UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 3723
Fidelity New York Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | July 31, 2003 |
Item 1. Reports to Stockholders
Fidelity Advisor
New York Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
July 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Spartan® New York Municipal Income Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of July 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 23.2 | 26.0 |
Special Tax | 18.0 | 12.9 |
Escrowed/Pre-Refunded | 15.7 | 19.2 |
Water & Sewer | 11.3 | 12.0 |
Transportation | 10.1 | 8.4 |
Average Years to Maturity as of July 31, 2003 | ||
6 months ago | ||
Years | 14.7 | 14.7 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of July 31, 2003 | ||
6 months ago | ||
Years | 7.5 | 7.3 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2003 | As of January 31, 2003 | ||||||
![]() | AAA 54.1% | ![]() | AAA 55.1% | ||||
![]() | AA,A 39.8% | ![]() | AA,A 37.0% | ||||
![]() | BBB 2.9% | ![]() | BBB 3.1% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 3.7% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments July 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.9% | ||||
Principal | Value (Note 1) | |||
New York - 93.7% | ||||
Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured) | $ 1,275 | $ 1,351 | ||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: | ||||
5% 7/1/09 (AMBAC Insured) | 500 | 545 | ||
5% 7/1/10 (AMBAC Insured) | 600 | 649 | ||
5% 7/1/11 (AMBAC Insured) | 500 | 537 | ||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,418 | ||
Buffalo Gen. Oblig. Series 2001 C: | ||||
5% 12/1/07 (FGIC Insured) | 1,010 | 1,106 | ||
5% 12/1/08 (FGIC Insured) | 1,030 | 1,129 | ||
5% 12/1/09 (FGIC Insured) | 1,840 | 2,013 | ||
5% 12/1/10 (FGIC Insured) | 1,840 | 1,989 | ||
5% 12/1/11 (FGIC Insured) | 1,820 | 1,948 | ||
Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured) | 2,700 | 2,703 | ||
Cherry Valley Springfield Central School District: | ||||
7.8% 5/1/14 (MBIA Insured) | 435 | 573 | ||
7.8% 5/1/15 (MBIA Insured) | 435 | 579 | ||
7.8% 5/1/16 (MBIA Insured) | 435 | 584 | ||
7.8% 5/1/17 (MBIA Insured) | 435 | 588 | ||
7.8% 5/1/18 (MBIA Insured) | 434 | 587 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Bard College Civic Facility Proj.): | ||||
5.5% 8/1/20 | 4,190 | 4,389 | ||
5.75% 8/1/30 | 9,445 | 9,901 | ||
(Vassar College Proj.) 5.35% 9/1/40 | 5,000 | 5,065 | ||
Erie County Gen. Oblig. Series A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,746 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,745 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,032 | ||
Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c) | 1,055 | 1,094 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) | 2,300 | 2,377 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 | 7,000 | 7,190 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series A, 5.75% 12/1/24 | 25,000 | 26,277 | ||
Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured) | 11,180 | 12,294 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Commuter Facilities Rev.: | ||||
Series 1997 B: | ||||
5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c) | $ 3,000 | $ 3,084 | ||
5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c) | 5,080 | 5,176 | ||
Series 1997 D: | ||||
5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c) | 2,580 | 2,659 | ||
5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,100 | 2,287 | ||
Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c) | 3,705 | 4,144 | ||
Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,108 | ||
Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c) | 2,960 | 3,321 | ||
Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured) | 30,000 | 30,601 | ||
Metro. Trans. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 11/15/30 (FSA Insured) | 42,500 | 41,272 | ||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,458 | ||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,077 | ||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,076 | ||
5.5% 11/15/18 (AMBAC Insured) | 1,000 | 1,071 | ||
5.75% 11/15/32 | 10,000 | 10,477 | ||
Series A, 5% 11/15/16 (FGIC Insured) | 8,000 | 8,309 | ||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,332 | ||
Metro. Trans. Auth. Svc. Contract Rev.: | ||||
(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 4,655 | 5,310 | ||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 1,580 | 1,805 | ||
Series 7: | ||||
0% 7/1/10 (Escrowed to Maturity) (c) | 9,500 | 7,251 | ||
5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,091 | ||
Series A, 5.5% 1/1/20 (MBIA Insured) | 5,000 | 5,319 | ||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) | 3,000 | 3,399 | ||
Metro. Trans. Auth. Transit Facilities Rev.: | ||||
(Svc. Contract Proj.): | ||||
Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c) | 3,000 | 3,335 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Transit Facilities Rev.: - continued | ||||
(Svc. Contract Proj.): | ||||
Series R: | ||||
5.3% 7/1/09 (Escrowed to Maturity) (c) | $ 4,000 | $ 4,505 | ||
5.4% 7/1/10 (Escrowed to Maturity) (c) | 3,000 | 3,366 | ||
Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c) | 1,000 | 1,158 | ||
Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,970 | 3,209 | ||
Series C: | ||||
4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,255 | 1,334 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 765 | 833 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,735 | 1,898 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,030 | 1,122 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,345 | 1,471 | ||
Series N: | ||||
0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 5,980 | 4,302 | ||
0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c) | 4,000 | 2,574 | ||
Monroe County Gen. Oblig.: | ||||
Series 1996, 6.1% 3/1/04 (MBIA Insured) | 660 | 669 | ||
6% 6/1/04 | 540 | 562 | ||
6% 6/1/05 | 770 | 826 | ||
6.5% 6/1/04 | 65 | 68 | ||
6.5% 6/1/05 | 115 | 124 | ||
6.5% 6/1/06 | 120 | 133 | ||
6.5% 6/1/07 (AMBAC Insured) | 50 | 57 | ||
7% 6/1/04 (FGIC Insured) | 875 | 919 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,032 | ||
Monroe Woodbury Central School District: | ||||
5.625% 5/15/22 (MBIA Insured) | 1,245 | 1,327 | ||
5.625% 5/15/24 (MBIA Insured) | 2,645 | 2,806 | ||
Muni. Assistance Corp. for New York City: | ||||
Series 1996 E, 6% 7/1/05 | 1,000 | 1,084 | ||
Series 1996 G: | ||||
6% 7/1/06 | 4,000 | 4,446 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Muni. Assistance Corp. for New York City: - continued | ||||
Series 1996 G: | ||||
6% 7/1/07 | $ 2,305 | $ 2,599 | ||
Series 1997 H, 6.25% 7/1/07 | 1,195 | 1,358 | ||
Series 1997 L: | ||||
6% 7/1/05 | 3,500 | 3,793 | ||
6% 7/1/07 | 5,275 | 5,947 | ||
Series 1998 M, 5.5% 7/1/07 | 6,500 | 7,208 | ||
Series 1999 O, 5.25% 7/1/07 | 1,780 | 1,958 | ||
Series 2002 P, 5% 7/1/08 | 10,850 | 11,871 | ||
Nassau County Gen. Oblig.: | ||||
Series 1997 X, 5% 11/1/07 (AMBAC Insured) | 2,410 | 2,630 | ||
Series A: | ||||
6% 7/1/09 (FGIC Insured) | 5,620 | 6,414 | ||
6.5% 5/1/07 (FGIC Insured) | 4,000 | 4,537 | ||
Series E, 5.3% 7/1/07 (MBIA Insured) | 350 | 384 | ||
Series T, 5.2% 9/1/11 (FGIC Insured) | 2,695 | 2,892 | ||
Series U: | ||||
5.25% 11/1/11 (AMBAC Insured) | 1,500 | 1,616 | ||
5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,273 | ||
Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 3,000 | 3,199 | ||
5% 9/1/13 (FGIC Insured) | 3,000 | 3,147 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | 205 | 214 | ||
Series 2001 B, 5.875% 11/1/11 | 1,390 | 1,448 | ||
Series 2001 C, 5.625% 11/1/10 | 915 | 941 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,260 | ||
Nassau County Interim Fin. Auth.: | ||||
Series 2000 A: | ||||
5.75% 11/15/11 (MBIA Insured) | 7,845 | 8,789 | ||
5.75% 11/15/12 (MBIA Insured) | 7,710 | 8,529 | ||
Series A: | ||||
5% 11/15/15 (AMBAC Insured) | 4,745 | 4,964 | ||
5% 11/15/16 (AMBAC Insured) | 7,730 | 8,029 | ||
5% 11/15/17 (AMBAC Insured) | 6,000 | 6,202 | ||
5% 11/15/18 (AMBAC Insured) | 2,375 | 2,427 | ||
New York City Gen. Oblig.: | ||||
Series A: | ||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,435 | ||
6.25% 8/1/08 | 1,000 | 1,102 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series B: | ||||
5.5% 8/1/11 (FGIC Insured) | $ 2,000 | $ 2,189 | ||
5.875% 8/15/13 | 3,870 | 4,132 | ||
6.2% 8/15/06 | 2,195 | 2,368 | ||
6.5% 8/15/11 | 1,000 | 1,136 | ||
7.5% 2/1/07 | 335 | 338 | ||
Series C: | ||||
5.75% 3/15/27 (FSA Insured) | 3,530 | 3,716 | ||
6% 2/1/22 | 3,410 | 3,601 | ||
6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c) | 90 | 102 | ||
Series D: | ||||
5.25% 8/1/13 | 2,500 | 2,606 | ||
5.25% 8/1/21 (MBIA Insured) | 5,000 | 5,146 | ||
5.375% 8/1/17 | 2,500 | 2,564 | ||
Series E: | ||||
6% 8/1/11 | 3,000 | 3,225 | ||
6% 8/1/26 | 2,850 | 3,002 | ||
6.5% 2/15/06 | 1,000 | 1,093 | ||
Series F: | ||||
5.75% 2/1/15 | 2,500 | 2,636 | ||
6% 8/1/16 | 7,750 | 8,309 | ||
Series G: | ||||
5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
6% 10/15/26 | 4,965 | 5,219 | ||
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) | 50 | 58 | ||
Series H: | ||||
5.5% 8/1/12 | 9,000 | 9,496 | ||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,988 | ||
6% 8/1/17 | 1,000 | 1,066 | ||
Series I: | ||||
5.875% 3/15/12 | 10,000 | 10,698 | ||
6.125% 4/15/11 | 8,495 | 9,259 | ||
6.25% 4/15/07 (MBIA Insured) | 8,005 | 8,968 | ||
Series J: | ||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,305 | ||
5.875% 2/15/19 | 3,370 | 3,537 | ||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) | 630 | 700 | ||
6.125% 8/1/12 | 1,000 | 1,089 | ||
Series L, 5.75% 8/1/12 | 3,700 | 3,936 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||
5.5% 2/15/16 (FSA Insured) | $ 2,605 | $ 2,800 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,211 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,665 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,327 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(New York Univ. Proj.) Series 2001: | ||||
5% 7/1/41 (AMBAC Insured) | 10,000 | 9,657 | ||
5.375% 7/1/15 (AMBAC Insured) | 1,090 | 1,169 | ||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,154 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b) | 2,470 | 2,613 | ||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.): | ||||
5.7% 1/1/04 (b) | 1,500 | 1,506 | ||
6% 1/1/08 (b) | 500 | 515 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 1996 B: | ||||
5.75% 6/15/26 (MBIA Insured) | 1,000 | 1,081 | ||
5.875% 6/15/26 | 18,085 | 20,002 | ||
Series 1997 A, 5.375% 6/15/26 (FSA Insured) | 13,450 | 13,619 | ||
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) | 3,785 | 3,809 | ||
Series 2000, 5.5% 6/15/33 | 14,215 | 14,459 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,809 | ||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,287 | ||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,530 | ||
6% 6/15/28 | 15,000 | 16,233 | ||
Series B: | ||||
5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c) | 145 | 151 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 60 | 63 | ||
5.75% 6/15/26 (MBIA Insured) | 5,025 | 5,417 | ||
5.75% 6/15/29 (MBIA Insured) | 5,965 | 6,410 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 295 | 309 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c) | 2,700 | 3,154 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2003 D: | ||||
5.25% 2/1/17 (MBIA Insured) | $ 9,385 | $ 9,905 | ||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,383 | ||
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,732 | ||
Series A: | ||||
5.125% 8/15/21 | 8,140 | 8,368 | ||
5.25% 11/15/12 (FSA Insured) | 1,500 | 1,607 | ||
5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,291 | ||
5.5% 11/15/20 (FGIC Insured) | 9,000 | 9,594 | ||
5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c) | 2,000 | 2,311 | ||
Series B: | ||||
5.125% 11/1/14 | 1,000 | 1,051 | ||
5.5% 2/1/08 | 2,435 | 2,686 | ||
5.5% 2/1/08 (Escrowed to Maturity) (c) | 565 | 631 | ||
Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c) | 16,140 | 18,242 | ||
New York City Trust Cultural Resources Rev.: | ||||
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) | 4,850 | 5,155 | ||
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) | 1,250 | 1,368 | ||
New York Local Govt. Assistance Corp.: | ||||
Series A1, 5% 4/1/12 (FSA Insured) | 4,500 | 4,810 | ||
Series E, 5.25% 4/1/16 | 8,600 | 9,197 | ||
New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured) | 3,150 | 3,214 | ||
New York State Dorm. Auth. Revs.: | ||||
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 4,625 | 4,680 | ||
(Champlain Valley Physicians Proj.): | ||||
6% 7/1/08 (AMBAC Insured) | 600 | 679 | ||
6% 7/1/09 (AMBAC Insured) | 370 | 421 | ||
6% 7/1/10 (AMBAC Insured) | 250 | 284 | ||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c) | 500 | 564 | ||
Series C, 7.5% 7/1/10 | 4,000 | 4,744 | ||
Series D, 7% 7/1/09 (Escrowed to Maturity) (c) | 6,000 | 6,840 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(Colgate Univ. Proj.): | ||||
6% 7/1/16 (MBIA Insured) | $ 1,900 | $ 2,182 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,841 | ||
(Columbia Univ. Proj.): | ||||
Series 2001 A: | ||||
5.25% 7/1/13 | 1,000 | 1,089 | ||
5.25% 7/1/15 | 2,000 | 2,143 | ||
Series B, 5.375% 7/1/18 | 1,000 | 1,062 | ||
(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured) | 1,500 | 1,653 | ||
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 9,805 | 9,896 | ||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,133 | ||
(Long Island Jewish Med. Ctr. Proj.): | ||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,182 | ||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,228 | ||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) | 2,175 | 1,664 | ||
(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11 | 3,000 | 3,272 | ||
(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11 | 2,550 | 2,797 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 3,000 | 3,150 | ||
5.85% 8/1/40 | 9,500 | 9,992 | ||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) | 1,290 | 1,348 | ||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) | 4,500 | 4,887 | ||
(New York Univ. Proj.): | ||||
Series 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 805 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,801 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 900 | ||
Series A: | ||||
5.5% 7/1/10 (AMBAC Insured) | 7,650 | 8,502 | ||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,584 | ||
5.75% 7/1/27 (MBIA Insured) | 5,000 | 5,476 | ||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,657 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(NYSARC, Inc. Proj.) Series A: | ||||
5% 7/1/06 (FSA Insured) | $ 500 | $ 539 | ||
5% 7/1/07 (FSA Insured) | 1,290 | 1,402 | ||
5% 7/1/09 (FSA Insured) | 1,700 | 1,844 | ||
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) | 4,875 | 5,054 | ||
(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32 | 7,000 | 6,886 | ||
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) | 1,260 | 1,422 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 7,925 | 8,603 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,598 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,800 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 1,500 | 1,646 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | 2,365 | 2,838 | ||
5.5% 5/15/09 | 3,000 | 3,296 | ||
(The Jamaica Hosp. Proj.) Series F: | ||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,828 | ||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,995 | ||
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: | ||||
6% 7/1/14 | 1,095 | 1,165 | ||
6% 7/1/15 | 1,160 | 1,227 | ||
6% 7/1/16 | 1,230 | 1,293 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
4% 7/1/04 (AMBAC Insured) | 200 | 206 | ||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,091 | ||
5.375% 7/1/13 (AMBAC Insured) | 800 | 868 | ||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,226 | ||
5.375% 7/1/16 (AMBAC Insured) | 670 | 714 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 392 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,410 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 28,000 | 30,412 | ||
Series 2002 B: | ||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,076 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,094 | ||
Series 2003 A, 5.375% 3/15/22 | 2,000 | 2,049 | ||
Series B: | ||||
5.25%, tender 5/15/12 (a) | 8,500 | 8,978 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
Series B: | ||||
6%, tender 11/15/29 | $ 11,000 | $ 12,171 | ||
5.5% 7/1/16 (AMBAC Insured) | 725 | 778 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 | 10,600 | 11,175 | ||
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured) | 1,000 | 1,121 | ||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series B, 5.25% 6/15/16 | 500 | 531 | ||
Series C: | ||||
5.25% 7/15/16 | 2,340 | 2,479 | ||
5.25% 7/15/17 | 2,410 | 2,541 | ||
Series D, 5% 6/15/20 | 20,150 | 20,426 | ||
Series G, 5.25% 10/15/20 | 1,255 | 1,296 | ||
Series J, 5% 6/15/18 | 5,395 | 5,520 | ||
(Pooled Fing. Prog.): | ||||
Series F: | ||||
5.25% 11/15/15 | 2,595 | 2,774 | ||
5.25% 11/15/16 | 3,770 | 4,016 | ||
Series I: | ||||
5.25% 9/15/15 | 2,085 | 2,227 | ||
5.25% 9/15/17 | 2,395 | 2,536 | ||
Series C: | ||||
5% 6/15/19 | 815 | 836 | ||
5% 6/15/19 (Escrowed to Maturity) (c) | 3,185 | 3,274 | ||
5.25% 6/15/16 | 3,500 | 3,698 | ||
Series F: | ||||
4.875% 6/15/18 | 1,735 | 1,776 | ||
4.875% 6/15/18 (Escrowed to Maturity) (c) | 1,265 | 1,319 | ||
4.875% 6/15/20 | 2,175 | 2,204 | ||
5% 6/15/15 | 1,295 | 1,348 | ||
5% 6/15/15 (Escrowed to Maturity) (c) | 1,705 | 1,840 | ||
5.25% 6/15/13 | 1,575 | 1,676 | ||
5.25% 6/15/13 (Escrowed to Maturity) (c) | 2,405 | 2,634 | ||
New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured) | 4,785 | 4,907 | ||
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b) | 10,700 | 10,679 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1997 E, 6% 6/15/11 (MBIA Insured) | $ 2,700 | $ 3,089 | ||
Series 2002: | ||||
5.75% 6/15/11 | 455 | 513 | ||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 2,950 | 3,357 | ||
Series A: | ||||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 1,595 | 1,815 | ||
7% 6/15/12 | 190 | 190 | ||
Series C, 5.85% 7/15/15 | 30 | 33 | ||
Series D: | ||||
5% 6/15/11 (Escrowed to Maturity) (c) | 3,645 | 3,978 | ||
5.125% 6/15/19 (Escrowed to Maturity) (c) | 5,000 | 5,224 | ||
Series E: | ||||
6.25% 6/15/05 | 1,200 | 1,266 | ||
6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,204 | ||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) | 1,105 | 1,212 | ||
Series D: | ||||
6.3% 5/15/05 | 365 | 394 | ||
6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c) | 780 | 848 | ||
6.3% 11/15/05 | 105 | 113 | ||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: | ||||
5.25% 3/15/18 | 2,290 | 2,384 | ||
5.25% 3/15/19 | 2,480 | 2,566 | ||
5.25% 9/15/20 | 2,685 | 2,759 | ||
5.25% 3/15/21 | 2,230 | 2,278 | ||
New York State Med. Care Facilities Fin. Agcy. Rev.: | ||||
(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured) | 1,170 | 1,187 | ||
(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18 | 75 | 76 | ||
(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14 | 3,000 | 3,107 | ||
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): | ||||
Series 53, 5.9% 10/1/17 | 2,000 | 2,064 | ||
Series 69, 4.7% 4/1/24 (b) | 3,160 | 3,174 | ||
5.5% 4/1/19 (AMBAC Insured) (b) | 2,575 | 2,689 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||
Series A, 5.25% 11/15/40 | $ 25,860 | $ 25,981 | ||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) | 250 | 284 | ||
New York State Thruway Auth. Gen. Rev.: | ||||
Series D, 5.375% 1/1/27 | 3,000 | 3,060 | ||
Series E, 5.25% 1/1/12 | 5,410 | 5,826 | ||
New York State Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series A, 5.25% 4/1/16 (AMBAC Insured) | 5,175 | 5,439 | ||
Series B: | ||||
5.25% 4/1/15 (MBIA Insured) | 5,000 | 5,310 | ||
5.375% 4/1/17 (AMBAC Insured) | 5,000 | 5,326 | ||
5.375% 4/1/18 (AMBAC Insured) | 5,310 | 5,649 | ||
Series B1: | ||||
5.75% 4/1/14 (FGIC Insured) | 3,000 | 3,299 | ||
5.75% 4/1/15 (FGIC Insured) | 4,000 | 4,389 | ||
New York State Thruway Auth. State Personal Income Tax Rev.: | ||||
(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured) | 5,310 | 5,688 | ||
Series A: | ||||
5.5% 3/15/18 | 5,000 | 5,366 | ||
5.5% 3/15/19 | 5,460 | 5,827 | ||
5.5% 3/15/20 | 3,500 | 3,702 | ||
New York State Thruway Auth. Svc. Contract Rev.: | ||||
5.5% 4/1/14 | 7,700 | 8,317 | ||
5.5% 4/1/15 | 6,200 | 6,655 | ||
5.5% 4/1/16 | 12,000 | 12,828 | ||
6% 4/1/11 | 1,605 | 1,779 | ||
New York State Urban Dev. Corp. Rev.: | ||||
(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c) | 6,340 | 6,967 | ||
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) | 15 | 17 | ||
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 | 2,500 | 2,560 | ||
Series C1, 5.5% 3/15/19 (FGIC Insured) | 3,000 | 3,192 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) | 3,000 | 3,078 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b) | 3,000 | 3,074 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Niagara Falls City Niagara County Pub. Impt.: | ||||
(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b) | $ 1,000 | $ 1,075 | ||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,188 | ||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,414 | ||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,537 | ||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,366 | ||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,561 | ||
North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured) | 500 | 552 | ||
Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured) | 1,500 | 1,637 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) | 2,000 | 2,080 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,352 | ||
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) | 1,130 | 1,173 | ||
Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16 | 14,500 | 14,929 | ||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: | ||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,533 | ||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 9,870 | 11,348 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A: | ||||
5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c) | 3,000 | 3,365 | ||
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) | 9,500 | 9,994 | ||
5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) | 3,000 | 3,348 | ||
6% 1/1/11 (Escrowed to Maturity) (c) | 500 | 574 | ||
Series B: | ||||
5% 1/1/14 (Escrowed to Maturity) (c) | 4,290 | 4,610 | ||
5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c) | 9,870 | 10,814 | ||
5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 3,000 | 3,138 | ||
5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 2,000 | 2,092 | ||
5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c) | 2,015 | 2,143 | ||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) | 1,000 | 1,163 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Triborough Bridge & Tunnel Auth. Revs.: - continued | ||||
Series Y: | ||||
5.5% 1/1/17 (Escrowed to Maturity) (c) | $ 15,425 | $ 17,221 | ||
6% 1/1/12 (Escrowed to Maturity) (c) | 19,250 | 22,204 | ||
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: | ||||
5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c) | 2,200 | 2,361 | ||
5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | 3,000 | 3,286 | ||
5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,092 | ||
5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,289 | ||
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,016 | ||
Yonkers Gen. Oblig. Series 2001 A: | ||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,523 | ||
5% 12/15/12 (AMBAC Insured) | 1,245 | 1,335 | ||
1,371,836 | ||||
New York & New Jersey - 4.8% | ||||
Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b) | 2,000 | 2,093 | ||
Port Auth. of New York & New Jersey: | ||||
107th Series, 6% 10/15/06 (b) | 1,530 | 1,694 | ||
120th Series: | ||||
5.75% 10/15/11 (MBIA Insured) (b) | 15,000 | 16,596 | ||
5.75% 10/15/12 (MBIA Insured) (b) | 15,530 | 17,079 | ||
124th Series: | ||||
5% 8/1/08 (b) | 9,875 | 10,582 | ||
5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,091 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 5,970 | 5,824 | ||
128th Series: | ||||
5% 11/1/18 (FSA Insured) | 6,145 | 6,345 | ||
5% 11/1/19 (FSA Insured) | 7,200 | 7,377 | ||
70,681 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Puerto Rico - 0.4% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured) | $ 3,000 | $ 3,202 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 2,210 | 2,229 | ||
5,431 |
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $1,403,779) | 1,447,948 | ||
NET OTHER ASSETS - 1.1% | 15,751 | ||
NET ASSETS - 100% | $ 1,463,699 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 23.2% |
Special Tax | 18.0 |
Escrowed/Pre-Refunded | 15.7 |
Water & Sewer | 11.3 |
Transportation | 10.1 |
Education | 6.7 |
Health Care | 5.3 |
Electric Utilities | 5.3 |
Others* (individually less than 5%) | 4.4 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,403,779) - See accompanying schedule | $ 1,447,948 | |
Receivable for investments sold | 7,096 | |
Receivable for fund shares sold | 597 | |
Interest receivable | 17,024 | |
Other receivables | 4 | |
Total assets | 1,472,669 | |
Liabilities | ||
Payable to custodian bank | $ 4,069 | |
Payable for fund shares redeemed | 2,954 | |
Distributions payable | 1,289 | |
Accrued management fee | 483 | |
Distribution fees payable | 17 | |
Other payables and accrued expenses | 158 | |
Total liabilities | 8,970 | |
Net Assets | $ 1,463,699 | |
Net Assets consist of: | ||
Paid in capital | $ 1,398,024 | |
Undistributed net investment income | 718 | |
Accumulated undistributed net realized gain (loss) on investments | 20,788 | |
Net unrealized appreciation (depreciation) on investments | 44,169 | |
Net Assets | $ 1,463,699 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price Class A: | $ 12.99 | |
Maximum offering price per share (100/95.25 of $12.99) | $ 13.64 | |
Class T: | $ 12.99 | |
Maximum offering price per share (100/96.50 of $12.99) | $ 13.46 | |
Class B: | $ 12.99 | |
Class C: | $ 12.99 | |
Spartan New York Municipal Income Fund: | $ 13.00 | |
Institutional Class: | $ 12.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended July 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 35,168 | |
Expenses | ||
Management fee | $ 2,935 | |
Transfer agent fees | 550 | |
Distribution fees | 82 | |
Accounting fees and expenses | 179 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 12 | |
Registration fees | 62 | |
Audit | 35 | |
Legal | 6 | |
Total expenses before reductions | 3,865 | |
Expense reductions | (102) | 3,763 |
Net investment income (loss) | 31,405 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 20,787 | |
Change in net unrealized appreciation (depreciation) on investment securities | (44,802) | |
Net gain (loss) | (24,015) | |
Net increase (decrease) in net assets resulting from operations | $ 7,390 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 31,405 | $ 62,576 |
Net realized gain (loss) | 20,787 | 27,568 |
Change in net unrealized appreciation (depreciation) | (44,802) | 25,814 |
Net increase (decrease) in net assets resulting from operations | 7,390 | 115,958 |
Distributions to shareholders from net investment income | (31,341) | (62,168) |
Distributions to shareholders from net realized gain | (4,131) | (19,025) |
Total distributions | (35,472) | (81,193) |
Share transactions - net increase (decrease) | (7,553) | 132,250 |
Redemption fees | 20 | 45 |
Total increase (decrease) in net assets | (35,615) | 167,060 |
Net Assets | ||
Beginning of period | 1,499,314 | 1,332,254 |
End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively) | $ 1,463,699 | $ 1,499,314 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .262 | .277 |
Net realized and unrealized gain (loss) | (.214) | .194 |
Total from investment operations | .048 | .471 |
Distributions from net investment income | (.262) | (.271) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.298) | (.441) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C,D | .31% | 3.59% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .67% A | .66% A |
Expenses net of voluntary waivers, if any | .67% A | .66% A |
Expenses net of all reductions | .67% A | .66% A |
Net investment income (loss) | 3.93% A | 4.17% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 3,268 | $ 2,962 |
Portfolio turnover rate | 26% A | 22% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .255 | .266 |
Net realized and unrealized gain (loss) | (.214) | .197 |
Total from investment operations | .041 | .463 |
Distributions from net investment income | (.255) | (.263) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.291) | (.433) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | .26% | 3.53% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .78%A | .79%A |
Expenses net of voluntary waivers, if any | .78%A | .79%A |
Expenses net of all reductions | .78%A | .79%A |
Net investment income (loss) | 3.82%A | 4.04%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 1,245 | $ 1,228 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .211 | .226 |
Net realized and unrealized gain (loss) | (.214) | .193 |
Total from investment operations | (.003) | .419 |
Distributions from net investment income | (.211) | (.219) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.247) | (.389) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.07)% | 3.19% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.43%A | 1.41%A |
Expenses net of voluntary waivers, if any | 1.43%A | 1.41%A |
Expenses net of all reductions | 1.42%A | 1.40%A |
Net investment income (loss) | 3.18%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 9,347 | $ 5,463 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .204 | .219 |
Net realized and unrealized gain (loss) | (.214) | .191 |
Total from investment operations | (.010) | .410 |
Distributions from net investment income | (.204) | (.210) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.240) | (.380) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.12)% | 3.12% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.51%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.51%A |
Expenses net of all reductions | 1.52%A | 1.51%A |
Net investment income (loss) | 3.08%A | 3.32%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 10,356 | $ 6,120 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan New York Municipal Income
Six months | Years ended January 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 | $ 12.94 |
Income from Investment Operations | ||||||
Net investment | .275D | .574D | .584D,F | .614D | .590D | .602 |
Net realized and unrealized gain (loss) | (.205) | .506 | .117F | 1.030 | (1.230) | .205 |
Total from investment operations | .070 | 1.080 | .701 | 1.644 | (.640) | .807 |
Distributions from net investment income | (.274) | (.570) | (.581) | (.604) | (.589) | (.602) |
Distributions from net realized gain | (.036) | (.170) | - | - | (.006) | (.155) |
Distributions in excess of net realized gain | - | - | - | - | (.015) | - |
Total distributions | (.310) | (.740) | (.581) | (.604) | (.610) | (.757) |
Redemption fees added to paid | -D,G | -D,G | -D,G | - | - | - |
Net asset value, end of period | $ 13.00 | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 |
Total Return B,C | .48% | 8.55% | 5.60% | 14.34% | (5.03)% | 6.45% |
Ratios to Average Net Assets E | ||||||
Expenses before expense | .49% A | .49% | .49% | .49% | .49% | .54% |
Expenses net of voluntary | .49% A | .49% | .49% | .49% | .49% | .53% |
Expenses net of all reductions | .48% A | .47% | .44% | .42% | .49% | .53% |
Net investment income (loss) | 4.12% A | 4.36% | 4.54%F | 4.96% | 4.78% | 4.67% |
Supplemental Data | ||||||
Net assets, | $ 1,439,379 | $ 1,483,436 | $ 1,332,254 | $ 1,197,691 | $ 1,007,447 | $ 1,200,091 |
Portfolio turnover rate | 26% A | 22% | 12% | 23% | 19% | 25% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) D | .276 | .286 |
Net realized and unrealized gain (loss) | (.215) | .195 |
Total from investment operations | .061 | .481 |
Distributions from net investment income | (.275) | (.281) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.311) | (.451) |
Redemption fees added to paid in capital D,G | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C | .41% | 3.67% |
Ratios to Average Net Assets F | ||
Expenses before expense reductions | .48% A | .53% A |
Expenses net of voluntary waivers, if any | .48% A | .53% A |
Expenses net of all reductions | .47% A | .53% A |
Net investment income (loss) | 4.13% A | 4.30% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 104 | $ 104 |
Portfolio turnover rate | 26% A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2003 (Unaudited)
1. Significant Accounting Policies.
Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 58,184,698 | |
Unrealized depreciation | (13,263,849) | |
Net unrealized appreciation (depreciation) | $ 44,920,849 | |
Cost for federal income tax purposes | $ 1,403,027,357 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 2,312 | $ 26 |
Class T | 0% | .25% | 1,755 | 177 |
Class B | .65% | .25% | 36,779 | 26,609 |
Class C | .75% | .25% | 41,001 | 40,483 |
$ 81,847 | $ 67,295 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 4,935 |
Class T | 222 |
Class B* | 6,556 |
Class C* | 813 |
$ 12,526 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1,531 | .10 |
Class T | 754 | .11 |
Class B | 4,194 | .10 |
Class C | 3,970 | .10 |
Spartan New York Municipal Income | 539,102 | .07 |
Institutional Class | 28 | .05 |
$ 549,579 |
*Annualized
Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
4. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.
Semiannual Report
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 59,789 | $ 41,291 |
Class T | 26,516 | 13,057 |
Class B | 127,161 | 51,877 |
Class C | 123,543 | 49,354 |
Spartan New York Municipal Income | 31,001,743 | 62,008,981 |
Institutional Class | 2,177 | 3,038 |
Total | $ 31,340,929 | $ 62,167,598 |
From net realized gain | ||
Class A | $ 7,853 | $ 37,979 |
Class T | 3,885 | 12,410 |
Class B | 17,873 | 57,394 |
Class C | 18,764 | 59,289 |
Spartan New York Municipal Income | 4,082,579 | 18,856,163 |
Institutional Class | 283 | 1,305 |
Total | $ 4,131,237 | $ 19,024,540 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
6. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 111,222 | 272,415 | $ 1,493,998 | $ 3,649,038 |
Reinvestment of distributions | 3,529 | 4,654 | 47,296 | 61,815 |
Shares redeemed | (86,941) | (53,293) | (1,165,282) | (708,156) |
Net increase (decrease) | 27,810 | 223,776 | $ 376,012 | $ 3,002,697 |
Class T | ||||
Shares sold | 20,149 | 91,985 | $ 268,374 | $ 1,229,333 |
Reinvestment of distributions | 1,484 | 1,336 | 19,899 | 17,736 |
Shares redeemed | (18,589) | (578) | (253,367) | (7,660) |
Net increase (decrease) | 3,044 | 92,743 | $ 34,906 | $ 1,239,409 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Share Transactions - continued
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class B | ||||
Shares sold | 351,416 | 429,057 | $ 4,721,633 | $ 5,748,196 |
Reinvestment of distributions | 8,209 | 5,965 | 110,020 | 79,147 |
Shares redeemed | (52,806) | (22,338) | (706,410) | (297,028) |
Net increase (decrease) | 306,819 | 412,684 | $ 4,125,243 | $ 5,530,315 |
Class C | ||||
Shares sold | 411,512 | 493,422 | $ 5,538,187 | $ 6,606,236 |
Reinvestment of distributions | 6,608 | 4,353 | 88,485 | 57,763 |
Shares redeemed | (83,313) | (35,532) | (1,107,424) | (470,300) |
Net increase (decrease) | 334,807 | 462,243 | $ 4,519,248 | $ 6,193,699 |
Spartan New York Municipal Income | ||||
Shares sold | 10,068,099 | 30,007,653 | $ 135,550,163 | $ 395,192,356 |
Reinvestment of distributions | 1,995,251 | 4,696,216 | 26,762,528 | 61,959,856 |
Shares redeemed | (13,318,505) | (25,951,612) | (178,924,241) | (340,971,868) |
Net increase (decrease) | (1,255,155) | 8,752,257 | $ (16,611,550) | $ 116,180,344 |
Institutional Class | ||||
Shares sold | - | 34,401 | $ - | $ 464,607 |
Reinvestment of distributions | 183 | 260 | 2,460 | 3,458 |
Shares redeemed | - | (26,831) | - | (364,612) |
Net increase (decrease) | 183 | 7,830 | $ 2,460 | $ 103,453 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Citibank, N.A.
New York, NY
and
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New York Municipal Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & Utilities Growth Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
ASNM-USAN-0903
1.789728.100
Fidelity Advisor
New York Municipal Income
Fund - Institutional Class
Semiannual Report
July 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Spartan® New York Municipal Income Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
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Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of July 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 23.2 | 26.0 |
Special Tax | 18.0 | 12.9 |
Escrowed/Pre-Refunded | 15.7 | 19.2 |
Water & Sewer | 11.3 | 12.0 |
Transportation | 10.1 | 8.4 |
Average Years to Maturity as of July 31, 2003 | ||
6 months ago | ||
Years | 14.7 | 14.7 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of July 31, 2003 | ||
6 months ago | ||
Years | 7.5 | 7.3 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2003 | As of January 31, 2003 | ||||||
![]() | AAA 54.1% | ![]() | AAA 55.1% | ||||
![]() | AA,A 39.8% | ![]() | AA,A 37.0% | ||||
![]() | BBB 2.9% | ![]() | BBB 3.1% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 3.7% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments July 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.9% | ||||
Principal | Value (Note 1) | |||
New York - 93.7% | ||||
Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured) | $ 1,275 | $ 1,351 | ||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: | ||||
5% 7/1/09 (AMBAC Insured) | 500 | 545 | ||
5% 7/1/10 (AMBAC Insured) | 600 | 649 | ||
5% 7/1/11 (AMBAC Insured) | 500 | 537 | ||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,418 | ||
Buffalo Gen. Oblig. Series 2001 C: | ||||
5% 12/1/07 (FGIC Insured) | 1,010 | 1,106 | ||
5% 12/1/08 (FGIC Insured) | 1,030 | 1,129 | ||
5% 12/1/09 (FGIC Insured) | 1,840 | 2,013 | ||
5% 12/1/10 (FGIC Insured) | 1,840 | 1,989 | ||
5% 12/1/11 (FGIC Insured) | 1,820 | 1,948 | ||
Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured) | 2,700 | 2,703 | ||
Cherry Valley Springfield Central School District: | ||||
7.8% 5/1/14 (MBIA Insured) | 435 | 573 | ||
7.8% 5/1/15 (MBIA Insured) | 435 | 579 | ||
7.8% 5/1/16 (MBIA Insured) | 435 | 584 | ||
7.8% 5/1/17 (MBIA Insured) | 435 | 588 | ||
7.8% 5/1/18 (MBIA Insured) | 434 | 587 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Bard College Civic Facility Proj.): | ||||
5.5% 8/1/20 | 4,190 | 4,389 | ||
5.75% 8/1/30 | 9,445 | 9,901 | ||
(Vassar College Proj.) 5.35% 9/1/40 | 5,000 | 5,065 | ||
Erie County Gen. Oblig. Series A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,746 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,745 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,032 | ||
Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c) | 1,055 | 1,094 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) | 2,300 | 2,377 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 | 7,000 | 7,190 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series A, 5.75% 12/1/24 | 25,000 | 26,277 | ||
Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured) | 11,180 | 12,294 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Commuter Facilities Rev.: | ||||
Series 1997 B: | ||||
5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c) | $ 3,000 | $ 3,084 | ||
5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c) | 5,080 | 5,176 | ||
Series 1997 D: | ||||
5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c) | 2,580 | 2,659 | ||
5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,100 | 2,287 | ||
Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c) | 3,705 | 4,144 | ||
Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,108 | ||
Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c) | 2,960 | 3,321 | ||
Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured) | 30,000 | 30,601 | ||
Metro. Trans. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 11/15/30 (FSA Insured) | 42,500 | 41,272 | ||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,458 | ||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,077 | ||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,076 | ||
5.5% 11/15/18 (AMBAC Insured) | 1,000 | 1,071 | ||
5.75% 11/15/32 | 10,000 | 10,477 | ||
Series A, 5% 11/15/16 (FGIC Insured) | 8,000 | 8,309 | ||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,332 | ||
Metro. Trans. Auth. Svc. Contract Rev.: | ||||
(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 4,655 | 5,310 | ||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 1,580 | 1,805 | ||
Series 7: | ||||
0% 7/1/10 (Escrowed to Maturity) (c) | 9,500 | 7,251 | ||
5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,091 | ||
Series A, 5.5% 1/1/20 (MBIA Insured) | 5,000 | 5,319 | ||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) | 3,000 | 3,399 | ||
Metro. Trans. Auth. Transit Facilities Rev.: | ||||
(Svc. Contract Proj.): | ||||
Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c) | 3,000 | 3,335 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Transit Facilities Rev.: - continued | ||||
(Svc. Contract Proj.): | ||||
Series R: | ||||
5.3% 7/1/09 (Escrowed to Maturity) (c) | $ 4,000 | $ 4,505 | ||
5.4% 7/1/10 (Escrowed to Maturity) (c) | 3,000 | 3,366 | ||
Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c) | 1,000 | 1,158 | ||
Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,970 | 3,209 | ||
Series C: | ||||
4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,255 | 1,334 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 765 | 833 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,735 | 1,898 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,030 | 1,122 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,345 | 1,471 | ||
Series N: | ||||
0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 5,980 | 4,302 | ||
0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c) | 4,000 | 2,574 | ||
Monroe County Gen. Oblig.: | ||||
Series 1996, 6.1% 3/1/04 (MBIA Insured) | 660 | 669 | ||
6% 6/1/04 | 540 | 562 | ||
6% 6/1/05 | 770 | 826 | ||
6.5% 6/1/04 | 65 | 68 | ||
6.5% 6/1/05 | 115 | 124 | ||
6.5% 6/1/06 | 120 | 133 | ||
6.5% 6/1/07 (AMBAC Insured) | 50 | 57 | ||
7% 6/1/04 (FGIC Insured) | 875 | 919 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,032 | ||
Monroe Woodbury Central School District: | ||||
5.625% 5/15/22 (MBIA Insured) | 1,245 | 1,327 | ||
5.625% 5/15/24 (MBIA Insured) | 2,645 | 2,806 | ||
Muni. Assistance Corp. for New York City: | ||||
Series 1996 E, 6% 7/1/05 | 1,000 | 1,084 | ||
Series 1996 G: | ||||
6% 7/1/06 | 4,000 | 4,446 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Muni. Assistance Corp. for New York City: - continued | ||||
Series 1996 G: | ||||
6% 7/1/07 | $ 2,305 | $ 2,599 | ||
Series 1997 H, 6.25% 7/1/07 | 1,195 | 1,358 | ||
Series 1997 L: | ||||
6% 7/1/05 | 3,500 | 3,793 | ||
6% 7/1/07 | 5,275 | 5,947 | ||
Series 1998 M, 5.5% 7/1/07 | 6,500 | 7,208 | ||
Series 1999 O, 5.25% 7/1/07 | 1,780 | 1,958 | ||
Series 2002 P, 5% 7/1/08 | 10,850 | 11,871 | ||
Nassau County Gen. Oblig.: | ||||
Series 1997 X, 5% 11/1/07 (AMBAC Insured) | 2,410 | 2,630 | ||
Series A: | ||||
6% 7/1/09 (FGIC Insured) | 5,620 | 6,414 | ||
6.5% 5/1/07 (FGIC Insured) | 4,000 | 4,537 | ||
Series E, 5.3% 7/1/07 (MBIA Insured) | 350 | 384 | ||
Series T, 5.2% 9/1/11 (FGIC Insured) | 2,695 | 2,892 | ||
Series U: | ||||
5.25% 11/1/11 (AMBAC Insured) | 1,500 | 1,616 | ||
5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,273 | ||
Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 3,000 | 3,199 | ||
5% 9/1/13 (FGIC Insured) | 3,000 | 3,147 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | 205 | 214 | ||
Series 2001 B, 5.875% 11/1/11 | 1,390 | 1,448 | ||
Series 2001 C, 5.625% 11/1/10 | 915 | 941 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,260 | ||
Nassau County Interim Fin. Auth.: | ||||
Series 2000 A: | ||||
5.75% 11/15/11 (MBIA Insured) | 7,845 | 8,789 | ||
5.75% 11/15/12 (MBIA Insured) | 7,710 | 8,529 | ||
Series A: | ||||
5% 11/15/15 (AMBAC Insured) | 4,745 | 4,964 | ||
5% 11/15/16 (AMBAC Insured) | 7,730 | 8,029 | ||
5% 11/15/17 (AMBAC Insured) | 6,000 | 6,202 | ||
5% 11/15/18 (AMBAC Insured) | 2,375 | 2,427 | ||
New York City Gen. Oblig.: | ||||
Series A: | ||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,435 | ||
6.25% 8/1/08 | 1,000 | 1,102 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series B: | ||||
5.5% 8/1/11 (FGIC Insured) | $ 2,000 | $ 2,189 | ||
5.875% 8/15/13 | 3,870 | 4,132 | ||
6.2% 8/15/06 | 2,195 | 2,368 | ||
6.5% 8/15/11 | 1,000 | 1,136 | ||
7.5% 2/1/07 | 335 | 338 | ||
Series C: | ||||
5.75% 3/15/27 (FSA Insured) | 3,530 | 3,716 | ||
6% 2/1/22 | 3,410 | 3,601 | ||
6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c) | 90 | 102 | ||
Series D: | ||||
5.25% 8/1/13 | 2,500 | 2,606 | ||
5.25% 8/1/21 (MBIA Insured) | 5,000 | 5,146 | ||
5.375% 8/1/17 | 2,500 | 2,564 | ||
Series E: | ||||
6% 8/1/11 | 3,000 | 3,225 | ||
6% 8/1/26 | 2,850 | 3,002 | ||
6.5% 2/15/06 | 1,000 | 1,093 | ||
Series F: | ||||
5.75% 2/1/15 | 2,500 | 2,636 | ||
6% 8/1/16 | 7,750 | 8,309 | ||
Series G: | ||||
5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
6% 10/15/26 | 4,965 | 5,219 | ||
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) | 50 | 58 | ||
Series H: | ||||
5.5% 8/1/12 | 9,000 | 9,496 | ||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,988 | ||
6% 8/1/17 | 1,000 | 1,066 | ||
Series I: | ||||
5.875% 3/15/12 | 10,000 | 10,698 | ||
6.125% 4/15/11 | 8,495 | 9,259 | ||
6.25% 4/15/07 (MBIA Insured) | 8,005 | 8,968 | ||
Series J: | ||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,305 | ||
5.875% 2/15/19 | 3,370 | 3,537 | ||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) | 630 | 700 | ||
6.125% 8/1/12 | 1,000 | 1,089 | ||
Series L, 5.75% 8/1/12 | 3,700 | 3,936 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||
5.5% 2/15/16 (FSA Insured) | $ 2,605 | $ 2,800 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,211 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,665 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,327 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(New York Univ. Proj.) Series 2001: | ||||
5% 7/1/41 (AMBAC Insured) | 10,000 | 9,657 | ||
5.375% 7/1/15 (AMBAC Insured) | 1,090 | 1,169 | ||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,154 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b) | 2,470 | 2,613 | ||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.): | ||||
5.7% 1/1/04 (b) | 1,500 | 1,506 | ||
6% 1/1/08 (b) | 500 | 515 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 1996 B: | ||||
5.75% 6/15/26 (MBIA Insured) | 1,000 | 1,081 | ||
5.875% 6/15/26 | 18,085 | 20,002 | ||
Series 1997 A, 5.375% 6/15/26 (FSA Insured) | 13,450 | 13,619 | ||
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) | 3,785 | 3,809 | ||
Series 2000, 5.5% 6/15/33 | 14,215 | 14,459 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,809 | ||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,287 | ||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,530 | ||
6% 6/15/28 | 15,000 | 16,233 | ||
Series B: | ||||
5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c) | 145 | 151 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 60 | 63 | ||
5.75% 6/15/26 (MBIA Insured) | 5,025 | 5,417 | ||
5.75% 6/15/29 (MBIA Insured) | 5,965 | 6,410 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 295 | 309 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c) | 2,700 | 3,154 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2003 D: | ||||
5.25% 2/1/17 (MBIA Insured) | $ 9,385 | $ 9,905 | ||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,383 | ||
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,732 | ||
Series A: | ||||
5.125% 8/15/21 | 8,140 | 8,368 | ||
5.25% 11/15/12 (FSA Insured) | 1,500 | 1,607 | ||
5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,291 | ||
5.5% 11/15/20 (FGIC Insured) | 9,000 | 9,594 | ||
5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c) | 2,000 | 2,311 | ||
Series B: | ||||
5.125% 11/1/14 | 1,000 | 1,051 | ||
5.5% 2/1/08 | 2,435 | 2,686 | ||
5.5% 2/1/08 (Escrowed to Maturity) (c) | 565 | 631 | ||
Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c) | 16,140 | 18,242 | ||
New York City Trust Cultural Resources Rev.: | ||||
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) | 4,850 | 5,155 | ||
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) | 1,250 | 1,368 | ||
New York Local Govt. Assistance Corp.: | ||||
Series A1, 5% 4/1/12 (FSA Insured) | 4,500 | 4,810 | ||
Series E, 5.25% 4/1/16 | 8,600 | 9,197 | ||
New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured) | 3,150 | 3,214 | ||
New York State Dorm. Auth. Revs.: | ||||
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 4,625 | 4,680 | ||
(Champlain Valley Physicians Proj.): | ||||
6% 7/1/08 (AMBAC Insured) | 600 | 679 | ||
6% 7/1/09 (AMBAC Insured) | 370 | 421 | ||
6% 7/1/10 (AMBAC Insured) | 250 | 284 | ||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c) | 500 | 564 | ||
Series C, 7.5% 7/1/10 | 4,000 | 4,744 | ||
Series D, 7% 7/1/09 (Escrowed to Maturity) (c) | 6,000 | 6,840 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(Colgate Univ. Proj.): | ||||
6% 7/1/16 (MBIA Insured) | $ 1,900 | $ 2,182 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,841 | ||
(Columbia Univ. Proj.): | ||||
Series 2001 A: | ||||
5.25% 7/1/13 | 1,000 | 1,089 | ||
5.25% 7/1/15 | 2,000 | 2,143 | ||
Series B, 5.375% 7/1/18 | 1,000 | 1,062 | ||
(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured) | 1,500 | 1,653 | ||
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 9,805 | 9,896 | ||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,133 | ||
(Long Island Jewish Med. Ctr. Proj.): | ||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,182 | ||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,228 | ||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) | 2,175 | 1,664 | ||
(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11 | 3,000 | 3,272 | ||
(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11 | 2,550 | 2,797 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 3,000 | 3,150 | ||
5.85% 8/1/40 | 9,500 | 9,992 | ||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) | 1,290 | 1,348 | ||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) | 4,500 | 4,887 | ||
(New York Univ. Proj.): | ||||
Series 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 805 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,801 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 900 | ||
Series A: | ||||
5.5% 7/1/10 (AMBAC Insured) | 7,650 | 8,502 | ||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,584 | ||
5.75% 7/1/27 (MBIA Insured) | 5,000 | 5,476 | ||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,657 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(NYSARC, Inc. Proj.) Series A: | ||||
5% 7/1/06 (FSA Insured) | $ 500 | $ 539 | ||
5% 7/1/07 (FSA Insured) | 1,290 | 1,402 | ||
5% 7/1/09 (FSA Insured) | 1,700 | 1,844 | ||
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) | 4,875 | 5,054 | ||
(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32 | 7,000 | 6,886 | ||
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) | 1,260 | 1,422 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 7,925 | 8,603 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,598 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,800 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 1,500 | 1,646 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | 2,365 | 2,838 | ||
5.5% 5/15/09 | 3,000 | 3,296 | ||
(The Jamaica Hosp. Proj.) Series F: | ||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,828 | ||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,995 | ||
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: | ||||
6% 7/1/14 | 1,095 | 1,165 | ||
6% 7/1/15 | 1,160 | 1,227 | ||
6% 7/1/16 | 1,230 | 1,293 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
4% 7/1/04 (AMBAC Insured) | 200 | 206 | ||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,091 | ||
5.375% 7/1/13 (AMBAC Insured) | 800 | 868 | ||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,226 | ||
5.375% 7/1/16 (AMBAC Insured) | 670 | 714 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 392 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,410 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 28,000 | 30,412 | ||
Series 2002 B: | ||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,076 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,094 | ||
Series 2003 A, 5.375% 3/15/22 | 2,000 | 2,049 | ||
Series B: | ||||
5.25%, tender 5/15/12 (a) | 8,500 | 8,978 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
Series B: | ||||
6%, tender 11/15/29 | $ 11,000 | $ 12,171 | ||
5.5% 7/1/16 (AMBAC Insured) | 725 | 778 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 | 10,600 | 11,175 | ||
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured) | 1,000 | 1,121 | ||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series B, 5.25% 6/15/16 | 500 | 531 | ||
Series C: | ||||
5.25% 7/15/16 | 2,340 | 2,479 | ||
5.25% 7/15/17 | 2,410 | 2,541 | ||
Series D, 5% 6/15/20 | 20,150 | 20,426 | ||
Series G, 5.25% 10/15/20 | 1,255 | 1,296 | ||
Series J, 5% 6/15/18 | 5,395 | 5,520 | ||
(Pooled Fing. Prog.): | ||||
Series F: | ||||
5.25% 11/15/15 | 2,595 | 2,774 | ||
5.25% 11/15/16 | 3,770 | 4,016 | ||
Series I: | ||||
5.25% 9/15/15 | 2,085 | 2,227 | ||
5.25% 9/15/17 | 2,395 | 2,536 | ||
Series C: | ||||
5% 6/15/19 | 815 | 836 | ||
5% 6/15/19 (Escrowed to Maturity) (c) | 3,185 | 3,274 | ||
5.25% 6/15/16 | 3,500 | 3,698 | ||
Series F: | ||||
4.875% 6/15/18 | 1,735 | 1,776 | ||
4.875% 6/15/18 (Escrowed to Maturity) (c) | 1,265 | 1,319 | ||
4.875% 6/15/20 | 2,175 | 2,204 | ||
5% 6/15/15 | 1,295 | 1,348 | ||
5% 6/15/15 (Escrowed to Maturity) (c) | 1,705 | 1,840 | ||
5.25% 6/15/13 | 1,575 | 1,676 | ||
5.25% 6/15/13 (Escrowed to Maturity) (c) | 2,405 | 2,634 | ||
New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured) | 4,785 | 4,907 | ||
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b) | 10,700 | 10,679 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1997 E, 6% 6/15/11 (MBIA Insured) | $ 2,700 | $ 3,089 | ||
Series 2002: | ||||
5.75% 6/15/11 | 455 | 513 | ||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 2,950 | 3,357 | ||
Series A: | ||||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 1,595 | 1,815 | ||
7% 6/15/12 | 190 | 190 | ||
Series C, 5.85% 7/15/15 | 30 | 33 | ||
Series D: | ||||
5% 6/15/11 (Escrowed to Maturity) (c) | 3,645 | 3,978 | ||
5.125% 6/15/19 (Escrowed to Maturity) (c) | 5,000 | 5,224 | ||
Series E: | ||||
6.25% 6/15/05 | 1,200 | 1,266 | ||
6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,204 | ||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) | 1,105 | 1,212 | ||
Series D: | ||||
6.3% 5/15/05 | 365 | 394 | ||
6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c) | 780 | 848 | ||
6.3% 11/15/05 | 105 | 113 | ||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: | ||||
5.25% 3/15/18 | 2,290 | 2,384 | ||
5.25% 3/15/19 | 2,480 | 2,566 | ||
5.25% 9/15/20 | 2,685 | 2,759 | ||
5.25% 3/15/21 | 2,230 | 2,278 | ||
New York State Med. Care Facilities Fin. Agcy. Rev.: | ||||
(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured) | 1,170 | 1,187 | ||
(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18 | 75 | 76 | ||
(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14 | 3,000 | 3,107 | ||
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): | ||||
Series 53, 5.9% 10/1/17 | 2,000 | 2,064 | ||
Series 69, 4.7% 4/1/24 (b) | 3,160 | 3,174 | ||
5.5% 4/1/19 (AMBAC Insured) (b) | 2,575 | 2,689 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||
Series A, 5.25% 11/15/40 | $ 25,860 | $ 25,981 | ||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) | 250 | 284 | ||
New York State Thruway Auth. Gen. Rev.: | ||||
Series D, 5.375% 1/1/27 | 3,000 | 3,060 | ||
Series E, 5.25% 1/1/12 | 5,410 | 5,826 | ||
New York State Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series A, 5.25% 4/1/16 (AMBAC Insured) | 5,175 | 5,439 | ||
Series B: | ||||
5.25% 4/1/15 (MBIA Insured) | 5,000 | 5,310 | ||
5.375% 4/1/17 (AMBAC Insured) | 5,000 | 5,326 | ||
5.375% 4/1/18 (AMBAC Insured) | 5,310 | 5,649 | ||
Series B1: | ||||
5.75% 4/1/14 (FGIC Insured) | 3,000 | 3,299 | ||
5.75% 4/1/15 (FGIC Insured) | 4,000 | 4,389 | ||
New York State Thruway Auth. State Personal Income Tax Rev.: | ||||
(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured) | 5,310 | 5,688 | ||
Series A: | ||||
5.5% 3/15/18 | 5,000 | 5,366 | ||
5.5% 3/15/19 | 5,460 | 5,827 | ||
5.5% 3/15/20 | 3,500 | 3,702 | ||
New York State Thruway Auth. Svc. Contract Rev.: | ||||
5.5% 4/1/14 | 7,700 | 8,317 | ||
5.5% 4/1/15 | 6,200 | 6,655 | ||
5.5% 4/1/16 | 12,000 | 12,828 | ||
6% 4/1/11 | 1,605 | 1,779 | ||
New York State Urban Dev. Corp. Rev.: | ||||
(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c) | 6,340 | 6,967 | ||
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) | 15 | 17 | ||
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 | 2,500 | 2,560 | ||
Series C1, 5.5% 3/15/19 (FGIC Insured) | 3,000 | 3,192 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) | 3,000 | 3,078 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b) | 3,000 | 3,074 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Niagara Falls City Niagara County Pub. Impt.: | ||||
(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b) | $ 1,000 | $ 1,075 | ||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,188 | ||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,414 | ||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,537 | ||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,366 | ||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,561 | ||
North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured) | 500 | 552 | ||
Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured) | 1,500 | 1,637 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) | 2,000 | 2,080 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,352 | ||
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) | 1,130 | 1,173 | ||
Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16 | 14,500 | 14,929 | ||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: | ||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,533 | ||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 9,870 | 11,348 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A: | ||||
5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c) | 3,000 | 3,365 | ||
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) | 9,500 | 9,994 | ||
5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) | 3,000 | 3,348 | ||
6% 1/1/11 (Escrowed to Maturity) (c) | 500 | 574 | ||
Series B: | ||||
5% 1/1/14 (Escrowed to Maturity) (c) | 4,290 | 4,610 | ||
5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c) | 9,870 | 10,814 | ||
5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 3,000 | 3,138 | ||
5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 2,000 | 2,092 | ||
5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c) | 2,015 | 2,143 | ||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) | 1,000 | 1,163 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Triborough Bridge & Tunnel Auth. Revs.: - continued | ||||
Series Y: | ||||
5.5% 1/1/17 (Escrowed to Maturity) (c) | $ 15,425 | $ 17,221 | ||
6% 1/1/12 (Escrowed to Maturity) (c) | 19,250 | 22,204 | ||
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: | ||||
5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c) | 2,200 | 2,361 | ||
5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | 3,000 | 3,286 | ||
5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,092 | ||
5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,289 | ||
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,016 | ||
Yonkers Gen. Oblig. Series 2001 A: | ||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,523 | ||
5% 12/15/12 (AMBAC Insured) | 1,245 | 1,335 | ||
1,371,836 | ||||
New York & New Jersey - 4.8% | ||||
Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b) | 2,000 | 2,093 | ||
Port Auth. of New York & New Jersey: | ||||
107th Series, 6% 10/15/06 (b) | 1,530 | 1,694 | ||
120th Series: | ||||
5.75% 10/15/11 (MBIA Insured) (b) | 15,000 | 16,596 | ||
5.75% 10/15/12 (MBIA Insured) (b) | 15,530 | 17,079 | ||
124th Series: | ||||
5% 8/1/08 (b) | 9,875 | 10,582 | ||
5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,091 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 5,970 | 5,824 | ||
128th Series: | ||||
5% 11/1/18 (FSA Insured) | 6,145 | 6,345 | ||
5% 11/1/19 (FSA Insured) | 7,200 | 7,377 | ||
70,681 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Puerto Rico - 0.4% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured) | $ 3,000 | $ 3,202 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 2,210 | 2,229 | ||
5,431 |
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $1,403,779) | 1,447,948 | ||
NET OTHER ASSETS - 1.1% | 15,751 | ||
NET ASSETS - 100% | $ 1,463,699 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 23.2% |
Special Tax | 18.0 |
Escrowed/Pre-Refunded | 15.7 |
Water & Sewer | 11.3 |
Transportation | 10.1 |
Education | 6.7 |
Health Care | 5.3 |
Electric Utilities | 5.3 |
Others* (individually less than 5%) | 4.4 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,403,779) - See accompanying schedule | $ 1,447,948 | |
Receivable for investments sold | 7,096 | |
Receivable for fund shares sold | 597 | |
Interest receivable | 17,024 | |
Other receivables | 4 | |
Total assets | 1,472,669 | |
Liabilities | ||
Payable to custodian bank | $ 4,069 | |
Payable for fund shares redeemed | 2,954 | |
Distributions payable | 1,289 | |
Accrued management fee | 483 | |
Distribution fees payable | 17 | |
Other payables and accrued expenses | 158 | |
Total liabilities | 8,970 | |
Net Assets | $ 1,463,699 | |
Net Assets consist of: | ||
Paid in capital | $ 1,398,024 | |
Undistributed net investment income | 718 | |
Accumulated undistributed net realized gain (loss) on investments | 20,788 | |
Net unrealized appreciation (depreciation) on investments | 44,169 | |
Net Assets | $ 1,463,699 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price Class A: | $ 12.99 | |
Maximum offering price per share (100/95.25 of $12.99) | $ 13.64 | |
Class T: | $ 12.99 | |
Maximum offering price per share (100/96.50 of $12.99) | $ 13.46 | |
Class B: | $ 12.99 | |
Class C: | $ 12.99 | |
Spartan New York Municipal Income Fund: | $ 13.00 | |
Institutional Class: | $ 12.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended July 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 35,168 | |
Expenses | ||
Management fee | $ 2,935 | |
Transfer agent fees | 550 | |
Distribution fees | 82 | |
Accounting fees and expenses | 179 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 12 | |
Registration fees | 62 | |
Audit | 35 | |
Legal | 6 | |
Total expenses before reductions | 3,865 | |
Expense reductions | (102) | 3,763 |
Net investment income (loss) | 31,405 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 20,787 | |
Change in net unrealized appreciation (depreciation) on investment securities | (44,802) | |
Net gain (loss) | (24,015) | |
Net increase (decrease) in net assets resulting from operations | $ 7,390 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 31,405 | $ 62,576 |
Net realized gain (loss) | 20,787 | 27,568 |
Change in net unrealized appreciation (depreciation) | (44,802) | 25,814 |
Net increase (decrease) in net assets resulting from operations | 7,390 | 115,958 |
Distributions to shareholders from net investment income | (31,341) | (62,168) |
Distributions to shareholders from net realized gain | (4,131) | (19,025) |
Total distributions | (35,472) | (81,193) |
Share transactions - net increase (decrease) | (7,553) | 132,250 |
Redemption fees | 20 | 45 |
Total increase (decrease) in net assets | (35,615) | 167,060 |
Net Assets | ||
Beginning of period | 1,499,314 | 1,332,254 |
End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively) | $ 1,463,699 | $ 1,499,314 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .262 | .277 |
Net realized and unrealized gain (loss) | (.214) | .194 |
Total from investment operations | .048 | .471 |
Distributions from net investment income | (.262) | (.271) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.298) | (.441) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C,D | .31% | 3.59% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .67% A | .66% A |
Expenses net of voluntary waivers, if any | .67% A | .66% A |
Expenses net of all reductions | .67% A | .66% A |
Net investment income (loss) | 3.93% A | 4.17% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 3,268 | $ 2,962 |
Portfolio turnover rate | 26% A | 22% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .255 | .266 |
Net realized and unrealized gain (loss) | (.214) | .197 |
Total from investment operations | .041 | .463 |
Distributions from net investment income | (.255) | (.263) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.291) | (.433) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | .26% | 3.53% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .78%A | .79%A |
Expenses net of voluntary waivers, if any | .78%A | .79%A |
Expenses net of all reductions | .78%A | .79%A |
Net investment income (loss) | 3.82%A | 4.04%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 1,245 | $ 1,228 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .211 | .226 |
Net realized and unrealized gain (loss) | (.214) | .193 |
Total from investment operations | (.003) | .419 |
Distributions from net investment income | (.211) | (.219) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.247) | (.389) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.07)% | 3.19% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.43%A | 1.41%A |
Expenses net of voluntary waivers, if any | 1.43%A | 1.41%A |
Expenses net of all reductions | 1.42%A | 1.40%A |
Net investment income (loss) | 3.18%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 9,347 | $ 5,463 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .204 | .219 |
Net realized and unrealized gain (loss) | (.214) | .191 |
Total from investment operations | (.010) | .410 |
Distributions from net investment income | (.204) | (.210) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.240) | (.380) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.12)% | 3.12% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.51%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.51%A |
Expenses net of all reductions | 1.52%A | 1.51%A |
Net investment income (loss) | 3.08%A | 3.32%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 10,356 | $ 6,120 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan New York Municipal Income
Six months | Years ended January 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 | $ 12.94 |
Income from Investment Operations | ||||||
Net investment | .275D | .574D | .584D,F | .614D | .590D | .602 |
Net realized and unrealized gain (loss) | (.205) | .506 | .117F | 1.030 | (1.230) | .205 |
Total from investment operations | .070 | 1.080 | .701 | 1.644 | (.640) | .807 |
Distributions from net investment income | (.274) | (.570) | (.581) | (.604) | (.589) | (.602) |
Distributions from net realized gain | (.036) | (.170) | - | - | (.006) | (.155) |
Distributions in excess of net realized gain | - | - | - | - | (.015) | - |
Total distributions | (.310) | (.740) | (.581) | (.604) | (.610) | (.757) |
Redemption fees added to paid | -D,G | -D,G | -D,G | - | - | - |
Net asset value, end of period | $ 13.00 | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 |
Total Return B,C | .48% | 8.55% | 5.60% | 14.34% | (5.03)% | 6.45% |
Ratios to Average Net Assets E | ||||||
Expenses before expense | .49% A | .49% | .49% | .49% | .49% | .54% |
Expenses net of voluntary | .49% A | .49% | .49% | .49% | .49% | .53% |
Expenses net of all reductions | .48% A | .47% | .44% | .42% | .49% | .53% |
Net investment income (loss) | 4.12% A | 4.36% | 4.54%F | 4.96% | 4.78% | 4.67% |
Supplemental Data | ||||||
Net assets, | $ 1,439,379 | $ 1,483,436 | $ 1,332,254 | $ 1,197,691 | $ 1,007,447 | $ 1,200,091 |
Portfolio turnover rate | 26% A | 22% | 12% | 23% | 19% | 25% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) D | .276 | .286 |
Net realized and unrealized gain (loss) | (.215) | .195 |
Total from investment operations | .061 | .481 |
Distributions from net investment income | (.275) | (.281) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.311) | (.451) |
Redemption fees added to paid in capital D,G | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C | .41% | 3.67% |
Ratios to Average Net Assets F | ||
Expenses before expense reductions | .48% A | .53% A |
Expenses net of voluntary waivers, if any | .48% A | .53% A |
Expenses net of all reductions | .47% A | .53% A |
Net investment income (loss) | 4.13% A | 4.30% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 104 | $ 104 |
Portfolio turnover rate | 26% A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2003 (Unaudited)
1. Significant Accounting Policies.
Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 58,184,698 | |
Unrealized depreciation | (13,263,849) | |
Net unrealized appreciation (depreciation) | $ 44,920,849 | |
Cost for federal income tax purposes | $ 1,403,027,357 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 2,312 | $ 26 |
Class T | 0% | .25% | 1,755 | 177 |
Class B | .65% | .25% | 36,779 | 26,609 |
Class C | .75% | .25% | 41,001 | 40,483 |
$ 81,847 | $ 67,295 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 4,935 |
Class T | 222 |
Class B* | 6,556 |
Class C* | 813 |
$ 12,526 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1,531 | .10 |
Class T | 754 | .11 |
Class B | 4,194 | .10 |
Class C | 3,970 | .10 |
Spartan New York Municipal Income | 539,102 | .07 |
Institutional Class | 28 | .05 |
$ 549,579 |
*Annualized
Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
4. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.
Semiannual Report
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 59,789 | $ 41,291 |
Class T | 26,516 | 13,057 |
Class B | 127,161 | 51,877 |
Class C | 123,543 | 49,354 |
Spartan New York Municipal Income | 31,001,743 | 62,008,981 |
Institutional Class | 2,177 | 3,038 |
Total | $ 31,340,929 | $ 62,167,598 |
From net realized gain | ||
Class A | $ 7,853 | $ 37,979 |
Class T | 3,885 | 12,410 |
Class B | 17,873 | 57,394 |
Class C | 18,764 | 59,289 |
Spartan New York Municipal Income | 4,082,579 | 18,856,163 |
Institutional Class | 283 | 1,305 |
Total | $ 4,131,237 | $ 19,024,540 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
6. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 111,222 | 272,415 | $ 1,493,998 | $ 3,649,038 |
Reinvestment of distributions | 3,529 | 4,654 | 47,296 | 61,815 |
Shares redeemed | (86,941) | (53,293) | (1,165,282) | (708,156) |
Net increase (decrease) | 27,810 | 223,776 | $ 376,012 | $ 3,002,697 |
Class T | ||||
Shares sold | 20,149 | 91,985 | $ 268,374 | $ 1,229,333 |
Reinvestment of distributions | 1,484 | 1,336 | 19,899 | 17,736 |
Shares redeemed | (18,589) | (578) | (253,367) | (7,660) |
Net increase (decrease) | 3,044 | 92,743 | $ 34,906 | $ 1,239,409 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Share Transactions - continued
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class B | ||||
Shares sold | 351,416 | 429,057 | $ 4,721,633 | $ 5,748,196 |
Reinvestment of distributions | 8,209 | 5,965 | 110,020 | 79,147 |
Shares redeemed | (52,806) | (22,338) | (706,410) | (297,028) |
Net increase (decrease) | 306,819 | 412,684 | $ 4,125,243 | $ 5,530,315 |
Class C | ||||
Shares sold | 411,512 | 493,422 | $ 5,538,187 | $ 6,606,236 |
Reinvestment of distributions | 6,608 | 4,353 | 88,485 | 57,763 |
Shares redeemed | (83,313) | (35,532) | (1,107,424) | (470,300) |
Net increase (decrease) | 334,807 | 462,243 | $ 4,519,248 | $ 6,193,699 |
Spartan New York Municipal Income | ||||
Shares sold | 10,068,099 | 30,007,653 | $ 135,550,163 | $ 395,192,356 |
Reinvestment of distributions | 1,995,251 | 4,696,216 | 26,762,528 | 61,959,856 |
Shares redeemed | (13,318,505) | (25,951,612) | (178,924,241) | (340,971,868) |
Net increase (decrease) | (1,255,155) | 8,752,257 | $ (16,611,550) | $ 116,180,344 |
Institutional Class | ||||
Shares sold | - | 34,401 | $ - | $ 464,607 |
Reinvestment of distributions | 183 | 260 | 2,460 | 3,458 |
Shares redeemed | - | (26,831) | - | (364,612) |
Net increase (decrease) | 183 | 7,830 | $ 2,460 | $ 103,453 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Citibank, N.A.
New York, NY
and
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital Appreciation Fund |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital Appreciation Fund |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International Small Cap Fund |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New York Municipal Income Fund |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & Utilities Growth Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
ASNMI-USAN-0903
1.789729.100
Spartan®
New York Municipal Income
Fund
Semiannual Report
July 31, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
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.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
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Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of July 31, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 23.2 | 26.0 |
Special Tax | 18.0 | 12.9 |
Escrowed/Pre-Refunded | 15.7 | 19.2 |
Water & Sewer | 11.3 | 12.0 |
Transportation | 10.1 | 8.4 |
Average Years to Maturity as of July 31, 2003 | ||
6 months ago | ||
Years | 14.7 | 14.7 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of July 31, 2003 | ||
6 months ago | ||
Years | 7.5 | 7.3 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2003 | As of January 31, 2003 | ||||||
![]() | AAA 54.1% | ![]() | AAA 55.1% | ||||
![]() | AA,A 39.8% | ![]() | AA,A 37.0% | ||||
![]() | BBB 2.9% | ![]() | BBB 3.1% | ||||
![]() | Not Rated 2.1% | ![]() | Not Rated 3.7% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments July 31, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.9% | ||||
Principal | Value (Note 1) | |||
New York - 93.7% | ||||
Albany County Gen. Oblig. 5.85% 6/1/13 (FGIC Insured) | $ 1,275 | $ 1,351 | ||
Albany Indl. Dev. Agcy. Civic Facility Rev. (College of Saint Rose Proj.) Series A: | ||||
5% 7/1/09 (AMBAC Insured) | 500 | 545 | ||
5% 7/1/10 (AMBAC Insured) | 600 | 649 | ||
5% 7/1/11 (AMBAC Insured) | 500 | 537 | ||
5.5% 7/1/21 (AMBAC Insured) | 2,300 | 2,418 | ||
Buffalo Gen. Oblig. Series 2001 C: | ||||
5% 12/1/07 (FGIC Insured) | 1,010 | 1,106 | ||
5% 12/1/08 (FGIC Insured) | 1,030 | 1,129 | ||
5% 12/1/09 (FGIC Insured) | 1,840 | 2,013 | ||
5% 12/1/10 (FGIC Insured) | 1,840 | 1,989 | ||
5% 12/1/11 (FGIC Insured) | 1,820 | 1,948 | ||
Buffalo Swr. Auth. Swr. Sys. Rev. Series G, 5% 7/1/12 (FGIC Insured) | 2,700 | 2,703 | ||
Cherry Valley Springfield Central School District: | ||||
7.8% 5/1/14 (MBIA Insured) | 435 | 573 | ||
7.8% 5/1/15 (MBIA Insured) | 435 | 579 | ||
7.8% 5/1/16 (MBIA Insured) | 435 | 584 | ||
7.8% 5/1/17 (MBIA Insured) | 435 | 588 | ||
7.8% 5/1/18 (MBIA Insured) | 434 | 587 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Bard College Civic Facility Proj.): | ||||
5.5% 8/1/20 | 4,190 | 4,389 | ||
5.75% 8/1/30 | 9,445 | 9,901 | ||
(Vassar College Proj.) 5.35% 9/1/40 | 5,000 | 5,065 | ||
Erie County Gen. Oblig. Series A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,746 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,745 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,032 | ||
Erie County Wtr. Auth. Impt. & Extension Rev. Series 3, 6.1% 12/1/04 (Escrowed to Maturity) (c) | 1,055 | 1,094 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series A, 5.375% 2/1/23 (FGIC Insured) | 2,300 | 2,377 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) 5% 12/1/10 | 7,000 | 7,190 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series A, 5.75% 12/1/24 | 25,000 | 26,277 | ||
Sub Series 8A, 5.25% 4/1/09 (AMBAC Insured) | 11,180 | 12,294 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Commuter Facilities Rev.: | ||||
Series 1997 B: | ||||
5% 7/1/20 (AMBAC Insured) (Escrowed to Maturity) (c) | $ 3,000 | $ 3,084 | ||
5.125% 7/1/24 (AMBAC Insured) (Escrowed to Maturity) (c) | 5,080 | 5,176 | ||
Series 1997 D: | ||||
5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (c) | 2,580 | 2,659 | ||
5.125% 7/1/22 (MBIA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,100 | 2,287 | ||
Series 1997 E, 5.5% 7/1/09 (AMBAC Insured) (Escrowed to Maturity) (c) | 3,705 | 4,144 | ||
Series 1998 B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,108 | ||
Series 1998 R, 5.4% 7/1/10 (Escrowed to Maturity) (c) | 2,960 | 3,321 | ||
Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.25% 11/15/24 (FSA Insured) | 30,000 | 30,601 | ||
Metro. Trans. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 11/15/30 (FSA Insured) | 42,500 | 41,272 | ||
5.5% 11/15/15 (AMBAC Insured) | 1,340 | 1,458 | ||
5.5% 11/15/16 (AMBAC Insured) | 1,000 | 1,077 | ||
5.5% 11/15/17 (AMBAC Insured) | 1,000 | 1,076 | ||
5.5% 11/15/18 (AMBAC Insured) | 1,000 | 1,071 | ||
5.75% 11/15/32 | 10,000 | 10,477 | ||
Series A, 5% 11/15/16 (FGIC Insured) | 8,000 | 8,309 | ||
Series E, 5.5% 11/15/21 (MBIA Insured) | 2,200 | 2,332 | ||
Metro. Trans. Auth. Svc. Contract Rev.: | ||||
(Commuter Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 4,655 | 5,310 | ||
(Trans. Facilities Proj.) Series 3, 7.375% 7/1/08 (Escrowed to Maturity) (c) | 1,580 | 1,805 | ||
Series 7: | ||||
0% 7/1/10 (Escrowed to Maturity) (c) | 9,500 | 7,251 | ||
5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,091 | ||
Series A, 5.5% 1/1/20 (MBIA Insured) | 5,000 | 5,319 | ||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (c) | 3,000 | 3,399 | ||
Metro. Trans. Auth. Transit Facilities Rev.: | ||||
(Svc. Contract Proj.): | ||||
Series 8, 5.375% 7/1/21 (MBIA Insured) (Pre-Refunded to 7/1/13 @ 100) (c) | 3,000 | 3,335 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Transit Facilities Rev.: - continued | ||||
(Svc. Contract Proj.): | ||||
Series R: | ||||
5.3% 7/1/09 (Escrowed to Maturity) (c) | $ 4,000 | $ 4,505 | ||
5.4% 7/1/10 (Escrowed to Maturity) (c) | 3,000 | 3,366 | ||
Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (c) | 1,000 | 1,158 | ||
Series B1, 5% 7/1/18 (AMBAC Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 2,970 | 3,209 | ||
Series C: | ||||
4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,255 | 1,334 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 765 | 833 | ||
5.125% 7/1/13 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,735 | 1,898 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (c) | 1,030 | 1,122 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (c) | 1,345 | 1,471 | ||
Series N: | ||||
0% 7/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 5,980 | 4,302 | ||
0% 7/1/13 (FGIC Insured) (Escrowed to Maturity) (c) | 4,000 | 2,574 | ||
Monroe County Gen. Oblig.: | ||||
Series 1996, 6.1% 3/1/04 (MBIA Insured) | 660 | 669 | ||
6% 6/1/04 | 540 | 562 | ||
6% 6/1/05 | 770 | 826 | ||
6.5% 6/1/04 | 65 | 68 | ||
6.5% 6/1/05 | 115 | 124 | ||
6.5% 6/1/06 | 120 | 133 | ||
6.5% 6/1/07 (AMBAC Insured) | 50 | 57 | ||
7% 6/1/04 (FGIC Insured) | 875 | 919 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Nazareth College Rochester Proj.) 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,032 | ||
Monroe Woodbury Central School District: | ||||
5.625% 5/15/22 (MBIA Insured) | 1,245 | 1,327 | ||
5.625% 5/15/24 (MBIA Insured) | 2,645 | 2,806 | ||
Muni. Assistance Corp. for New York City: | ||||
Series 1996 E, 6% 7/1/05 | 1,000 | 1,084 | ||
Series 1996 G: | ||||
6% 7/1/06 | 4,000 | 4,446 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Muni. Assistance Corp. for New York City: - continued | ||||
Series 1996 G: | ||||
6% 7/1/07 | $ 2,305 | $ 2,599 | ||
Series 1997 H, 6.25% 7/1/07 | 1,195 | 1,358 | ||
Series 1997 L: | ||||
6% 7/1/05 | 3,500 | 3,793 | ||
6% 7/1/07 | 5,275 | 5,947 | ||
Series 1998 M, 5.5% 7/1/07 | 6,500 | 7,208 | ||
Series 1999 O, 5.25% 7/1/07 | 1,780 | 1,958 | ||
Series 2002 P, 5% 7/1/08 | 10,850 | 11,871 | ||
Nassau County Gen. Oblig.: | ||||
Series 1997 X, 5% 11/1/07 (AMBAC Insured) | 2,410 | 2,630 | ||
Series A: | ||||
6% 7/1/09 (FGIC Insured) | 5,620 | 6,414 | ||
6.5% 5/1/07 (FGIC Insured) | 4,000 | 4,537 | ||
Series E, 5.3% 7/1/07 (MBIA Insured) | 350 | 384 | ||
Series T, 5.2% 9/1/11 (FGIC Insured) | 2,695 | 2,892 | ||
Series U: | ||||
5.25% 11/1/11 (AMBAC Insured) | 1,500 | 1,616 | ||
5.25% 11/1/15 (AMBAC Insured) | 2,150 | 2,273 | ||
Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 3,000 | 3,199 | ||
5% 9/1/13 (FGIC Insured) | 3,000 | 3,147 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | 205 | 214 | ||
Series 2001 B, 5.875% 11/1/11 | 1,390 | 1,448 | ||
Series 2001 C, 5.625% 11/1/10 | 915 | 941 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,260 | ||
Nassau County Interim Fin. Auth.: | ||||
Series 2000 A: | ||||
5.75% 11/15/11 (MBIA Insured) | 7,845 | 8,789 | ||
5.75% 11/15/12 (MBIA Insured) | 7,710 | 8,529 | ||
Series A: | ||||
5% 11/15/15 (AMBAC Insured) | 4,745 | 4,964 | ||
5% 11/15/16 (AMBAC Insured) | 7,730 | 8,029 | ||
5% 11/15/17 (AMBAC Insured) | 6,000 | 6,202 | ||
5% 11/15/18 (AMBAC Insured) | 2,375 | 2,427 | ||
New York City Gen. Oblig.: | ||||
Series A: | ||||
5.25% 11/1/14 (MBIA Insured) | 1,350 | 1,435 | ||
6.25% 8/1/08 | 1,000 | 1,102 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series B: | ||||
5.5% 8/1/11 (FGIC Insured) | $ 2,000 | $ 2,189 | ||
5.875% 8/15/13 | 3,870 | 4,132 | ||
6.2% 8/15/06 | 2,195 | 2,368 | ||
6.5% 8/15/11 | 1,000 | 1,136 | ||
7.5% 2/1/07 | 335 | 338 | ||
Series C: | ||||
5.75% 3/15/27 (FSA Insured) | 3,530 | 3,716 | ||
6% 2/1/22 | 3,410 | 3,601 | ||
6% 2/1/22 (Pre-Refunded to 8/1/06 @ 101.5) (c) | 90 | 102 | ||
Series D: | ||||
5.25% 8/1/13 | 2,500 | 2,606 | ||
5.25% 8/1/21 (MBIA Insured) | 5,000 | 5,146 | ||
5.375% 8/1/17 | 2,500 | 2,564 | ||
Series E: | ||||
6% 8/1/11 | 3,000 | 3,225 | ||
6% 8/1/26 | 2,850 | 3,002 | ||
6.5% 2/15/06 | 1,000 | 1,093 | ||
Series F: | ||||
5.75% 2/1/15 | 2,500 | 2,636 | ||
6% 8/1/16 | 7,750 | 8,309 | ||
Series G: | ||||
5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
6% 10/15/26 | 4,965 | 5,219 | ||
6% 10/15/26 (Pre-Refunded to 10/15/07 @ 101) (c) | 50 | 58 | ||
Series H: | ||||
5.5% 8/1/12 | 9,000 | 9,496 | ||
5.75% 3/15/13 (FSA Insured) | 1,805 | 1,988 | ||
6% 8/1/17 | 1,000 | 1,066 | ||
Series I: | ||||
5.875% 3/15/12 | 10,000 | 10,698 | ||
6.125% 4/15/11 | 8,495 | 9,259 | ||
6.25% 4/15/07 (MBIA Insured) | 8,005 | 8,968 | ||
Series J: | ||||
5.5% 6/1/18 (MBIA Insured) | 5,000 | 5,305 | ||
5.875% 2/15/19 | 3,370 | 3,537 | ||
5.875% 2/15/19 (Pre-Refunded to 2/15/06 @ 101.5) (c) | 630 | 700 | ||
6.125% 8/1/12 | 1,000 | 1,089 | ||
Series L, 5.75% 8/1/12 | 3,700 | 3,936 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Health & Hosp. Corp. Rev. Series A: | ||||
5.5% 2/15/16 (FSA Insured) | $ 2,605 | $ 2,800 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,211 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,665 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,327 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(New York Univ. Proj.) Series 2001: | ||||
5% 7/1/41 (AMBAC Insured) | 10,000 | 9,657 | ||
5.375% 7/1/15 (AMBAC Insured) | 1,090 | 1,169 | ||
(Spence School, Inc. Proj.) 5% 7/1/27 | 3,255 | 3,154 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (b) | 2,470 | 2,613 | ||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.): | ||||
5.7% 1/1/04 (b) | 1,500 | 1,506 | ||
6% 1/1/08 (b) | 500 | 515 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 1996 B: | ||||
5.75% 6/15/26 (MBIA Insured) | 1,000 | 1,081 | ||
5.875% 6/15/26 | 18,085 | 20,002 | ||
Series 1997 A, 5.375% 6/15/26 (FSA Insured) | 13,450 | 13,619 | ||
Series 1997 B, 5.25% 6/15/29 (FGIC Insured) | 3,785 | 3,809 | ||
Series 2000, 5.5% 6/15/33 | 14,215 | 14,459 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,809 | ||
5.25% 6/15/33 (FGIC Insured) | 1,280 | 1,287 | ||
5.375% 6/15/15 (FGIC Insured) | 7,000 | 7,530 | ||
6% 6/15/28 | 15,000 | 16,233 | ||
Series B: | ||||
5.375% 6/15/07 (AMBAC Insured) (Escrowed to Maturity) (c) | 145 | 151 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 60 | 63 | ||
5.75% 6/15/26 (MBIA Insured) | 5,025 | 5,417 | ||
5.75% 6/15/29 (MBIA Insured) | 5,965 | 6,410 | ||
5.375% 6/15/07 (AMBAC Insured) (Pre-Refunded to 6/15/04 @ 101) (c) | 295 | 309 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2000 B, 6.125% 11/15/15 (Pre-Refunded to 5/15/10 @ 101) (c) | 2,700 | 3,154 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2003 D: | ||||
5.25% 2/1/17 (MBIA Insured) | $ 9,385 | $ 9,905 | ||
5.25% 2/1/19 (MBIA Insured) | 8,075 | 8,383 | ||
Series 2003 E, 5.25% 2/1/15 (FGIC Insured) | 7,250 | 7,732 | ||
Series A: | ||||
5.125% 8/15/21 | 8,140 | 8,368 | ||
5.25% 11/15/12 (FSA Insured) | 1,500 | 1,607 | ||
5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,291 | ||
5.5% 11/15/20 (FGIC Insured) | 9,000 | 9,594 | ||
5.75% 8/15/18 (Pre-Refunded to 8/15/09 @ 101) (c) | 2,000 | 2,311 | ||
Series B: | ||||
5.125% 11/1/14 | 1,000 | 1,051 | ||
5.5% 2/1/08 | 2,435 | 2,686 | ||
5.5% 2/1/08 (Escrowed to Maturity) (c) | 565 | 631 | ||
Series C, 5.5% 11/1/29 (Pre-Refunded to 5/1/10 @ 101) (c) | 16,140 | 18,242 | ||
New York City Trust Cultural Resources Rev.: | ||||
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/22 (MBIA Insured) | 4,850 | 5,155 | ||
(New York Botanical Garden Proj.) 5.75% 7/1/16 (MBIA Insured) | 1,250 | 1,368 | ||
New York Local Govt. Assistance Corp.: | ||||
Series A1, 5% 4/1/12 (FSA Insured) | 4,500 | 4,810 | ||
Series E, 5.25% 4/1/16 | 8,600 | 9,197 | ||
New York State Dorm. Auth. Lease Rev. (State Univ. Dorm. Facilities Proj.) Series A, 5.3% 7/1/24 (AMBAC Insured) | 3,150 | 3,214 | ||
New York State Dorm. Auth. Revs.: | ||||
(Barnard College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 4,625 | 4,680 | ||
(Champlain Valley Physicians Proj.): | ||||
6% 7/1/08 (AMBAC Insured) | 600 | 679 | ||
6% 7/1/09 (AMBAC Insured) | 370 | 421 | ||
6% 7/1/10 (AMBAC Insured) | 250 | 284 | ||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/07 (Pre-Refunded to 7/1/06 @ 102) (c) | 500 | 564 | ||
Series C, 7.5% 7/1/10 | 4,000 | 4,744 | ||
Series D, 7% 7/1/09 (Escrowed to Maturity) (c) | 6,000 | 6,840 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(Colgate Univ. Proj.): | ||||
6% 7/1/16 (MBIA Insured) | $ 1,900 | $ 2,182 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,841 | ||
(Columbia Univ. Proj.): | ||||
Series 2001 A: | ||||
5.25% 7/1/13 | 1,000 | 1,089 | ||
5.25% 7/1/15 | 2,000 | 2,143 | ||
Series B, 5.375% 7/1/18 | 1,000 | 1,062 | ||
(FIT Student Hsg. Proj.) 5.75% 7/1/06 (AMBAC Insured) | 1,500 | 1,653 | ||
(Ithaca College Proj.) 5.25% 7/1/26 (AMBAC Insured) | 9,805 | 9,896 | ||
(Jewish Med. Ctr. Proj.) 5% 7/1/18 (MBIA Insured) | 8,000 | 8,133 | ||
(Long Island Jewish Med. Ctr. Proj.): | ||||
5% 7/1/08 (MBIA Insured) | 2,000 | 2,182 | ||
5.25% 7/1/11 (MBIA Insured) | 3,000 | 3,228 | ||
(Manhattanville College Proj.) 0% 7/1/10 (MBIA Insured) | 2,175 | 1,664 | ||
(Mental Health Svcs. Facilities Impt. Proj.) Series A, 5.75% 8/15/11 | 3,000 | 3,272 | ||
(Mental Health Svcs. Facilities Proj.) Series B, 5.75% 2/15/11 | 2,550 | 2,797 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 3,000 | 3,150 | ||
5.85% 8/1/40 | 9,500 | 9,992 | ||
(New York & Presbyterian Hosp. Proj.) 4.4% 8/1/13 (AMBAC Insured) | 1,290 | 1,348 | ||
(New York Hosp. Med. Ctr. Proj.) 5.25% 2/1/07 (AMBAC Insured) | 4,500 | 4,887 | ||
(New York Univ. Proj.): | ||||
Series 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 805 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,801 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 900 | ||
Series A: | ||||
5.5% 7/1/10 (AMBAC Insured) | 7,650 | 8,502 | ||
5.75% 7/1/15 (MBIA Insured) | 2,295 | 2,584 | ||
5.75% 7/1/27 (MBIA Insured) | 5,000 | 5,476 | ||
(North Shore Univ. Hosp. Proj.) 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,657 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
(NYSARC, Inc. Proj.) Series A: | ||||
5% 7/1/06 (FSA Insured) | $ 500 | $ 539 | ||
5% 7/1/07 (FSA Insured) | 1,290 | 1,402 | ||
5% 7/1/09 (FSA Insured) | 1,700 | 1,844 | ||
(Rochester Institute of Technology Proj.) 5.25% 7/1/22 (MBIA Insured) | 4,875 | 5,054 | ||
(Rockefeller Univ. Proj.) Series 2002 A1, 5% 7/1/32 | 7,000 | 6,886 | ||
(Saint Joseph's Hosp. Health Ctr. Proj.) 6% 7/1/08 (MBIA Insured) | 1,260 | 1,422 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 7,925 | 8,603 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,598 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,800 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 1,500 | 1,646 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | 2,365 | 2,838 | ||
5.5% 5/15/09 | 3,000 | 3,296 | ||
(The Jamaica Hosp. Proj.) Series F: | ||||
5.1% 2/15/12 (MBIA Insured) | 3,605 | 3,828 | ||
5.2% 2/15/13 (MBIA Insured) | 6,585 | 6,995 | ||
(Winthrop-South Nassau Univ. Health Sys. Obig. Group Proj.) Series A: | ||||
6% 7/1/14 | 1,095 | 1,165 | ||
6% 7/1/15 | 1,160 | 1,227 | ||
6% 7/1/16 | 1,230 | 1,293 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
4% 7/1/04 (AMBAC Insured) | 200 | 206 | ||
5.375% 7/1/12 (AMBAC Insured) | 1,000 | 1,091 | ||
5.375% 7/1/13 (AMBAC Insured) | 800 | 868 | ||
5.375% 7/1/14 (AMBAC Insured) | 1,130 | 1,226 | ||
5.375% 7/1/16 (AMBAC Insured) | 670 | 714 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 392 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,410 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 28,000 | 30,412 | ||
Series 2002 B: | ||||
6% 10/1/22 (MBIA Insured) | 2,775 | 3,076 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 6,094 | ||
Series 2003 A, 5.375% 3/15/22 | 2,000 | 2,049 | ||
Series B: | ||||
5.25%, tender 5/15/12 (a) | 8,500 | 8,978 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: - continued | ||||
Series B: | ||||
6%, tender 11/15/29 | $ 11,000 | $ 12,171 | ||
5.5% 7/1/16 (AMBAC Insured) | 725 | 778 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. Proj.) Series A, 6.1% 8/15/20 | 10,600 | 11,175 | ||
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (New York State Elec. & Gas Corp. Proj.) Series E, 5.9% 12/1/06 (MBIA Insured) | 1,000 | 1,121 | ||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series B, 5.25% 6/15/16 | 500 | 531 | ||
Series C: | ||||
5.25% 7/15/16 | 2,340 | 2,479 | ||
5.25% 7/15/17 | 2,410 | 2,541 | ||
Series D, 5% 6/15/20 | 20,150 | 20,426 | ||
Series G, 5.25% 10/15/20 | 1,255 | 1,296 | ||
Series J, 5% 6/15/18 | 5,395 | 5,520 | ||
(Pooled Fing. Prog.): | ||||
Series F: | ||||
5.25% 11/15/15 | 2,595 | 2,774 | ||
5.25% 11/15/16 | 3,770 | 4,016 | ||
Series I: | ||||
5.25% 9/15/15 | 2,085 | 2,227 | ||
5.25% 9/15/17 | 2,395 | 2,536 | ||
Series C: | ||||
5% 6/15/19 | 815 | 836 | ||
5% 6/15/19 (Escrowed to Maturity) (c) | 3,185 | 3,274 | ||
5.25% 6/15/16 | 3,500 | 3,698 | ||
Series F: | ||||
4.875% 6/15/18 | 1,735 | 1,776 | ||
4.875% 6/15/18 (Escrowed to Maturity) (c) | 1,265 | 1,319 | ||
4.875% 6/15/20 | 2,175 | 2,204 | ||
5% 6/15/15 | 1,295 | 1,348 | ||
5% 6/15/15 (Escrowed to Maturity) (c) | 1,705 | 1,840 | ||
5.25% 6/15/13 | 1,575 | 1,676 | ||
5.25% 6/15/13 (Escrowed to Maturity) (c) | 2,405 | 2,634 | ||
New York State Envir. Facilities Corp. Rev. Series A, 5.25% 1/1/21 (FGIC Insured) | 4,785 | 4,907 | ||
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. (Gen. Elec. Cap. Corp. Proj.) Series 1989 A, 4.25%, tender 12/2/11 (a)(b) | 10,700 | 10,679 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1997 E, 6% 6/15/11 (MBIA Insured) | $ 2,700 | $ 3,089 | ||
Series 2002: | ||||
5.75% 6/15/11 | 455 | 513 | ||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 2,950 | 3,357 | ||
Series A: | ||||
5.75% 6/15/11 (Escrowed to Maturity) (c) | 1,595 | 1,815 | ||
7% 6/15/12 | 190 | 190 | ||
Series C, 5.85% 7/15/15 | 30 | 33 | ||
Series D: | ||||
5% 6/15/11 (Escrowed to Maturity) (c) | 3,645 | 3,978 | ||
5.125% 6/15/19 (Escrowed to Maturity) (c) | 5,000 | 5,224 | ||
Series E: | ||||
6.25% 6/15/05 | 1,200 | 1,266 | ||
6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series B, 5.2% 5/15/14 | 1,115 | 1,204 | ||
Series B, 5.2% 5/15/14 (Escrowed to Maturity) (c) | 1,105 | 1,212 | ||
Series D: | ||||
6.3% 5/15/05 | 365 | 394 | ||
6.3% 5/15/05 (Pre-Refunded to 11/15/04 @ 102) (c) | 780 | 848 | ||
6.3% 11/15/05 | 105 | 113 | ||
New York State Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series A: | ||||
5.25% 3/15/18 | 2,290 | 2,384 | ||
5.25% 3/15/19 | 2,480 | 2,566 | ||
5.25% 9/15/20 | 2,685 | 2,759 | ||
5.25% 3/15/21 | 2,230 | 2,278 | ||
New York State Med. Care Facilities Fin. Agcy. Rev.: | ||||
(Long-Term Health Care Proj.) Series A, 6.8% 11/1/14 (FSA Insured) | 1,170 | 1,187 | ||
(Mental Health Svcs. Facilities Proj.) Series D, 7.4% 2/15/18 | 75 | 76 | ||
(Presbyterian Hosp. Proj.) Series A, 5.25% 8/15/14 | 3,000 | 3,107 | ||
New York State Mtg. Agcy. Rev. (Homeowner Mtg. Prog.): | ||||
Series 53, 5.9% 10/1/17 | 2,000 | 2,064 | ||
Series 69, 4.7% 4/1/24 (b) | 3,160 | 3,174 | ||
5.5% 4/1/19 (AMBAC Insured) (b) | 2,575 | 2,689 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Pwr. Auth. & Gen. Purp. Rev.: | ||||
Series A, 5.25% 11/15/40 | $ 25,860 | $ 25,981 | ||
Series W, 6.5% 1/1/08 (Escrowed to Maturity) (c) | 250 | 284 | ||
New York State Thruway Auth. Gen. Rev.: | ||||
Series D, 5.375% 1/1/27 | 3,000 | 3,060 | ||
Series E, 5.25% 1/1/12 | 5,410 | 5,826 | ||
New York State Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series A, 5.25% 4/1/16 (AMBAC Insured) | 5,175 | 5,439 | ||
Series B: | ||||
5.25% 4/1/15 (MBIA Insured) | 5,000 | 5,310 | ||
5.375% 4/1/17 (AMBAC Insured) | 5,000 | 5,326 | ||
5.375% 4/1/18 (AMBAC Insured) | 5,310 | 5,649 | ||
Series B1: | ||||
5.75% 4/1/14 (FGIC Insured) | 3,000 | 3,299 | ||
5.75% 4/1/15 (FGIC Insured) | 4,000 | 4,389 | ||
New York State Thruway Auth. State Personal Income Tax Rev.: | ||||
(Trans. Proj.) Series A, 5% 3/15/11 (FSA Insured) | 5,310 | 5,688 | ||
Series A: | ||||
5.5% 3/15/18 | 5,000 | 5,366 | ||
5.5% 3/15/19 | 5,460 | 5,827 | ||
5.5% 3/15/20 | 3,500 | 3,702 | ||
New York State Thruway Auth. Svc. Contract Rev.: | ||||
5.5% 4/1/14 | 7,700 | 8,317 | ||
5.5% 4/1/15 | 6,200 | 6,655 | ||
5.5% 4/1/16 | 12,000 | 12,828 | ||
6% 4/1/11 | 1,605 | 1,779 | ||
New York State Urban Dev. Corp. Rev.: | ||||
(Correctional Facilities-Svc. Contract Proj.) Series 2000 D, 5.25% 1/1/30 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (c) | 6,340 | 6,967 | ||
(Sports Facilities Assistance Prog.) Series A, 6.25% 4/1/06 (MBIA Insured) | 15 | 17 | ||
(State Facilities & Equip. Proj.) Series 2002 A, 5.5% 3/15/32 | 2,500 | 2,560 | ||
Series C1, 5.5% 3/15/19 (FGIC Insured) | 3,000 | 3,192 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) | 3,000 | 3,078 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/24 (b) | 3,000 | 3,074 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Niagara Falls City Niagara County Pub. Impt.: | ||||
(Wtr. Treatment Plant Proj.) 7% 11/1/13 (MBIA Insured) (b) | $ 1,000 | $ 1,075 | ||
7.5% 3/1/08 (MBIA Insured) | 995 | 1,188 | ||
7.5% 3/1/10 (MBIA Insured) | 1,155 | 1,414 | ||
7.5% 3/1/11 (MBIA Insured) | 1,245 | 1,537 | ||
7.5% 3/1/16 (MBIA Insured) | 1,060 | 1,366 | ||
7.5% 3/1/17 (MBIA Insured) | 1,200 | 1,561 | ||
North Hempstead Gen. Oblig. Series B, 6.1% 4/1/06 (FGIC Insured) | 500 | 552 | ||
Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Polytechnic Institute Proj.) Series B, 5% 8/1/09 (AMBAC Insured) | 1,500 | 1,637 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series A, 5.625% 7/1/31 (AMBAC Insured) | 2,000 | 2,080 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series B, 6% 11/1/22 | 4,305 | 4,352 | ||
Taconic Hills Central School District at Craryville 5% 6/15/16 (FGIC Insured) | 1,130 | 1,173 | ||
Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/16 | 14,500 | 14,929 | ||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E: | ||||
6% 1/1/11 (XL Cap. Assurance, Inc. Insured) | 4,000 | 4,533 | ||
7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 9,870 | 11,348 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A: | ||||
5.25% 1/1/17 (Pre-Refunded to 7/1/09 @ 100.5) (c) | 3,000 | 3,365 | ||
5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (c) | 9,500 | 9,994 | ||
5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (c) | 3,000 | 3,348 | ||
6% 1/1/11 (Escrowed to Maturity) (c) | 500 | 574 | ||
Series B: | ||||
5% 1/1/14 (Escrowed to Maturity) (c) | 4,290 | 4,610 | ||
5.2% 1/1/22 (Pre-Refunded to 1/1/11 @ 100) (c) | 9,870 | 10,814 | ||
5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 3,000 | 3,138 | ||
5.2% 1/1/27 (MBIA Insured) (Pre-Refunded to 7/1/22 @ 100) (c) | 2,000 | 2,092 | ||
5.5% 1/1/30 (Pre-Refunded to 7/1/22 @ 100) (c) | 2,015 | 2,143 | ||
Series Q, 6.75% 1/1/09 (Escrowed to Maturity) (c) | 1,000 | 1,163 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Triborough Bridge & Tunnel Auth. Revs.: - continued | ||||
Series Y: | ||||
5.5% 1/1/17 (Escrowed to Maturity) (c) | $ 15,425 | $ 17,221 | ||
6% 1/1/12 (Escrowed to Maturity) (c) | 19,250 | 22,204 | ||
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A: | ||||
5% 1/1/15 (FGIC Insured) (Escrowed to Maturity) (c) | 2,200 | 2,361 | ||
5.125% 1/1/11 (MBIA Insured) (Escrowed to Maturity) (c) | 3,000 | 3,286 | ||
5.125% 1/1/12 (MBIA Insured) (Escrowed to Maturity) (c) | 1,000 | 1,092 | ||
5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (c) | 3,000 | 3,289 | ||
Upper Mohawk Valley Reg'l. Wtr. Fin. Auth. Wtr. Sys. Rev. Series A, 5.125% 10/1/26 (FSA Insured) | 5,000 | 5,016 | ||
Yonkers Gen. Oblig. Series 2001 A: | ||||
5% 12/15/11 (AMBAC Insured) | 1,415 | 1,523 | ||
5% 12/15/12 (AMBAC Insured) | 1,245 | 1,335 | ||
1,371,836 | ||||
New York & New Jersey - 4.8% | ||||
Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (b) | 2,000 | 2,093 | ||
Port Auth. of New York & New Jersey: | ||||
107th Series, 6% 10/15/06 (b) | 1,530 | 1,694 | ||
120th Series: | ||||
5.75% 10/15/11 (MBIA Insured) (b) | 15,000 | 16,596 | ||
5.75% 10/15/12 (MBIA Insured) (b) | 15,530 | 17,079 | ||
124th Series: | ||||
5% 8/1/08 (b) | 9,875 | 10,582 | ||
5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,091 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 5,970 | 5,824 | ||
128th Series: | ||||
5% 11/1/18 (FSA Insured) | 6,145 | 6,345 | ||
5% 11/1/19 (FSA Insured) | 7,200 | 7,377 | ||
70,681 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Puerto Rico - 0.4% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CDC IXIS North America Insured) | $ 3,000 | $ 3,202 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 2,210 | 2,229 | ||
5,431 |
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $1,403,779) | 1,447,948 | ||
NET OTHER ASSETS - 1.1% | 15,751 | ||
NET ASSETS - 100% | $ 1,463,699 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 23.2% |
Special Tax | 18.0 |
Escrowed/Pre-Refunded | 15.7 |
Water & Sewer | 11.3 |
Transportation | 10.1 |
Education | 6.7 |
Health Care | 5.3 |
Electric Utilities | 5.3 |
Others* (individually less than 5%) | 4.4 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $198,094,000 and $207,104,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,403,779) - See accompanying schedule | $ 1,447,948 | |
Receivable for investments sold | 7,096 | |
Receivable for fund shares sold | 597 | |
Interest receivable | 17,024 | |
Other receivables | 4 | |
Total assets | 1,472,669 | |
Liabilities | ||
Payable to custodian bank | $ 4,069 | |
Payable for fund shares redeemed | 2,954 | |
Distributions payable | 1,289 | |
Accrued management fee | 483 | |
Distribution fees payable | 17 | |
Other payables and accrued expenses | 158 | |
Total liabilities | 8,970 | |
Net Assets | $ 1,463,699 | |
Net Assets consist of: | ||
Paid in capital | $ 1,398,024 | |
Undistributed net investment income | 718 | |
Accumulated undistributed net realized gain (loss) on investments | 20,788 | |
Net unrealized appreciation (depreciation) on investments | 44,169 | |
Net Assets | $ 1,463,699 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2003 (Unaudited) | |
Calculation of Maximum Offering Price Class A: | $ 12.99 | |
Maximum offering price per share (100/95.25 of $12.99) | $ 13.64 | |
Class T: | $ 12.99 | |
Maximum offering price per share (100/96.50 of $12.99) | $ 13.46 | |
Class B: | $ 12.99 | |
Class C: | $ 12.99 | |
Spartan New York Municipal Income Fund: | $ 13.00 | |
Institutional Class: | $ 12.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended July 31, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 35,168 | |
Expenses | ||
Management fee | $ 2,935 | |
Transfer agent fees | 550 | |
Distribution fees | 82 | |
Accounting fees and expenses | 179 | |
Non-interested trustees' compensation | 4 | |
Custodian fees and expenses | 12 | |
Registration fees | 62 | |
Audit | 35 | |
Legal | 6 | |
Total expenses before reductions | 3,865 | |
Expense reductions | (102) | 3,763 |
Net investment income (loss) | 31,405 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 20,787 | |
Change in net unrealized appreciation (depreciation) on investment securities | (44,802) | |
Net gain (loss) | (24,015) | |
Net increase (decrease) in net assets resulting from operations | $ 7,390 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 31,405 | $ 62,576 |
Net realized gain (loss) | 20,787 | 27,568 |
Change in net unrealized appreciation (depreciation) | (44,802) | 25,814 |
Net increase (decrease) in net assets resulting from operations | 7,390 | 115,958 |
Distributions to shareholders from net investment income | (31,341) | (62,168) |
Distributions to shareholders from net realized gain | (4,131) | (19,025) |
Total distributions | (35,472) | (81,193) |
Share transactions - net increase (decrease) | (7,553) | 132,250 |
Redemption fees | 20 | 45 |
Total increase (decrease) in net assets | (35,615) | 167,060 |
Net Assets | ||
Beginning of period | 1,499,314 | 1,332,254 |
End of period (including undistributed net investment income of $718 and undistributed net investment income of $1,153, respectively) | $ 1,463,699 | $ 1,499,314 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .262 | .277 |
Net realized and unrealized gain (loss) | (.214) | .194 |
Total from investment operations | .048 | .471 |
Distributions from net investment income | (.262) | (.271) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.298) | (.441) |
Redemption fees added to paid in capital E,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C,D | .31% | 3.59% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | .67% A | .66% A |
Expenses net of voluntary waivers, if any | .67% A | .66% A |
Expenses net of all reductions | .67% A | .66% A |
Net investment income (loss) | 3.93% A | 4.17% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 3,268 | $ 2,962 |
Portfolio turnover rate | 26% A | 22% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) E | .255 | .266 |
Net realized and unrealized gain (loss) | (.214) | .197 |
Total from investment operations | .041 | .463 |
Distributions from net investment income | (.255) | (.263) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.291) | (.433) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | .26% | 3.53% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .78%A | .79%A |
Expenses net of voluntary waivers, if any | .78%A | .79%A |
Expenses net of all reductions | .78%A | .79%A |
Net investment income (loss) | 3.82%A | 4.04%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 1,245 | $ 1,228 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .211 | .226 |
Net realized and unrealized gain (loss) | (.214) | .193 |
Total from investment operations | (.003) | .419 |
Distributions from net investment income | (.211) | (.219) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.247) | (.389) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.07)% | 3.19% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.43%A | 1.41%A |
Expenses net of voluntary waivers, if any | 1.43%A | 1.41%A |
Expenses net of all reductions | 1.42%A | 1.40%A |
Net investment income (loss) | 3.18%A | 3.42%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 9,347 | $ 5,463 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss)E | .204 | .219 |
Net realized and unrealized gain (loss) | (.214) | .191 |
Total from investment operations | (.010) | .410 |
Distributions from net investment income | (.204) | (.210) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.240) | (.380) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total ReturnB,C,D | (.12)% | 3.12% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.51%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.51%A |
Expenses net of all reductions | 1.52%A | 1.51%A |
Net investment income (loss) | 3.08%A | 3.32%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 10,356 | $ 6,120 |
Portfolio turnover rate | 26%A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Spartan New York Municipal Income
Six months | Years ended January 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 | $ 12.94 |
Income from Investment Operations | ||||||
Net investment | .275D | .574D | .584D,F | .614D | .590D | .602 |
Net realized and unrealized gain (loss) | (.205) | .506 | .117F | 1.030 | (1.230) | .205 |
Total from investment operations | .070 | 1.080 | .701 | 1.644 | (.640) | .807 |
Distributions from net investment income | (.274) | (.570) | (.581) | (.604) | (.589) | (.602) |
Distributions from net realized gain | (.036) | (.170) | - | - | (.006) | (.155) |
Distributions in excess of net realized gain | - | - | - | - | (.015) | - |
Total distributions | (.310) | (.740) | (.581) | (.604) | (.610) | (.757) |
Redemption fees added to paid | -D,G | -D,G | -D,G | - | - | - |
Net asset value, end of period | $ 13.00 | $ 13.24 | $ 12.90 | $ 12.78 | $ 11.74 | $ 12.99 |
Total Return B,C | .48% | 8.55% | 5.60% | 14.34% | (5.03)% | 6.45% |
Ratios to Average Net Assets E | ||||||
Expenses before expense | .49% A | .49% | .49% | .49% | .49% | .54% |
Expenses net of voluntary | .49% A | .49% | .49% | .49% | .49% | .53% |
Expenses net of all reductions | .48% A | .47% | .44% | .42% | .49% | .53% |
Net investment income (loss) | 4.12% A | 4.36% | 4.54%F | 4.96% | 4.78% | 4.67% |
Supplemental Data | ||||||
Net assets, | $ 1,439,379 | $ 1,483,436 | $ 1,332,254 | $ 1,197,691 | $ 1,007,447 | $ 1,200,091 |
Portfolio turnover rate | 26% A | 22% | 12% | 23% | 19% | 25% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Effective February 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 13.24 | $ 13.21 |
Income from Investment Operations | ||
Net investment income (loss) D | .276 | .286 |
Net realized and unrealized gain (loss) | (.215) | .195 |
Total from investment operations | .061 | .481 |
Distributions from net investment income | (.275) | (.281) |
Distributions from net realized gain | (.036) | (.170) |
Total distributions | (.311) | (.451) |
Redemption fees added to paid in capital D,G | - | - |
Net asset value, end of period | $ 12.99 | $ 13.24 |
Total Return B,C | .41% | 3.67% |
Ratios to Average Net Assets F | ||
Expenses before expense reductions | .48% A | .53% A |
Expenses net of voluntary waivers, if any | .48% A | .53% A |
Expenses net of all reductions | .47% A | .53% A |
Net investment income (loss) | 4.13% A | 4.30% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 104 | $ 104 |
Portfolio turnover rate | 26% A | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2003 (Unaudited)
1. Significant Accounting Policies.
Spartan New York Municipal Income Fund (the fund) is a fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
The fund may be affected by economic and political developments in the state of New York. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 58,184,698 | |
Unrealized depreciation | (13,263,849) | |
Net unrealized appreciation (depreciation) | $ 44,920,849 | |
Cost for federal income tax purposes | $ 1,403,027,357 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .15% | $ 2,312 | $ 26 |
Class T | 0% | .25% | 1,755 | 177 |
Class B | .65% | .25% | 36,779 | 26,609 |
Class C | .75% | .25% | 41,001 | 40,483 |
$ 81,847 | $ 67,295 |
Sales Load. FDC receives a front-end sales charge of up to 4.75% for selling Class A shares, and 3.50% for selling Class T shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 4,935 |
Class T | 222 |
Class B* | 6,556 |
Class C* | 813 |
$ 12,526 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the fund's Class A, Class T, Class B, Class C, Spartan New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the fund, except for Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also entered into a sub-agreement with Fidelity Service Company (FSC), an affiliate of FMR, with respect to Spartan New York Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Amount | % of | |
Class A | $ 1,531 | .10 |
Class T | 754 | .11 |
Class B | 4,194 | .10 |
Class C | 3,970 | .10 |
Spartan New York Municipal Income | 539,102 | .07 |
Institutional Class | 28 | .05 |
$ 549,579 |
*Annualized
Citibank also has a sub-contract with FSC, under which FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
4. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan New York Municipal Income's operating expenses. During the period, this reimbursement reduced the class' expenses by $42,450.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and accounting expenses by $11,977 and $47,769, respectively.
Semiannual Report
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 59,789 | $ 41,291 |
Class T | 26,516 | 13,057 |
Class B | 127,161 | 51,877 |
Class C | 123,543 | 49,354 |
Spartan New York Municipal Income | 31,001,743 | 62,008,981 |
Institutional Class | 2,177 | 3,038 |
Total | $ 31,340,929 | $ 62,167,598 |
From net realized gain | ||
Class A | $ 7,853 | $ 37,979 |
Class T | 3,885 | 12,410 |
Class B | 17,873 | 57,394 |
Class C | 18,764 | 59,289 |
Spartan New York Municipal Income | 4,082,579 | 18,856,163 |
Institutional Class | 283 | 1,305 |
Total | $ 4,131,237 | $ 19,024,540 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
6. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 111,222 | 272,415 | $ 1,493,998 | $ 3,649,038 |
Reinvestment of distributions | 3,529 | 4,654 | 47,296 | 61,815 |
Shares redeemed | (86,941) | (53,293) | (1,165,282) | (708,156) |
Net increase (decrease) | 27,810 | 223,776 | $ 376,012 | $ 3,002,697 |
Class T | ||||
Shares sold | 20,149 | 91,985 | $ 268,374 | $ 1,229,333 |
Reinvestment of distributions | 1,484 | 1,336 | 19,899 | 17,736 |
Shares redeemed | (18,589) | (578) | (253,367) | (7,660) |
Net increase (decrease) | 3,044 | 92,743 | $ 34,906 | $ 1,239,409 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Share Transactions - continued
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class B | ||||
Shares sold | 351,416 | 429,057 | $ 4,721,633 | $ 5,748,196 |
Reinvestment of distributions | 8,209 | 5,965 | 110,020 | 79,147 |
Shares redeemed | (52,806) | (22,338) | (706,410) | (297,028) |
Net increase (decrease) | 306,819 | 412,684 | $ 4,125,243 | $ 5,530,315 |
Class C | ||||
Shares sold | 411,512 | 493,422 | $ 5,538,187 | $ 6,606,236 |
Reinvestment of distributions | 6,608 | 4,353 | 88,485 | 57,763 |
Shares redeemed | (83,313) | (35,532) | (1,107,424) | (470,300) |
Net increase (decrease) | 334,807 | 462,243 | $ 4,519,248 | $ 6,193,699 |
Spartan New York Municipal Income | ||||
Shares sold | 10,068,099 | 30,007,653 | $ 135,550,163 | $ 395,192,356 |
Reinvestment of distributions | 1,995,251 | 4,696,216 | 26,762,528 | 61,959,856 |
Shares redeemed | (13,318,505) | (25,951,612) | (178,924,241) | (340,971,868) |
Net increase (decrease) | (1,255,155) | 8,752,257 | $ (16,611,550) | $ 116,180,344 |
Institutional Class | ||||
Shares sold | - | 34,401 | $ - | $ 464,607 |
Reinvestment of distributions | 183 | 260 | 2,460 | 3,458 |
Shares redeemed | - | (26,831) | - | (364,612) |
Net increase (decrease) | 183 | 7,830 | $ 2,460 | $ 103,453 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period August 1, 2002 (commencement of sale of shares) to January 31, 2003.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
2300 Litton Lane - KH2B
Hebron, KY 41048
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments
Money Management, Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
and
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
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Fidelity Automated Service
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(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
NFY-USAN-0903
1.789735.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 10. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity New York Municipal Trust
By: | /s/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | September 24, 2003 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | September 24, 2003 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | September 24, 2003 |