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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, 2005
Item 1. Reports to Stockholders
Fidelity®
New York Municipal Income (formerly known as Spartan® New York Municipal Income Fund) Semiannual Report
July 31, 2005
(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.
Board Approval of Investment Advisory
Contracts and Management Fees
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.
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.
A 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. A 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 a fund's
portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual
report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
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)
Fund
Contents
as well as financial highlights.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.
First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.
Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.
Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and 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.
For nearly 60 years, Fidelity 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. 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, 2005 to July 31, 2005).
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 |
$ 1,009.80 |
$ 3.39 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.42 |
$ 3.41 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.40 |
$ 3.79 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.03 |
$ 3.81 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.20 |
$ 7.21 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.60 |
$ 7.25 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.50 |
$ 7.61 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.21 |
$ 7.65 |
New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 1,010.80 |
$ 2.44 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.36 |
$ 2.46 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.90 |
$ 2.49 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.32 |
$ 2.51 |
A 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 181/365 (to reflect the one-half year period).
|
Annualized |
Class A |
.68% |
Class T |
.76% |
Class B |
1.45% |
Class C |
1.53% |
New York Municipal Income |
.49% |
Institutional Class |
.50% |
Semiannual Report
Top Five Sectors as of July 31, 2005 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
32.9 |
30.5 |
Special Tax |
13.9 |
14.2 |
Transportation |
14.0 |
15.2 |
Water & Sewer |
12.4 |
11.1 |
Escrowed/Pre-Refunded |
7.4 |
6.9 |
Average Years to Maturity as of July 31, 2005 |
||
|
|
6 months ago |
Years |
14.7 |
15.5 |
Average years to maturity is based on the average time remaining to the stated maturity date of each bond, weighted by the market value of each bond. |
Duration as of July 31, 2005 |
||
|
|
6 months ago |
Years |
6.7 |
7.1 |
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, 2005 |
As of January 31, 2005 |
||||||
![]() |
AAA 60.4% |
|
![]() |
AAA 62.3% |
|
||
![]() |
AA,A 34.8% |
|
![]() |
AA,A 35.0% |
|
||
![]() |
BBB 0.9% |
|
![]() |
BBB 1.0% |
|
||
![]() |
BB and Below 0.5% |
|
![]() |
BB and Below 0.0% |
|
||
![]() |
Not Rated 0.6% |
|
![]() |
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 - 97.2% |
||||
|
Principal |
Value (Note 1) |
||
New York - 91.8% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/10 (AMBAC Insured) |
|
$ 600 |
$ 647 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
543 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,524 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,211 |
|
5.25% 11/1/17 |
|
1,400 |
1,541 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (d) |
|
435 |
572 |
|
7.8% 5/1/15 (Escrowed to Maturity) (d) |
|
435 |
581 |
|
7.8% 5/1/16 (Escrowed to Maturity) (d) |
|
435 |
592 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
599 |
|
7.8% 5/1/18 (Escrowed to Maturity) (d) |
|
434 |
606 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,534 |
|
5.75% 8/1/30 |
|
9,445 |
10,260 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,508 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,836 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,807 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,076 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
10,070 |
|
5.75% 5/1/17 (FSA Insured) |
|
5,950 |
6,849 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,684 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,569 |
|
5.75% 5/1/21 (FSA Insured) |
|
1,755 |
1,965 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,479 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,118 |
|
5.75% 5/1/23 (FSA Insured) |
|
6,620 |
7,557 |
|
5.75% 5/1/26 (FSA Insured) |
|
5,500 |
6,247 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,812 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,084 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,237 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
27,001 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev. |
|
$ 1,100 |
$ 1,206 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, 5.5% 11/15/26 (FSA Insured) |
|
13,575 |
15,003 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
54,015 |
56,487 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,500 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,117 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,120 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,899 |
|
5.75% 11/15/32 |
|
10,000 |
11,250 |
|
Series A: |
|
|
|
|
5.125% 11/15/31 |
|
12,150 |
12,801 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,316 |
|
Series B: |
|
|
|
|
5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,391 |
|
5.25% 11/15/32 |
|
5,000 |
5,357 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,448 |
|
Series F, 5.25% 11/15/27 (MBIA Insured) |
|
3,000 |
3,233 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (d) |
|
1,005 |
1,081 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,386 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (d) |
|
3,500 |
2,949 |
|
5.625% 7/1/16 (Escrowed to Maturity) (d) |
|
3,000 |
3,009 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,897 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,336 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,336 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,538 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) |
|
3,000 |
3,346 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
1,270 |
1,370 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
765 |
841 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) |
|
5,980 |
4,820 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 (MBIA Insured) (c) |
|
$ 1,000 |
$ 1,070 |
|
Monroe County Gen. Oblig.: |
|
|
|
|
6.5% 6/1/06 |
|
120 |
123 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
53 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Highland Hosp. Proj.): |
|
|
|
|
5% 8/1/11 |
|
1,510 |
1,593 |
|
5% 8/1/13 |
|
1,650 |
1,742 |
|
(Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,080 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,259 |
|
Series Z, 5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,216 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
165 |
180 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,140 |
1,241 |
|
Series 2001 C, 5.625% 11/1/10 |
|
725 |
776 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,311 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,023 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,548 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 B, 6.5% 8/15/09 |
|
3,000 |
3,348 |
|
Series 1996 F: |
|
|
|
|
5.75% 2/1/15 (Pre-Refunded to 2/1/06 @ 101.5) (d) |
|
495 |
510 |
|
6% 8/1/16 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,445 |
1,512 |
|
Series 1997 H, 6% 8/1/12 (FGIC Insured) |
|
5,000 |
5,733 |
|
Series 1997 L, 5.75% 8/1/12 |
|
1,910 |
2,021 |
|
Series 1998 H, 5.5% 8/1/12 |
|
8,230 |
8,783 |
|
Series 2000 A, 6.5% 5/15/11 |
|
2,540 |
2,891 |
|
Series 2002 A, 5.75% 8/1/14 |
|
5,000 |
5,584 |
|
Series 2002 B, 5.75% 8/1/15 |
|
3,500 |
3,902 |
|
Series 2002 C, 5.5% 8/1/13 |
|
4,000 |
4,426 |
|
Series 2003 A, 5.5% 8/1/20 (MBIA Insured) |
|
7,000 |
7,809 |
|
Series 2003 C, 5.25% 8/1/10 |
|
5,000 |
5,403 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,161 |
|
5.25% 8/1/11 |
|
6,245 |
6,786 |
|
5.25% 8/1/14 |
|
3,390 |
3,694 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 F, 5.5% 12/15/10 |
|
$ 1,000 |
$ 1,093 |
|
Series 2003 I, 5.75% 3/1/16 |
|
3,000 |
3,355 |
|
Series 2004 B, 5.25% 8/1/15 |
|
7,200 |
7,869 |
|
Series 2005 C, 5% 8/1/11 (a) |
|
5,000 |
5,366 |
|
Series 2005 G, 5.625% 8/1/13 (MBIA Insured) |
|
3,000 |
3,365 |
|
Series 2005 J: |
|
|
|
|
5% 3/1/11 |
|
5,825 |
6,225 |
|
5% 3/1/13 |
|
2,500 |
2,687 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,483 |
|
6.25% 8/1/08 |
|
1,000 |
1,046 |
|
Series B: |
|
|
|
|
5.75% 8/1/14 |
|
3,000 |
3,350 |
|
5.875% 8/15/13 |
|
1,970 |
2,055 |
|
6.2% 8/15/06 |
|
1,740 |
1,764 |
|
6.2% 8/15/06 (Pre-Refunded to 8/15/05 @ 101) (d) |
|
115 |
116 |
|
6.5% 8/15/11 |
|
1,000 |
1,151 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
2,620 |
2,928 |
|
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
910 |
1,037 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
1,740 |
1,818 |
|
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
760 |
802 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,246 |
|
5.375% 8/1/17 |
|
2,145 |
2,249 |
|
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
355 |
376 |
|
5.5% 6/1/12 (FGIC Insured) |
|
1,850 |
2,060 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
140 |
146 |
|
6% 8/1/26 |
|
195 |
203 |
|
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,035 |
1,084 |
|
6.5% 2/15/06 |
|
315 |
321 |
|
Series F, 6% 8/1/16 |
|
355 |
370 |
|
Series G, 5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,780 |
|
Series H: |
|
|
|
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,341 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,025 |
|
6% 8/1/17 |
|
980 |
1,041 |
|
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
20 |
21 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series I, 6.125% 4/15/11 |
|
$ 2,620 |
$ 2,770 |
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
5,000 |
5,581 |
|
5.875% 2/15/19 |
|
40 |
41 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (d) |
|
55 |
57 |
|
6.125% 8/1/12 |
|
340 |
362 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,875 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,309 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,757 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,380 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,191 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,420 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. |
|
2,210 |
2,327 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (c) |
|
500 |
507 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,948 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
15,417 |
|
Series 2001 C, 5.125% 6/15/33 |
|
3,960 |
4,162 |
|
Series 2002 A, 5.125% 6/15/34 (FSA Insured) |
|
16,500 |
17,432 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
5,180 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,437 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,351 |
|
5.375% 6/15/15 |
|
4,000 |
4,416 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,718 |
|
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) |
|
15,000 |
17,290 |
|
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) |
|
145 |
146 |
|
Series G: |
|
|
|
|
5.125% 6/15/32 |
|
3,000 |
3,135 |
|
5.125% 6/15/32 (FGIC Insured) |
|
4,750 |
4,974 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,253 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
$ 3,200 |
$ 3,376 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,295 |
|
New York State Dorm. Auth. Lease Rev.: |
|
|
|
|
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (b) |
|
10,000 |
10,968 |
|
Series A, 5.25% 5/15/10 |
|
3,440 |
3,715 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
407 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
280 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,873 |
|
Series A, 5.75% 7/1/13 |
|
6,000 |
6,680 |
|
Series C, 7.5% 7/1/10 |
|
6,030 |
6,700 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,269 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
3,078 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,104 |
|
5.25% 7/1/15 |
|
2,000 |
2,207 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,110 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,320 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,110 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,203 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,826 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A, 5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,677 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
15 |
16 |
|
(Mental Health Svcs. Proj.) Series 2005 A, 5.75% 8/15/11 |
|
900 |
951 |
|
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 |
$ 3,294 |
|
5.85% 8/1/40 |
|
9,500 |
10,439 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
705 |
714 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
3,660 |
3,781 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,867 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
941 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,674 |
|
5.75% 7/1/27 (MBIA Insured) |
|
11,000 |
13,406 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,715 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,353 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,836 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,669 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,908 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
500 |
572 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,569 |
|
Series B, 7.5% 5/15/11 |
|
1,915 |
2,164 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,820 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
6,981 |
|
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 (FGIC Insured) |
|
5,000 |
5,875 |
|
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,212 |
|
6% 7/1/15 |
|
1,160 |
1,280 |
|
6% 7/1/16 |
|
1,230 |
1,353 |
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
1,000 |
1,088 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
874 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,234 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/16 (AMBAC Insured) |
|
$ 670 |
$ 731 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
403 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (d) |
|
1,135 |
1,321 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,190 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,169 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,388 |
|
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
2,000 |
2,246 |
|
Series A, 5.5% 5/15/20 (AMBAC Insured) |
|
13,000 |
15,144 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (b) |
|
10,400 |
11,287 |
|
6%, tender 5/15/12 (b) |
|
11,000 |
12,392 |
|
5.5% 5/15/09 |
|
2,500 |
2,667 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
756 |
|
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 |
548 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,577 |
|
5.25% 7/15/17 |
|
2,410 |
2,656 |
|
Series D: |
|
|
|
|
5% 6/15/20 |
|
20,150 |
21,586 |
|
5.125% 6/15/31 |
|
6,900 |
7,298 |
|
5.375% 6/15/19 |
|
5,250 |
5,772 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,349 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,864 |
|
5.25% 11/15/16 |
|
3,770 |
4,153 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,296 |
|
5.25% 9/15/17 |
|
2,395 |
2,616 |
|
Series 2004 D, 5% 2/15/34 |
|
12,150 |
12,790 |
|
Series B: |
|
|
|
|
5.5% 10/15/20 |
|
3,805 |
4,469 |
|
5.5% 10/15/21 |
|
3,985 |
4,692 |
|
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 |
$ 856 |
|
5.25% 6/15/16 |
|
3,500 |
3,793 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,803 |
|
4.875% 6/15/20 |
|
2,175 |
2,253 |
|
5% 6/15/15 |
|
1,295 |
1,363 |
|
5.25% 6/15/13 |
|
1,575 |
1,674 |
|
Series I, 5% 6/15/24 |
|
2,000 |
2,124 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,178 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,404 |
|
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (b)(c) |
|
10,700 |
10,920 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 1997 E, 6% 6/15/12 (MBIA Insured) |
|
7,750 |
8,903 |
|
Series 2002, 5.75% 6/15/11 |
|
455 |
513 |
|
Series A, 7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
31 |
|
Series E, 6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,247 |
|
Series 2002 D, 6.3% 11/15/05 |
|
105 |
106 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) |
|
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 |
1,862 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,958 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,444 |
|
5.25% 3/15/18 |
|
2,290 |
2,481 |
|
5.25% 3/15/19 |
|
2,480 |
2,687 |
|
5.25% 9/15/20 |
|
2,685 |
2,900 |
|
5.25% 3/15/21 |
|
2,230 |
2,408 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.) Series 53, 5.9% 10/1/17 |
|
1,325 |
1,359 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
27,359 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) |
|
250 |
260 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Thruway Auth. Gen. Rev. Series E: |
|
|
|
|
5.25% 1/1/12 |
|
$ 4,695 |
$ 4,970 |
|
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) |
|
715 |
761 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,357 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,446 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,456 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,811 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,331 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,438 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,000 |
5,608 |
|
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,460 |
6,124 |
|
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
3,500 |
3,925 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
5.5% 4/1/14 |
|
11,700 |
12,918 |
|
5.5% 4/1/15 |
|
6,200 |
6,834 |
|
5.5% 4/1/16 |
|
3,665 |
4,035 |
|
6% 4/1/11 |
|
1,605 |
1,712 |
|
New York State Urban Dev. Corp. Correctional Youth Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) |
|
2,000 |
2,180 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
15 |
15 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
2,500 |
2,804 |
|
(State Facilities and Equip. Proj.) Series 2004 A2: |
|
|
|
|
5.5% 3/15/19 (MBIA Insured) |
|
2,500 |
2,888 |
|
5.5% 3/15/22 (MBIA Insured) |
|
15,000 |
17,492 |
|
5.5% 3/15/23 (MBIA Insured) |
|
3,000 |
3,531 |
|
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) |
|
23,000 |
26,773 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,987 |
|
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
3,000 |
3,404 |
|
5% 1/1/14 (FSA Insured) |
|
5,000 |
5,481 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A: |
|
|
|
|
5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,249 |
|
5.25% 4/1/23 (MBIA Insured) |
|
3,050 |
3,327 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2000 C: |
|
|
|
|
5.5% 11/1/20 |
|
$ 300 |
$ 327 |
|
5.5% 11/1/24 |
|
770 |
838 |
|
5.5% 11/1/24 (Pre-Refunded to 5/1/10 @ 101) (d) |
|
230 |
255 |
|
Series 2003 D: |
|
|
|
|
5% 2/1/31 |
|
20,025 |
20,928 |
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,259 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,772 |
|
Series 2003 E: |
|
|
|
|
5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,960 |
|
5.25% 2/1/17 (FGIC Insured) |
|
5,975 |
6,531 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,663 |
|
5.5% 2/1/08 (Escrowed to Maturity) (d) |
|
310 |
329 |
|
Series 2005 A: |
|
|
|
|
5.125% 8/15/21 |
|
4,270 |
4,474 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (d) |
|
1,075 |
1,134 |
|
Series A: |
|
|
|
|
5.375% 11/15/21 |
|
2,900 |
3,196 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,532 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
10,025 |
|
5.75% 2/15/16 |
|
3,000 |
3,313 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
360 |
385 |
|
5.25% 8/1/19 |
|
3,000 |
3,282 |
|
5.375% 2/1/15 |
|
3,000 |
3,317 |
|
Series C, 5.375% 2/1/17 |
|
1,000 |
1,095 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,432 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,101 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,353 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,495 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,402 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,617 |
|
Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured) |
|
4,000 |
4,372 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series A, 5% 12/1/10 |
|
$ 1,095 |
$ 1,153 |
|
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) |
|
2,000 |
2,218 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,580 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,213 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,255 |
3,515 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,715 |
|
5.5% 6/1/16 |
|
14,500 |
15,697 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,799 |
|
5% 6/1/11 |
|
1,375 |
1,475 |
|
Series C1: |
|
|
|
|
5% 6/1/11 |
|
3,280 |
3,336 |
|
5.5% 6/1/20 |
|
3,000 |
3,317 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,525 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
7,505 |
8,188 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series 2002 A, 5.25% 1/1/19 |
|
1,100 |
1,189 |
|
Series 2005 A, 5.125% 1/1/22 |
|
5,290 |
5,633 |
|
Series A: |
|
|
|
|
5% 1/1/32 |
|
5,055 |
5,251 |
|
5% 1/1/32 (MBIA Insured) |
|
9,525 |
9,927 |
|
6% 1/1/11 (Escrowed to Maturity) (d) |
|
500 |
567 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
5,015 |
5,832 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) |
|
1,000 |
1,071 |
|
Series Y, 6% 1/1/12 (Escrowed to Maturity) (d) |
|
20,000 |
22,405 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,217 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
$ 1,415 |
$ 1,528 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,344 |
|
|
1,361,385 |
|||
New York & New Jersey - 4.8% |
||||
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (c) |
|
15,000 |
15,919 |
|
5.75% 10/15/12 (MBIA Insured) (c) |
|
15,530 |
16,482 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (c) |
|
4,875 |
5,091 |
|
5% 8/1/13 (FGIC Insured) (c) |
|
3,000 |
3,129 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) |
|
5,970 |
6,338 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,764 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
10,547 |
|
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (MBIA Insured) (c) |
|
5,000 |
5,743 |
|
|
71,013 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,379 |
|
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (d) |
|
2,175 |
2,398 |
|
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: |
|
|
|
|
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) |
|
1,500 |
1,676 |
|
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) |
|
1,000 |
1,150 |
|
|
8,603 |
|||
TOTAL MUNICIPAL BONDS (Cost $1,391,124) |
1,441,001 |
|||
Municipal Notes - 0.2% |
||||
Principal |
Value (Note 1) |
|||
New York - 0.2% |
||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 |
2,200 |
$ 2,201 |
||
TOTAL INVESTMENT PORTFOLIO - 97.4% (Cost $1,393,324) |
1,443,202 |
|||
NET OTHER ASSETS - 2.6% |
39,098 |
|||
NET ASSETS - 100% |
$ 1,482,300 |
Security Type Abbreviation |
BAN - BOND ANTICIPATION NOTE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
32.9% |
Special Tax |
13.9% |
Transportation |
14.0% |
Water & Sewer |
12.4% |
Escrowed/Pre-Refunded |
7.4% |
Education |
6.0% |
Health Care |
5.0% |
Others* (individually less than 5%) |
8.4% |
|
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, 2005 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,393,324) - See accompanying schedule |
|
$ 1,443,202 |
Cash |
|
25,477 |
Receivable for investments sold |
|
11,051 |
Receivable for fund shares sold |
|
1,880 |
Interest receivable |
|
18,196 |
Prepaid expenses |
|
2 |
Other receivables |
|
67 |
Total assets |
|
1,499,875 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 9,959 |
|
Delayed delivery |
5,379 |
|
Payable for fund shares redeemed |
393 |
|
Distributions payable |
1,216 |
|
Accrued management fee |
461 |
|
Distribution fees payable |
24 |
|
Other affiliated payables |
119 |
|
Other payables and accrued expenses |
24 |
|
Total liabilities |
|
17,575 |
|
|
|
Net Assets |
|
$ 1,482,300 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,423,223 |
Distributions in excess of net investment income |
|
(38) |
Accumulated undistributed net realized gain (loss) on investments |
|
9,237 |
Net unrealized appreciation (depreciation) on investments |
|
49,878 |
Net Assets |
|
$ 1,482,300 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2005 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/95.25 of $13.01) |
|
$ 13.66 |
Class T: |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/96.50 of $13.01) |
|
$ 13.48 |
Class B: |
|
$ 13.00 |
|
|
|
Class C: |
|
$ 13.01 |
|
|
|
|
|
|
New York Municipal Income: |
|
$ 13.01 |
|
|
|
Institutional Class: |
|
$ 13.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2005 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 31,819 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,725 |
|
Transfer agent fees |
528 |
|
Distribution fees |
137 |
|
Accounting fees and expenses |
148 |
|
Independent trustees' compensation |
3 |
|
Custodian fees and expenses |
11 |
|
Registration fees |
68 |
|
Audit |
28 |
|
Legal |
2 |
|
Miscellaneous |
8 |
|
Total expenses before reductions |
3,658 |
|
Expense reductions |
(196) |
3,462 |
Net investment income |
|
28,357 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
9,520 |
|
Futures contracts |
27 |
|
Swap agreements |
(39) |
|
Total net realized gain (loss) |
|
9,508 |
Change in net unrealized appreciation (depreciation) on investment securities |
|
(22,448) |
Net gain (loss) |
|
(12,940) |
Net increase (decrease) in net assets resulting from operations |
|
$ 15,417 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 28,357 |
$ 56,646 |
Net realized gain (loss) |
9,508 |
21,457 |
Change in net unrealized appreciation (depreciation) |
(22,448) |
(14,357) |
Net increase (decrease) in net assets resulting |
15,417 |
63,746 |
Distributions to shareholders from net investment income |
(28,300) |
(56,899) |
Distributions to shareholders from net realized gain |
(3,873) |
(19,161) |
Total distributions |
(32,173) |
(76,060) |
Share transactions - net increase (decrease) |
59,883 |
(7,102) |
Redemption fees |
6 |
20 |
Total increase (decrease) in net assets |
43,133 |
(19,396) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,439,167 |
1,458,563 |
End of period (including distributions in excess of net investment income of $38 and undistributed net investment income of $33, respectively) |
$ 1,482,300 |
$ 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.243 |
.504 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.116) |
.101 |
.285 |
.194 |
Total from investment operations |
.127 |
.605 |
.809 |
.471 |
Distributions from net investment income |
(.242) |
(.507) |
(.523) |
(.271) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.277) |
(.685) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.98% |
4.72% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of voluntary waivers, |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of all reductions |
.65% A |
.67% |
.66% |
.66% A |
Net investment income |
3.75% A |
3.85% |
3.93% |
4.17% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.237 |
.494 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.115) |
.090 |
.296 |
.197 |
Total from investment operations |
.122 |
.584 |
.805 |
.463 |
Distributions from net investment income |
(.237) |
(.496) |
(.509) |
(.263) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.272) |
(.674) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
.94% |
4.55% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of voluntary waivers, |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of all reductions |
.73% A |
.75% |
.77% |
.79% A |
Net investment income |
3.67% A |
3.77% |
3.82% |
4.04% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.193 |
.405 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.125) |
.100 |
.286 |
.193 |
Total from investment operations |
.068 |
.505 |
.709 |
.419 |
Distributions from net investment income |
(.193) |
(.407) |
(.423) |
(.219) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.228) |
(.585) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.52% |
3.93% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of voluntary waivers, |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of all reductions |
1.42% A |
1.43% |
1.41% |
1.40% A |
Net investment income |
2.98% A |
3.09% |
3.18% |
3.42% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.187 |
.394 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.115) |
.100 |
.286 |
.191 |
Total from investment operations |
.072 |
.494 |
.696 |
.410 |
Distributions from net investment income |
(.187) |
(.396) |
(.410) |
(.210) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.222) |
(.574) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.55% |
3.84% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of voluntary waivers, |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of all reductions |
1.51% A |
1.51% |
1.51% |
1.51% A |
Net investment income |
2.90% A |
3.01% |
3.08% |
3.32% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 19 |
$ 16 |
$ 13 |
$ 6 |
Portfolio turnover rate |
28% A |
22% |
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 - New York Municipal Income
|
Six months ended July 31, 2005 |
Years ended January 31, |
||||
|
(Unaudited) |
2005 |
2004 |
2003 |
2002 |
2001 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.530 |
.549 |
.574 |
.584 F |
.614 |
Net realized and unrealized gain (loss) |
(.115) |
.091 |
.295 |
.506 |
.117 F |
1.030 |
Total from investment operations |
.140 |
.621 |
.844 |
1.080 |
.701 |
1.644 |
Distributions from net investment income |
(.255) |
(.533) |
(.548) |
(.570) |
(.581) |
(.604) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
- |
- |
Total distributions |
(.290) |
(.711) |
(.834) |
(.740) |
(.581) |
(.604) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
Total Return B, C |
1.08% |
4.84% |
6.52% |
8.55% |
5.60% |
14.34% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, |
.49% A |
.48% |
.48% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.46% A |
.47% |
.48% |
.47% |
.44% |
.42% |
Net investment income |
3.94% A |
4.05% |
4.11% |
4.36% |
4.54% F |
4.96% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,444 |
$ 1,406 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
Portfolio turnover rate |
28% A |
22% |
24% |
22% |
12% |
23% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income D |
.253 |
.523 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.124) |
.092 |
.296 |
.195 |
Total from investment operations |
.129 |
.615 |
.846 |
.481 |
Distributions from net investment income |
(.254) |
(.527) |
(.550) |
(.281) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.289) |
(.705) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
.99% |
4.80% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
|
Expenses before expense reductions |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of voluntary waivers, |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of all reductions |
.48% A |
.52% |
.47% |
.53% A |
Net investment income |
3.93% A |
4.00% |
4.12% |
4.30% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 812 |
$ 284 |
$ 161 |
$ 104 |
Portfolio turnover rate |
28% A |
22% |
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, 2005 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity New York Municipal Income Fund (the fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. On July 21, 2005, the Board of Trustees approved a change in the name of Spartan New York Municipal Income Fund to Fidelity New York Municipal Income Fund effective August 15, 2005. 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, 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income 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 each fund 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. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. 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 market discount, deferred trustees compensation and losses deferred due to wash sales and 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 |
$ 51,943 |
|
Unrealized depreciation |
(1,848) |
|
Net unrealized appreciation (depreciation) |
$ 50,095 |
|
Cost for federal income tax purposes |
$ 1,393,107 |
|
Semiannual Report
1. Significant Accounting Policies - continued
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.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates and currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
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. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact a fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Swap Agreements - continued
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 a fund's custodian in compliance with swap contracts.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $238,850 and $196,674, 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 .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 5 |
$ - |
Class T |
0% |
.25% |
3 |
- |
Class B |
.65% |
.25% |
44 |
32 |
Class C |
.75% |
.25% |
85 |
29 |
|
|
|
$ 137 |
$ 61 |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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* |
14 |
Class C* |
- |
|
$ 19 |
* 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, 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 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 New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.11* |
Class T |
1 |
.09* |
Class B |
6 |
.13* |
Class C |
9 |
.11* |
New York Municipal Income |
508 |
.07* |
Institutional Class |
1 |
.09* |
|
$ 528 |
|
* 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 and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11 and $122, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
|
Class C |
1 |
|
New York Municipal Income |
62 |
|
|
$ 63 |
|
Semiannual Report
7. Other.
The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 115 |
$ 216 |
Class T |
38 |
63 |
Class B |
145 |
306 |
Class C |
244 |
433 |
New York Municipal Income |
27,749 |
55,872 |
Institutional Class |
9 |
9 |
Total |
$ 28,300 |
$ 56,899 |
From net realized gain |
|
|
Class A |
$ 16 |
$ 80 |
Class T |
5 |
24 |
Class B |
27 |
133 |
Class C |
43 |
199 |
New York Municipal Income |
3,781 |
18,722 |
Institutional Class |
1 |
3 |
Total |
$ 3,873 |
$ 19,161 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. 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 |
75 |
161 |
$ 980 |
$ 2,105 |
Reinvestment of distributions |
8 |
18 |
105 |
233 |
Shares redeemed |
(48) |
(119) |
(627) |
(1,551) |
Net increase (decrease) |
35 |
60 |
$ 458 |
$ 787 |
Class T |
|
|
|
|
Shares sold |
43 |
50 |
$ 567 |
$ 655 |
Reinvestment of distributions |
3 |
5 |
33 |
69 |
Shares redeemed |
(17) |
(38) |
(223) |
(497) |
Net increase (decrease) |
29 |
17 |
$ 377 |
$ 227 |
Class B |
|
|
|
|
Shares sold |
46 |
98 |
$ 608 |
$ 1,286 |
Reinvestment of distributions |
10 |
25 |
125 |
327 |
Shares redeemed |
(53) |
(144) |
(691) |
(1,875) |
Net increase (decrease) |
3 |
(21) |
$ 42 |
$ (262) |
Class C |
|
|
|
|
Shares sold |
346 |
377 |
$ 4,516 |
$ 4,941 |
Reinvestment of distributions |
15 |
36 |
199 |
475 |
Shares redeemed |
(89) |
(210) |
(1,164) |
(2,742) |
Net increase (decrease) |
272 |
203 |
$ 3,551 |
$ 2,674 |
New York Municipal Income |
|
|
|
|
Shares sold |
10,296 |
14,900 |
$ 134,390 |
$ 195,817 |
Reinvestment of distributions |
1,827 |
4,350 |
23,813 |
56,974 |
Shares redeemed |
(7,924) |
(20,265) |
(103,283) |
(263,442) |
Net increase (decrease) |
4,199 |
(1,015) |
$ 54,920 |
$ (10,651) |
Institutional Class |
|
|
|
|
Shares sold |
40 |
13 |
$ 546 |
$ 176 |
Reinvestment of distributions |
1 |
1 |
7 |
7 |
Shares redeemed |
(1) |
(4) |
(18) |
(60) |
Net increase (decrease) |
40 |
10 |
$ 535 |
$ 123 |
Semiannual Report
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
Each year, typically in June, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to the fund and its shareholders by Fidelity (including the investment performance of the fund); (2) the competitiveness of the management fee and total expenses of the fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in June 2004, Fidelity has taken a number of actions that benefited particular funds, including (i) voluntarily deciding in 2004 to stop using "soft" commission dollars to pay for market data and, instead, to pay for that data out of its own resources, (ii) contractually agreeing to impose management fee reductions and expense limitations on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment-grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment-grade taxable bond funds.
Semiannual Report
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2004, as applicable, the returns of Class C and the retail class of the fund, the returns of a broad-based securities market index ("benchmark"), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and the retail class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that the relative investment performance of the retail class of the fund has compared favorably to its Lipper peer group over time. The Board also noted that the relative investment performance of the retail class of the fund has compared favorably to its benchmark over time, although the fund's one-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% would mean that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile ("quadrant") in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Semiannual Report
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that each class's total expenses ranked below its competitive median for 2004.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that each class's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.
Semiannual Report
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) Fidelity's fund profitability methodology, including additional detail on various cost allocations; (ii) fall-out benefits to Fidelity; and (iii) compensation of portfolio managers and research analysts.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the existing advisory fee structures are fair and reasonable, and that the fund's existing Advisory Contracts should be renewed.
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 Service Agents
Citibank, N.A.
New York, NY
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
NFY-USAN-0905
1.789735.102
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
July 31, 2005
Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund
(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. |
|
Board Approval of Investment Advisory Contracts and Management Fees |
|
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.
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.
A 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. A 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 a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.
First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.
Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.
Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and 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.
For nearly 60 years, Fidelity 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. 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, 2005 to July 31, 2005).
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 |
$ 1,009.80 |
$ 3.39 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.42 |
$ 3.41 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.40 |
$ 3.79 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.03 |
$ 3.81 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.20 |
$ 7.21 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.60 |
$ 7.25 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.50 |
$ 7.61 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.21 |
$ 7.65 |
New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 1,010.80 |
$ 2.44 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.36 |
$ 2.46 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.90 |
$ 2.49 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.32 |
$ 2.51 |
A 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 181/365 (to reflect the one-half year period).
|
Annualized |
Class A |
.68% |
Class T |
.76% |
Class B |
1.45% |
Class C |
1.53% |
New York Municipal Income |
.49% |
Institutional Class |
.50% |
Semiannual Report
Top Five Sectors as of July 31, 2005 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
32.9 |
30.5 |
Special Tax |
13.9 |
14.2 |
Transportation |
14.0 |
15.2 |
Water & Sewer |
12.4 |
11.1 |
Escrowed/Pre-Refunded |
7.4 |
6.9 |
Average Years to Maturity as of July 31, 2005 |
||
|
|
6 months ago |
Years |
14.7 |
15.5 |
Average years to maturity is based on the average time remaining to the stated maturity date of each bond, weighted by the market value of each bond. |
Duration as of July 31, 2005 |
||
|
|
6 months ago |
Years |
6.7 |
7.1 |
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, 2005 |
As of January 31, 2005 |
||||||
![]() |
AAA 60.4% |
|
![]() |
AAA 62.3% |
|
||
![]() |
AA,A 34.8% |
|
![]() |
AA,A 35.0% |
|
||
![]() |
BBB 0.9% |
|
![]() |
BBB 1.0% |
|
||
![]() |
BB and Below 0.5% |
|
![]() |
BB and Below 0.0% |
|
||
![]() |
Not Rated 0.6% |
|
![]() |
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 - 97.2% |
||||
|
Principal |
Value (Note 1) |
||
New York - 91.8% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/10 (AMBAC Insured) |
|
$ 600 |
$ 647 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
543 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,524 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,211 |
|
5.25% 11/1/17 |
|
1,400 |
1,541 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (d) |
|
435 |
572 |
|
7.8% 5/1/15 (Escrowed to Maturity) (d) |
|
435 |
581 |
|
7.8% 5/1/16 (Escrowed to Maturity) (d) |
|
435 |
592 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
599 |
|
7.8% 5/1/18 (Escrowed to Maturity) (d) |
|
434 |
606 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,534 |
|
5.75% 8/1/30 |
|
9,445 |
10,260 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,508 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,836 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,807 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,076 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
10,070 |
|
5.75% 5/1/17 (FSA Insured) |
|
5,950 |
6,849 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,684 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,569 |
|
5.75% 5/1/21 (FSA Insured) |
|
1,755 |
1,965 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,479 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,118 |
|
5.75% 5/1/23 (FSA Insured) |
|
6,620 |
7,557 |
|
5.75% 5/1/26 (FSA Insured) |
|
5,500 |
6,247 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,812 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,084 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,237 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
27,001 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev. |
|
$ 1,100 |
$ 1,206 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, 5.5% 11/15/26 (FSA Insured) |
|
13,575 |
15,003 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
54,015 |
56,487 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,500 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,117 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,120 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,899 |
|
5.75% 11/15/32 |
|
10,000 |
11,250 |
|
Series A: |
|
|
|
|
5.125% 11/15/31 |
|
12,150 |
12,801 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,316 |
|
Series B: |
|
|
|
|
5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,391 |
|
5.25% 11/15/32 |
|
5,000 |
5,357 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,448 |
|
Series F, 5.25% 11/15/27 (MBIA Insured) |
|
3,000 |
3,233 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (d) |
|
1,005 |
1,081 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,386 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (d) |
|
3,500 |
2,949 |
|
5.625% 7/1/16 (Escrowed to Maturity) (d) |
|
3,000 |
3,009 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,897 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,336 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,336 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,538 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) |
|
3,000 |
3,346 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
1,270 |
1,370 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
765 |
841 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) |
|
5,980 |
4,820 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 (MBIA Insured) (c) |
|
$ 1,000 |
$ 1,070 |
|
Monroe County Gen. Oblig.: |
|
|
|
|
6.5% 6/1/06 |
|
120 |
123 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
53 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Highland Hosp. Proj.): |
|
|
|
|
5% 8/1/11 |
|
1,510 |
1,593 |
|
5% 8/1/13 |
|
1,650 |
1,742 |
|
(Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,080 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,259 |
|
Series Z, 5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,216 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
165 |
180 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,140 |
1,241 |
|
Series 2001 C, 5.625% 11/1/10 |
|
725 |
776 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,311 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,023 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,548 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 B, 6.5% 8/15/09 |
|
3,000 |
3,348 |
|
Series 1996 F: |
|
|
|
|
5.75% 2/1/15 (Pre-Refunded to 2/1/06 @ 101.5) (d) |
|
495 |
510 |
|
6% 8/1/16 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,445 |
1,512 |
|
Series 1997 H, 6% 8/1/12 (FGIC Insured) |
|
5,000 |
5,733 |
|
Series 1997 L, 5.75% 8/1/12 |
|
1,910 |
2,021 |
|
Series 1998 H, 5.5% 8/1/12 |
|
8,230 |
8,783 |
|
Series 2000 A, 6.5% 5/15/11 |
|
2,540 |
2,891 |
|
Series 2002 A, 5.75% 8/1/14 |
|
5,000 |
5,584 |
|
Series 2002 B, 5.75% 8/1/15 |
|
3,500 |
3,902 |
|
Series 2002 C, 5.5% 8/1/13 |
|
4,000 |
4,426 |
|
Series 2003 A, 5.5% 8/1/20 (MBIA Insured) |
|
7,000 |
7,809 |
|
Series 2003 C, 5.25% 8/1/10 |
|
5,000 |
5,403 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,161 |
|
5.25% 8/1/11 |
|
6,245 |
6,786 |
|
5.25% 8/1/14 |
|
3,390 |
3,694 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 F, 5.5% 12/15/10 |
|
$ 1,000 |
$ 1,093 |
|
Series 2003 I, 5.75% 3/1/16 |
|
3,000 |
3,355 |
|
Series 2004 B, 5.25% 8/1/15 |
|
7,200 |
7,869 |
|
Series 2005 C, 5% 8/1/11 (a) |
|
5,000 |
5,366 |
|
Series 2005 G, 5.625% 8/1/13 (MBIA Insured) |
|
3,000 |
3,365 |
|
Series 2005 J: |
|
|
|
|
5% 3/1/11 |
|
5,825 |
6,225 |
|
5% 3/1/13 |
|
2,500 |
2,687 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,483 |
|
6.25% 8/1/08 |
|
1,000 |
1,046 |
|
Series B: |
|
|
|
|
5.75% 8/1/14 |
|
3,000 |
3,350 |
|
5.875% 8/15/13 |
|
1,970 |
2,055 |
|
6.2% 8/15/06 |
|
1,740 |
1,764 |
|
6.2% 8/15/06 (Pre-Refunded to 8/15/05 @ 101) (d) |
|
115 |
116 |
|
6.5% 8/15/11 |
|
1,000 |
1,151 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
2,620 |
2,928 |
|
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
910 |
1,037 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
1,740 |
1,818 |
|
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
760 |
802 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,246 |
|
5.375% 8/1/17 |
|
2,145 |
2,249 |
|
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
355 |
376 |
|
5.5% 6/1/12 (FGIC Insured) |
|
1,850 |
2,060 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
140 |
146 |
|
6% 8/1/26 |
|
195 |
203 |
|
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,035 |
1,084 |
|
6.5% 2/15/06 |
|
315 |
321 |
|
Series F, 6% 8/1/16 |
|
355 |
370 |
|
Series G, 5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,780 |
|
Series H: |
|
|
|
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,341 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,025 |
|
6% 8/1/17 |
|
980 |
1,041 |
|
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
20 |
21 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series I, 6.125% 4/15/11 |
|
$ 2,620 |
$ 2,770 |
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
5,000 |
5,581 |
|
5.875% 2/15/19 |
|
40 |
41 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (d) |
|
55 |
57 |
|
6.125% 8/1/12 |
|
340 |
362 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,875 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,309 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,757 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,380 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,191 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,420 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. |
|
2,210 |
2,327 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (c) |
|
500 |
507 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,948 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
15,417 |
|
Series 2001 C, 5.125% 6/15/33 |
|
3,960 |
4,162 |
|
Series 2002 A, 5.125% 6/15/34 (FSA Insured) |
|
16,500 |
17,432 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
5,180 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,437 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,351 |
|
5.375% 6/15/15 |
|
4,000 |
4,416 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,718 |
|
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) |
|
15,000 |
17,290 |
|
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) |
|
145 |
146 |
|
Series G: |
|
|
|
|
5.125% 6/15/32 |
|
3,000 |
3,135 |
|
5.125% 6/15/32 (FGIC Insured) |
|
4,750 |
4,974 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,253 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
$ 3,200 |
$ 3,376 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,295 |
|
New York State Dorm. Auth. Lease Rev.: |
|
|
|
|
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (b) |
|
10,000 |
10,968 |
|
Series A, 5.25% 5/15/10 |
|
3,440 |
3,715 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
407 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
280 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,873 |
|
Series A, 5.75% 7/1/13 |
|
6,000 |
6,680 |
|
Series C, 7.5% 7/1/10 |
|
6,030 |
6,700 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,269 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
3,078 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,104 |
|
5.25% 7/1/15 |
|
2,000 |
2,207 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,110 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,320 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,110 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,203 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,826 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A, 5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,677 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
15 |
16 |
|
(Mental Health Svcs. Proj.) Series 2005 A, 5.75% 8/15/11 |
|
900 |
951 |
|
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 |
$ 3,294 |
|
5.85% 8/1/40 |
|
9,500 |
10,439 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
705 |
714 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
3,660 |
3,781 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,867 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
941 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,674 |
|
5.75% 7/1/27 (MBIA Insured) |
|
11,000 |
13,406 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,715 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,353 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,836 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,669 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,908 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
500 |
572 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,569 |
|
Series B, 7.5% 5/15/11 |
|
1,915 |
2,164 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,820 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
6,981 |
|
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 (FGIC Insured) |
|
5,000 |
5,875 |
|
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,212 |
|
6% 7/1/15 |
|
1,160 |
1,280 |
|
6% 7/1/16 |
|
1,230 |
1,353 |
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
1,000 |
1,088 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
874 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,234 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/16 (AMBAC Insured) |
|
$ 670 |
$ 731 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
403 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (d) |
|
1,135 |
1,321 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,190 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,169 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,388 |
|
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
2,000 |
2,246 |
|
Series A, 5.5% 5/15/20 (AMBAC Insured) |
|
13,000 |
15,144 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (b) |
|
10,400 |
11,287 |
|
6%, tender 5/15/12 (b) |
|
11,000 |
12,392 |
|
5.5% 5/15/09 |
|
2,500 |
2,667 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
756 |
|
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 |
548 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,577 |
|
5.25% 7/15/17 |
|
2,410 |
2,656 |
|
Series D: |
|
|
|
|
5% 6/15/20 |
|
20,150 |
21,586 |
|
5.125% 6/15/31 |
|
6,900 |
7,298 |
|
5.375% 6/15/19 |
|
5,250 |
5,772 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,349 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,864 |
|
5.25% 11/15/16 |
|
3,770 |
4,153 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,296 |
|
5.25% 9/15/17 |
|
2,395 |
2,616 |
|
Series 2004 D, 5% 2/15/34 |
|
12,150 |
12,790 |
|
Series B: |
|
|
|
|
5.5% 10/15/20 |
|
3,805 |
4,469 |
|
5.5% 10/15/21 |
|
3,985 |
4,692 |
|
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 |
$ 856 |
|
5.25% 6/15/16 |
|
3,500 |
3,793 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,803 |
|
4.875% 6/15/20 |
|
2,175 |
2,253 |
|
5% 6/15/15 |
|
1,295 |
1,363 |
|
5.25% 6/15/13 |
|
1,575 |
1,674 |
|
Series I, 5% 6/15/24 |
|
2,000 |
2,124 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,178 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,404 |
|
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (b)(c) |
|
10,700 |
10,920 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 1997 E, 6% 6/15/12 (MBIA Insured) |
|
7,750 |
8,903 |
|
Series 2002, 5.75% 6/15/11 |
|
455 |
513 |
|
Series A, 7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
31 |
|
Series E, 6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,247 |
|
Series 2002 D, 6.3% 11/15/05 |
|
105 |
106 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) |
|
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 |
1,862 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,958 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,444 |
|
5.25% 3/15/18 |
|
2,290 |
2,481 |
|
5.25% 3/15/19 |
|
2,480 |
2,687 |
|
5.25% 9/15/20 |
|
2,685 |
2,900 |
|
5.25% 3/15/21 |
|
2,230 |
2,408 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.) Series 53, 5.9% 10/1/17 |
|
1,325 |
1,359 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
27,359 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) |
|
250 |
260 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Thruway Auth. Gen. Rev. Series E: |
|
|
|
|
5.25% 1/1/12 |
|
$ 4,695 |
$ 4,970 |
|
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) |
|
715 |
761 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,357 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,446 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,456 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,811 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,331 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,438 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,000 |
5,608 |
|
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,460 |
6,124 |
|
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
3,500 |
3,925 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
5.5% 4/1/14 |
|
11,700 |
12,918 |
|
5.5% 4/1/15 |
|
6,200 |
6,834 |
|
5.5% 4/1/16 |
|
3,665 |
4,035 |
|
6% 4/1/11 |
|
1,605 |
1,712 |
|
New York State Urban Dev. Corp. Correctional Youth Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) |
|
2,000 |
2,180 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
15 |
15 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
2,500 |
2,804 |
|
(State Facilities and Equip. Proj.) Series 2004 A2: |
|
|
|
|
5.5% 3/15/19 (MBIA Insured) |
|
2,500 |
2,888 |
|
5.5% 3/15/22 (MBIA Insured) |
|
15,000 |
17,492 |
|
5.5% 3/15/23 (MBIA Insured) |
|
3,000 |
3,531 |
|
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) |
|
23,000 |
26,773 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,987 |
|
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
3,000 |
3,404 |
|
5% 1/1/14 (FSA Insured) |
|
5,000 |
5,481 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A: |
|
|
|
|
5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,249 |
|
5.25% 4/1/23 (MBIA Insured) |
|
3,050 |
3,327 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2000 C: |
|
|
|
|
5.5% 11/1/20 |
|
$ 300 |
$ 327 |
|
5.5% 11/1/24 |
|
770 |
838 |
|
5.5% 11/1/24 (Pre-Refunded to 5/1/10 @ 101) (d) |
|
230 |
255 |
|
Series 2003 D: |
|
|
|
|
5% 2/1/31 |
|
20,025 |
20,928 |
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,259 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,772 |
|
Series 2003 E: |
|
|
|
|
5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,960 |
|
5.25% 2/1/17 (FGIC Insured) |
|
5,975 |
6,531 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,663 |
|
5.5% 2/1/08 (Escrowed to Maturity) (d) |
|
310 |
329 |
|
Series 2005 A: |
|
|
|
|
5.125% 8/15/21 |
|
4,270 |
4,474 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (d) |
|
1,075 |
1,134 |
|
Series A: |
|
|
|
|
5.375% 11/15/21 |
|
2,900 |
3,196 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,532 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
10,025 |
|
5.75% 2/15/16 |
|
3,000 |
3,313 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
360 |
385 |
|
5.25% 8/1/19 |
|
3,000 |
3,282 |
|
5.375% 2/1/15 |
|
3,000 |
3,317 |
|
Series C, 5.375% 2/1/17 |
|
1,000 |
1,095 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,432 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,101 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,353 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,495 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,402 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,617 |
|
Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured) |
|
4,000 |
4,372 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series A, 5% 12/1/10 |
|
$ 1,095 |
$ 1,153 |
|
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) |
|
2,000 |
2,218 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,580 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,213 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,255 |
3,515 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,715 |
|
5.5% 6/1/16 |
|
14,500 |
15,697 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,799 |
|
5% 6/1/11 |
|
1,375 |
1,475 |
|
Series C1: |
|
|
|
|
5% 6/1/11 |
|
3,280 |
3,336 |
|
5.5% 6/1/20 |
|
3,000 |
3,317 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,525 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
7,505 |
8,188 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series 2002 A, 5.25% 1/1/19 |
|
1,100 |
1,189 |
|
Series 2005 A, 5.125% 1/1/22 |
|
5,290 |
5,633 |
|
Series A: |
|
|
|
|
5% 1/1/32 |
|
5,055 |
5,251 |
|
5% 1/1/32 (MBIA Insured) |
|
9,525 |
9,927 |
|
6% 1/1/11 (Escrowed to Maturity) (d) |
|
500 |
567 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
5,015 |
5,832 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) |
|
1,000 |
1,071 |
|
Series Y, 6% 1/1/12 (Escrowed to Maturity) (d) |
|
20,000 |
22,405 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,217 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
$ 1,415 |
$ 1,528 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,344 |
|
|
1,361,385 |
|||
New York & New Jersey - 4.8% |
||||
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (c) |
|
15,000 |
15,919 |
|
5.75% 10/15/12 (MBIA Insured) (c) |
|
15,530 |
16,482 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (c) |
|
4,875 |
5,091 |
|
5% 8/1/13 (FGIC Insured) (c) |
|
3,000 |
3,129 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) |
|
5,970 |
6,338 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,764 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
10,547 |
|
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (MBIA Insured) (c) |
|
5,000 |
5,743 |
|
|
71,013 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,379 |
|
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (d) |
|
2,175 |
2,398 |
|
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: |
|
|
|
|
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) |
|
1,500 |
1,676 |
|
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) |
|
1,000 |
1,150 |
|
|
8,603 |
|||
TOTAL MUNICIPAL BONDS (Cost $1,391,124) |
1,441,001 |
|||
Municipal Notes - 0.2% |
||||
Principal |
Value (Note 1) |
|||
New York - 0.2% |
||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 |
2,200 |
$ 2,201 |
||
TOTAL INVESTMENT PORTFOLIO - 97.4% (Cost $1,393,324) |
1,443,202 |
|||
NET OTHER ASSETS - 2.6% |
39,098 |
|||
NET ASSETS - 100% |
$ 1,482,300 |
Security Type Abbreviation |
BAN - BOND ANTICIPATION NOTE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
32.9% |
Special Tax |
13.9% |
Transportation |
14.0% |
Water & Sewer |
12.4% |
Escrowed/Pre-Refunded |
7.4% |
Education |
6.0% |
Health Care |
5.0% |
Others* (individually less than 5%) |
8.4% |
|
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, 2005 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,393,324) - See accompanying schedule |
|
$ 1,443,202 |
Cash |
|
25,477 |
Receivable for investments sold |
|
11,051 |
Receivable for fund shares sold |
|
1,880 |
Interest receivable |
|
18,196 |
Prepaid expenses |
|
2 |
Other receivables |
|
67 |
Total assets |
|
1,499,875 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 9,959 |
|
Delayed delivery |
5,379 |
|
Payable for fund shares redeemed |
393 |
|
Distributions payable |
1,216 |
|
Accrued management fee |
461 |
|
Distribution fees payable |
24 |
|
Other affiliated payables |
119 |
|
Other payables and accrued expenses |
24 |
|
Total liabilities |
|
17,575 |
|
|
|
Net Assets |
|
$ 1,482,300 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,423,223 |
Distributions in excess of net investment income |
|
(38) |
Accumulated undistributed net realized gain (loss) on investments |
|
9,237 |
Net unrealized appreciation (depreciation) on investments |
|
49,878 |
Net Assets |
|
$ 1,482,300 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2005 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/95.25 of $13.01) |
|
$ 13.66 |
Class T: |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/96.50 of $13.01) |
|
$ 13.48 |
Class B: |
|
$ 13.00 |
|
|
|
Class C: |
|
$ 13.01 |
|
|
|
|
|
|
New York Municipal Income: |
|
$ 13.01 |
|
|
|
Institutional Class: |
|
$ 13.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2005 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 31,819 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,725 |
|
Transfer agent fees |
528 |
|
Distribution fees |
137 |
|
Accounting fees and expenses |
148 |
|
Independent trustees' compensation |
3 |
|
Custodian fees and expenses |
11 |
|
Registration fees |
68 |
|
Audit |
28 |
|
Legal |
2 |
|
Miscellaneous |
8 |
|
Total expenses before reductions |
3,658 |
|
Expense reductions |
(196) |
3,462 |
Net investment income |
|
28,357 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
9,520 |
|
Futures contracts |
27 |
|
Swap agreements |
(39) |
|
Total net realized gain (loss) |
|
9,508 |
Change in net unrealized appreciation (depreciation) on investment securities |
|
(22,448) |
Net gain (loss) |
|
(12,940) |
Net increase (decrease) in net assets resulting from operations |
|
$ 15,417 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 28,357 |
$ 56,646 |
Net realized gain (loss) |
9,508 |
21,457 |
Change in net unrealized appreciation (depreciation) |
(22,448) |
(14,357) |
Net increase (decrease) in net assets resulting |
15,417 |
63,746 |
Distributions to shareholders from net investment income |
(28,300) |
(56,899) |
Distributions to shareholders from net realized gain |
(3,873) |
(19,161) |
Total distributions |
(32,173) |
(76,060) |
Share transactions - net increase (decrease) |
59,883 |
(7,102) |
Redemption fees |
6 |
20 |
Total increase (decrease) in net assets |
43,133 |
(19,396) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,439,167 |
1,458,563 |
End of period (including distributions in excess of net investment income of $38 and undistributed net investment income of $33, respectively) |
$ 1,482,300 |
$ 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.243 |
.504 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.116) |
.101 |
.285 |
.194 |
Total from investment operations |
.127 |
.605 |
.809 |
.471 |
Distributions from net investment income |
(.242) |
(.507) |
(.523) |
(.271) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.277) |
(.685) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.98% |
4.72% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of voluntary waivers, |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of all reductions |
.65% A |
.67% |
.66% |
.66% A |
Net investment income |
3.75% A |
3.85% |
3.93% |
4.17% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.237 |
.494 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.115) |
.090 |
.296 |
.197 |
Total from investment operations |
.122 |
.584 |
.805 |
.463 |
Distributions from net investment income |
(.237) |
(.496) |
(.509) |
(.263) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.272) |
(.674) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
.94% |
4.55% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of voluntary waivers, |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of all reductions |
.73% A |
.75% |
.77% |
.79% A |
Net investment income |
3.67% A |
3.77% |
3.82% |
4.04% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.193 |
.405 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.125) |
.100 |
.286 |
.193 |
Total from investment operations |
.068 |
.505 |
.709 |
.419 |
Distributions from net investment income |
(.193) |
(.407) |
(.423) |
(.219) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.228) |
(.585) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.52% |
3.93% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of voluntary waivers, |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of all reductions |
1.42% A |
1.43% |
1.41% |
1.40% A |
Net investment income |
2.98% A |
3.09% |
3.18% |
3.42% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.187 |
.394 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.115) |
.100 |
.286 |
.191 |
Total from investment operations |
.072 |
.494 |
.696 |
.410 |
Distributions from net investment income |
(.187) |
(.396) |
(.410) |
(.210) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.222) |
(.574) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.55% |
3.84% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of voluntary waivers, |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of all reductions |
1.51% A |
1.51% |
1.51% |
1.51% A |
Net investment income |
2.90% A |
3.01% |
3.08% |
3.32% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 19 |
$ 16 |
$ 13 |
$ 6 |
Portfolio turnover rate |
28% A |
22% |
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 - New York Municipal Income
|
Six months ended July 31, 2005 |
Years ended January 31, |
||||
|
(Unaudited) |
2005 |
2004 |
2003 |
2002 |
2001 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.530 |
.549 |
.574 |
.584 F |
.614 |
Net realized and unrealized gain (loss) |
(.115) |
.091 |
.295 |
.506 |
.117 F |
1.030 |
Total from investment operations |
.140 |
.621 |
.844 |
1.080 |
.701 |
1.644 |
Distributions from net investment income |
(.255) |
(.533) |
(.548) |
(.570) |
(.581) |
(.604) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
- |
- |
Total distributions |
(.290) |
(.711) |
(.834) |
(.740) |
(.581) |
(.604) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
Total Return B, C |
1.08% |
4.84% |
6.52% |
8.55% |
5.60% |
14.34% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, |
.49% A |
.48% |
.48% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.46% A |
.47% |
.48% |
.47% |
.44% |
.42% |
Net investment income |
3.94% A |
4.05% |
4.11% |
4.36% |
4.54% F |
4.96% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,444 |
$ 1,406 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
Portfolio turnover rate |
28% A |
22% |
24% |
22% |
12% |
23% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income D |
.253 |
.523 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.124) |
.092 |
.296 |
.195 |
Total from investment operations |
.129 |
.615 |
.846 |
.481 |
Distributions from net investment income |
(.254) |
(.527) |
(.550) |
(.281) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.289) |
(.705) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
.99% |
4.80% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
|
Expenses before expense reductions |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of voluntary waivers, |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of all reductions |
.48% A |
.52% |
.47% |
.53% A |
Net investment income |
3.93% A |
4.00% |
4.12% |
4.30% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 812 |
$ 284 |
$ 161 |
$ 104 |
Portfolio turnover rate |
28% A |
22% |
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, 2005 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity New York Municipal Income Fund (the fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. On July 21, 2005, the Board of Trustees approved a change in the name of Spartan New York Municipal Income Fund to Fidelity New York Municipal Income Fund effective August 15, 2005. 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, 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income 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 each fund 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. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. 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 market discount, deferred trustees compensation and losses deferred due to wash sales and 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 |
$ 51,943 |
|
Unrealized depreciation |
(1,848) |
|
Net unrealized appreciation (depreciation) |
$ 50,095 |
|
Cost for federal income tax purposes |
$ 1,393,107 |
|
Semiannual Report
1. Significant Accounting Policies - continued
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.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates and currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
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. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact a fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Swap Agreements - continued
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 a fund's custodian in compliance with swap contracts.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $238,850 and $196,674, 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 .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 5 |
$ - |
Class T |
0% |
.25% |
3 |
- |
Class B |
.65% |
.25% |
44 |
32 |
Class C |
.75% |
.25% |
85 |
29 |
|
|
|
$ 137 |
$ 61 |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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* |
14 |
Class C* |
- |
|
$ 19 |
* 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, 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 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 New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.11* |
Class T |
1 |
.09* |
Class B |
6 |
.13* |
Class C |
9 |
.11* |
New York Municipal Income |
508 |
.07* |
Institutional Class |
1 |
.09* |
|
$ 528 |
|
* 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 and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11 and $122, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
|
Class C |
1 |
|
New York Municipal Income |
62 |
|
|
$ 63 |
|
Semiannual Report
7. Other.
The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 115 |
$ 216 |
Class T |
38 |
63 |
Class B |
145 |
306 |
Class C |
244 |
433 |
New York Municipal Income |
27,749 |
55,872 |
Institutional Class |
9 |
9 |
Total |
$ 28,300 |
$ 56,899 |
From net realized gain |
|
|
Class A |
$ 16 |
$ 80 |
Class T |
5 |
24 |
Class B |
27 |
133 |
Class C |
43 |
199 |
New York Municipal Income |
3,781 |
18,722 |
Institutional Class |
1 |
3 |
Total |
$ 3,873 |
$ 19,161 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. 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 |
75 |
161 |
$ 980 |
$ 2,105 |
Reinvestment of distributions |
8 |
18 |
105 |
233 |
Shares redeemed |
(48) |
(119) |
(627) |
(1,551) |
Net increase (decrease) |
35 |
60 |
$ 458 |
$ 787 |
Class T |
|
|
|
|
Shares sold |
43 |
50 |
$ 567 |
$ 655 |
Reinvestment of distributions |
3 |
5 |
33 |
69 |
Shares redeemed |
(17) |
(38) |
(223) |
(497) |
Net increase (decrease) |
29 |
17 |
$ 377 |
$ 227 |
Class B |
|
|
|
|
Shares sold |
46 |
98 |
$ 608 |
$ 1,286 |
Reinvestment of distributions |
10 |
25 |
125 |
327 |
Shares redeemed |
(53) |
(144) |
(691) |
(1,875) |
Net increase (decrease) |
3 |
(21) |
$ 42 |
$ (262) |
Class C |
|
|
|
|
Shares sold |
346 |
377 |
$ 4,516 |
$ 4,941 |
Reinvestment of distributions |
15 |
36 |
199 |
475 |
Shares redeemed |
(89) |
(210) |
(1,164) |
(2,742) |
Net increase (decrease) |
272 |
203 |
$ 3,551 |
$ 2,674 |
New York Municipal Income |
|
|
|
|
Shares sold |
10,296 |
14,900 |
$ 134,390 |
$ 195,817 |
Reinvestment of distributions |
1,827 |
4,350 |
23,813 |
56,974 |
Shares redeemed |
(7,924) |
(20,265) |
(103,283) |
(263,442) |
Net increase (decrease) |
4,199 |
(1,015) |
$ 54,920 |
$ (10,651) |
Institutional Class |
|
|
|
|
Shares sold |
40 |
13 |
$ 546 |
$ 176 |
Reinvestment of distributions |
1 |
1 |
7 |
7 |
Shares redeemed |
(1) |
(4) |
(18) |
(60) |
Net increase (decrease) |
40 |
10 |
$ 535 |
$ 123 |
Semiannual Report
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
Each year, typically in June, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to the fund and its shareholders by Fidelity (including the investment performance of the fund); (2) the competitiveness of the management fee and total expenses of the fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in June 2004, Fidelity has taken a number of actions that benefited particular funds, including (i) voluntarily deciding in 2004 to stop using "soft" commission dollars to pay for market data and, instead, to pay for that data out of its own resources, (ii) contractually agreeing to impose management fee reductions and expense limitations on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment-grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment-grade taxable bond funds.
Semiannual Report
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2004, as applicable, the returns of Class C and the retail class of the fund, the returns of a broad-based securities market index ("benchmark"), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and the retail class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that the relative investment performance of the retail class of the fund has compared favorably to its Lipper peer group over time. The Board also noted that the relative investment performance of the retail class of the fund has compared favorably to its benchmark over time, although the fund's one-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% would mean that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile ("quadrant") in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Semiannual Report
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that each class's total expenses ranked below its competitive median for 2004.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that each class's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.
Semiannual Report
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) Fidelity's fund profitability methodology, including additional detail on various cost allocations; (ii) fall-out benefits to Fidelity; and (iii) compensation of portfolio managers and research analysts.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the existing advisory fee structures are fair and reasonable, and that the fund's existing Advisory Contracts should be renewed.
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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 Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Citibank, N.A.
New York, NY
Custodian
Citibank, N.A.
New York, NY
ASNM-USAN-0905
1.789728.102
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Fund - Institutional Class
Semiannual Report
July 31, 2005
Institutional Class is a class of Fidelity® New York Municipal Income Fund
(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. |
|
Board Approval of Investment Advisory Contracts and Management Fees |
|
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.
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.
A 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. A 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 a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.
First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.
Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.
Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and 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.
For nearly 60 years, Fidelity 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. 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, 2005 to July 31, 2005).
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 |
$ 1,009.80 |
$ 3.39 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.42 |
$ 3.41 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.40 |
$ 3.79 |
HypotheticalA |
$ 1,000.00 |
$ 1,021.03 |
$ 3.81 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.20 |
$ 7.21 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.60 |
$ 7.25 |
|
Beginning |
Ending |
Expenses Paid |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 1,005.50 |
$ 7.61 |
HypotheticalA |
$ 1,000.00 |
$ 1,017.21 |
$ 7.65 |
New York Municipal Income |
|
|
|
Actual |
$ 1,000.00 |
$ 1,010.80 |
$ 2.44 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.36 |
$ 2.46 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,009.90 |
$ 2.49 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.32 |
$ 2.51 |
A 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 181/365 (to reflect the one-half year period).
|
Annualized |
Class A |
.68% |
Class T |
.76% |
Class B |
1.45% |
Class C |
1.53% |
New York Municipal Income |
.49% |
Institutional Class |
.50% |
Semiannual Report
Top Five Sectors as of July 31, 2005 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
32.9 |
30.5 |
Special Tax |
13.9 |
14.2 |
Transportation |
14.0 |
15.2 |
Water & Sewer |
12.4 |
11.1 |
Escrowed/Pre-Refunded |
7.4 |
6.9 |
Average Years to Maturity as of July 31, 2005 |
||
|
|
6 months ago |
Years |
14.7 |
15.5 |
Average years to maturity is based on the average time remaining to the stated maturity date of each bond, weighted by the market value of each bond. |
Duration as of July 31, 2005 |
||
|
|
6 months ago |
Years |
6.7 |
7.1 |
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, 2005 |
As of January 31, 2005 |
||||||
![]() |
AAA 60.4% |
|
![]() |
AAA 62.3% |
|
||
![]() |
AA,A 34.8% |
|
![]() |
AA,A 35.0% |
|
||
![]() |
BBB 0.9% |
|
![]() |
BBB 1.0% |
|
||
![]() |
BB and Below 0.5% |
|
![]() |
BB and Below 0.0% |
|
||
![]() |
Not Rated 0.6% |
|
![]() |
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 - 97.2% |
||||
|
Principal |
Value (Note 1) |
||
New York - 91.8% |
||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: |
|
|
|
|
5% 7/1/10 (AMBAC Insured) |
|
$ 600 |
$ 647 |
|
5% 7/1/11 (AMBAC Insured) |
|
500 |
543 |
|
5.5% 7/1/21 (AMBAC Insured) |
|
2,300 |
2,524 |
|
Battery Park City Auth. Rev. Series A: |
|
|
|
|
5.25% 11/1/16 |
|
2,000 |
2,211 |
|
5.25% 11/1/17 |
|
1,400 |
1,541 |
|
Cherry Valley Springfield Central School District: |
|
|
|
|
7.8% 5/1/14 (Escrowed to Maturity) (d) |
|
435 |
572 |
|
7.8% 5/1/15 (Escrowed to Maturity) (d) |
|
435 |
581 |
|
7.8% 5/1/16 (Escrowed to Maturity) (d) |
|
435 |
592 |
|
7.8% 5/1/17 (MBIA Insured) |
|
435 |
599 |
|
7.8% 5/1/18 (Escrowed to Maturity) (d) |
|
434 |
606 |
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Bard College Civic Facility Proj.): |
|
|
|
|
5.5% 8/1/20 |
|
4,190 |
4,534 |
|
5.75% 8/1/30 |
|
9,445 |
10,260 |
|
(Vassar College Proj.) 5.35% 9/1/40 |
|
7,000 |
7,508 |
|
Erie County Gen. Oblig. Series A: |
|
|
|
|
5% 9/1/15 (FGIC Insured) |
|
2,625 |
2,836 |
|
5% 9/1/16 (FGIC Insured) |
|
1,680 |
1,807 |
|
5% 9/1/17 (FGIC Insured) |
|
1,000 |
1,076 |
|
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): |
|
|
|
|
5.75% 5/1/17 (FSA Insured) |
|
8,940 |
10,070 |
|
5.75% 5/1/17 (FSA Insured) |
|
5,950 |
6,849 |
|
5.75% 5/1/19 (FSA Insured) |
|
1,500 |
1,684 |
|
5.75% 5/1/20 (FSA Insured) |
|
1,400 |
1,569 |
|
5.75% 5/1/21 (FSA Insured) |
|
1,755 |
1,965 |
|
5.75% 5/1/22 (FSA Insured) |
|
4,900 |
5,479 |
|
5.75% 5/1/23 (FSA Insured) |
|
1,000 |
1,118 |
|
5.75% 5/1/23 (FSA Insured) |
|
6,620 |
7,557 |
|
5.75% 5/1/26 (FSA Insured) |
|
5,500 |
6,247 |
|
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) |
|
3,485 |
3,812 |
|
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 |
|
1,000 |
1,084 |
|
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 |
|
7,000 |
7,237 |
|
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5.75% 12/1/24 |
|
25,000 |
27,001 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Metropolitan Trans. Auth. Commuter Facilities Rev. |
|
$ 1,100 |
$ 1,206 |
|
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, 5.5% 11/15/26 (FSA Insured) |
|
13,575 |
15,003 |
|
Metropolitan Trans. Auth. Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5% 11/15/30 (FSA Insured) |
|
54,015 |
56,487 |
|
5.5% 11/15/15 (AMBAC Insured) |
|
1,340 |
1,500 |
|
5.5% 11/15/16 (AMBAC Insured) |
|
1,000 |
1,117 |
|
5.5% 11/15/17 (AMBAC Insured) |
|
1,000 |
1,120 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
1,700 |
1,899 |
|
5.75% 11/15/32 |
|
10,000 |
11,250 |
|
Series A: |
|
|
|
|
5.125% 11/15/31 |
|
12,150 |
12,801 |
|
5.5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,316 |
|
Series B: |
|
|
|
|
5.25% 11/15/18 (FGIC Insured) |
|
4,000 |
4,391 |
|
5.25% 11/15/32 |
|
5,000 |
5,357 |
|
Series E, 5.5% 11/15/21 (MBIA Insured) |
|
2,200 |
2,448 |
|
Series F, 5.25% 11/15/27 (MBIA Insured) |
|
3,000 |
3,233 |
|
Metropolitan Trans. Auth. Svc. Contract Rev.: |
|
|
|
|
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (d) |
|
1,005 |
1,081 |
|
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) |
|
3,025 |
3,386 |
|
Series 7: |
|
|
|
|
0% 7/1/10 (Escrowed to Maturity) (d) |
|
3,500 |
2,949 |
|
5.625% 7/1/16 (Escrowed to Maturity) (d) |
|
3,000 |
3,009 |
|
Series A: |
|
|
|
|
5.5% 1/1/20 (MBIA Insured) |
|
8,000 |
8,897 |
|
5.5% 7/1/20 (MBIA Insured) |
|
3,000 |
3,336 |
|
Series B: |
|
|
|
|
5.5% 7/1/19 (MBIA Insured) |
|
3,000 |
3,336 |
|
5.5% 7/1/23 (MBIA Insured) |
|
5,000 |
5,538 |
|
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) |
|
3,000 |
3,346 |
|
Metropolitan Trans. Auth. Transit Facilities Rev.: |
|
|
|
|
Series C: |
|
|
|
|
4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
1,270 |
1,370 |
|
5.125% 7/1/13 (Pre-Refunded to 1/1/12 @ 100) (d) |
|
765 |
841 |
|
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) |
|
5,980 |
4,820 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 (MBIA Insured) (c) |
|
$ 1,000 |
$ 1,070 |
|
Monroe County Gen. Oblig.: |
|
|
|
|
6.5% 6/1/06 |
|
120 |
123 |
|
6.5% 6/1/07 (AMBAC Insured) |
|
50 |
53 |
|
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(Highland Hosp. Proj.): |
|
|
|
|
5% 8/1/11 |
|
1,510 |
1,593 |
|
5% 8/1/13 |
|
1,650 |
1,742 |
|
(Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) |
|
1,000 |
1,080 |
|
Nassau County Gen. Oblig.: |
|
|
|
|
Series U, 5.25% 11/1/15 (AMBAC Insured) |
|
2,150 |
2,259 |
|
Series Z, 5% 9/1/11 (FGIC Insured) |
|
3,000 |
3,216 |
|
Nassau County Indl. Dev. Agcy. Civic Facility Rev. |
|
|
|
|
Series 2001 A, 5.875% 11/1/11 |
|
165 |
180 |
|
Series 2001 B, 5.875% 11/1/11 |
|
1,140 |
1,241 |
|
Series 2001 C, 5.625% 11/1/10 |
|
725 |
776 |
|
Series 2001 D, 5.625% 11/1/10 |
|
1,225 |
1,311 |
|
Nassau County Interim Fin. Auth.: |
|
|
|
|
Series 2000 A, 5.75% 11/15/11 (MBIA Insured) |
|
10,845 |
12,023 |
|
Series A, 5% 11/15/18 (AMBAC Insured) |
|
2,375 |
2,548 |
|
New York City Gen. Oblig.: |
|
|
|
|
Series 1996 B, 6.5% 8/15/09 |
|
3,000 |
3,348 |
|
Series 1996 F: |
|
|
|
|
5.75% 2/1/15 (Pre-Refunded to 2/1/06 @ 101.5) (d) |
|
495 |
510 |
|
6% 8/1/16 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,445 |
1,512 |
|
Series 1997 H, 6% 8/1/12 (FGIC Insured) |
|
5,000 |
5,733 |
|
Series 1997 L, 5.75% 8/1/12 |
|
1,910 |
2,021 |
|
Series 1998 H, 5.5% 8/1/12 |
|
8,230 |
8,783 |
|
Series 2000 A, 6.5% 5/15/11 |
|
2,540 |
2,891 |
|
Series 2002 A, 5.75% 8/1/14 |
|
5,000 |
5,584 |
|
Series 2002 B, 5.75% 8/1/15 |
|
3,500 |
3,902 |
|
Series 2002 C, 5.5% 8/1/13 |
|
4,000 |
4,426 |
|
Series 2003 A, 5.5% 8/1/20 (MBIA Insured) |
|
7,000 |
7,809 |
|
Series 2003 C, 5.25% 8/1/10 |
|
5,000 |
5,403 |
|
Series 2003 E: |
|
|
|
|
5.25% 8/1/10 |
|
2,000 |
2,161 |
|
5.25% 8/1/11 |
|
6,245 |
6,786 |
|
5.25% 8/1/14 |
|
3,390 |
3,694 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series 2003 F, 5.5% 12/15/10 |
|
$ 1,000 |
$ 1,093 |
|
Series 2003 I, 5.75% 3/1/16 |
|
3,000 |
3,355 |
|
Series 2004 B, 5.25% 8/1/15 |
|
7,200 |
7,869 |
|
Series 2005 C, 5% 8/1/11 (a) |
|
5,000 |
5,366 |
|
Series 2005 G, 5.625% 8/1/13 (MBIA Insured) |
|
3,000 |
3,365 |
|
Series 2005 J: |
|
|
|
|
5% 3/1/11 |
|
5,825 |
6,225 |
|
5% 3/1/13 |
|
2,500 |
2,687 |
|
Series A: |
|
|
|
|
5.25% 11/1/14 (MBIA Insured) |
|
1,350 |
1,483 |
|
6.25% 8/1/08 |
|
1,000 |
1,046 |
|
Series B: |
|
|
|
|
5.75% 8/1/14 |
|
3,000 |
3,350 |
|
5.875% 8/15/13 |
|
1,970 |
2,055 |
|
6.2% 8/15/06 |
|
1,740 |
1,764 |
|
6.2% 8/15/06 (Pre-Refunded to 8/15/05 @ 101) (d) |
|
115 |
116 |
|
6.5% 8/15/11 |
|
1,000 |
1,151 |
|
7.5% 2/1/07 |
|
335 |
336 |
|
Series C: |
|
|
|
|
5.75% 3/15/27 (FSA Insured) |
|
2,620 |
2,928 |
|
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
910 |
1,037 |
|
Series D: |
|
|
|
|
5.25% 8/1/13 |
|
1,740 |
1,818 |
|
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
760 |
802 |
|
5.25% 8/1/21 (MBIA Insured) |
|
5,000 |
5,246 |
|
5.375% 8/1/17 |
|
2,145 |
2,249 |
|
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
355 |
376 |
|
5.5% 6/1/12 (FGIC Insured) |
|
1,850 |
2,060 |
|
Series E: |
|
|
|
|
6% 8/1/11 |
|
140 |
146 |
|
6% 8/1/26 |
|
195 |
203 |
|
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) |
|
1,035 |
1,084 |
|
6.5% 2/15/06 |
|
315 |
321 |
|
Series F, 6% 8/1/16 |
|
355 |
370 |
|
Series G, 5.25% 8/1/14 (AMBAC Insured) |
|
1,635 |
1,780 |
|
Series H: |
|
|
|
|
5.75% 3/15/11 (FGIC Insured) |
|
3,000 |
3,341 |
|
5.75% 3/15/13 (FSA Insured) |
|
1,805 |
2,025 |
|
6% 8/1/17 |
|
980 |
1,041 |
|
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) |
|
20 |
21 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Gen. Oblig.: - continued |
|
|
|
|
Series I, 6.125% 4/15/11 |
|
$ 2,620 |
$ 2,770 |
|
Series J: |
|
|
|
|
5.5% 6/1/18 (MBIA Insured) |
|
5,000 |
5,581 |
|
5.875% 2/15/19 |
|
40 |
41 |
|
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (d) |
|
55 |
57 |
|
6.125% 8/1/12 |
|
340 |
362 |
|
New York City Health & Hosp. Corp. Rev. Series A: |
|
|
|
|
5.5% 2/15/16 (FSA Insured) |
|
2,605 |
2,875 |
|
5.5% 2/15/17 (FSA Insured) |
|
3,000 |
3,309 |
|
5.5% 2/15/18 (FSA Insured) |
|
2,500 |
2,757 |
|
5.5% 2/15/19 (FSA Insured) |
|
1,250 |
1,380 |
|
New York City Indl. Dev. Agcy. Civic Facility Rev.: |
|
|
|
|
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 (AMBAC Insured) |
|
1,090 |
1,191 |
|
(Spence School, Inc. Proj.) 5% 7/1/27 |
|
3,255 |
3,420 |
|
New York City Indl. Dev. Agcy. Indl. Dev. Rev. |
|
2,210 |
2,327 |
|
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (c) |
|
500 |
507 |
|
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: |
|
|
|
|
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) |
|
3,785 |
3,948 |
|
Series 2000, 5.5% 6/15/33 |
|
14,215 |
15,417 |
|
Series 2001 C, 5.125% 6/15/33 |
|
3,960 |
4,162 |
|
Series 2002 A, 5.125% 6/15/34 (FSA Insured) |
|
16,500 |
17,432 |
|
Series A: |
|
|
|
|
5% 6/15/32 |
|
5,000 |
5,180 |
|
5.125% 6/15/34 (MBIA Insured) |
|
4,200 |
4,437 |
|
5.25% 6/15/33 (FGIC Insured) |
|
1,280 |
1,351 |
|
5.375% 6/15/15 |
|
4,000 |
4,416 |
|
5.375% 6/15/15 (FGIC Insured) |
|
7,000 |
7,718 |
|
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) |
|
15,000 |
17,290 |
|
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) |
|
145 |
146 |
|
Series G: |
|
|
|
|
5.125% 6/15/32 |
|
3,000 |
3,135 |
|
5.125% 6/15/32 (FGIC Insured) |
|
4,750 |
4,974 |
|
5.5% 6/15/33 (MBIA Insured) |
|
2,075 |
2,253 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York City Trust Cultural Resources Rev.: |
|
|
|
|
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) |
|
$ 3,200 |
$ 3,376 |
|
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) |
|
1,250 |
1,295 |
|
New York State Dorm. Auth. Lease Rev.: |
|
|
|
|
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (b) |
|
10,000 |
10,968 |
|
Series A, 5.25% 5/15/10 |
|
3,440 |
3,715 |
|
New York State Dorm. Auth. Revs.: |
|
|
|
|
(Champlain Valley Physicians Proj.): |
|
|
|
|
6% 7/1/09 (AMBAC Insured) |
|
370 |
407 |
|
6% 7/1/10 (AMBAC Insured) |
|
250 |
280 |
|
(City Univ. Sys. Consolidation Proj.): |
|
|
|
|
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) |
|
4,300 |
4,873 |
|
Series A, 5.75% 7/1/13 |
|
6,000 |
6,680 |
|
Series C, 7.5% 7/1/10 |
|
6,030 |
6,700 |
|
(Colgate Univ. Proj.): |
|
|
|
|
6% 7/1/16 (MBIA Insured) |
|
1,900 |
2,269 |
|
6% 7/1/21 (MBIA Insured) |
|
2,500 |
3,078 |
|
(Columbia Univ. Proj.): |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/13 |
|
1,000 |
1,104 |
|
5.25% 7/1/15 |
|
2,000 |
2,207 |
|
Series B, 5.375% 7/1/18 |
|
1,000 |
1,110 |
|
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) |
|
8,000 |
8,320 |
|
(Long Island Jewish Med. Ctr. Proj.): |
|
|
|
|
5% 7/1/08 (MBIA Insured) |
|
2,000 |
2,110 |
|
5.25% 7/1/11 (MBIA Insured) |
|
3,000 |
3,203 |
|
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) |
|
2,175 |
1,826 |
|
(Mental Health Svcs. Facilities Impt. Proj.): |
|
|
|
|
Series A, 5.75% 8/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
10 |
11 |
|
Series B: |
|
|
|
|
5.75% 2/15/11 |
|
2,535 |
2,677 |
|
5.75% 2/15/11 (Pre-Refunded to 2/15/07 @ 102) (d) |
|
15 |
16 |
|
(Mental Health Svcs. Proj.) Series 2005 A, 5.75% 8/15/11 |
|
900 |
951 |
|
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 |
$ 3,294 |
|
5.85% 8/1/40 |
|
9,500 |
10,439 |
|
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) |
|
705 |
714 |
|
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) |
|
3,660 |
3,781 |
|
(New York Univ. Proj.): |
|
|
|
|
Series 2: |
|
|
|
|
5.5% 7/1/17 (AMBAC Insured) |
|
755 |
828 |
|
5.5% 7/1/19 (AMBAC Insured) |
|
1,705 |
1,867 |
|
5.5% 7/1/20 (AMBAC Insured) |
|
860 |
941 |
|
Series A: |
|
|
|
|
5.75% 7/1/15 (MBIA Insured) |
|
2,295 |
2,674 |
|
5.75% 7/1/27 (MBIA Insured) |
|
11,000 |
13,406 |
|
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 |
|
1,500 |
1,715 |
|
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) |
|
1,260 |
1,353 |
|
(School District Fing. Prog.): |
|
|
|
|
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) |
|
7,925 |
8,836 |
|
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) |
|
1,485 |
1,669 |
|
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) |
|
2,600 |
2,908 |
|
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) |
|
500 |
572 |
|
(State Univ. Edl. Facilities Proj.): |
|
|
|
|
Series A, 5.25% 5/15/15 (MBIA Insured) |
|
5,000 |
5,569 |
|
Series B, 7.5% 5/15/11 |
|
1,915 |
2,164 |
|
(The Jamaica Hosp. Proj.) Series F: |
|
|
|
|
5.1% 2/15/12 (MBIA Insured) |
|
3,605 |
3,820 |
|
5.2% 2/15/13 (MBIA Insured) |
|
6,585 |
6,981 |
|
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 (FGIC Insured) |
|
5,000 |
5,875 |
|
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: |
|
|
|
|
6% 7/1/14 |
|
1,095 |
1,212 |
|
6% 7/1/15 |
|
1,160 |
1,280 |
|
6% 7/1/16 |
|
1,230 |
1,353 |
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/12 (AMBAC Insured) |
|
1,000 |
1,088 |
|
5.375% 7/1/13 (AMBAC Insured) |
|
800 |
874 |
|
5.375% 7/1/14 (AMBAC Insured) |
|
1,130 |
1,234 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Dorm. Auth. Revs.: - continued |
|
|
|
|
(Yeshiva Univ. Proj.) Series 2001: |
|
|
|
|
5.375% 7/1/16 (AMBAC Insured) |
|
$ 670 |
$ 731 |
|
5.375% 7/1/17 (AMBAC Insured) |
|
370 |
403 |
|
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (d) |
|
1,135 |
1,321 |
|
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) |
|
30,260 |
34,190 |
|
Series 2002 B: |
|
|
|
|
6% 10/1/22 (MBIA Insured) |
|
2,775 |
3,169 |
|
6% 10/1/29 (MBIA Insured) |
|
5,600 |
6,388 |
|
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
2,000 |
2,246 |
|
Series A, 5.5% 5/15/20 (AMBAC Insured) |
|
13,000 |
15,144 |
|
Series B: |
|
|
|
|
5.25%, tender 5/15/12 (b) |
|
10,400 |
11,287 |
|
6%, tender 5/15/12 (b) |
|
11,000 |
12,392 |
|
5.5% 5/15/09 |
|
2,500 |
2,667 |
|
5.5% 7/1/16 (AMBAC Insured) |
|
725 |
756 |
|
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 |
548 |
|
Series C: |
|
|
|
|
5.25% 7/15/16 |
|
2,340 |
2,577 |
|
5.25% 7/15/17 |
|
2,410 |
2,656 |
|
Series D: |
|
|
|
|
5% 6/15/20 |
|
20,150 |
21,586 |
|
5.125% 6/15/31 |
|
6,900 |
7,298 |
|
5.375% 6/15/19 |
|
5,250 |
5,772 |
|
Series G, 5.25% 10/15/20 |
|
1,255 |
1,349 |
|
(Pooled Fing. Prog.): |
|
|
|
|
Series F: |
|
|
|
|
5.25% 11/15/15 |
|
2,595 |
2,864 |
|
5.25% 11/15/16 |
|
3,770 |
4,153 |
|
Series I: |
|
|
|
|
5.25% 9/15/15 |
|
2,085 |
2,296 |
|
5.25% 9/15/17 |
|
2,395 |
2,616 |
|
Series 2004 D, 5% 2/15/34 |
|
12,150 |
12,790 |
|
Series B: |
|
|
|
|
5.5% 10/15/20 |
|
3,805 |
4,469 |
|
5.5% 10/15/21 |
|
3,985 |
4,692 |
|
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 |
$ 856 |
|
5.25% 6/15/16 |
|
3,500 |
3,793 |
|
Series F: |
|
|
|
|
4.875% 6/15/18 |
|
1,735 |
1,803 |
|
4.875% 6/15/20 |
|
2,175 |
2,253 |
|
5% 6/15/15 |
|
1,295 |
1,363 |
|
5.25% 6/15/13 |
|
1,575 |
1,674 |
|
Series I, 5% 6/15/24 |
|
2,000 |
2,124 |
|
New York State Envir. Facilities Corp. Rev. Series A: |
|
|
|
|
5.25% 1/1/21 (FGIC Insured) |
|
4,785 |
5,178 |
|
5.375% 1/1/16 (FGIC Insured) |
|
2,170 |
2,404 |
|
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (b)(c) |
|
10,700 |
10,920 |
|
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: |
|
|
|
|
(New York City Muni. Wtr. Fin. Auth. Proj.): |
|
|
|
|
Series 1997 E, 6% 6/15/12 (MBIA Insured) |
|
7,750 |
8,903 |
|
Series 2002, 5.75% 6/15/11 |
|
455 |
513 |
|
Series A, 7% 6/15/12 |
|
190 |
191 |
|
Series C, 5.85% 7/15/15 |
|
30 |
31 |
|
Series E, 6.5% 6/15/14 |
|
130 |
131 |
|
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 |
|
1,115 |
1,247 |
|
Series 2002 D, 6.3% 11/15/05 |
|
105 |
106 |
|
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) |
|
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 |
1,862 |
|
5.25% 9/15/16 (MBIA Insured) |
|
1,780 |
1,958 |
|
5.25% 3/15/17 (MBIA Insured) |
|
2,240 |
2,444 |
|
5.25% 3/15/18 |
|
2,290 |
2,481 |
|
5.25% 3/15/19 |
|
2,480 |
2,687 |
|
5.25% 9/15/20 |
|
2,685 |
2,900 |
|
5.25% 3/15/21 |
|
2,230 |
2,408 |
|
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.) Series 53, 5.9% 10/1/17 |
|
1,325 |
1,359 |
|
New York State Pwr. Auth. & Gen. Purp. Rev.: |
|
|
|
|
Series A, 5.25% 11/15/40 |
|
25,860 |
27,359 |
|
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) |
|
250 |
260 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York State Thruway Auth. Gen. Rev. Series E: |
|
|
|
|
5.25% 1/1/12 |
|
$ 4,695 |
$ 4,970 |
|
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) |
|
715 |
761 |
|
New York State Thruway Auth. Hwy. & Bridge Trust Fund: |
|
|
|
|
Series A, 5.25% 4/1/16 (AMBAC Insured) |
|
5,175 |
5,357 |
|
Series B: |
|
|
|
|
5.25% 4/1/15 (MBIA Insured) |
|
5,000 |
5,446 |
|
5.375% 4/1/17 (AMBAC Insured) |
|
5,000 |
5,456 |
|
5.375% 4/1/18 (AMBAC Insured) |
|
5,310 |
5,811 |
|
Series B1: |
|
|
|
|
5.75% 4/1/14 (FGIC Insured) |
|
3,000 |
3,331 |
|
5.75% 4/1/15 (FGIC Insured) |
|
4,000 |
4,438 |
|
New York State Thruway Auth. State Personal Income Tax Rev. Series A: |
|
|
|
|
5.5% 3/15/18 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,000 |
5,608 |
|
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
5,460 |
6,124 |
|
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
3,500 |
3,925 |
|
New York State Thruway Auth. Svc. Contract Rev.: |
|
|
|
|
5.5% 4/1/14 |
|
11,700 |
12,918 |
|
5.5% 4/1/15 |
|
6,200 |
6,834 |
|
5.5% 4/1/16 |
|
3,665 |
4,035 |
|
6% 4/1/11 |
|
1,605 |
1,712 |
|
New York State Urban Dev. Corp. Correctional Youth Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) |
|
2,000 |
2,180 |
|
New York State Urban Dev. Corp. Rev.: |
|
|
|
|
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) |
|
15 |
15 |
|
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 (Pre-Refunded to 3/15/12 @ 100) (d) |
|
2,500 |
2,804 |
|
(State Facilities and Equip. Proj.) Series 2004 A2: |
|
|
|
|
5.5% 3/15/19 (MBIA Insured) |
|
2,500 |
2,888 |
|
5.5% 3/15/22 (MBIA Insured) |
|
15,000 |
17,492 |
|
5.5% 3/15/23 (MBIA Insured) |
|
3,000 |
3,531 |
|
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) |
|
23,000 |
26,773 |
|
Series B, 5.25% 3/15/15 (MBIA Insured) |
|
1,800 |
1,987 |
|
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 @ 100) (d) |
|
3,000 |
3,404 |
|
5% 1/1/14 (FSA Insured) |
|
5,000 |
5,481 |
|
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A: |
|
|
|
|
5.25% 4/1/22 (MBIA Insured) |
|
3,000 |
3,249 |
|
5.25% 4/1/23 (MBIA Insured) |
|
3,050 |
3,327 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
New York Transitional Fin. Auth. Rev.: |
|
|
|
|
Series 2000 C: |
|
|
|
|
5.5% 11/1/20 |
|
$ 300 |
$ 327 |
|
5.5% 11/1/24 |
|
770 |
838 |
|
5.5% 11/1/24 (Pre-Refunded to 5/1/10 @ 101) (d) |
|
230 |
255 |
|
Series 2003 D: |
|
|
|
|
5% 2/1/31 |
|
20,025 |
20,928 |
|
5.25% 2/1/17 (MBIA Insured) |
|
9,385 |
10,259 |
|
5.25% 2/1/19 (MBIA Insured) |
|
8,075 |
8,772 |
|
Series 2003 E: |
|
|
|
|
5.25% 2/1/15 (FGIC Insured) |
|
7,250 |
7,960 |
|
5.25% 2/1/17 (FGIC Insured) |
|
5,975 |
6,531 |
|
Series 2004 C: |
|
|
|
|
5.25% 2/1/14 |
|
6,000 |
6,663 |
|
5.5% 2/1/08 (Escrowed to Maturity) (d) |
|
310 |
329 |
|
Series 2005 A: |
|
|
|
|
5.125% 8/15/21 |
|
4,270 |
4,474 |
|
5.125% 8/15/21 (Pre-Refunded to 8/15/07 @ 101) (d) |
|
1,075 |
1,134 |
|
Series A: |
|
|
|
|
5.375% 11/15/21 |
|
2,900 |
3,196 |
|
5.5% 11/15/17 (FGIC Insured) |
|
6,725 |
7,532 |
|
5.5% 11/15/20 (FGIC Insured) |
|
9,000 |
10,025 |
|
5.75% 2/15/16 |
|
3,000 |
3,313 |
|
Series B: |
|
|
|
|
5.125% 11/1/14 |
|
360 |
385 |
|
5.25% 8/1/19 |
|
3,000 |
3,282 |
|
5.375% 2/1/15 |
|
3,000 |
3,317 |
|
Series C, 5.375% 2/1/17 |
|
1,000 |
1,095 |
|
Series D, 5.25% 2/1/20 (MBIA Insured) |
|
5,000 |
5,432 |
|
Niagara Falls City Niagara County Pub. Impt.: |
|
|
|
|
7.5% 3/1/08 (MBIA Insured) |
|
995 |
1,101 |
|
7.5% 3/1/10 (MBIA Insured) |
|
1,155 |
1,353 |
|
7.5% 3/1/11 (MBIA Insured) |
|
1,245 |
1,495 |
|
7.5% 3/1/16 (MBIA Insured) |
|
1,060 |
1,402 |
|
7.5% 3/1/17 (MBIA Insured) |
|
1,200 |
1,617 |
|
Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured) |
|
4,000 |
4,372 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series A, 5% 12/1/10 |
|
$ 1,095 |
$ 1,153 |
|
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) |
|
2,000 |
2,218 |
|
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 |
|
4,305 |
4,580 |
|
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) |
|
1,130 |
1,213 |
|
Tobacco Settlement Fing. Corp.: |
|
|
|
|
Series A1: |
|
|
|
|
5.25% 6/1/21 (AMBAC Insured) |
|
3,255 |
3,515 |
|
5.25% 6/1/22 (AMBAC Insured) |
|
5,300 |
5,715 |
|
5.5% 6/1/16 |
|
14,500 |
15,697 |
|
Series B1: |
|
|
|
|
5% 6/1/10 |
|
1,685 |
1,799 |
|
5% 6/1/11 |
|
1,375 |
1,475 |
|
Series C1: |
|
|
|
|
5% 6/1/11 |
|
3,280 |
3,336 |
|
5.5% 6/1/20 |
|
3,000 |
3,317 |
|
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: |
|
|
|
|
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) |
|
4,000 |
4,525 |
|
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) |
|
7,505 |
8,188 |
|
Triborough Bridge & Tunnel Auth. Revs.: |
|
|
|
|
Series 2002 A, 5.25% 1/1/19 |
|
1,100 |
1,189 |
|
Series 2005 A, 5.125% 1/1/22 |
|
5,290 |
5,633 |
|
Series A: |
|
|
|
|
5% 1/1/32 |
|
5,055 |
5,251 |
|
5% 1/1/32 (MBIA Insured) |
|
9,525 |
9,927 |
|
6% 1/1/11 (Escrowed to Maturity) (d) |
|
500 |
567 |
|
Series B: |
|
|
|
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
2,000 |
2,287 |
|
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) |
|
5,015 |
5,832 |
|
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) |
|
1,000 |
1,071 |
|
Series Y, 6% 1/1/12 (Escrowed to Maturity) (d) |
|
20,000 |
22,405 |
|
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) |
|
5,000 |
5,217 |
|
Municipal Bonds - continued |
||||
|
Principal |
Value (Note 1) |
||
New York - continued |
||||
Yonkers Gen. Oblig. Series 2001 A: |
|
|
|
|
5% 12/15/11 (AMBAC Insured) |
|
$ 1,415 |
$ 1,528 |
|
5% 12/15/12 (AMBAC Insured) |
|
1,245 |
1,344 |
|
|
1,361,385 |
|||
New York & New Jersey - 4.8% |
||||
Port Auth. of New York & New Jersey: |
|
|
|
|
120th Series: |
|
|
|
|
5.75% 10/15/11 (MBIA Insured) (c) |
|
15,000 |
15,919 |
|
5.75% 10/15/12 (MBIA Insured) (c) |
|
15,530 |
16,482 |
|
124th Series: |
|
|
|
|
5% 8/1/08 (c) |
|
4,875 |
5,091 |
|
5% 8/1/13 (FGIC Insured) (c) |
|
3,000 |
3,129 |
|
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) |
|
5,970 |
6,338 |
|
128th Series, 5% 11/1/19 (FSA Insured) |
|
7,200 |
7,764 |
|
134th Series, 5% 1/15/39 |
|
10,000 |
10,547 |
|
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (MBIA Insured) (c) |
|
5,000 |
5,743 |
|
|
71,013 |
|||
Puerto Rico - 0.6% |
||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000 |
3,379 |
|
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (d) |
|
2,175 |
2,398 |
|
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: |
|
|
|
|
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) |
|
1,500 |
1,676 |
|
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) |
|
1,000 |
1,150 |
|
|
8,603 |
|||
TOTAL MUNICIPAL BONDS (Cost $1,391,124) |
1,441,001 |
|||
Municipal Notes - 0.2% |
||||
Principal |
Value (Note 1) |
|||
New York - 0.2% |
||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 |
2,200 |
$ 2,201 |
||
TOTAL INVESTMENT PORTFOLIO - 97.4% (Cost $1,393,324) |
1,443,202 |
|||
NET OTHER ASSETS - 2.6% |
39,098 |
|||
NET ASSETS - 100% |
$ 1,482,300 |
Security Type Abbreviation |
BAN - BOND ANTICIPATION NOTE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
32.9% |
Special Tax |
13.9% |
Transportation |
14.0% |
Water & Sewer |
12.4% |
Escrowed/Pre-Refunded |
7.4% |
Education |
6.0% |
Health Care |
5.0% |
Others* (individually less than 5%) |
8.4% |
|
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, 2005 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (cost $1,393,324) - See accompanying schedule |
|
$ 1,443,202 |
Cash |
|
25,477 |
Receivable for investments sold |
|
11,051 |
Receivable for fund shares sold |
|
1,880 |
Interest receivable |
|
18,196 |
Prepaid expenses |
|
2 |
Other receivables |
|
67 |
Total assets |
|
1,499,875 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 9,959 |
|
Delayed delivery |
5,379 |
|
Payable for fund shares redeemed |
393 |
|
Distributions payable |
1,216 |
|
Accrued management fee |
461 |
|
Distribution fees payable |
24 |
|
Other affiliated payables |
119 |
|
Other payables and accrued expenses |
24 |
|
Total liabilities |
|
17,575 |
|
|
|
Net Assets |
|
$ 1,482,300 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,423,223 |
Distributions in excess of net investment income |
|
(38) |
Accumulated undistributed net realized gain (loss) on investments |
|
9,237 |
Net unrealized appreciation (depreciation) on investments |
|
49,878 |
Net Assets |
|
$ 1,482,300 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
July 31, 2005 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/95.25 of $13.01) |
|
$ 13.66 |
Class T: |
|
$ 13.01 |
|
|
|
Maximum offering price per share (100/96.50 of $13.01) |
|
$ 13.48 |
Class B: |
|
$ 13.00 |
|
|
|
Class C: |
|
$ 13.01 |
|
|
|
|
|
|
New York Municipal Income: |
|
$ 13.01 |
|
|
|
Institutional Class: |
|
$ 13.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands |
Six months ended July 31, 2005 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 31,819 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,725 |
|
Transfer agent fees |
528 |
|
Distribution fees |
137 |
|
Accounting fees and expenses |
148 |
|
Independent trustees' compensation |
3 |
|
Custodian fees and expenses |
11 |
|
Registration fees |
68 |
|
Audit |
28 |
|
Legal |
2 |
|
Miscellaneous |
8 |
|
Total expenses before reductions |
3,658 |
|
Expense reductions |
(196) |
3,462 |
Net investment income |
|
28,357 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities |
9,520 |
|
Futures contracts |
27 |
|
Swap agreements |
(39) |
|
Total net realized gain (loss) |
|
9,508 |
Change in net unrealized appreciation (depreciation) on investment securities |
|
(22,448) |
Net gain (loss) |
|
(12,940) |
Net increase (decrease) in net assets resulting from operations |
|
$ 15,417 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 28,357 |
$ 56,646 |
Net realized gain (loss) |
9,508 |
21,457 |
Change in net unrealized appreciation (depreciation) |
(22,448) |
(14,357) |
Net increase (decrease) in net assets resulting |
15,417 |
63,746 |
Distributions to shareholders from net investment income |
(28,300) |
(56,899) |
Distributions to shareholders from net realized gain |
(3,873) |
(19,161) |
Total distributions |
(32,173) |
(76,060) |
Share transactions - net increase (decrease) |
59,883 |
(7,102) |
Redemption fees |
6 |
20 |
Total increase (decrease) in net assets |
43,133 |
(19,396) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,439,167 |
1,458,563 |
End of period (including distributions in excess of net investment income of $38 and undistributed net investment income of $33, respectively) |
$ 1,482,300 |
$ 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.243 |
.504 |
.524 |
.277 |
Net realized and unrealized gain (loss) |
(.116) |
.101 |
.285 |
.194 |
Total from investment operations |
.127 |
.605 |
.809 |
.471 |
Distributions from net investment income |
(.242) |
(.507) |
(.523) |
(.271) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.277) |
(.685) |
(.809) |
(.441) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.98% |
4.72% |
6.25% |
3.59% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of voluntary waivers, |
.68% A |
.68% |
.67% |
.66% A |
Expenses net of all reductions |
.65% A |
.67% |
.66% |
.66% A |
Net investment income |
3.75% A |
3.85% |
3.93% |
4.17% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 6 |
$ 5 |
$ 3 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.237 |
.494 |
.509 |
.266 |
Net realized and unrealized gain (loss) |
(.115) |
.090 |
.296 |
.197 |
Total from investment operations |
.122 |
.584 |
.805 |
.463 |
Distributions from net investment income |
(.237) |
(.496) |
(.509) |
(.263) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.272) |
(.674) |
(.795) |
(.433) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C, D |
.94% |
4.55% |
6.21% |
3.53% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of voluntary waivers, |
.76% A |
.76% |
.78% |
.79% A |
Expenses net of all reductions |
.73% A |
.75% |
.77% |
.79% A |
Net investment income |
3.67% A |
3.77% |
3.82% |
4.04% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 2 |
$ 2 |
$ 2 |
$ 1 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.193 |
.405 |
.423 |
.226 |
Net realized and unrealized gain (loss) |
(.125) |
.100 |
.286 |
.193 |
Total from investment operations |
.068 |
.505 |
.709 |
.419 |
Distributions from net investment income |
(.193) |
(.407) |
(.423) |
(.219) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.228) |
(.585) |
(.709) |
(.389) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.52% |
3.93% |
5.45% |
3.19% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of voluntary waivers, |
1.45% A |
1.44% |
1.42% |
1.41% A |
Expenses net of all reductions |
1.42% A |
1.43% |
1.41% |
1.40% A |
Net investment income |
2.98% A |
3.09% |
3.18% |
3.42% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 10 |
$ 10 |
$ 10 |
$ 5 |
Portfolio turnover rate |
28% A |
22% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 F |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.24 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income E |
.187 |
.394 |
.410 |
.219 |
Net realized and unrealized gain (loss) |
(.115) |
.100 |
.286 |
.191 |
Total from investment operations |
.072 |
.494 |
.696 |
.410 |
Distributions from net investment income |
(.187) |
(.396) |
(.410) |
(.210) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.222) |
(.574) |
(.696) |
(.380) |
Redemption fees added to paid in capital E, H |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.01 |
$ 13.16 |
$ 13.24 |
$ 13.24 |
Total Return B, C, D |
.55% |
3.84% |
5.35% |
3.12% |
Ratios to Average Net Assets G |
|
|
|
|
Expenses before expense reductions |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of voluntary waivers, |
1.53% A |
1.52% |
1.51% |
1.51% A |
Expenses net of all reductions |
1.51% A |
1.51% |
1.51% |
1.51% A |
Net investment income |
2.90% A |
3.01% |
3.08% |
3.32% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) |
$ 19 |
$ 16 |
$ 13 |
$ 6 |
Portfolio turnover rate |
28% A |
22% |
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 - New York Municipal Income
|
Six months ended July 31, 2005 |
Years ended January 31, |
||||
|
(Unaudited) |
2005 |
2004 |
2003 |
2002 |
2001 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
$ 11.74 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.530 |
.549 |
.574 |
.584 F |
.614 |
Net realized and unrealized gain (loss) |
(.115) |
.091 |
.295 |
.506 |
.117 F |
1.030 |
Total from investment operations |
.140 |
.621 |
.844 |
1.080 |
.701 |
1.644 |
Distributions from net investment income |
(.255) |
(.533) |
(.548) |
(.570) |
(.581) |
(.604) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
- |
- |
Total distributions |
(.290) |
(.711) |
(.834) |
(.740) |
(.581) |
(.604) |
Redemption fees added to paid in capital |
- D, G |
- D, G |
- D, G |
- D, G |
- |
- |
Net asset value, |
$ 13.01 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 12.90 |
$ 12.78 |
Total Return B, C |
1.08% |
4.84% |
6.52% |
8.55% |
5.60% |
14.34% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before expense reductions |
.49% A |
.48% |
.49% |
.49% |
.49% |
.49% |
Expenses net of voluntary waivers, |
.49% A |
.48% |
.48% |
.49% |
.49% |
.49% |
Expenses net of all reductions |
.46% A |
.47% |
.48% |
.47% |
.44% |
.42% |
Net investment income |
3.94% A |
4.05% |
4.11% |
4.36% |
4.54% F |
4.96% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,444 |
$ 1,406 |
$ 1,428 |
$ 1,483 |
$ 1,332 |
$ 1,198 |
Portfolio turnover rate |
28% A |
22% |
24% |
22% |
12% |
23% |
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 July 31, 2005 |
Years ended January 31, |
||
|
(Unaudited) |
2005 |
2004 |
2003 E |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period |
$ 13.16 |
$ 13.25 |
$ 13.24 |
$ 13.21 |
Income from Investment Operations |
|
|
|
|
Net investment income D |
.253 |
.523 |
.550 |
.286 |
Net realized and unrealized gain (loss) |
(.124) |
.092 |
.296 |
.195 |
Total from investment operations |
.129 |
.615 |
.846 |
.481 |
Distributions from net investment income |
(.254) |
(.527) |
(.550) |
(.281) |
Distributions from net realized gain |
(.035) |
(.178) |
(.286) |
(.170) |
Total distributions |
(.289) |
(.705) |
(.836) |
(.451) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
Net asset value, end of period |
$ 13.00 |
$ 13.16 |
$ 13.25 |
$ 13.24 |
Total Return B, C |
.99% |
4.80% |
6.53% |
3.67% |
Ratios to Average Net Assets F |
|
|
|
|
Expenses before expense reductions |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of voluntary waivers, |
.50% A |
.53% |
.47% |
.53% A |
Expenses net of all reductions |
.48% A |
.52% |
.47% |
.53% A |
Net investment income |
3.93% A |
4.00% |
4.12% |
4.30% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) |
$ 812 |
$ 284 |
$ 161 |
$ 104 |
Portfolio turnover rate |
28% A |
22% |
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, 2005 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity New York Municipal Income Fund (the fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. On July 21, 2005, the Board of Trustees approved a change in the name of Spartan New York Municipal Income Fund to Fidelity New York Municipal Income Fund effective August 15, 2005. 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, 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income 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 each fund 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. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. 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 market discount, deferred trustees compensation and losses deferred due to wash sales and 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 |
$ 51,943 |
|
Unrealized depreciation |
(1,848) |
|
Net unrealized appreciation (depreciation) |
$ 50,095 |
|
Cost for federal income tax purposes |
$ 1,393,107 |
|
Semiannual Report
1. Significant Accounting Policies - continued
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.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates and currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
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. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact a fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Swap Agreements - continued
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 a fund's custodian in compliance with swap contracts.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $238,850 and $196,674, 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 .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.15% |
$ 5 |
$ - |
Class T |
0% |
.25% |
3 |
- |
Class B |
.65% |
.25% |
44 |
32 |
Class C |
.75% |
.25% |
85 |
29 |
|
|
|
$ 137 |
$ 61 |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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* |
14 |
Class C* |
- |
|
$ 19 |
* 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, 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 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 New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 3 |
.11* |
Class T |
1 |
.09* |
Class B |
6 |
.13* |
Class C |
9 |
.11* |
New York Municipal Income |
508 |
.07* |
Institutional Class |
1 |
.09* |
|
$ 528 |
|
* 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 and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11 and $122, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
|
Class C |
1 |
|
New York Municipal Income |
62 |
|
|
$ 63 |
|
Semiannual Report
7. Other.
The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 115 |
$ 216 |
Class T |
38 |
63 |
Class B |
145 |
306 |
Class C |
244 |
433 |
New York Municipal Income |
27,749 |
55,872 |
Institutional Class |
9 |
9 |
Total |
$ 28,300 |
$ 56,899 |
From net realized gain |
|
|
Class A |
$ 16 |
$ 80 |
Class T |
5 |
24 |
Class B |
27 |
133 |
Class C |
43 |
199 |
New York Municipal Income |
3,781 |
18,722 |
Institutional Class |
1 |
3 |
Total |
$ 3,873 |
$ 19,161 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. 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 |
75 |
161 |
$ 980 |
$ 2,105 |
Reinvestment of distributions |
8 |
18 |
105 |
233 |
Shares redeemed |
(48) |
(119) |
(627) |
(1,551) |
Net increase (decrease) |
35 |
60 |
$ 458 |
$ 787 |
Class T |
|
|
|
|
Shares sold |
43 |
50 |
$ 567 |
$ 655 |
Reinvestment of distributions |
3 |
5 |
33 |
69 |
Shares redeemed |
(17) |
(38) |
(223) |
(497) |
Net increase (decrease) |
29 |
17 |
$ 377 |
$ 227 |
Class B |
|
|
|
|
Shares sold |
46 |
98 |
$ 608 |
$ 1,286 |
Reinvestment of distributions |
10 |
25 |
125 |
327 |
Shares redeemed |
(53) |
(144) |
(691) |
(1,875) |
Net increase (decrease) |
3 |
(21) |
$ 42 |
$ (262) |
Class C |
|
|
|
|
Shares sold |
346 |
377 |
$ 4,516 |
$ 4,941 |
Reinvestment of distributions |
15 |
36 |
199 |
475 |
Shares redeemed |
(89) |
(210) |
(1,164) |
(2,742) |
Net increase (decrease) |
272 |
203 |
$ 3,551 |
$ 2,674 |
New York Municipal Income |
|
|
|
|
Shares sold |
10,296 |
14,900 |
$ 134,390 |
$ 195,817 |
Reinvestment of distributions |
1,827 |
4,350 |
23,813 |
56,974 |
Shares redeemed |
(7,924) |
(20,265) |
(103,283) |
(263,442) |
Net increase (decrease) |
4,199 |
(1,015) |
$ 54,920 |
$ (10,651) |
Institutional Class |
|
|
|
|
Shares sold |
40 |
13 |
$ 546 |
$ 176 |
Reinvestment of distributions |
1 |
1 |
7 |
7 |
Shares redeemed |
(1) |
(4) |
(18) |
(60) |
Net increase (decrease) |
40 |
10 |
$ 535 |
$ 123 |
Semiannual Report
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
Each year, typically in June, the Board of Trustees, including the independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders by Fidelity. At the time of the renewal, the Board had 11 standing committees, each composed of independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically during the first six months of each year and as necessary to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2005 meeting, the Board of Trustees, including the independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (1) the nature, extent, and quality of the services to be provided to the fund and its shareholders by Fidelity (including the investment performance of the fund); (2) the competitiveness of the management fee and total expenses of the fund; (3) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Fidelity Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying an additional sales charge. The Board noted that, since the last Advisory Contract renewals in June 2004, Fidelity has taken a number of actions that benefited particular funds, including (i) voluntarily deciding in 2004 to stop using "soft" commission dollars to pay for market data and, instead, to pay for that data out of its own resources, (ii) contractually agreeing to impose management fee reductions and expense limitations on its five Spartan stock index funds and its stock index fund available through variable insurance products, (iii) contractually agreeing to eliminate the management fees on the Fidelity Freedom Funds and the Fidelity Advisor Freedom Funds, (iv) contractually agreeing to reduce the management fees on most of its investment-grade taxable bond funds, and (v) contractually agreeing to impose expense limitations on its retail and Spartan investment-grade taxable bond funds.
Semiannual Report
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2004, as applicable, the returns of Class C and the retail class of the fund, the returns of a broad-based securities market index ("benchmark"), and a range of returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of Class C and the retail class represent the performance of classes with the highest and lowest 12b-1 fees, respectively (not necessarily with the highest and lowest total expenses). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the class indicated.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that the relative investment performance of the retail class of the fund has compared favorably to its Lipper peer group over time. The Board also noted that the relative investment performance of the retail class of the fund has compared favorably to its benchmark over time, although the fund's one-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 8% would mean that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile ("quadrant") in which the fund's management fee ranked, is also included in the chart and considered by the Board.
Semiannual Report
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2004. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board noted that each class's total expenses ranked below its competitive median for 2004.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that each class's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business. In addition, a special committee of the Board reviewed services provided to Fidelity by its affiliates and determined that the fees that Fidelity paid for such services were reasonable.
Semiannual Report
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information regarding (i) Fidelity's fund profitability methodology, including additional detail on various cost allocations; (ii) fall-out benefits to Fidelity; and (iii) compensation of portfolio managers and research analysts.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the existing advisory fee structures are fair and reasonable, and that the fund's existing Advisory Contracts should be renewed.
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 Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Citibank, N.A.
New York, NY
Custodian
Citibank, N.A.
New York, NY
ASNMI-USAN-0905
1.789729.102
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
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. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. 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 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. 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 12, 2005 |
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 12, 2005 |
By: |
/s/Timothy F. Hayes |
|
Timothy F. Hayes |
|
Chief Financial Officer |
|
|
Date: |
September 12, 2005 |
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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. 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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this 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 12, 2005
/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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. 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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this 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 12, 2005
/s/Timothy F. Hayes |
Timothy F. Hayes |
Chief Financial Officer |
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 12, 2005
/s/Christine Reynolds |
Christine Reynolds |
President and Treasurer |
Dated: September 12, 2005
/s/Timothy F. Hayes |
Timothy F. Hayes |
Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
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