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)
Scott C. Goebel, 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 |
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Date of reporting period: | January 31, 2009 |
Item 1. Reports to Stockholders
Fidelity® New York Municipal Income
Fund
Annual Report
January 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Performance | How the fund has done over time. | |
Management's Discussion | The manager's review of fund performance, strategy and outlook. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
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Trustees and Officers |
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Distributions |
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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended January 31, 2009 | Past 1 | Past 5 | Past 10 |
NY Municipal Income | -0.29% | 3.12% | 4.45% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in New York Municipal Income, a class of the fund, on January 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital Municipal Bond Index performed over the same period.
Annual Report
Management's Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity® New York Municipal Income Fund
Despite an impressive late-period rally, municipal bonds suffered losses during the 12 months ending January 31, 2009, hurt by a persistent and deepening risk aversion that spread rapidly across the global financial markets. While lower-quality municipals were hit first, insured bond prices ultimately experienced declines amid concerns about the financial strength of bond insurers. Supply pressures also weighed on munis, as issuers scrambled to refinance their auction-rate debt when the market for these securities - a source of funding for muni issuers - broke down. The loss of independent muni dealers - including Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia - led to further disruption, as did the robust selling by leveraged investors to cover losses and meet investor redemptions. But in December and January, munis started to regain strength as investors gravitated toward their attractive valuations and as coupon payments - many of them distributed to investors in January - were reinvested into the muni market. For the 12 months overall, the Barclays Capital Municipal Bond Index - a performance measure of more than 44,000 investment-grade, fixed-rate, tax-exempt bonds - declined 0.16%. The overall taxable debt market, as measured by the Barclays Capital U.S. Aggregate Bond Index, rose 2.59%.
For the year ending January 31, 2009, the fund's Retail Class shares returned -0.29% and the Barclays Capital New York 4+ Year Enhanced Municipal Bond Index - which tracks the types of securities in which the fund invests - returned -0.25%. Sector selection and yield-curve positioning bolstered the fund's relative performance. In terms of sector selection, underweightings in tobacco bonds and housing bonds - two poor-performing sectors - aided performance. Both were hurt in large measure by the broad downturn in lower-quality bonds. An underweighting in New York City bonds also helped because they were hurt by concerns about the city's fiscal health in response to the weakening economy and declining revenues on Wall Street. Turning to yield-curve positioning - meaning how I allocated investments across bonds of various maturities - my decision to maintain a larger-than-index stake in intermediate bonds proved beneficial, because they outperformed longer-term securities, in which I was underweighted. In contrast, some decisions regarding credit quality worked against us. In particular, the fund was hurt by its underexposure to prerefunded and escrowed bonds, both of which are backed by U.S. Treasuries or other government-guaranteed bonds. These securities were in strong demand as investors flocked to very high-quality instruments with attractive levels of tax-free yield.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 to January 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.10 | $ 3.77 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.37 | $ 3.81 |
Class T | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.30 | $ 3.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.52 | $ 3.66 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.80 | $ 7.08 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.05 | $ 7.15 |
Class C | 1.50% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.40 | $ 7.53 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.61 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.50 | $ 2.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.77 | $ 2.39 |
Institutional Class | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.40 | $ 2.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.67 | $ 2.49 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Five Sectors as of January 31, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.0 | 35.2 |
Special Tax | 21.7 | 22.3 |
Transportation | 12.4 | 12.3 |
Water & Sewer | 10.1 | 11.6 |
Education | 7.9 | 6.6 |
Weighted Average Maturity as of January 31, 2009 | ||
|
| 6 months ago |
Years | 12.5 | 8.1 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of January 31, 2009 | ||
|
| 6 months ago |
Years | 8.8 | 7.7 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | AAA 7.1% |
| ![]() | AAA 20.0% |
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![]() | AA,A 81.4% |
| ![]() | AA,A 75.2% |
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![]() | BBB 9.2% |
| ![]() | BBB 1.9% |
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![]() | BB and Below 1.0% |
| ![]() | BB and Below 1.1% |
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![]() | Not Rated 0.4% |
| ![]() | Not Rated 0.0% |
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![]() | Short-Term |
| ![]() | Short-Term |
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We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Annual Report
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Bonds - 99.1% | ||||
| Principal Amount (000s) | Value (000s) | ||
Guam - 0.1% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. | $ 1,100 | $ 957 | ||
New York - 94.6% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | 3,000 | 2,515 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series A1, 5% 8/1/12 | 500 | 539 | ||
Series A2, 5% 8/1/11 | 750 | 795 | ||
Erie County Gen. Oblig. Series 2002 A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,781 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,768 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,041 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,714 | ||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,488 | ||
5.75% 5/1/21 | 1,755 | 1,853 | ||
5.75% 5/1/22 | 4,900 | 5,138 | ||
5.75% 5/1/23 | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 | 5,950 | 6,750 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,544 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,217 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,095 | ||
5.75% 5/1/26 | 8,985 | 9,367 | ||
Series 2007 A, 5.75% 5/1/27 | 5,000 | 4,960 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (FGIC Insured) | 3,485 | 3,590 | ||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,123 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,566 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) Series 2001, 5% 12/1/10 (a) | 7,000 | 6,823 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 2,010 | 1,333 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 18,660 | ||
Series 2006 B, 5% 12/1/35 | 3,000 | 2,625 | ||
Series 2006 C, 5% 9/1/35 | 2,500 | 2,189 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 10,897 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Long Island Pwr. Auth. Elec. Sys. Rev.: - continued | ||||
Series 2009 A, 5.75% 4/1/39 | $ 2,500 | $ 2,482 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,138 | ||
5.75% 7/1/31 | 3,025 | 3,036 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,166 | ||
5.5% 7/1/23 | 5,000 | 5,112 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,335 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (MBIA Insured) (b) | 1,000 | 1,032 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,481 | ||
5% 8/1/13 | 1,650 | 1,578 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,035 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. | ||||
Series 2001 A, 5.875% 11/1/11 | 75 | 75 | ||
Series 2001 B, 5.875% 11/1/11 | 540 | 545 | ||
Series 2001 C, 5.625% 11/1/10 | 270 | 275 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,276 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,102 | ||
Series 2000 A, 6.5% 5/15/11 | 195 | 207 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,524 | ||
Series 2002 A1, 5.25% 11/1/14 | 1,350 | 1,452 | ||
Series 2002 B: | ||||
5.75% 8/1/14 | 3,000 | 3,315 | ||
5.75% 8/1/15 | 3,500 | 3,845 | ||
Series 2003 A: | ||||
5.5% 8/1/14 | 3,205 | 3,578 | ||
5.5% 8/1/20 | 7,000 | 7,340 | ||
Series 2003 E, 5.25% 8/1/14 | 3,390 | 3,741 | ||
Series 2003 J: | ||||
5.5% 6/1/18 (MBIA Insured) | 3,575 | 3,831 | ||
5.5% 6/1/19 | 2,395 | 2,567 | ||
5.5% 6/1/20 (AMBAC Insured) | 6,000 | 6,305 | ||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,970 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2005 F, 5.25% 8/1/12 | $ 2,000 | $ 2,127 | ||
Series 2005 G: | ||||
5.25% 8/1/16 | 9,010 | 10,212 | ||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,303 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 14,825 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,101 | ||
Series A, 5% 8/1/19 | 3,000 | 3,181 | ||
Series I-1, 5% 4/1/17 | 7,215 | 7,943 | ||
Series O, 5% 6/1/22 | 5,000 | 5,081 | ||
New York City Health & Hosp. Corp. Rev.: | ||||
Series 2002 A: | ||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,768 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,165 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,620 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,300 | ||
Series 2008 A, 5.5% 2/15/21 | 9,630 | 9,969 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. | 3,255 | 3,256 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 | 1,575 | 1,575 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,892 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,395 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 1,922 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 15,317 | ||
5% 6/15/38 | 20,050 | 19,044 | ||
5% 6/15/39 | 2,800 | 2,654 | ||
Series 2009 DD, 6% 6/15/40 | 1,060 | 1,125 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,859 | ||
5.125% 6/15/34 | 4,200 | 4,173 | ||
5.75% 6/15/40 | 9,800 | 10,336 | ||
Series AA, 5% 6/15/27 | 10,000 | 10,013 | ||
Series D, 5% 6/15/39 | 3,755 | 3,575 | ||
Series E, 5% 6/15/38 | 2,975 | 2,826 | ||
Series G: | ||||
5.125% 6/15/32 | 3,000 | 2,966 | ||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | $ 3,000 | $ 2,733 | ||
Series 2008 S1, 5% 1/15/34 | 15,000 | 13,827 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,029 | ||
5.625% 7/15/38 | 2,900 | 2,907 | ||
Series S2, 6% 7/15/38 | 7,500 | 7,723 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2002 A, 5.375% 11/15/21 | 1,100 | 1,154 | ||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 19,453 | ||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,225 | ||
5.25% 2/1/19 | 8,075 | 8,634 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 4,826 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 14,945 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,053 | ||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,461 | ||
Series B, 5.25% 8/1/19 | 3,000 | 3,242 | ||
Series C, 5.375% 2/1/17 | 1,000 | 1,060 | ||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,297 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,198 | ||
New York Convention Ctr. Dev. Corp. Rev. 5% 11/15/44 (Assured Guaranty Corp. Insured) | 48,000 | 40,972 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 8,000 | 8,329 | ||
(Ref. Ed. Proj.) Series 2005 B, 5.5% 3/15/22 | 7,025 | 7,999 | ||
Series 2006 C, 5% 12/15/31 | 10,000 | 9,773 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 6,000 | 6,502 | ||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,251 | ||
Series C, 7.5% 7/1/10 | 2,695 | 2,820 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,242 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,980 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 2,495 | 2,505 | ||
5.85% 8/1/40 | 9,500 | 9,544 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | $ 13,000 | $ 14,296 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 10,856 | ||
5.5% 5/15/28 | 2,700 | 2,668 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 2,635 | 2,922 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 1,706 | ||
5% 7/1/14 | 2,510 | 2,152 | ||
Series 2007 A: | ||||
5% 7/1/10 | 1,000 | 964 | ||
5% 7/1/11 | 1,365 | 1,280 | ||
5% 7/1/12 | 1,530 | 1,394 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,095 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 788 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,774 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 894 | ||
Series 2008 A, 5.25% 7/1/48 | 10,000 | 9,677 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 7,741 | ||
Series A, 5.75% 7/1/27 | 11,000 | 12,166 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 1,981 | ||
5% 5/1/21 | 1,315 | 1,251 | ||
Series 1998, 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,561 | ||
(Orange Reg'l. Med. Ctr. Proj.): | ||||
5.5% 12/1/12 | 3,125 | 2,947 | ||
6.125% 12/1/29 | 1,000 | 729 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,713 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,531 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,846 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 548 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (MBIA Insured) | 18,915 | 17,774 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 8,855 | 10,061 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | $ 1,035 | $ 1,160 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,000 | 1,920 | ||
5.5% 3/1/39 | 2,500 | 2,343 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,278 | ||
5% 7/1/39 | 19,005 | 17,233 | ||
(Upstate Cmnty. Colleges Proj.) Series 2005 B, 5.5% 7/1/22 (FGIC Insured) | 10,090 | 11,314 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,073 | ||
6% 7/1/15 | 1,160 | 1,124 | ||
6% 7/1/16 | 1,230 | 1,177 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 711 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 391 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,187 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,475 | ||
Series 2002 B: | ||||
5.25%, tender 5/15/12 (a) | 10,415 | 10,909 | ||
6% 10/1/22 (MBIA Insured) | 2,775 | 2,884 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 5,675 | ||
6%, tender 5/15/12 (a) | 11,000 | 11,774 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,566 | ||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,839 | ||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,912 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 4,851 | ||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 2002 B, 5.25% 6/15/16 | 500 | 548 | ||
Series 2002 D: | ||||
5% 6/15/20 | 9,000 | 9,445 | ||
5.125% 6/15/31 | 6,900 | 6,922 | ||
Series 2002 G, 5.25% 10/15/20 | 1,255 | 1,304 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,670 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,049 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 11,762 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: - continued | ||||
Series 2005 B, 5.5% 10/15/21 | $ 3,985 | $ 4,588 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1996 C, 5.85% 7/15/15 | 30 | 30 | ||
Series A, 7% 6/15/12 | 190 | 190 | ||
Series E, 6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 1,115 | 1,247 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. | 10,000 | 9,612 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,744 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,036 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,572 | ||
Series 2003 B, 5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,276 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,180 | ||
Series 2005 B, 5% 11/15/35 (MBIA Insured) | 3,300 | 2,897 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 7,777 | ||
5% 11/15/28 | 2,235 | 2,063 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 13,699 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,173 | ||
New York Pwr. Auth. Series A, 5.25% 11/15/40 | 25,860 | 25,233 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,055 | 4,192 | ||
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) | 10,000 | 10,575 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,591 | ||
5.25% 1/1/27 | 6,570 | 6,616 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,085 | ||
5% 1/1/25 | 13,000 | 12,971 | ||
5% 1/1/26 | 4,000 | 3,946 | ||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 | 9,260 | 10,159 | ||
5.5% 4/1/20 (AMBAC Insured) | 43,375 | 49,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: - continued | ||||
Series 2007 B, 5% 4/1/27 | $ 6,750 | $ 6,569 | ||
New York Thruway Auth. Personal Income Tax Rev. | ||||
5.25% 3/15/24 | 4,180 | 4,396 | ||
5.25% 3/15/25 | 8,000 | 8,331 | ||
5.25% 3/15/26 | 12,080 | 12,485 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/15 | 6,200 | 6,652 | ||
New York Urban Dev. Corp. Correctional Youth Facilities Svc. Series 2002 A, 5.5%, tender 1/1/11 (a) | 1,880 | 1,953 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,164 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (MBIA Insured) | 5,000 | 5,607 | ||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,143 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,398 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,113 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/10 (Escrowed to Maturity) (c) | 95 | 102 | ||
7.5% 3/1/11 (Escrowed to Maturity) (c) | 105 | 119 | ||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 122 | ||
7.5% 3/1/16 (MBIA Insured) | 970 | 1,196 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 138 | ||
7.5% 3/1/17 (MBIA Insured) | 1,100 | 1,366 | ||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,013 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 4,925 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.): | ||||
Series 2004 A, 5% 12/1/10 | 1,095 | 1,082 | ||
Series 2007 B, 5.25% 12/1/32 | 680 | 477 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,138 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | 4,305 | 3,855 | ||
Taconic Hills Central School District at Craryville | 1,130 | 1,207 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | $ 3,255 | $ 3,313 | ||
5.25% 6/1/22 (AMBAC Insured) | 5,270 | 5,333 | ||
5.5% 6/1/14 | 13,125 | 13,205 | ||
5.5% 6/1/15 | 6,700 | 6,849 | ||
5.5% 6/1/16 | 17,500 | 17,834 | ||
5.5% 6/1/17 | 7,000 | 7,179 | ||
5.5% 6/1/18 (MBIA Insured) | 3,000 | 3,133 | ||
5.5% 6/1/19 | 4,600 | 4,720 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 11,800 | 12,062 | ||
5.5% 6/1/17 | 5,700 | 5,846 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 5,000 | 5,030 | ||
5.5% 6/1/18 | 3,800 | 3,909 | ||
5.5% 6/1/19 | 13,620 | 13,977 | ||
5.5% 6/1/21 | 12,070 | 12,184 | ||
5.5% 6/1/22 | 9,700 | 9,732 | ||
Series C1: | ||||
5% 6/1/11 | 405 | 405 | ||
5.5% 6/1/16 | 10,040 | 10,371 | ||
5.5% 6/1/20 | 16,000 | 16,275 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(Convention Ctr. Proj.) Series E, 7.25% 1/1/10 | 1,705 | 1,743 | ||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,247 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,441 | ||
Series 2008 A: | ||||
5% 11/15/37 | 13,000 | 12,280 | ||
5.25% 11/15/38 | 14,500 | 14,199 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 2,906 | ||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,412 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,159 | ||
| 1,406,696 | |||
New York & New Jersey - 3.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,017 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 4,175 | 3,519 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - continued | ||||
Port Auth. of New York & New Jersey: - continued | ||||
134th Series, 5% 1/15/39 | $ 10,000 | $ 9,409 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,769 | ||
138th Series, 5% 12/1/13 (b) | 4,500 | 4,795 | ||
141st Series, 5% 9/1/18 (b) | 6,045 | 6,174 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,253 | ||
85th Series, 5.375% 3/1/28 | 6,205 | 6,555 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. | 5,000 | 5,111 | ||
| 48,602 | |||
Puerto Rico - 1.1% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 2,939 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | 1,000 | 887 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 | 4,150 | 4,010 | ||
Series 2007 A, 5.5% 7/1/19 (MBIA Insured) | 5,000 | 4,849 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,504 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,002 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,055 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. | 9,000 | 886 | ||
| 17,132 |
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $1,512,162) | 1,473,387 | ||
NET OTHER ASSETS - 0.9% | 13,873 | ||
NET ASSETS - 100% | $ 1,487,260 |
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 following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,473,387 | $ - | $ 1,473,387 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: (unaudited) |
General Obligations | 37.0% |
Special Tax | 21.7% |
Transportation | 12.4% |
Water & Sewer | 10.1% |
Education | 7.9% |
Others* (individually less than 5%) | 10.9% |
| 100.0% |
*Includes net other assets |
Income Tax Information |
At January 31, 2009, the fund had a capital loss carryforward of approximately $426,000 all of which will expire on January 31, 2017. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Assets | ||
Investment in securities, at value - Unaffiliated issuers (cost $1,512,162) |
| $ 1,473,387 |
Receivable for fund shares sold | 1,246 | |
Interest receivable | 18,052 | |
Prepaid expenses | 13 | |
Other receivables | 7 | |
Total assets | 1,492,705 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,642 | |
Payable for fund shares redeemed | 1,528 | |
Distributions payable | 1,296 | |
Accrued management fee | 456 | |
Transfer agent fee payable | 350 | |
Distribution fees payable | 27 | |
Other affiliated payables | 93 | |
Other payables and accrued expenses | 53 | |
Total liabilities | 5,445 | |
|
|
|
Net Assets | $ 1,487,260 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,526,367 | |
Undistributed net investment income | 122 | |
Accumulated undistributed net realized gain (loss) on investments | (454) | |
Net unrealized appreciation (depreciation) on investments | (38,775) | |
Net Assets | $ 1,487,260 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Calculation of Maximum Offering Price | $ 12.27 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.27) | $ 12.78 | |
Class T: | $ 12.28 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.28) | $ 12.79 | |
Class B: | $ 12.26 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
New York Municipal Income: | $ 12.27 | |
|
|
|
Institutional Class: | $ 12.26 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Year ended January 31, 2009 | |
|
|
|
Investment Income |
|
|
Interest |
| $ 67,084 |
|
|
|
Expenses | ||
Management fee | $ 5,588 | |
Transfer agent fees | 1,084 | |
Distribution fees | 291 | |
Accounting fees and expenses | 289 | |
Custodian fees and expenses | 22 | |
Independent trustees' compensation | 6 | |
Registration fees | 81 | |
Audit | 62 | |
Legal | 14 | |
Miscellaneous | 8 | |
Total expenses before reductions | 7,445 | |
Expense reductions | (160) | 7,285 |
Net investment income | 59,799 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (1,045) | |
Swap agreements | 573 |
|
Total net realized gain (loss) |
| (472) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (69,897) | |
Swap agreements | (525) | |
Total change in net unrealized appreciation (depreciation) |
| (70,422) |
Net gain (loss) | (70,894) | |
Net increase (decrease) in net assets resulting from operations | $ (11,095) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
Amounts in thousands | Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 59,799 | $ 55,222 |
Net realized gain (loss) | (472) | 4,123 |
Change in net unrealized appreciation (depreciation) | (70,422) | 10,830 |
Net increase (decrease) in net assets resulting from operations | (11,095) | 70,175 |
Distributions to shareholders from net investment income | (59,779) | (55,204) |
Distributions to shareholders from net realized gain | (840) | (3,939) |
Total distributions | (60,619) | (59,143) |
Share transactions - net increase (decrease) | 35,883 | 63,058 |
Redemption fees | 62 | 18 |
Total increase (decrease) in net assets | (35,769) | 74,108 |
|
|
|
Net Assets | ||
Beginning of period | 1,523,029 | 1,448,921 |
End of period (including undistributed net investment income of $122 and undistributed net investment income of $162, respectively) | $ 1,487,260 | $ 1,523,029 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class A
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .449 | .446 | .464 | .483 | .504 |
Net realized and unrealized gain (loss) | (.521) | .134 | .002 D | (.227) | .101 |
Total from investment operations | (.072) | .580 | .466 | .256 | .605 |
Distributions from net investment income | (.451) | (.446) | (.464) | (.481) | (.507) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.458) | (.480) | (.576) | (.606) | (.685) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (.49)% | 4.67% | 3.72% | 2.00% | 4.72% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .75% | .73% | .66% | .67% | .68% |
Expenses net of fee waivers, | .75% | .73% | .66% | .67% | .68% |
Expenses net of all reductions | .74% | .70% | .63% | .64% | .67% |
Net investment income | 3.67% | 3.52% | 3.65% | 3.73% | 3.85% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 21 | $ 13 | $ 11 | $ 6 | $ 6 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .452 | .446 | .455 | .472 | .494 |
Net realized and unrealized gain (loss) | (.520) | .134 | .001 D | (.217) | .090 |
Total from investment operations | (.068) | .580 | .456 | .255 | .584 |
Distributions from net investment income | (.455) | (.446) | (.454) | (.470) | (.496) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.462) | (.480) | (.566) | (.595) | (.674) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A, B | (.46)% | 4.67% | 3.64% | 1.99% | 4.55% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .72% | .72% | .74% | .75% | .76% |
Expenses net of fee waivers, | .72% | .72% | .74% | .75% | .76% |
Expenses net of all reductions | .71% | .70% | .71% | .72% | .75% |
Net investment income | 3.70% | 3.53% | 3.57% | 3.65% | 3.77% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 8 | $ 5 | $ 4 | $ 3 | $ 2 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class B
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .370 | .358 | .366 | .384 | .405 |
Net realized and unrealized gain (loss) | (.533) | .134 | .002 D | (.227) | .100 |
Total from investment operations | (.163) | .492 | .368 | .157 | .505 |
Distributions from net investment income | (.370) | (.358) | (.366) | (.382) | (.407) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.377) | (.392) | (.478) | (.507) | (.585) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.23)% | 3.95% | 2.93% | 1.22% | 3.93% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of fee waivers, | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of all reductions | 1.40% | 1.40% | 1.40% | 1.41% | 1.43% |
Net investment income | 3.01% | 2.83% | 2.88% | 2.96% | 3.09% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 7 | $ 8 | $ 9 | $ 10 | $ 10 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .357 | .347 | .355 | .373 | .394 |
Net realized and unrealized gain (loss) | (.522) | .134 | .002 D | (.228) | .100 |
Total from investment operations | (.165) | .481 | .357 | .145 | .494 |
Distributions from net investment income | (.358) | (.347) | (.355) | (.370) | (.396) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.365) | (.381) | (.467) | (.495) | (.574) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.24)% | 3.86% | 2.84% | 1.14% | 3.84% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.50% | 1.48% | 1.49% | 1.49% | 1.51% |
Net investment income | 2.91% | 2.74% | 2.79% | 2.88% | 3.01% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 19 | $ 16 | $ 16 | $ 20 | $ 16 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - New York Municipal Income
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .486 | .479 | .488 | .508 | .530 |
Net realized and unrealized gain (loss) | (.533) | .134 | .001 C | (.217) | .091 |
Total from investment operations | (.047) | .613 | .489 | .291 | .621 |
Distributions from net investment income | (.486) | (.479) | (.487) | (.506) | (.533) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.493) | (.513) | (.599) | (.631) | (.711) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.27% | 4.84% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .47% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, | .47% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .46% | .44% | .45% | .45% | .47% |
Net investment income | 3.95% | 3.78% | 3.83% | 3.92% | 4.05% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 1,428 | $ 1,480 | $ 1,407 | $ 1,411 | $ 1,406 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .479 | .479 | .487 | .506 | .523 |
Net realized and unrealized gain (loss) | (.527) | .133 | .002 C | (.227) | .092 |
Total from investment operations | (.048) | .612 | .489 | .279 | .615 |
Distributions from net investment income | (.485) | (.478) | (.487) | (.504) | (.527) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.492) | (.512) | (.599) | (.629) | (.705) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.18% | 4.80% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .48% | .47% | .48% | .49% | .53% |
Expenses net of fee waivers, | .48% | .47% | .48% | .49% | .53% |
Expenses net of all reductions | .47% | .44% | .45% | .46% | .52% |
Net investment income | 3.94% | 3.78% | 3.83% | 3.91% | 4.00% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 4,903 | $ 1,995 | $ 1,195 | $ 898 | $ 284 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended January 31, 2009
(Amounts in thousands except ratios)
1. Organization.
Fidelity New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of New York.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot
Annual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of January 31, 2009 for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ 16,714 |
Unrealized depreciation | (55,369) |
Net unrealized appreciation (depreciation) | (38,655) |
Undistributed ordinary income | 2 |
Capital loss carryforward | (426) |
|
|
Cost for federal income tax purposes | $ 1,512,042 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
| January 31, 2009 | January 31, 2008 |
Tax-exempt Income | $ 59,779 | $ 55,204 |
Long-term Capital Gains | 840 | 3,939 |
Total | $ 60,619 | $ 59,143 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. Operating Policies.
Swap Agreements. The Fund entered into swap agreements, which are contracts between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gains or losses in the Fund's accompanying Statement of Operations. Certain interest rate swaps include extended effective dates. Gains or losses are realized in the event of an early termination of a swap agreement. Risks of loss may include unfavorable changes in the returns of the underlying instruments or indexes, adverse fluctuations of interest rates, failure of the counterparty to perform under the terms of the agreement and lack of liquidity in the market. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the swap agreement and if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.
Changes in interest rates can have a negative effect on both the value of the Fund's bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall. The Fund entered
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Operating Policies - continued
Swap Agreements - continued
into interest rate swap agreements to manage its exposure to interest rate changes. Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates (e.g. fixed rate, floating rate), applied to a notional principal amount.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $303,341 and $256,779, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 41 | $ 3 |
Class T | -% | .25% | 16 | - |
Class B | .65% | .25% | 66 | 48 |
Class C | .75% | .25% | 168 | 50 |
|
|
| $ 291 | $ 101 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11 |
Class T | 5 |
Class B* | 23 |
Class C* | 3 |
| $ 42 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives 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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 16 | .10 |
Class T | 5 | .07 |
Class B | 8 | .11 |
Class C | 18 | .11 |
New York Municipal Income | 1,034 | .07 |
Institutional Class | 3 | .08 |
| $ 1,084 |
|
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $141, respectively.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended January 31, | 2009 | 2008 |
From net investment income |
|
|
Class A | $ 604 | $ 404 |
Class T | 236 | 169 |
Class B | 220 | 241 |
Class C | 491 | 418 |
New York Municipal Income | 58,103 | 53,927 |
Institutional Class | 125 | 45 |
Total | $ 59,779 | $ 55,204 |
Annual Report
9. Distributions to Shareholders - continued
Years ended January 31, | 2009 | 2008 |
From net realized gain |
|
|
Class A | $ 8 | $ 31 |
Class T | 3 | 13 |
Class B | 4 | 23 |
Class C | 8 | 42 |
New York Municipal Income | 816 | 3,827 |
Institutional Class | 1 | 3 |
Total | $ 840 | $ 3,939 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Years ended January 31, | 2009 | 2008 | 2009 | 2008 |
Class A |
|
|
|
|
Shares sold | 850 | 279 | $ 10,478 | $ 3,563 |
Reinvestment of distributions | 37 | 24 | 457 | 303 |
Shares redeemed | (230) | (180) | (2,765) | (2,273) |
Net increase (decrease) | 657 | 123 | $ 8,170 | $ 1,593 |
Class T |
|
|
|
|
Shares sold | 389 | 164 | $ 4,807 | $ 2,098 |
Reinvestment of distributions | 14 | 11 | 171 | 134 |
Shares redeemed | (123) | (112) | (1,491) | (1,425) |
Net increase (decrease) | 280 | 63 | $ 3,487 | $ 807 |
Class B |
|
|
|
|
Shares sold | 99 | 48 | $ 1,215 | $ 605 |
Reinvestment of distributions | 12 | 15 | 149 | 193 |
Shares redeemed | (202) | (148) | (2,471) | (1,883) |
Net increase (decrease) | (91) | (85) | $ (1,107) | $ (1,085) |
Class C |
|
|
|
|
Shares sold | 543 | 323 | $ 6,685 | $ 4,095 |
Reinvestment of distributions | 21 | 19 | 251 | 240 |
Shares redeemed | (202) | (407) | (2,493) | (5,157) |
Net increase (decrease) | 362 | (65) | $ 4,443 | $ (822) |
New York Municipal Income |
|
|
|
|
Shares sold | 38,599 | 24,396 | $ 474,128 | $ 309,298 |
Reinvestment of distributions | 3,497 | 3,308 | 42,806 | 41,932 |
Shares redeemed | (41,257) | (22,904) | (499,022) | (289,467) |
Net increase (decrease) | 839 | 4,800 | $ 17,912 | $ 61,763 |
Institutional Class |
|
|
|
|
Shares sold | 353 | 130 | $ 4,299 | $ 1,658 |
Reinvestment of distributions | 4 | 3 | 47 | 36 |
Shares redeemed | (113) | (71) | (1,368) | (892) |
Net increase (decrease) | 244 | 62 | $ 2,978 | $ 802 |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments, as of January 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 17, 2009
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 380 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Edward C. Johnson 3d (78) | |
| Year of Election or Appointment: 1983 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (73) | |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation | |
Albert R. Gamper, Jr. (66) | |
| Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) | |
| Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) | |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) | |
| Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (69) | |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Annual Report
Advisory Board Member and Executive Officers**:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Michael E. Kenneally (54) | |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) | |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments (2003- |
Boyce I. Greer (52) | |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Scott C. Goebel (41) | |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) | |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) | |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice. |
Michael H. Whitaker (41) | |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) | |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) | |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Accounting Group Manager (2003) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Paul M. Murphy (61) | |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007). |
Gary W. Ryan (50) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
During fiscal year ended 2009, 100% of the fund's income dividends was free from federal income tax, and 2.08% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
Annual 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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
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.
Annual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
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601 Larkspur Landing Circle
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73-575 El Paseo
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16656 Bernardo Ctr. Drive
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1220 Roseville Parkway
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1740 Arden Way
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7676 Hazard Center Drive
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11943 El Camino Real
San Diego, CA
8 Montgomery Street
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3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
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398 West El Camino Real
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111 South Westlake Blvd
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21701 Hawthorne Boulevard
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2001 North Main Street
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6326 Canoga Avenue
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Colorado
281 East Flatiron Circle
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1625 Broadway
Denver, CO
9185 Westview Road
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Connecticut
48 West Putnam Avenue
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265 Church Street
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300 Atlantic Street
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29 South Main Street
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Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
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4400 N. Federal Highway
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121 Alhambra Plaza
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2948 N. Federal Highway
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4671 Town Center Parkway
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230 Royal Palm Way
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1502 N. Westshore Blvd.
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2465 State Road 7
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Georgia
3445 Peachtree Road, N.E.
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1000 Abernathy Road
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Illinois
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401 North Michigan Avenue
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15105 S LaGrange Road
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1572 East Golf Road
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Indiana
4729 East 82nd Street
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Kansas
5400 College Boulevard
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Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
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610 York Road
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Massachusetts
801 Boylston Street
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155 Congress Street
Boston, MA
300 Granite Street
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44 Mall Road
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238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Annual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
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43420 Grand River Avenue
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Minnesota
7740 France Avenue South
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8342 3rd Street North
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Missouri
1524 South Lindbergh Blvd.
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Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
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35 Morris Street
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396 Route 17, North
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3518 Route 1 North
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530 Broad Street
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New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
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37 West Jericho Turnpike
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1271 Avenue of the Americas
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980 Madison Avenue
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61 Broadway
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350 Park Avenue
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200 Fifth Avenue
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733 Third Avenue
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11 Penn Plaza
New York, NY
2070 Broadway
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1075 Northern Blvd.
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799 Central Park Avenue
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North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
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1324 Polaris Parkway
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1800 Crocker Road
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28699 Chagrin Boulevard
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Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
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12001 Perry Highway
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Rhode Island
10 Memorial Boulevard
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Tennessee
3018 Peoples Street
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7628 West Farmington Blvd.
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2035 Mallory Lane
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Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
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1576 East Southlake Blvd.
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Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
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1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Annual 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
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
NFY-UANN-0309 1.789711.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
New York Municipal Income
Fund - Class A, Class T, Class B
and Class C
Annual Report
January 31, 2009
Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Performance | How the fund has done over time. | |
Management's Discussion | The manager's review of fund performance, strategy and outlook. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
| |
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended January 31, 2009 | Past 1 | Past 5 | Past 10 |
Class A (incl. 4.00% sales charge) A | -4.47% | 2.07% | 3.88% |
Class T (incl. 4.00% sales charge) B | -4.44% | 2.02% | 3.85% |
Class B (incl. contingent deferred sales charge) C | -6.01% | 1.80% | 3.80% |
Class C (incl. contingent deferred sales charge) D | -2.20% | 2.07% | 3.75% |
A As of April 1, 2007, Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on August 1, 2002. Returns between August 1, 2002 and March 31, 2007 reflect a 0.15% 12b-1 fee. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class A shares' current 12b-1 fee been reflected, returns prior to April 1, 2007 would have been lower.
B As of August 1, 2002, Class T shares bear a 0.25% 12b-1 fee. The initial offering of Class T shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower.
C As of August 1, 2002, Class B shares bear a 0.90% 12b-1 fee. The initial offering of Class B shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class B shares' contingent deferred sales charges included in the past one year, past five years, and past 10 years total return figures are 5%, 2%, and 0%, respectively.
D As of August 1, 2002, Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class C shares' contingent deferred sales charges included in the past one year, past five years, and past 10 years total return figures are 1%, 0%, and 0%, respectively.
Annual Report
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor New York Municipal Income Fund - Class A on January 31, 1999, and the current 4.00% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital Municipal Bond Index performed over the same period. The initial offering of Class A took place on August 1, 2002. See the previous page for additional information regarding the performance of Class A.
Annual Report
Management's Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity Advisor New York Municipal Income Fund
Despite an impressive late-period rally, municipal bonds suffered losses during the 12 months ending January 31, 2009, hurt by a persistent and deepening risk aversion that spread rapidly across the global financial markets. While lower-quality municipals were hit first, insured bond prices ultimately experienced declines amid concerns about the financial strength of bond insurers. Supply pressures also weighed on munis, as issuers scrambled to refinance their auction-rate debt when the market for these securities - a source of funding for muni issuers - broke down. The loss of independent muni dealers - including Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia - led to further disruption, as did the robust selling by leveraged investors to cover losses and meet investor redemptions. But in December and January, munis started to regain strength as investors gravitated toward their attractive valuations and as coupon payments - many of them distributed to investors in January - were reinvested into the muni market. For the 12 months overall, the Barclays Capital Municipal Bond Index - a performance measure of more than 44,000 investment-grade, fixed-rate, tax-exempt bonds - declined 0.16%. The overall taxable debt market, as measured by the Barclays Capital U.S. Aggregate Bond Index, rose 2.59%.
For the year ending January 31, 2009, the fund's Class A, Class T, Class B and Class C shares returned -0.49%, -0.46%, -1.23% and -1.24%, respectively (excluding sales charges). Meanwhile, the Barclays Capital New York 4+ Year Enhanced Municipal Bond Index - which tracks the types of securities in which the fund invests - returned -0.25%. Sector selection and yield-curve positioning bolstered the fund's relative performance. In terms of sector selection, underweightings in tobacco bonds and housing bonds - two poor-performing sectors - aided performance. Both were hurt in large measure by the broad downturn in lower-quality bonds. An underweighting in New York City bonds also helped because they were hurt by concerns about the city's fiscal health in response to the weakening economy and declining revenues on Wall Street. Turning to yield-curve positioning - meaning how I allocated investments across bonds of various maturities - my decision to maintain a larger-than-index stake in intermediate bonds proved beneficial, because they outperformed longer-term securities, in which I was underweighted. In contrast, some decisions regarding credit quality worked against us. In particular, the fund was hurt by its underexposure to prerefunded and escrowed bonds, both of which are backed by U.S. Treasuries or other government-guaranteed bonds. These securities were in strong demand as investors flocked to very high-quality instruments with attractive levels of tax-free yield.
For the year ending January 31, 2009, the fund's Institutional Class shares returned -0.29%, and the Barclays Capital New York 4+ Year Enhanced Municipal Bond Index - which tracks the types of securities in which the fund invests - returned -0.25%. Sector selection and yield-curve positioning bolstered the fund's relative performance. In terms of sector selection, underweightings in tobacco bonds and housing bonds - two poor-performing sectors - aided performance. Both were hurt in large measure by the broad downturn in lower-quality bonds. An underweighting in New York City bonds also helped because they were hurt by concerns about the city's fiscal health in response to the weakening economy and declining revenues on Wall Street. Turning to yield-curve positioning - meaning how I allocated investments across bonds of various maturities - my decision to maintain a larger-than-index stake in intermediate bonds proved beneficial, because they outperformed longer-term securities, in which I was underweighted. In contrast, some decisions regarding credit quality worked against us. In particular, the fund was hurt by its underexposure to prerefunded and escrowed bonds, both of which are backed by U.S. Treasuries or other government-guaranteed bonds. These securities were in strong demand as investors flocked to very high-quality instruments with attractive levels of tax-free yield.
Annual Report
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 to January 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.10 | $ 3.77 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.37 | $ 3.81 |
Class T | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.30 | $ 3.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.52 | $ 3.66 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.80 | $ 7.08 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.05 | $ 7.15 |
Class C | 1.50% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.40 | $ 7.53 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.61 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.50 | $ 2.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.77 | $ 2.39 |
Institutional Class | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.40 | $ 2.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.67 | $ 2.49 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Five Sectors as of January 31, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.0 | 35.2 |
Special Tax | 21.7 | 22.3 |
Transportation | 12.4 | 12.3 |
Water & Sewer | 10.1 | 11.6 |
Education | 7.9 | 6.6 |
Weighted Average Maturity as of January 31, 2009 | ||
|
| 6 months ago |
Years | 12.5 | 8.1 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of January 31, 2009 | ||
|
| 6 months ago |
Years | 8.8 | 7.7 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | AAA 7.1% |
| ![]() | AAA 20.0% |
| ||
![]() | AA,A 81.4% |
| ![]() | AA,A 75.2% |
| ||
![]() | BBB 9.2% |
| ![]() | BBB 1.9% |
| ||
![]() | BB and Below 1.0% |
| ![]() | BB and Below 1.1% |
| ||
![]() | Not Rated 0.4% |
| ![]() | Not Rated 0.0% |
| ||
![]() | 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. All ratings are as of the report date and do not reflect subsequent downgrades. |
Annual Report
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Bonds - 99.1% | ||||
| Principal Amount (000s) | Value (000s) | ||
Guam - 0.1% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. | $ 1,100 | $ 957 | ||
New York - 94.6% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | 3,000 | 2,515 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series A1, 5% 8/1/12 | 500 | 539 | ||
Series A2, 5% 8/1/11 | 750 | 795 | ||
Erie County Gen. Oblig. Series 2002 A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,781 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,768 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,041 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,714 | ||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,488 | ||
5.75% 5/1/21 | 1,755 | 1,853 | ||
5.75% 5/1/22 | 4,900 | 5,138 | ||
5.75% 5/1/23 | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 | 5,950 | 6,750 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,544 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,217 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,095 | ||
5.75% 5/1/26 | 8,985 | 9,367 | ||
Series 2007 A, 5.75% 5/1/27 | 5,000 | 4,960 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (FGIC Insured) | 3,485 | 3,590 | ||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,123 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,566 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) Series 2001, 5% 12/1/10 (a) | 7,000 | 6,823 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 2,010 | 1,333 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 18,660 | ||
Series 2006 B, 5% 12/1/35 | 3,000 | 2,625 | ||
Series 2006 C, 5% 9/1/35 | 2,500 | 2,189 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 10,897 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Long Island Pwr. Auth. Elec. Sys. Rev.: - continued | ||||
Series 2009 A, 5.75% 4/1/39 | $ 2,500 | $ 2,482 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,138 | ||
5.75% 7/1/31 | 3,025 | 3,036 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,166 | ||
5.5% 7/1/23 | 5,000 | 5,112 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,335 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (MBIA Insured) (b) | 1,000 | 1,032 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,481 | ||
5% 8/1/13 | 1,650 | 1,578 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,035 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. | ||||
Series 2001 A, 5.875% 11/1/11 | 75 | 75 | ||
Series 2001 B, 5.875% 11/1/11 | 540 | 545 | ||
Series 2001 C, 5.625% 11/1/10 | 270 | 275 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,276 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,102 | ||
Series 2000 A, 6.5% 5/15/11 | 195 | 207 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,524 | ||
Series 2002 A1, 5.25% 11/1/14 | 1,350 | 1,452 | ||
Series 2002 B: | ||||
5.75% 8/1/14 | 3,000 | 3,315 | ||
5.75% 8/1/15 | 3,500 | 3,845 | ||
Series 2003 A: | ||||
5.5% 8/1/14 | 3,205 | 3,578 | ||
5.5% 8/1/20 | 7,000 | 7,340 | ||
Series 2003 E, 5.25% 8/1/14 | 3,390 | 3,741 | ||
Series 2003 J: | ||||
5.5% 6/1/18 (MBIA Insured) | 3,575 | 3,831 | ||
5.5% 6/1/19 | 2,395 | 2,567 | ||
5.5% 6/1/20 (AMBAC Insured) | 6,000 | 6,305 | ||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,970 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2005 F, 5.25% 8/1/12 | $ 2,000 | $ 2,127 | ||
Series 2005 G: | ||||
5.25% 8/1/16 | 9,010 | 10,212 | ||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,303 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 14,825 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,101 | ||
Series A, 5% 8/1/19 | 3,000 | 3,181 | ||
Series I-1, 5% 4/1/17 | 7,215 | 7,943 | ||
Series O, 5% 6/1/22 | 5,000 | 5,081 | ||
New York City Health & Hosp. Corp. Rev.: | ||||
Series 2002 A: | ||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,768 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,165 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,620 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,300 | ||
Series 2008 A, 5.5% 2/15/21 | 9,630 | 9,969 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. | 3,255 | 3,256 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 | 1,575 | 1,575 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,892 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,395 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 1,922 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 15,317 | ||
5% 6/15/38 | 20,050 | 19,044 | ||
5% 6/15/39 | 2,800 | 2,654 | ||
Series 2009 DD, 6% 6/15/40 | 1,060 | 1,125 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,859 | ||
5.125% 6/15/34 | 4,200 | 4,173 | ||
5.75% 6/15/40 | 9,800 | 10,336 | ||
Series AA, 5% 6/15/27 | 10,000 | 10,013 | ||
Series D, 5% 6/15/39 | 3,755 | 3,575 | ||
Series E, 5% 6/15/38 | 2,975 | 2,826 | ||
Series G: | ||||
5.125% 6/15/32 | 3,000 | 2,966 | ||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | $ 3,000 | $ 2,733 | ||
Series 2008 S1, 5% 1/15/34 | 15,000 | 13,827 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,029 | ||
5.625% 7/15/38 | 2,900 | 2,907 | ||
Series S2, 6% 7/15/38 | 7,500 | 7,723 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2002 A, 5.375% 11/15/21 | 1,100 | 1,154 | ||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 19,453 | ||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,225 | ||
5.25% 2/1/19 | 8,075 | 8,634 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 4,826 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 14,945 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,053 | ||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,461 | ||
Series B, 5.25% 8/1/19 | 3,000 | 3,242 | ||
Series C, 5.375% 2/1/17 | 1,000 | 1,060 | ||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,297 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,198 | ||
New York Convention Ctr. Dev. Corp. Rev. 5% 11/15/44 (Assured Guaranty Corp. Insured) | 48,000 | 40,972 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 8,000 | 8,329 | ||
(Ref. Ed. Proj.) Series 2005 B, 5.5% 3/15/22 | 7,025 | 7,999 | ||
Series 2006 C, 5% 12/15/31 | 10,000 | 9,773 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 6,000 | 6,502 | ||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,251 | ||
Series C, 7.5% 7/1/10 | 2,695 | 2,820 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,242 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,980 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 2,495 | 2,505 | ||
5.85% 8/1/40 | 9,500 | 9,544 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | $ 13,000 | $ 14,296 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 10,856 | ||
5.5% 5/15/28 | 2,700 | 2,668 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 2,635 | 2,922 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 1,706 | ||
5% 7/1/14 | 2,510 | 2,152 | ||
Series 2007 A: | ||||
5% 7/1/10 | 1,000 | 964 | ||
5% 7/1/11 | 1,365 | 1,280 | ||
5% 7/1/12 | 1,530 | 1,394 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,095 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 788 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,774 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 894 | ||
Series 2008 A, 5.25% 7/1/48 | 10,000 | 9,677 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 7,741 | ||
Series A, 5.75% 7/1/27 | 11,000 | 12,166 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 1,981 | ||
5% 5/1/21 | 1,315 | 1,251 | ||
Series 1998, 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,561 | ||
(Orange Reg'l. Med. Ctr. Proj.): | ||||
5.5% 12/1/12 | 3,125 | 2,947 | ||
6.125% 12/1/29 | 1,000 | 729 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,713 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,531 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,846 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 548 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (MBIA Insured) | 18,915 | 17,774 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 8,855 | 10,061 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | $ 1,035 | $ 1,160 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,000 | 1,920 | ||
5.5% 3/1/39 | 2,500 | 2,343 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,278 | ||
5% 7/1/39 | 19,005 | 17,233 | ||
(Upstate Cmnty. Colleges Proj.) Series 2005 B, 5.5% 7/1/22 (FGIC Insured) | 10,090 | 11,314 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,073 | ||
6% 7/1/15 | 1,160 | 1,124 | ||
6% 7/1/16 | 1,230 | 1,177 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 711 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 391 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,187 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,475 | ||
Series 2002 B: | ||||
5.25%, tender 5/15/12 (a) | 10,415 | 10,909 | ||
6% 10/1/22 (MBIA Insured) | 2,775 | 2,884 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 5,675 | ||
6%, tender 5/15/12 (a) | 11,000 | 11,774 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,566 | ||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,839 | ||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,912 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 4,851 | ||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 2002 B, 5.25% 6/15/16 | 500 | 548 | ||
Series 2002 D: | ||||
5% 6/15/20 | 9,000 | 9,445 | ||
5.125% 6/15/31 | 6,900 | 6,922 | ||
Series 2002 G, 5.25% 10/15/20 | 1,255 | 1,304 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,670 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,049 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 11,762 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: - continued | ||||
Series 2005 B, 5.5% 10/15/21 | $ 3,985 | $ 4,588 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1996 C, 5.85% 7/15/15 | 30 | 30 | ||
Series A, 7% 6/15/12 | 190 | 190 | ||
Series E, 6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 1,115 | 1,247 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. | 10,000 | 9,612 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,744 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,036 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,572 | ||
Series 2003 B, 5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,276 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,180 | ||
Series 2005 B, 5% 11/15/35 (MBIA Insured) | 3,300 | 2,897 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 7,777 | ||
5% 11/15/28 | 2,235 | 2,063 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 13,699 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,173 | ||
New York Pwr. Auth. Series A, 5.25% 11/15/40 | 25,860 | 25,233 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,055 | 4,192 | ||
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) | 10,000 | 10,575 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,591 | ||
5.25% 1/1/27 | 6,570 | 6,616 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,085 | ||
5% 1/1/25 | 13,000 | 12,971 | ||
5% 1/1/26 | 4,000 | 3,946 | ||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 | 9,260 | 10,159 | ||
5.5% 4/1/20 (AMBAC Insured) | 43,375 | 49,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: - continued | ||||
Series 2007 B, 5% 4/1/27 | $ 6,750 | $ 6,569 | ||
New York Thruway Auth. Personal Income Tax Rev. | ||||
5.25% 3/15/24 | 4,180 | 4,396 | ||
5.25% 3/15/25 | 8,000 | 8,331 | ||
5.25% 3/15/26 | 12,080 | 12,485 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/15 | 6,200 | 6,652 | ||
New York Urban Dev. Corp. Correctional Youth Facilities Svc. Series 2002 A, 5.5%, tender 1/1/11 (a) | 1,880 | 1,953 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,164 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (MBIA Insured) | 5,000 | 5,607 | ||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,143 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,398 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,113 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/10 (Escrowed to Maturity) (c) | 95 | 102 | ||
7.5% 3/1/11 (Escrowed to Maturity) (c) | 105 | 119 | ||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 122 | ||
7.5% 3/1/16 (MBIA Insured) | 970 | 1,196 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 138 | ||
7.5% 3/1/17 (MBIA Insured) | 1,100 | 1,366 | ||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,013 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 4,925 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.): | ||||
Series 2004 A, 5% 12/1/10 | 1,095 | 1,082 | ||
Series 2007 B, 5.25% 12/1/32 | 680 | 477 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,138 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | 4,305 | 3,855 | ||
Taconic Hills Central School District at Craryville | 1,130 | 1,207 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | $ 3,255 | $ 3,313 | ||
5.25% 6/1/22 (AMBAC Insured) | 5,270 | 5,333 | ||
5.5% 6/1/14 | 13,125 | 13,205 | ||
5.5% 6/1/15 | 6,700 | 6,849 | ||
5.5% 6/1/16 | 17,500 | 17,834 | ||
5.5% 6/1/17 | 7,000 | 7,179 | ||
5.5% 6/1/18 (MBIA Insured) | 3,000 | 3,133 | ||
5.5% 6/1/19 | 4,600 | 4,720 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 11,800 | 12,062 | ||
5.5% 6/1/17 | 5,700 | 5,846 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 5,000 | 5,030 | ||
5.5% 6/1/18 | 3,800 | 3,909 | ||
5.5% 6/1/19 | 13,620 | 13,977 | ||
5.5% 6/1/21 | 12,070 | 12,184 | ||
5.5% 6/1/22 | 9,700 | 9,732 | ||
Series C1: | ||||
5% 6/1/11 | 405 | 405 | ||
5.5% 6/1/16 | 10,040 | 10,371 | ||
5.5% 6/1/20 | 16,000 | 16,275 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(Convention Ctr. Proj.) Series E, 7.25% 1/1/10 | 1,705 | 1,743 | ||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,247 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,441 | ||
Series 2008 A: | ||||
5% 11/15/37 | 13,000 | 12,280 | ||
5.25% 11/15/38 | 14,500 | 14,199 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 2,906 | ||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,412 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,159 | ||
| 1,406,696 | |||
New York & New Jersey - 3.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,017 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 4,175 | 3,519 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - continued | ||||
Port Auth. of New York & New Jersey: - continued | ||||
134th Series, 5% 1/15/39 | $ 10,000 | $ 9,409 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,769 | ||
138th Series, 5% 12/1/13 (b) | 4,500 | 4,795 | ||
141st Series, 5% 9/1/18 (b) | 6,045 | 6,174 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,253 | ||
85th Series, 5.375% 3/1/28 | 6,205 | 6,555 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. | 5,000 | 5,111 | ||
| 48,602 | |||
Puerto Rico - 1.1% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 2,939 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | 1,000 | 887 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 | 4,150 | 4,010 | ||
Series 2007 A, 5.5% 7/1/19 (MBIA Insured) | 5,000 | 4,849 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,504 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,002 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,055 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. | 9,000 | 886 | ||
| 17,132 |
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $1,512,162) | 1,473,387 | ||
NET OTHER ASSETS - 0.9% | 13,873 | ||
NET ASSETS - 100% | $ 1,487,260 |
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 following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,473,387 | $ - | $ 1,473,387 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: (unaudited) |
General Obligations | 37.0% |
Special Tax | 21.7% |
Transportation | 12.4% |
Water & Sewer | 10.1% |
Education | 7.9% |
Others* (individually less than 5%) | 10.9% |
| 100.0% |
*Includes net other assets |
Income Tax Information |
At January 31, 2009, the fund had a capital loss carryforward of approximately $426,000 all of which will expire on January 31, 2017. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Assets | ||
Investment in securities, at value - Unaffiliated issuers (cost $1,512,162) |
| $ 1,473,387 |
Receivable for fund shares sold | 1,246 | |
Interest receivable | 18,052 | |
Prepaid expenses | 13 | |
Other receivables | 7 | |
Total assets | 1,492,705 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,642 | |
Payable for fund shares redeemed | 1,528 | |
Distributions payable | 1,296 | |
Accrued management fee | 456 | |
Transfer agent fee payable | 350 | |
Distribution fees payable | 27 | |
Other affiliated payables | 93 | |
Other payables and accrued expenses | 53 | |
Total liabilities | 5,445 | |
|
|
|
Net Assets | $ 1,487,260 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,526,367 | |
Undistributed net investment income | 122 | |
Accumulated undistributed net realized gain (loss) on investments | (454) | |
Net unrealized appreciation (depreciation) on investments | (38,775) | |
Net Assets | $ 1,487,260 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Calculation of Maximum Offering Price | $ 12.27 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.27) | $ 12.78 | |
Class T: | $ 12.28 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.28) | $ 12.79 | |
Class B: | $ 12.26 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
New York Municipal Income: | $ 12.27 | |
|
|
|
Institutional Class: | $ 12.26 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
Amounts in thousands | Year ended January 31, 2009 | |
|
|
|
Investment Income |
|
|
Interest |
| $ 67,084 |
|
|
|
Expenses | ||
Management fee | $ 5,588 | |
Transfer agent fees | 1,084 | |
Distribution fees | 291 | |
Accounting fees and expenses | 289 | |
Custodian fees and expenses | 22 | |
Independent trustees' compensation | 6 | |
Registration fees | 81 | |
Audit | 62 | |
Legal | 14 | |
Miscellaneous | 8 | |
Total expenses before reductions | 7,445 | |
Expense reductions | (160) | 7,285 |
Net investment income | 59,799 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (1,045) | |
Swap agreements | 573 |
|
Total net realized gain (loss) |
| (472) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (69,897) | |
Swap agreements | (525) | |
Total change in net unrealized appreciation (depreciation) |
| (70,422) |
Net gain (loss) | (70,894) | |
Net increase (decrease) in net assets resulting from operations | $ (11,095) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 59,799 | $ 55,222 |
Net realized gain (loss) | (472) | 4,123 |
Change in net unrealized appreciation (depreciation) | (70,422) | 10,830 |
Net increase (decrease) in net assets resulting from operations | (11,095) | 70,175 |
Distributions to shareholders from net investment income | (59,779) | (55,204) |
Distributions to shareholders from net realized gain | (840) | (3,939) |
Total distributions | (60,619) | (59,143) |
Share transactions - net increase (decrease) | 35,883 | 63,058 |
Redemption fees | 62 | 18 |
Total increase (decrease) in net assets | (35,769) | 74,108 |
|
|
|
Net Assets | ||
Beginning of period | 1,523,029 | 1,448,921 |
End of period (including undistributed net investment income of $122 and undistributed net investment income of $162, respectively) | $ 1,487,260 | $ 1,523,029 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class A
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .449 | .446 | .464 | .483 | .504 |
Net realized and unrealized gain (loss) | (.521) | .134 | .002 D | (.227) | .101 |
Total from investment operations | (.072) | .580 | .466 | .256 | .605 |
Distributions from net investment income | (.451) | (.446) | (.464) | (.481) | (.507) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.458) | (.480) | (.576) | (.606) | (.685) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (.49)% | 4.67% | 3.72% | 2.00% | 4.72% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .75% | .73% | .66% | .67% | .68% |
Expenses net of fee waivers, | .75% | .73% | .66% | .67% | .68% |
Expenses net of all reductions | .74% | .70% | .63% | .64% | .67% |
Net investment income | 3.67% | 3.52% | 3.65% | 3.73% | 3.85% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 21 | $ 13 | $ 11 | $ 6 | $ 6 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .452 | .446 | .455 | .472 | .494 |
Net realized and unrealized gain (loss) | (.520) | .134 | .001 D | (.217) | .090 |
Total from investment operations | (.068) | .580 | .456 | .255 | .584 |
Distributions from net investment income | (.455) | (.446) | (.454) | (.470) | (.496) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.462) | (.480) | (.566) | (.595) | (.674) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A, B | (.46)% | 4.67% | 3.64% | 1.99% | 4.55% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .72% | .72% | .74% | .75% | .76% |
Expenses net of fee waivers, | .72% | .72% | .74% | .75% | .76% |
Expenses net of all reductions | .71% | .70% | .71% | .72% | .75% |
Net investment income | 3.70% | 3.53% | 3.57% | 3.65% | 3.77% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 8 | $ 5 | $ 4 | $ 3 | $ 2 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class B
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .370 | .358 | .366 | .384 | .405 |
Net realized and unrealized gain (loss) | (.533) | .134 | .002 D | (.227) | .100 |
Total from investment operations | (.163) | .492 | .368 | .157 | .505 |
Distributions from net investment income | (.370) | (.358) | (.366) | (.382) | (.407) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.377) | (.392) | (.478) | (.507) | (.585) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.23)% | 3.95% | 2.93% | 1.22% | 3.93% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of fee waivers, | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of all reductions | 1.40% | 1.40% | 1.40% | 1.41% | 1.43% |
Net investment income | 3.01% | 2.83% | 2.88% | 2.96% | 3.09% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 7 | $ 8 | $ 9 | $ 10 | $ 10 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .357 | .347 | .355 | .373 | .394 |
Net realized and unrealized gain (loss) | (.522) | .134 | .002 D | (.228) | .100 |
Total from investment operations | (.165) | .481 | .357 | .145 | .494 |
Distributions from net investment income | (.358) | (.347) | (.355) | (.370) | (.396) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.365) | (.381) | (.467) | (.495) | (.574) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.24)% | 3.86% | 2.84% | 1.14% | 3.84% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.50% | 1.48% | 1.49% | 1.49% | 1.51% |
Net investment income | 2.91% | 2.74% | 2.79% | 2.88% | 3.01% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 19 | $ 16 | $ 16 | $ 20 | $ 16 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - New York Municipal Income
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .486 | .479 | .488 | .508 | .530 |
Net realized and unrealized gain (loss) | (.533) | .134 | .001 C | (.217) | .091 |
Total from investment operations | (.047) | .613 | .489 | .291 | .621 |
Distributions from net investment income | (.486) | (.479) | (.487) | (.506) | (.533) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.493) | (.513) | (.599) | (.631) | (.711) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.27% | 4.84% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .47% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, | .47% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .46% | .44% | .45% | .45% | .47% |
Net investment income | 3.95% | 3.78% | 3.83% | 3.92% | 4.05% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 1,428 | $ 1,480 | $ 1,407 | $ 1,411 | $ 1,406 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .479 | .479 | .487 | .506 | .523 |
Net realized and unrealized gain (loss) | (.527) | .133 | .002 C | (.227) | .092 |
Total from investment operations | (.048) | .612 | .489 | .279 | .615 |
Distributions from net investment income | (.485) | (.478) | (.487) | (.504) | (.527) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.492) | (.512) | (.599) | (.629) | (.705) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.18% | 4.80% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .48% | .47% | .48% | .49% | .53% |
Expenses net of fee waivers, | .48% | .47% | .48% | .49% | .53% |
Expenses net of all reductions | .47% | .44% | .45% | .46% | .52% |
Net investment income | 3.94% | 3.78% | 3.83% | 3.91% | 4.00% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 4,903 | $ 1,995 | $ 1,195 | $ 898 | $ 284 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended January 31, 2009
(Amounts in thousands except ratios)
1. Organization.
Fidelity New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of New York.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of January 31, 2009 for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ 16,714 |
Unrealized depreciation | (55,369) |
Net unrealized appreciation (depreciation) | (38,655) |
Undistributed ordinary income | 2 |
Capital loss carryforward | (426) |
|
|
Cost for federal income tax purposes | $ 1,512,042 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
| January 31, 2009 | January 31, 2008 |
Tax-exempt Income | $ 59,779 | $ 55,204 |
Long-term Capital Gains | 840 | 3,939 |
Total | $ 60,619 | $ 59,143 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. Operating Policies.
Swap Agreements. The Fund entered into swap agreements, which are contracts between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gains or losses in the Fund's accompanying Statement of Operations. Certain interest rate swaps include extended effective dates. Gains or losses are realized in the event of an early termination of a swap agreement. Risks of loss may include unfavorable changes in the returns of the underlying instruments or indexes, adverse fluctuations of interest rates, failure of the counterparty to perform under the terms of the agreement and lack of liquidity in the market. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the swap agreement and if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.
Changes in interest rates can have a negative effect on both the value of the Fund's bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall. The Fund entered
Annual Report
3. Operating Policies - continued
Swap Agreements - continued
into interest rate swap agreements to manage its exposure to interest rate changes. Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates (e.g. fixed rate, floating rate), applied to a notional principal amount.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $303,341 and $256,779, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 41 | $ 3 |
Class T | -% | .25% | 16 | - |
Class B | .65% | .25% | 66 | 48 |
Class C | .75% | .25% | 168 | 50 |
|
|
| $ 291 | $ 101 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11 |
Class T | 5 |
Class B* | 23 |
Class C* | 3 |
| $ 42 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives 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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 16 | .10 |
Class T | 5 | .07 |
Class B | 8 | .11 |
Class C | 18 | .11 |
New York Municipal Income | 1,034 | .07 |
Institutional Class | 3 | .08 |
| $ 1,084 |
|
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $141, respectively.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended January 31, | 2009 | 2008 |
From net investment income |
|
|
Class A | $ 604 | $ 404 |
Class T | 236 | 169 |
Class B | 220 | 241 |
Class C | 491 | 418 |
New York Municipal Income | 58,103 | 53,927 |
Institutional Class | 125 | 45 |
Total | $ 59,779 | $ 55,204 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
9. Distributions to Shareholders - continued
Years ended January 31, | 2009 | 2008 |
From net realized gain |
|
|
Class A | $ 8 | $ 31 |
Class T | 3 | 13 |
Class B | 4 | 23 |
Class C | 8 | 42 |
New York Municipal Income | 816 | 3,827 |
Institutional Class | 1 | 3 |
Total | $ 840 | $ 3,939 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Years ended January 31, | 2009 | 2008 | 2009 | 2008 |
Class A |
|
|
|
|
Shares sold | 850 | 279 | $ 10,478 | $ 3,563 |
Reinvestment of distributions | 37 | 24 | 457 | 303 |
Shares redeemed | (230) | (180) | (2,765) | (2,273) |
Net increase (decrease) | 657 | 123 | $ 8,170 | $ 1,593 |
Class T |
|
|
|
|
Shares sold | 389 | 164 | $ 4,807 | $ 2,098 |
Reinvestment of distributions | 14 | 11 | 171 | 134 |
Shares redeemed | (123) | (112) | (1,491) | (1,425) |
Net increase (decrease) | 280 | 63 | $ 3,487 | $ 807 |
Class B |
|
|
|
|
Shares sold | 99 | 48 | $ 1,215 | $ 605 |
Reinvestment of distributions | 12 | 15 | 149 | 193 |
Shares redeemed | (202) | (148) | (2,471) | (1,883) |
Net increase (decrease) | (91) | (85) | $ (1,107) | $ (1,085) |
Class C |
|
|
|
|
Shares sold | 543 | 323 | $ 6,685 | $ 4,095 |
Reinvestment of distributions | 21 | 19 | 251 | 240 |
Shares redeemed | (202) | (407) | (2,493) | (5,157) |
Net increase (decrease) | 362 | (65) | $ 4,443 | $ (822) |
New York Municipal Income |
|
|
|
|
Shares sold | 38,599 | 24,396 | $ 474,128 | $ 309,298 |
Reinvestment of distributions | 3,497 | 3,308 | 42,806 | 41,932 |
Shares redeemed | (41,257) | (22,904) | (499,022) | (289,467) |
Net increase (decrease) | 839 | 4,800 | $ 17,912 | $ 61,763 |
Institutional Class |
|
|
|
|
Shares sold | 353 | 130 | $ 4,299 | $ 1,658 |
Reinvestment of distributions | 4 | 3 | 47 | 36 |
Shares redeemed | (113) | (71) | (1,368) | (892) |
Net increase (decrease) | 244 | 62 | $ 2,978 | $ 802 |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments, as of January 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 17, 2009
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 380 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Edward C. Johnson 3d (78) | |
| Year of Election or Appointment: 1983 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (73) | |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation | |
Albert R. Gamper, Jr. (66) | |
| Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) | |
| Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) | |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) | |
| Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (69) | |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Annual Report
Trustees and Officers - continued
Advisory Board Member and Executive Officers**:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Michael E. Kenneally (54) | |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) | |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments (2003- |
Boyce I. Greer (52) | |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Scott C. Goebel (41) | |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) | |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) | |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice. |
Michael H. Whitaker (41) | |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) | |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) | |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Accounting Group Manager (2003) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Paul M. Murphy (61) | |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007). |
Gary W. Ryan (50) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
During fiscal year ended 2009, 100% of the fund's income dividends was free from federal income tax, and 2.08% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASNM-UANN-0309 1.789705.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
New York Municipal Income
Fund - Institutional Class
Annual Report
January 31, 2009
Institutional Class is a class of Fidelity® New York Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Performance | How the fund has done over time. | |
Management's Discussion | The manager's review of fund performance, strategy and outlook. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
| |
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended January 31, 2009 | Past 1 | Past 5 | Past 10 |
Institutional Class A | -0.29% | 3.09% | 4.44% |
A The initial offering of Institutional Class shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of New York Municipal Income, the original retail class of the fund.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor New York Municipal Income Fund - Institutional Class on January 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital Municipal Bond Index performed over the same period. The initial offering of Institutional Class took place on August 1, 2002. See above for additional information regarding the performance of Institutional Class.
Annual Report
Management's Discussion of Fund Performance
Comments from Mark Sommer, Portfolio Manager of Fidelity Advisor New York Municipal Income Fund
Despite an impressive late-period rally, municipal bonds suffered losses during the 12 months ending January 31, 2009, hurt by a persistent and deepening risk aversion that spread rapidly across the global financial markets. While lower-quality municipals were hit first, insured bond prices ultimately experienced declines amid concerns about the financial strength of bond insurers. Supply pressures also weighed on munis, as issuers scrambled to refinance their auction-rate debt when the market for these securities - a source of funding for muni issuers - broke down. The loss of independent muni dealers - including Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia - led to further disruption, as did the robust selling by leveraged investors to cover losses and meet investor redemptions. But in December and January, munis started to regain strength as investors gravitated toward their attractive valuations and as coupon payments - many of them distributed to investors in January - were reinvested into the muni market. For the 12 months overall, the Barclays Capital Municipal Bond Index - a performance measure of more than 44,000 investment-grade, fixed-rate, tax-exempt bonds - declined 0.16%. The overall taxable debt market, as measured by the Barclays Capital U.S. Aggregate Bond Index, rose 2.59%.
For the year ending January 31, 2009, the fund's Class A, Class T, Class B and Class C shares returned -0.49%, -0.46%, -1.23% and -1.24%, respectively (excluding sales charges). Meanwhile, the Barclays Capital New York 4+ Year Enhanced Municipal Bond Index - which tracks the types of securities in which the fund invests - returned -0.25%. Sector selection and yield-curve positioning bolstered the fund's relative performance. In terms of sector selection, underweightings in tobacco bonds and housing bonds - two poor-performing sectors - aided performance. Both were hurt in large measure by the broad downturn in lower-quality bonds. An underweighting in New York City bonds also helped because they were hurt by concerns about the city's fiscal health in response to the weakening economy and declining revenues on Wall Street. Turning to yield-curve positioning - meaning how I allocated investments across bonds of various maturities - my decision to maintain a larger-than-index stake in intermediate bonds proved beneficial, because they outperformed longer-term securities, in which I was underweighted. In contrast, some decisions regarding credit quality worked against us. In particular, the fund was hurt by its underexposure to prerefunded and escrowed bonds, both of which are backed by U.S. Treasuries or other government-guaranteed bonds. These securities were in strong demand as investors flocked to very high-quality instruments with attractive levels of tax-free yield.
For the year ending January 31, 2009, the fund's Institutional Class shares returned -0.29%, and the Barclays Capital New York 4+ Year Enhanced Municipal Bond Index - which tracks the types of securities in which the fund invests - returned -0.25%. Sector selection and yield-curve positioning bolstered the fund's relative performance. In terms of sector selection, underweightings in tobacco bonds and housing bonds - two poor-performing sectors - aided performance. Both were hurt in large measure by the broad downturn in lower-quality bonds. An underweighting in New York City bonds also helped because they were hurt by concerns about the city's fiscal health in response to the weakening economy and declining revenues on Wall Street. Turning to yield-curve positioning - meaning how I allocated investments across bonds of various maturities - my decision to maintain a larger-than-index stake in intermediate bonds proved beneficial, because they outperformed longer-term securities, in which I was underweighted. In contrast, some decisions regarding credit quality worked against us. In particular, the fund was hurt by its underexposure to prerefunded and escrowed bonds, both of which are backed by U.S. Treasuries or other government-guaranteed bonds. These securities were in strong demand as investors flocked to very high-quality instruments with attractive levels of tax-free yield.
Annual Report
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 to January 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.10 | $ 3.77 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.37 | $ 3.81 |
Class T | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,002.30 | $ 3.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.52 | $ 3.66 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.80 | $ 7.08 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.05 | $ 7.15 |
Class C | 1.50% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.40 | $ 7.53 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.61 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.50 | $ 2.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.77 | $ 2.39 |
Institutional Class | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,003.40 | $ 2.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.67 | $ 2.49 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
Top Five Sectors as of January 31, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.0 | 35.2 |
Special Tax | 21.7 | 22.3 |
Transportation | 12.4 | 12.3 |
Water & Sewer | 10.1 | 11.6 |
Education | 7.9 | 6.6 |
Weighted Average Maturity as of January 31, 2009 | ||
|
| 6 months ago |
Years | 12.5 | 8.1 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of January 31, 2009 | ||
|
| 6 months ago |
Years | 8.8 | 7.7 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | AAA 7.1% |
| ![]() | AAA 20.0% |
| ||
![]() | AA,A 81.4% |
| ![]() | AA,A 75.2% |
| ||
![]() | BBB 9.2% |
| ![]() | BBB 1.9% |
| ||
![]() | BB and Below 1.0% |
| ![]() | BB and Below 1.1% |
| ||
![]() | Not Rated 0.4% |
| ![]() | Not Rated 0.0% |
| ||
![]() | 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. All ratings are as of the report date and do not reflect subsequent downgrades. |
Annual Report
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Bonds - 99.1% | ||||
| Principal Amount (000s) | Value (000s) | ||
Guam - 0.1% | ||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. | $ 1,100 | $ 957 | ||
New York - 94.6% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | 3,000 | 2,515 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series A1, 5% 8/1/12 | 500 | 539 | ||
Series A2, 5% 8/1/11 | 750 | 795 | ||
Erie County Gen. Oblig. Series 2002 A: | ||||
5% 9/1/15 (FGIC Insured) | 2,625 | 2,781 | ||
5% 9/1/16 (FGIC Insured) | 1,680 | 1,768 | ||
5% 9/1/17 (FGIC Insured) | 1,000 | 1,041 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (FSA Insured) | 8,940 | 9,714 | ||
5.75% 5/1/20 (FSA Insured) | 1,400 | 1,488 | ||
5.75% 5/1/21 | 1,755 | 1,853 | ||
5.75% 5/1/22 | 4,900 | 5,138 | ||
5.75% 5/1/23 | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 | 5,950 | 6,750 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,544 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,217 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,095 | ||
5.75% 5/1/26 | 8,985 | 9,367 | ||
Series 2007 A, 5.75% 5/1/27 | 5,000 | 4,960 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (FGIC Insured) | 3,485 | 3,590 | ||
Grand Central District Mgmt. Assoc., Inc. 5% 1/1/14 | 1,000 | 1,123 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,566 | ||
Hempstead Town Indl. Dev. Agcy. (American Ref-Fuel Co. Proj.) Series 2001, 5% 12/1/10 (a) | 7,000 | 6,823 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 2,010 | 1,333 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 18,660 | ||
Series 2006 B, 5% 12/1/35 | 3,000 | 2,625 | ||
Series 2006 C, 5% 9/1/35 | 2,500 | 2,189 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 10,897 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Long Island Pwr. Auth. Elec. Sys. Rev.: - continued | ||||
Series 2009 A, 5.75% 4/1/39 | $ 2,500 | $ 2,482 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,138 | ||
5.75% 7/1/31 | 3,025 | 3,036 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (MBIA Insured) | 3,000 | 3,166 | ||
5.5% 7/1/23 | 5,000 | 5,112 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,335 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (MBIA Insured) (b) | 1,000 | 1,032 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,481 | ||
5% 8/1/13 | 1,650 | 1,578 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (MBIA Insured) | 1,000 | 1,035 | ||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. | ||||
Series 2001 A, 5.875% 11/1/11 | 75 | 75 | ||
Series 2001 B, 5.875% 11/1/11 | 540 | 545 | ||
Series 2001 C, 5.625% 11/1/10 | 270 | 275 | ||
Series 2001 D, 5.625% 11/1/10 | 1,225 | 1,276 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,102 | ||
Series 2000 A, 6.5% 5/15/11 | 195 | 207 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,635 | 1,731 | ||
Series 2002 A, 5.75% 8/1/14 | 5,000 | 5,524 | ||
Series 2002 A1, 5.25% 11/1/14 | 1,350 | 1,452 | ||
Series 2002 B: | ||||
5.75% 8/1/14 | 3,000 | 3,315 | ||
5.75% 8/1/15 | 3,500 | 3,845 | ||
Series 2003 A: | ||||
5.5% 8/1/14 | 3,205 | 3,578 | ||
5.5% 8/1/20 | 7,000 | 7,340 | ||
Series 2003 E, 5.25% 8/1/14 | 3,390 | 3,741 | ||
Series 2003 J: | ||||
5.5% 6/1/18 (MBIA Insured) | 3,575 | 3,831 | ||
5.5% 6/1/19 | 2,395 | 2,567 | ||
5.5% 6/1/20 (AMBAC Insured) | 6,000 | 6,305 | ||
Series 2004 B, 5.25% 8/1/15 | 9,855 | 10,970 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2005 F, 5.25% 8/1/12 | $ 2,000 | $ 2,127 | ||
Series 2005 G: | ||||
5.25% 8/1/16 | 9,010 | 10,212 | ||
5.625% 8/1/13 (MBIA Insured) | 3,000 | 3,303 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 14,825 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,101 | ||
Series A, 5% 8/1/19 | 3,000 | 3,181 | ||
Series I-1, 5% 4/1/17 | 7,215 | 7,943 | ||
Series O, 5% 6/1/22 | 5,000 | 5,081 | ||
New York City Health & Hosp. Corp. Rev.: | ||||
Series 2002 A: | ||||
5.5% 2/15/16 (FSA Insured) | 2,605 | 2,768 | ||
5.5% 2/15/17 (FSA Insured) | 3,000 | 3,165 | ||
5.5% 2/15/18 (FSA Insured) | 2,500 | 2,620 | ||
5.5% 2/15/19 (FSA Insured) | 1,250 | 1,300 | ||
Series 2008 A, 5.5% 2/15/21 | 9,630 | 9,969 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. | 3,255 | 3,256 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 | 1,575 | 1,575 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,892 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,395 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 1,922 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 15,317 | ||
5% 6/15/38 | 20,050 | 19,044 | ||
5% 6/15/39 | 2,800 | 2,654 | ||
Series 2009 DD, 6% 6/15/40 | 1,060 | 1,125 | ||
Series A: | ||||
5% 6/15/32 | 5,000 | 4,859 | ||
5.125% 6/15/34 | 4,200 | 4,173 | ||
5.75% 6/15/40 | 9,800 | 10,336 | ||
Series AA, 5% 6/15/27 | 10,000 | 10,013 | ||
Series D, 5% 6/15/39 | 3,755 | 3,575 | ||
Series E, 5% 6/15/38 | 2,975 | 2,826 | ||
Series G: | ||||
5.125% 6/15/32 | 3,000 | 2,966 | ||
5.125% 6/15/32 (FGIC Insured) | 4,750 | 4,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | $ 3,000 | $ 2,733 | ||
Series 2008 S1, 5% 1/15/34 | 15,000 | 13,827 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,029 | ||
5.625% 7/15/38 | 2,900 | 2,907 | ||
Series S2, 6% 7/15/38 | 7,500 | 7,723 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2002 A, 5.375% 11/15/21 | 1,100 | 1,154 | ||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 19,453 | ||
5.25% 2/1/17 (MBIA Insured) | 9,385 | 10,225 | ||
5.25% 2/1/19 | 8,075 | 8,634 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 4,826 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 14,945 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,053 | ||
Series A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,461 | ||
Series B, 5.25% 8/1/19 | 3,000 | 3,242 | ||
Series C, 5.375% 2/1/17 | 1,000 | 1,060 | ||
Series D, 5.25% 2/1/20 (MBIA Insured) | 5,000 | 5,297 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,198 | ||
New York Convention Ctr. Dev. Corp. Rev. 5% 11/15/44 (Assured Guaranty Corp. Insured) | 48,000 | 40,972 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 8,000 | 8,329 | ||
(Ref. Ed. Proj.) Series 2005 B, 5.5% 3/15/22 | 7,025 | 7,999 | ||
Series 2006 C, 5% 12/15/31 | 10,000 | 9,773 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 6,000 | 6,502 | ||
5.75% 7/1/13 (AMBAC Insured) | 3,000 | 3,251 | ||
Series C, 7.5% 7/1/10 | 2,695 | 2,820 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (MBIA Insured) | 1,900 | 2,242 | ||
6% 7/1/21 (MBIA Insured) | 2,500 | 2,980 | ||
(Montefiore Med. Ctr. Proj.) Series 2000: | ||||
5.8% 8/1/30 | 2,495 | 2,505 | ||
5.85% 8/1/40 | 9,500 | 9,544 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | $ 13,000 | $ 14,296 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 10,856 | ||
5.5% 5/15/28 | 2,700 | 2,668 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 2,635 | 2,922 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 1,706 | ||
5% 7/1/14 | 2,510 | 2,152 | ||
Series 2007 A: | ||||
5% 7/1/10 | 1,000 | 964 | ||
5% 7/1/11 | 1,365 | 1,280 | ||
5% 7/1/12 | 1,530 | 1,394 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,095 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 788 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,774 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 894 | ||
Series 2008 A, 5.25% 7/1/48 | 10,000 | 9,677 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 7,741 | ||
Series A, 5.75% 7/1/27 | 11,000 | 12,166 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 1,981 | ||
5% 5/1/21 | 1,315 | 1,251 | ||
Series 1998, 5.5% 11/1/14 (MBIA Insured) | 1,500 | 1,561 | ||
(Orange Reg'l. Med. Ctr. Proj.): | ||||
5.5% 12/1/12 | 3,125 | 2,947 | ||
6.125% 12/1/29 | 1,000 | 729 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (MBIA Insured) | 10,825 | 11,713 | ||
Series 2002 E, 5.75% 10/1/22 (MBIA Insured) | 1,485 | 1,531 | ||
Series 2002 H, 5.5% 10/1/17 (MBIA Insured) | 2,600 | 2,846 | ||
Series 2002 I, 5.75% 10/1/18 (MBIA Insured) | 500 | 548 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (MBIA Insured) | 18,915 | 17,774 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series A, 5.25% 5/15/15 (MBIA Insured) | 8,855 | 10,061 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(State Univ. Edl. Facilities Proj.): | ||||
Series B, 7.5% 5/15/11 | $ 1,035 | $ 1,160 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,000 | 1,920 | ||
5.5% 3/1/39 | 2,500 | 2,343 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,278 | ||
5% 7/1/39 | 19,005 | 17,233 | ||
(Upstate Cmnty. Colleges Proj.) Series 2005 B, 5.5% 7/1/22 (FGIC Insured) | 10,090 | 11,314 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,073 | ||
6% 7/1/15 | 1,160 | 1,124 | ||
6% 7/1/16 | 1,230 | 1,177 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 711 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 391 | ||
Series 1990 B, 7.5% 5/15/11 (Pre-Refunded to 5/15/10 @ 100) (c) | 1,135 | 1,187 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 30,260 | 33,475 | ||
Series 2002 B: | ||||
5.25%, tender 5/15/12 (a) | 10,415 | 10,909 | ||
6% 10/1/22 (MBIA Insured) | 2,775 | 2,884 | ||
6% 10/1/29 (MBIA Insured) | 5,600 | 5,675 | ||
6%, tender 5/15/12 (a) | 11,000 | 11,774 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (MBIA Insured) | 3,345 | 3,566 | ||
5.25% 7/1/21 (MBIA Insured) | 1,745 | 1,839 | ||
5.25% 7/1/22 (MBIA Insured) | 1,835 | 1,912 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 4,851 | ||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 2002 B, 5.25% 6/15/16 | 500 | 548 | ||
Series 2002 D: | ||||
5% 6/15/20 | 9,000 | 9,445 | ||
5.125% 6/15/31 | 6,900 | 6,922 | ||
Series 2002 G, 5.25% 10/15/20 | 1,255 | 1,304 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,670 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,049 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 11,762 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: - continued | ||||
Series 2005 B, 5.5% 10/15/21 | $ 3,985 | $ 4,588 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series 1996 C, 5.85% 7/15/15 | 30 | 30 | ||
Series A, 7% 6/15/12 | 190 | 190 | ||
Series E, 6.5% 6/15/14 | 130 | 130 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 1,115 | 1,247 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. | 10,000 | 9,612 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,744 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,036 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,572 | ||
Series 2003 B, 5.25% 11/15/18 (FGIC Insured) | 4,000 | 4,276 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,180 | ||
Series 2005 B, 5% 11/15/35 (MBIA Insured) | 3,300 | 2,897 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 7,777 | ||
5% 11/15/28 | 2,235 | 2,063 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 13,699 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,173 | ||
New York Pwr. Auth. Series A, 5.25% 11/15/40 | 25,860 | 25,233 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,055 | 4,192 | ||
New York State Dorm. Auth. Lease Rev. Series 2003 B, 5.25%, tender 7/1/13 (XL Cap. Assurance, Inc. Insured) (a) | 10,000 | 10,575 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,591 | ||
5.25% 1/1/27 | 6,570 | 6,616 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,085 | ||
5% 1/1/25 | 13,000 | 12,971 | ||
5% 1/1/26 | 4,000 | 3,946 | ||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 | 9,260 | 10,159 | ||
5.5% 4/1/20 (AMBAC Insured) | 43,375 | 49,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: - continued | ||||
Series 2007 B, 5% 4/1/27 | $ 6,750 | $ 6,569 | ||
New York Thruway Auth. Personal Income Tax Rev. | ||||
5.25% 3/15/24 | 4,180 | 4,396 | ||
5.25% 3/15/25 | 8,000 | 8,331 | ||
5.25% 3/15/26 | 12,080 | 12,485 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/15 | 6,200 | 6,652 | ||
New York Urban Dev. Corp. Correctional Youth Facilities Svc. Series 2002 A, 5.5%, tender 1/1/11 (a) | 1,880 | 1,953 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,164 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (MBIA Insured) | 5,000 | 5,607 | ||
Series 2004 A2, 5.5% 3/15/21 (MBIA Insured) | 23,000 | 26,143 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,398 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,113 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/10 (Escrowed to Maturity) (c) | 95 | 102 | ||
7.5% 3/1/11 (Escrowed to Maturity) (c) | 105 | 119 | ||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 122 | ||
7.5% 3/1/16 (MBIA Insured) | 970 | 1,196 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 138 | ||
7.5% 3/1/17 (MBIA Insured) | 1,100 | 1,366 | ||
Niagara Falls Pub. Wtr. Auth. 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,013 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 4,925 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.): | ||||
Series 2004 A, 5% 12/1/10 | 1,095 | 1,082 | ||
Series 2007 B, 5.25% 12/1/32 | 680 | 477 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,138 | ||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | 4,305 | 3,855 | ||
Taconic Hills Central School District at Craryville | 1,130 | 1,207 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | $ 3,255 | $ 3,313 | ||
5.25% 6/1/22 (AMBAC Insured) | 5,270 | 5,333 | ||
5.5% 6/1/14 | 13,125 | 13,205 | ||
5.5% 6/1/15 | 6,700 | 6,849 | ||
5.5% 6/1/16 | 17,500 | 17,834 | ||
5.5% 6/1/17 | 7,000 | 7,179 | ||
5.5% 6/1/18 (MBIA Insured) | 3,000 | 3,133 | ||
5.5% 6/1/19 | 4,600 | 4,720 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 11,800 | 12,062 | ||
5.5% 6/1/17 | 5,700 | 5,846 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 5,000 | 5,030 | ||
5.5% 6/1/18 | 3,800 | 3,909 | ||
5.5% 6/1/19 | 13,620 | 13,977 | ||
5.5% 6/1/21 | 12,070 | 12,184 | ||
5.5% 6/1/22 | 9,700 | 9,732 | ||
Series C1: | ||||
5% 6/1/11 | 405 | 405 | ||
5.5% 6/1/16 | 10,040 | 10,371 | ||
5.5% 6/1/20 | 16,000 | 16,275 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(Convention Ctr. Proj.) Series E, 7.25% 1/1/10 | 1,705 | 1,743 | ||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,247 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,441 | ||
Series 2008 A: | ||||
5% 11/15/37 | 13,000 | 12,280 | ||
5.25% 11/15/38 | 14,500 | 14,199 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 2,906 | ||
5% 1/1/32 (MBIA Insured) | 1,455 | 1,412 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,159 | ||
| 1,406,696 | |||
New York & New Jersey - 3.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | 3,000 | 3,017 | ||
126th Series, 5.25% 5/15/37 (FGIC Insured) (b) | 4,175 | 3,519 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - continued | ||||
Port Auth. of New York & New Jersey: - continued | ||||
134th Series, 5% 1/15/39 | $ 10,000 | $ 9,409 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,769 | ||
138th Series, 5% 12/1/13 (b) | 4,500 | 4,795 | ||
141st Series, 5% 9/1/18 (b) | 6,045 | 6,174 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,253 | ||
85th Series, 5.375% 3/1/28 | 6,205 | 6,555 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. | 5,000 | 5,111 | ||
| 48,602 | |||
Puerto Rico - 1.1% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 2,939 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | 1,000 | 887 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 | 4,150 | 4,010 | ||
Series 2007 A, 5.5% 7/1/19 (MBIA Insured) | 5,000 | 4,849 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,504 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,002 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,055 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. | 9,000 | 886 | ||
| 17,132 |
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $1,512,162) | 1,473,387 | ||
NET OTHER ASSETS - 0.9% | 13,873 | ||
NET ASSETS - 100% | $ 1,487,260 |
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 following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,473,387 | $ - | $ 1,473,387 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: (unaudited) |
General Obligations | 37.0% |
Special Tax | 21.7% |
Transportation | 12.4% |
Water & Sewer | 10.1% |
Education | 7.9% |
Others* (individually less than 5%) | 10.9% |
| 100.0% |
*Includes net other assets |
Income Tax Information |
At January 31, 2009, the fund had a capital loss carryforward of approximately $426,000 all of which will expire on January 31, 2017. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Assets | ||
Investment in securities, at value - Unaffiliated issuers (cost $1,512,162) |
| $ 1,473,387 |
Receivable for fund shares sold | 1,246 | |
Interest receivable | 18,052 | |
Prepaid expenses | 13 | |
Other receivables | 7 | |
Total assets | 1,492,705 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,642 | |
Payable for fund shares redeemed | 1,528 | |
Distributions payable | 1,296 | |
Accrued management fee | 456 | |
Transfer agent fee payable | 350 | |
Distribution fees payable | 27 | |
Other affiliated payables | 93 | |
Other payables and accrued expenses | 53 | |
Total liabilities | 5,445 | |
|
|
|
Net Assets | $ 1,487,260 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,526,367 | |
Undistributed net investment income | 122 | |
Accumulated undistributed net realized gain (loss) on investments | (454) | |
Net unrealized appreciation (depreciation) on investments | (38,775) | |
Net Assets | $ 1,487,260 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | January 31, 2009 | |
|
|
|
Calculation of Maximum Offering Price | $ 12.27 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.27) | $ 12.78 | |
Class T: | $ 12.28 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.28) | $ 12.79 | |
Class B: | $ 12.26 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
New York Municipal Income: | $ 12.27 | |
|
|
|
Institutional Class: | $ 12.26 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
Amounts in thousands | Year ended January 31, 2009 | |
|
|
|
Investment Income |
|
|
Interest |
| $ 67,084 |
|
|
|
Expenses | ||
Management fee | $ 5,588 | |
Transfer agent fees | 1,084 | |
Distribution fees | 291 | |
Accounting fees and expenses | 289 | |
Custodian fees and expenses | 22 | |
Independent trustees' compensation | 6 | |
Registration fees | 81 | |
Audit | 62 | |
Legal | 14 | |
Miscellaneous | 8 | |
Total expenses before reductions | 7,445 | |
Expense reductions | (160) | 7,285 |
Net investment income | 59,799 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (1,045) | |
Swap agreements | 573 |
|
Total net realized gain (loss) |
| (472) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (69,897) | |
Swap agreements | (525) | |
Total change in net unrealized appreciation (depreciation) |
| (70,422) |
Net gain (loss) | (70,894) | |
Net increase (decrease) in net assets resulting from operations | $ (11,095) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 59,799 | $ 55,222 |
Net realized gain (loss) | (472) | 4,123 |
Change in net unrealized appreciation (depreciation) | (70,422) | 10,830 |
Net increase (decrease) in net assets resulting from operations | (11,095) | 70,175 |
Distributions to shareholders from net investment income | (59,779) | (55,204) |
Distributions to shareholders from net realized gain | (840) | (3,939) |
Total distributions | (60,619) | (59,143) |
Share transactions - net increase (decrease) | 35,883 | 63,058 |
Redemption fees | 62 | 18 |
Total increase (decrease) in net assets | (35,769) | 74,108 |
|
|
|
Net Assets | ||
Beginning of period | 1,523,029 | 1,448,921 |
End of period (including undistributed net investment income of $122 and undistributed net investment income of $162, respectively) | $ 1,487,260 | $ 1,523,029 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class A
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .449 | .446 | .464 | .483 | .504 |
Net realized and unrealized gain (loss) | (.521) | .134 | .002 D | (.227) | .101 |
Total from investment operations | (.072) | .580 | .466 | .256 | .605 |
Distributions from net investment income | (.451) | (.446) | (.464) | (.481) | (.507) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.458) | (.480) | (.576) | (.606) | (.685) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (.49)% | 4.67% | 3.72% | 2.00% | 4.72% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .75% | .73% | .66% | .67% | .68% |
Expenses net of fee waivers, | .75% | .73% | .66% | .67% | .68% |
Expenses net of all reductions | .74% | .70% | .63% | .64% | .67% |
Net investment income | 3.67% | 3.52% | 3.65% | 3.73% | 3.85% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 21 | $ 13 | $ 11 | $ 6 | $ 6 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .452 | .446 | .455 | .472 | .494 |
Net realized and unrealized gain (loss) | (.520) | .134 | .001 D | (.217) | .090 |
Total from investment operations | (.068) | .580 | .456 | .255 | .584 |
Distributions from net investment income | (.455) | (.446) | (.454) | (.470) | (.496) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.462) | (.480) | (.566) | (.595) | (.674) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A, B | (.46)% | 4.67% | 3.64% | 1.99% | 4.55% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | .72% | .72% | .74% | .75% | .76% |
Expenses net of fee waivers, | .72% | .72% | .74% | .75% | .76% |
Expenses net of all reductions | .71% | .70% | .71% | .72% | .75% |
Net investment income | 3.70% | 3.53% | 3.57% | 3.65% | 3.77% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 8 | $ 5 | $ 4 | $ 3 | $ 2 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class B
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .370 | .358 | .366 | .384 | .405 |
Net realized and unrealized gain (loss) | (.533) | .134 | .002 D | (.227) | .100 |
Total from investment operations | (.163) | .492 | .368 | .157 | .505 |
Distributions from net investment income | (.370) | (.358) | (.366) | (.382) | (.407) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.377) | (.392) | (.478) | (.507) | (.585) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.23)% | 3.95% | 2.93% | 1.22% | 3.93% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of fee waivers, | 1.41% | 1.42% | 1.43% | 1.43% | 1.44% |
Expenses net of all reductions | 1.40% | 1.40% | 1.40% | 1.41% | 1.43% |
Net investment income | 3.01% | 2.83% | 2.88% | 2.96% | 3.09% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 7 | $ 8 | $ 9 | $ 10 | $ 10 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.24 |
Income from Investment Operations |
|
|
|
|
|
Net investment income C | .357 | .347 | .355 | .373 | .394 |
Net realized and unrealized gain (loss) | (.522) | .134 | .002 D | (.228) | .100 |
Total from investment operations | (.165) | .481 | .357 | .145 | .494 |
Distributions from net investment income | (.358) | (.347) | (.355) | (.370) | (.396) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.365) | (.381) | (.467) | (.495) | (.574) |
Redemption fees added to paid in capital C, F | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A, B | (1.24)% | 3.86% | 2.84% | 1.14% | 3.84% |
Ratios to Average Net Assets E |
|
|
|
|
|
Expenses before reductions | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of fee waivers, | 1.51% | 1.51% | 1.52% | 1.52% | 1.52% |
Expenses net of all reductions | 1.50% | 1.48% | 1.49% | 1.49% | 1.51% |
Net investment income | 2.91% | 2.74% | 2.79% | 2.88% | 3.01% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 19 | $ 16 | $ 16 | $ 20 | $ 16 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 fee 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 Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - New York Municipal Income
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .486 | .479 | .488 | .508 | .530 |
Net realized and unrealized gain (loss) | (.533) | .134 | .001 C | (.217) | .091 |
Total from investment operations | (.047) | .613 | .489 | .291 | .621 |
Distributions from net investment income | (.486) | (.479) | (.487) | (.506) | (.533) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.493) | (.513) | (.599) | (.631) | (.711) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.27% | 4.84% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .47% | .47% | .48% | .48% | .48% |
Expenses net of fee waivers, | .47% | .47% | .48% | .48% | .48% |
Expenses net of all reductions | .46% | .44% | .45% | .45% | .47% |
Net investment income | 3.95% | 3.78% | 3.83% | 3.92% | 4.05% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 1,428 | $ 1,480 | $ 1,407 | $ 1,411 | $ 1,406 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 | $ 13.25 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .479 | .479 | .487 | .506 | .523 |
Net realized and unrealized gain (loss) | (.527) | .133 | .002 C | (.227) | .092 |
Total from investment operations | (.048) | .612 | .489 | .279 | .615 |
Distributions from net investment income | (.485) | (.478) | (.487) | (.504) | (.527) |
Distributions from net realized gain | (.007) | (.034) | (.112) | (.125) | (.178) |
Total distributions | (.492) | (.512) | (.599) | (.629) | (.705) |
Redemption fees added to paid in capital B, E | - | - | - | - | - |
Net asset value, end of period | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 | $ 13.16 |
Total Return A | (.29)% | 4.94% | 3.91% | 2.18% | 4.80% |
Ratios to Average Net Assets D |
|
|
|
|
|
Expenses before reductions | .48% | .47% | .48% | .49% | .53% |
Expenses net of fee waivers, | .48% | .47% | .48% | .49% | .53% |
Expenses net of all reductions | .47% | .44% | .45% | .46% | .52% |
Net investment income | 3.94% | 3.78% | 3.83% | 3.91% | 4.00% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 4,903 | $ 1,995 | $ 1,195 | $ 898 | $ 284 |
Portfolio turnover rate | 17% | 13% | 23% | 28% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D 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 fee 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.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended January 31, 2009
(Amounts in thousands except ratios)
1. Organization.
Fidelity New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of New York.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of January 31, 2009 for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation and losses deferred due to excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ 16,714 |
Unrealized depreciation | (55,369) |
Net unrealized appreciation (depreciation) | (38,655) |
Undistributed ordinary income | 2 |
Capital loss carryforward | (426) |
|
|
Cost for federal income tax purposes | $ 1,512,042 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
| January 31, 2009 | January 31, 2008 |
Tax-exempt Income | $ 59,779 | $ 55,204 |
Long-term Capital Gains | 840 | 3,939 |
Total | $ 60,619 | $ 59,143 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.
3. Operating Policies.
Swap Agreements. The Fund entered into swap agreements, which are contracts between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gains or losses in the Fund's accompanying Statement of Operations. Certain interest rate swaps include extended effective dates. Gains or losses are realized in the event of an early termination of a swap agreement. Risks of loss may include unfavorable changes in the returns of the underlying instruments or indexes, adverse fluctuations of interest rates, failure of the counterparty to perform under the terms of the agreement and lack of liquidity in the market. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the swap agreement and if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.
Changes in interest rates can have a negative effect on both the value of the Fund's bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall. The Fund entered
Annual Report
3. Operating Policies - continued
Swap Agreements - continued
into interest rate swap agreements to manage its exposure to interest rate changes. Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates (e.g. fixed rate, floating rate), applied to a notional principal amount.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $303,341 and $256,779, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 41 | $ 3 |
Class T | -% | .25% | 16 | - |
Class B | .65% | .25% | 66 | 48 |
Class C | .75% | .25% | 168 | 50 |
|
|
| $ 291 | $ 101 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11 |
Class T | 5 |
Class B* | 23 |
Class C* | 3 |
| $ 42 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives 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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 16 | .10 |
Class T | 5 | .07 |
Class B | 8 | .11 |
Class C | 18 | .11 |
New York Municipal Income | 1,034 | .07 |
Institutional Class | 3 | .08 |
| $ 1,084 |
|
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $141, respectively.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended January 31, | 2009 | 2008 |
From net investment income |
|
|
Class A | $ 604 | $ 404 |
Class T | 236 | 169 |
Class B | 220 | 241 |
Class C | 491 | 418 |
New York Municipal Income | 58,103 | 53,927 |
Institutional Class | 125 | 45 |
Total | $ 59,779 | $ 55,204 |
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
9. Distributions to Shareholders - continued
Years ended January 31, | 2009 | 2008 |
From net realized gain |
|
|
Class A | $ 8 | $ 31 |
Class T | 3 | 13 |
Class B | 4 | 23 |
Class C | 8 | 42 |
New York Municipal Income | 816 | 3,827 |
Institutional Class | 1 | 3 |
Total | $ 840 | $ 3,939 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Years ended January 31, | 2009 | 2008 | 2009 | 2008 |
Class A |
|
|
|
|
Shares sold | 850 | 279 | $ 10,478 | $ 3,563 |
Reinvestment of distributions | 37 | 24 | 457 | 303 |
Shares redeemed | (230) | (180) | (2,765) | (2,273) |
Net increase (decrease) | 657 | 123 | $ 8,170 | $ 1,593 |
Class T |
|
|
|
|
Shares sold | 389 | 164 | $ 4,807 | $ 2,098 |
Reinvestment of distributions | 14 | 11 | 171 | 134 |
Shares redeemed | (123) | (112) | (1,491) | (1,425) |
Net increase (decrease) | 280 | 63 | $ 3,487 | $ 807 |
Class B |
|
|
|
|
Shares sold | 99 | 48 | $ 1,215 | $ 605 |
Reinvestment of distributions | 12 | 15 | 149 | 193 |
Shares redeemed | (202) | (148) | (2,471) | (1,883) |
Net increase (decrease) | (91) | (85) | $ (1,107) | $ (1,085) |
Class C |
|
|
|
|
Shares sold | 543 | 323 | $ 6,685 | $ 4,095 |
Reinvestment of distributions | 21 | 19 | 251 | 240 |
Shares redeemed | (202) | (407) | (2,493) | (5,157) |
Net increase (decrease) | 362 | (65) | $ 4,443 | $ (822) |
New York Municipal Income |
|
|
|
|
Shares sold | 38,599 | 24,396 | $ 474,128 | $ 309,298 |
Reinvestment of distributions | 3,497 | 3,308 | 42,806 | 41,932 |
Shares redeemed | (41,257) | (22,904) | (499,022) | (289,467) |
Net increase (decrease) | 839 | 4,800 | $ 17,912 | $ 61,763 |
Institutional Class |
|
|
|
|
Shares sold | 353 | 130 | $ 4,299 | $ 1,658 |
Reinvestment of distributions | 4 | 3 | 47 | 36 |
Shares redeemed | (113) | (71) | (1,368) | (892) |
Net increase (decrease) | 244 | 62 | $ 2,978 | $ 802 |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity New York Municipal Trust and Shareholders of Fidelity New York Municipal Income Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity New York Municipal Income Fund (the Fund), a fund of Fidelity New York Municipal Trust, including the schedule of investments, as of January 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity New York Municipal Income Fund as of January 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 17, 2009
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 380 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Edward C. Johnson 3d (78) | |
| Year of Election or Appointment: 1983 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (73) | |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation | |
Albert R. Gamper, Jr. (66) | |
| Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) | |
| Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) | |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) | |
| Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (69) | |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Annual Report
Trustees and Officers - continued
Advisory Board Member and Executive Officers**:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Michael E. Kenneally (54) | |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) | |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments (2003- |
Boyce I. Greer (52) | |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Scott C. Goebel (41) | |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) | |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) | |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice. |
Michael H. Whitaker (41) | |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) | |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) | |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Accounting Group Manager (2003) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Paul M. Murphy (61) | |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007). |
Gary W. Ryan (50) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
During fiscal year ended 2009, 100% of the fund's income dividends was free from federal income tax, and 2.08% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASNMI-UANN-0309 1.789706.106
Item 2. Code of Ethics
As of the end of the period, January 31, 2009, Fidelity New York Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity New York Municipal Income Fund (the "Fund"):
Services Billed by Deloitte Entities
January 31, 2009 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity New York Municipal Income Fund | $48,000 | $- | $4,500 | $- |
January 31, 2008 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity New York Municipal Income Fund | $46,000 | $- | $4,500 | $- |
A Amounts may reflect rounding.
The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Fund Service Providers"):
Services Billed by Deloitte Entities
| January 31, 2009A | January 31, 2008A,B |
Audit-Related Fees | $815,000 | $- |
Tax Fees | $2,000 | $- |
All Other Fees | $445,000 | $485,000 |
A Amounts may reflect rounding.
B Reflects current period presentation.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:
Billed By | January 31, 2009 A | January 31, 2008 A |
Deloitte Entities | $1,475,000 | $675,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Fund, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity New York Municipal Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | March 30, 2009 |
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/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | March 30, 2009 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | March 30, 2009 |