252 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.283) |
.285 |
.194 |
Total from investment operations |
(.031) |
.809 |
.471 |
Distributions from net investment income |
(.251) |
(.523) |
(.271) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.279) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.23)% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.69% A |
.67% |
.66%A |
Expenses net of voluntary waivers, if any |
.69% A |
.67% |
.66%A |
Expenses net of all reductions |
.69% A |
.66% |
.66%A |
Net investment income (loss) |
3.88% A |
3.93% |
4.17%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
16% A |
24% |
22% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.247 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.293) |
.296 |
.197 |
Total from investment operations |
(.046) |
.805 |
.463 |
Distributions from net investment income |
(.246) |
(.509) |
(.263) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.274) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
(.35)% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.77% A |
.78% |
.79%A |
Expenses net of voluntary waivers, if any |
.77% A |
.78% |
.79%A |
Expenses net of all reductions |
.77% A |
.77% |
.79%A |
Net investment income (loss) |
3.80% A |
3.82% |
4.04%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.203 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.293) |
.286 |
.193 |
Total from investment operations |
(.090) |
.709 |
.419 |
Distributions from net investment income |
(.202) |
(.423) |
(.219) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.230) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.92 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.68)% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.45% A |
1.42% |
1.41%A |
Expenses net of voluntary waivers, if any |
1.45% A |
1.42% |
1.41%A |
Expenses net of all reductions |
1.45% A |
1.41% |
1.40%A |
Net investment income (loss) |
3.13% A |
3.18% |
3.42%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.197 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.283) |
.286 |
.191 |
Total from investment operations |
(.086) |
.696 |
.410 |
Distributions from net investment income |
(.196) |
(.410) |
(.210) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.224) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.65)% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.54% A |
1.51% |
1.51%A |
Expenses net of voluntary waivers, if any |
1.54% A |
1.51% |
1.51%A |
Expenses net of all reductions |
1.54% A |
1.51% |
1.51%A |
Net investment income (loss) |
3.04% A |
3.08% |
3.32%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 14 |
$ 13 |
$ 6 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
||||
|
(Unaudited) |
2004 |
2003 |
2002 |
2001 |
2000 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
$ 12.99 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D |
.265 |
.549 |
.574 |
.584 F |
.614 |
.590 |
Net realized and unrealized gain (loss) |
(.293) |
.295 |
.506 |
.117 F |
1.030 |
(1.230) |
Total from investment operations |
(.028) |
.844 |
1.080 |
.701 |
1.644 |
(.640) |
Distributions from net investment income |
(.264) |
(.548) |
(.570) |
(.581) |
(.604) |
(.589) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
- |
- |
(.006) |
Distributions in excess of net realized gain |
- |
- |
- |
- |
- |
(.015) |
Total distributions |
(.292) |
(.834) |
(.740) |
(.581) |
(.604) |
(.610) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 12.93 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Total Return B, C |
(.21)% |
6.52% |
8.55% |
5.60% |
14.34% |
(5.03)% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.49% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, if any |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.49% A |
.48% |
.47% |
.44% |
.42% |
.49% |
Net investment income (loss) |
4.08% A |
4.11% |
4.36% |
4.54% F |
4.96% |
4.78% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,325 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
$ 1,007 |
Portfolio turnover rate |
16% A |
24% |
22% |
12% |
23% |
19% |
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. 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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.261 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.291) |
.296 |
.195 |
Total from investment operations |
(.030) |
.846 |
.481 |
Distributions from net investment income |
(.262) |
(.550) |
(.281) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.290) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
(.23)% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
Expenses before expense reductions |
.53% A |
.47% |
.53%A |
Expenses net of voluntary waivers, if any |
.53% A |
.47% |
.53%A |
Expenses net of all reductions |
.53% A |
.47% |
.53%A |
Net investment income (loss) |
4.04% A |
4.12% |
4.30%A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 224 |
$ 161 |
$ 104 |
Portfolio turnover rate |
16% A |
24% |
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
For the period ended July 31, 2004 (Unaudited)
(Amounts in thousands except ratios)
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, including restricted 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 valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
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.
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 dividends and capital gain distributions are declared separately for each class. 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 book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 47,264 |
|
Unrealized depreciation |
(5,795) |
|
Net unrealized appreciation (depreciation) |
$ 41,469 |
|
Cost for federal income tax purposes |
$ 1,296,454 |
|
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
2. Operating Policies.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. Periodic payments received or made by the fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the fund's custodian in compliance with swap contracts. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $110,868 and $184,516, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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 |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 4 |
$ - |
Class T |
0% |
.25% |
2 |
- |
Class B |
.65% |
.25% |
45 |
32 |
Class C |
.75% |
.25% |
69 |
37 |
|
|
|
$ 120 |
$ 69 |
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, some of which is paid to financial intermediaries for selling 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 |
Class A |
$ 4 |
Class T |
1 |
Class B* |
16 |
Class C* |
2 |
|
$ 23 |
* 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.
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-arrangement with Fidelity Service Company, Inc. (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
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.12 |
Class T |
1 |
.10 |
Class B |
6 |
.13 |
Class C |
8 |
.11 |
Spartan New York Municipal Income |
497 |
.07 |
Institutional Class |
1 |
.11 |
|
$ 516 |
|
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
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 $10 and $8, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 101 |
$ 144 |
Class T |
31 |
54 |
Class B |
154 |
287 |
Class C |
208 |
307 |
Spartan New York Municipal Income |
28,015 |
60,459 |
Institutional Class |
4 |
5 |
Total |
$ 28,513 |
$ 61,256 |
From net realized gain |
|
|
Class A |
$ 11 |
$ 105 |
Class T |
3 |
33 |
Class B |
22 |
209 |
Class C |
29 |
253 |
Spartan New York Municipal Income |
3,041 |
30,586 |
Institutional Class |
1 |
3 |
Total |
$ 3,107 |
$ 31,189 |
8. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class A |
|
|
|
|
Shares sold |
88 |
294 |
$ 1,153 |
$ 3,914 |
Reinvestment of distributions |
7 |
14 |
85 |
185 |
Shares redeemed |
(63) |
(131) |
(817) |
(1,742) |
Net increase (decrease) |
32 |
177 |
$ 421 |
$ 2,357 |
Class T |
|
|
|
|
Shares sold |
15 |
55 |
$ 197 |
$ 727 |
Reinvestment of distributions |
2 |
5 |
27 |
64 |
Shares redeemed |
(18) |
(28) |
(233) |
(370) |
Net increase (decrease) |
(1) |
32 |
$ (9) |
$ 421 |
Class B |
|
|
|
|
Shares sold |
49 |
446 |
$ 651 |
$ 5,969 |
Reinvestment of distributions |
10 |
28 |
130 |
378 |
Shares redeemed |
(94) |
(116) |
(1,225) |
(1,549) |
Net increase (decrease) |
(35) |
358 |
$ (444) |
$ 4,798 |
Semiannual Report
8. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class C |
|
|
|
|
Shares sold |
210 |
674 |
$ 2,740 |
$ 8,994 |
Reinvestment of distributions |
13 |
29 |
174 |
382 |
Shares redeemed |
(107) |
(188) |
(1,379) |
(2,482) |
Net increase (decrease) |
116 |
515 |
$ 1,535 |
$ 6,894 |
Spartan New York Municipal Income |
|
|
|
|
Shares sold |
7,070 |
16,723 |
$ 92,896 |
$ 223,636 |
Reinvestment of distributions |
1,804 |
5,234 |
23,564 |
69,670 |
Shares redeemed |
(14,190) |
(26,152) |
(183,602) |
(348,340) |
Net increase (decrease) |
(5,316) |
(4,195) |
$ (67,142) |
$ (55,034) |
Institutional Class |
|
|
|
|
Shares sold |
9 |
6 |
$ 115 |
$ 80 |
Reinvestment of distributions |
- |
1 |
3 |
7 |
Shares redeemed |
(4) |
(3) |
(50) |
(29) |
Net increase (decrease) |
5 |
4 |
$ 68 |
$ 58 |
Semiannual Report
A special meeting of the fund's shareholders was held on May 19, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* |
||
|
# of |
% of |
Affirmative |
575,040,844.94 |
72.005 |
Against |
137,039,394.79 |
17.160 |
Abstain |
44,554,999.69 |
5.578 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 2 |
||
To elect a Board of Trustees.* |
||
|
# of |
% of |
J. Michael Cook |
||
Affirmative |
747,268,183.46 |
93.570 |
Withheld |
51,353,833.03 |
6.430 |
TOTAL |
798,622,016.49 |
100.000 |
Ralph F. Cox |
||
Affirmative |
746,410,284.35 |
93.462 |
Withheld |
52,211,732.14 |
6.538 |
TOTAL |
798,622,016.49 |
100.000 |
Laura B. Cronin |
||
Affirmative |
747,770,160.68 |
93.633 |
Withheld |
50,851,855.81 |
6.367 |
TOTAL |
798,622,016.49 |
100.000 |
Robert M. Gates |
||
Affirmative |
745,420,166.71 |
93.338 |
Withheld |
53,201,849.78 |
6.662 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
George H. Heilmeier |
||
Affirmative |
746,775,567.75 |
93.508 |
Withheld |
51,846,448.74 |
6.492 |
TOTAL |
798,622,016.49 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
746,330,318.33 |
93.452 |
Withheld |
52,291,698.16 |
6.548 |
TOTAL |
798,622,016.49 |
100.000 |
Edward C. Johnson 3d |
||
Affirmative |
745,911,920.66 |
93.400 |
Withheld |
52,710,095.83 |
6.600 |
TOTAL |
798,622,016.49 |
100.000 |
Donald J. Kirk |
||
Affirmative |
746,672,452.95 |
93.495 |
Withheld |
51,949,563.54 |
6.505 |
TOTAL |
798,622,016.49 |
100.000 |
Marie L. Knowles |
||
Affirmative |
747,717,580.75 |
93.626 |
Withheld |
50,904,435.74 |
6.374 |
TOTAL |
798,622,016.49 |
100.000 |
Ned C. Lautenbach |
||
Affirmative |
746,474,252.46 |
93.470 |
Withheld |
52,147,764.03 |
6.530 |
TOTAL |
798,622,016.49 |
100.000 |
Marvin L. Mann |
||
Affirmative |
746,085,901.62 |
93.422 |
Withheld |
52,536,114.87 |
6.578 |
TOTAL |
798,622,016.49 |
100.000 |
William O. McCoy |
||
Affirmative |
746,490,195.86 |
93.472 |
Withheld |
52,131,820.63 |
6.528 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
Robert L. Reynolds |
||
Affirmative |
746,870,464.51 |
93.520 |
Withheld |
51,751,551.98 |
6.480 |
TOTAL |
798,622,016.49 |
100.000 |
William S. Stavropoulos |
||
Affirmative |
744,661,601.98 |
93.243 |
Withheld |
53,960,414.51 |
6.757 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 3 |
||
To modify the fundamental investment objective of the fund. |
||
|
# of |
% of |
Affirmative |
601,067,202.81 |
75.263 |
Against |
94,497,003.65 |
11.833 |
Abstain |
61,071,032.96 |
7.647 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
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 |
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 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 Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
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 |
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(Fidelity Investment logo)(registered trademark)
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ASNM-USAN-0904
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Fidelity Advisor
Fund - Institutional Class
Semiannual Report
July 31, 2004
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Spartan® New York Municipal Income Fund
Chairman's Message |
Ned Johnson's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities,
operations, and changes in net assets, |
|
Notes |
Notes to the financial statements. |
|
Proxy Voting Results |
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|
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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.
Semiannual Report
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.
Commencing with the fiscal quarter ending October 31, 2004, the fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. The fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
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
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2004 to July 31, 2004).
Actual Expenses
The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning |
Ending |
Expenses Paid |
Class A |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 3.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.53 |
$ 3.47 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 996.50 |
$ 3.82 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.12 |
$ 3.88 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 993.20 |
$ 7.19 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.70 |
$ 7.30 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 993.50 |
$ 7.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.25 |
$ 7.75 |
Spartan New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 997.90 |
$ 2.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.53 |
$ 2.47 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 2.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.33 |
$ 2.67 |
* (5% return per year before expenses)
Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
|
Annualized |
Class A |
.69% |
Class T |
.77% |
Class B |
1.45% |
Class C |
1.54% |
Spartan New York Municipal Income |
.49% |
Institutional Class |
.53% |
Semiannual Report
Top Five Sectors as of July 31, 2004 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
27.2 |
27.1 |
Special Tax |
18.6 |
17.8 |
Water & Sewer |
12.6 |
11.6 |
Transportation |
12.0 |
9.6 |
Escrowed/Pre-Refunded |
8.4 |
12.8 |
Average Years to Maturity as of July 31, 2004 |
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|
|
6 months ago |
Years |
15.0 |
14.2 |
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, 2004 |
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|
|
6 months ago |
Years |
7.4 |
7.4 |
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, 2004 |
As of January 31, 2004 |
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![]() |
AAA 56.6% |
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![]() |
AAA 54.6% |
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![]() |
AA,A 39.1% |
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![]() |
AA,A 41.9% |
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![]() |
BBB 2.9% |
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![]() |
BBB 2.6% |
|
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![]() |
Not Rated 0.0% |
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![]() |
Not Rated 0.2% |
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![]() |
Short-Term |
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![]() |
Short-Term |
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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
Showing Percentage of Net Assets
Municipal Bonds - 98.6% |
||||
|
Principal |
Value (Note 1) |
||
New York - 92.7% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/09 (AMBAC Insured) |
|
$ 500 |
$ 546 |
|
5% 7/1/10 (AMBAC Insured) |
|
600 |
657 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
549 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,492 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,184 |
|
5.25% 11/1/17 |
|
1,400 |
1,519 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (c) |
|
435 |
579 |
|
7.8% 5/1/15 (Escrowed to Maturity) (c) |
|
435 |
583 |
|
7.8% 5/1/16 (Escrowed to Maturity) (c) |
|
435 |
590 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
596 |
|
7.8% 5/1/18 (Escrowed to Maturity) (c) |
|
434 |
597 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,426 |
|
5.75% 8/1/30 |
|
9,445 |
9,835 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,137 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,818 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,787 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,058 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
9,993 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,666 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,549 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,374 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,093 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,684 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,073 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,435 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
26,188 |
|
Metropolitan Trans. Auth. Commuter Facilities Rev.: |
|
|
|
|
Series 1997 B, 5.125% 7/1/24 (Escrowed to Maturity) (c) |
|
4,080 |
4,292 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev.: - continued |
|
|
|
|
Series 1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
$ 2,100 |
$ 2,330 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A: |
|
|
|
|
5.25% 11/15/24 (FSA Insured) |
|
30,000 |
31,207 |
|
5.5% 11/15/26 (FSA Insured) |
|
10,300 |
10,882 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series B1, 5% 7/1/18 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
2,970 |
3,271 |
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,255 |
1,362 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
765 |
849 |
|
5.125% 7/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,030 |
1,143 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (c) |
|
5,980 |
4,642 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
47,505 |
47,501 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,490 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,109 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,102 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,870 |
|
5.75% 11/15/32 |
|
10,000 |
10,595 |
|
Series A, 5.125% 11/15/31 |
|
12,150 |
12,090 |
|
Series B, 5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,315 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,395 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) |
|
1,310 |
1,459 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,256 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (c) |
|
3,500 |
2,860 |
|
5.625% 7/1/16 (Escrowed to Maturity) (c) |
|
3,000 |
3,043 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,740 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,277 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,286 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,378 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) |
|
3,000 |
3,368 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Gen. Oblig.: |
|
|
|
|
6% 6/1/05 |
|
$ 770 |
$ 796 |
|
6.5% 6/1/05 |
|
115 |
119 |
|
6.5% 6/1/06 |
|
120 |
129 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
55 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,053 |
|
Monroe Woodbury Central School District: |
|
|
|
|
5.625% 5/15/22 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
1,245 |
1,352 |
|
5.625% 5/15/24 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
2,645 |
2,873 |
|
Muni. Assistance Corp. for New York City: |
|
|
|
|
Series 1996 G, 6% 7/1/07 |
|
2,305 |
2,537 |
|
Series 1997 H, 6.25% 7/1/07 |
|
1,195 |
1,323 |
|
Series 1997 L, 6% 7/1/07 |
|
5,275 |
5,805 |
|
Series 1998 M, 5.5% 7/1/07 |
|
6,500 |
7,063 |
|
Series 1999 O, 5.25% 7/1/07 |
|
2,120 |
2,289 |
|
Series 2002 P, 5% 7/1/08 |
|
10,850 |
11,736 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series E, 5.3% 7/1/07 (MBIA Insured) |
|
350 |
378 |
|
Series T, 5.2% 9/1/11 (FGIC Insured) |
|
2,695 |
2,879 |
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,320 |
|
Series Z: |
|
|
|
|
5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,227 |
|
5% 9/1/13 (FGIC Insured) |
|
3,000 |
3,191 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
185 |
202 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,270 |
1,385 |
|
Series 2001 C, 5.625% 11/1/10 |
|
825 |
890 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,322 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,235 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,507 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 F, 5.75% 2/1/15 |
|
495 |
525 |
|
Series 2000 A, 6.5% 5/15/11 |
|
3,000 |
3,439 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 C, 5.25% 8/1/10 |
|
$ 5,000 |
$ 5,421 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,168 |
|
5.25% 8/1/11 |
|
6,245 |
6,773 |
|
5.25% 8/1/14 |
|
3,390 |
3,640 |
|
Series 2003 F, 5.5% 12/15/10 |
|
1,000 |
1,097 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,473 |
|
6.25% 8/1/08 |
|
1,000 |
1,087 |
|
Series B: |
|
|
|
|
5.5% 8/1/11 (FGIC Insured) |
|
2,000 |
2,234 |
|
5.875% 8/15/13 |
|
1,970 |
2,130 |
|
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ 101.5) (c) |
|
1,900 |
2,075 |
|
6.2% 8/15/06 |
|
2,195 |
2,306 |
|
6.5% 8/15/11 |
|
1,000 |
1,161 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
3,530 |
3,786 |
|
6% 2/1/22 |
|
840 |
895 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
2,500 |
2,623 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,271 |
|
5.375% 8/1/17 |
|
2,500 |
2,615 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
3,000 |
3,251 |
|
6% 8/1/26 |
|
2,850 |
3,012 |
|
6.5% 2/15/06 |
|
1,000 |
1,065 |
|
Series F, 6% 8/1/16 |
|
4,110 |
4,442 |
|
Series G: |
|
|
|
|
5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,772 |
|
6% 10/15/26 |
|
4,250 |
4,510 |
|
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) |
|
765 |
859 |
|
Series H: |
|
|
|
|
5.5% 8/1/12 |
|
9,000 |
9,653 |
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,378 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,039 |
|
6% 8/1/17 |
|
1,000 |
1,080 |
|
Series I, 6.125% 4/15/11 |
|
8,495 |
9,270 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
$ 5,000 |
$ 5,484 |
|
5.875% 2/15/19 |
|
3,370 |
3,564 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) |
|
630 |
677 |
|
6.125% 8/1/12 |
|
1,000 |
1,095 |
|
Series L, 5.75% 8/1/12 |
|
3,700 |
3,979 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,857 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,282 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,730 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,360 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,186 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,242 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 |
|
2,345 |
2,411 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (b) |
|
500 |
513 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1996 B: |
|
|
|
|
5.75% 6/15/26 (MBIA Insured) |
|
645 |
694 |
|
5.875% 6/15/26 |
|
18,085 |
19,500 |
|
Series 1997 A, 5.375% 6/15/26 (FSA Insured) |
|
13,450 |
13,808 |
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,834 |
|
Series 1999 A, 5.75% 6/15/30 |
|
1,000 |
1,062 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
14,781 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
4,942 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,228 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,304 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,665 |
|
6% 6/15/28 |
|
15,000 |
16,415 |
|
Series B: |
|
|
|
|
5.375% 6/15/07 (Escrowed to Maturity) (c) |
|
145 |
147 |
|
5.75% 6/15/26 (MBIA Insured) |
|
5,025 |
5,424 |
|
5.75% 6/15/29 (MBIA Insured) |
|
5,965 |
6,393 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,166 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) |
|
$ 4,850 |
$ 5,248 |
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
3,000 |
3,022 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,341 |
|
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) |
|
10,000 |
10,862 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
4,625 |
4,710 |
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/08 (AMBAC Insured) |
|
600 |
670 |
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
419 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
286 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,940 |
|
Series C, 7.5% 7/1/10 |
|
4,000 |
4,568 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,239 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
2,954 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,105 |
|
5.25% 7/1/15 |
|
2,000 |
2,193 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,087 |
|
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
9,805 |
9,983 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,271 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,163 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,262 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,751 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.75% 8/15/11 |
|
2,990 |
3,249 |
|
5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,755 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
15 |
17 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Montefiore Med. Ctr. Proj.) Series 2000: |
|
|
|
|
5.8% 8/1/30 |
|
$ 3,000 |
$ 3,193 |
|
5.85% 8/1/40 |
|
9,500 |
10,197 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
1,000 |
1,029 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
4,350 |
4,643 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,861 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
936 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,646 |
|
5.75% 7/1/27 (MBIA Insured) |
|
5,000 |
5,672 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,705 |
|
(NYSARC, Inc. Proj.) Series A, 5% 7/1/06 (FSA Insured) |
|
500 |
527 |
|
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) |
|
4,875 |
5,100 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,404 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,695 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,627 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,881 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
1,500 |
1,690 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,541 |
|
Series B, 7.5% 5/15/11 |
|
2,365 |
2,746 |
|
5.5% 5/15/09 |
|
3,000 |
3,262 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,860 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
7,062 |
|
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,176 |
|
6% 7/1/15 |
|
1,160 |
1,239 |
|
6% 7/1/16 |
|
1,230 |
1,308 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
$ 1,000 |
$ 1,110 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
885 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,250 |
|
5.375% 7/1/16 (AMBAC Insured) |
|
670 |
727 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
398 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) |
|
1,135 |
1,362 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,100 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,126 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,165 |
|
Series 2003 A, 5.375% 3/15/22 |
|
2,000 |
2,102 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (a) |
|
8,500 |
9,181 |
|
6%, tender 5/15/12 (a) |
|
11,000 |
12,428 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
781 |
|
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 |
|
10,600 |
11,095 |
|
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 |
1,085 |
|
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 |
544 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,546 |
|
5.25% 7/15/17 |
|
2,410 |
2,598 |
|
Series D, 5% 6/15/20 |
|
20,150 |
21,029 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,325 |
|
(New York Muni. Wtr. Fin. Auth. Proj.) Series D, 5.375% 6/15/19 |
|
5,250 |
5,697 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,839 |
|
5.25% 11/15/16 |
|
3,770 |
4,100 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,278 |
|
5.25% 9/15/17 |
|
2,395 |
2,586 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: - continued |
|
|
|
|
Series C: |
|
|
|
|
5% 6/15/19 |
|
$ 815 |
$ 850 |
|
5% 6/15/19 (Escrowed to Maturity) (c) |
|
3,185 |
3,299 |
|
5.25% 6/15/16 |
|
3,500 |
3,771 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,797 |
|
4.875% 6/15/20 |
|
2,175 |
2,239 |
|
5% 6/15/15 |
|
1,295 |
1,361 |
|
5.25% 6/15/13 |
|
1,575 |
1,702 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,062 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,382 |
|
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 |
10,964 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 2002, 5.75% 6/15/11 |
|
455 |
520 |
|
Series A: |
|
|
|
|
5.75% 6/15/11 (Escrowed to Maturity) (c) |
|
1,595 |
1,833 |
|
7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
32 |
|
Series E: |
|
|
|
|
6.25% 6/15/05 |
|
1,200 |
1,223 |
|
6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,239 |
|
Series 2002 D: |
|
|
|
|
6.3% 5/15/05 |
|
365 |
377 |
|
6.3% 11/15/05 |
|
105 |
108 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) |
|
1,105 |
1,212 |
|
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: |
|
|
|
|
5.25% 9/15/15 (MBIA Insured) |
|
1,690 |
1,835 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,927 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,411 |
|
5.25% 3/15/18 |
|
2,290 |
2,444 |
|
5.25% 3/15/19 |
|
2,480 |
2,632 |
|
5.25% 9/15/20 |
|
2,685 |
2,842 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: - continued |
|
|
|
|
5.25% 3/15/21 |
|
$ 2,230 |
$ 2,345 |
|
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 |
1,173 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): |
|
|
|
|
Series 53, 5.9% 10/1/17 |
|
1,795 |
1,840 |
|
Series 69, 4.7% 4/1/24 (b) |
|
890 |
891 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
26,129 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) |
|
250 |
271 |
|
New York State Thruway Auth. Gen. Rev.: |
|
|
|
|
Series D, 5.375% 1/1/27 |
|
3,000 |
3,092 |
|
Series E, 5.25% 1/1/12 |
|
5,410 |
5,843 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,521 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,399 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,402 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,744 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,351 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,460 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 |
|
5,000 |
5,461 |
|
5.5% 3/15/19 |
|
5,460 |
5,878 |
|
5.5% 3/15/20 |
|
3,500 |
3,770 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
Series A, 5% 3/15/10 (FSA Insured) |
|
1,025 |
1,117 |
|
5.25% 4/1/14 (Pre-Refunded to 4/1/11 @ 100) (c) |
|
735 |
820 |
|
5.5% 4/1/14 |
|
11,700 |
12,857 |
|
5.5% 4/1/15 |
|
6,200 |
6,762 |
|
5.5% 4/1/16 |
|
3,665 |
3,987 |
|
6% 4/1/11 |
|
1,605 |
1,763 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Correctional Cap. Facilities Proj.) Series A, 6.5% 1/1/09 (FSA Insured) |
|
3,000 |
3,432 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Urban Dev. Corp. Rev.: - continued |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
$ 15 |
$ 16 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 |
|
2,500 |
2,575 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,968 |
|
Series C1, 5.5% 3/15/19 (FGIC Insured) |
|
3,000 |
3,291 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,160 |
|
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2003 D: |
|
|
|
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,127 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,618 |
|
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,866 |
|
Series 2004 A: |
|
|
|
|
5.125% 8/15/21 (FGIC Insured) |
|
5,345 |
5,504 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (c) |
|
2,795 |
3,052 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,610 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
310 |
340 |
|
Series A: |
|
|
|
|
5.25% 11/15/12 (FSA Insured) |
|
1,500 |
1,632 |
|
5.375% 11/15/21 |
|
2,900 |
3,086 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,461 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
9,852 |
|
5.75% 2/15/16 |
|
3,000 |
3,326 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
1,000 |
1,065 |
|
5.375% 2/1/15 |
|
3,000 |
3,274 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
565 |
620 |
|
Series C, 5.5% 11/1/24 |
|
1,000 |
1,057 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,303 |
|
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (a)(b) |
|
3,000 |
3,132 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,152 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,397 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,536 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,394 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,599 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. |
|
$ 2,000 |
$ 2,150 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,409 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,200 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,000 |
3,136 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,529 |
|
5.5% 6/1/16 |
|
14,500 |
15,423 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,790 |
|
5% 6/1/11 |
|
1,375 |
1,466 |
|
Series C1, 5% 6/1/11 |
|
4,780 |
4,947 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,592 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
8,705 |
9,829 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series A: |
|
|
|
|
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) |
|
9,500 |
10,329 |
|
6% 1/1/11 (Escrowed to Maturity) (c) |
|
500 |
577 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
4,000 |
4,325 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
2,015 |
2,190 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) |
|
1,000 |
1,123 |
|
Series Y: |
|
|
|
|
5.5% 1/1/17 (Escrowed to Maturity) (c) |
|
15,425 |
17,424 |
|
6% 1/1/12 (Escrowed to Maturity) (c) |
|
20,000 |
22,792 |
|
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: |
|
|
|
|
5.125% 1/1/11 (Escrowed to Maturity) (c) |
|
3,000 |
3,271 |
|
5.125% 1/1/12 (Escrowed to Maturity) (c) |
|
1,000 |
1,087 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,033 |
|
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
1,415 |
1,546 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,359 |
|
|
1,257,418 |
|||
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York & New Jersey - 5.3% |
||||
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 |
$ 2,078 |
|
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (b) |
|
15,000 |
16,284 |
|
5.75% 10/15/12 (MBIA Insured) (b) |
|
15,530 |
16,834 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (b) |
|
9,875 |
10,506 |
|
5% 8/1/13 (FGIC Insured) (b) |
|
3,000 |
3,131 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) |
|
5,970 |
6,007 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,598 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
9,794 |
|
|
72,232 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Gen. Oblig. Series 2001 A, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured) |
|
3,800 |
4,308 |
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,318 |
|
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 |
|
645 |
647 |
|
|
8,273 |
|||
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $1,297,084) |
1,337,923 |
|||
NET OTHER ASSETS - 1.4% |
18,432 |
|||
NET ASSETS - 100% |
$ 1,356,355 |
Swap Agreements |
|||||
|
Expiration |
Notional |
Value |
||
Interest Rate Swap |
|||||
Receive quarterly a fixed rate equal to 4.522% and pay quarterly a floating rate based on BMA Municipal Swap Index with JPMorgan Chase, Inc. |
Nov. 2024 |
$ 7,500 |
$ 152 |
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 |
27.2% |
Special Tax |
18.6% |
Water & Sewer |
12.6% |
Transportation |
12.0% |
Escrowed/Pre-Refunded |
8.4% |
Education |
7.9% |
Health Care |
5.2% |
Others* (individually less than 5%) |
8.1% |
|
100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,297,084) - See accompanying schedule |
|
$ 1,337,923 |
Cash |
|
3,667 |
Receivable for fund shares sold |
|
597 |
Interest receivable |
|
16,407 |
Swap agreements, at value |
|
152 |
Prepaid expenses |
|
3 |
Other receivables |
|
5 |
Total assets |
|
1,358,754 |
|
|
|
Liabilities |
|
|
Payable for fund shares redeemed |
$ 668 |
|
Distributions payable |
1,138 |
|
Accrued management fee |
424 |
|
Distribution fees payable |
20 |
|
Other affiliated payables |
114 |
|
Other payables and accrued expenses |
35 |
|
Total liabilities |
|
2,399 |
|
|
|
Net Assets |
|
$ 1,356,355 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,303,191 |
Undistributed net investment income |
|
350 |
Accumulated undistributed net realized gain (loss) on investments |
|
11,823 |
Net unrealized appreciation (depreciation) on investments |
|
40,991 |
Net Assets |
|
$ 1,356,355 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/95.25 of $12.93) |
|
$ 13.57 |
Class T: |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/96.50 of $12.93) |
|
$ 13.40 |
Class B: |
|
$ 12.92 |
|
|
|
Class C: |
|
$ 12.93 |
|
|
|
Spartan New York Municipal Income: |
|
$ 12.93 |
|
|
|
Institutional Class: |
|
$ 12.93 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2004 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 32,167 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,656 |
|
Transfer agent fees |
516 |
|
Distribution fees |
120 |
|
Accounting fees and expenses |
150 |
|
Non-interested trustees' compensation |
4 |
|
Custodian fees and expenses |
12 |
|
Registration fees |
63 |
|
Audit |
25 |
|
Legal |
15 |
|
Miscellaneous |
25 |
|
Total expenses before reductions |
3,586 |
|
Expense reductions |
(18) |
3,568 |
Net investment income (loss) |
|
28,599 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
12,100 |
|
Swap agreements |
(38) |
|
Total net realized gain (loss) |
|
12,062 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
(45,428) |
|
Swap agreements |
(264) |
|
Total change in net unrealized appreciation (depreciation) |
|
(45,692) |
Net gain (loss) |
|
(33,630) |
Net increase (decrease) in net assets resulting from operations |
|
$ (5,031) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 28,599 |
$ 61,348 |
Net realized gain (loss) |
12,062 |
33,111 |
Change in net unrealized appreciation (depreciation) |
(45,692) |
(2,288) |
Net increase (decrease) in net assets resulting |
(5,031) |
92,171 |
Distributions to shareholders from net investment income |
(28,513) |
(61,256) |
Distributions to shareholders from net realized gain |
(3,107) |
(31,189) |
Total distributions |
(31,620) |
(92,445) |
Share transactions - net increase (decrease) |
(65,571) |
(40,506) |
Redemption fees |
14 |
29 |
Total increase (decrease) in net assets |
(102,208) |
(40,751) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,458,563 |
1,499,314 |
End of period (including undistributed net investment income of $350 and undistributed net investment income of $1,113, respectively) |
$ 1,356,355 |
$ 1,458,563 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.252 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.283) |
.285 |
.194 |
Total from investment operations |
(.031) |
.809 |
.471 |
Distributions from net investment income |
(.251) |
(.523) |
(.271) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.279) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.23)% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.69% A |
.67% |
.66%A |
Expenses net of voluntary waivers, if any |
.69% A |
.67% |
.66%A |
Expenses net of all reductions |
.69% A |
.66% |
.66%A |
Net investment income (loss) |
3.88% A |
3.93% |
4.17%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
16% A |
24% |
22% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.247 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.293) |
.296 |
.197 |
Total from investment operations |
(.046) |
.805 |
.463 |
Distributions from net investment income |
(.246) |
(.509) |
(.263) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.274) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
(.35)% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.77% A |
.78% |
.79%A |
Expenses net of voluntary waivers, if any |
.77% A |
.78% |
.79%A |
Expenses net of all reductions |
.77% A |
.77% |
.79%A |
Net investment income (loss) |
3.80% A |
3.82% |
4.04%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.203 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.293) |
.286 |
.193 |
Total from investment operations |
(.090) |
.709 |
.419 |
Distributions from net investment income |
(.202) |
(.423) |
(.219) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.230) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.92 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.68)% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.45% A |
1.42% |
1.41%A |
Expenses net of voluntary waivers, if any |
1.45% A |
1.42% |
1.41%A |
Expenses net of all reductions |
1.45% A |
1.41% |
1.40%A |
Net investment income (loss) |
3.13% A |
3.18% |
3.42%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.197 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.283) |
.286 |
.191 |
Total from investment operations |
(.086) |
.696 |
.410 |
Distributions from net investment income |
(.196) |
(.410) |
(.210) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.224) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.65)% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.54% A |
1.51% |
1.51%A |
Expenses net of voluntary waivers, if any |
1.54% A |
1.51% |
1.51%A |
Expenses net of all reductions |
1.54% A |
1.51% |
1.51%A |
Net investment income (loss) |
3.04% A |
3.08% |
3.32%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 14 |
$ 13 |
$ 6 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
||||
|
(Unaudited) |
2004 |
2003 |
2002 |
2001 |
2000 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
$ 12.99 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D |
.265 |
.549 |
.574 |
.584 F |
.614 |
.590 |
Net realized and unrealized gain (loss) |
(.293) |
.295 |
.506 |
.117 F |
1.030 |
(1.230) |
Total from investment operations |
(.028) |
.844 |
1.080 |
.701 |
1.644 |
(.640) |
Distributions from net investment income |
(.264) |
(.548) |
(.570) |
(.581) |
(.604) |
(.589) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
- |
- |
(.006) |
Distributions in excess of net realized gain |
- |
- |
- |
- |
- |
(.015) |
Total distributions |
(.292) |
(.834) |
(.740) |
(.581) |
(.604) |
(.610) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 12.93 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Total Return B, C |
(.21)% |
6.52% |
8.55% |
5.60% |
14.34% |
(5.03)% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.49% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, if any |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.49% A |
.48% |
.47% |
.44% |
.42% |
.49% |
Net investment income (loss) |
4.08% A |
4.11% |
4.36% |
4.54% F |
4.96% |
4.78% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,325 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
$ 1,007 |
Portfolio turnover rate |
16% A |
24% |
22% |
12% |
23% |
19% |
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. 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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.261 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.291) |
.296 |
.195 |
Total from investment operations |
(.030) |
.846 |
.481 |
Distributions from net investment income |
(.262) |
(.550) |
(.281) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.290) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
(.23)% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
Expenses before expense reductions |
.53% A |
.47% |
.53%A |
Expenses net of voluntary waivers, if any |
.53% A |
.47% |
.53%A |
Expenses net of all reductions |
.53% A |
.47% |
.53%A |
Net investment income (loss) |
4.04% A |
4.12% |
4.30%A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 224 |
$ 161 |
$ 104 |
Portfolio turnover rate |
16% A |
24% |
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
For the period ended July 31, 2004 (Unaudited)
(Amounts in thousands except ratios)
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, including restricted 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 valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
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.
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 dividends and capital gain distributions are declared separately for each class. 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 book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 47,264 |
|
Unrealized depreciation |
(5,795) |
|
Net unrealized appreciation (depreciation) |
$ 41,469 |
|
Cost for federal income tax purposes |
$ 1,296,454 |
|
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
2. Operating Policies.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. Periodic payments received or made by the fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the fund's custodian in compliance with swap contracts. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $110,868 and $184,516, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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 |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 4 |
$ - |
Class T |
0% |
.25% |
2 |
- |
Class B |
.65% |
.25% |
45 |
32 |
Class C |
.75% |
.25% |
69 |
37 |
|
|
|
$ 120 |
$ 69 |
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, some of which is paid to financial intermediaries for selling 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 |
Class A |
$ 4 |
Class T |
1 |
Class B* |
16 |
Class C* |
2 |
|
$ 23 |
* 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.
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-arrangement with Fidelity Service Company, Inc. (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
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.12 |
Class T |
1 |
.10 |
Class B |
6 |
.13 |
Class C |
8 |
.11 |
Spartan New York Municipal Income |
497 |
.07 |
Institutional Class |
1 |
.11 |
|
$ 516 |
|
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
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 $10 and $8, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 101 |
$ 144 |
Class T |
31 |
54 |
Class B |
154 |
287 |
Class C |
208 |
307 |
Spartan New York Municipal Income |
28,015 |
60,459 |
Institutional Class |
4 |
5 |
Total |
$ 28,513 |
$ 61,256 |
From net realized gain |
|
|
Class A |
$ 11 |
$ 105 |
Class T |
3 |
33 |
Class B |
22 |
209 |
Class C |
29 |
253 |
Spartan New York Municipal Income |
3,041 |
30,586 |
Institutional Class |
1 |
3 |
Total |
$ 3,107 |
$ 31,189 |
8. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class A |
|
|
|
|
Shares sold |
88 |
294 |
$ 1,153 |
$ 3,914 |
Reinvestment of distributions |
7 |
14 |
85 |
185 |
Shares redeemed |
(63) |
(131) |
(817) |
(1,742) |
Net increase (decrease) |
32 |
177 |
$ 421 |
$ 2,357 |
Class T |
|
|
|
|
Shares sold |
15 |
55 |
$ 197 |
$ 727 |
Reinvestment of distributions |
2 |
5 |
27 |
64 |
Shares redeemed |
(18) |
(28) |
(233) |
(370) |
Net increase (decrease) |
(1) |
32 |
$ (9) |
$ 421 |
Class B |
|
|
|
|
Shares sold |
49 |
446 |
$ 651 |
$ 5,969 |
Reinvestment of distributions |
10 |
28 |
130 |
378 |
Shares redeemed |
(94) |
(116) |
(1,225) |
(1,549) |
Net increase (decrease) |
(35) |
358 |
$ (444) |
$ 4,798 |
Semiannual Report
8. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class C |
|
|
|
|
Shares sold |
210 |
674 |
$ 2,740 |
$ 8,994 |
Reinvestment of distributions |
13 |
29 |
174 |
382 |
Shares redeemed |
(107) |
(188) |
(1,379) |
(2,482) |
Net increase (decrease) |
116 |
515 |
$ 1,535 |
$ 6,894 |
Spartan New York Municipal Income |
|
|
|
|
Shares sold |
7,070 |
16,723 |
$ 92,896 |
$ 223,636 |
Reinvestment of distributions |
1,804 |
5,234 |
23,564 |
69,670 |
Shares redeemed |
(14,190) |
(26,152) |
(183,602) |
(348,340) |
Net increase (decrease) |
(5,316) |
(4,195) |
$ (67,142) |
$ (55,034) |
Institutional Class |
|
|
|
|
Shares sold |
9 |
6 |
$ 115 |
$ 80 |
Reinvestment of distributions |
- |
1 |
3 |
7 |
Shares redeemed |
(4) |
(3) |
(50) |
(29) |
Net increase (decrease) |
5 |
4 |
$ 68 |
$ 58 |
Semiannual Report
A special meeting of the fund's shareholders was held on May 19, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* |
||
|
# of |
% of |
Affirmative |
575,040,844.94 |
72.005 |
Against |
137,039,394.79 |
17.160 |
Abstain |
44,554,999.69 |
5.578 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 2 |
||
To elect a Board of Trustees.* |
||
|
# of |
% of |
J. Michael Cook |
||
Affirmative |
747,268,183.46 |
93.570 |
Withheld |
51,353,833.03 |
6.430 |
TOTAL |
798,622,016.49 |
100.000 |
Ralph F. Cox |
||
Affirmative |
746,410,284.35 |
93.462 |
Withheld |
52,211,732.14 |
6.538 |
TOTAL |
798,622,016.49 |
100.000 |
Laura B. Cronin |
||
Affirmative |
747,770,160.68 |
93.633 |
Withheld |
50,851,855.81 |
6.367 |
TOTAL |
798,622,016.49 |
100.000 |
Robert M. Gates |
||
Affirmative |
745,420,166.71 |
93.338 |
Withheld |
53,201,849.78 |
6.662 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
George H. Heilmeier |
||
Affirmative |
746,775,567.75 |
93.508 |
Withheld |
51,846,448.74 |
6.492 |
TOTAL |
798,622,016.49 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
746,330,318.33 |
93.452 |
Withheld |
52,291,698.16 |
6.548 |
TOTAL |
798,622,016.49 |
100.000 |
Edward C. Johnson 3d |
||
Affirmative |
745,911,920.66 |
93.400 |
Withheld |
52,710,095.83 |
6.600 |
TOTAL |
798,622,016.49 |
100.000 |
Donald J. Kirk |
||
Affirmative |
746,672,452.95 |
93.495 |
Withheld |
51,949,563.54 |
6.505 |
TOTAL |
798,622,016.49 |
100.000 |
Marie L. Knowles |
||
Affirmative |
747,717,580.75 |
93.626 |
Withheld |
50,904,435.74 |
6.374 |
TOTAL |
798,622,016.49 |
100.000 |
Ned C. Lautenbach |
||
Affirmative |
746,474,252.46 |
93.470 |
Withheld |
52,147,764.03 |
6.530 |
TOTAL |
798,622,016.49 |
100.000 |
Marvin L. Mann |
||
Affirmative |
746,085,901.62 |
93.422 |
Withheld |
52,536,114.87 |
6.578 |
TOTAL |
798,622,016.49 |
100.000 |
William O. McCoy |
||
Affirmative |
746,490,195.86 |
93.472 |
Withheld |
52,131,820.63 |
6.528 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
Robert L. Reynolds |
||
Affirmative |
746,870,464.51 |
93.520 |
Withheld |
51,751,551.98 |
6.480 |
TOTAL |
798,622,016.49 |
100.000 |
William S. Stavropoulos |
||
Affirmative |
744,661,601.98 |
93.243 |
Withheld |
53,960,414.51 |
6.757 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 3 |
||
To modify the fundamental investment objective of the fund. |
||
|
# of |
% of |
Affirmative |
601,067,202.81 |
75.263 |
Against |
94,497,003.65 |
11.833 |
Abstain |
61,071,032.96 |
7.647 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
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 |
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 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 Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
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 Mid Cap II Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend & |
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 Total Bond Fund |
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Prime Fund |
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Treasury Fund |
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ASNMI-USAN-0904
1.789729.101
Spartan®
New York Municipal Income
Fund
Semiannual Report
July 31, 2004
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
Ned Johnson's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities,
operations, and changes in net assets, |
|
Notes |
Notes to the financial statements. |
|
Proxy Voting Results |
|
|
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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.
Semiannual Report
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.
Commencing with the fiscal quarter ending October 31, 2004, the fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. The fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
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
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2004 to July 31, 2004).
Actual Expenses
The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning |
Ending |
Expenses Paid |
Class A |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 3.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.53 |
$ 3.47 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 996.50 |
$ 3.82 |
Hypothetical* |
$ 1,000.00 |
$ 1,021.12 |
$ 3.88 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 993.20 |
$ 7.19 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.70 |
$ 7.30 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 993.50 |
$ 7.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,017.25 |
$ 7.75 |
Spartan New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 997.90 |
$ 2.43 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.53 |
$ 2.47 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 997.70 |
$ 2.63 |
Hypothetical* |
$ 1,000.00 |
$ 1,022.33 |
$ 2.67 |
* (5% return per year before expenses)
Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
|
Annualized |
Class A |
.69% |
Class T |
.77% |
Class B |
1.45% |
Class C |
1.54% |
Spartan New York Municipal Income |
.49% |
Institutional Class |
.53% |
Semiannual Report
Top Five Sectors as of July 31, 2004 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
27.2 |
27.1 |
Special Tax |
18.6 |
17.8 |
Water & Sewer |
12.6 |
11.6 |
Transportation |
12.0 |
9.6 |
Escrowed/Pre-Refunded |
8.4 |
12.8 |
Average Years to Maturity as of July 31, 2004 |
||
|
|
6 months ago |
Years |
15.0 |
14.2 |
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, 2004 |
||
|
|
6 months ago |
Years |
7.4 |
7.4 |
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, 2004 |
As of January 31, 2004 |
||||||
![]() |
AAA 56.6% |
|
![]() |
AAA 54.6% |
|
||
![]() |
AA,A 39.1% |
|
![]() |
AA,A 41.9% |
|
||
![]() |
BBB 2.9% |
|
![]() |
BBB 2.6% |
|
||
![]() |
Not Rated 0.0% |
|
![]() |
Not Rated 0.2% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
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
Showing Percentage of Net Assets
Municipal Bonds - 98.6% |
||||
|
Principal |
Value (Note 1) |
||
New York - 92.7% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/09 (AMBAC Insured) |
|
$ 500 |
$ 546 |
|
5% 7/1/10 (AMBAC Insured) |
|
600 |
657 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
549 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,492 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,184 |
|
5.25% 11/1/17 |
|
1,400 |
1,519 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (c) |
|
435 |
579 |
|
7.8% 5/1/15 (Escrowed to Maturity) (c) |
|
435 |
583 |
|
7.8% 5/1/16 (Escrowed to Maturity) (c) |
|
435 |
590 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
596 |
|
7.8% 5/1/18 (Escrowed to Maturity) (c) |
|
434 |
597 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,426 |
|
5.75% 8/1/30 |
|
9,445 |
9,835 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,137 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,818 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,787 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,058 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
9,993 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,666 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,549 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,374 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,093 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,684 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,073 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,435 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
26,188 |
|
Metropolitan Trans. Auth. Commuter Facilities Rev.: |
|
|
|
|
Series 1997 B, 5.125% 7/1/24 (Escrowed to Maturity) (c) |
|
4,080 |
4,292 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev.: - continued |
|
|
|
|
Series 1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
$ 2,100 |
$ 2,330 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A: |
|
|
|
|
5.25% 11/15/24 (FSA Insured) |
|
30,000 |
31,207 |
|
5.5% 11/15/26 (FSA Insured) |
|
10,300 |
10,882 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series B1, 5% 7/1/18 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
2,970 |
3,271 |
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,255 |
1,362 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
765 |
849 |
|
5.125% 7/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) |
|
1,030 |
1,143 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (c) |
|
5,980 |
4,642 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
47,505 |
47,501 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,490 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,109 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,102 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,870 |
|
5.75% 11/15/32 |
|
10,000 |
10,595 |
|
Series A, 5.125% 11/15/31 |
|
12,150 |
12,090 |
|
Series B, 5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,315 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,395 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) |
|
1,310 |
1,459 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,256 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (c) |
|
3,500 |
2,860 |
|
5.625% 7/1/16 (Escrowed to Maturity) (c) |
|
3,000 |
3,043 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,740 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,277 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,286 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,378 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) |
|
3,000 |
3,368 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Gen. Oblig.: |
|
|
|
|
6% 6/1/05 |
|
$ 770 |
$ 796 |
|
6.5% 6/1/05 |
|
115 |
119 |
|
6.5% 6/1/06 |
|
120 |
129 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
55 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,053 |
|
Monroe Woodbury Central School District: |
|
|
|
|
5.625% 5/15/22 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
1,245 |
1,352 |
|
5.625% 5/15/24 (Pre-Refunded to 5/15/06 @ 102) (c) |
|
2,645 |
2,873 |
|
Muni. Assistance Corp. for New York City: |
|
|
|
|
Series 1996 G, 6% 7/1/07 |
|
2,305 |
2,537 |
|
Series 1997 H, 6.25% 7/1/07 |
|
1,195 |
1,323 |
|
Series 1997 L, 6% 7/1/07 |
|
5,275 |
5,805 |
|
Series 1998 M, 5.5% 7/1/07 |
|
6,500 |
7,063 |
|
Series 1999 O, 5.25% 7/1/07 |
|
2,120 |
2,289 |
|
Series 2002 P, 5% 7/1/08 |
|
10,850 |
11,736 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series E, 5.3% 7/1/07 (MBIA Insured) |
|
350 |
378 |
|
Series T, 5.2% 9/1/11 (FGIC Insured) |
|
2,695 |
2,879 |
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,320 |
|
Series Z: |
|
|
|
|
5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,227 |
|
5% 9/1/13 (FGIC Insured) |
|
3,000 |
3,191 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
185 |
202 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,270 |
1,385 |
|
Series 2001 C, 5.625% 11/1/10 |
|
825 |
890 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,322 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,235 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,507 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 F, 5.75% 2/1/15 |
|
495 |
525 |
|
Series 2000 A, 6.5% 5/15/11 |
|
3,000 |
3,439 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 C, 5.25% 8/1/10 |
|
$ 5,000 |
$ 5,421 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,168 |
|
5.25% 8/1/11 |
|
6,245 |
6,773 |
|
5.25% 8/1/14 |
|
3,390 |
3,640 |
|
Series 2003 F, 5.5% 12/15/10 |
|
1,000 |
1,097 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,473 |
|
6.25% 8/1/08 |
|
1,000 |
1,087 |
|
Series B: |
|
|
|
|
5.5% 8/1/11 (FGIC Insured) |
|
2,000 |
2,234 |
|
5.875% 8/15/13 |
|
1,970 |
2,130 |
|
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ 101.5) (c) |
|
1,900 |
2,075 |
|
6.2% 8/15/06 |
|
2,195 |
2,306 |
|
6.5% 8/15/11 |
|
1,000 |
1,161 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
3,530 |
3,786 |
|
6% 2/1/22 |
|
840 |
895 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
2,500 |
2,623 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,271 |
|
5.375% 8/1/17 |
|
2,500 |
2,615 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
3,000 |
3,251 |
|
6% 8/1/26 |
|
2,850 |
3,012 |
|
6.5% 2/15/06 |
|
1,000 |
1,065 |
|
Series F, 6% 8/1/16 |
|
4,110 |
4,442 |
|
Series G: |
|
|
|
|
5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,772 |
|
6% 10/15/26 |
|
4,250 |
4,510 |
|
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) |
|
765 |
859 |
|
Series H: |
|
|
|
|
5.5% 8/1/12 |
|
9,000 |
9,653 |
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,378 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,039 |
|
6% 8/1/17 |
|
1,000 |
1,080 |
|
Series I, 6.125% 4/15/11 |
|
8,495 |
9,270 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
$ 5,000 |
$ 5,484 |
|
5.875% 2/15/19 |
|
3,370 |
3,564 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) |
|
630 |
677 |
|
6.125% 8/1/12 |
|
1,000 |
1,095 |
|
Series L, 5.75% 8/1/12 |
|
3,700 |
3,979 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,857 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,282 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,730 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,360 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,186 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,242 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 |
|
2,345 |
2,411 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (b) |
|
500 |
513 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1996 B: |
|
|
|
|
5.75% 6/15/26 (MBIA Insured) |
|
645 |
694 |
|
5.875% 6/15/26 |
|
18,085 |
19,500 |
|
Series 1997 A, 5.375% 6/15/26 (FSA Insured) |
|
13,450 |
13,808 |
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,834 |
|
Series 1999 A, 5.75% 6/15/30 |
|
1,000 |
1,062 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
14,781 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
4,942 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,228 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,304 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,665 |
|
6% 6/15/28 |
|
15,000 |
16,415 |
|
Series B: |
|
|
|
|
5.375% 6/15/07 (Escrowed to Maturity) (c) |
|
145 |
147 |
|
5.75% 6/15/26 (MBIA Insured) |
|
5,025 |
5,424 |
|
5.75% 6/15/29 (MBIA Insured) |
|
5,965 |
6,393 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,166 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) |
|
$ 4,850 |
$ 5,248 |
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
3,000 |
3,022 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,341 |
|
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) |
|
10,000 |
10,862 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
4,625 |
4,710 |
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/08 (AMBAC Insured) |
|
600 |
670 |
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
419 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
286 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,940 |
|
Series C, 7.5% 7/1/10 |
|
4,000 |
4,568 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,239 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
2,954 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,105 |
|
5.25% 7/1/15 |
|
2,000 |
2,193 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,087 |
|
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) |
|
9,805 |
9,983 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,271 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,163 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,262 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,751 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.75% 8/15/11 |
|
2,990 |
3,249 |
|
5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,755 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (c) |
|
15 |
17 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Montefiore Med. Ctr. Proj.) Series 2000: |
|
|
|
|
5.8% 8/1/30 |
|
$ 3,000 |
$ 3,193 |
|
5.85% 8/1/40 |
|
9,500 |
10,197 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
1,000 |
1,029 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
4,350 |
4,643 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,861 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
936 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,646 |
|
5.75% 7/1/27 (MBIA Insured) |
|
5,000 |
5,672 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,705 |
|
(NYSARC, Inc. Proj.) Series A, 5% 7/1/06 (FSA Insured) |
|
500 |
527 |
|
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) |
|
4,875 |
5,100 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,404 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,695 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,627 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,881 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
1,500 |
1,690 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,541 |
|
Series B, 7.5% 5/15/11 |
|
2,365 |
2,746 |
|
5.5% 5/15/09 |
|
3,000 |
3,262 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,860 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
7,062 |
|
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,176 |
|
6% 7/1/15 |
|
1,160 |
1,239 |
|
6% 7/1/16 |
|
1,230 |
1,308 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
$ 1,000 |
$ 1,110 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
885 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,250 |
|
5.375% 7/1/16 (AMBAC Insured) |
|
670 |
727 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
398 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) |
|
1,135 |
1,362 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,100 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,126 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,165 |
|
Series 2003 A, 5.375% 3/15/22 |
|
2,000 |
2,102 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (a) |
|
8,500 |
9,181 |
|
6%, tender 5/15/12 (a) |
|
11,000 |
12,428 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
781 |
|
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 |
|
10,600 |
11,095 |
|
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 |
1,085 |
|
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 |
544 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,546 |
|
5.25% 7/15/17 |
|
2,410 |
2,598 |
|
Series D, 5% 6/15/20 |
|
20,150 |
21,029 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,325 |
|
(New York Muni. Wtr. Fin. Auth. Proj.) Series D, 5.375% 6/15/19 |
|
5,250 |
5,697 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,839 |
|
5.25% 11/15/16 |
|
3,770 |
4,100 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,278 |
|
5.25% 9/15/17 |
|
2,395 |
2,586 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: - continued |
|
|
|
|
Series C: |
|
|
|
|
5% 6/15/19 |
|
$ 815 |
$ 850 |
|
5% 6/15/19 (Escrowed to Maturity) (c) |
|
3,185 |
3,299 |
|
5.25% 6/15/16 |
|
3,500 |
3,771 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,797 |
|
4.875% 6/15/20 |
|
2,175 |
2,239 |
|
5% 6/15/15 |
|
1,295 |
1,361 |
|
5.25% 6/15/13 |
|
1,575 |
1,702 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,062 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,382 |
|
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 |
10,964 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 2002, 5.75% 6/15/11 |
|
455 |
520 |
|
Series A: |
|
|
|
|
5.75% 6/15/11 (Escrowed to Maturity) (c) |
|
1,595 |
1,833 |
|
7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
32 |
|
Series E: |
|
|
|
|
6.25% 6/15/05 |
|
1,200 |
1,223 |
|
6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,239 |
|
Series 2002 D: |
|
|
|
|
6.3% 5/15/05 |
|
365 |
377 |
|
6.3% 11/15/05 |
|
105 |
108 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) |
|
1,105 |
1,212 |
|
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: |
|
|
|
|
5.25% 9/15/15 (MBIA Insured) |
|
1,690 |
1,835 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,927 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,411 |
|
5.25% 3/15/18 |
|
2,290 |
2,444 |
|
5.25% 3/15/19 |
|
2,480 |
2,632 |
|
5.25% 9/15/20 |
|
2,685 |
2,842 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: - continued |
|
|
|
|
5.25% 3/15/21 |
|
$ 2,230 |
$ 2,345 |
|
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 |
1,173 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): |
|
|
|
|
Series 53, 5.9% 10/1/17 |
|
1,795 |
1,840 |
|
Series 69, 4.7% 4/1/24 (b) |
|
890 |
891 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
26,129 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) |
|
250 |
271 |
|
New York State Thruway Auth. Gen. Rev.: |
|
|
|
|
Series D, 5.375% 1/1/27 |
|
3,000 |
3,092 |
|
Series E, 5.25% 1/1/12 |
|
5,410 |
5,843 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,521 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,399 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,402 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,744 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,351 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,460 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 |
|
5,000 |
5,461 |
|
5.5% 3/15/19 |
|
5,460 |
5,878 |
|
5.5% 3/15/20 |
|
3,500 |
3,770 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
Series A, 5% 3/15/10 (FSA Insured) |
|
1,025 |
1,117 |
|
5.25% 4/1/14 (Pre-Refunded to 4/1/11 @ 100) (c) |
|
735 |
820 |
|
5.5% 4/1/14 |
|
11,700 |
12,857 |
|
5.5% 4/1/15 |
|
6,200 |
6,762 |
|
5.5% 4/1/16 |
|
3,665 |
3,987 |
|
6% 4/1/11 |
|
1,605 |
1,763 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Correctional Cap. Facilities Proj.) Series A, 6.5% 1/1/09 (FSA Insured) |
|
3,000 |
3,432 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Urban Dev. Corp. Rev.: - continued |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
$ 15 |
$ 16 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 |
|
2,500 |
2,575 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,968 |
|
Series C1, 5.5% 3/15/19 (FGIC Insured) |
|
3,000 |
3,291 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,160 |
|
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2003 D: |
|
|
|
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,127 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,618 |
|
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,866 |
|
Series 2004 A: |
|
|
|
|
5.125% 8/15/21 (FGIC Insured) |
|
5,345 |
5,504 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (c) |
|
2,795 |
3,052 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,610 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
310 |
340 |
|
Series A: |
|
|
|
|
5.25% 11/15/12 (FSA Insured) |
|
1,500 |
1,632 |
|
5.375% 11/15/21 |
|
2,900 |
3,086 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,461 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
9,852 |
|
5.75% 2/15/16 |
|
3,000 |
3,326 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
1,000 |
1,065 |
|
5.375% 2/1/15 |
|
3,000 |
3,274 |
|
5.5% 2/1/08 (Escrowed to Maturity) (c) |
|
565 |
620 |
|
Series C, 5.5% 11/1/24 |
|
1,000 |
1,057 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,303 |
|
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (a)(b) |
|
3,000 |
3,132 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,152 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,397 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,536 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,394 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,599 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. |
|
$ 2,000 |
$ 2,150 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,409 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,200 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,000 |
3,136 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,529 |
|
5.5% 6/1/16 |
|
14,500 |
15,423 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,790 |
|
5% 6/1/11 |
|
1,375 |
1,466 |
|
Series C1, 5% 6/1/11 |
|
4,780 |
4,947 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,592 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
8,705 |
9,829 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series A: |
|
|
|
|
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) |
|
9,500 |
10,329 |
|
6% 1/1/11 (Escrowed to Maturity) (c) |
|
500 |
577 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
4,000 |
4,325 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (c) |
|
2,015 |
2,190 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) |
|
1,000 |
1,123 |
|
Series Y: |
|
|
|
|
5.5% 1/1/17 (Escrowed to Maturity) (c) |
|
15,425 |
17,424 |
|
6% 1/1/12 (Escrowed to Maturity) (c) |
|
20,000 |
22,792 |
|
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: |
|
|
|
|
5.125% 1/1/11 (Escrowed to Maturity) (c) |
|
3,000 |
3,271 |
|
5.125% 1/1/12 (Escrowed to Maturity) (c) |
|
1,000 |
1,087 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,033 |
|
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
1,415 |
1,546 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,359 |
|
|
1,257,418 |
|||
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York & New Jersey - 5.3% |
||||
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 |
$ 2,078 |
|
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (b) |
|
15,000 |
16,284 |
|
5.75% 10/15/12 (MBIA Insured) (b) |
|
15,530 |
16,834 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (b) |
|
9,875 |
10,506 |
|
5% 8/1/13 (FGIC Insured) (b) |
|
3,000 |
3,131 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) |
|
5,970 |
6,007 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,598 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
9,794 |
|
|
72,232 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Gen. Oblig. Series 2001 A, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured) |
|
3,800 |
4,308 |
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,318 |
|
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 |
|
645 |
647 |
|
|
8,273 |
|||
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $1,297,084) |
1,337,923 |
|||
NET OTHER ASSETS - 1.4% |
18,432 |
|||
NET ASSETS - 100% |
$ 1,356,355 |
Swap Agreements |
|||||
|
Expiration |
Notional |
Value |
||
Interest Rate Swap |
|||||
Receive quarterly a fixed rate equal to 4.522% and pay quarterly a floating rate based on BMA Municipal Swap Index with JPMorgan Chase, Inc. |
Nov. 2024 |
$ 7,500 |
$ 152 |
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 |
27.2% |
Special Tax |
18.6% |
Water & Sewer |
12.6% |
Transportation |
12.0% |
Escrowed/Pre-Refunded |
8.4% |
Education |
7.9% |
Health Care |
5.2% |
Others* (individually less than 5%) |
8.1% |
|
100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,297,084) - See accompanying schedule |
|
$ 1,337,923 |
Cash |
|
3,667 |
Receivable for fund shares sold |
|
597 |
Interest receivable |
|
16,407 |
Swap agreements, at value |
|
152 |
Prepaid expenses |
|
3 |
Other receivables |
|
5 |
Total assets |
|
1,358,754 |
|
|
|
Liabilities |
|
|
Payable for fund shares redeemed |
$ 668 |
|
Distributions payable |
1,138 |
|
Accrued management fee |
424 |
|
Distribution fees payable |
20 |
|
Other affiliated payables |
114 |
|
Other payables and accrued expenses |
35 |
|
Total liabilities |
|
2,399 |
|
|
|
Net Assets |
|
$ 1,356,355 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,303,191 |
Undistributed net investment income |
|
350 |
Accumulated undistributed net realized gain (loss) on investments |
|
11,823 |
Net unrealized appreciation (depreciation) on investments |
|
40,991 |
Net Assets |
|
$ 1,356,355 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2004 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/95.25 of $12.93) |
|
$ 13.57 |
Class T: |
|
$ 12.93 |
|
|
|
Maximum offering price per share (100/96.50 of $12.93) |
|
$ 13.40 |
Class B: |
|
$ 12.92 |
|
|
|
Class C: |
|
$ 12.93 |
|
|
|
Spartan New York Municipal Income: |
|
$ 12.93 |
|
|
|
Institutional Class: |
|
$ 12.93 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2004 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 32,167 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,656 |
|
Transfer agent fees |
516 |
|
Distribution fees |
120 |
|
Accounting fees and expenses |
150 |
|
Non-interested trustees' compensation |
4 |
|
Custodian fees and expenses |
12 |
|
Registration fees |
63 |
|
Audit |
25 |
|
Legal |
15 |
|
Miscellaneous |
25 |
|
Total expenses before reductions |
3,586 |
|
Expense reductions |
(18) |
3,568 |
Net investment income (loss) |
|
28,599 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
12,100 |
|
Swap agreements |
(38) |
|
Total net realized gain (loss) |
|
12,062 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
(45,428) |
|
Swap agreements |
(264) |
|
Total change in net unrealized appreciation (depreciation) |
|
(45,692) |
Net gain (loss) |
|
(33,630) |
Net increase (decrease) in net assets resulting from operations |
|
$ (5,031) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 28,599 |
$ 61,348 |
Net realized gain (loss) |
12,062 |
33,111 |
Change in net unrealized appreciation (depreciation) |
(45,692) |
(2,288) |
Net increase (decrease) in net assets resulting |
(5,031) |
92,171 |
Distributions to shareholders from net investment income |
(28,513) |
(61,256) |
Distributions to shareholders from net realized gain |
(3,107) |
(31,189) |
Total distributions |
(31,620) |
(92,445) |
Share transactions - net increase (decrease) |
(65,571) |
(40,506) |
Redemption fees |
14 |
29 |
Total increase (decrease) in net assets |
(102,208) |
(40,751) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,458,563 |
1,499,314 |
End of period (including undistributed net investment income of $350 and undistributed net investment income of $1,113, respectively) |
$ 1,356,355 |
$ 1,458,563 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.252 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.283) |
.285 |
.194 |
Total from investment operations |
(.031) |
.809 |
.471 |
Distributions from net investment income |
(.251) |
(.523) |
(.271) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.279) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.23)% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.69% A |
.67% |
.66%A |
Expenses net of voluntary waivers, if any |
.69% A |
.67% |
.66%A |
Expenses net of all reductions |
.69% A |
.66% |
.66%A |
Net investment income (loss) |
3.88% A |
3.93% |
4.17%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
16% A |
24% |
22% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.247 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.293) |
.296 |
.197 |
Total from investment operations |
(.046) |
.805 |
.463 |
Distributions from net investment income |
(.246) |
(.509) |
(.263) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.274) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
(.35)% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
.77% A |
.78% |
.79%A |
Expenses net of voluntary waivers, if any |
.77% A |
.78% |
.79%A |
Expenses net of all reductions |
.77% A |
.77% |
.79%A |
Net investment income (loss) |
3.80% A |
3.82% |
4.04%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.203 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.293) |
.286 |
.193 |
Total from investment operations |
(.090) |
.709 |
.419 |
Distributions from net investment income |
(.202) |
(.423) |
(.219) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.230) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.92 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.68)% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.45% A |
1.42% |
1.41%A |
Expenses net of voluntary waivers, if any |
1.45% A |
1.42% |
1.41%A |
Expenses net of all reductions |
1.45% A |
1.41% |
1.40%A |
Net investment income (loss) |
3.13% A |
3.18% |
3.42%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) E |
.197 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.283) |
.286 |
.191 |
Total from investment operations |
(.086) |
.696 |
.410 |
Distributions from net investment income |
(.196) |
(.410) |
(.210) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.224) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
(.65)% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
Expenses before expense reductions |
1.54% A |
1.51% |
1.51%A |
Expenses net of voluntary waivers, if any |
1.54% A |
1.51% |
1.51%A |
Expenses net of all reductions |
1.54% A |
1.51% |
1.51%A |
Net investment income (loss) |
3.04% A |
3.08% |
3.32%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) |
$ 14 |
$ 13 |
$ 6 |
Portfolio turnover rate |
16% A |
24% |
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 |
Years ended January 31, |
||||
|
(Unaudited) |
2004 |
2003 |
2002 |
2001 |
2000 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
$ 12.99 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D |
.265 |
.549 |
.574 |
.584 F |
.614 |
.590 |
Net realized and unrealized gain (loss) |
(.293) |
.295 |
.506 |
.117 F |
1.030 |
(1.230) |
Total from investment operations |
(.028) |
.844 |
1.080 |
.701 |
1.644 |
(.640) |
Distributions from net investment income |
(.264) |
(.548) |
(.570) |
(.581) |
(.604) |
(.589) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
- |
- |
(.006) |
Distributions in excess of net realized gain |
- |
- |
- |
- |
- |
(.015) |
Total distributions |
(.292) |
(.834) |
(.740) |
(.581) |
(.604) |
(.610) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 12.93 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Total Return B, C |
(.21)% |
6.52% |
8.55% |
5.60% |
14.34% |
(5.03)% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.49% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, if any |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.49% A |
.48% |
.47% |
.44% |
.42% |
.49% |
Net investment income (loss) |
4.08% A |
4.11% |
4.36% |
4.54% F |
4.96% |
4.78% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,325 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
$ 1,007 |
Portfolio turnover rate |
16% A |
24% |
22% |
12% |
23% |
19% |
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. 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 |
Years ended January 31, |
|
|
(Unaudited) |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D |
.261 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.291) |
.296 |
.195 |
Total from investment operations |
(.030) |
.846 |
.481 |
Distributions from net investment income |
(.262) |
(.550) |
(.281) |
Distributions from net realized gain |
(.028) |
(.286) |
(.170) |
Total distributions |
(.290) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
Net asset value, end of period |
$ 12.93 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
(.23)% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
Expenses before expense reductions |
.53% A |
.47% |
.53%A |
Expenses net of voluntary waivers, if any |
.53% A |
.47% |
.53%A |
Expenses net of all reductions |
.53% A |
.47% |
.53%A |
Net investment income (loss) |
4.04% A |
4.12% |
4.30%A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) |
$ 224 |
$ 161 |
$ 104 |
Portfolio turnover rate |
16% A |
24% |
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
For the period ended July 31, 2004 (Unaudited)
(Amounts in thousands except ratios)
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, including restricted 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 valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
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.
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 dividends and capital gain distributions are declared separately for each class. 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 book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 47,264 |
|
Unrealized depreciation |
(5,795) |
|
Net unrealized appreciation (depreciation) |
$ 41,469 |
|
Cost for federal income tax purposes |
$ 1,296,454 |
|
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
2. Operating Policies.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. Periodic payments received or made by the fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the fund's custodian in compliance with swap contracts. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $110,868 and $184,516, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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 |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 4 |
$ - |
Class T |
0% |
.25% |
2 |
- |
Class B |
.65% |
.25% |
45 |
32 |
Class C |
.75% |
.25% |
69 |
37 |
|
|
|
$ 120 |
$ 69 |
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, some of which is paid to financial intermediaries for selling 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 |
Class A |
$ 4 |
Class T |
1 |
Class B* |
16 |
Class C* |
2 |
|
$ 23 |
* 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.
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-arrangement with Fidelity Service Company, Inc. (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
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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 shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.12 |
Class T |
1 |
.10 |
Class B |
6 |
.13 |
Class C |
8 |
.11 |
Spartan New York Municipal Income |
497 |
.07 |
Institutional Class |
1 |
.11 |
|
$ 516 |
|
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
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 $10 and $8, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 101 |
$ 144 |
Class T |
31 |
54 |
Class B |
154 |
287 |
Class C |
208 |
307 |
Spartan New York Municipal Income |
28,015 |
60,459 |
Institutional Class |
4 |
5 |
Total |
$ 28,513 |
$ 61,256 |
From net realized gain |
|
|
Class A |
$ 11 |
$ 105 |
Class T |
3 |
33 |
Class B |
22 |
209 |
Class C |
29 |
253 |
Spartan New York Municipal Income |
3,041 |
30,586 |
Institutional Class |
1 |
3 |
Total |
$ 3,107 |
$ 31,189 |
8. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class A |
|
|
|
|
Shares sold |
88 |
294 |
$ 1,153 |
$ 3,914 |
Reinvestment of distributions |
7 |
14 |
85 |
185 |
Shares redeemed |
(63) |
(131) |
(817) |
(1,742) |
Net increase (decrease) |
32 |
177 |
$ 421 |
$ 2,357 |
Class T |
|
|
|
|
Shares sold |
15 |
55 |
$ 197 |
$ 727 |
Reinvestment of distributions |
2 |
5 |
27 |
64 |
Shares redeemed |
(18) |
(28) |
(233) |
(370) |
Net increase (decrease) |
(1) |
32 |
$ (9) |
$ 421 |
Class B |
|
|
|
|
Shares sold |
49 |
446 |
$ 651 |
$ 5,969 |
Reinvestment of distributions |
10 |
28 |
130 |
378 |
Shares redeemed |
(94) |
(116) |
(1,225) |
(1,549) |
Net increase (decrease) |
(35) |
358 |
$ (444) |
$ 4,798 |
Semiannual Report
8. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class C |
|
|
|
|
Shares sold |
210 |
674 |
$ 2,740 |
$ 8,994 |
Reinvestment of distributions |
13 |
29 |
174 |
382 |
Shares redeemed |
(107) |
(188) |
(1,379) |
(2,482) |
Net increase (decrease) |
116 |
515 |
$ 1,535 |
$ 6,894 |
Spartan New York Municipal Income |
|
|
|
|
Shares sold |
7,070 |
16,723 |
$ 92,896 |
$ 223,636 |
Reinvestment of distributions |
1,804 |
5,234 |
23,564 |
69,670 |
Shares redeemed |
(14,190) |
(26,152) |
(183,602) |
(348,340) |
Net increase (decrease) |
(5,316) |
(4,195) |
$ (67,142) |
$ (55,034) |
Institutional Class |
|
|
|
|
Shares sold |
9 |
6 |
$ 115 |
$ 80 |
Reinvestment of distributions |
- |
1 |
3 |
7 |
Shares redeemed |
(4) |
(3) |
(50) |
(29) |
Net increase (decrease) |
5 |
4 |
$ 68 |
$ 58 |
Semiannual Report
A special meeting of the fund's shareholders was held on May 19, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* |
||
|
# of |
% of |
Affirmative |
575,040,844.94 |
72.005 |
Against |
137,039,394.79 |
17.160 |
Abstain |
44,554,999.69 |
5.578 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 2 |
||
To elect a Board of Trustees.* |
||
|
# of |
% of |
J. Michael Cook |
||
Affirmative |
747,268,183.46 |
93.570 |
Withheld |
51,353,833.03 |
6.430 |
TOTAL |
798,622,016.49 |
100.000 |
Ralph F. Cox |
||
Affirmative |
746,410,284.35 |
93.462 |
Withheld |
52,211,732.14 |
6.538 |
TOTAL |
798,622,016.49 |
100.000 |
Laura B. Cronin |
||
Affirmative |
747,770,160.68 |
93.633 |
Withheld |
50,851,855.81 |
6.367 |
TOTAL |
798,622,016.49 |
100.000 |
Robert M. Gates |
||
Affirmative |
745,420,166.71 |
93.338 |
Withheld |
53,201,849.78 |
6.662 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
George H. Heilmeier |
||
Affirmative |
746,775,567.75 |
93.508 |
Withheld |
51,846,448.74 |
6.492 |
TOTAL |
798,622,016.49 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
746,330,318.33 |
93.452 |
Withheld |
52,291,698.16 |
6.548 |
TOTAL |
798,622,016.49 |
100.000 |
Edward C. Johnson 3d |
||
Affirmative |
745,911,920.66 |
93.400 |
Withheld |
52,710,095.83 |
6.600 |
TOTAL |
798,622,016.49 |
100.000 |
Donald J. Kirk |
||
Affirmative |
746,672,452.95 |
93.495 |
Withheld |
51,949,563.54 |
6.505 |
TOTAL |
798,622,016.49 |
100.000 |
Marie L. Knowles |
||
Affirmative |
747,717,580.75 |
93.626 |
Withheld |
50,904,435.74 |
6.374 |
TOTAL |
798,622,016.49 |
100.000 |
Ned C. Lautenbach |
||
Affirmative |
746,474,252.46 |
93.470 |
Withheld |
52,147,764.03 |
6.530 |
TOTAL |
798,622,016.49 |
100.000 |
Marvin L. Mann |
||
Affirmative |
746,085,901.62 |
93.422 |
Withheld |
52,536,114.87 |
6.578 |
TOTAL |
798,622,016.49 |
100.000 |
William O. McCoy |
||
Affirmative |
746,490,195.86 |
93.472 |
Withheld |
52,131,820.63 |
6.528 |
TOTAL |
798,622,016.49 |
100.000 |
|
# of |
% of |
Robert L. Reynolds |
||
Affirmative |
746,870,464.51 |
93.520 |
Withheld |
51,751,551.98 |
6.480 |
TOTAL |
798,622,016.49 |
100.000 |
William S. Stavropoulos |
||
Affirmative |
744,661,601.98 |
93.243 |
Withheld |
53,960,414.51 |
6.757 |
TOTAL |
798,622,016.49 |
100.000 |
PROPOSAL 3 |
||
To modify the fundamental investment objective of the fund. |
||
|
# of |
% of |
Affirmative |
601,067,202.81 |
75.263 |
Against |
94,497,003.65 |
11.833 |
Abstain |
61,071,032.96 |
7.647 |
Broker |
41,986,777.07 |
5.257 |
TOTAL |
798,622,016.49 |
100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
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
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please call 1-800-544-9797.
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Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
8 Montgomery Street
San Francisco, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
Colorado
1625 Broadway
Denver, CO
9185 East Westview Road
Littleton, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
222 Delaware Avenue
Wilmington, DE
Florida
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
3501 PGA Boulevard
West Palm Beach, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7401 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Semiannual Report
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Michigan
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI
Minnesota
7600 France Avenue South
Edina, MN
Missouri
8885 Ladue Road
Ladue, MO
New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
3518 Route 1 North
Princeton, NJ
New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
North Carolina
4611 Sharon Road
Charlotte, NC
Ohio
3805 Edwards Road
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1324 Polaris Parkway
Columbus, OH
Oregon
16850 SW 72nd Avenue
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
47 Providence Place
Providence, RI
Tennessee
6150 Poplar Avenue
Memphis, TN
Texas
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
6005 West Park Boulevard
Plano, TX
Utah
215 South State Street
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
595 North Barker Road
Brookfield, WI
Semiannual Report
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
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
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
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
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-0904
1.789735.101
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. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity New York Municipal Trust's Board of Trustees.
Item 10. 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 11. 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. |
(a) |
(3) |
Not applicable. |
(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/Christine Reynolds |
|
Christine Reynolds |
|
President and Treasurer |
|
|
Date: |
September 23, 2004 |
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/Christine Reynolds |
|
Christine Reynolds |
|
President and Treasurer |
|
|
Date: |
September 23, 2004 |
By: |
/s/Timothy F. Hayes |
|
Timothy F. Hayes |
|
Chief Financial Officer |
|
|
Date: |
September 23, 2004 |
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 23, 2004
/s/Christine Reynolds |
Christine Reynolds |
President and Treasurer |
Dated: September 23, 2004
/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.
Exhibit EX-99.CERT
I, Christine Reynolds, 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(s) 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(s) 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 23, 2004
/s/Christine Reynolds |
Christine Reynolds |
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(s) 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(s) 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 23, 2004
/s/Timothy F. Hayes |
Timothy F. Hayes |
Chief Financial Officer |
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