UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3723
Fidelity New York Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | January 31, 2006 |
Item 1. Reports to Stockholders
Fidelity® New York Municipal Income Fund (formerly Spartan® New York Municipal Income Fund) |
Annual Report January 31, 2006 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx1x2.jpg)
Contents | ||||
Chairman’s Message | 4 | Ned Johnson’s message to shareholders. | ||
Performance | 5 | How the fund has done over time. | ||
Management’s Discussion | 6 | The managers’ review of fund | ||
performance, strategy and outlook. | ||||
Shareholder Expense | 7 | An example of shareholder expenses. | ||
Example | ||||
Investment Changes | 9 | A summary of major shifts in the fund’s | ||
investments over the past six months. | ||||
Investments | 10 | A complete list of the fund’s investments | ||
with their market values. | ||||
Financial Statements | 24 | Statements of assets and liabilities, | ||
operations, and changes in net assets, | ||||
as well as financial highlights. | ||||
Notes | 34 | Notes to the financial statements. | ||
Report of Independent | 42 | |||
Registered Public | ||||
Accounting Firm | ||||
Trustees and Officers | 44 | |||
Distributions | 55 | |||
Proxy Voting Results | 56 | |||
Board Approval of | 57 | |||
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 Commis sion’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. |
Annual Report |
2 |
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 Refer ence 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 hold ings, 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 fund nor Fidelity Distributors Corporation is a bank. |
3 Annual Report
Chairman’s Message
(photograph 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 every one 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 some one 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
Annual Report 4
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund’s dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of perfor mance each year. The $10,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns | ||||||
Periods ended January 31, 2006 | Past 1 | Past 5 | Past 10 | |||
year | years | years | ||||
NY Municipal Income | 2.27% | 5.54% | 5.64% |
$10,000 Over 10 Years
Let’s say hypothetically that $10,000 was invested in New York Municipal Income on January 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx5x1.jpg)
5 Annual Report
5
Management’s Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity® New York Municipal Income Fund
2005 marked the third consecutive year that municipal bonds outperformed the investment grade taxable bond market, a trend that continued through the first month of 2006. While both markets were pressured by the steadily rising federal funds rate and fears of inflation, short term Treasury yields rose and long term yields fell to a greater extent than in municipal bonds, and many investors were attracted to the yield differential between longer dated municipals and taxable investment grade debt. As rates fell in the long end of the municipal market, many issuers looked to refinance existing debt costs or finance new projects at better relative rates. This demand contributed to record high issuance for calendar year 2005. For the year ending January 31, 2006, the Lehman Brothers® Municipal Bond Index a performance measure of approximately 34,000 investment grade, fixed rate, tax exempt bonds rose 2.83% . In comparison, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, gained a more modest 1.80% .
New York Municipal Income returned 2.27% for the 12 months ending January 31, 2006. During the same period, the LipperSM New York Municipal Debt Funds Average returned 2.38% and the Lehman Brothers New York 4 Plus Year Enhanced Municipal Bond Index rose 2.91% . Strong demand for tax free investments and improved creditworthiness for many muni issuers across the state helped the New York muni market to perform roughly in line with the national market and to somewhat offset the negative effects of rising short term interest rates. The fund’s underperformance of the Lehman Brothers index and I suspect the Lipper peer group average stemmed from my decisions to avoid tobacco bonds and to underweight bonds issued by New York City. Both segments signifi cantly outperformed most other muni sectors during the period. In contrast, the fund’s performance was aided by its stake in bonds that were prerefunded during the period, a process that helped boost the bonds’ returns. Throughout the year, I kept the fund’s interest rate sensitivity in line with the New York municipal market as a whole, as measured by the Lehman Brothers index. That strategy had no material impact on the fund’s performance relative to the index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report |
6 6 |
Shareholder Expense Example
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 (August 1, 2005 to January 31, 2006).
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.
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class A | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.10 | $ | 3.34 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.88 | $ | 3.36 | ||||||
Class T | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.40 | $ | 3.75 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.48 | $ | 3.77 | ||||||
Class B | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.00 | $ | 7.18 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,018.05 | $ | 7.22 |
7 Annual Report
Shareholder Expense Example continued | ||||||||||||
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class C | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.80 | $ | 7.58 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | ||||||
New York Municipal Income | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
Institutional Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
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 184/365 (to reflect the one half year period).
Annualized | ||
Expense Ratio | ||
Class A | 66% | |
Class T | 74% | |
Class B | 1.42% | |
Class C | 1.50% | |
New York Municipal Income | 47% | |
Institutional Class | 47% |
Annual Report |
8 |
Investment Changes | ||||
Top Five Sectors as of January 31, 2006 | ||||
% of fund’s | % of fund’s net assets | |||
net assets | 6 months ago | |||
General Obligations | 33.5 | 32.9 | ||
Special Tax | 18.6 | 13.9 | ||
Water & Sewer | 11.0 | 12.4 | ||
Transportation | 10.4 | 14.0 | ||
Escrowed/Pre Refunded | 9.5 | 7.4 | ||
Average Years to Maturity as of January 31, 2006 | ||||
6 months ago | ||||
Years | 14.4 | 14.7 |
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 January 31, 2006 | ||||||
6 months ago | ||||||
Years | 6.7 | 6.7 |
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx9x1.jpg)
We have used ratings from Moody’s® Investors Services, Inc. Where Moody’s ratings are not available, we have used S&P® ratings.
9 Annual Report
Investments January 31, 2006 | ||||||||||
Showing Percentage of Net Assets | ||||||||||
Municipal Bonds 97.5% | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
Guam 0.1% | ||||||||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 6% | ||||||||||
7/1/25 | $ | 1,100 | $ | 1,185 | ||||||
New York – 91.4% | ||||||||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of | ||||||||||
Saint Rose Proj.) Series A: | ||||||||||
5% 7/1/10 (AMBAC Insured) | 600 | 637 | ||||||||
5% 7/1/11 (AMBAC Insured) | 500 | 535 | ||||||||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,486 | ||||||||
Battery Park City Auth. Rev. Series A: | ||||||||||
5.25% 11/1/16 | 2,000 | 2,187 | ||||||||
5.25% 11/1/17 | 1,400 | 1,525 | ||||||||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||||
(Bard College Civic Facility Proj.): | ||||||||||
5.5% 8/1/20 | 4,190 | 4,492 | ||||||||
5.75% 8/1/30 | 9,475 | 10,194 | ||||||||
(Vassar College Proj.) 5.35% 9/1/40 | 7,000 | 7,447 | ||||||||
Erie County Gen. Oblig. Series A: | ||||||||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,804 | ||||||||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,789 | ||||||||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,064 | ||||||||
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo | ||||||||||
City School District Proj.): | ||||||||||
Series 2003: | ||||||||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,874 | ||||||||
5.75% 5/1/19 (FSA Insured) | 1,500 | 1,652 | ||||||||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,539 | ||||||||
5.75% 5/1/21 (FSA Insured) | 1,755 | 1,927 | ||||||||
5.75% 5/1/22 (FSA Insured) | 4,900 | 5,375 | ||||||||
5.75% 5/1/23 (FSA Insured) | 1,000 | 1,096 | ||||||||
Series 2004: | ||||||||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,764 | ||||||||
5.75% 5/1/23 (FSA Insured) | 6,620 | 7,476 | ||||||||
5.75% 5/1/26 (FSA Insured) | 5,500 | 6,186 | ||||||||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & | ||||||||||
William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC | ||||||||||
Insured) | 3,485 | 3,777 | ||||||||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,067 | ||||||||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel | ||||||||||
Co. Proj.) 5% 12/1/10 | 7,000 | 7,224 | ||||||||
Metropolitan Trans. Auth. Commuter Facilities Rev. Series | ||||||||||
1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ | ||||||||||
100) (d) | 1,100 | 1,188 | ||||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||||
Annual Report | 10 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, | ||||||||
5.5% 11/15/26 (FSA Insured) (a) | $ | 13,575 | $ | 14,824 | ||||
Metropolitan Trans. Auth. Rev.: | ||||||||
Series 2002 A: | ||||||||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,481 | ||||||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,103 | ||||||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,102 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 1,700 | 1,870 | ||||||
5.75% 11/15/32 | 10,000 | 11,099 | ||||||
Series A: | ||||||||
5.125% 11/15/31 | 12,150 | 12,639 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,294 | ||||||
Series B: | ||||||||
5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,345 | ||||||
5.25% 11/15/32 | 5,000 | 5,281 | ||||||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,418 | ||||||
Series F, 5.25% 11/15/27 (MBIA Insured) | 3,000 | 3,210 | ||||||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||||||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 | ||||||||
(Escrowed to Maturity) (d) | 1,005 | 1,057 | ||||||
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) | 3,025 | 3,320 | ||||||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (d) . | 3,000 | 3,004 | ||||||
Series A: | ||||||||
5.5% 1/1/20 (MBIA Insured) | 8,000 | 8,758 | ||||||
5.5% 7/1/20 (MBIA Insured) | 3,000 | 3,284 | ||||||
Series B: | ||||||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,286 | ||||||
5.5% 7/1/23 (MBIA Insured) | 5,000 | 5,465 | ||||||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) | 3,000 | 3,276 | ||||||
Metropolitan Trans. Auth. Transit Facilities Rev.: | ||||||||
Series C, 4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ | ||||||||
100) (d) | 1,270 | 1,350 | ||||||
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) | 5,980 | 4,873 | ||||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 | ||||||||
(MBIA Insured) (c) | 1,000 | 1,056 | ||||||
Monroe County Gen. Oblig.: | ||||||||
6.5% 6/1/06 | 120 | 121 | ||||||
6.5% 6/1/07 (AMBAC Insured) | 50 | 52 | ||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(Highland Hosp. Proj.): | ||||||||
5% 8/1/11 | 1,510 | 1,575 | ||||||
5% 8/1/13 | 1,650 | 1,725 |
See accompanying notes which are an integral part of the financial statements.
11 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: - | ||||||||
continued | ||||||||
(Nazareth College Rochester Proj.) 5.25% 10/1/21 | ||||||||
(MBIA Insured) | $ | 1,000 | $ | 1,071 | ||||
Nassau County Gen. Oblig.: | ||||||||
Series U, 5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,226 | ||||||
Series Z, 5% 9/1/11 (FGIC Insured) | 3,000 | 3,176 | ||||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North | ||||||||
Shore Health Sys. Proj.): | ||||||||
Series 2001 A, 5.875% 11/1/11 | 145 | 153 | ||||||
Series 2001 B, 5.875% 11/1/11 | 1,000 | 1,059 | ||||||
Series 2001 C, 5.625% 11/1/10 | 620 | 645 | ||||||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,306 | ||||||
Nassau County Interim Fin. Auth. Series A, 5% | ||||||||
11/15/18 (AMBAC Insured) | 4,875 | 5,208 | ||||||
New York City Gen. Oblig.: | ||||||||
Series 1996 B, 6.5% 8/15/09 | 3,000 | 3,281 | ||||||
Series 1996 F, 5.75% 2/1/15 (Pre-Refunded to | ||||||||
2/1/06 @ 101.5) (d) | 495 | 502 | ||||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 5,000 | 5,646 | ||||||
Series 1997 L, 5.75% 8/1/12 | 1,910 | 1,989 | ||||||
Series 1998 H, 5.5% 8/1/12 | 8,230 | 8,633 | ||||||
Series 2000 A, 6.5% 5/15/11 | 2,540 | 2,838 | ||||||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,508 | ||||||
Series 2002 B, 5.75% 8/1/15 | 3,500 | 3,851 | ||||||
Series 2002 C, 5.5% 8/1/13 | 10,500 | 11,506 | ||||||
Series 2003 A: | ||||||||
5.5% 8/1/14 | 3,205 | 3,522 | ||||||
5.5% 8/1/20 (MBIA Insured) | 7,000 | 7,727 | ||||||
Series 2003 C, 5.25% 8/1/10 | 5,000 | 5,327 | ||||||
Series 2003 E: | ||||||||
5.25% 8/1/10 | 2,000 | 2,131 | ||||||
5.25% 8/1/11 | 6,245 | 6,706 | ||||||
5.25% 8/1/14 | 3,390 | 3,660 | ||||||
Series 2003 F: | ||||||||
5.5% 12/15/10 | 1,000 | 1,079 | ||||||
5.5% 12/15/11 | 3,700 | 4,028 | ||||||
Series 2003 I, 5.75% 3/1/16 | 3,000 | 3,321 | ||||||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,676 | ||||||
Series 2005 C, 5% 8/1/11 | 5,000 | 5,308 | ||||||
Series 2005 F, 5.25% 8/1/12 | 2,000 | 2,144 | ||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
Annual Report | 12 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series 2005 G: | ||||||||
5% 8/1/15 | $ | 8,200 | $ | 8,789 | ||||
5.25% 8/1/16 | 9,000 | 9,835 | ||||||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,318 | ||||||
Series 2005 J: | ||||||||
5% 3/1/11 | 5,825 | 6,159 | ||||||
5% 3/1/13 | 2,500 | 2,665 | ||||||
Series A: | ||||||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,465 | ||||||
6.25% 8/1/08 | 1,000 | 1,029 | ||||||
Series B: | ||||||||
5.75% 8/1/14 | 3,000 | 3,305 | ||||||
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ | ||||||||
101.5) (d) | 1,970 | 2,028 | ||||||
6.5% 8/15/11 | 1,000 | 1,134 | ||||||
7.5% 2/1/07 | 335 | 336 | ||||||
Series C: | ||||||||
5.75% 3/15/27 (FSA Insured) | 1,120 | 1,227 | ||||||
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ | ||||||||
100) (d) | 2,410 | 2,698 | ||||||
Series D: | ||||||||
5.25% 8/1/13 | 1,740 | 1,797 | ||||||
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) | 760 | 790 | ||||||
5.25% 8/1/21 (MBIA Insured) | 3,655 | 3,753 | ||||||
5.375% 8/1/17 | 1,750 | 1,811 | ||||||
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 750 | 781 | ||||||
5.5% 6/1/12 (FGIC Insured) | 1,850 | 2,037 | ||||||
Series E: | ||||||||
6% 8/1/11 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 140 | 144 | ||||||
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 195 | 201 | ||||||
6.5% 2/15/06 | 315 | 315 | ||||||
Series F, 6% 8/1/16 | 355 | 365 | ||||||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,759 | ||||||
Series H: | ||||||||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,994 | ||||||
6% 8/1/17 | 345 | 361 | ||||||
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) | 655 | 688 | ||||||
Series J: | ||||||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,526 |
See accompanying notes which are an integral part of the financial statements.
13 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series J: | ||||||||
5.875% 2/15/19 | $ | 15 | $ | 15 | ||||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ | ||||||||
101.5) (d) | 80 | 81 | ||||||
6.125% 8/1/12 | 60 | 63 | ||||||
6.125% 8/1/12 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 280 | 294 | ||||||
Subseries 2005 F1, 5.25% 9/1/14 | 3,000 | 3,268 | ||||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,843 | ||||||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,273 | ||||||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,727 | ||||||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,365 | ||||||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 | ||||||||
(AMBAC Insured) | 1,090 | 1,178 | ||||||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,389 | ||||||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan | ||||||||
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA | ||||||||
Insured) (c) | 2,070 | 2,136 | ||||||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. | ||||||||
(Terminal One Group Assoc. Proj.) 5% 1/1/08 (c) | 3,735 | 3,809 | ||||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||||||
Series 2000, 5.5% 6/15/33 (Pre-Refunded to | ||||||||
6/15/10 @ 101) (d) | 14,215 | 15,551 | ||||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 4,127 | ||||||
Series 2002 A, 5.125% 6/15/34 (FSA Insured) | 16,500 | 17,288 | ||||||
Series A: | ||||||||
5% 6/15/32 | 5,000 | 5,132 | ||||||
5.125% 6/15/34 (MBIA Insured) | 4,200 | 4,401 | ||||||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,341 | ||||||
5.375% 6/15/15 | 9,650 | 10,519 | ||||||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,622 | ||||||
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) | 16,500 | 18,624 | ||||||
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) | 145 | 145 | ||||||
Series G: | ||||||||
5.125% 6/15/32 | 3,000 | 3,112 | ||||||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,938 | ||||||
5.5% 6/15/33 (Pre-Refunded to 6/15/10 @ 101) (d) | 2,075 | 2,270 | ||||||
New York City Transitional Fin. Auth. Rev.: | ||||||||
Series 2002 A, 5.375% 11/15/21 | 3,850 | 4,178 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
14 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Transitional Fin. Auth. Rev.: – continued | ||||||||
Series A: | ||||||||
5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ | ||||||||
100) (d) | $ | 700 | $ | 774 | ||||
5.5% 11/15/20 (FGIC Insured) | 3,800 | 4,185 | ||||||
5.75% 2/15/16 | 85 | 92 | ||||||
New York City Trust Cultural Resources Rev. (Museum of | ||||||||
Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | ||||||||
(AMBAC Insured) | 3,200 | 3,352 | ||||||
New York Convention Ctr. Dev. Corp. Rev. 5% | ||||||||
11/15/44 (AMBAC Insured) | 55,500 | 57,401 | ||||||
New York State Dorm. Auth. Lease Rev.: | ||||||||
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. | ||||||||
Assurance, Inc. Insured) (b) | 10,000 | 10,808 | ||||||
Series A, 5.25% 5/15/10 | 3,440 | 3,658 | ||||||
New York State Dorm. Auth. Revs.: | ||||||||
(Champlain Valley Physicians Proj.): | ||||||||
6% 7/1/09 (AMBAC Insured) | 370 | 399 | ||||||
6% 7/1/10 (AMBAC Insured) | 250 | 274 | ||||||
(City Univ. Sys. Consolidation Proj.): | ||||||||
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) . | 4,300 | 4,779 | ||||||
Series A: | ||||||||
5.75% 7/1/13 | 6,000 | 6,572 | ||||||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,294 | ||||||
Series C, 7.5% 7/1/10 | 6,030 | 6,551 | ||||||
(Colgate Univ. Proj.): | ||||||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,217 | ||||||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,997 | ||||||
(Columbia Univ. Proj.): | ||||||||
Series 2001 A: | ||||||||
5.25% 7/1/13 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 1,000 | 1,095 | ||||||
5.25% 7/1/15 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 2,000 | 2,191 | ||||||
Series B, 5.375% 7/1/18 (Pre-Refunded to 7/1/12 | ||||||||
@ 100) (d) | 1,000 | 1,103 | ||||||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,264 | ||||||
(Long Island Jewish Med. Ctr. Proj.): | ||||||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,074 | ||||||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,162 | ||||||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA | ||||||||
Insured) | 2,175 | 1,850 |
See accompanying notes which are an integral part of the financial statements.
15 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Mental Health Svcs. Facilities Impt. Proj.): | ||||||||
Series A, 5.75% 8/15/11 (Pre-Refunded to | ||||||||
2/15/07 @ 102) (d) | $ | 10 | $ | 10 | ||||
Series B: | ||||||||
5.75% 2/15/11 | 2,535 | 2,644 | ||||||
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 | 939 | ||||||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||||||
5.8% 8/1/30 | 3,000 | 3,258 | ||||||
5.85% 8/1/40 | 9,500 | 10,325 | ||||||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 | ||||||||
(AMBAC Insured) | 575 | 579 | ||||||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 | ||||||||
(AMBAC Insured) | 3,020 | 3,078 | ||||||
(New York Univ. Proj.): | ||||||||
Series 2: | ||||||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 816 | ||||||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,838 | ||||||
5.5% 7/1/20 (AMBAC Insured) | 860 | 927 | ||||||
Series A: | ||||||||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,631 | ||||||
5.75% 7/1/27 (MBIA Insured) | 11,000 | 13,174 | ||||||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA | ||||||||
Insured) | 1,500 | 1,686 | ||||||
(Saint Joseph’s Hosp. Health Ctr. Proj.) 6% 7/1/08 | ||||||||
(MBIA Insured) | 1,260 | 1,329 | ||||||
(School District Fing. Prog.): | ||||||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,919 | ||||||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,636 | ||||||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,874 | ||||||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 561 | ||||||
(State Univ. Edl. Facilities Proj.): | ||||||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 5,000 | 5,476 | ||||||
Series B, 7.5% 5/15/11 | 1,915 | 2,121 | ||||||
(The Jamaica Hosp. Proj.) Series F: | ||||||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,778 | ||||||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,904 | ||||||
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 | ||||||||
(FGIC Insured) | 10,090 | 11,686 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
16 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Winthrop-South Nassau Univ. Health Sys. Oblig. | ||||||||
Group Proj.) Series A: | ||||||||
6% 7/1/14 | $ | 1,095 | $ | 1,197 | ||||
6% 7/1/15 | 1,160 | 1,266 | ||||||
6% 7/1/16 | 1,230 | 1,339 | ||||||
(Yeshiva Univ. Proj.) Series 2001: | ||||||||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,073 | ||||||
5.375% 7/1/13 (AMBAC Insured) | 800 | 862 | ||||||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,218 | ||||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 723 | ||||||
5.375% 7/1/17 (AMBAC Insured) | 370 | 399 | ||||||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to | ||||||||
5/15/10 @ 100) (d) | 1,135 | 1,290 | ||||||
Series 2000 C, 5.75% 5/15/17 (FSA Insured) | 3,000 | 3,482 | ||||||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,514 | ||||||
Series 2002 B: | ||||||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,105 | ||||||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,256 | ||||||
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to | ||||||||
3/15/13 @ 100) (d) | 2,000 | 2,209 | ||||||
Series 2005 B: | ||||||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,654 | ||||||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,900 | ||||||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,998 | ||||||
Series A, 5.5% 5/15/20 (AMBAC Insured) | 13,000 | 14,937 | ||||||
Series B: | ||||||||
5.25%, tender 5/15/12 (b) | 10,400 | 11,193 | ||||||
6%, tender 5/15/12 (b) | 11,000 | 12,263 | ||||||
5.5% 5/15/09 | 2,500 | 2,628 | ||||||
5.5% 7/1/16 (AMBAC Insured) | 725 | 746 | ||||||
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 | 543 | ||||||
Series C: | ||||||||
5.25% 7/15/16 | 2,340 | 2,548 | ||||||
5.25% 7/15/17 | 2,410 | 2,623 | ||||||
Series D: | ||||||||
5% 6/15/20 | 20,150 | 21,365 | ||||||
5.125% 6/15/31 | 6,900 | 7,245 | ||||||
5.375% 6/15/19 | 5,250 | 5,713 |
See accompanying notes which are an integral part of the financial statements.
17 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Envir. Facilities Corp. Clean Wtr. & | ||||||||
Drinking Wtr. Rev.: – continued | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series G, 5.25% 10/15/20 | $ | 1,255 | $ | 1,338 | ||||
(Pooled Fing. Prog.): | ||||||||
Series F: | ||||||||
5.25% 11/15/15 | 2,595 | 2,828 | ||||||
5.25% 11/15/16 | 3,770 | 4,108 | ||||||
Series I: | ||||||||
5.25% 9/15/15 | 2,085 | 2,268 | ||||||
5.25% 9/15/17 | 2,395 | 2,589 | ||||||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,637 | ||||||
Series B: | ||||||||
5.5% 10/15/20 | 3,805 | 4,407 | ||||||
5.5% 10/15/21 | 3,985 | 4,621 | ||||||
Series C: | ||||||||
5% 6/15/19 | 815 | 849 | ||||||
5.25% 6/15/16 | 3,500 | 3,755 | ||||||
Series F: | ||||||||
4.875% 6/15/18 | 1,735 | 1,791 | ||||||
4.875% 6/15/20 | 2,175 | 2,240 | ||||||
5% 6/15/15 | 1,295 | 1,353 | ||||||
5.25% 6/15/13 | 1,575 | 1,654 | ||||||
Series I, 5% 6/15/24 | 2,000 | 2,103 | ||||||
New York State Envir. Facilities Corp. Rev. Series A: | ||||||||
5.25% 1/1/21 (FGIC Insured) | 4,785 | 5,143 | ||||||
5.375% 1/1/16 (FGIC Insured) | 2,170 | 2,377 | ||||||
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 | 10,810 | ||||||
New York State Envir. Facilities Corp. State Wtr. Poll. | ||||||||
Cont. Revolving Fund Rev.: | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series 2002, 5.75% 6/15/11 | 455 | 505 | ||||||
Series A, 7% 6/15/12 | 190 | 190 | ||||||
Series C, 5.85% 7/15/15 | 30 | 31 | ||||||
Series E, 6.5% 6/15/14 | 130 | 130 | ||||||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,232 | ||||||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) | 1,105 | 1,194 | ||||||
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 | 1,834 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
18 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. | ||||||||
(Econ. Dev. & Hsg. Proj.) Series A: – continued | ||||||||
5.25% 9/15/16 (MBIA Insured) | $ | 1,780 | $ | 1,934 | ||||
5.25% 3/15/17 (MBIA Insured) | 2,240 | 2,416 | ||||||
5.25% 3/15/18 | 2,290 | 2,467 | ||||||
5.25% 3/15/19 | 2,480 | 2,664 | ||||||
5.25% 9/15/20 | 2,685 | 2,876 | ||||||
5.25% 3/15/21 | 2,230 | 2,381 | ||||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||||||
Series A, 5.25% 11/15/40 | 25,860 | 27,195 | ||||||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) | 75 | 78 | ||||||
New York State Thruway Auth. Gen. Rev.: | ||||||||
Series 2005 G, 5.25% 1/1/27 (FSA Insured) | 4,370 | 4,738 | ||||||
Series E: | ||||||||
5.25% 1/1/12 | 4,695 | 4,899 | ||||||
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) | 715 | 748 | ||||||
New York State Thruway Auth. Hwy. & Bridge Trust Fund | ||||||||
Series B, 5.5% 4/1/20 (AMBAC Insured) | 10,000 | 11,481 | ||||||
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 | 5,529 | ||||||
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) | 5,460 | 6,037 | ||||||
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) | 3,500 | 3,870 | ||||||
New York State Thruway Auth. Svc. Contract Rev.: | ||||||||
5.5% 4/1/14 | 11,700 | 12,783 | ||||||
5.5% 4/1/15 | 6,200 | 6,770 | ||||||
5.5% 4/1/16 | 3,665 | 4,006 | ||||||
6% 4/1/11 | 1,605 | 1,685 | ||||||
New York State Urban Dev. Corp. Correctional Youth | ||||||||
Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) | 2,000 | 2,158 | ||||||
New York State Urban Dev. Corp. Rev.: | ||||||||
(Sports Facilities Assistance Prog.) Series A, 6.25% | ||||||||
4/1/06 (MBIA Insured) | 15 | 15 | ||||||
(State Facilities and Equip. Proj.) Series 2004 A2: | ||||||||
5.5% 3/15/19 (MBIA Insured) | 1,230 | 1,409 | ||||||
5.5% 3/15/22 (MBIA Insured) | 15,000 | 17,343 | ||||||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,516 | ||||||
Series B, 5.25% 3/15/15 (MBIA Insured) | 1,800 | 1,958 | ||||||
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 | ||||||||
@ 100) (d) | 3,000 | 3,347 | ||||||
5% 1/1/14 (FSA Insured) | 5,000 | 5,417 |
See accompanying notes which are an integral part of the financial statements.
19 Annual Report
Investments continued | ||||||||||
Municipal Bonds continued | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
New York – continued | ||||||||||
New York Thruway Auth. Second Gen. Hwy. & Bridge | ||||||||||
Trust Fund Series A, 5.25% 4/1/23 (Pre-Refunded to | ||||||||||
4/1/13 @ 100) (d) | $ | 3,050 | $ | 3,357 | ||||||
New York Transitional Fin. Auth. Rev.: | ||||||||||
Series 2000 C, 5.5% 11/1/20 (Pre-Refunded to | ||||||||||
5/1/10 @ 101) (d) | 300 | 327 | ||||||||
Series 2003 D: | ||||||||||
5% 2/1/31 | 20,025 | 20,656 | ||||||||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,154 | ||||||||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,691 | ||||||||
Series 2003 E: | ||||||||||
5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,876 | ||||||||
5.25% 2/1/17 (FGIC Insured) | 5,975 | 6,465 | ||||||||
Series 2004 C: | ||||||||||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,634 | ||||||||
5.25% 2/1/14 | 6,000 | 6,595 | ||||||||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,445 | ||||||||
Series B: | ||||||||||
5.125% 11/1/14 (Pre-Refunded to 5/1/09 @ | ||||||||||
101) (d) | 360 | 383 | ||||||||
5.25% 8/1/19 | 3,000 | 3,253 | ||||||||
5.375% 2/1/15 | 3,000 | 3,275 | ||||||||
Series C, 5.375% 2/1/17 | 1,000 | 1,085 | ||||||||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,381 | ||||||||
Niagara Falls City Niagara County Pub. Impt.: | ||||||||||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,079 | ||||||||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,325 | ||||||||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,468 | ||||||||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,379 | ||||||||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,595 | ||||||||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. | ||||||||||
Assurance, Inc. Insured) | 1,000 | 1,100 | ||||||||
Sales Tax Asset Receivables Corp. Series A, 5.25% | ||||||||||
10/15/27 (AMBAC Insured) | 4,055 | 4,368 | ||||||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. | ||||||||||
Proj.) Series A, 5% 12/1/10 | 1,095 | 1,140 | ||||||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union | ||||||||||
College Proj.) Series A, 5.625% 7/1/31 (AMBAC | ||||||||||
Insured) | 2,000 | 2,197 | ||||||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. | ||||||||||
(Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,541 | ||||||||
Taconic Hills Central School District at Craryville 5% | ||||||||||
6/15/16 (FGIC Insured) | 1,130 | 1,205 | ||||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||||
Annual Report | 20 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Tobacco Settlement Fing. Corp.: | ||||||||
Series A1: | ||||||||
5.25% 6/1/21 (AMBAC Insured) | $ | 3,255 | $ | 3,500 | ||||
5.25% 6/1/22 (AMBAC Insured) | 5,300 | 5,682 | ||||||
5.5% 6/1/14 | 7,000 | 7,413 | ||||||
5.5% 6/1/16 | 14,500 | 15,510 | ||||||
Series B1: | ||||||||
5% 6/1/10 | 1,685 | 1,769 | ||||||
5% 6/1/11 | 1,525 | 1,611 | ||||||
Series C1: | ||||||||
5% 6/1/11 | 3,280 | 3,299 | ||||||
5.5% 6/1/15 | 3,000 | 3,213 | ||||||
5.5% 6/1/17 | 3,000 | 3,245 | ||||||
5.5% 6/1/20 | 3,000 | 3,285 | ||||||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) | ||||||||
Series E: | ||||||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,444 | ||||||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 6,215 | 6,730 | ||||||
Triborough Bridge & Tunnel Auth. Revs.: | ||||||||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,178 | ||||||
Series 2005 A, 5.125% 1/1/22 | 5,290 | 5,595 | ||||||
Series A: | ||||||||
5% 1/1/32 | 765 | 791 | ||||||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,503 | ||||||
6% 1/1/11 (Escrowed to Maturity) (d) | 500 | 557 | ||||||
Series B: | ||||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) | 5,015 | 5,776 | ||||||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) | 825 | 876 | ||||||
Series Y: | ||||||||
6% 1/1/12 (Escrowed to Maturity) (d) | 20,000 | 21,969 | ||||||
6.125% 1/1/21 (Escrowed to Maturity) (d) | 3,200 | 3,858 | ||||||
Upper Mohawk Valley Reg’l. Wtr. Fin. Auth. Wtr. Sys. | ||||||||
Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,175 | ||||||
Yonkers Gen. Oblig. Series 2001 A: | ||||||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,507 | ||||||
5% 12/15/12 (Pre-Refunded to 6/15/10 @ 100) (d) . | 1,245 | 1,326 | ||||||
1,326,004 |
See accompanying notes which are an integral part of the financial statements.
21 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York & New Jersey – 5.3% | ||||||||
Port Auth. of New York & New Jersey: | ||||||||
120th Series: | ||||||||
5.75% 10/15/11 (MBIA Insured) (c) | $ | 15,000 | $ | 15,670 | ||||
5.75% 10/15/12 (MBIA Insured) (c) | 15,530 | 16,224 | ||||||
124th Series: | ||||||||
5% 8/1/08 (c) | 4,875 | 5,034 | ||||||
5% 8/1/13 (FGIC Insured) (c) | 3,000 | 3,104 | ||||||
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) | 5,970 | 6,288 | ||||||
128th Series, 5% 11/1/19 (FSA Insured) | 7,200 | 7,681 | ||||||
134th Series, 5% 1/15/39 | 10,000 | 10,324 | ||||||
Series 85, 5.375% 3/1/28 | 6,200 | 6,996 | ||||||
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 | 5,676 | ||||||
76,997 | ||||||||
Puerto Rico 0.7% | ||||||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. | ||||||||
Rev. Series 1998, 5.75% 7/1/22 (CIFG North | ||||||||
America Insured) | 3,000 | 3,332 | ||||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | ||||||||
Series 2000 A, 5.5% 10/1/32 (Escrowed to | ||||||||
Maturity) (d) | 2,175 | 2,357 | ||||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,643 | ||||||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,130 | ||||||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% | ||||||||
8/1/17 (FSA Insured) | 1,000 | 1,118 | ||||||
9,580 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $1,384,963) | 1,413,766 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
22 |
Municipal Notes 0.1% | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
New York – 0.1% | ||||||||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 | ||||||||||
(Cost $2,200) | $ | 2,200 | $ | 2,196 | ||||||
TOTAL INVESTMENT PORTFOLIO 97.6% | ||||||||||
(Cost $1,387,163) | 1,415,962 | |||||||||
NET OTHER ASSETS – 2.4% | 34,620 | |||||||||
NET ASSETS 100% | $ | 1,450,582 |
Futures Contracts | ||||||||||
Expiration | Underlying | Unrealized | ||||||||
Date | Face Amount | Appreciation/ | ||||||||
at Value (000s) | (Depreciation) | |||||||||
(000s) | ||||||||||
Purchased | ||||||||||
Treasury Contracts | ||||||||||
90 U.S. Treasury 10-Year Bond Contracts | March 2006 | $ | 9,759 | $ | 13 |
The face value of futures purchased as a percentage of net assets – 0.7%
Security Type Abbreviation |
BAN — BOND ANTICIPATION NOTE |
Legend (a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $273,000. (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 | 33.5% | |
Special Tax | 18.6% | |
Water & Sewer | 11.0% | |
Transportation | 10.4% | |
Escrowed/Pre Refunded | 9.5% | |
Education | 6.1% | |
Others* (individually less than 5%) | 10.9% | |
100.0% | ||
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
23 Annual Report
Financial Statements | ||||||||
Statement of Assets and Liabilities | ||||||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||||||
Assets | ||||||||
Investment in securities, at value See accompanying | ||||||||
schedule: | ||||||||
Unaffiliated issuers (cost $1,387,163) | $ | 1,415,962 | ||||||
Cash | 21,806 | |||||||
Receivable for fund shares sold | 1,018 | |||||||
Interest receivable | 18,598 | |||||||
Prepaid expenses | 6 | |||||||
Other receivables | 36 | |||||||
Total assets | 1,457,426 | |||||||
Liabilities | ||||||||
Payable for investments purchased | $ | 4,052 | ||||||
Payable for fund shares redeemed | 904 | |||||||
Distributions payable | 1,249 | |||||||
Accrued management fee | 449 | |||||||
Distribution fees payable | 26 | |||||||
Payable for daily variation on futures contracts | 4 | |||||||
Other affiliated payables | 116 | |||||||
Other payables and accrued expenses | 44 | |||||||
Total liabilities | 6,844 | |||||||
Net Assets | $ | 1,450,582 | ||||||
Net Assets consist of: | ||||||||
Paid in capital | $ | 1,413,530 | ||||||
Undistributed net investment income | 215 | |||||||
Accumulated undistributed net realized gain (loss) on | ||||||||
investments | 8,025 | |||||||
Net unrealized appreciation (depreciation) on | ||||||||
investments | 28,812 | |||||||
Net Assets | $ | 1,450,582 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
24 |
Statement of Assets and Liabilities continued | ||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||
Calculation of Maximum Offering Price | ||||
Class A: | ||||
Net Asset Value and redemption price per share ($6,082 | ||||
÷ 474.676 shares) | $ | 12.81 | ||
Maximum offering price per share (100/95.25 of $12.81) | $ | 13.45 | ||
Class T: | ||||
Net Asset Value and redemption price per share ($3,032 | ||||
÷ 236.415 shares) | $ | 12.82 | ||
Maximum offering price per share (100/96.50 of $12.82) | $ | 13.28 | ||
Class B: | ||||
Net Asset Value and offering price per share ($9,647 ÷ | ||||
752.962 shares)A | $ | 12.81 | ||
Class C: | ||||
Net Asset Value and offering price per share ($20,251 | ||||
÷ 1,580.312 shares)A | $ | 12.81 | ||
New York Municipal Income: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($1,410,672 ÷ 110,055.097 shares) | $ | 12.82 | ||
Institutional Class: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($898 ÷ 70.118 shares) | $ | 12.81 | ||
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.
25 Annual Report
Financial Statements continued | ||||||
Statement of Operations | ||||||
Amounts in thousands | Year ended January 31, 2006 | |||||
Investment Income | ||||||
Interest | $ | 63,956 | ||||
Expenses | ||||||
Management fee | $ | 5,462 | ||||
Transfer agent fees | 1,057 | |||||
Distribution fees | 286 | |||||
Accounting fees and expenses | 297 | |||||
Independent trustees’ compensation | 7 | |||||
Custodian fees and expenses | 23 | |||||
Registration fees | 79 | |||||
Audit | 54 | |||||
Legal | 17 | |||||
Miscellaneous | 12 | |||||
Total expenses before reductions | 7,294 | |||||
Expense reductions | (369) | 6,925 | ||||
Net investment income | 57,031 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | 18,479 | |||||
Futures contracts | (66) | |||||
Swap agreements | (39) | |||||
Total net realized gain (loss) | 18,374 | |||||
Change in net unrealized appreciation (depreciation) on: | ||||||
Investment securities | (43,527) | |||||
Futures contracts | 13 | |||||
Total change in net unrealized appreciation | ||||||
(depreciation) | (43,514) | |||||
Net gain (loss) | (25,140) | |||||
Net increase (decrease) in net assets resulting from | ||||||
operations | $ | 31,891 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
26 |
Statement of Changes in Net Assets | ||||||||
Year ended | Year ended | |||||||
January 31, | January 31, | |||||||
Amounts in thousands | 2006 | 2005 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income | $ | 57,031 | $ | 56,646 | ||||
Net realized gain (loss) | 18,374 | 21,457 | ||||||
Change in net unrealized appreciation (depreciation) . | (43,514) | (14,357) | ||||||
Net increase (decrease) in net assets resulting | ||||||||
from operations | 31,891 | 63,746 | ||||||
Distributions to shareholders from net investment income . | (56,725) | (56,899) | ||||||
Distributions to shareholders from net realized gain | (14,006) | (19,161) | ||||||
Total distributions | (70,731) | (76,060) | ||||||
Share transactions - net increase (decrease) | 50,246 | (7,102) | ||||||
Redemption fees | 9 | 20 | ||||||
Total increase (decrease) in net assets | 11,415 | (19,396) | ||||||
Net Assets | ||||||||
Beginning of period | 1,439,167 | 1,458,563 | ||||||
End of period (including undistributed net investment | ||||||||
income of $215 and undistributed net investment | ||||||||
income of $33, respectively) | $ | 1,450,582 | $ | 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
27 Annual Report
Financial Highlights Class A | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 483 | .504 | .524 | .277 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .101 | .285 | .194 | ||||||||||||
Total from investment operations | 256 | .605 | .809 | .471 | ||||||||||||
Distributions from net investment income | (.481) | (.507) | (.523) | (.271) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.606) | (.685) | (.809) | (.441) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 2.00% | 4.72% | 6.25% | 3.59% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of fee waivers, if any | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of all reductions | 64% | .67% | .66% | .66%A | ||||||||||||
Net investment income | 3.73% | 3.85% | 3.93% | 4.17%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 6 | $ | 6 | $ | 5 | $ | 3 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
28 |
Financial Highlights Class T | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 472 | .494 | .509 | .266 | ||||||||||||
Net realized and unrealized gain (loss) | (.217) | .090 | .296 | .197 | ||||||||||||
Total from investment operations | 255 | .584 | .805 | .463 | ||||||||||||
Distributions from net investment income | (.470) | (.496) | (.509) | (.263) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.595) | (.674) | (.795) | (.433) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.99% | 4.55% | 6.21% | 3.53% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of fee waivers, if any | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of all reductions | 72% | .75% | .77% | .79%A | ||||||||||||
Net investment income | 3.65% | 3.77% | 3.82% | 4.04%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 3 | $ | 2 | $ | 2 | $ | 1 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
29 Annual Report
Financial Highlights Class B | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 384 | .405 | .423 | .226 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .100 | .286 | .193 | ||||||||||||
Total from investment operations | 157 | .505 | .709 | .419 | ||||||||||||
Distributions from net investment income | (.382) | (.407) | (.423) | (.219) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.507) | (.585) | (.709) | (.389) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.22% | 3.93% | 5.45% | 3.19% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of fee waivers, if any | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of all reductions | 1.41% | 1.43% | 1.41% | 1.40%A | ||||||||||||
Net investment income | 2.96% | 3.09% | 3.18% | 3.42%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 10 | $ | 10 | $ | 10 | $ | 5 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
30 |
Financial Highlights Class C | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 373 | .394 | .410 | .219 | ||||||||||||
Net realized and unrealized gain (loss) | (.228) | .100 | .286 | .191 | ||||||||||||
Total from investment operations | 145 | .494 | .696 | .410 | ||||||||||||
Distributions from net investment income | (.370) | (.396) | (.410) | (.210) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.495) | (.574) | (.696) | (.380) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.14% | 3.84% | 5.35% | 3.12% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of fee waivers, if any | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of all reductions | 1.49% | 1.51% | 1.51% | 1.51%A | ||||||||||||
Net investment income | 2.88% | 3.01% | 3.08% | 3.32%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 20 | $ | 16 | $ | 13 | $ | 6 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
31 Annual Report
Financial Highlights New York Municipal Income | ||||||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, beginning of | ||||||||||||||||||||
period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | $ | 12.78 | ||||||||||
Income from Investment | ||||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment incomeB | 508 | .530 | .549 | .574 | .584 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss) | (.217) | .091 | .295 | .506 | .117 | |||||||||||||||
Total from investment operations | 291 | .621 | .844 | 1.080 | .701 | |||||||||||||||
Distributions from net investment | ||||||||||||||||||||
income | (.506) | (.533) | (.548) | (.570) | (.581) | |||||||||||||||
Distributions from net realized | ||||||||||||||||||||
gain | (.125) | (.178) | (.286) | (.170) | — | |||||||||||||||
Total distributions | (.631) | (.711) | (.834) | (.740) | (.581) | |||||||||||||||
Redemption fees added to paid in | ||||||||||||||||||||
capital | —B,D | —B,D | —B,D | —B,D | — | |||||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | ||||||||||
Total ReturnA | 2.27% | 4.84% | 6.52% | 8.55% | 5.60% | |||||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||
Expenses before reductions | 48% | .48% | .49% | .49% | .49% | |||||||||||||||
Expenses net of fee waivers, if | ||||||||||||||||||||
any | 48% | .48% | .48% | .49% | .49% | |||||||||||||||
Expenses net of all reductions | 45% | .47% | .48% | .47% | .44% | |||||||||||||||
Net investment income | 3.92% | 4.05% | 4.11% | 4.36% | 4.54% | |||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||
(in millions) | $ | 1,411 | $ | 1,406 | $ | 1,428 | $ | 1,483 | $ | 1,332 | ||||||||||
Portfolio turnover rate | 28% | 22% | 24% | 22% | 12% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Calculated based on average shares outstanding during the period. C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Ex penses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange ments. Expenses net of all reductions represent the net expenses paid by the class. D Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
32 |
Financial Highlights Institutional Class | ||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003E | ||||||||||
Selected Per Share Data | ||||||||||||||
Net asset value, beginning of period | $ 13.16 | $ 13.25 | $ 13.24 | $ 13.21 | ||||||||||
Income from Investment Operations | ||||||||||||||
Net investment incomeD | 506 | .523 | .550 | .286 | ||||||||||
Net realized and unrealized gain (loss) | (.227) | .092 | .296 | .195 | ||||||||||
Total from investment operations | 279 | .615 | .846 | .481 | ||||||||||
Distributions from net investment income | (.504) | (.527) | (.550) | (.281) | ||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||
Total distributions | (.629) | (.705) | (.836) | (.451) | ||||||||||
Redemption fees added to paid in capitalD,G | — | — | — | — | ||||||||||
Net asset value, end of period | $ 12.81 | $ 13.16 | $ 13.25 | $ 13.24 | ||||||||||
Total ReturnB,C | 2.18% | 4.80% | 6.53% | 3.67% | ||||||||||
Ratios to Average Net AssetsF | ||||||||||||||
Expenses before reductions | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of fee waivers, if any | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of all reductions | 46% | .52% | .47% | .53%A | ||||||||||
Net investment income | 3.91% | 4.00% | 4.12% | 4.30%A | ||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000 omitted) | $ 898 | $ 284 | $ 161 | $ 104 | ||||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
33 Annual Report
Notes to Financial Statements
For the period ended January 31, 2006 (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 privi leges. 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 ex pense 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 manage ment 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. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accor dance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Invest ments in open end mutual funds are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Annual Report |
34 |
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. Distribu tions 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 will claim 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 futures, market discount, and deferred trustees compensation and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ | 33,164 | ||||
Unrealized depreciation | (4,143) | |||||
Net unrealized appreciation (depreciation) | 29,021 | |||||
Undistributed ordinary income | 72 | |||||
Undistributed long term capital gain | 6,827 | |||||
Cost for federal income tax purposes | $ | 1,386,941 | ||||
35 | Annual Report |
Notes to Financial Statements continued | ||||
(Amounts in thousands except ratios) | ||||
1. Significant Accounting Policies continued | ||||
Income Tax Information and Distributions to Shareholders continued |
The tax character of distributions paid was as follows:
January 31, 2006 | January 31, 2005 | |||||||
Tax exempt Income | $ | 56,725 | $ | 56,899 | ||||
Ordinary Income | 563 | — | ||||||
Long term Capital Gains | 13,443 | 19,161 | ||||||
Total | $ | 70,731 | $ | 76,060 |
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.
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond markets and to fluctuations in interest rates. 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. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption ”Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. 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 closings of the futures con tracts. 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.
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.
Annual Report 36
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and U.S. government securities, aggregated $430,952 and $399,687, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee. The manage ment 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 annual man agement fee rate was ..37% 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 | |||||||||
Fee | Fee | FDC | by FDC | |||||||||
Class A | 0% | .15% | $ | 9 | $ | — | ||||||
Class T | 0% | .25% | 6 | — | ||||||||
Class B | 65% | .25% | 88 | 64 | ||||||||
Class C | 75% | .25% | 183 | 59 | ||||||||
$ | 286 | $ | 123 |
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 intermedi aries 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.
37 Annual Report
Notes to Financial Statements continued | ||||
(Amounts in thousands except ratios) | ||||
4. Fees and Other Transactions with Affiliates continued | ||||
Sales Load continued | ||||
For the period, sales charge amounts retained by FDC were as follows: | ||||
Retained | ||||
by FDC | ||||
Class A | $ | 5 | ||
Class T | 3 | |||
Class B* | 29 | |||
Class C* | 1 | |||
$ | 38 |
* 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 pay ments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
% of | ||||||
Average | ||||||
Amount | Net Assets | |||||
Class A | $ | 7 | .11 | |||
Class T | 2 | .09 | ||||
Class B | 12 | .13 | ||||
Class C | 20 | .11 | ||||
New York Municipal Income | 1,015 | .07 | ||||
Institutional Class | 1 | .08 | ||||
$ | 1,057 |
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.
Annual Report |
38 |
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 share holder 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 $23 and $227, respectively. During the period, credits reduced each class’ transfer agent expense as noted in the table below.
Transfer Agent | ||||
expense reduction | ||||
Class B | $ | 1 | ||
Class C | 1 | |||
New York Municipal Income | 117 | |||
$ | 119 | |||
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 perfor mance 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.
39 Annual Report
Notes to Financial Statements continued | ||||||||||||
(Amounts in thousands except ratios) | ||||||||||||
8. Distributions to Shareholders. | ||||||||||||
Distributions to shareholders of each class were as follows: | ||||||||||||
Years ended January 31, | ||||||||||||
2006 | 2005 | |||||||||||
From net investment income | ||||||||||||
Class A | $ | 232 | $ | 216 | ||||||||
Class T | 83 | 63 | ||||||||||
Class B | 288 | 306 | ||||||||||
Class C | 520 | 433 | ||||||||||
New York Municipal Income | 55,581 | 55,872 | ||||||||||
Institutional Class | 21 | 9 | ||||||||||
Total | $ | 56,725 | $ | 56,899 | ||||||||
From net realized gain | ||||||||||||
Class A | $ | 60 | $ | 80 | ||||||||
Class T | 24 | 24 | ||||||||||
Class B | 95 | 133 | ||||||||||
Class C | 183 | 199 | ||||||||||
New York Municipal Income | 13,639 | 18,722 | ||||||||||
Institutional Class | 5 | 3 | ||||||||||
Total | $ | 14,006 | $ | 19,161 | ||||||||
9. Share Transactions. | ||||||||||||
Transactions for each class of shares were as follows: | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class A | ||||||||||||
Shares sold | 99 | 161 | $ | 1,281 | $ | 2,105 | ||||||
Reinvestment of | ||||||||||||
distributions | 18 | 18 | 237 | 233 | ||||||||
Shares redeemed | (103) | (119) | (1,332) | (1,551) | ||||||||
Net increase (decrease) . | 14 | 60 | $ | 186 | $ | 787 | ||||||
Class T | ||||||||||||
Shares sold | 117 | 50 | $ | 1,507 | $ | 655 | ||||||
Reinvestment of | ||||||||||||
distributions | 6 | 5 | 84 | 69 | ||||||||
Shares redeemed | (29) | (38) | (383) | (497) | ||||||||
Net increase (decrease) . | 94 | 17 | $ | 1,208 | $ | 227 | ||||||
Class B | ||||||||||||
Shares sold | 93 | 98 | $ | 1,205 | $ | 1,286 | ||||||
Reinvestment of | ||||||||||||
distributions | 21 | 25 | 275 | 327 | ||||||||
Shares redeemed | (111) | (144) | (1,440) | (1,875) | ||||||||
Net increase (decrease) . | 3 | (21) | $ | 40 | $ | (262) | ||||||
Annual Report | 40 |
9. Share Transactions - continued | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class C | ||||||||||||
Shares sold | 546 | 377 | $ | 7,087 | $ | 4,941 | ||||||
Reinvestment of | ||||||||||||
distributions | 34 | 36 | 445 | 475 | ||||||||
Shares redeemed | (180) | (210) | (2,335) | (2,742) | ||||||||
Net increase (decrease) . | 400 | 203 | $ | 5,197 | $ | 2,674 | ||||||
New York Municipal | ||||||||||||
Income | ||||||||||||
Shares sold | 18,716 | 14,900 | $ | 243,049 | $ | 195,817 | ||||||
Reinvestment of | ||||||||||||
distributions | 4,020 | 4,350 | 52,037 | 56,974 | ||||||||
Shares redeemed | (19,479) | (20,265) | (252,103) | (263,442) | ||||||||
Net increase (decrease) . | 3,257 | (1,015) | $ | 42,983 | $ | (10,651) | ||||||
Institutional Class | ||||||||||||
Shares sold | 78 | 13 | $ | 1,018 | $ | 176 | ||||||
Reinvestment of | ||||||||||||
distributions | 1 | 1 | 17 | 7 | ||||||||
Shares redeemed | (31) | (4) | (403) | (60) | ||||||||
Net increase (decrease) . | 48 | 10 | $ | 632 | $ | 123 |
41 Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund):
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund) (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments as of January 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s manage ment. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures in cluded confirmation of securities owned as of January 31, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Boston, Massachusetts March 14, 2006 |
Annual Report 42
Trustees and Officers
The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, and review the fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr, each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 251 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instru ment signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*: |
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation Edward C. Johnson 3d (75) |
Year of Election or Appointment: 1983
Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Research & Analysis Company; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.
Annual Report |
44 |
Name, Age; Principal Occupation Stephen P. Jonas (53) |
Year of Election or Appointment: 2005
Mr. Jonas is Senior Vice President of New York Municipal Income (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Adminis trative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).
Robert L. Reynolds (53) |
Year of Election or Appointment: 2003
Mr. Reynolds is a Director (2003 present) and Chief Operating Officer (2002 present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000 present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996 2000).
* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
45 Annual Report
Trustees and Officers - continued
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation Dennis J. Dirks (57) |
Year of Election or Appointment: 2005
Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006 present).
Albert R. Gamper, Jr. (63) |
Year of Election or Appointment: 2006
Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment companies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.
Annual Report |
46 |
Name, Age; Principal Occupation Robert M. Gates (62) |
Year of Election or Appointment: 1997
Dr. Gates is Chairman of the Independent Trustees (2006 present). Dr. Gates is President of Texas A&M University (2002 present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001 present), and Brinker International (restaurant management, 2003 present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999 2001).
George H. Heilmeier (69) |
Year of Election or Appointment: 2004
Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineer ing and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.
47 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Marie L. Knowles (59) |
Year of Election or Appointment: 2001
Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare ser vice, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61) |
Year of Election or Appointment: 2000
Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corpora tion (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.
William O. McCoy (72) |
Year of Election or Appointment: 1997
Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment man agement firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).
Annual Report |
48 |
Name, Age; Principal Occupation Cornelia M. Small (61) |
Year of Election or Appointment: 2005
Ms. Small is a member (2000 present) and Chairperson (2002 present) of the Investment Committee, and a member (2002 present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999 2000), Director of Global Equity Investments (1996 1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990 1997) and Scudder Kemper Investments (1997 1999). In addition, Ms. Small served as Co Chair (2000 2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66) |
Year of Election or Appointment: 2002
Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66) |
Year of Election or Appointment: 2005
Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).
49 Annual Report
Trustees and Officers - continued
Advisory Board Members and Executive Officers:
Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation James H. Keyes (65) |
Year of Election or Appointment: 2006
Member of the Advisory Board of Fidelity New York Municipal Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998 present).
Peter S. Lynch (62) |
Year of Election or Appointment: 2003
Member of the Advisory Board of Fidelity New York Municipal Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990 2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infir mary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Walter C. Donovan (43) |
Year of Election or Appointment: 2005
Vice President of New York Municipal Income. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).
Annual Report |
50 |
Name, Age; Principal Occupation David L. Murphy (58) |
Year of Election or Appointment: 2005
Vice President of New York Municipal Income. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Allocation Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).
Thomas J. Silvia (44) |
Year of Election or Appointment: 2005
Vice President of New York Municipal Income. Mr. Silvia also serves as Vice President of Fidelity’s Bond Funds (2005 present), certain Balanced Funds (2005 present), certain Asset Allocation Funds (2005 present), and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Taxable Bond portfolio managers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).
Mark Sommer (46) |
Year of Election or Appointment: 2002
Vice President of New York Municipal Income. Mr. Sommer also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Sommer worked as an analyst and manager.
Eric D. Roiter (57) |
Year of Election or Appointment: 1998
Secretary of New York Municipal Income. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Company (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005)
51 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation |
Stuart Fross (46) |
Year of Election or Appointment: 2003
Assistant Secretary of New York Municipal Income. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice Presi dent and Secretary of FDC (2005 present), and is an employee of FMR.
Christine Reynolds (47) |
Year of Election or Appointment: 2004
President and Treasurer of New York Municipal Income. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.
R. Stephen Ganis (39) |
Year of Election or Appointment: 2006
Anti Money Laundering (AML) officer of New York Municipal Income. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).
Paul M. Murphy (58) |
Year of Election or Appointment: 2005
Chief Financial Officer of New York Municipal Income. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).
Kenneth A. Rathgeber (58) |
Year of Election or Appointment: 2004
Chief Compliance Officer of New York Municipal Income. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Manage ment & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).
Annual Report |
52 |
Name, Age; Principal Occupation Bryan A. Mehrmann (44) |
Year of Election or Appointment: 2005
Deputy Treasurer of New York Municipal Income. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice Presi dent of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).
Kimberley H. Monasterio (42) |
Year of Election or Appointment: 2004
Deputy Treasurer of New York Municipal Income. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).
Kenneth B. Robins (36) |
Year of Election or Appointment: 2005
Deputy Treasurer of New York Municipal Income. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).
Robert G. Byrnes (39) |
Year of Election or Appointment: 2005
Assistant Treasurer of New York Municipal Income. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).
John H. Costello (59) |
Year of Election or Appointment: 1986
Assistant Treasurer of New York Municipal Income. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
53 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Peter L. Lydecker (52) |
Year of Election or Appointment: 2004
Assistant Treasurer of New York Municipal Income. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50) |
Year of Election or Appointment: 2002
Assistant Treasurer of New York Municipal Income. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Gary W. Ryan (47) |
Year of Election or Appointment: 2005
Assistant Treasurer of New York Municipal Income. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).
Salvatore Schiavone (40) |
Year of Election or Appointment: 2005
Assistant Treasurer of New York Municipal Income. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Invest ments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).
Annual Report |
54 |
Distributions |
The Board of Trustees of Fidelity New York Municipal Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | ||||
Fidelity New York Municipal Income | 3/06/06 | 03/03/06 | $.062 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2006 $16,713,320, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2005, 100% of the fund’s income dividends was free from federal income tax, and 4.8% of the fund’s income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
55 Annual Report
Proxy Voting Results
A special meeting of the fund’s shareholders was held on February 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||||
To elect a Board of Trustees.A | ||||
# of | % of | |||
Votes | Votes | |||
Dennis J. Dirks | ||||
Affirmative | 756,274,117.48 | 94.929 | ||
Withheld | 40,401,891.30 | 5.071 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Albert R. Gamper, Jr. | ||||
Affirmative | 756,074,508.43 | 94.904 | ||
Withheld | 40,601,500.35 | 5.096 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert M. Gates | ||||
Affirmative | 753,726,156.15 | 94.609 | ||
Withheld | 42,949,852.63 | 5.391 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
George H. Heilmeier | ||||
Affirmative | 754,732,746.86 | 94.735 | ||
Withheld | 41,943,261.92 | 5.265 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Edward C. Johnson 3d | ||||
Affirmative | 754,073,233.82 | 94.652 | ||
Withheld | 42,602,774.96 | 5.348 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Stephen P. Jonas | ||||
Affirmative | 756,562,609.94 | 94.965 | ||
Withheld | 40,113,398.84 | 5.035 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Marie L. Knowles | ||||
Affirmative | 754,799,466.04 | 94.744 | ||
Withheld | 41,876,542.74 | 5.256 | ||
TOTAL | 796,676,008.78 | 100.000 |
# of | % of | |||
Votes | Votes | |||
Ned C. Lautenbach | ||||
Affirmative | 755,172,679.13 | 94.790 | ||
Withheld | 41,503,329.65 | 5.210 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William O. McCoy | ||||
Affirmative | 754,375,687.88 | 94.690 | ||
Withheld | 42,300,320.90 | 5.310 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert L. Reynolds | ||||
Affirmative | 755,950,104.48 | 94.888 | ||
Withheld | 40,725,904.30 | 5.112 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Cornelia M. Small | ||||
Affirmative | 755,751,111.56 | 94.863 | ||
Withheld | 40,924,897.22 | 5.137 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William S. Stavropoulos | ||||
Affirmative | 747,114,578.40 | 93.779 | ||
Withheld | 49,561,430.38 | 6.221 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Kenneth L. Wolfe | ||||
Affirmative | 755,847,459.35 | 94.875 | ||
Withheld | 40,828,549.43 | 5.125 | ||
TOTAL | 796,676,008.78 | 100.000 |
A Denotes trust-wide proposal and voting results.
Annual Report 56
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub advisory agreements; (iv) the day to day management of the fund or the persons primarily responsible for such man agement; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessi tate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the
57 Annual Report
Board Approval of Investment Advisory Contracts and Management Fees continued
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.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.
Annual Report |
58 |
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll free number to access account balances, positions, quotes and trading. It’s easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx59x1.jpg)
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx59x2.jpg)
By PC
Fidelity’s web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx59x3.jpg)
* When you call the quotes line, please remember that a fund’s yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guar anteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
59 Annual Report
To Write Fidelity
We’ll give your correspondence immediate attention and send you written confirmation upon completion of your request.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx60x1.jpg)
(such as changing name, address, bank, etc.)
Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0002 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx60x2.jpg)
Buying shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0003 Overnight Express Fidelity Investments Attn: Distribution Services 100 Crosby Parkway KC1H Covington, KY 41015 Selling shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0035 Overnight Express Fidelity Investments Attn: Distribution Services 100 Crosby Parkway KC1H Covington, KY 41015 General Correspondence Fidelity Investments P.O. Box 500 Merrimack, NH 03054-0500 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx60x3.jpg)
Buying shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0003 Selling shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0035 Overnight Express Fidelity Investments Attn: Distribution Services 100 Crosby Parkway KC1H Covington, KY 41015 General Correspondence Fidelity Investments P.O. Box 500 Merrimack, NH 03054-0500 |
Annual Report 60
To Visit Fidelity
For directions and hours, please call 1-800-544-9797. Arizona 7001 West Ray Road Chandler, AZ 7373 N. Scottsdale Road Scottsdale, AZ California 815 East Birch Street Brea, CA 1411 Chapin Avenue Burlingame, CA 851 East Hamilton Avenue Campbell, CA 19200 Von Karman Avenue Irvine, CA 601 Larkspur Landing Circle Larkspur, CA 10100 Santa Monica Blvd. Los Angeles, CA 27101 Puerta Real Mission Viejo, CA 73 575 El Paseo Palm Desert, CA 251 University Avenue Palo Alto, CA 123 South Lake Avenue Pasadena, CA 16995 Bernardo Ctr. Drive Rancho Bernardo, CA 1740 Arden Way Sacramento, CA 7676 Hazard Center Drive San Diego, CA 8 Montgomery Street San Francisco, CA 3793 State Street Santa Barbara, CA 21701 Hawthorne Boulevard Torrance, CA 2001 North Main Street Walnut Creek, CA 6300 Canoga Avenue Woodland Hills, CA |
Colorado 1625 Broadway Denver, CO 9185 East Westview Road Littleton, CO Connecticut 48 West Putnam Avenue Greenwich, CT 265 Church Street New Haven, CT 300 Atlantic Street Stamford, CT 29 South Main Street West Hartford, CT Delaware 222 Delaware Avenue Wilmington, DE Florida 4400 N. Federal Highway Boca Raton, FL 121 Alhambra Plaza Coral Gables, FL 2948 N. Federal Highway Ft. Lauderdale, FL 1907 West State Road 434 Longwood, FL 8880 Tamiami Trail, North Naples, FL 3550 Tamiami Trail, South Sarasota, FL 1502 N. Westshore Blvd. Tampa, FL 2465 State Road 7 Wellington, FL 3501 PGA Boulevard West Palm Beach, FL Georgia 3445 Peachtree Road, N.E. Atlanta, GA 1000 Abernathy Road Atlanta, GA Illinois One North LaSalle Street Chicago, IL 875 North Michigan Ave. Chicago, IL 1415 West 22nd Street Oak Brook, IL |
1700 East Golf Road Schaumburg, IL 3232 Lake Avenue Wilmette, IL Indiana 4729 East 82nd Street Indianapolis, IN Kansas 5400 College Boulevard Overland Park, KS Maine Three Canal Plaza Portland, ME Maryland 7315 Wisconsin Avenue Bethesda, MD One W. Pennsylvania Ave. Towson, MD Massachusetts 801 Boylston Street Boston, MA 155 Congress Street Boston, MA 300 Granite Street Braintree, MA 44 Mall Road Burlington, MA 405 Cochituate Road Framingham, MA 416 Belmont Street Worcester, MA Michigan 500 E. Eisenhower Pkwy. Ann Arbor, MI 280 Old N. Woodward Ave. Birmingham, MI 43420 Grand River Avenue Novi, MI 29155 Northwestern Hwy. Southfield, MI Minnesota 7600 France Avenue South Edina, MN Missouri 8885 Ladue Road Ladue, MO |
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
61 Annual Report
61
Nevada 2225 Village Walk Drive Henderson, NV New Jersey 150 Essex Street Millburn, NJ 56 South Street Morristown, NJ 396 Route 17, North Paramus, NJ 3518 Route 1 North Princeton, NJ 530 Highway 35 Shrewsbury, NJ New York 1055 Franklin Avenue Garden City, NY 37 West Jericho Turnpike Huntington Station, NY 1271 Avenue of the Americas New York, NY 61 Broadway New York, NY 350 Park Avenue New York, NY 200 Fifth Avenue New York, NY 733 Third Avenue New York, NY 11 Penn Plaza New York, NY 2070 Broadway New York, NY 1075 Northern Blvd. Roslyn, NY North Carolina 4611 Sharon Road Charlotte, NC Ohio 3805 Edwards Road Cincinnati, OH 1324 Polaris Parkway Columbus, OH 28699 Chagrin Boulevard Woodmere Village, OH Oregon 16850 SW 72nd Avenue Tigard, OR |
Pennsylvania 600 West DeKalb Pike King of Prussia, PA 1735 Market Street Philadelphia, PA 12001 Perry Highway Wexford, PA Rhode Island 47 Providence Place Providence, RI Tennessee 6150 Poplar Avenue Memphis, TN Texas 10000 Research Boulevard Austin, TX 4001 Northwest Parkway Dallas, TX 12532 Memorial Drive Houston, TX 2701 Drexel Drive Houston, TX 6500 N. MacArthur Blvd. Irving, TX 6005 West Park Boulevard Plano, TX 14100 San Pedro San Antonio, TX 1576 East Southlake Blvd. Southlake, TX 19740 IH 45 North Spring, TX Utah 215 South State Street Salt Lake City, UT Virginia 1861 International Drive McLean, VA Washington 411 108th Avenue, N.E. Bellevue, WA 1518 6th Avenue Seattle, WA Washington, DC 1900 K Street, N.W. Washington, DC Wisconsin 595 North Barker Road Brookfield, WI |
Annual Report 62
Investment Adviser Fidelity Management & Research Company Boston, MA Investment Sub Advisers Fidelity Investments Money Management, Inc. Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) 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 phone logo) | 1-800-544-5555 | |
(automated phone logo) Automated line for quickest service |
NFY UANN-0306 1.789711.102 |
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Fidelity Advisor New York Municipal Income Fund - Class A, Class T, Class B and Class C |
Annual Report January 31, 2006 |
Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund
Contents | ||||
Chairman’s Message | 4 | Ned Johnson’s message to shareholders. | ||
Performance | 5 | How the fund has done over time. | ||
Management’s Discussion | 7 | The managers’ review of fund | ||
performance, strategy and outlook. | ||||
Shareholder Expense | 8 | An example of shareholder expenses. | ||
Example | ||||
Investment Changes | 10 | A summary of major shifts in the fund’s | ||
investments over the past six months. | ||||
Investments | 11 | A complete list of the fund’s investments | ||
with their market values. | ||||
Financial Statements | 25 | Statements of assets and liabilities, | ||
operations, and changes in net assets, | ||||
as well as financial highlights. | ||||
Notes | 35 | Notes to the financial statements. | ||
Report of Independent | 43 | |||
Registered Public | ||||
Accounting Firm | ||||
Trustees and Officers | 45 | |||
Distributions | 56 | |||
Proxy Voting Results | 57 | |||
Board Approval of | 58 | |||
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 Commis sion’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. |
Annual Report |
2 |
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 port folio 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. |
3 Annual Report
Chairman’s Message
(photograph 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 every one 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 some one 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
Annual Report 4
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’ dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns | ||||||
Periods ended January 31, 2006 | Past 1 | Past 5 | Past 10 | |||
year | years | years | ||||
Class A (incl. 4.75% sales charge)A | 2.85% | 4.36% | 5.05% | |||
Class T (incl. 3.50% sales charge)B | 1.58% | 4.58% | 5.16% | |||
Class B (incl. contingent deferred sales charge)C | 3.64% | 4.49% | 5.28% | |||
Class C (incl. contingent deferred sales charge)D | 0.16% | 4.75% | 5.25% |
A Class A shares bear a 0.15% 12b-1 fee that is reflected in returns after August 1, 2002. The initial offer- ing of Class A shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class A shares’ 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. B Class T shares bear a 0.25% 12b-1 fee that is reflected in returns after August 1, 2002. The initial offer- ing of Class T shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class T shares’ 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. C Class B shares bear a 0.90% 12b 1 fee that is reflected in returns after August 1, 2002. The initial offering of Class B shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b 1 fee. Had Class B shares’ 12b 1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class B shares’ contingent deferred sales charges included in the past one year, past five years and past 10 years total return figures are 5%, 1% and 0%, respectively. D Class C shares bear a 1.00% 12b 1 fee that is reflected in returns after August 1, 2002. The initial offering of Class C shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b 1 fee. Had Class C shares’ 12b 1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class C shares’ contingent deferred sales charges included in the past one year, past five years and past 10 years total return figures are 1%, 0% and 0%, respectively. |
5 Annual Report 5 |
$10,000 Over 10 Years |
Let’s say hypothetically that $10,000 was invested in Fidelity Advisor New York Municipal Income Fund - Class T on January 31, 1996, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx69x1.jpg)
Annual Report 6
Management’s Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity Advisor New York Municipal Income Fund
2005 marked the third consecutive year that municipal bonds outperformed the investment grade taxable bond market, a trend that continued through the first month of 2006. While both markets were pressured by the steadily rising federal funds rate and fears of inflation, short term Treasury yields rose and long term yields fell to a greater extent than in municipal bonds, and many investors were attracted to the yield differential between longer dated municipals and taxable investment grade debt. As rates fell in the long end of the municipal market, many issuers looked to refinance existing debt costs or finance new projects at better relative rates. This demand contributed to record high issuance for calendar year 2005. For the year ending January 31, 2006, the Lehman Brothers® Municipal Bond Index a performance measure of approximately 34,000 investment grade, fixed rate, tax exempt bonds rose 2.83% . In comparison, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, gained a more modest 1.80% .
For the 12 months ending January 31, 2006, the fund’s Class A, Class T, Class B and Class C shares returned 2.00%, 1.99%, 1.22%, and 1.14%, respectively (excluding sales charges). During the same period, the LipperSM New York Municipal Debt Funds Average returned 2.38% and the Lehman Brothers New York 4 Plus Year Enhanced Municipal Bond Index rose 2.91% . Strong demand for tax free investments and improved creditworthiness for many muni issuers across the state helped the New York muni market to perform roughly in line with the national market and to somewhat offset the negative effects of rising short term interest rates. The fund’s underperformance of the Lehman Brothers index and I suspect the Lipper peer group average stemmed from my decisions to avoid tobacco bonds and to underweight bonds issued by New York City. Both segments signifi cantly outperformed most other muni sectors during the period. In contrast, the fund’s performance was aided by its stake in bonds that were prerefunded during the period, a process that helped boost the bonds’ returns. Throughout the year, I kept the fund’s interest rate sensitivity in line with the New York municipal market as a whole, as mea sured by the Lehman Brothers index. That strategy had no material impact on the fund’s performance relative to the index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
7 Annual Report 7 |
Shareholder Expense Example
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 (August 1, 2005 to January 31, 2006).
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.
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class A | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.10 | $ | 3.34 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.88 | $ | 3.36 | ||||||
Class T | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.40 | $ | 3.75 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.48 | $ | 3.77 | ||||||
Class B | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.00 | $ | 7.18 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,018.05 | $ | 7.22 | ||||||
Annual Report | 8 |
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class C | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.80 | $ | 7.58 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | ||||||
New York Municipal Income | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
Institutional Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
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 184/365 (to reflect the one half year period).
Annualized | ||
Expense Ratio | ||
Class A | 66% | |
Class T | 74% | |
Class B | 1.42% | |
Class C | 1.50% | |
New York Municipal Income | 47% | |
Institutional Class | 47% |
9 Annual Report
Investment Changes | ||||
Top Five Sectors as of January 31, 2006 | ||||
% of fund’s | % of fund’s net assets | |||
net assets | 6 months ago | |||
General Obligations | 33.5 | 32.9 | ||
Special Tax | 18.6 | 13.9 | ||
Water & Sewer | 11.0 | 12.4 | ||
Transportation | 10.4 | 14.0 | ||
Escrowed/Pre Refunded | 9.5 | 7.4 | ||
Average Years to Maturity as of January 31, 2006 | ||||
6 months ago | ||||
Years | 14.4 | 14.7 |
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 January 31, 2006 | ||||||
6 months ago | ||||||
Years | 6.7 | 6.7 |
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx73x1.jpg)
We have used ratings from Moody’s® Investors Services, Inc. Where Moody’s ratings are not available, we have used S&P® ratings.
Annual Report 10
Investments January 31, 2006 | ||||||||
Showing Percentage of Net Assets | ||||||||
Municipal Bonds 97.5% | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
Guam 0.1% | ||||||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 6% | ||||||||
7/1/25 | $ | 1,100 | $ | 1,185 | ||||
New York – 91.4% | ||||||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of | ||||||||
Saint Rose Proj.) Series A: | ||||||||
5% 7/1/10 (AMBAC Insured) | 600 | 637 | ||||||
5% 7/1/11 (AMBAC Insured) | 500 | 535 | ||||||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,486 | ||||||
Battery Park City Auth. Rev. Series A: | ||||||||
5.25% 11/1/16 | 2,000 | 2,187 | ||||||
5.25% 11/1/17 | 1,400 | 1,525 | ||||||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(Bard College Civic Facility Proj.): | ||||||||
5.5% 8/1/20 | 4,190 | 4,492 | ||||||
5.75% 8/1/30 | 9,475 | 10,194 | ||||||
(Vassar College Proj.) 5.35% 9/1/40 | 7,000 | 7,447 | ||||||
Erie County Gen. Oblig. Series A: | ||||||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,804 | ||||||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,789 | ||||||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,064 | ||||||
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo | ||||||||
City School District Proj.): | ||||||||
Series 2003: | ||||||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,874 | ||||||
5.75% 5/1/19 (FSA Insured) | 1,500 | 1,652 | ||||||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,539 | ||||||
5.75% 5/1/21 (FSA Insured) | 1,755 | 1,927 | ||||||
5.75% 5/1/22 (FSA Insured) | 4,900 | 5,375 | ||||||
5.75% 5/1/23 (FSA Insured) | 1,000 | 1,096 | ||||||
Series 2004: | ||||||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,764 | ||||||
5.75% 5/1/23 (FSA Insured) | 6,620 | 7,476 | ||||||
5.75% 5/1/26 (FSA Insured) | 5,500 | 6,186 | ||||||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & | ||||||||
William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC | ||||||||
Insured) | 3,485 | 3,777 | ||||||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,067 | ||||||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel | ||||||||
Co. Proj.) 5% 12/1/10 | 7,000 | 7,224 | ||||||
Metropolitan Trans. Auth. Commuter Facilities Rev. Series | ||||||||
1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ | ||||||||
100) (d) | 1,100 | 1,188 | ||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
11 | Annual Report |
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, | ||||||||
5.5% 11/15/26 (FSA Insured) (a) | $ | 13,575 | $ | 14,824 | ||||
Metropolitan Trans. Auth. Rev.: | ||||||||
Series 2002 A: | ||||||||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,481 | ||||||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,103 | ||||||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,102 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 1,700 | 1,870 | ||||||
5.75% 11/15/32 | 10,000 | 11,099 | ||||||
Series A: | ||||||||
5.125% 11/15/31 | 12,150 | 12,639 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,294 | ||||||
Series B: | ||||||||
5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,345 | ||||||
5.25% 11/15/32 | 5,000 | 5,281 | ||||||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,418 | ||||||
Series F, 5.25% 11/15/27 (MBIA Insured) | 3,000 | 3,210 | ||||||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||||||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 | ||||||||
(Escrowed to Maturity) (d) | 1,005 | 1,057 | ||||||
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) | 3,025 | 3,320 | ||||||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (d) . | 3,000 | 3,004 | ||||||
Series A: | ||||||||
5.5% 1/1/20 (MBIA Insured) | 8,000 | 8,758 | ||||||
5.5% 7/1/20 (MBIA Insured) | 3,000 | 3,284 | ||||||
Series B: | ||||||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,286 | ||||||
5.5% 7/1/23 (MBIA Insured) | 5,000 | 5,465 | ||||||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) | 3,000 | 3,276 | ||||||
Metropolitan Trans. Auth. Transit Facilities Rev.: | ||||||||
Series C, 4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ | ||||||||
100) (d) | 1,270 | 1,350 | ||||||
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) | 5,980 | 4,873 | ||||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 | ||||||||
(MBIA Insured) (c) | 1,000 | 1,056 | ||||||
Monroe County Gen. Oblig.: | ||||||||
6.5% 6/1/06 | 120 | 121 | ||||||
6.5% 6/1/07 (AMBAC Insured) | 50 | 52 | ||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(Highland Hosp. Proj.): | ||||||||
5% 8/1/11 | 1,510 | 1,575 | ||||||
5% 8/1/13 | 1,650 | 1,725 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
12 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: - | ||||||||
continued | ||||||||
(Nazareth College Rochester Proj.) 5.25% 10/1/21 | ||||||||
(MBIA Insured) | $ | 1,000 | $ | 1,071 | ||||
Nassau County Gen. Oblig.: | ||||||||
Series U, 5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,226 | ||||||
Series Z, 5% 9/1/11 (FGIC Insured) | 3,000 | 3,176 | ||||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North | ||||||||
Shore Health Sys. Proj.): | ||||||||
Series 2001 A, 5.875% 11/1/11 | 145 | 153 | ||||||
Series 2001 B, 5.875% 11/1/11 | 1,000 | 1,059 | ||||||
Series 2001 C, 5.625% 11/1/10 | 620 | 645 | ||||||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,306 | ||||||
Nassau County Interim Fin. Auth. Series A, 5% | ||||||||
11/15/18 (AMBAC Insured) | 4,875 | 5,208 | ||||||
New York City Gen. Oblig.: | ||||||||
Series 1996 B, 6.5% 8/15/09 | 3,000 | 3,281 | ||||||
Series 1996 F, 5.75% 2/1/15 (Pre-Refunded to | ||||||||
2/1/06 @ 101.5) (d) | 495 | 502 | ||||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 5,000 | 5,646 | ||||||
Series 1997 L, 5.75% 8/1/12 | 1,910 | 1,989 | ||||||
Series 1998 H, 5.5% 8/1/12 | 8,230 | 8,633 | ||||||
Series 2000 A, 6.5% 5/15/11 | 2,540 | 2,838 | ||||||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,508 | ||||||
Series 2002 B, 5.75% 8/1/15 | 3,500 | 3,851 | ||||||
Series 2002 C, 5.5% 8/1/13 | 10,500 | 11,506 | ||||||
Series 2003 A: | ||||||||
5.5% 8/1/14 | 3,205 | 3,522 | ||||||
5.5% 8/1/20 (MBIA Insured) | 7,000 | 7,727 | ||||||
Series 2003 C, 5.25% 8/1/10 | 5,000 | 5,327 | ||||||
Series 2003 E: | ||||||||
5.25% 8/1/10 | 2,000 | 2,131 | ||||||
5.25% 8/1/11 | 6,245 | 6,706 | ||||||
5.25% 8/1/14 | 3,390 | 3,660 | ||||||
Series 2003 F: | ||||||||
5.5% 12/15/10 | 1,000 | 1,079 | ||||||
5.5% 12/15/11 | 3,700 | 4,028 | ||||||
Series 2003 I, 5.75% 3/1/16 | 3,000 | 3,321 | ||||||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,676 | ||||||
Series 2005 C, 5% 8/1/11 | 5,000 | 5,308 | ||||||
Series 2005 F, 5.25% 8/1/12 | 2,000 | 2,144 |
See accompanying notes which are an integral part of the financial statements.
13 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series 2005 G: | ||||||||
5% 8/1/15 | $ | 8,200 | $ | 8,789 | ||||
5.25% 8/1/16 | 9,000 | 9,835 | ||||||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,318 | ||||||
Series 2005 J: | ||||||||
5% 3/1/11 | 5,825 | 6,159 | ||||||
5% 3/1/13 | 2,500 | 2,665 | ||||||
Series A: | ||||||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,465 | ||||||
6.25% 8/1/08 | 1,000 | 1,029 | ||||||
Series B: | ||||||||
5.75% 8/1/14 | 3,000 | 3,305 | ||||||
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ | ||||||||
101.5) (d) | 1,970 | 2,028 | ||||||
6.5% 8/15/11 | 1,000 | 1,134 | ||||||
7.5% 2/1/07 | 335 | 336 | ||||||
Series C: | ||||||||
5.75% 3/15/27 (FSA Insured) | 1,120 | 1,227 | ||||||
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ | ||||||||
100) (d) | 2,410 | 2,698 | ||||||
Series D: | ||||||||
5.25% 8/1/13 | 1,740 | 1,797 | ||||||
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) | 760 | 790 | ||||||
5.25% 8/1/21 (MBIA Insured) | 3,655 | 3,753 | ||||||
5.375% 8/1/17 | 1,750 | 1,811 | ||||||
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 750 | 781 | ||||||
5.5% 6/1/12 (FGIC Insured) | 1,850 | 2,037 | ||||||
Series E: | ||||||||
6% 8/1/11 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 140 | 144 | ||||||
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 195 | 201 | ||||||
6.5% 2/15/06 | 315 | 315 | ||||||
Series F, 6% 8/1/16 | 355 | 365 | ||||||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,759 | ||||||
Series H: | ||||||||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,994 | ||||||
6% 8/1/17 | 345 | 361 | ||||||
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) | 655 | 688 | ||||||
Series J: | ||||||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,526 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
14 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series J: | ||||||||
5.875% 2/15/19 | $ | 15 | $ | 15 | ||||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ | ||||||||
101.5) (d) | 80 | 81 | ||||||
6.125% 8/1/12 | 60 | 63 | ||||||
6.125% 8/1/12 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 280 | 294 | ||||||
Subseries 2005 F1, 5.25% 9/1/14 | 3,000 | 3,268 | ||||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,843 | ||||||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,273 | ||||||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,727 | ||||||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,365 | ||||||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 | ||||||||
(AMBAC Insured) | 1,090 | 1,178 | ||||||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,389 | ||||||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan | ||||||||
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA | ||||||||
Insured) (c) | 2,070 | 2,136 | ||||||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. | ||||||||
(Terminal One Group Assoc. Proj.) 5% 1/1/08 (c) | 3,735 | 3,809 | ||||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||||||
Series 2000, 5.5% 6/15/33 (Pre-Refunded to | ||||||||
6/15/10 @ 101) (d) | 14,215 | 15,551 | ||||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 4,127 | ||||||
Series 2002 A, 5.125% 6/15/34 (FSA Insured) | 16,500 | 17,288 | ||||||
Series A: | ||||||||
5% 6/15/32 | 5,000 | 5,132 | ||||||
5.125% 6/15/34 (MBIA Insured) | 4,200 | 4,401 | ||||||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,341 | ||||||
5.375% 6/15/15 | 9,650 | 10,519 | ||||||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,622 | ||||||
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) | 16,500 | 18,624 | ||||||
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) | 145 | 145 | ||||||
Series G: | ||||||||
5.125% 6/15/32 | 3,000 | 3,112 | ||||||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,938 | ||||||
5.5% 6/15/33 (Pre-Refunded to 6/15/10 @ 101) (d) | 2,075 | 2,270 | ||||||
New York City Transitional Fin. Auth. Rev.: | ||||||||
Series 2002 A, 5.375% 11/15/21 | 3,850 | 4,178 |
See accompanying notes which are an integral part of the financial statements.
15 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Transitional Fin. Auth. Rev.: – continued | ||||||||
Series A: | ||||||||
5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ | ||||||||
100) (d) | $ | 700 | $ | 774 | ||||
5.5% 11/15/20 (FGIC Insured) | 3,800 | 4,185 | ||||||
5.75% 2/15/16 | 85 | 92 | ||||||
New York City Trust Cultural Resources Rev. (Museum of | ||||||||
Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | ||||||||
(AMBAC Insured) | 3,200 | 3,352 | ||||||
New York Convention Ctr. Dev. Corp. Rev. 5% | ||||||||
11/15/44 (AMBAC Insured) | 55,500 | 57,401 | ||||||
New York State Dorm. Auth. Lease Rev.: | ||||||||
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. | ||||||||
Assurance, Inc. Insured) (b) | 10,000 | 10,808 | ||||||
Series A, 5.25% 5/15/10 | 3,440 | 3,658 | ||||||
New York State Dorm. Auth. Revs.: | ||||||||
(Champlain Valley Physicians Proj.): | ||||||||
6% 7/1/09 (AMBAC Insured) | 370 | 399 | ||||||
6% 7/1/10 (AMBAC Insured) | 250 | 274 | ||||||
(City Univ. Sys. Consolidation Proj.): | ||||||||
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) . | 4,300 | 4,779 | ||||||
Series A: | ||||||||
5.75% 7/1/13 | 6,000 | 6,572 | ||||||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,294 | ||||||
Series C, 7.5% 7/1/10 | 6,030 | 6,551 | ||||||
(Colgate Univ. Proj.): | ||||||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,217 | ||||||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,997 | ||||||
(Columbia Univ. Proj.): | ||||||||
Series 2001 A: | ||||||||
5.25% 7/1/13 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 1,000 | 1,095 | ||||||
5.25% 7/1/15 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 2,000 | 2,191 | ||||||
Series B, 5.375% 7/1/18 (Pre-Refunded to 7/1/12 | ||||||||
@ 100) (d) | 1,000 | 1,103 | ||||||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,264 | ||||||
(Long Island Jewish Med. Ctr. Proj.): | ||||||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,074 | ||||||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,162 | ||||||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA | ||||||||
Insured) | 2,175 | 1,850 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
16 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Mental Health Svcs. Facilities Impt. Proj.): | ||||||||
Series A, 5.75% 8/15/11 (Pre-Refunded to | ||||||||
2/15/07 @ 102) (d) | $ | 10 | $ | 10 | ||||
Series B: | ||||||||
5.75% 2/15/11 | 2,535 | 2,644 | ||||||
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 | 939 | ||||||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||||||
5.8% 8/1/30 | 3,000 | 3,258 | ||||||
5.85% 8/1/40 | 9,500 | 10,325 | ||||||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 | ||||||||
(AMBAC Insured) | 575 | 579 | ||||||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 | ||||||||
(AMBAC Insured) | 3,020 | 3,078 | ||||||
(New York Univ. Proj.): | ||||||||
Series 2: | ||||||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 816 | ||||||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,838 | ||||||
5.5% 7/1/20 (AMBAC Insured) | 860 | 927 | ||||||
Series A: | ||||||||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,631 | ||||||
5.75% 7/1/27 (MBIA Insured) | 11,000 | 13,174 | ||||||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA | ||||||||
Insured) | 1,500 | 1,686 | ||||||
(Saint Joseph’s Hosp. Health Ctr. Proj.) 6% 7/1/08 | ||||||||
(MBIA Insured) | 1,260 | 1,329 | ||||||
(School District Fing. Prog.): | ||||||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,919 | ||||||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,636 | ||||||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,874 | ||||||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 561 | ||||||
(State Univ. Edl. Facilities Proj.): | ||||||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 5,000 | 5,476 | ||||||
Series B, 7.5% 5/15/11 | 1,915 | 2,121 | ||||||
(The Jamaica Hosp. Proj.) Series F: | ||||||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,778 | ||||||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,904 | ||||||
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 | ||||||||
(FGIC Insured) | 10,090 | 11,686 |
See accompanying notes which are an integral part of the financial statements.
17 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Winthrop-South Nassau Univ. Health Sys. Oblig. | ||||||||
Group Proj.) Series A: | ||||||||
6% 7/1/14 | $ | 1,095 | $ | 1,197 | ||||
6% 7/1/15 | 1,160 | 1,266 | ||||||
6% 7/1/16 | 1,230 | 1,339 | ||||||
(Yeshiva Univ. Proj.) Series 2001: | ||||||||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,073 | ||||||
5.375% 7/1/13 (AMBAC Insured) | 800 | 862 | ||||||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,218 | ||||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 723 | ||||||
5.375% 7/1/17 (AMBAC Insured) | 370 | 399 | ||||||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to | ||||||||
5/15/10 @ 100) (d) | 1,135 | 1,290 | ||||||
Series 2000 C, 5.75% 5/15/17 (FSA Insured) | 3,000 | 3,482 | ||||||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,514 | ||||||
Series 2002 B: | ||||||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,105 | ||||||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,256 | ||||||
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to | ||||||||
3/15/13 @ 100) (d) | 2,000 | 2,209 | ||||||
Series 2005 B: | ||||||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,654 | ||||||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,900 | ||||||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,998 | ||||||
Series A, 5.5% 5/15/20 (AMBAC Insured) | 13,000 | 14,937 | ||||||
Series B: | ||||||||
5.25%, tender 5/15/12 (b) | 10,400 | 11,193 | ||||||
6%, tender 5/15/12 (b) | 11,000 | 12,263 | ||||||
5.5% 5/15/09 | 2,500 | 2,628 | ||||||
5.5% 7/1/16 (AMBAC Insured) | 725 | 746 | ||||||
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 | 543 | ||||||
Series C: | ||||||||
5.25% 7/15/16 | 2,340 | 2,548 | ||||||
5.25% 7/15/17 | 2,410 | 2,623 | ||||||
Series D: | ||||||||
5% 6/15/20 | 20,150 | 21,365 | ||||||
5.125% 6/15/31 | 6,900 | 7,245 | ||||||
5.375% 6/15/19 | 5,250 | 5,713 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
18 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Envir. Facilities Corp. Clean Wtr. & | ||||||||
Drinking Wtr. Rev.: – continued | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series G, 5.25% 10/15/20 | $ | 1,255 | $ | 1,338 | ||||
(Pooled Fing. Prog.): | ||||||||
Series F: | ||||||||
5.25% 11/15/15 | 2,595 | 2,828 | ||||||
5.25% 11/15/16 | 3,770 | 4,108 | ||||||
Series I: | ||||||||
5.25% 9/15/15 | 2,085 | 2,268 | ||||||
5.25% 9/15/17 | 2,395 | 2,589 | ||||||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,637 | ||||||
Series B: | ||||||||
5.5% 10/15/20 | 3,805 | 4,407 | ||||||
5.5% 10/15/21 | 3,985 | 4,621 | ||||||
Series C: | ||||||||
5% 6/15/19 | 815 | 849 | ||||||
5.25% 6/15/16 | 3,500 | 3,755 | ||||||
Series F: | ||||||||
4.875% 6/15/18 | 1,735 | 1,791 | ||||||
4.875% 6/15/20 | 2,175 | 2,240 | ||||||
5% 6/15/15 | 1,295 | 1,353 | ||||||
5.25% 6/15/13 | 1,575 | 1,654 | ||||||
Series I, 5% 6/15/24 | 2,000 | 2,103 | ||||||
New York State Envir. Facilities Corp. Rev. Series A: | ||||||||
5.25% 1/1/21 (FGIC Insured) | 4,785 | 5,143 | ||||||
5.375% 1/1/16 (FGIC Insured) | 2,170 | 2,377 | ||||||
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 | 10,810 | ||||||
New York State Envir. Facilities Corp. State Wtr. Poll. | ||||||||
Cont. Revolving Fund Rev.: | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series 2002, 5.75% 6/15/11 | 455 | 505 | ||||||
Series A, 7% 6/15/12 | 190 | 190 | ||||||
Series C, 5.85% 7/15/15 | 30 | 31 | ||||||
Series E, 6.5% 6/15/14 | 130 | 130 | ||||||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,232 | ||||||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) | 1,105 | 1,194 | ||||||
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 | 1,834 |
See accompanying notes which are an integral part of the financial statements.
19 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. | ||||||||
(Econ. Dev. & Hsg. Proj.) Series A: – continued | ||||||||
5.25% 9/15/16 (MBIA Insured) | $ | 1,780 | $ | 1,934 | ||||
5.25% 3/15/17 (MBIA Insured) | 2,240 | 2,416 | ||||||
5.25% 3/15/18 | 2,290 | 2,467 | ||||||
5.25% 3/15/19 | 2,480 | 2,664 | ||||||
5.25% 9/15/20 | 2,685 | 2,876 | ||||||
5.25% 3/15/21 | 2,230 | 2,381 | ||||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||||||
Series A, 5.25% 11/15/40 | 25,860 | 27,195 | ||||||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) | 75 | 78 | ||||||
New York State Thruway Auth. Gen. Rev.: | ||||||||
Series 2005 G, 5.25% 1/1/27 (FSA Insured) | 4,370 | 4,738 | ||||||
Series E: | ||||||||
5.25% 1/1/12 | 4,695 | 4,899 | ||||||
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) | 715 | 748 | ||||||
New York State Thruway Auth. Hwy. & Bridge Trust Fund | ||||||||
Series B, 5.5% 4/1/20 (AMBAC Insured) | 10,000 | 11,481 | ||||||
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 | 5,529 | ||||||
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) | 5,460 | 6,037 | ||||||
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) | 3,500 | 3,870 | ||||||
New York State Thruway Auth. Svc. Contract Rev.: | ||||||||
5.5% 4/1/14 | 11,700 | 12,783 | ||||||
5.5% 4/1/15 | 6,200 | 6,770 | ||||||
5.5% 4/1/16 | 3,665 | 4,006 | ||||||
6% 4/1/11 | 1,605 | 1,685 | ||||||
New York State Urban Dev. Corp. Correctional Youth | ||||||||
Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) | 2,000 | 2,158 | ||||||
New York State Urban Dev. Corp. Rev.: | ||||||||
(Sports Facilities Assistance Prog.) Series A, 6.25% | ||||||||
4/1/06 (MBIA Insured) | 15 | 15 | ||||||
(State Facilities and Equip. Proj.) Series 2004 A2: | ||||||||
5.5% 3/15/19 (MBIA Insured) | 1,230 | 1,409 | ||||||
5.5% 3/15/22 (MBIA Insured) | 15,000 | 17,343 | ||||||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,516 | ||||||
Series B, 5.25% 3/15/15 (MBIA Insured) | 1,800 | 1,958 | ||||||
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 | ||||||||
@ 100) (d) | 3,000 | 3,347 | ||||||
5% 1/1/14 (FSA Insured) | 5,000 | 5,417 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
20 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York Thruway Auth. Second Gen. Hwy. & Bridge | ||||||||
Trust Fund Series A, 5.25% 4/1/23 (Pre-Refunded to | ||||||||
4/1/13 @ 100) (d) | $ | 3,050 | $ | 3,357 | ||||
New York Transitional Fin. Auth. Rev.: | ||||||||
Series 2000 C, 5.5% 11/1/20 (Pre-Refunded to | ||||||||
5/1/10 @ 101) (d) | 300 | 327 | ||||||
Series 2003 D: | ||||||||
5% 2/1/31 | 20,025 | 20,656 | ||||||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,154 | ||||||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,691 | ||||||
Series 2003 E: | ||||||||
5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,876 | ||||||
5.25% 2/1/17 (FGIC Insured) | 5,975 | 6,465 | ||||||
Series 2004 C: | ||||||||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,634 | ||||||
5.25% 2/1/14 | 6,000 | 6,595 | ||||||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,445 | ||||||
Series B: | ||||||||
5.125% 11/1/14 (Pre-Refunded to 5/1/09 @ | ||||||||
101) (d) | 360 | 383 | ||||||
5.25% 8/1/19 | 3,000 | 3,253 | ||||||
5.375% 2/1/15 | 3,000 | 3,275 | ||||||
Series C, 5.375% 2/1/17 | 1,000 | 1,085 | ||||||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,381 | ||||||
Niagara Falls City Niagara County Pub. Impt.: | ||||||||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,079 | ||||||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,325 | ||||||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,468 | ||||||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,379 | ||||||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,595 | ||||||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. | ||||||||
Assurance, Inc. Insured) | 1,000 | 1,100 | ||||||
Sales Tax Asset Receivables Corp. Series A, 5.25% | ||||||||
10/15/27 (AMBAC Insured) | 4,055 | 4,368 | ||||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. | ||||||||
Proj.) Series A, 5% 12/1/10 | 1,095 | 1,140 | ||||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union | ||||||||
College Proj.) Series A, 5.625% 7/1/31 (AMBAC | ||||||||
Insured) | 2,000 | 2,197 | ||||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. | ||||||||
(Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,541 | ||||||
Taconic Hills Central School District at Craryville 5% | ||||||||
6/15/16 (FGIC Insured) | 1,130 | 1,205 |
See accompanying notes which are an integral part of the financial statements.
21 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Tobacco Settlement Fing. Corp.: | ||||||||
Series A1: | ||||||||
5.25% 6/1/21 (AMBAC Insured) | $ | 3,255 | $ | 3,500 | ||||
5.25% 6/1/22 (AMBAC Insured) | 5,300 | 5,682 | ||||||
5.5% 6/1/14 | 7,000 | 7,413 | ||||||
5.5% 6/1/16 | 14,500 | 15,510 | ||||||
Series B1: | ||||||||
5% 6/1/10 | 1,685 | 1,769 | ||||||
5% 6/1/11 | 1,525 | 1,611 | ||||||
Series C1: | ||||||||
5% 6/1/11 | 3,280 | 3,299 | ||||||
5.5% 6/1/15 | 3,000 | 3,213 | ||||||
5.5% 6/1/17 | 3,000 | 3,245 | ||||||
5.5% 6/1/20 | 3,000 | 3,285 | ||||||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) | ||||||||
Series E: | ||||||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,444 | ||||||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 6,215 | 6,730 | ||||||
Triborough Bridge & Tunnel Auth. Revs.: | ||||||||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,178 | ||||||
Series 2005 A, 5.125% 1/1/22 | 5,290 | 5,595 | ||||||
Series A: | ||||||||
5% 1/1/32 | 765 | 791 | ||||||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,503 | ||||||
6% 1/1/11 (Escrowed to Maturity) (d) | 500 | 557 | ||||||
Series B: | ||||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) | 5,015 | 5,776 | ||||||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) | 825 | 876 | ||||||
Series Y: | ||||||||
6% 1/1/12 (Escrowed to Maturity) (d) | 20,000 | 21,969 | ||||||
6.125% 1/1/21 (Escrowed to Maturity) (d) | 3,200 | 3,858 | ||||||
Upper Mohawk Valley Reg’l. Wtr. Fin. Auth. Wtr. Sys. | ||||||||
Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,175 | ||||||
Yonkers Gen. Oblig. Series 2001 A: | ||||||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,507 | ||||||
5% 12/15/12 (Pre-Refunded to 6/15/10 @ 100) (d) . | 1,245 | 1,326 | ||||||
1,326,004 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
22 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York & New Jersey – 5.3% | ||||||||
Port Auth. of New York & New Jersey: | ||||||||
120th Series: | ||||||||
5.75% 10/15/11 (MBIA Insured) (c) | $ | 15,000 | $ | 15,670 | ||||
5.75% 10/15/12 (MBIA Insured) (c) | 15,530 | 16,224 | ||||||
124th Series: | ||||||||
5% 8/1/08 (c) | 4,875 | 5,034 | ||||||
5% 8/1/13 (FGIC Insured) (c) | 3,000 | 3,104 | ||||||
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) | 5,970 | 6,288 | ||||||
128th Series, 5% 11/1/19 (FSA Insured) | 7,200 | 7,681 | ||||||
134th Series, 5% 1/15/39 | 10,000 | 10,324 | ||||||
Series 85, 5.375% 3/1/28 | 6,200 | 6,996 | ||||||
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 | 5,676 | ||||||
76,997 | ||||||||
Puerto Rico 0.7% | ||||||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. | ||||||||
Rev. Series 1998, 5.75% 7/1/22 (CIFG North | ||||||||
America Insured) | 3,000 | 3,332 | ||||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | ||||||||
Series 2000 A, 5.5% 10/1/32 (Escrowed to | ||||||||
Maturity) (d) | 2,175 | 2,357 | ||||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,643 | ||||||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,130 | ||||||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% | ||||||||
8/1/17 (FSA Insured) | 1,000 | 1,118 | ||||||
9,580 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $1,384,963) | 1,413,766 |
See accompanying notes which are an integral part of the financial statements.
23 Annual Report
Investments continued | ||||||||||
Municipal Notes 0.1% | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
New York – 0.1% | ||||||||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 | ||||||||||
(Cost $2,200) | $ | 2,200 | $ | 2,196 | ||||||
TOTAL INVESTMENT PORTFOLIO 97.6% | ||||||||||
(Cost $1,387,163) | 1,415,962 | |||||||||
NET OTHER ASSETS – 2.4% | 34,620 | |||||||||
NET ASSETS 100% | $ | 1,450,582 |
Futures Contracts | ||||||||||
Expiration | Underlying | Unrealized | ||||||||
Date | Face Amount | Appreciation/ | ||||||||
at Value (000s) | (Depreciation) | |||||||||
(000s) | ||||||||||
Purchased | ||||||||||
Treasury Contracts | ||||||||||
90 U.S. Treasury 10-Year Bond Contracts | March 2006 | $ | 9,759 | $ | 13 |
The face value of futures purchased as a percentage of net assets – 0.7%
Security Type Abbreviation |
BAN — BOND ANTICIPATION NOTE |
Legend (a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $273,000. (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 | 33.5% | |
Special Tax | 18.6% | |
Water & Sewer | 11.0% | |
Transportation | 10.4% | |
Escrowed/Pre Refunded | 9.5% | |
Education | 6.1% | |
Others* (individually less than 5%) | 10.9% | |
100.0% | ||
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Annual Report 24
Financial Statements | ||||||||
Statement of Assets and Liabilities | ||||||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||||||
Assets | ||||||||
Investment in securities, at value See accompanying | ||||||||
schedule: | ||||||||
Unaffiliated issuers (cost $1,387,163) | $ | 1,415,962 | ||||||
Cash | 21,806 | |||||||
Receivable for fund shares sold | 1,018 | |||||||
Interest receivable | 18,598 | |||||||
Prepaid expenses | 6 | |||||||
Other receivables | 36 | |||||||
Total assets | �� | 1,457,426 | ||||||
Liabilities | ||||||||
Payable for investments purchased | $ | 4,052 | ||||||
Payable for fund shares redeemed | 904 | |||||||
Distributions payable | 1,249 | |||||||
Accrued management fee | 449 | |||||||
Distribution fees payable | 26 | |||||||
Payable for daily variation on futures contracts | 4 | |||||||
Other affiliated payables | 116 | |||||||
Other payables and accrued expenses | 44 | |||||||
Total liabilities | 6,844 | |||||||
Net Assets | $ | 1,450,582 | ||||||
Net Assets consist of: | ||||||||
Paid in capital | $ | 1,413,530 | ||||||
Undistributed net investment income | 215 | |||||||
Accumulated undistributed net realized gain (loss) on | ||||||||
investments | 8,025 | |||||||
Net unrealized appreciation (depreciation) on | ||||||||
investments | 28,812 | |||||||
Net Assets | $ | 1,450,582 |
See accompanying notes which are an integral part of the financial statements.
25 Annual Report
Financial Statements continued | ||||
Statement of Assets and Liabilities continued | ||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||
Calculation of Maximum Offering Price | ||||
Class A: | ||||
Net Asset Value and redemption price per share ($6,082 | ||||
÷ 474.676 shares) | $ | 12.81 | ||
Maximum offering price per share (100/95.25 of $12.81) | $ | 13.45 | ||
Class T: | ||||
Net Asset Value and redemption price per share ($3,032 | ||||
÷ 236.415 shares) | $ | 12.82 | ||
Maximum offering price per share (100/96.50 of $12.82) | $ | 13.28 | ||
Class B: | ||||
Net Asset Value and offering price per share ($9,647 ÷ | ||||
752.962 shares)A | $ | 12.81 | ||
Class C: | ||||
Net Asset Value and offering price per share ($20,251 | ||||
÷ 1,580.312 shares)A | $ | 12.81 | ||
New York Municipal Income: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($1,410,672 ÷ 110,055.097 shares) | $ | 12.82 | ||
Institutional Class: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($898 ÷ 70.118 shares) | $ | 12.81 | ||
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.
Annual Report 26
Statement of Operations | ||||||
Amounts in thousands | Year ended January 31, 2006 | |||||
Investment Income | ||||||
Interest | $ | 63,956 | ||||
Expenses | ||||||
Management fee | $ | 5,462 | ||||
Transfer agent fees | 1,057 | |||||
Distribution fees | 286 | |||||
Accounting fees and expenses | 297 | |||||
Independent trustees’ compensation | 7 | |||||
Custodian fees and expenses | 23 | |||||
Registration fees | 79 | |||||
Audit | 54 | |||||
Legal | 17 | |||||
Miscellaneous | 12 | |||||
Total expenses before reductions | 7,294 | |||||
Expense reductions | (369) | 6,925 | ||||
Net investment income | 57,031 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | 18,479 | |||||
Futures contracts | (66) | |||||
Swap agreements | (39) | |||||
Total net realized gain (loss) | 18,374 | |||||
Change in net unrealized appreciation (depreciation) on: | ||||||
Investment securities | (43,527) | |||||
Futures contracts | 13 | |||||
Total change in net unrealized appreciation | ||||||
(depreciation) | (43,514) | |||||
Net gain (loss) | (25,140) | |||||
Net increase (decrease) in net assets resulting from | ||||||
operations | $ | 31,891 |
See accompanying notes which are an integral part of the financial statements.
27 Annual Report
Financial Statements continued | ||||||||
Statement of Changes in Net Assets | ||||||||
Year ended | Year ended | |||||||
January 31, | January 31, | |||||||
Amounts in thousands | 2006 | 2005 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income | $ | 57,031 | $ | 56,646 | ||||
Net realized gain (loss) | 18,374 | 21,457 | ||||||
Change in net unrealized appreciation (depreciation) . | (43,514) | (14,357) | ||||||
Net increase (decrease) in net assets resulting | ||||||||
from operations | 31,891 | 63,746 | ||||||
Distributions to shareholders from net investment income | . | (56,725) | (56,899) | |||||
Distributions to shareholders from net realized gain | (14,006) | (19,161) | ||||||
Total distributions | (70,731) | (76,060) | ||||||
Share transactions - net increase (decrease) | 50,246 | (7,102) | ||||||
Redemption fees | 9 | 20 | ||||||
Total increase (decrease) in net assets | 11,415 | (19,396) | ||||||
Net Assets | ||||||||
Beginning of period | 1,439,167 | 1,458,563 | ||||||
End of period (including undistributed net investment | ||||||||
income of $215 and undistributed net investment | ||||||||
income of $33, respectively) | $ | 1,450,582 | $ | 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
28 |
Financial Highlights Class A | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 483 | .504 | .524 | .277 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .101 | .285 | .194 | ||||||||||||
Total from investment operations | 256 | .605 | .809 | .471 | ||||||||||||
Distributions from net investment income | (.481) | (.507) | (.523) | (.271) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.606) | (.685) | (.809) | (.441) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 2.00% | 4.72% | 6.25% | 3.59% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of fee waivers, if any | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of all reductions | 64% | .67% | .66% | .66%A | ||||||||||||
Net investment income | 3.73% | 3.85% | 3.93% | 4.17%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 6 | $ | 6 | $ | 5 | $ | 3 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
29 Annual Report
Financial Highlights Class T | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 472 | .494 | .509 | .266 | ||||||||||||
Net realized and unrealized gain (loss) | (.217) | .090 | .296 | .197 | ||||||||||||
Total from investment operations | 255 | .584 | .805 | .463 | ||||||||||||
Distributions from net investment income | (.470) | (.496) | (.509) | (.263) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.595) | (.674) | (.795) | (.433) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.99% | 4.55% | 6.21% | 3.53% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of fee waivers, if any | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of all reductions | 72% | .75% | .77% | .79%A | ||||||||||||
Net investment income | 3.65% | 3.77% | 3.82% | 4.04%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 3 | $ | 2 | $ | 2 | $ | 1 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
30 |
Financial Highlights Class B | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 384 | .405 | .423 | .226 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .100 | .286 | .193 | ||||||||||||
Total from investment operations | 157 | .505 | .709 | .419 | ||||||||||||
Distributions from net investment income | (.382) | (.407) | (.423) | (.219) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.507) | (.585) | (.709) | (.389) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.22% | 3.93% | 5.45% | 3.19% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of fee waivers, if any | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of all reductions | 1.41% | 1.43% | 1.41% | 1.40%A | ||||||||||||
Net investment income | 2.96% | 3.09% | 3.18% | 3.42%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 10 | $ | 10 | $ | 10 | $ | 5 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
31 Annual Report
Financial Highlights Class C | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 373 | .394 | .410 | .219 | ||||||||||||
Net realized and unrealized gain (loss) | (.228) | .100 | .286 | .191 | ||||||||||||
Total from investment operations | 145 | .494 | .696 | .410 | ||||||||||||
Distributions from net investment income | (.370) | (.396) | (.410) | (.210) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.495) | (.574) | (.696) | (.380) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.14% | 3.84% | 5.35% | 3.12% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of fee waivers, if any | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of all reductions | 1.49% | 1.51% | 1.51% | 1.51%A | ||||||||||||
Net investment income | 2.88% | 3.01% | 3.08% | 3.32%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 20 | $ | 16 | $ | 13 | $ | 6 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
32 |
Financial Highlights New York Municipal Income | ||||||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, beginning of | ||||||||||||||||||||
period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | $ | 12.78 | ||||||||||
Income from Investment | ||||||||||||||||||||
Operations | �� | |||||||||||||||||||
Net investment incomeB | 508 | .530 | .549 | .574 | .584 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss) | (.217) | .091 | .295 | .506 | .117 | |||||||||||||||
Total from investment operations | 291 | .621 | .844 | 1.080 | .701 | |||||||||||||||
Distributions from net investment | ||||||||||||||||||||
income | (.506) | (.533) | (.548) | (.570) | (.581) | |||||||||||||||
Distributions from net realized | ||||||||||||||||||||
gain | (.125) | (.178) | (.286) | (.170) | — | |||||||||||||||
Total distributions | (.631) | (.711) | (.834) | (.740) | (.581) | |||||||||||||||
Redemption fees added to paid in | ||||||||||||||||||||
capital | —B,D | —B,D | —B,D | —B,D | — | |||||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | ||||||||||
Total ReturnA | 2.27% | 4.84% | 6.52% | 8.55% | 5.60% | |||||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||
Expenses before reductions | 48% | .48% | .49% | .49% | .49% | |||||||||||||||
Expenses net of fee waivers, if | ||||||||||||||||||||
any | 48% | .48% | .48% | .49% | .49% | |||||||||||||||
Expenses net of all reductions | 45% | .47% | .48% | .47% | .44% | |||||||||||||||
Net investment income | 3.92% | 4.05% | 4.11% | 4.36% | 4.54% | |||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||
(in millions) | $ | 1,411 | $ | 1,406 | $ | 1,428 | $ | 1,483 | $ | 1,332 | ||||||||||
Portfolio turnover rate | 28% | 22% | 24% | 22% | 12% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Calculated based on average shares outstanding during the period. C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Ex penses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange ments. Expenses net of all reductions represent the net expenses paid by the class. D Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
33 Annual Report
Financial Highlights Institutional Class | ||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003E | ||||||||||
Selected Per Share Data | ||||||||||||||
Net asset value, beginning of period | $ 13.16 | $ 13.25 | $ 13.24 | $ 13.21 | ||||||||||
Income from Investment Operations | ||||||||||||||
Net investment incomeD | 506 | .523 | .550 | .286 | ||||||||||
Net realized and unrealized gain (loss) | (.227) | .092 | .296 | .195 | ||||||||||
Total from investment operations | 279 | .615 | .846 | .481 | ||||||||||
Distributions from net investment income | (.504) | (.527) | (.550) | (.281) | ||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||
Total distributions | (.629) | (.705) | (.836) | (.451) | ||||||||||
Redemption fees added to paid in capitalD,G | — | — | — | — | ||||||||||
Net asset value, end of period | $ 12.81 | $ 13.16 | $ 13.25 | $ 13.24 | ||||||||||
Total ReturnB,C | 2.18% | 4.80% | 6.53% | 3.67% | ||||||||||
Ratios to Average Net AssetsF | ||||||||||||||
Expenses before reductions | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of fee waivers, if any | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of all reductions | 46% | .52% | .47% | .53%A | ||||||||||
Net investment income | 3.91% | 4.00% | 4.12% | 4.30%A | ||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000 omitted) | $ 898 | $ 284 | $ 161 | $ 104 | ||||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
34 |
Notes to Financial Statements
For the period ended January 31, 2006 (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 privi leges. 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 ex pense 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 manage ment 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. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accor dance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Invest ments in open end mutual funds are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
35 Annual Report
Notes to Financial Statements 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. Distribu tions 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 will claim 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 futures, market discount, and deferred trustees compensation and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ | 33,164 | ||
Unrealized depreciation | (4,143) | |||
Net unrealized appreciation (depreciation) | 29,021 | |||
Undistributed ordinary income | 72 | |||
Undistributed long term capital gain | 6,827 | |||
Cost for federal income tax purposes | $ | 1,386,941 | ||
Annual Report | 36 |
1. Significant Accounting Policies continued | ||||||||
Income Tax Information and Distributions to Shareholders continued | ||||||||
The tax character of distributions paid was as follows: | ||||||||
January 31, 2006 | January 31, 2005 | |||||||
Tax exempt Income | $ | 56,725 | $ | 56,899 | ||||
Ordinary Income | 563 | — | ||||||
Long term Capital Gains | 13,443 | 19,161 | ||||||
Total | $ | 70,731 | $ | 76,060 |
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. |
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond markets and to fluctuations in interest rates. 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. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption ”Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. 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 closings of the futures con tracts. 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.
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.
37 Annual Report |
Notes to Financial Statements continued |
(Amounts in thousands except ratios) |
3. Purchases and Sales of Investments. |
Purchases and sales of securities, other than short term securities and U.S. government securities, aggregated $430,952 and $399,687, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee. The manage ment 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 annual man agement fee rate was ..37% 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 | |||||||||
Fee | Fee | FDC | by FDC | |||||||||
Class A | 0% | .15% | $ | 9 | $ | — | ||||||
Class T | 0% | .25% | 6 | — | ||||||||
Class B | 65% | .25% | 88 | 64 | ||||||||
Class C | 75% | .25% | 183 | 59 | ||||||||
$ | 286 | $ | 123 |
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 intermedi aries 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.
Annual Report |
38 |
4. Fees and Other Transactions with Affiliates continued
Sales Load continued
For the period, sales charge amounts retained by FDC were as follows:
Retained | ||||
by FDC | ||||
Class A | $ | 5 | ||
Class T | 3 | |||
Class B* | 29 | |||
Class C* | 1 | |||
$ | 38 |
* 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 pay ments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
% of | ||||||
Average | ||||||
Amount | Net Assets | |||||
Class A | $ | 7 | .11 | |||
Class T | 2 | .09 | ||||
Class B | 12 | .13 | ||||
Class C | 20 | .11 | ||||
New York Municipal Income | 1,015 | .07 | ||||
Institutional Class | 1 | .08 | ||||
$ | 1,057 |
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.
39 Annual Report
Notes to Financial Statements continued | ||
(Amounts in thousands except ratios) | ||
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 share holder 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 $23 and $227, respectively. During the period, credits reduced each class’ transfer agent expense as noted in the table below.
Transfer Agent | ||||
expense reduction | ||||
Class B | $ | 1 | ||
Class C | 1 | |||
New York Municipal Income | 117 | |||
$ | 119 | |||
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 perfor mance 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 expo sure 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.
Annual Report |
40 |
8. Distributions to Shareholders. | ||||||||||||
Distributions to shareholders of each class were as follows: | ||||||||||||
Years ended January 31, | ||||||||||||
2006 | 2005 | |||||||||||
From net investment income | ||||||||||||
Class A | $ | 232 | $ | 216 | ||||||||
Class T | 83 | 63 | ||||||||||
Class B | 288 | 306 | ||||||||||
Class C | 520 | 433 | ||||||||||
New York Municipal Income | 55,581 | 55,872 | ||||||||||
Institutional Class | 21 | 9 | ||||||||||
Total | $ | 56,725 | $ | 56,899 | ||||||||
From net realized gain | ||||||||||||
Class A | $ | 60 | $ | 80 | ||||||||
Class T | 24 | 24 | ||||||||||
Class B | 95 | 133 | ||||||||||
Class C | 183 | 199 | ||||||||||
New York Municipal Income | 13,639 | 18,722 | ||||||||||
Institutional Class | 5 | 3 | ||||||||||
Total | $ | 14,006 | $ | 19,161 | ||||||||
9. Share Transactions. | ||||||||||||
Transactions for each class of shares were as follows: | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class A | ||||||||||||
Shares sold | 99 | 161 | $ | 1,281 | $ | 2,105 | ||||||
Reinvestment of | ||||||||||||
distributions | 18 | 18 | 237 | 233 | ||||||||
Shares redeemed | (103) | (119) | (1,332) | (1,551) | ||||||||
Net increase (decrease) . | 14 | 60 | $ | 186 | $ | 787 | ||||||
Class T | ||||||||||||
Shares sold | 117 | 50 | $ | 1,507 | $ | 655 | ||||||
Reinvestment of | ||||||||||||
distributions | 6 | 5 | 84 | 69 | ||||||||
Shares redeemed | (29) | (38) | (383) | (497) | ||||||||
Net increase (decrease) . | 94 | 17 | $ | 1,208 | $ | 227 | ||||||
Class B | ||||||||||||
Shares sold | 93 | 98 | $ | 1,205 | $ | 1,286 | ||||||
Reinvestment of | ||||||||||||
distributions | 21 | 25 | 275 | 327 | ||||||||
Shares redeemed | (111) | (144) | (1,440) | (1,875) | ||||||||
Net increase (decrease) . | 3 | (21) | $ | 40 | $ | (262) | ||||||
41 | Annual Report |
Notes to Financial Statements continued | ||||||||||||
(Amounts in thousands except ratios) | ||||||||||||
9. Share Transactions - continued | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class C | ||||||||||||
Shares sold | 546 | 377 | $ | 7,087 | $ | 4,941 | ||||||
Reinvestment of | ||||||||||||
distributions | 34 | 36 | 445 | 475 | ||||||||
Shares redeemed | (180) | (210) | (2,335) | (2,742) | ||||||||
Net increase (decrease) . | 400 | 203 | $ | 5,197 | $ | 2,674 | ||||||
New York Municipal | ||||||||||||
Income | ||||||||||||
Shares sold | 18,716 | 14,900 | $ | 243,049 | $ | 195,817 | ||||||
Reinvestment of | ||||||||||||
distributions | 4,020 | 4,350 | 52,037 | 56,974 | ||||||||
Shares redeemed | (19,479) | (20,265) | (252,103) | (263,442) | ||||||||
Net increase (decrease) . | 3,257 | (1,015) | $ | 42,983 | $ | (10,651) | ||||||
Institutional Class | ||||||||||||
Shares sold | 78 | 13 | $ | 1,018 | $ | 176 | ||||||
Reinvestment of | ||||||||||||
distributions | 1 | 1 | 17 | 7 | ||||||||
Shares redeemed | (31) | (4) | (403) | (60) | ||||||||
Net increase (decrease) . | 48 | 10 | $ | 632 | $ | 123 |
Annual Report |
42 |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund):
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund) (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments as of January 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s manage ment. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures in cluded confirmation of securities owned as of January 31, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Boston, Massachusetts March 14, 2006 |
43 Annual Report
Trustees and Officers
The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, and review the fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr., each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 251 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instru ment signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*: |
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation Edward C. Johnson 3d (75) |
Year of Election or Appointment: 1983
Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Man agement, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.
45 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Stephen P. Jonas (53) |
Year of Election or Appointment: 2005
Mr. Jonas is Senior Vice President of the fund (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).
Robert L. Reynolds (53) |
Year of Election or Appointment: 2003
Mr. Reynolds is a Director (2003 present) and Chief Operating Officer (2002 present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000 present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996 2000).
* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
Annual Report |
46 |
Independent Trustees: |
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation Dennis J. Dirks (57) |
Year of Election or Appointment: 2005
Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006 present).
Albert R. Gamper, Jr. (63) |
Year of Election or Appointment: 2006
Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment companies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.
47 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Robert M. Gates (62) |
Year of Election or Appointment: 1997
Dr. Gates is Chairman of the Independent Trustees (2006 present). Dr. Gates is President of Texas A&M University (2002 present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001 present), and Brinker International (restaurant management, 2003 present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999 2001).
George H. Heilmeier (69) |
Year of Election or Appointment: 2004
Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engi neers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Penn sylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.
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48 |
Name, Age; Principal Occupation Marie L. Knowles (59) |
Year of Election or Appointment: 2001
Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare ser vice, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61) |
Year of Election or Appointment: 2000
Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corpora tion (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.
William O. McCoy (72) |
Year of Election or Appointment: 1997
Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment man agement firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Caro lina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).
49 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Cornelia M. Small (61) |
Year of Election or Appointment: 2005
Ms. Small is a member (2000 present) and Chairperson (2002 present) of the Investment Committee, and a member (2002 present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999 2000), Director of Global Equity Investments (1996 1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990 1997) and Scudder Kemper Investments (1997 1999). In addition, Ms. Small served as Co Chair (2000 2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66) |
Year of Election or Appointment: 2002
Mr. Stavropoulos is Chairman of the Board (2000 present) and a Mem ber of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66) |
Year of Election or Appointment: 2005
Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).
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50 |
Advisory Board Member and Executive Officers:
Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation James H. Keyes (65) |
Year of Election or Appointment: 2006
Member of the Advisory Board of Fidelity New York Municipal Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998 present).
Peter S. Lynch (62) |
Year of Election or Appointment: 2003
Member of the Advisory Board of Fidelity New York Municipal Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990 2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Walter C. Donovan (43) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).
51 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation David L. Murphy (58) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Alloca tion Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).
Thomas J. Silvia (44) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Silvia also serves as Vice President of Fidelity’s Bond Funds (2005 present) and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Tax able Bond portfolio managers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).
Mark Sommer (46) |
Year of Election or Appointment: 2002
Vice President of the fund. Mr. Sommer also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibili ties, Mr. Sommer worked as an analyst and manager.
Eric D. Roiter (57) |
Year of Election or Appointment: 1998
Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Com pany (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).
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52 |
Name, Age; Principal Occupation |
Stuart Fross (46) |
Year of Election or Appointment: 2003
Assistant Secretary of the fund. Mr. Fross also serves as Assistant Secre tary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.
Christine Reynolds (47) |
Year of Election or Appointment: 2004
President and Treasurer of the fund. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at Pricewater houseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.
R. Stephen Ganis (39) |
Year of Election or Appointment: 2006
Anti Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).
Paul M. Murphy (58) |
Year of Election or Appointment: 2005
Chief Financial Officer of VIP Financial Services. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Manage ment Services Group (FPCMS).
Kenneth A. Rathgeber (58) |
Year of Election or Appointment: 2004
Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).
53 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Bryan A. Mehrmann (44) |
Year of Election or Appointment: 2005
Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institu tional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).
Kimberley H. Monasterio (42) |
Year of Election or Appointment: 2004
Deputy Treasurer of the fund. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Temple ton Services, LLC (2000 2004).
Kenneth B. Robins (36) |
Year of Election or Appointment: 2005
Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of pro fessional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).
Robert G. Byrnes (39) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Trea surer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice Presi dent of the Investment Operations Group (2000 2003).
John H. Costello (59) |
Year of Election or Appointment: 1986
Assistant Treasurer of the fund. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (52) |
Year of Election or Appointment: 2004
Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
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54 |
Name, Age; Principal Occupation Mark Osterheld (50) |
Year of Election or Appointment: 2002
Assistant Treasurer of the fund. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Gary W. Ryan (47) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).
Salvatore Schiavone (40) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).
55 Annual Report
Distributions |
The Board of Trustees of Fidelity New York Municipal Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | ||||
Class A | 3/06/06 | 3/03/06 | $.062 | |||
Class T | 3/06/06 | 3/03/06 | $.062 | |||
Class B | 3/06/06 | 3/03/06 | $.062 | |||
Class C | 3/06/06 | 3/03/06 | $.062 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2006 $16,713,320, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2005, 100% of the fund’s income dividends was free from federal income tax, and 4.8% of the fund’s income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
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56 |
Proxy Voting Results
A special meeting of the fund’s shareholders was held on February 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||||
To elect a Board of Trustees.A | ||||
# of | % of | |||
Votes | Votes | |||
Dennis J. Dirks | ||||
Affirmative | 756,274,117.48 | 94.929 | ||
Withheld | 40,401,891.30 | 5.071 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Albert R. Gamper, Jr. | ||||
Affirmative | 756,074,508.43 | 94.904 | ||
Withheld | 40,601,500.35 | 5.096 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert M. Gates | ||||
Affirmative | 753,726,156.15 | 94.609 | ||
Withheld | 42,949,852.63 | 5.391 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
George H. Heilmeier | ||||
Affirmative | 754,732,746.86 | 94.735 | ||
Withheld | 41,943,261.92 | 5.265 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Edward C. Johnson 3d | ||||
Affirmative | 754,073,233.82 | 94.652 | ||
Withheld | 42,602,774.96 | 5.348 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Stephen P. Jonas | ||||
Affirmative | 756,562,609.94 | 94.965 | ||
Withheld | 40,113,398.84 | 5.035 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Marie L. Knowles | ||||
Affirmative | 754,799,466.04 | 94.744 | ||
Withheld | 41,876,542.74 | 5.256 | ||
TOTAL | 796,676,008.78 | 100.000 |
# of | % of | |||
Votes | Votes | |||
Ned C. Lautenbach | ||||
Affirmative | 755,172,679.13 | 94.790 | ||
Withheld | 41,503,329.65 | 5.210 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William O. McCoy | ||||
Affirmative | 754,375,687.88 | 94.690 | ||
Withheld | 42,300,320.90 | 5.310 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert L. Reynolds | ||||
Affirmative | 755,950,104.48 | 94.888 | ||
Withheld | 40,725,904.30 | 5.112 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Cornelia M. Small | ||||
Affirmative | 755,751,111.56 | 94.863 | ||
Withheld | 40,924,897.22 | 5.137 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William S. Stavropoulos | ||||
Affirmative | 747,114,578.40 | 93.779 | ||
Withheld | 49,561,430.38 | 6.221 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Kenneth L. Wolfe | ||||
Affirmative | 755,847,459.35 | 94.875 | ||
Withheld | 40,828,549.43 | 5.125 | ||
TOTAL | 796,676,008.78 | 100.000 |
A Denotes trust-wide proposal and voting results.
57 Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub advisory agreements; (iv) the day to day management of the fund or the persons primarily responsible for such man agement; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessi tate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the
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58 |
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.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.
59 Annual Report
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60 |
Investment Adviser Fidelity Management & Research Company Boston, MA Investment Sub Advisers Fidelity Investments Money Management, Inc. Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) 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 Investments Institutional Operations Company, Inc. Boston, MA Fidelity Service Company, Inc. Boston, MA Custodian Citibank, N.A. New York, NY |
ASNM-UANN-0306 1.789705.102 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx125x1.jpg)
Fidelity Advisor New York Municipal Income Fund - Institutional Class |
Annual Report January 31, 2006 |
Institutional Class is a class of Fidelity® New York Municipal Income Fund
Contents | ||||
Chairman’s Message | 4 | Ned Johnson’s message to shareholders. | ||
Performance | 5 | How the fund has done over time. | ||
Management’s Discussion | 6 | The managers’ review of fund | ||
performance, strategy and outlook. | ||||
Shareholder Expense | 7 | An example of shareholder expenses. | ||
Example | ||||
Investment Changes | 9 | A summary of major shifts in the fund’s | ||
investments over the past six months. | ||||
Investments | 10 | A complete list of the fund’s investments | ||
with their market values. | ||||
Financial Statements | 24 | Statements of assets and liabilities, | ||
operations, and changes in net assets, | ||||
as well as financial highlights. | ||||
Notes | 34 | Notes to the financial statements. | ||
Report of Independent | 42 | |||
Registered Public | ||||
Accounting Firm | ||||
Trustees and Officers | 44 | |||
Distributions | 55 | |||
Proxy Voting Results | 56 | |||
Board Approval of | 57 | |||
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 Commis sion’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. |
Annual Report |
2 |
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 port folio 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. |
3 Annual Report
Chairman’s Message
(photograph 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 every one 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 some one 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
Annual Report 4
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’ dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns | ||||||
Periods ended January 31, 2006 | Past 1 | Past 5 | Past 10 | |||
year | years | years | ||||
Institutional ClassA | 2.18% | 5.51% | 5.63% |
A The initial offering of Institutional Class shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of Spartan New York Municipal Income, the original retail class of the fund. |
$10,000 Over 10 Years
Let’s say hypothetically that $10,000 was invested in Fidelity Advisor New York Municipal Income Fund - Institutional Class on January 31, 1996, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx129x1.jpg)
5 Annual Report
5
Management’s Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity Advisor New York Municipal Income Fund
2005 marked the third consecutive year that municipal bonds outperformed the investment grade taxable bond market, a trend that continued through the first month of 2006. While both markets were pressured by the steadily rising federal funds rate and fears of inflation, short term Treasury yields rose and long term yields fell to a greater extent than in municipal bonds, and many investors were attracted to the yield differential between longer dated municipals and taxable investment grade debt. As rates fell in the long end of the municipal market, many issuers looked to refinance existing debt costs or finance new projects at better relative rates. This demand contributed to record high issuance for calendar year 2005. For the year ending January 31, 2006, the Lehman Brothers® Municipal Bond Index a performance measure of approximately 34,000 investment grade, fixed rate, tax exempt bonds rose 2.83% . In comparison, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, gained a more modest 1.80% .
For the 12 months ending January 31, 2006, the fund’s Institutional Class shares returned 2.18% . During the same period, the LipperSM New York Municipal Debt Funds Average returned 2.38% and the Lehman Brothers New York 4 Plus Year Enhanced Municipal Bond Index rose 2.91% . Strong demand for tax free investments and improved creditworthiness for many muni issuers across the state helped the New York muni market to perform roughly in line with the national market and to somewhat offset the negative effects of rising short term interest rates. The fund’s underperformance of the Lehman Brothers index and I suspect the Lipper peer group average stemmed from my decisions to avoid tobacco bonds and to underweight bonds issued by New York City. Both segments significantly outperformed most other muni sectors during the period. In contrast, the fund’s performance was aided by its stake in bonds that were prerefunded during the period, a process that helped boost the bonds’ returns. Throughout the year, I kept the fund’s interest rate sensitivity in line with the New York municipal market as a whole, as measured by the Lehman Brothers index. That strategy had no material impact on the fund’s performance relative to the index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report |
6 6 |
Shareholder Expense Example
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 (August 1, 2005 to January 31, 2006).
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.
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class A | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.10 | $ | 3.34 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.88 | $ | 3.36 | ||||||
Class T | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.40 | $ | 3.75 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,021.48 | $ | 3.77 | ||||||
Class B | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.00 | $ | 7.18 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,018.05 | $ | 7.22 | ||||||
7 | Annual Report |
Shareholder Expense Example continued | ||||||||||||
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Class C | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.80 | $ | 7.58 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | ||||||
New York Municipal Income | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
Institutional Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
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 184/365 (to reflect the one half year period).
Annualized | ||
Expense Ratio | ||
Class A | 66% | |
Class T | 74% | |
Class B | 1.42% | |
Class C | 1.50% | |
New York Municipal Income | 47% | |
Institutional Class | 47% |
Annual Report |
8 |
Investment Changes | ||||
Top Five Sectors as of January 31, 2006 | ||||
% of fund’s | % of fund’s net assets | |||
net assets | 6 months ago | |||
General Obligations | 33.5 | 32.9 | ||
Special Tax | 18.6 | 13.9 | ||
Water & Sewer | 11.0 | 12.4 | ||
Transportation | 10.4 | 14.0 | ||
Escrowed/Pre Refunded | 9.5 | 7.4 | ||
Average Years to Maturity as of January 31, 2006 | ||||
6 months ago | ||||
Years | 14.4 | 14.7 |
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 January 31, 2006 | ||||||
6 months ago | ||||||
Years | 6.7 | 6.7 |
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000006/nyannx133x1.jpg)
We have used ratings from Moody’s® Investors Services, Inc. Where Moody’s ratings are not available, we have used S&P® ratings.
9 Annual Report
Investments January 31, 2006 | ||||||||||
Showing Percentage of Net Assets | ||||||||||
Municipal Bonds 97.5% | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
Guam 0.1% | ||||||||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 6% | ||||||||||
7/1/25 | $ | 1,100 | $ | 1,185 | ||||||
New York – 91.4% | ||||||||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of | ||||||||||
Saint Rose Proj.) Series A: | ||||||||||
5% 7/1/10 (AMBAC Insured) | 600 | 637 | ||||||||
5% 7/1/11 (AMBAC Insured) | 500 | 535 | ||||||||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,486 | ||||||||
Battery Park City Auth. Rev. Series A: | ||||||||||
5.25% 11/1/16 | 2,000 | 2,187 | ||||||||
5.25% 11/1/17 | 1,400 | 1,525 | ||||||||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||||
(Bard College Civic Facility Proj.): | ||||||||||
5.5% 8/1/20 | 4,190 | 4,492 | ||||||||
5.75% 8/1/30 | 9,475 | 10,194 | ||||||||
(Vassar College Proj.) 5.35% 9/1/40 | 7,000 | 7,447 | ||||||||
Erie County Gen. Oblig. Series A: | ||||||||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,804 | ||||||||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,789 | ||||||||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,064 | ||||||||
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo | ||||||||||
City School District Proj.): | ||||||||||
Series 2003: | ||||||||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,874 | ||||||||
5.75% 5/1/19 (FSA Insured) | 1,500 | 1,652 | ||||||||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,539 | ||||||||
5.75% 5/1/21 (FSA Insured) | 1,755 | 1,927 | ||||||||
5.75% 5/1/22 (FSA Insured) | 4,900 | 5,375 | ||||||||
5.75% 5/1/23 (FSA Insured) | 1,000 | 1,096 | ||||||||
Series 2004: | ||||||||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,764 | ||||||||
5.75% 5/1/23 (FSA Insured) | 6,620 | 7,476 | ||||||||
5.75% 5/1/26 (FSA Insured) | 5,500 | 6,186 | ||||||||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & | ||||||||||
William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC | ||||||||||
Insured) | 3,485 | 3,777 | ||||||||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,067 | ||||||||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel | ||||||||||
Co. Proj.) 5% 12/1/10 | 7,000 | 7,224 | ||||||||
Metropolitan Trans. Auth. Commuter Facilities Rev. Series | ||||||||||
1997 D, 5.125% 7/1/22 (Pre-Refunded to 1/1/12 @ | ||||||||||
100) (d) | 1,100 | 1,188 | ||||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||||
Annual Report | 10 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Metropolitan Trans. Auth. Dedicated Tax Fund Series A, | ||||||||
5.5% 11/15/26 (FSA Insured) (a) | $ | 13,575 | $ | 14,824 | ||||
Metropolitan Trans. Auth. Rev.: | ||||||||
Series 2002 A: | ||||||||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,481 | ||||||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,103 | ||||||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,102 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 1,700 | 1,870 | ||||||
5.75% 11/15/32 | 10,000 | 11,099 | ||||||
Series A: | ||||||||
5.125% 11/15/31 | 12,150 | 12,639 | ||||||
5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,294 | ||||||
Series B: | ||||||||
5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,345 | ||||||
5.25% 11/15/32 | 5,000 | 5,281 | ||||||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,418 | ||||||
Series F, 5.25% 11/15/27 (MBIA Insured) | 3,000 | 3,210 | ||||||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||||||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 | ||||||||
(Escrowed to Maturity) (d) | 1,005 | 1,057 | ||||||
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) | 3,025 | 3,320 | ||||||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (d) . | 3,000 | 3,004 | ||||||
Series A: | ||||||||
5.5% 1/1/20 (MBIA Insured) | 8,000 | 8,758 | ||||||
5.5% 7/1/20 (MBIA Insured) | 3,000 | 3,284 | ||||||
Series B: | ||||||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,286 | ||||||
5.5% 7/1/23 (MBIA Insured) | 5,000 | 5,465 | ||||||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (d) | 3,000 | 3,276 | ||||||
Metropolitan Trans. Auth. Transit Facilities Rev.: | ||||||||
Series C, 4.75% 7/1/16 (Pre-Refunded to 1/1/12 @ | ||||||||
100) (d) | 1,270 | 1,350 | ||||||
Series N, 0% 7/1/11 (Escrowed to Maturity) (d) | 5,980 | 4,873 | ||||||
Monroe County Arpt. Auth. Arpt. Rev. 5.25% 1/1/13 | ||||||||
(MBIA Insured) (c) | 1,000 | 1,056 | ||||||
Monroe County Gen. Oblig.: | ||||||||
6.5% 6/1/06 | 120 | 121 | ||||||
6.5% 6/1/07 (AMBAC Insured) | 50 | 52 | ||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(Highland Hosp. Proj.): | ||||||||
5% 8/1/11 | 1,510 | 1,575 | ||||||
5% 8/1/13 | 1,650 | 1,725 |
See accompanying notes which are an integral part of the financial statements.
11 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: - | ||||||||
continued | ||||||||
(Nazareth College Rochester Proj.) 5.25% 10/1/21 | ||||||||
(MBIA Insured) | $ | 1,000 | $ | 1,071 | ||||
Nassau County Gen. Oblig.: | ||||||||
Series U, 5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,226 | ||||||
Series Z, 5% 9/1/11 (FGIC Insured) | 3,000 | 3,176 | ||||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North | ||||||||
Shore Health Sys. Proj.): | ||||||||
Series 2001 A, 5.875% 11/1/11 | 145 | 153 | ||||||
Series 2001 B, 5.875% 11/1/11 | 1,000 | 1,059 | ||||||
Series 2001 C, 5.625% 11/1/10 | 620 | 645 | ||||||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,306 | ||||||
Nassau County Interim Fin. Auth. Series A, 5% | ||||||||
11/15/18 (AMBAC Insured) | 4,875 | 5,208 | ||||||
New York City Gen. Oblig.: | ||||||||
Series 1996 B, 6.5% 8/15/09 | 3,000 | 3,281 | ||||||
Series 1996 F, 5.75% 2/1/15 (Pre-Refunded to | ||||||||
2/1/06 @ 101.5) (d) | 495 | 502 | ||||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 5,000 | 5,646 | ||||||
Series 1997 L, 5.75% 8/1/12 | 1,910 | 1,989 | ||||||
Series 1998 H, 5.5% 8/1/12 | 8,230 | 8,633 | ||||||
Series 2000 A, 6.5% 5/15/11 | 2,540 | 2,838 | ||||||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,508 | ||||||
Series 2002 B, 5.75% 8/1/15 | 3,500 | 3,851 | ||||||
Series 2002 C, 5.5% 8/1/13 | 10,500 | 11,506 | ||||||
Series 2003 A: | ||||||||
5.5% 8/1/14 | 3,205 | 3,522 | ||||||
5.5% 8/1/20 (MBIA Insured) | 7,000 | 7,727 | ||||||
Series 2003 C, 5.25% 8/1/10 | 5,000 | 5,327 | ||||||
Series 2003 E: | ||||||||
5.25% 8/1/10 | 2,000 | 2,131 | ||||||
5.25% 8/1/11 | 6,245 | 6,706 | ||||||
5.25% 8/1/14 | 3,390 | 3,660 | ||||||
Series 2003 F: | ||||||||
5.5% 12/15/10 | 1,000 | 1,079 | ||||||
5.5% 12/15/11 | 3,700 | 4,028 | ||||||
Series 2003 I, 5.75% 3/1/16 | 3,000 | 3,321 | ||||||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,676 | ||||||
Series 2005 C, 5% 8/1/11 | 5,000 | 5,308 | ||||||
Series 2005 F, 5.25% 8/1/12 | 2,000 | 2,144 | ||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
Annual Report | 12 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series 2005 G: | ||||||||
5% 8/1/15 | $ | 8,200 | $ | 8,789 | ||||
5.25% 8/1/16 | 9,000 | 9,835 | ||||||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,318 | ||||||
Series 2005 J: | ||||||||
5% 3/1/11 | 5,825 | 6,159 | ||||||
5% 3/1/13 | 2,500 | 2,665 | ||||||
Series A: | ||||||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,465 | ||||||
6.25% 8/1/08 | 1,000 | 1,029 | ||||||
Series B: | ||||||||
5.75% 8/1/14 | 3,000 | 3,305 | ||||||
5.875% 8/15/13 (Pre-Refunded to 8/15/06 @ | ||||||||
101.5) (d) | 1,970 | 2,028 | ||||||
6.5% 8/15/11 | 1,000 | 1,134 | ||||||
7.5% 2/1/07 | 335 | 336 | ||||||
Series C: | ||||||||
5.75% 3/15/27 (FSA Insured) | 1,120 | 1,227 | ||||||
5.75% 3/15/27 (Pre-Refunded to 3/15/12 @ | ||||||||
100) (d) | 2,410 | 2,698 | ||||||
Series D: | ||||||||
5.25% 8/1/13 | 1,740 | 1,797 | ||||||
5.25% 8/1/13 (Pre-Refunded to 8/1/07 @ 101) (d) | 760 | 790 | ||||||
5.25% 8/1/21 (MBIA Insured) | 3,655 | 3,753 | ||||||
5.375% 8/1/17 | 1,750 | 1,811 | ||||||
5.375% 8/1/17 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 750 | 781 | ||||||
5.5% 6/1/12 (FGIC Insured) | 1,850 | 2,037 | ||||||
Series E: | ||||||||
6% 8/1/11 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 140 | 144 | ||||||
6% 8/1/26 (Pre-Refunded to 8/1/06 @ 101.5) (d) | 195 | 201 | ||||||
6.5% 2/15/06 | 315 | 315 | ||||||
Series F, 6% 8/1/16 | 355 | 365 | ||||||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,759 | ||||||
Series H: | ||||||||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,994 | ||||||
6% 8/1/17 | 345 | 361 | ||||||
6% 8/1/17 (Pre-Refunded to 8/1/07 @ 101) (d) | 655 | 688 | ||||||
Series J: | ||||||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,526 |
See accompanying notes which are an integral part of the financial statements.
13 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Gen. Oblig.: – continued | ||||||||
Series J: | ||||||||
5.875% 2/15/19 | $ | 15 | $ | 15 | ||||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ | ||||||||
101.5) (d) | 80 | 81 | ||||||
6.125% 8/1/12 | 60 | 63 | ||||||
6.125% 8/1/12 (Pre-Refunded to 8/1/07 @ | ||||||||
101) (d) | 280 | 294 | ||||||
Subseries 2005 F1, 5.25% 9/1/14 | 3,000 | 3,268 | ||||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,843 | ||||||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,273 | ||||||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,727 | ||||||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,365 | ||||||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||||||
(New York Univ. Proj.) Series 2001, 5.375% 7/1/15 | ||||||||
(AMBAC Insured) | 1,090 | 1,178 | ||||||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,389 | ||||||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan | ||||||||
Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA | ||||||||
Insured) (c) | 2,070 | 2,136 | ||||||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. | ||||||||
(Terminal One Group Assoc. Proj.) 5% 1/1/08 (c) | 3,735 | 3,809 | ||||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||||||
Series 2000, 5.5% 6/15/33 (Pre-Refunded to | ||||||||
6/15/10 @ 101) (d) | 14,215 | 15,551 | ||||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 4,127 | ||||||
Series 2002 A, 5.125% 6/15/34 (FSA Insured) | 16,500 | 17,288 | ||||||
Series A: | ||||||||
5% 6/15/32 | 5,000 | 5,132 | ||||||
5.125% 6/15/34 (MBIA Insured) | 4,200 | 4,401 | ||||||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,341 | ||||||
5.375% 6/15/15 | 9,650 | 10,519 | ||||||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,622 | ||||||
6% 6/15/28 (Pre-Refunded to 6/15/12 @ 100) (d) | 16,500 | 18,624 | ||||||
Series B, 5.375% 6/15/07 (Escrowed to Maturity) (d) | 145 | 145 | ||||||
Series G: | ||||||||
5.125% 6/15/32 | 3,000 | 3,112 | ||||||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,938 | ||||||
5.5% 6/15/33 (Pre-Refunded to 6/15/10 @ 101) (d) | 2,075 | 2,270 | ||||||
New York City Transitional Fin. Auth. Rev.: | ||||||||
Series 2002 A, 5.375% 11/15/21 | 3,850 | 4,178 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
14 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York City Transitional Fin. Auth. Rev.: – continued | ||||||||
Series A: | ||||||||
5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ | ||||||||
100) (d) | $ | 700 | $ | 774 | ||||
5.5% 11/15/20 (FGIC Insured) | 3,800 | 4,185 | ||||||
5.75% 2/15/16 | 85 | 92 | ||||||
New York City Trust Cultural Resources Rev. (Museum of | ||||||||
Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | ||||||||
(AMBAC Insured) | 3,200 | 3,352 | ||||||
New York Convention Ctr. Dev. Corp. Rev. 5% | ||||||||
11/15/44 (AMBAC Insured) | 55,500 | 57,401 | ||||||
New York State Dorm. Auth. Lease Rev.: | ||||||||
Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. | ||||||||
Assurance, Inc. Insured) (b) | 10,000 | 10,808 | ||||||
Series A, 5.25% 5/15/10 | 3,440 | 3,658 | ||||||
New York State Dorm. Auth. Revs.: | ||||||||
(Champlain Valley Physicians Proj.): | ||||||||
6% 7/1/09 (AMBAC Insured) | 370 | 399 | ||||||
6% 7/1/10 (AMBAC Insured) | 250 | 274 | ||||||
(City Univ. Sys. Consolidation Proj.): | ||||||||
Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) . | 4,300 | 4,779 | ||||||
Series A: | ||||||||
5.75% 7/1/13 | 6,000 | 6,572 | ||||||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,294 | ||||||
Series C, 7.5% 7/1/10 | 6,030 | 6,551 | ||||||
(Colgate Univ. Proj.): | ||||||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,217 | ||||||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,997 | ||||||
(Columbia Univ. Proj.): | ||||||||
Series 2001 A: | ||||||||
5.25% 7/1/13 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 1,000 | 1,095 | ||||||
5.25% 7/1/15 (Pre-Refunded to 7/1/11 @ | ||||||||
101) (d) | 2,000 | 2,191 | ||||||
Series B, 5.375% 7/1/18 (Pre-Refunded to 7/1/12 | ||||||||
@ 100) (d) | 1,000 | 1,103 | ||||||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,264 | ||||||
(Long Island Jewish Med. Ctr. Proj.): | ||||||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,074 | ||||||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,162 | ||||||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA | ||||||||
Insured) | 2,175 | 1,850 |
See accompanying notes which are an integral part of the financial statements.
15 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Mental Health Svcs. Facilities Impt. Proj.): | ||||||||
Series A, 5.75% 8/15/11 (Pre-Refunded to | ||||||||
2/15/07 @ 102) (d) | $ | 10 | $ | 10 | ||||
Series B: | ||||||||
5.75% 2/15/11 | 2,535 | 2,644 | ||||||
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 | 939 | ||||||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||||||
5.8% 8/1/30 | 3,000 | 3,258 | ||||||
5.85% 8/1/40 | 9,500 | 10,325 | ||||||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 | ||||||||
(AMBAC Insured) | 575 | 579 | ||||||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 | ||||||||
(AMBAC Insured) | 3,020 | 3,078 | ||||||
(New York Univ. Proj.): | ||||||||
Series 2: | ||||||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 816 | ||||||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,838 | ||||||
5.5% 7/1/20 (AMBAC Insured) | 860 | 927 | ||||||
Series A: | ||||||||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,631 | ||||||
5.75% 7/1/27 (MBIA Insured) | 11,000 | 13,174 | ||||||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA | ||||||||
Insured) | 1,500 | 1,686 | ||||||
(Saint Joseph’s Hosp. Health Ctr. Proj.) 6% 7/1/08 | ||||||||
(MBIA Insured) | 1,260 | 1,329 | ||||||
(School District Fing. Prog.): | ||||||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,919 | ||||||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,636 | ||||||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,874 | ||||||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 561 | ||||||
(State Univ. Edl. Facilities Proj.): | ||||||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 5,000 | 5,476 | ||||||
Series B, 7.5% 5/15/11 | 1,915 | 2,121 | ||||||
(The Jamaica Hosp. Proj.) Series F: | ||||||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,778 | ||||||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,904 | ||||||
(Upstate Cmnty. Colleges Proj.) Series B, 5.5% 7/1/22 | ||||||||
(FGIC Insured) | 10,090 | 11,686 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
16 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Dorm. Auth. Revs.: – continued | ||||||||
(Winthrop-South Nassau Univ. Health Sys. Oblig. | ||||||||
Group Proj.) Series A: | ||||||||
6% 7/1/14 | $ | 1,095 | $ | 1,197 | ||||
6% 7/1/15 | 1,160 | 1,266 | ||||||
6% 7/1/16 | 1,230 | 1,339 | ||||||
(Yeshiva Univ. Proj.) Series 2001: | ||||||||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,073 | ||||||
5.375% 7/1/13 (AMBAC Insured) | 800 | 862 | ||||||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,218 | ||||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 723 | ||||||
5.375% 7/1/17 (AMBAC Insured) | 370 | 399 | ||||||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to | ||||||||
5/15/10 @ 100) (d) | 1,135 | 1,290 | ||||||
Series 2000 C, 5.75% 5/15/17 (FSA Insured) | 3,000 | 3,482 | ||||||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,514 | ||||||
Series 2002 B: | ||||||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,105 | ||||||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,256 | ||||||
Series 2003 A, 5.375% 3/15/22 (Pre-Refunded to | ||||||||
3/15/13 @ 100) (d) | 2,000 | 2,209 | ||||||
Series 2005 B: | ||||||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,654 | ||||||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,900 | ||||||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,998 | ||||||
Series A, 5.5% 5/15/20 (AMBAC Insured) | 13,000 | 14,937 | ||||||
Series B: | ||||||||
5.25%, tender 5/15/12 (b) | 10,400 | 11,193 | ||||||
6%, tender 5/15/12 (b) | 11,000 | 12,263 | ||||||
5.5% 5/15/09 | 2,500 | 2,628 | ||||||
5.5% 7/1/16 (AMBAC Insured) | 725 | 746 | ||||||
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 | 543 | ||||||
Series C: | ||||||||
5.25% 7/15/16 | 2,340 | 2,548 | ||||||
5.25% 7/15/17 | 2,410 | 2,623 | ||||||
Series D: | ||||||||
5% 6/15/20 | 20,150 | 21,365 | ||||||
5.125% 6/15/31 | 6,900 | 7,245 | ||||||
5.375% 6/15/19 | 5,250 | 5,713 |
See accompanying notes which are an integral part of the financial statements.
17 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Envir. Facilities Corp. Clean Wtr. & | ||||||||
Drinking Wtr. Rev.: – continued | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series G, 5.25% 10/15/20 | $ | 1,255 | $ | 1,338 | ||||
(Pooled Fing. Prog.): | ||||||||
Series F: | ||||||||
5.25% 11/15/15 | 2,595 | 2,828 | ||||||
5.25% 11/15/16 | 3,770 | 4,108 | ||||||
Series I: | ||||||||
5.25% 9/15/15 | 2,085 | 2,268 | ||||||
5.25% 9/15/17 | 2,395 | 2,589 | ||||||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,637 | ||||||
Series B: | ||||||||
5.5% 10/15/20 | 3,805 | 4,407 | ||||||
5.5% 10/15/21 | 3,985 | 4,621 | ||||||
Series C: | ||||||||
5% 6/15/19 | 815 | 849 | ||||||
5.25% 6/15/16 | 3,500 | 3,755 | ||||||
Series F: | ||||||||
4.875% 6/15/18 | 1,735 | 1,791 | ||||||
4.875% 6/15/20 | 2,175 | 2,240 | ||||||
5% 6/15/15 | 1,295 | 1,353 | ||||||
5.25% 6/15/13 | 1,575 | 1,654 | ||||||
Series I, 5% 6/15/24 | 2,000 | 2,103 | ||||||
New York State Envir. Facilities Corp. Rev. Series A: | ||||||||
5.25% 1/1/21 (FGIC Insured) | 4,785 | 5,143 | ||||||
5.375% 1/1/16 (FGIC Insured) | 2,170 | 2,377 | ||||||
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 | 10,810 | ||||||
New York State Envir. Facilities Corp. State Wtr. Poll. | ||||||||
Cont. Revolving Fund Rev.: | ||||||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||||||
Series 2002, 5.75% 6/15/11 | 455 | 505 | ||||||
Series A, 7% 6/15/12 | 190 | 190 | ||||||
Series C, 5.85% 7/15/15 | 30 | 31 | ||||||
Series E, 6.5% 6/15/14 | 130 | 130 | ||||||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,232 | ||||||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (d) | 1,105 | 1,194 | ||||||
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 | 1,834 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
18 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. | ||||||||
(Econ. Dev. & Hsg. Proj.) Series A: – continued | ||||||||
5.25% 9/15/16 (MBIA Insured) | $ | 1,780 | $ | 1,934 | ||||
5.25% 3/15/17 (MBIA Insured) | 2,240 | 2,416 | ||||||
5.25% 3/15/18 | 2,290 | 2,467 | ||||||
5.25% 3/15/19 | 2,480 | 2,664 | ||||||
5.25% 9/15/20 | 2,685 | 2,876 | ||||||
5.25% 3/15/21 | 2,230 | 2,381 | ||||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||||||
Series A, 5.25% 11/15/40 | 25,860 | 27,195 | ||||||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (d) | 75 | 78 | ||||||
New York State Thruway Auth. Gen. Rev.: | ||||||||
Series 2005 G, 5.25% 1/1/27 (FSA Insured) | 4,370 | 4,738 | ||||||
Series E: | ||||||||
5.25% 1/1/12 | 4,695 | 4,899 | ||||||
5.25% 1/1/12 (Pre-Refunded to 1/1/08 @ 101) (d) | 715 | 748 | ||||||
New York State Thruway Auth. Hwy. & Bridge Trust Fund | ||||||||
Series B, 5.5% 4/1/20 (AMBAC Insured) | 10,000 | 11,481 | ||||||
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 | 5,529 | ||||||
5.5% 3/15/19 (Pre-Refunded to 3/15/12 @ 100) (d) | 5,460 | 6,037 | ||||||
5.5% 3/15/20 (Pre-Refunded to 3/15/12 @ 100) (d) | 3,500 | 3,870 | ||||||
New York State Thruway Auth. Svc. Contract Rev.: | ||||||||
5.5% 4/1/14 | 11,700 | 12,783 | ||||||
5.5% 4/1/15 | 6,200 | 6,770 | ||||||
5.5% 4/1/16 | 3,665 | 4,006 | ||||||
6% 4/1/11 | 1,605 | 1,685 | ||||||
New York State Urban Dev. Corp. Correctional Youth | ||||||||
Facilities Svc. Series A, 5.5%, tender 1/1/11 (b) | 2,000 | 2,158 | ||||||
New York State Urban Dev. Corp. Rev.: | ||||||||
(Sports Facilities Assistance Prog.) Series A, 6.25% | ||||||||
4/1/06 (MBIA Insured) | 15 | 15 | ||||||
(State Facilities and Equip. Proj.) Series 2004 A2: | ||||||||
5.5% 3/15/19 (MBIA Insured) | 1,230 | 1,409 | ||||||
5.5% 3/15/22 (MBIA Insured) | 15,000 | 17,343 | ||||||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,516 | ||||||
Series B, 5.25% 3/15/15 (MBIA Insured) | 1,800 | 1,958 | ||||||
Series C1, 5.5% 3/15/19 (Pre-Refunded to 3/15/13 | ||||||||
@ 100) (d) | 3,000 | 3,347 | ||||||
5% 1/1/14 (FSA Insured) | 5,000 | 5,417 |
See accompanying notes which are an integral part of the financial statements.
19 Annual Report
Investments continued | ||||||||||
Municipal Bonds continued | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
New York – continued | ||||||||||
New York Thruway Auth. Second Gen. Hwy. & Bridge | ||||||||||
Trust Fund Series A, 5.25% 4/1/23 (Pre-Refunded to | ||||||||||
4/1/13 @ 100) (d) | $ | 3,050 | $ | 3,357 | ||||||
New York Transitional Fin. Auth. Rev.: | ||||||||||
Series 2000 C, 5.5% 11/1/20 (Pre-Refunded to | ||||||||||
5/1/10 @ 101) (d) | 300 | 327 | ||||||||
Series 2003 D: | ||||||||||
5% 2/1/31 | 20,025 | 20,656 | ||||||||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,154 | ||||||||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,691 | ||||||||
Series 2003 E: | ||||||||||
5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,876 | ||||||||
5.25% 2/1/17 (FGIC Insured) | 5,975 | 6,465 | ||||||||
Series 2004 C: | ||||||||||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,634 | ||||||||
5.25% 2/1/14 | 6,000 | 6,595 | ||||||||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,445 | ||||||||
Series B: | ||||||||||
5.125% 11/1/14 (Pre-Refunded to 5/1/09 @ | ||||||||||
101) (d) | 360 | 383 | ||||||||
5.25% 8/1/19 | 3,000 | 3,253 | ||||||||
5.375% 2/1/15 | 3,000 | 3,275 | ||||||||
Series C, 5.375% 2/1/17 | 1,000 | 1,085 | ||||||||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,381 | ||||||||
Niagara Falls City Niagara County Pub. Impt.: | ||||||||||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,079 | ||||||||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,325 | ||||||||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,468 | ||||||||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,379 | ||||||||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,595 | ||||||||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. | ||||||||||
Assurance, Inc. Insured) | 1,000 | 1,100 | ||||||||
Sales Tax Asset Receivables Corp. Series A, 5.25% | ||||||||||
10/15/27 (AMBAC Insured) | 4,055 | 4,368 | ||||||||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. | ||||||||||
Proj.) Series A, 5% 12/1/10 | 1,095 | 1,140 | ||||||||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union | ||||||||||
College Proj.) Series A, 5.625% 7/1/31 (AMBAC | ||||||||||
Insured) | 2,000 | 2,197 | ||||||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. | ||||||||||
(Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,541 | ||||||||
Taconic Hills Central School District at Craryville 5% | ||||||||||
6/15/16 (FGIC Insured) | 1,130 | 1,205 | ||||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||||
Annual Report | 20 |
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York – continued | ||||||||
Tobacco Settlement Fing. Corp.: | ||||||||
Series A1: | ||||||||
5.25% 6/1/21 (AMBAC Insured) | $ | 3,255 | $ | 3,500 | ||||
5.25% 6/1/22 (AMBAC Insured) | 5,300 | 5,682 | ||||||
5.5% 6/1/14 | 7,000 | 7,413 | ||||||
5.5% 6/1/16 | 14,500 | 15,510 | ||||||
Series B1: | ||||||||
5% 6/1/10 | 1,685 | 1,769 | ||||||
5% 6/1/11 | 1,525 | 1,611 | ||||||
Series C1: | ||||||||
5% 6/1/11 | 3,280 | 3,299 | ||||||
5.5% 6/1/15 | 3,000 | 3,213 | ||||||
5.5% 6/1/17 | 3,000 | 3,245 | ||||||
5.5% 6/1/20 | 3,000 | 3,285 | ||||||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) | ||||||||
Series E: | ||||||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,444 | ||||||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 6,215 | 6,730 | ||||||
Triborough Bridge & Tunnel Auth. Revs.: | ||||||||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,178 | ||||||
Series 2005 A, 5.125% 1/1/22 | 5,290 | 5,595 | ||||||
Series A: | ||||||||
5% 1/1/32 | 765 | 791 | ||||||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,503 | ||||||
6% 1/1/11 (Escrowed to Maturity) (d) | 500 | 557 | ||||||
Series B: | ||||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (d) | 2,000 | 2,263 | ||||||
5.5% 1/1/30 (Pre-Refunded to 1/1/22 @ 100) (d) | 5,015 | 5,776 | ||||||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (d) | 825 | 876 | ||||||
Series Y: | ||||||||
6% 1/1/12 (Escrowed to Maturity) (d) | 20,000 | 21,969 | ||||||
6.125% 1/1/21 (Escrowed to Maturity) (d) | 3,200 | 3,858 | ||||||
Upper Mohawk Valley Reg’l. Wtr. Fin. Auth. Wtr. Sys. | ||||||||
Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,175 | ||||||
Yonkers Gen. Oblig. Series 2001 A: | ||||||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,507 | ||||||
5% 12/15/12 (Pre-Refunded to 6/15/10 @ 100) (d) . | 1,245 | 1,326 | ||||||
1,326,004 |
See accompanying notes which are an integral part of the financial statements.
21 Annual Report
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value (Note 1) | |||||||
Amount (000s) | (000s) | |||||||
New York & New Jersey – 5.3% | ||||||||
Port Auth. of New York & New Jersey: | ||||||||
120th Series: | ||||||||
5.75% 10/15/11 (MBIA Insured) (c) | $ | 15,000 | $ | 15,670 | ||||
5.75% 10/15/12 (MBIA Insured) (c) | 15,530 | 16,224 | ||||||
124th Series: | ||||||||
5% 8/1/08 (c) | 4,875 | 5,034 | ||||||
5% 8/1/13 (FGIC Insured) (c) | 3,000 | 3,104 | ||||||
126th Series, 5.25% 5/15/37 (FGIC Insured) (c) | 5,970 | 6,288 | ||||||
128th Series, 5% 11/1/19 (FSA Insured) | 7,200 | 7,681 | ||||||
134th Series, 5% 1/15/39 | 10,000 | 10,324 | ||||||
Series 85, 5.375% 3/1/28 | 6,200 | 6,996 | ||||||
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 | 5,676 | ||||||
76,997 | ||||||||
Puerto Rico 0.7% | ||||||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. | ||||||||
Rev. Series 1998, 5.75% 7/1/22 (CIFG North | ||||||||
America Insured) | 3,000 | 3,332 | ||||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | ||||||||
Series 2000 A, 5.5% 10/1/32 (Escrowed to | ||||||||
Maturity) (d) | 2,175 | 2,357 | ||||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,643 | ||||||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,130 | ||||||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% | ||||||||
8/1/17 (FSA Insured) | 1,000 | 1,118 | ||||||
9,580 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $1,384,963) | 1,413,766 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
22 |
Municipal Notes 0.1% | ||||||||||
Principal | Value (Note 1) | |||||||||
Amount (000s) | (000s) | |||||||||
New York – 0.1% | ||||||||||
Schenectady Gen. Oblig. BAN 5.25% 5/26/06 | ||||||||||
(Cost $2,200) | $ | 2,200 | $ | 2,196 | ||||||
TOTAL INVESTMENT PORTFOLIO 97.6% | ||||||||||
(Cost $1,387,163) | 1,415,962 | |||||||||
NET OTHER ASSETS – 2.4% | 34,620 | |||||||||
NET ASSETS 100% | $ | 1,450,582 |
Futures Contracts | ||||||||||
Expiration | Underlying | Unrealized | ||||||||
Date | Face Amount | Appreciation/ | ||||||||
at Value (000s) | (Depreciation) | |||||||||
(000s) | ||||||||||
Purchased | ||||||||||
Treasury Contracts | ||||||||||
90 U.S. Treasury 10-Year Bond Contracts | March 2006 | $ | 9,759 | $ | 13 |
The face value of futures purchased as a percentage of net assets – 0.7%
Security Type Abbreviation |
BAN — BOND ANTICIPATION NOTE |
Legend (a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $273,000. (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 | 33.5% | |
Special Tax | 18.6% | |
Water & Sewer | 11.0% | |
Transportation | 10.4% | |
Escrowed/Pre Refunded | 9.5% | |
Education | 6.1% | |
Others* (individually less than 5%) | 10.9% | |
100.0% | ||
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
23 Annual Report
Financial Statements | ||||||||
Statement of Assets and Liabilities | ||||||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||||||
Assets | ||||||||
Investment in securities, at value See accompanying | ||||||||
schedule: | ||||||||
Unaffiliated issuers (cost $1,387,163) | $ | 1,415,962 | ||||||
Cash | 21,806 | |||||||
Receivable for fund shares sold | 1,018 | |||||||
Interest receivable | 18,598 | |||||||
Prepaid expenses | 6 | |||||||
Other receivables | 36 | |||||||
Total assets | 1,457,426 | |||||||
Liabilities | ||||||||
Payable for investments purchased | $ | 4,052 | ||||||
Payable for fund shares redeemed | 904 | |||||||
Distributions payable | 1,249 | |||||||
Accrued management fee | 449 | |||||||
Distribution fees payable | 26 | |||||||
Payable for daily variation on futures contracts | 4 | |||||||
Other affiliated payables | 116 | |||||||
Other payables and accrued expenses | 44 | |||||||
Total liabilities | 6,844 | |||||||
Net Assets | $ | 1,450,582 | ||||||
Net Assets consist of: | ||||||||
Paid in capital | $ | 1,413,530 | ||||||
Undistributed net investment income | 215 | |||||||
Accumulated undistributed net realized gain (loss) on | ||||||||
investments | 8,025 | |||||||
Net unrealized appreciation (depreciation) on | ||||||||
investments | 28,812 | |||||||
Net Assets | $ | 1,450,582 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
24 |
Statement of Assets and Liabilities continued | ||||
Amounts in thousands (except per share amounts) | January 31, 2006 | |||
Calculation of Maximum Offering Price | ||||
Class A: | ||||
Net Asset Value and redemption price per share ($6,082 | ||||
÷ 474.676 shares) | $ | 12.81 | ||
Maximum offering price per share (100/95.25 of $12.81) | $ | 13.45 | ||
Class T: | ||||
Net Asset Value and redemption price per share ($3,032 | ||||
÷ 236.415 shares) | $ | 12.82 | ||
Maximum offering price per share (100/96.50 of $12.82) | $ | 13.28 | ||
Class B: | ||||
Net Asset Value and offering price per share ($9,647 ÷ | ||||
752.962 shares)A | $ | 12.81 | ||
Class C: | ||||
Net Asset Value and offering price per share ($20,251 | ||||
÷ 1,580.312 shares)A | $ | 12.81 | ||
New York Municipal Income: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($1,410,672 ÷ 110,055.097 shares) | $ | 12.82 | ||
Institutional Class: | ||||
Net Asset Value, offering price and redemption price per | ||||
share ($898 ÷ 70.118 shares) | $ | 12.81 | ||
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.
25 Annual Report
Financial Statements continued | ||||||
Statement of Operations | ||||||
Amounts in thousands | Year ended January 31, 2006 | |||||
Investment Income | ||||||
Interest | $ | 63,956 | ||||
Expenses | ||||||
Management fee | $ | 5,462 | ||||
Transfer agent fees | 1,057 | |||||
Distribution fees | 286 | |||||
Accounting fees and expenses | 297 | |||||
Independent trustees’ compensation | 7 | |||||
Custodian fees and expenses | 23 | |||||
Registration fees | 79 | |||||
Audit | 54 | |||||
Legal | 17 | |||||
Miscellaneous | 12 | |||||
Total expenses before reductions | 7,294 | |||||
Expense reductions | (369) | 6,925 | ||||
Net investment income | 57,031 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | 18,479 | |||||
Futures contracts | (66) | |||||
Swap agreements | (39) | |||||
Total net realized gain (loss) | 18,374 | |||||
Change in net unrealized appreciation (depreciation) on: | ||||||
Investment securities | (43,527) | |||||
Futures contracts | 13 | |||||
Total change in net unrealized appreciation | ||||||
(depreciation) | (43,514) | |||||
Net gain (loss) | (25,140) | |||||
Net increase (decrease) in net assets resulting from | ||||||
operations | $ | 31,891 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
26 |
Statement of Changes in Net Assets | ||||||||
Year ended | Year ended | |||||||
January 31, | January 31, | |||||||
Amounts in thousands | 2006 | 2005 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income | $ | 57,031 | $ | 56,646 | ||||
Net realized gain (loss) | 18,374 | 21,457 | ||||||
Change in net unrealized appreciation (depreciation) . | (43,514) | (14,357) | ||||||
Net increase (decrease) in net assets resulting | ||||||||
from operations | 31,891 | 63,746 | ||||||
Distributions to shareholders from net investment income . | (56,725) | (56,899) | ||||||
Distributions to shareholders from net realized gain | (14,006) | (19,161) | ||||||
Total distributions | (70,731) | (76,060) | ||||||
Share transactions - net increase (decrease) | 50,246 | (7,102) | ||||||
Redemption fees | 9 | 20 | ||||||
Total increase (decrease) in net assets | 11,415 | (19,396) | ||||||
Net Assets | ||||||||
Beginning of period | 1,439,167 | 1,458,563 | ||||||
End of period (including undistributed net investment | ||||||||
income of $215 and undistributed net investment | ||||||||
income of $33, respectively) | $ | 1,450,582 | $ | 1,439,167 |
See accompanying notes which are an integral part of the financial statements.
27 Annual Report
Financial Highlights Class A | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 483 | .504 | .524 | .277 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .101 | .285 | .194 | ||||||||||||
Total from investment operations | 256 | .605 | .809 | .471 | ||||||||||||
Distributions from net investment income | (.481) | (.507) | (.523) | (.271) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.606) | (.685) | (.809) | (.441) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 2.00% | 4.72% | 6.25% | 3.59% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of fee waivers, if any | 67% | .68% | .67% | .66%A | ||||||||||||
Expenses net of all reductions | 64% | .67% | .66% | .66%A | ||||||||||||
Net investment income | 3.73% | 3.85% | 3.93% | 4.17%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 6 | $ | 6 | $ | 5 | $ | 3 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
28 |
Financial Highlights Class T | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 472 | .494 | .509 | .266 | ||||||||||||
Net realized and unrealized gain (loss) | (.217) | .090 | .296 | .197 | ||||||||||||
Total from investment operations | 255 | .584 | .805 | .463 | ||||||||||||
Distributions from net investment income | (.470) | (.496) | (.509) | (.263) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.595) | (.674) | (.795) | (.433) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.99% | 4.55% | 6.21% | 3.53% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of fee waivers, if any | 75% | .76% | .78% | .79%A | ||||||||||||
Expenses net of all reductions | 72% | .75% | .77% | .79%A | ||||||||||||
Net investment income | 3.65% | 3.77% | 3.82% | 4.04%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 3 | $ | 2 | $ | 2 | $ | 1 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
29 Annual Report
Financial Highlights Class B | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 384 | .405 | .423 | .226 | ||||||||||||
Net realized and unrealized gain (loss) | (.227) | .100 | .286 | .193 | ||||||||||||
Total from investment operations | 157 | .505 | .709 | .419 | ||||||||||||
Distributions from net investment income | (.382) | (.407) | (.423) | (.219) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.507) | (.585) | (.709) | (.389) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.22% | 3.93% | 5.45% | 3.19% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of fee waivers, if any | 1.43% | 1.44% | 1.42% | 1.41%A | ||||||||||||
Expenses net of all reductions | 1.41% | 1.43% | 1.41% | 1.40%A | ||||||||||||
Net investment income | 2.96% | 3.09% | 3.18% | 3.42%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 10 | $ | 10 | $ | 10 | $ | 5 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
Annual Report |
30 |
Financial Highlights Class C | ||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003F | ||||||||||||
Selected Per Share Data | ||||||||||||||||
Net asset value, beginning of period | $ | 13.16 | $ | 13.24 | $ | 13.24 | $ | 13.21 | ||||||||
Income from Investment Operations | ||||||||||||||||
Net investment incomeE | 373 | .394 | .410 | .219 | ||||||||||||
Net realized and unrealized gain (loss) | (.228) | .100 | .286 | .191 | ||||||||||||
Total from investment operations | 145 | .494 | .696 | .410 | ||||||||||||
Distributions from net investment income | (.370) | (.396) | (.410) | (.210) | ||||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||||
Total distributions | (.495) | (.574) | (.696) | (.380) | ||||||||||||
Redemption fees added to paid in capitalE,H | — | — | — | — | ||||||||||||
Net asset value, end of period | $ | 12.81 | $ | 13.16 | $ | 13.24 | $ | 13.24 | ||||||||
Total ReturnB,C,D | 1.14% | 3.84% | 5.35% | 3.12% | ||||||||||||
Ratios to Average Net AssetsG | ||||||||||||||||
Expenses before reductions | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of fee waivers, if any | 1.52% | 1.52% | 1.51% | 1.51%A | ||||||||||||
Expenses net of all reductions | 1.49% | 1.51% | 1.51% | 1.51%A | ||||||||||||
Net investment income | 2.88% | 3.01% | 3.08% | 3.32%A | ||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (in millions) | $ | 20 | $ | 16 | $ | 13 | $ | 6 | ||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
31 Annual Report
Financial Highlights New York Municipal Income | ||||||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, beginning of | ||||||||||||||||||||
period | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | $ | 12.78 | ||||||||||
Income from Investment | ||||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment incomeB | 508 | .530 | .549 | .574 | .584 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss) | (.217) | .091 | .295 | .506 | .117 | |||||||||||||||
Total from investment operations | 291 | .621 | .844 | 1.080 | .701 | |||||||||||||||
Distributions from net investment | ||||||||||||||||||||
income | (.506) | (.533) | (.548) | (.570) | (.581) | |||||||||||||||
Distributions from net realized | ||||||||||||||||||||
gain | (.125) | (.178) | (.286) | (.170) | — | |||||||||||||||
Total distributions | (.631) | (.711) | (.834) | (.740) | (.581) | |||||||||||||||
Redemption fees added to paid in | ||||||||||||||||||||
capital | —B,D | —B,D | —B,D | —B,D | — | |||||||||||||||
Net asset value, end of period | $ | 12.82 | $ | 13.16 | $ | 13.25 | $ | 13.24 | $ | 12.90 | ||||||||||
Total ReturnA | 2.27% | 4.84% | 6.52% | 8.55% | 5.60% | |||||||||||||||
Ratios to Average Net AssetsC | ||||||||||||||||||||
Expenses before reductions | 48% | .48% | .49% | .49% | .49% | |||||||||||||||
Expenses net of fee waivers, if | ||||||||||||||||||||
any | 48% | .48% | .48% | .49% | .49% | |||||||||||||||
Expenses net of all reductions | 45% | .47% | .48% | .47% | .44% | |||||||||||||||
Net investment income | 3.92% | 4.05% | 4.11% | 4.36% | 4.54% | |||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||
(in millions) | $ | 1,411 | $ | 1,406 | $ | 1,428 | $ | 1,483 | $ | 1,332 | ||||||||||
Portfolio turnover rate | 28% | 22% | 24% | 22% | 12% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Calculated based on average shares outstanding during the period. C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Ex penses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange ments. Expenses net of all reductions represent the net expenses paid by the class. D Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
32 |
Financial Highlights Institutional Class | ||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003E | ||||||||||
Selected Per Share Data | ||||||||||||||
Net asset value, beginning of period | $ 13.16 | $ 13.25 | $ 13.24 | $ 13.21 | ||||||||||
Income from Investment Operations | ||||||||||||||
Net investment incomeD | 506 | .523 | .550 | .286 | ||||||||||
Net realized and unrealized gain (loss) | (.227) | .092 | .296 | .195 | ||||||||||
Total from investment operations | 279 | .615 | .846 | .481 | ||||||||||
Distributions from net investment income | (.504) | (.527) | (.550) | (.281) | ||||||||||
Distributions from net realized gain | (.125) | (.178) | (.286) | (.170) | ||||||||||
Total distributions | (.629) | (.705) | (.836) | (.451) | ||||||||||
Redemption fees added to paid in capitalD,G | — | — | — | — | ||||||||||
Net asset value, end of period | $ 12.81 | $ 13.16 | $ 13.25 | $ | $ 13.24 | |||||||||
Total ReturnB,C | 2.18% | 4.80% | 6.53% | 3.67% | ||||||||||
Ratios to Average Net AssetsF | ||||||||||||||
Expenses before reductions | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of fee waivers, if any | 49% | .53% | .47% | .53%A | ||||||||||
Expenses net of all reductions | 46% | .52% | .47% | .53%A | ||||||||||
Net investment income | 3.91% | 4.00% | 4.12% | 4.30%A | ||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000 omitted) | $ 898 | $ 284 | $ 161 | $ 104 | ||||||||||
Portfolio turnover rate | 28% | 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 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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.
33 Annual Report
Notes to Financial Statements
For the period ended January 31, 2006 (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 privi leges. 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 manage ment 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. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accor dance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Invest ments in open end mutual funds are valued at their closing net asset value each business day. Short term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Annual Report |
34 |
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. Distribu tions 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 will claim 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 futures, market discount, and deferred trustees compensation and losses deferred due to futures transactions.
The fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ | 33,164 | ||||
Unrealized depreciation | (4,143) | |||||
Net unrealized appreciation (depreciation) | 29,021 | |||||
Undistributed ordinary income | 72 | |||||
Undistributed long term capital gain | 6,827 | |||||
Cost for federal income tax purposes | $ | 1,386,941 | ||||
35 | Annual Report |
Notes to Financial Statements continued | ||||||||
(Amounts in thousands except ratios) | ||||||||
1. Significant Accounting Policies continued | ||||||||
Income Tax Information and Distributions to Shareholders continued | ||||||||
The tax character of distributions paid was as follows: | ||||||||
January 31, 2006 | January 31, 2005 | |||||||
Tax exempt Income | $ | 56,725 | $ | 56,899 | ||||
Ordinary Income | 563 | — | ||||||
Long term Capital Gains | 13,443 | 19,161 | ||||||
Total | $ | 70,731 | $ | 76,060 |
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. |
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond markets and to fluctuations in interest rates. 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. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption ”Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. 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 closings of the futures con tracts. 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.
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.
Annual Report |
36 |
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and U.S. government securities, aggregated $430,952 and $399,687, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment manage ment related services for which the fund pays a monthly management fee. The manage ment 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 annual man agement fee rate was ..37% 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 | |||||||||
Fee | Fee | FDC | by FDC | |||||||||
Class A | 0% | .15% | $ | 9 | $ | — | ||||||
Class T | 0% | .25% | 6 | — | ||||||||
Class B | 65% | .25% | 88 | 64 | ||||||||
Class C | 75% | .25% | 183 | 59 | ||||||||
$ | 286 | $ | 123 |
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 intermedi aries 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.
37 Annual Report
Notes to Financial Statements continued | ||||||||
(Amounts in thousands except ratios) | ||||||||
4. Fees and Other Transactions with Affiliates continued | ||||||||
Sales Load continued | ||||||||
For the period, sales charge amounts retained by FDC were as follows: | ||||||||
Retained | ||||||||
by FDC | ||||||||
Class A | $ | 5 | ||||||
Class T | 3 | |||||||
Class B* | 29 | |||||||
Class C* | 1 | |||||||
$ | 38 |
* 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 pay ments. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
% of | ||||||
Average | ||||||
Amount | Net Assets | |||||
Class A | $ | 7 | .11 | |||
Class T | 2 | .09 | ||||
Class B | 12 | .13 | ||||
Class C | 20 | .11 | ||||
New York Municipal Income | 1,015 | .07 | ||||
Institutional Class | 1 | .08 | ||||
$ | 1,057 |
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.
Annual Report |
38 |
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 share holder 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 $23 and $227, respectively. During the period, credits reduced each class’ transfer agent expense as noted in the table below.
Transfer Agent | ||||
expense reduction | ||||
Class B | $ | 1 | ||
Class C | 1 | |||
New York Municipal Income | 117 | |||
$ | 119 | |||
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 perfor mance 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 expo sure 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.
39 Annual Report
Notes to Financial Statements continued | ||||||||||||
(Amounts in thousands except ratios) | ||||||||||||
8. Distributions to Shareholders. | ||||||||||||
Distributions to shareholders of each class were as follows: | ||||||||||||
Years ended January 31, | ||||||||||||
2006 | 2005 | |||||||||||
From net investment income | ||||||||||||
Class A | $ | 232 | $ | 216 | ||||||||
Class T | 83 | 63 | ||||||||||
Class B | 288 | 306 | ||||||||||
Class C | 520 | 433 | ||||||||||
New York Municipal Income | 55,581 | 55,872 | ||||||||||
Institutional Class | 21 | 9 | ||||||||||
Total | $ | 56,725 | $ | 56,899 | ||||||||
From net realized gain | ||||||||||||
Class A | $ | 60 | $ | 80 | ||||||||
Class T | 24 | 24 | ||||||||||
Class B | 95 | 133 | ||||||||||
Class C | 183 | 199 | ||||||||||
New York Municipal Income | 13,639 | 18,722 | ||||||||||
Institutional Class | 5 | 3 | ||||||||||
Total | $ | 14,006 | $ | 19,161 | ||||||||
9. Share Transactions. | ||||||||||||
Transactions for each class of shares were as follows: | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class A | ||||||||||||
Shares sold | 99 | 161 | $ | 1,281 | $ | 2,105 | ||||||
Reinvestment of | ||||||||||||
distributions | 18 | 18 | 237 | 233 | ||||||||
Shares redeemed | (103) | (119) | (1,332) | (1,551) | ||||||||
Net increase (decrease) . | 14 | 60 | $ | 186 | $ | 787 | ||||||
Class T | ||||||||||||
Shares sold | 117 | 50 | $ | 1,507 | $ | 655 | ||||||
Reinvestment of | ||||||||||||
distributions | 6 | 5 | 84 | 69 | ||||||||
Shares redeemed | (29) | (38) | (383) | (497) | ||||||||
Net increase (decrease) . | 94 | 17 | $ | 1,208 | $ | 227 | ||||||
Class B | ||||||||||||
Shares sold | 93 | 98 | $ | 1,205 | $ | 1,286 | ||||||
Reinvestment of | ||||||||||||
distributions | 21 | 25 | 275 | 327 | ||||||||
Shares redeemed | (111) | (144) | (1,440) | (1,875) | ||||||||
Net increase (decrease) . | 3 | (21) | $ | 40 | $ | (262) | ||||||
Annual Report | 40 |
9. Share Transactions - continued | ||||||||||||
Shares | Dollars | |||||||||||
Years ended January 31, | Years ended January 31, | |||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||
Class C | ||||||||||||
Shares sold | 546 | 377 | $ | 7,087 | $ | 4,941 | ||||||
Reinvestment of | ||||||||||||
distributions | 34 | 36 | 445 | 475 | ||||||||
Shares redeemed | (180) | (210) | (2,335) | (2,742) | ||||||||
Net increase (decrease) . | 400 | 203 | $ | 5,197 | $ | 2,674 | ||||||
New York Municipal | ||||||||||||
Income | ||||||||||||
Shares sold | 18,716 | 14,900 | $ | 243,049 | $ | 195,817 | ||||||
Reinvestment of | ||||||||||||
distributions | 4,020 | 4,350 | 52,037 | 56,974 | ||||||||
Shares redeemed | (19,479) | (20,265) | (252,103) | (263,442) | ||||||||
Net increase (decrease) . | 3,257 | (1,015) | $ | 42,983 | $ | (10,651) | ||||||
Institutional Class | ||||||||||||
Shares sold | 78 | 13 | $ | 1,018 | $ | 176 | ||||||
Reinvestment of | ||||||||||||
distributions | 1 | 1 | 17 | 7 | ||||||||
Shares redeemed | (31) | (4) | (403) | (60) | ||||||||
Net increase (decrease) . | 48 | 10 | $ | 632 | $ | 123 |
41 Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund):
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund) (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments as of January 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s manage ment. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures in cluded confirmation of securities owned as of January 31, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Boston, Massachusetts March 14, 2006 |
Annual Report 42
Trustees and Officers
The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund’s activities, review contractual arrangements with companies that provide services to the fund, and review the fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr., each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 251 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instru ment signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*: |
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation Edward C. Johnson 3d (75) |
Year of Election or Appointment: 1983
Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Management & Research (Far East) Inc.; Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.
Annual Report |
44 |
Name, Age; Principal Occupation Stephen P. Jonas (53) |
Year of Election or Appointment: 2005
Mr. Jonas is Senior Vice President of the fund (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).
Robert L. Reynolds (53) |
Year of Election or Appointment: 2003
Mr. Reynolds is a Director (2003 present) and Chief Operating Officer (2002 present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000 present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996 2000).
* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
45 Annual Report
Trustees and Officers - continued
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation Dennis J. Dirks (57) |
Year of Election or Appointment: 2005
Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006 present).
Albert R. Gamper, Jr. (63) |
Year of Election or Appointment: 2006
Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment companies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.
Annual Report |
46 |
Name, Age; Principal Occupation Robert M. Gates (62) |
Year of Election or Appointment: 1997
Dr. Gates is Chairman of the Independent Trustees (2006 present). Dr. Gates is President of Texas A&M University (2002 present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001 present), and Brinker International (restaurant management, 2003 present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999 2001).
George H. Heilmeier (69) |
Year of Election or Appointment: 2004
Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engi neers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Penn sylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Automatic Data Processing, Inc. (ADP) (technology based business outsourcing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.
47 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Marie L. Knowles (59) |
Year of Election or Appointment: 2001
Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare ser vice, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61) |
Year of Election or Appointment: 2000
Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corpora tion (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.
William O. McCoy (72) |
Year of Election or Appointment: 1997
Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric utility). He is also a partner of Franklin Street Partners (private investment man agement firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Caro lina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System and the Board of Visitors of the Kenan Flagler Business School (University of North Carolina at Chapel Hill). He also served as Vice President of Finance for the University of North Carolina (16 school system).
Annual Report |
48 |
Name, Age; Principal Occupation Cornelia M. Small (61) |
Year of Election or Appointment: 2005
Ms. Small is a member (2000 present) and Chairperson (2002 present) of the Investment Committee, and a member (2002 present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999 2000), Director of Global Equity Investments (1996 1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990 1997) and Scudder Kemper Investments (1997 1999). In addition, Ms. Small served as Co Chair (2000 2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66) |
Year of Election or Appointment: 2002
Mr. Stavropoulos is Chairman of the Board (2000 present) and a Mem ber of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66) |
Year of Election or Appointment: 2005
Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).
49 Annual Report
Trustees and Officers - continued
Advisory Board Member and Executive Officers:
Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation James H. Keyes (65) |
Year of Election or Appointment: 2006
Member of the Advisory Board of Fidelity New York Municipal Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998 present).
Peter S. Lynch (62) |
Year of Election or Appointment: 2003
Member of the Advisory Board of Fidelity New York Municipal Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990 2003). In addition, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Walter C. Donovan (43) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).
Annual Report |
50 |
Name, Age; Principal Occupation David L. Murphy (58) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Alloca tion Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).
Thomas J. Silvia (44) |
Year of Election or Appointment: 2005
Vice President of the fund. Mr. Silvia also serves as Vice President of Fidelity’s Bond Funds (2005 present) and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Taxable Bond portfolio managers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).
Mark Sommer (46) |
Year of Election or Appointment: 2002
Vice President of the fund. Mr. Sommer also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Sommer worked as an analyst and manager.
Eric D. Roiter (57) |
Year of Election or Appointment: 1998
Secretary of the fund. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Com pany (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).
51 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation |
Stuart Fross (46) |
Year of Election or Appointment: 2003
Assistant Secretary of the fund. Mr. Fross also serves as Assistant Secre tary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.
Christine Reynolds (47) |
Year of Election or Appointment: 2004
President and Treasurer of the fund. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.
R. Stephen Ganis (39) |
Year of Election or Appointment: 2006
Anti Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).
Paul M. Murphy (58) |
Year of Election or Appointment: 2005
Chief Financial Officer of VIP Financial Services. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Manage ment Services Group (FPCMS).
Kenneth A. Rathgeber (58) |
Year of Election or Appointment: 2004
Chief Compliance Officer of the fund. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Compliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).
Annual Report |
52 |
Name, Age; Principal Occupation Bryan A. Mehrmann (44) |
Year of Election or Appointment: 2005
Deputy Treasurer of the fund. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institu tional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).
Kimberley H. Monasterio (42) |
Year of Election or Appointment: 2004
Deputy Treasurer of the fund. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000 2004).
Kenneth B. Robins (36) |
Year of Election or Appointment: 2005
Deputy Treasurer of the fund. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional practice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).
Robert G. Byrnes (39) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice Presi dent of the Investment Operations Group (2000 2003).
John H. Costello (59) |
Year of Election or Appointment: 1986
Assistant Treasurer of the fund. Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Peter L. Lydecker (52) |
Year of Election or Appointment: 2004
Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
53 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Mark Osterheld (50) |
Year of Election or Appointment: 2002
Assistant Treasurer of the fund. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Gary W. Ryan (47) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).
Salvatore Schiavone (40) |
Year of Election or Appointment: 2005
Assistant Treasurer of the fund. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).
Annual Report |
54 |
Distributions |
The Board of Trustees of Fidelity New York Municipal Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | ||||
Institutional Class | 3/06/06 | 03/03/06 | $.062 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2006 $16,713,320, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2005, 100% of the fund’s income dividends was free from federal income tax, and 4.8% of the fund’s income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
55 Annual Report
Proxy Voting Results
A special meeting of the fund’s shareholders was held on February 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||||
To elect a Board of Trustees.A | ||||
# of | % of | |||
Votes | Votes | |||
Dennis J. Dirks | ||||
Affirmative | 756,274,117.48 | 94.929 | ||
Withheld | 40,401,891.30 | 5.071 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Albert R. Gamper, Jr. | ||||
Affirmative | 756,074,508.43 | 94.904 | ||
Withheld | 40,601,500.35 | 5.096 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert M. Gates | ||||
Affirmative | 753,726,156.15 | 94.609 | ||
Withheld | 42,949,852.63 | 5.391 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
George H. Heilmeier | ||||
Affirmative | 754,732,746.86 | 94.735 | ||
Withheld | 41,943,261.92 | 5.265 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Edward C. Johnson 3d | ||||
Affirmative | 754,073,233.82 | 94.652 | ||
Withheld | 42,602,774.96 | 5.348 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Stephen P. Jonas | ||||
Affirmative | 756,562,609.94 | 94.965 | ||
Withheld | 40,113,398.84 | 5.035 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Marie L. Knowles | ||||
Affirmative | 754,799,466.04 | 94.744 | ||
Withheld | 41,876,542.74 | 5.256 | ||
TOTAL | 796,676,008.78 | 100.000 |
# of | % of | |||
Votes | Votes | |||
Ned C. Lautenbach | ||||
Affirmative | 755,172,679.13 | 94.790 | ||
Withheld | 41,503,329.65 | 5.210 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William O. McCoy | ||||
Affirmative | 754,375,687.88 | 94.690 | ||
Withheld | 42,300,320.90 | 5.310 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Robert L. Reynolds | ||||
Affirmative | 755,950,104.48 | 94.888 | ||
Withheld | 40,725,904.30 | 5.112 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Cornelia M. Small | ||||
Affirmative | 755,751,111.56 | 94.863 | ||
Withheld | 40,924,897.22 | 5.137 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
William S. Stavropoulos | ||||
Affirmative | 747,114,578.40 | 93.779 | ||
Withheld | 49,561,430.38 | 6.221 | ||
TOTAL | 796,676,008.78 | 100.000 | ||
Kenneth L. Wolfe | ||||
Affirmative | 755,847,459.35 | 94.875 | ||
Withheld | 40,828,549.43 | 5.125 | ||
TOTAL | 796,676,008.78 | 100.000 |
A Denotes trust-wide proposal and voting results.
Annual Report 56
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity New York Municipal Income Fund (formerly Spartan New York Municipal Income Fund)
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of the fund’s assets; (iii) the nature or level of services provided under the fund’s management contract or sub advisory agreements; (iv) the day to day management of the fund or the persons primarily responsible for such man agement; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessi tate prior shareholder approval of the Agreement or result in an assignment and termination of the fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund’s portfolio manager would not change, it did not consider the fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund’s management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the
57 Annual Report
Board Approval of Investment Advisory Contracts and Management Fees continued
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.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund’s Agreement is fair and reasonable, and that the fund’s Agreement should be approved.
Annual Report |
58 |
59 Annual Report
Annual Report |
60 |
61 Annual Report
Annual Report |
62 |
Investment Adviser Fidelity Management & Research Company Boston, MA Investment Sub Advisers Fidelity Investments Money Management, Inc. Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) 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 Investments Institutional Operations Company, Inc. Boston, MA Fidelity Service Company, Inc. Boston, MA Custodian Citibank, N.A. New York, NY |
ASNMI-UANN-0306 1.789706.102 |
Item 2. Code of Ethics
As of the end of the period, January 31, 2006, Fidelity New York Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees.
For the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit Fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the Fidelity New York Municipal Income Fund (the fund) and for all funds in the Fidelity Group of Funds are shown in the table below.
Fund | 2006A | 2005A |
Fidelity New York Municipal Income Fund | $39,000 | $43,000 |
All funds in the Fidelity Group of Funds audited by Deloitte Entities | $5,700,000 | $4,500,000 |
A | Aggregate amounts may reflect rounding. |
(b) Audit-Related Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit-Related Fees billed by Deloitte Entities for services rendered for assurance and related services to the fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fund | 2006A | 2005A |
Fidelity New York Municipal Income Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit-Related Fees that were billed by Deloitte Entities that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the fund ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of the fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(c) Tax Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Tax Fees billed by Deloitte Entities for professional services rendered for tax compliance, tax advice, and tax planning for the fund is shown in the table below.
Fund | 2006A | 2005A |
Fidelity New York Municipal Income Fund | $3,700 | $3,600 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Tax Fees billed by Deloitte Entities that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of the fund is shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) All Other Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Other Fees billed by Deloitte Entities for all other non-audit services rendered to the fund is shown in the table below.
Fund | 2006A | 2005A |
Fidelity New York Municipal Income Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Other Fees billed by Deloitte Entities that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund is shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $160,000 | $760,000 |
A | Aggregate amounts may reflect rounding. |
Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.
(e) (1) | Audit Committee Pre-Approval Policies and Procedures: |
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.
(e) (2) | Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
Audit-Related Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.
Tax Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.
All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the fund.
(f) Not Applicable.
(g) For the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate fees billed by Deloitte Entities of $425,000A and $1,100,000A,B for non-audit services rendered on behalf of the fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
2006A | 2005A | |
Covered Services | $175,000 | $750,000 |
Non-Covered Services | $250,000 | $350,000B |
A | Aggregate amounts may reflect rounding. |
B | Reflects current period presentation. |
(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the fund, taking into account representations from Deloitte Entities, in accordance with Independence Standards Board Standard No.1, regarding its independence from the fund and its related entities.
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 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 trust's 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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: | March 27, 2006 |
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: | March 27, 2006 |
By: | /s/Paul M. Murphy |
Paul M. Murphy | |
Chief Financial Officer | |
Date: | March 27, 2006 |