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 |
|
|
Date of reporting period: | July 31, 2011 |
Item 1. Reports to Stockholders
Fidelity®
New York Municipal Income
Fund
Semiannual Report
July 31, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. |
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/proxyvotingresults 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.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(Chairman's photo appears here)
Dear Shareholder:
The second half of 2011 began with U.S. equities continuing to give back some of the gains achieved earlier in the year. In the days leading up to July 31, markets were shaken by a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline. The resulting uncertainty held back markets in July, the third consecutive monthly decline for equities, effectively reversing the positive momentum seen through the end of April. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(Chairman's signature appears here)
Abigail P. Johnson
Semiannual 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 (February 1, 2011 to July 31, 2011).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.30 | $ 3.87 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class T | .74% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.40 | $ 3.77 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.90 | $ 7.17 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.30 | $ 7.78 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.00 | $ 2.39 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Institutional Class | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.50 | $ 2.75 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.12 | $ 2.71 |
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 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of July 31, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 24.2 | 29.6 |
Special Tax | 21.9 | 20.6 |
Transportation | 12.9 | 13.7 |
Education | 12.8 | 12.4 |
Water & Sewer | 10.0 | 10.1 |
Weighted Average Maturity as of July 31, 2011 | ||
|
| 6 months ago |
Years | 6.6 | 11.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of July 31, 2011 | ||
|
| 6 months ago |
Years | 8.2 | 8.5 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2011 | As of January 31, 2011 | ||||||
![]() | AAA 15.2% |
| ![]() | AAA 14.4% |
| ||
![]() | AA,A 75.4% |
| ![]() | AA,A 78.1% |
| ||
![]() | BBB 5.0% |
| ![]() | BBB 5.3% |
| ||
![]() | BB and Below 0.2% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 0.2% |
| ![]() | Not Rated 0.8% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments July 31, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - 90.2% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | $ 3,000 | $ 3,158 | ||
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | ||||
5% 12/1/20 | 1,215 | 1,411 | ||
5% 12/1/22 | 1,000 | 1,139 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series 2007 A1, 5% 8/1/12 | 500 | 516 | ||
Series 2007 A2, 5% 8/1/11 | 750 | 750 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 100) (c) | 8,940 | 9,312 | ||
5.75% 5/1/20 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,400 | 1,458 | ||
5.75% 5/1/21 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,755 | 1,828 | ||
5.75% 5/1/22 (Pre-Refunded to 5/1/12 @ 100) (c) | 4,900 | 5,104 | ||
5.75% 5/1/23 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,534 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,399 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,166 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,110 | ||
5.75% 5/1/26 (FSA Insured) | 8,985 | 9,471 | ||
Series 2007 A, 5.75% 5/1/27 (FSA Insured) | 5,000 | 5,526 | ||
Series 2008 A, 5.75% 5/1/29 (FSA Insured) | 3,535 | 3,946 | ||
5.75% 5/1/14 (Pre-Refunded to 5/1/13 @ 100) (c) | 1,000 | 1,095 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,485 | 3,540 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/14 | 1,000 | 1,090 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,672 | ||
Hempstead Local Dev. Corp. Rev.: | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 2/1/12 | 1,000 | 1,019 | ||
5% 2/1/14 | 1,035 | 1,114 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Hempstead Local Dev. Corp. Rev.: - continued | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 B, 5.25% 2/1/39 | $ 1,200 | $ 1,166 | ||
(Molloy College Proj.) Series 2009: | ||||
5% 7/1/17 | 1,035 | 1,114 | ||
5.25% 7/1/18 | 1,090 | 1,188 | ||
5.25% 7/1/19 | 1,100 | 1,192 | ||
5.75% 7/1/39 | 6,500 | 6,570 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 1,790 | 1,428 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 19,565 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 11,330 | ||
Series 2009 A: | ||||
5.75% 4/1/39 | 6,500 | 6,939 | ||
6.25% 4/1/33 | 1,655 | 1,841 | ||
Series A, 5% 12/1/25 (FGIC Insured) | 2,800 | 2,951 | ||
Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.) Series 2010 A: | ||||
5% 7/1/24 | 1,405 | 1,559 | ||
5% 7/1/25 | 1,000 | 1,097 | ||
5% 7/1/26 | 1,150 | 1,254 | ||
5% 7/1/27 | 1,630 | 1,769 | ||
5% 7/1/28 | 1,015 | 1,102 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,086 | ||
5.75% 7/1/31 | 3,025 | 3,059 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,111 | ||
5.5% 7/1/23 | 5,000 | 5,122 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,243 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,000 | 1,024 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,510 | ||
5% 8/1/13 | 1,650 | 1,736 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,012 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | $ 30 | $ 30 | ||
Series 2001 B, 5.875% 11/1/11 | 190 | 192 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,002 | ||
Series 2003 A: | ||||
5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110 | 6,576 | ||
5.5% 8/1/20 (Pre-Refunded to 8/1/13 @ 100) (c) | 45 | 50 | ||
Series 2005 O, 5% 6/1/22 | 5,000 | 5,380 | ||
Series 2006 A, 5% 8/1/19 | 3,000 | 3,315 | ||
Series 2006 I1, 5% 4/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,395 | 2,590 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 16,139 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,559 | ||
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | 5,000 | 5,524 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Polytechnic Univ. NY Proj.) 5.25% 11/1/37 | 9,590 | 9,415 | ||
(Spence School, Inc. Proj.) Series 2002, 5% 7/1/27 | 3,255 | 3,286 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,996 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,636 | ||
Series 2003 A, 5.125% 6/15/34 | 4,200 | 4,235 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 2,031 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 16,395 | ||
5% 6/15/38 | 20,050 | 20,415 | ||
5% 6/15/39 | 3,755 | 3,822 | ||
5% 6/15/39 | 2,800 | 2,850 | ||
Series 2007 DD: | ||||
4.75% 6/15/35 | 3,000 | 3,011 | ||
4.75% 6/15/36 | 1,000 | 1,000 | ||
Series 2008 AA, 5% 6/15/27 | 10,000 | 10,625 | ||
Series 2009 A, 5.75% 6/15/40 | 10,025 | 10,974 | ||
Series 2009 DD, 6% 6/15/40 | 1,115 | 1,241 | ||
Series 2009 EE, 5.25% 6/15/40 | 8,500 | 8,889 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 9,295 | 9,873 | ||
Series 2009 GG, 5.25% 6/15/40 | 10,000 | 10,458 | ||
Series 2009 GG1, 5.25% 6/15/32 | 5,000 | 5,311 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | ||||
Series 2011 EE: | ||||
5.375% 6/15/40 | $ 2,310 | $ 2,454 | ||
5.375% 6/15/43 | 11,400 | 12,057 | ||
5.5% 6/15/43 | 2,005 | 2,139 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | 3,000 | 3,028 | ||
Series 2008 S1, 5% 1/15/34 | 10,000 | 10,226 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,317 | ||
5.5% 7/15/38 | 2,900 | 3,003 | ||
5.625% 7/15/38 | 2,900 | 3,033 | ||
Series 2009 S2, 6% 7/15/38 | 7,500 | 8,077 | ||
Series 2009 S3: | ||||
5.25% 1/15/26 | 1,000 | 1,073 | ||
5.25% 1/15/39 | 3,400 | 3,473 | ||
5.375% 1/15/34 | 13,435 | 14,016 | ||
Series 2009 S4: | ||||
5.5% 1/15/34 | 1,000 | 1,051 | ||
5.5% 1/15/39 | 6,700 | 6,969 | ||
5.75% 1/15/39 | 2,900 | 3,071 | ||
Series 2009 S5, 5.25% 1/15/39 | 10,180 | 10,400 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 20,263 | ||
5.25% 2/1/17 (Pre-Refunded to 2/1/13 @ 100) (c) | 9,385 | 10,085 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 5,070 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 15,738 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,462 | ||
Series 2011 A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,114 | ||
Series A, 5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ 100) (c) | 1,100 | 1,174 | ||
Series D: | ||||
5.25% 2/1/19 (Pre-Refunded to 2/1/13 @ 100) (c) | 7,050 | 7,576 | ||
5.25% 2/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 4,185 | 4,497 | ||
5.25% 8/1/19 (Pre-Refunded to 8/1/13 @ 100) (c) | 2,810 | 3,080 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Trust Cultural Resources Rev.: | ||||
(Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39 | $ 23,090 | $ 22,915 | ||
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,227 | ||
Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (a) | 4,000 | 4,089 | ||
New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44 | 30,000 | 29,709 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2006 C: | ||||
5% 12/15/22 | 4,305 | 4,720 | ||
5% 12/15/31 | 10,000 | 10,419 | ||
Series 2006 D: | ||||
5% 3/15/20 | 3,500 | 3,873 | ||
5% 3/15/36 | 3,320 | 3,389 | ||
Series 2007 A: | ||||
5% 3/15/32 | 3,700 | 3,845 | ||
5% 3/15/37 | 1,700 | 1,737 | ||
Series 2008 A, 5% 3/15/24 | 5,000 | 5,446 | ||
Series 2008 B: | ||||
5.25% 3/15/38 | 1,500 | 1,564 | ||
5.75% 3/15/36 | 10,500 | 11,479 | ||
Series 2009 A: | ||||
5% 2/15/34 | 15,500 | 16,101 | ||
5% 2/15/39 | 20,355 | 20,881 | ||
5.25% 2/15/23 | 7,940 | 8,926 | ||
Series 2011 A, 5% 3/15/21 | 10,000 | 11,669 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 3,385 | 3,598 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,705 | 1,812 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900 | 2,124 | ||
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,981 | ||
(Cornell Univ. Proj.): | ||||
Series 2008 C: | ||||
5% 7/1/29 | 2,015 | 2,176 | ||
5% 7/1/37 | 6,000 | 6,187 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(Cornell Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 7/1/22 | $ 445 | $ 503 | ||
5% 7/1/23 | 1,315 | 1,469 | ||
(Fordham Univ. Proj.) 5.5% 7/1/36 | 2,000 | 2,069 | ||
(Marymount Manhattan College Proj.) Series 2009: | ||||
5% 7/1/15 | 1,850 | 1,980 | ||
5% 7/1/17 | 2,080 | 2,223 | ||
(Mental Health Svcs. Proj.) Series 2005 E, 5% 2/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,115 | 5,366 | ||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | 13,000 | 15,004 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 11,572 | ||
5.5% 5/15/28 | 2,700 | 3,019 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 1,375 | 1,494 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 2,068 | ||
5% 7/1/14 | 2,510 | 2,742 | ||
5% 7/1/16 | 1,130 | 1,268 | ||
5% 7/1/20 | 2,000 | 2,137 | ||
Series 2007 A, 5% 7/1/12 | 1,530 | 1,589 | ||
Series 2007 B, 5.25% 7/1/24 | 100 | 105 | ||
Series 2011 A: | ||||
5.75% 7/1/31 | 4,000 | 4,219 | ||
6% 7/1/40 | 4,000 | 4,211 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,305 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 757 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,709 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 862 | ||
Series 2008 A, 5.25% 7/1/48 | 11,930 | 12,200 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 8,153 | ||
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 | 8,085 | 8,217 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 2,067 | ||
5% 5/1/21 | 1,315 | 1,340 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(North Shore Univ. Hosp. Proj.): | ||||
Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,500 | $ 1,589 | ||
(Orange Reg'l. Med. Ctr. Proj.) Series 2008: | ||||
5.5% 12/1/12 | 3,125 | 3,184 | ||
6.125% 12/1/29 | 1,000 | 986 | ||
(Rochester Institute of Technology Proj.) Series 2010: | ||||
5% 7/1/20 | 1,000 | 1,122 | ||
5% 7/1/21 | 1,500 | 1,667 | ||
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | 15,000 | 15,384 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 10,825 | 11,350 | ||
Series 2002 E, 5.75% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,485 | 1,537 | ||
Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,726 | ||
Series 2002 I, 5.75% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500 | 524 | ||
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | 3,000 | 3,099 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,915 | 18,952 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 7,000 | 7,614 | ||
(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,855 | 9,833 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,930 | 3,095 | ||
5.5% 3/1/39 | 2,500 | 2,559 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,307 | ||
5% 7/1/39 | 19,005 | 19,013 | ||
(Vassar College Proj.) Series 2010, 5% 7/1/49 | 9,000 | 8,969 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,147 | ||
6% 7/1/15 | 1,160 | 1,212 | ||
6% 7/1/16 | 1,230 | 1,281 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 672 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 371 | ||
Bonds Series 2002 B, 6%, tender 5/15/12 (a) | 11,000 | 11,479 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 30,260 | $ 31,759 | ||
Series 2002 B: | ||||
6% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,775 | 2,868 | ||
6% 10/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,600 | 5,761 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,345 | 3,570 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,745 | 1,856 | ||
5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835 | 1,947 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 5,102 | ||
Series 2010 A: | ||||
5% 7/1/19 | 1,500 | 1,649 | ||
5% 7/1/21 | 7,000 | 7,455 | ||
5% 7/1/22 | 6,000 | 6,294 | ||
Series 2010, 5% 7/1/41 | 12,000 | 12,427 | ||
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 | 521 | ||
Series 2002 D, 5.125% 6/15/31 | 6,900 | 6,970 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,092 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,919 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,400 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series A, 7% 6/15/12 | 65 | 65 | ||
Series E, 6.5% 6/15/14 | 60 | 60 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 930 | 970 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | 10,000 | 10,324 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,979 | ||
Series 2009 A: | ||||
5.5% 11/15/39 | 10,400 | 10,810 | ||
5.625% 11/15/39 | 6,000 | 6,282 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued | ||||
Series 2009 B, 5% 11/15/34 | $ 19,560 | $ 19,971 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,121 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,855 | ||
Series 2003 B, 5.25% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,269 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,352 | ||
Series 2005 B, 5% 11/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,286 | ||
Series 2005 G, 5% 11/15/21 | 3,200 | 3,556 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 8,492 | ||
5% 11/15/28 | 2,235 | 2,297 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 15,167 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,930 | ||
Series 2011 A: | ||||
5% 11/15/18 | 1,000 | 1,143 | ||
5% 11/15/22 | 1,500 | 1,647 | ||
5.5% 11/15/18 | 2,000 | 2,262 | ||
New York Pwr. Auth.: | ||||
Series 2000 A, 5.25% 11/15/40 | 25,860 | 25,865 | ||
Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 20,192 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,355 | 4,570 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (a)(b) | 11,800 | 11,838 | ||
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | 2,300 | 1,852 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,869 | ||
5.25% 1/1/27 | 6,570 | 6,974 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,271 | ||
5% 1/1/25 | 13,000 | 13,713 | ||
5% 1/1/26 | 4,000 | 4,210 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 9,660 | $ 11,090 | ||
5.5% 4/1/20 (AMBAC Insured) | 27,375 | 32,904 | ||
Series 2007 B, 5% 4/1/27 | 6,750 | 7,115 | ||
New York Thruway Auth. Personal Income Tax Rev.: | ||||
Series 2007 A: | ||||
5.25% 3/15/24 | 4,180 | 4,584 | ||
5.25% 3/15/25 | 8,000 | 8,732 | ||
5.25% 3/15/26 | 12,080 | 13,124 | ||
Series 2010 A, 5% 3/15/21 | 10,000 | 11,593 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2011 A1, 5% 4/1/22 | 4,000 | 4,562 | ||
Series 2011 A2: | ||||
5% 4/1/21 | 2,385 | 2,765 | ||
5% 4/1/23 | 6,000 | 6,753 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,755 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,818 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,707 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,468 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 116 | ||
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 970 | 1,164 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 133 | ||
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100 | 1,337 | ||
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,003 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 5,160 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | 680 | 671 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,128 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | $ 4,305 | $ 4,367 | ||
Taconic Hills Central School District at Craryville Series 2002, 5% 6/15/16 (FGIC Insured) | 1,130 | 1,160 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 3,255 | 3,463 | ||
5.25% 6/1/22 (AMBAC Insured) | 8,070 | 8,570 | ||
5.5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,106 | ||
5.5% 6/1/19 | 4,600 | 4,944 | ||
Series 2003B 1C: | ||||
5.5% 6/1/18 | 3,800 | 3,934 | ||
5.5% 6/1/19 | 13,620 | 14,639 | ||
5.5% 6/1/20 | 16,000 | 17,149 | ||
5.5% 6/1/21 | 12,070 | 12,896 | ||
5.5% 6/1/22 | 9,700 | 10,344 | ||
Series 2011, 5% 6/1/16 | 16,215 | 18,587 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,514 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,799 | ||
Series 2008 A: | ||||
5% 11/15/37 | 22,500 | 22,926 | ||
5.25% 11/15/38 | 14,500 | 14,924 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 3,024 | ||
5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,455 | 1,462 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,119 | ||
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | ||||
5% 9/1/30 | 5,000 | 5,047 | ||
5.125% 9/1/40 | 8,055 | 7,894 | ||
Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,391 | ||
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | ||||
6% 6/1/29 | 1,130 | 1,203 | ||
6% 6/1/41 | 5,000 | 5,170 | ||
| 1,606,917 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - 3.9% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | $ 3,000 | $ 3,008 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,975 | ||
141st Series: | ||||
5% 9/1/18 (b) | 6,045 | 6,491 | ||
5% 9/1/21 (CIFG North America Insured) (b) | 4,600 | 4,819 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,609 | ||
163rd Series, 5% 7/15/35 | 25,000 | 25,763 | ||
166th Series, 5% 1/15/41 | 5,400 | 5,539 | ||
85th Series, 5.375% 3/1/28 | 6,280 | 7,140 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 5,000 | 5,282 | ||
| 68,626 | |||
Puerto Rico - 1.5% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 3,100 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/27 | 1,000 | 1,025 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,150 | 4,405 | ||
Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,399 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,593 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,127 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,104 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 33,500 | 4,833 | ||
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 182 | ||
0% 8/1/47 (AMBAC Insured) | 2,400 | 230 | ||
Series 2009 A, 6% 8/1/42 | 2,900 | 3,029 | ||
| 26,027 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.4% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B: | ||||
5% 10/1/16 | $ 4,000 | $ 4,416 | ||
5% 10/1/17 | 2,750 | 3,007 | ||
| 7,423 |
TOTAL INVESTMENT PORTFOLIO - 96.0% (Cost $1,672,224) | 1,708,993 | ||
NET OTHER ASSETS (LIABILITIES) - 4.0% | 71,549 | ||
NET ASSETS - 100% | $ 1,780,542 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 24.2% |
Special Tax | 21.9% |
Transportation | 12.9% |
Education | 12.8% |
Water & Sewer | 10.0% |
Electric Utilities | 5.9% |
Others* (Individually Less Than 5%) | 12.3% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,672,224) |
| $ 1,708,993 |
Cash | 56,035 | |
Receivable for fund shares sold | 1,242 | |
Interest receivable | 18,124 | |
Other receivables | 2 | |
Total assets | 1,784,396 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 1,341 | |
Distributions payable | 1,628 | |
Accrued management fee | 541 | |
Transfer agent fee payable | 217 | |
Distribution and service plan fees payable | 38 | |
Other affiliated payables | 56 | |
Other payables and accrued expenses | 33 | |
Total liabilities | 3,854 | |
|
|
|
Net Assets | $ 1,780,542 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,743,894 | |
Undistributed net investment income | 75 | |
Accumulated undistributed net realized gain (loss) on investments | (196) | |
Net unrealized appreciation (depreciation) on investments | 36,769 | |
Net Assets | $ 1,780,542 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.89 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.89) | $ 13.43 | |
Class T: | $ 12.90 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.90) | $ 13.44 | |
Class B: | $ 12.89 | |
|
|
|
Class C: | $ 12.89 | |
|
|
|
New York Municipal Income: | $ 12.89 | |
|
|
|
Institutional Class: | $ 12.88 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands Six months ended July 31, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 38,065 |
|
|
|
Expenses | ||
Management fee | $ 3,154 | |
Transfer agent fees | 634 | |
Distribution and service plan fees | 224 | |
Accounting fees and expenses | 161 | |
Custodian fees and expenses | 10 | |
Independent trustees' compensation | 3 | |
Registration fees | 70 | |
Audit | 27 | |
Legal | 6 | |
Miscellaneous | 8 | |
Total expenses before reductions | 4,297 | |
Expense reductions | (6) | 4,291 |
Net investment income (loss) | 33,774 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (101) |
Change in net unrealized appreciation (depreciation) on investment securities | 59,429 | |
Net gain (loss) | 59,328 | |
Net increase (decrease) in net assets resulting from operations | $ 93,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended July 31, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 33,774 | $ 72,358 |
Net realized gain (loss) | (101) | 6,167 |
Change in net unrealized appreciation (depreciation) | 59,429 | (58,519) |
Net increase (decrease) in net assets resulting | 93,102 | 20,006 |
Distributions to shareholders from net investment income | (33,783) | (72,377) |
Distributions to shareholders from net realized gain | (4,059) | (296) |
Total distributions | (37,842) | (72,673) |
Share transactions - net increase (decrease) | 29,821 | (81,293) |
Redemption fees | 20 | 32 |
Total increase (decrease) in net assets | 85,101 | (133,928) |
|
|
|
Net Assets | ||
Beginning of period | 1,695,441 | 1,829,369 |
End of period (including undistributed net investment income of $75 and undistributed net investment income of $84, respectively) | $ 1,780,542 | $ 1,695,441 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .231 | .459 | .454 | .449 | .446 | .464 |
Net realized and unrealized gain (loss) | .441 | (.347) | .560 | (.521) | .134 | .002 |
Total from investment operations | .672 | .112 | 1.014 | (.072) | .580 | .466 |
Distributions from net investment income | (.232) | (.460) | (.454) | (.451) | (.446) | (.464) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.262) | (.462) | (.454) | (.458) | (.480) | (.576) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.43% | .79% | 8.39% | (.49)% | 4.67% | 3.72% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of fee waivers, if any | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of all reductions | .76% A | .75% | .77% | .74% | .70% | .63% |
Net investment income (loss) | 3.68% A | 3.54% | 3.60% | 3.67% | 3.52% | 3.65% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 36 | $ 33 | $ 35 | $ 21 | $ 13 | $ 11 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
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Net investment income (loss) E | .233 | .463 | .459 | .452 | .446 | .455 |
Net realized and unrealized gain (loss) | .440 | (.348) | .561 | (.520) | .134 | .001 |
Total from investment operations | .673 | .115 | 1.020 | (.068) | .580 | .456 |
Distributions from net investment income | (.233) | (.463) | (.460) | (.455) | (.446) | (.454) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.263) | (.465) | (.460) | (.462) | (.480) | (.566) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.90 | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 |
Total Return B,C,D | 5.44% | .81% | 8.43% | (.46)% | 4.67% | 3.64% |
Ratios to Average Net Assets F |
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Expenses before reductions | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of fee waivers, if any | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of all reductions | .73% A | .73% | .73% | .71% | .70% | .71% |
Net investment income (loss) | 3.70% A | 3.56% | 3.64% | 3.70% | 3.53% | 3.57% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 8 | $ 8 | $ 9 | $ 8 | $ 5 | $ 4 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
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Net investment income (loss) E | .191 | .376 | .372 | .370 | .358 | .366 |
Net realized and unrealized gain (loss) | .440 | (.347) | .571 | (.533) | .134 | .002 |
Total from investment operations | .631 | .029 | .943 | (.163) | .492 | .368 |
Distributions from net investment income | (.191) | (.377) | (.373) | (.370) | (.358) | (.366) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.221) | (.379) | (.373) | (.377) | (.392) | (.478) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.09% | .15% | 7.79% | (1.23)% | 3.95% | 2.93% |
Ratios to Average Net Assets F |
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Expenses before reductions | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of fee waivers, if any | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of all reductions | 1.41% A | 1.40% | 1.41% | 1.40% | 1.40% | 1.40% |
Net investment income (loss) | 3.03% A | 2.89% | 2.95% | 3.01% | 2.83% | 2.88% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 4 | $ 4 | $ 6 | $ 7 | $ 8 | $ 9 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
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Net investment income (loss) E | .183 | .358 | .357 | .357 | .347 | .355 |
Net realized and unrealized gain (loss) | .440 | (.347) | .560 | (.522) | .134 | .002 |
Total from investment operations | .623 | .011 | .917 | (.165) | .481 | .357 |
Distributions from net investment income | (.183) | (.359) | (.357) | (.358) | (.347) | (.355) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.213) | (.361) | (.357) | (.365) | (.381) | (.467) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.03% | .01% | 7.57% | (1.24)% | 3.86% | 2.84% |
Ratios to Average Net Assets F |
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Expenses before reductions | 1.54% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.53% | 1.50% | 1.48% | 1.49% |
Net investment income (loss) | 2.91% A | 2.76% | 2.83% | 2.91% | 2.74% | 2.79% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 31 | $ 32 | $ 29 | $ 19 | $ 16 | $ 16 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - New York Municipal Income
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
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Net investment income (loss) D | .249 | .497 | .491 | .486 | .479 | .488 |
Net realized and unrealized gain (loss) | .431 | (.338) | .560 | (.533) | .134 | .001 |
Total from investment operations | .680 | .159 | 1.051 | (.047) | .613 | .489 |
Distributions from net investment income | (.250) | (.497) | (.491) | (.486) | (.479) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.280) | (.499) | (.491) | (.493) | (.513) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 |
Total Return B,C | 5.50% | 1.16% | 8.71% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
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Expenses before reductions | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of fee waivers, if any | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of all reductions | .47% A | .47% | .47% | .46% | .44% | .45% |
Net investment income (loss) | 3.96% A | 3.82% | 3.89% | 3.95% | 3.78% | 3.83% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 1,688 | $ 1,604 | $ 1,740 | $ 1,428 | $ 1,480 | $ 1,407 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
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Net investment income (loss) D | .245 | .487 | .485 | .479 | .479 | .487 |
Net realized and unrealized gain (loss) | .441 | (.347) | .561 | (.527) | .133 | .002 |
Total from investment operations | .686 | .140 | 1.046 | (.048) | .612 | .489 |
Distributions from net investment income | (.246) | (.488) | (.486) | (.485) | (.478) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.276) | (.490) | (.486) | (.492) | (.512) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C | 5.55% | 1.01% | 8.67% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
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Expenses before reductions | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of fee waivers, if any | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of all reductions | .53% A | .53% | .52% | .47% | .44% | .45% |
Net investment income (loss) | 3.90% A | 3.76% | 3.85% | 3.94% | 3.78% | 3.83% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 14 | $ 14 | $ 10 | $ 5 | $ 2 | $ 1 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2011 (Unaudited)
(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 C, New York Municipal Income, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. 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 may 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. 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 and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 47,160 |
Gross unrealized depreciation | (10,355) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 36,805 |
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Tax cost | $ 1,672,188 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be January 31, 2012.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,530 and $136,292, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 42 | $ 2 |
Class T | -% | .25% | 10 | -* |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .65% | .25% | $ 18 | $ 13 |
Class C | .75% | .25% | 154 | 38 |
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| $ 224 | $ 53 |
* Amount represents eighty five dollars.
Sales Load. FDC may receive 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. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, .75% 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 | $ 8 |
Class T | -** |
Class B* | 4 |
Class C* | 2 |
| $ 14 |
* 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.
** Amount represents one hundred thirty nine dollars.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and 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 agency, dividend disbursing, and shareholder servicing 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 17 | .10 |
Class T | 3 | .08 |
Class B | 2 | .10 |
Class C | 21 | .13 |
New York Municipal Income | 582 | .07 |
Institutional Class | 9 | .14 |
| $ 634 |
|
* Annualized
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.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class C | 1.55% | 2 |
Institutional Class | .55% | -* |
* Amount of reimbursement for Institutional Class totaled two hundred eighty two dollars
** Effective April 1, 2011 the expense limitation was eliminated.
Semiannual Report
6. Expense Reductions - continued
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
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Class A | $ 610 | $ 1,295 |
Class T | 145 | 328 |
Class B | 59 | 145 |
Class C | 446 | 903 |
New York Municipal Income | 32,268 | 69,168 |
Institutional Class | 255 | 538 |
Total | $ 33,783 | $ 72,377 |
From net realized gain |
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Class A | $ 79 | $ 6 |
Class T | 19 | 1 |
Class B | 10 | 1 |
Class C | 73 | 5 |
New York Municipal Income | 3,847 | 280 |
Institutional Class | 31 | 3 |
Total | $ 4,059 | $ 296 |
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class A |
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Shares sold | 390 | 843 | $ 4,978 | $ 10,950 |
Reinvestment of distributions | 36 | 67 | 455 | 864 |
Shares redeemed | (343) | (987) | (4,346) | (12,753) |
Net increase (decrease) | 83 | (77) | $ 1,087 | $ (939) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class T |
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|
|
|
Shares sold | 12 | 170 | $ 166 | $ 2,210 |
Reinvestment of distributions | 10 | 20 | 125 | 257 |
Shares redeemed | (60) | (199) | (754) | (2,571) |
Net increase (decrease) | (38) | (9) | $ (463) | $ (104) |
Class B |
|
|
|
|
Shares sold | 5 | 40 | $ 59 | $ 515 |
Reinvestment of distributions | 3 | 7 | 40 | 90 |
Shares redeemed | (47) | (194) | (591) | (2,513) |
Net increase (decrease) | (39) | (147) | $ (492) | $ (1,908) |
Class C |
|
|
|
|
Shares sold | 177 | 721 | $ 2,229 | $ 9,405 |
Reinvestment of distributions | 23 | 39 | 293 | 501 |
Shares redeemed | (327) | (487) | (4,107) | (6,281) |
Net increase (decrease) | (127) | 273 | $ (1,585) | $ 3,625 |
New York Municipal Income |
|
|
|
|
Shares sold | 12,829 | 27,629 | $ 162,432 | $ 358,403 |
Reinvestment of distributions | 2,071 | 4,003 | 26,314 | 52,003 |
Shares redeemed | (12,456) | (38,771) | (157,230) | (496,938) |
Net increase (decrease) | 2,444 | (7,139) | $ 31,516 | $ (86,532) |
Institutional Class |
|
|
|
|
Shares sold | 118 | 713 | $ 1,499 | $ 9,276 |
Reinvestment of distributions | 11 | 20 | 142 | 258 |
Shares redeemed | (150) | (392) | (1,883) | (4,969) |
Net increase (decrease) | (21) | 341 | $ (242) | $ 4,565 |
9. 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.
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
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(U.K.) Inc.
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(Japan) Inc.
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Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
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Operations Company, Inc.
Boston, MA
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Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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NFY-USAN-0911 1.789735.109
Fidelity Advisor®
New York Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
July 31, 2011
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. |
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/proxyvotingresults 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.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(Chairman's photo appears here)
Dear Shareholder:
The second half of 2011 began with U.S. equities continuing to give back some of the gains achieved earlier in the year. In the days leading up to July 31, markets were shaken by a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline. The resulting uncertainty held back markets in July, the third consecutive monthly decline for equities, effectively reversing the positive momentum seen through the end of April. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(Chairman's signature appears here)
Abigail P. Johnson
Semiannual 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 (February 1, 2011 to July 31, 2011).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.30 | $ 3.87 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class T | .74% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.40 | $ 3.77 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.90 | $ 7.17 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.30 | $ 7.78 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.00 | $ 2.39 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Institutional Class | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.50 | $ 2.75 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.12 | $ 2.71 |
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 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of July 31, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 24.2 | 29.6 |
Special Tax | 21.9 | 20.6 |
Transportation | 12.9 | 13.7 |
Education | 12.8 | 12.4 |
Water & Sewer | 10.0 | 10.1 |
Weighted Average Maturity as of July 31, 2011 | ||
|
| 6 months ago |
Years | 6.6 | 11.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of July 31, 2011 | ||
|
| 6 months ago |
Years | 8.2 | 8.5 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2011 | As of January 31, 2011 | ||||||
![]() | AAA 15.2% |
| ![]() | AAA 14.4% |
| ||
![]() | AA,A 75.4% |
| ![]() | AA,A 78.1% |
| ||
![]() | BBB 5.0% |
| ![]() | BBB 5.3% |
| ||
![]() | BB and Below 0.2% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 0.2% |
| ![]() | Not Rated 0.8% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments July 31, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - 90.2% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | $ 3,000 | $ 3,158 | ||
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | ||||
5% 12/1/20 | 1,215 | 1,411 | ||
5% 12/1/22 | 1,000 | 1,139 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series 2007 A1, 5% 8/1/12 | 500 | 516 | ||
Series 2007 A2, 5% 8/1/11 | 750 | 750 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 100) (c) | 8,940 | 9,312 | ||
5.75% 5/1/20 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,400 | 1,458 | ||
5.75% 5/1/21 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,755 | 1,828 | ||
5.75% 5/1/22 (Pre-Refunded to 5/1/12 @ 100) (c) | 4,900 | 5,104 | ||
5.75% 5/1/23 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,534 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,399 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,166 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,110 | ||
5.75% 5/1/26 (FSA Insured) | 8,985 | 9,471 | ||
Series 2007 A, 5.75% 5/1/27 (FSA Insured) | 5,000 | 5,526 | ||
Series 2008 A, 5.75% 5/1/29 (FSA Insured) | 3,535 | 3,946 | ||
5.75% 5/1/14 (Pre-Refunded to 5/1/13 @ 100) (c) | 1,000 | 1,095 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,485 | 3,540 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/14 | 1,000 | 1,090 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,672 | ||
Hempstead Local Dev. Corp. Rev.: | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 2/1/12 | 1,000 | 1,019 | ||
5% 2/1/14 | 1,035 | 1,114 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Hempstead Local Dev. Corp. Rev.: - continued | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 B, 5.25% 2/1/39 | $ 1,200 | $ 1,166 | ||
(Molloy College Proj.) Series 2009: | ||||
5% 7/1/17 | 1,035 | 1,114 | ||
5.25% 7/1/18 | 1,090 | 1,188 | ||
5.25% 7/1/19 | 1,100 | 1,192 | ||
5.75% 7/1/39 | 6,500 | 6,570 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 1,790 | 1,428 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 19,565 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 11,330 | ||
Series 2009 A: | ||||
5.75% 4/1/39 | 6,500 | 6,939 | ||
6.25% 4/1/33 | 1,655 | 1,841 | ||
Series A, 5% 12/1/25 (FGIC Insured) | 2,800 | 2,951 | ||
Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.) Series 2010 A: | ||||
5% 7/1/24 | 1,405 | 1,559 | ||
5% 7/1/25 | 1,000 | 1,097 | ||
5% 7/1/26 | 1,150 | 1,254 | ||
5% 7/1/27 | 1,630 | 1,769 | ||
5% 7/1/28 | 1,015 | 1,102 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,086 | ||
5.75% 7/1/31 | 3,025 | 3,059 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,111 | ||
5.5% 7/1/23 | 5,000 | 5,122 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,243 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,000 | 1,024 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,510 | ||
5% 8/1/13 | 1,650 | 1,736 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,012 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | $ 30 | $ 30 | ||
Series 2001 B, 5.875% 11/1/11 | 190 | 192 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,002 | ||
Series 2003 A: | ||||
5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110 | 6,576 | ||
5.5% 8/1/20 (Pre-Refunded to 8/1/13 @ 100) (c) | 45 | 50 | ||
Series 2005 O, 5% 6/1/22 | 5,000 | 5,380 | ||
Series 2006 A, 5% 8/1/19 | 3,000 | 3,315 | ||
Series 2006 I1, 5% 4/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,395 | 2,590 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 16,139 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,559 | ||
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | 5,000 | 5,524 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Polytechnic Univ. NY Proj.) 5.25% 11/1/37 | 9,590 | 9,415 | ||
(Spence School, Inc. Proj.) Series 2002, 5% 7/1/27 | 3,255 | 3,286 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,996 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,636 | ||
Series 2003 A, 5.125% 6/15/34 | 4,200 | 4,235 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 2,031 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 16,395 | ||
5% 6/15/38 | 20,050 | 20,415 | ||
5% 6/15/39 | 3,755 | 3,822 | ||
5% 6/15/39 | 2,800 | 2,850 | ||
Series 2007 DD: | ||||
4.75% 6/15/35 | 3,000 | 3,011 | ||
4.75% 6/15/36 | 1,000 | 1,000 | ||
Series 2008 AA, 5% 6/15/27 | 10,000 | 10,625 | ||
Series 2009 A, 5.75% 6/15/40 | 10,025 | 10,974 | ||
Series 2009 DD, 6% 6/15/40 | 1,115 | 1,241 | ||
Series 2009 EE, 5.25% 6/15/40 | 8,500 | 8,889 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 9,295 | 9,873 | ||
Series 2009 GG, 5.25% 6/15/40 | 10,000 | 10,458 | ||
Series 2009 GG1, 5.25% 6/15/32 | 5,000 | 5,311 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | ||||
Series 2011 EE: | ||||
5.375% 6/15/40 | $ 2,310 | $ 2,454 | ||
5.375% 6/15/43 | 11,400 | 12,057 | ||
5.5% 6/15/43 | 2,005 | 2,139 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | 3,000 | 3,028 | ||
Series 2008 S1, 5% 1/15/34 | 10,000 | 10,226 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,317 | ||
5.5% 7/15/38 | 2,900 | 3,003 | ||
5.625% 7/15/38 | 2,900 | 3,033 | ||
Series 2009 S2, 6% 7/15/38 | 7,500 | 8,077 | ||
Series 2009 S3: | ||||
5.25% 1/15/26 | 1,000 | 1,073 | ||
5.25% 1/15/39 | 3,400 | 3,473 | ||
5.375% 1/15/34 | 13,435 | 14,016 | ||
Series 2009 S4: | ||||
5.5% 1/15/34 | 1,000 | 1,051 | ||
5.5% 1/15/39 | 6,700 | 6,969 | ||
5.75% 1/15/39 | 2,900 | 3,071 | ||
Series 2009 S5, 5.25% 1/15/39 | 10,180 | 10,400 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 20,263 | ||
5.25% 2/1/17 (Pre-Refunded to 2/1/13 @ 100) (c) | 9,385 | 10,085 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 5,070 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 15,738 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,462 | ||
Series 2011 A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,114 | ||
Series A, 5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ 100) (c) | 1,100 | 1,174 | ||
Series D: | ||||
5.25% 2/1/19 (Pre-Refunded to 2/1/13 @ 100) (c) | 7,050 | 7,576 | ||
5.25% 2/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 4,185 | 4,497 | ||
5.25% 8/1/19 (Pre-Refunded to 8/1/13 @ 100) (c) | 2,810 | 3,080 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Trust Cultural Resources Rev.: | ||||
(Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39 | $ 23,090 | $ 22,915 | ||
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,227 | ||
Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (a) | 4,000 | 4,089 | ||
New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44 | 30,000 | 29,709 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2006 C: | ||||
5% 12/15/22 | 4,305 | 4,720 | ||
5% 12/15/31 | 10,000 | 10,419 | ||
Series 2006 D: | ||||
5% 3/15/20 | 3,500 | 3,873 | ||
5% 3/15/36 | 3,320 | 3,389 | ||
Series 2007 A: | ||||
5% 3/15/32 | 3,700 | 3,845 | ||
5% 3/15/37 | 1,700 | 1,737 | ||
Series 2008 A, 5% 3/15/24 | 5,000 | 5,446 | ||
Series 2008 B: | ||||
5.25% 3/15/38 | 1,500 | 1,564 | ||
5.75% 3/15/36 | 10,500 | 11,479 | ||
Series 2009 A: | ||||
5% 2/15/34 | 15,500 | 16,101 | ||
5% 2/15/39 | 20,355 | 20,881 | ||
5.25% 2/15/23 | 7,940 | 8,926 | ||
Series 2011 A, 5% 3/15/21 | 10,000 | 11,669 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 3,385 | 3,598 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,705 | 1,812 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900 | 2,124 | ||
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,981 | ||
(Cornell Univ. Proj.): | ||||
Series 2008 C: | ||||
5% 7/1/29 | 2,015 | 2,176 | ||
5% 7/1/37 | 6,000 | 6,187 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(Cornell Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 7/1/22 | $ 445 | $ 503 | ||
5% 7/1/23 | 1,315 | 1,469 | ||
(Fordham Univ. Proj.) 5.5% 7/1/36 | 2,000 | 2,069 | ||
(Marymount Manhattan College Proj.) Series 2009: | ||||
5% 7/1/15 | 1,850 | 1,980 | ||
5% 7/1/17 | 2,080 | 2,223 | ||
(Mental Health Svcs. Proj.) Series 2005 E, 5% 2/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,115 | 5,366 | ||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | 13,000 | 15,004 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 11,572 | ||
5.5% 5/15/28 | 2,700 | 3,019 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 1,375 | 1,494 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 2,068 | ||
5% 7/1/14 | 2,510 | 2,742 | ||
5% 7/1/16 | 1,130 | 1,268 | ||
5% 7/1/20 | 2,000 | 2,137 | ||
Series 2007 A, 5% 7/1/12 | 1,530 | 1,589 | ||
Series 2007 B, 5.25% 7/1/24 | 100 | 105 | ||
Series 2011 A: | ||||
5.75% 7/1/31 | 4,000 | 4,219 | ||
6% 7/1/40 | 4,000 | 4,211 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,305 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 757 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,709 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 862 | ||
Series 2008 A, 5.25% 7/1/48 | 11,930 | 12,200 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 8,153 | ||
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 | 8,085 | 8,217 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 2,067 | ||
5% 5/1/21 | 1,315 | 1,340 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(North Shore Univ. Hosp. Proj.): | ||||
Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,500 | $ 1,589 | ||
(Orange Reg'l. Med. Ctr. Proj.) Series 2008: | ||||
5.5% 12/1/12 | 3,125 | 3,184 | ||
6.125% 12/1/29 | 1,000 | 986 | ||
(Rochester Institute of Technology Proj.) Series 2010: | ||||
5% 7/1/20 | 1,000 | 1,122 | ||
5% 7/1/21 | 1,500 | 1,667 | ||
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | 15,000 | 15,384 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 10,825 | 11,350 | ||
Series 2002 E, 5.75% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,485 | 1,537 | ||
Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,726 | ||
Series 2002 I, 5.75% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500 | 524 | ||
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | 3,000 | 3,099 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,915 | 18,952 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 7,000 | 7,614 | ||
(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,855 | 9,833 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,930 | 3,095 | ||
5.5% 3/1/39 | 2,500 | 2,559 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,307 | ||
5% 7/1/39 | 19,005 | 19,013 | ||
(Vassar College Proj.) Series 2010, 5% 7/1/49 | 9,000 | 8,969 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,147 | ||
6% 7/1/15 | 1,160 | 1,212 | ||
6% 7/1/16 | 1,230 | 1,281 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 672 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 371 | ||
Bonds Series 2002 B, 6%, tender 5/15/12 (a) | 11,000 | 11,479 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 30,260 | $ 31,759 | ||
Series 2002 B: | ||||
6% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,775 | 2,868 | ||
6% 10/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,600 | 5,761 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,345 | 3,570 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,745 | 1,856 | ||
5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835 | 1,947 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 5,102 | ||
Series 2010 A: | ||||
5% 7/1/19 | 1,500 | 1,649 | ||
5% 7/1/21 | 7,000 | 7,455 | ||
5% 7/1/22 | 6,000 | 6,294 | ||
Series 2010, 5% 7/1/41 | 12,000 | 12,427 | ||
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 | 521 | ||
Series 2002 D, 5.125% 6/15/31 | 6,900 | 6,970 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,092 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,919 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,400 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series A, 7% 6/15/12 | 65 | 65 | ||
Series E, 6.5% 6/15/14 | 60 | 60 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 930 | 970 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | 10,000 | 10,324 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,979 | ||
Series 2009 A: | ||||
5.5% 11/15/39 | 10,400 | 10,810 | ||
5.625% 11/15/39 | 6,000 | 6,282 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued | ||||
Series 2009 B, 5% 11/15/34 | $ 19,560 | $ 19,971 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,121 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,855 | ||
Series 2003 B, 5.25% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,269 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,352 | ||
Series 2005 B, 5% 11/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,286 | ||
Series 2005 G, 5% 11/15/21 | 3,200 | 3,556 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 8,492 | ||
5% 11/15/28 | 2,235 | 2,297 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 15,167 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,930 | ||
Series 2011 A: | ||||
5% 11/15/18 | 1,000 | 1,143 | ||
5% 11/15/22 | 1,500 | 1,647 | ||
5.5% 11/15/18 | 2,000 | 2,262 | ||
New York Pwr. Auth.: | ||||
Series 2000 A, 5.25% 11/15/40 | 25,860 | 25,865 | ||
Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 20,192 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,355 | 4,570 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (a)(b) | 11,800 | 11,838 | ||
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | 2,300 | 1,852 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,869 | ||
5.25% 1/1/27 | 6,570 | 6,974 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,271 | ||
5% 1/1/25 | 13,000 | 13,713 | ||
5% 1/1/26 | 4,000 | 4,210 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 9,660 | $ 11,090 | ||
5.5% 4/1/20 (AMBAC Insured) | 27,375 | 32,904 | ||
Series 2007 B, 5% 4/1/27 | 6,750 | 7,115 | ||
New York Thruway Auth. Personal Income Tax Rev.: | ||||
Series 2007 A: | ||||
5.25% 3/15/24 | 4,180 | 4,584 | ||
5.25% 3/15/25 | 8,000 | 8,732 | ||
5.25% 3/15/26 | 12,080 | 13,124 | ||
Series 2010 A, 5% 3/15/21 | 10,000 | 11,593 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2011 A1, 5% 4/1/22 | 4,000 | 4,562 | ||
Series 2011 A2: | ||||
5% 4/1/21 | 2,385 | 2,765 | ||
5% 4/1/23 | 6,000 | 6,753 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,755 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,818 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,707 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,468 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 116 | ||
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 970 | 1,164 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 133 | ||
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100 | 1,337 | ||
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,003 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 5,160 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | 680 | 671 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,128 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | $ 4,305 | $ 4,367 | ||
Taconic Hills Central School District at Craryville Series 2002, 5% 6/15/16 (FGIC Insured) | 1,130 | 1,160 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 3,255 | 3,463 | ||
5.25% 6/1/22 (AMBAC Insured) | 8,070 | 8,570 | ||
5.5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,106 | ||
5.5% 6/1/19 | 4,600 | 4,944 | ||
Series 2003B 1C: | ||||
5.5% 6/1/18 | 3,800 | 3,934 | ||
5.5% 6/1/19 | 13,620 | 14,639 | ||
5.5% 6/1/20 | 16,000 | 17,149 | ||
5.5% 6/1/21 | 12,070 | 12,896 | ||
5.5% 6/1/22 | 9,700 | 10,344 | ||
Series 2011, 5% 6/1/16 | 16,215 | 18,587 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,514 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,799 | ||
Series 2008 A: | ||||
5% 11/15/37 | 22,500 | 22,926 | ||
5.25% 11/15/38 | 14,500 | 14,924 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 3,024 | ||
5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,455 | 1,462 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,119 | ||
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | ||||
5% 9/1/30 | 5,000 | 5,047 | ||
5.125% 9/1/40 | 8,055 | 7,894 | ||
Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,391 | ||
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | ||||
6% 6/1/29 | 1,130 | 1,203 | ||
6% 6/1/41 | 5,000 | 5,170 | ||
| 1,606,917 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - 3.9% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | $ 3,000 | $ 3,008 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,975 | ||
141st Series: | ||||
5% 9/1/18 (b) | 6,045 | 6,491 | ||
5% 9/1/21 (CIFG North America Insured) (b) | 4,600 | 4,819 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,609 | ||
163rd Series, 5% 7/15/35 | 25,000 | 25,763 | ||
166th Series, 5% 1/15/41 | 5,400 | 5,539 | ||
85th Series, 5.375% 3/1/28 | 6,280 | 7,140 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 5,000 | 5,282 | ||
| 68,626 | |||
Puerto Rico - 1.5% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 3,100 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/27 | 1,000 | 1,025 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,150 | 4,405 | ||
Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,399 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,593 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,127 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,104 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 33,500 | 4,833 | ||
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 182 | ||
0% 8/1/47 (AMBAC Insured) | 2,400 | 230 | ||
Series 2009 A, 6% 8/1/42 | 2,900 | 3,029 | ||
| 26,027 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.4% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B: | ||||
5% 10/1/16 | $ 4,000 | $ 4,416 | ||
5% 10/1/17 | 2,750 | 3,007 | ||
| 7,423 |
TOTAL INVESTMENT PORTFOLIO - 96.0% (Cost $1,672,224) | 1,708,993 | ||
NET OTHER ASSETS (LIABILITIES) - 4.0% | 71,549 | ||
NET ASSETS - 100% | $ 1,780,542 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 24.2% |
Special Tax | 21.9% |
Transportation | 12.9% |
Education | 12.8% |
Water & Sewer | 10.0% |
Electric Utilities | 5.9% |
Others* (Individually Less Than 5%) | 12.3% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,672,224) |
| $ 1,708,993 |
Cash | 56,035 | |
Receivable for fund shares sold | 1,242 | |
Interest receivable | 18,124 | |
Other receivables | 2 | |
Total assets | 1,784,396 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 1,341 | |
Distributions payable | 1,628 | |
Accrued management fee | 541 | |
Transfer agent fee payable | 217 | |
Distribution and service plan fees payable | 38 | |
Other affiliated payables | 56 | |
Other payables and accrued expenses | 33 | |
Total liabilities | 3,854 | |
|
|
|
Net Assets | $ 1,780,542 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,743,894 | |
Undistributed net investment income | 75 | |
Accumulated undistributed net realized gain (loss) on investments | (196) | |
Net unrealized appreciation (depreciation) on investments | 36,769 | |
Net Assets | $ 1,780,542 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.89 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.89) | $ 13.43 | |
Class T: | $ 12.90 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.90) | $ 13.44 | |
Class B: | $ 12.89 | |
|
|
|
Class C: | $ 12.89 | |
|
|
|
New York Municipal Income: | $ 12.89 | |
|
|
|
Institutional Class: | $ 12.88 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands Six months ended July 31, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 38,065 |
|
|
|
Expenses | ||
Management fee | $ 3,154 | |
Transfer agent fees | 634 | |
Distribution and service plan fees | 224 | |
Accounting fees and expenses | 161 | |
Custodian fees and expenses | 10 | |
Independent trustees' compensation | 3 | |
Registration fees | 70 | |
Audit | 27 | |
Legal | 6 | |
Miscellaneous | 8 | |
Total expenses before reductions | 4,297 | |
Expense reductions | (6) | 4,291 |
Net investment income (loss) | 33,774 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (101) |
Change in net unrealized appreciation (depreciation) on investment securities | 59,429 | |
Net gain (loss) | 59,328 | |
Net increase (decrease) in net assets resulting from operations | $ 93,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended July 31, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 33,774 | $ 72,358 |
Net realized gain (loss) | (101) | 6,167 |
Change in net unrealized appreciation (depreciation) | 59,429 | (58,519) |
Net increase (decrease) in net assets resulting | 93,102 | 20,006 |
Distributions to shareholders from net investment income | (33,783) | (72,377) |
Distributions to shareholders from net realized gain | (4,059) | (296) |
Total distributions | (37,842) | (72,673) |
Share transactions - net increase (decrease) | 29,821 | (81,293) |
Redemption fees | 20 | 32 |
Total increase (decrease) in net assets | 85,101 | (133,928) |
|
|
|
Net Assets | ||
Beginning of period | 1,695,441 | 1,829,369 |
End of period (including undistributed net investment income of $75 and undistributed net investment income of $84, respectively) | $ 1,780,542 | $ 1,695,441 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .231 | .459 | .454 | .449 | .446 | .464 |
Net realized and unrealized gain (loss) | .441 | (.347) | .560 | (.521) | .134 | .002 |
Total from investment operations | .672 | .112 | 1.014 | (.072) | .580 | .466 |
Distributions from net investment income | (.232) | (.460) | (.454) | (.451) | (.446) | (.464) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.262) | (.462) | (.454) | (.458) | (.480) | (.576) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.43% | .79% | 8.39% | (.49)% | 4.67% | 3.72% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of fee waivers, if any | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of all reductions | .76% A | .75% | .77% | .74% | .70% | .63% |
Net investment income (loss) | 3.68% A | 3.54% | 3.60% | 3.67% | 3.52% | 3.65% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 36 | $ 33 | $ 35 | $ 21 | $ 13 | $ 11 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .233 | .463 | .459 | .452 | .446 | .455 |
Net realized and unrealized gain (loss) | .440 | (.348) | .561 | (.520) | .134 | .001 |
Total from investment operations | .673 | .115 | 1.020 | (.068) | .580 | .456 |
Distributions from net investment income | (.233) | (.463) | (.460) | (.455) | (.446) | (.454) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.263) | (.465) | (.460) | (.462) | (.480) | (.566) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.90 | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 |
Total Return B,C,D | 5.44% | .81% | 8.43% | (.46)% | 4.67% | 3.64% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of fee waivers, if any | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of all reductions | .73% A | .73% | .73% | .71% | .70% | .71% |
Net investment income (loss) | 3.70% A | 3.56% | 3.64% | 3.70% | 3.53% | 3.57% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 8 | $ 8 | $ 9 | $ 8 | $ 5 | $ 4 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .191 | .376 | .372 | .370 | .358 | .366 |
Net realized and unrealized gain (loss) | .440 | (.347) | .571 | (.533) | .134 | .002 |
Total from investment operations | .631 | .029 | .943 | (.163) | .492 | .368 |
Distributions from net investment income | (.191) | (.377) | (.373) | (.370) | (.358) | (.366) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.221) | (.379) | (.373) | (.377) | (.392) | (.478) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.09% | .15% | 7.79% | (1.23)% | 3.95% | 2.93% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of fee waivers, if any | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of all reductions | 1.41% A | 1.40% | 1.41% | 1.40% | 1.40% | 1.40% |
Net investment income (loss) | 3.03% A | 2.89% | 2.95% | 3.01% | 2.83% | 2.88% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 4 | $ 4 | $ 6 | $ 7 | $ 8 | $ 9 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .183 | .358 | .357 | .357 | .347 | .355 |
Net realized and unrealized gain (loss) | .440 | (.347) | .560 | (.522) | .134 | .002 |
Total from investment operations | .623 | .011 | .917 | (.165) | .481 | .357 |
Distributions from net investment income | (.183) | (.359) | (.357) | (.358) | (.347) | (.355) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.213) | (.361) | (.357) | (.365) | (.381) | (.467) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.03% | .01% | 7.57% | (1.24)% | 3.86% | 2.84% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.53% | 1.50% | 1.48% | 1.49% |
Net investment income (loss) | 2.91% A | 2.76% | 2.83% | 2.91% | 2.74% | 2.79% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 31 | $ 32 | $ 29 | $ 19 | $ 16 | $ 16 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - New York Municipal Income
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .249 | .497 | .491 | .486 | .479 | .488 |
Net realized and unrealized gain (loss) | .431 | (.338) | .560 | (.533) | .134 | .001 |
Total from investment operations | .680 | .159 | 1.051 | (.047) | .613 | .489 |
Distributions from net investment income | (.250) | (.497) | (.491) | (.486) | (.479) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.280) | (.499) | (.491) | (.493) | (.513) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 |
Total Return B,C | 5.50% | 1.16% | 8.71% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of fee waivers, if any | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of all reductions | .47% A | .47% | .47% | .46% | .44% | .45% |
Net investment income (loss) | 3.96% A | 3.82% | 3.89% | 3.95% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,688 | $ 1,604 | $ 1,740 | $ 1,428 | $ 1,480 | $ 1,407 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .245 | .487 | .485 | .479 | .479 | .487 |
Net realized and unrealized gain (loss) | .441 | (.347) | .561 | (.527) | .133 | .002 |
Total from investment operations | .686 | .140 | 1.046 | (.048) | .612 | .489 |
Distributions from net investment income | (.246) | (.488) | (.486) | (.485) | (.478) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.276) | (.490) | (.486) | (.492) | (.512) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C | 5.55% | 1.01% | 8.67% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of fee waivers, if any | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of all reductions | .53% A | .53% | .52% | .47% | .44% | .45% |
Net investment income (loss) | 3.90% A | 3.76% | 3.85% | 3.94% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 14 | $ 14 | $ 10 | $ 5 | $ 2 | $ 1 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2011 (Unaudited)
(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 C, New York Municipal Income, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. 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 may 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. 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 and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 47,160 |
Gross unrealized depreciation | (10,355) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 36,805 |
|
|
Tax cost | $ 1,672,188 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be January 31, 2012.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,530 and $136,292, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 42 | $ 2 |
Class T | -% | .25% | 10 | -* |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .65% | .25% | $ 18 | $ 13 |
Class C | .75% | .25% | 154 | 38 |
|
|
| $ 224 | $ 53 |
* Amount represents eighty five dollars.
Sales Load. FDC may receive 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. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, .75% 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 | $ 8 |
Class T | -** |
Class B* | 4 |
Class C* | 2 |
| $ 14 |
* 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.
** Amount represents one hundred thirty nine dollars.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and 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 agency, dividend disbursing, and shareholder servicing 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 17 | .10 |
Class T | 3 | .08 |
Class B | 2 | .10 |
Class C | 21 | .13 |
New York Municipal Income | 582 | .07 |
Institutional Class | 9 | .14 |
| $ 634 |
|
* Annualized
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.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class C | 1.55% | 2 |
Institutional Class | .55% | -* |
* Amount of reimbursement for Institutional Class totaled two hundred eighty two dollars
** Effective April 1, 2011 the expense limitation was eliminated.
Semiannual Report
6. Expense Reductions - continued
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 610 | $ 1,295 |
Class T | 145 | 328 |
Class B | 59 | 145 |
Class C | 446 | 903 |
New York Municipal Income | 32,268 | 69,168 |
Institutional Class | 255 | 538 |
Total | $ 33,783 | $ 72,377 |
From net realized gain |
|
|
Class A | $ 79 | $ 6 |
Class T | 19 | 1 |
Class B | 10 | 1 |
Class C | 73 | 5 |
New York Municipal Income | 3,847 | 280 |
Institutional Class | 31 | 3 |
Total | $ 4,059 | $ 296 |
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class A |
|
|
|
|
Shares sold | 390 | 843 | $ 4,978 | $ 10,950 |
Reinvestment of distributions | 36 | 67 | 455 | 864 |
Shares redeemed | (343) | (987) | (4,346) | (12,753) |
Net increase (decrease) | 83 | (77) | $ 1,087 | $ (939) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class T |
|
|
|
|
Shares sold | 12 | 170 | $ 166 | $ 2,210 |
Reinvestment of distributions | 10 | 20 | 125 | 257 |
Shares redeemed | (60) | (199) | (754) | (2,571) |
Net increase (decrease) | (38) | (9) | $ (463) | $ (104) |
Class B |
|
|
|
|
Shares sold | 5 | 40 | $ 59 | $ 515 |
Reinvestment of distributions | 3 | 7 | 40 | 90 |
Shares redeemed | (47) | (194) | (591) | (2,513) |
Net increase (decrease) | (39) | (147) | $ (492) | $ (1,908) |
Class C |
|
|
|
|
Shares sold | 177 | 721 | $ 2,229 | $ 9,405 |
Reinvestment of distributions | 23 | 39 | 293 | 501 |
Shares redeemed | (327) | (487) | (4,107) | (6,281) |
Net increase (decrease) | (127) | 273 | $ (1,585) | $ 3,625 |
New York Municipal Income |
|
|
|
|
Shares sold | 12,829 | 27,629 | $ 162,432 | $ 358,403 |
Reinvestment of distributions | 2,071 | 4,003 | 26,314 | 52,003 |
Shares redeemed | (12,456) | (38,771) | (157,230) | (496,938) |
Net increase (decrease) | 2,444 | (7,139) | $ 31,516 | $ (86,532) |
Institutional Class |
|
|
|
|
Shares sold | 118 | 713 | $ 1,499 | $ 9,276 |
Reinvestment of distributions | 11 | 20 | 142 | 258 |
Shares redeemed | (150) | (392) | (1,883) | (4,969) |
Net increase (decrease) | (21) | 341 | $ (242) | $ 4,565 |
9. 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.
Semiannual 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.
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-USAN-0911 1.789728.109
Fidelity Advisor®
New York Municipal Income
Fund - Institutional Class
Semiannual Report
July 31, 2011
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Fidelity® New York Municipal Income Fund
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. |
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/proxyvotingresults 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.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(Chairman's photo appears here)
Dear Shareholder:
The second half of 2011 began with U.S. equities continuing to give back some of the gains achieved earlier in the year. In the days leading up to July 31, markets were shaken by a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline. The resulting uncertainty held back markets in July, the third consecutive monthly decline for equities, effectively reversing the positive momentum seen through the end of April. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(Chairman's signature appears here)
Abigail P. Johnson
Semiannual 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 (February 1, 2011 to July 31, 2011).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.30 | $ 3.87 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class T | .74% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,054.40 | $ 3.77 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.90 | $ 7.17 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.30 | $ 7.78 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
New York Municipal Income | .47% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.00 | $ 2.39 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Institutional Class | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.50 | $ 2.75 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.12 | $ 2.71 |
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 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of July 31, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 24.2 | 29.6 |
Special Tax | 21.9 | 20.6 |
Transportation | 12.9 | 13.7 |
Education | 12.8 | 12.4 |
Water & Sewer | 10.0 | 10.1 |
Weighted Average Maturity as of July 31, 2011 | ||
|
| 6 months ago |
Years | 6.6 | 11.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of July 31, 2011 | ||
|
| 6 months ago |
Years | 8.2 | 8.5 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of July 31, 2011 | As of January 31, 2011 | ||||||
![]() | AAA 15.2% |
| ![]() | AAA 14.4% |
| ||
![]() | AA,A 75.4% |
| ![]() | AA,A 78.1% |
| ||
![]() | BBB 5.0% |
| ![]() | BBB 5.3% |
| ||
![]() | BB and Below 0.2% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 0.2% |
| ![]() | Not Rated 0.8% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments July 31, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - 90.2% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.75% 11/15/22 | $ 3,000 | $ 3,158 | ||
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | ||||
5% 12/1/20 | 1,215 | 1,411 | ||
5% 12/1/22 | 1,000 | 1,139 | ||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Bard College Proj.): | ||||
Series 2007 A1, 5% 8/1/12 | 500 | 516 | ||
Series 2007 A2, 5% 8/1/11 | 750 | 750 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 100) (c) | 8,940 | 9,312 | ||
5.75% 5/1/20 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,400 | 1,458 | ||
5.75% 5/1/21 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,755 | 1,828 | ||
5.75% 5/1/22 (Pre-Refunded to 5/1/12 @ 100) (c) | 4,900 | 5,104 | ||
5.75% 5/1/23 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,000 | 1,042 | ||
Series 2004: | ||||
5.75% 5/1/17 (FSA Insured) | 5,950 | 6,534 | ||
5.75% 5/1/19 (FSA Insured) | 5,000 | 5,399 | ||
5.75% 5/1/23 (FSA Insured) | 9,620 | 10,166 | ||
5.75% 5/1/25 (FSA Insured) | 2,000 | 2,110 | ||
5.75% 5/1/26 (FSA Insured) | 8,985 | 9,471 | ||
Series 2007 A, 5.75% 5/1/27 (FSA Insured) | 5,000 | 5,526 | ||
Series 2008 A, 5.75% 5/1/29 (FSA Insured) | 3,535 | 3,946 | ||
5.75% 5/1/14 (Pre-Refunded to 5/1/13 @ 100) (c) | 1,000 | 1,095 | ||
Geneva Indl. Dev. Auth. Civic Facilities Rev. (Hobart & William Smith Proj.) Series 2003 A, 5.375% 2/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,485 | 3,540 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/14 | 1,000 | 1,090 | ||
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | 1,660 | 1,672 | ||
Hempstead Local Dev. Corp. Rev.: | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 2/1/12 | 1,000 | 1,019 | ||
5% 2/1/14 | 1,035 | 1,114 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Hempstead Local Dev. Corp. Rev.: - continued | ||||
(Adelphi Univ. Proj.): | ||||
Series 2009 B, 5.25% 2/1/39 | $ 1,200 | $ 1,166 | ||
(Molloy College Proj.) Series 2009: | ||||
5% 7/1/17 | 1,035 | 1,114 | ||
5.25% 7/1/18 | 1,090 | 1,188 | ||
5.25% 7/1/19 | 1,100 | 1,192 | ||
5.75% 7/1/39 | 6,500 | 6,570 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2000 A, 0% 6/1/19 (FSA Insured) | 1,790 | 1,428 | ||
Series 2006 A, 5.25% 12/1/20 (FGIC Insured) | 17,780 | 19,565 | ||
Series 2006 E, 5% 12/1/17 | 10,000 | 11,330 | ||
Series 2009 A: | ||||
5.75% 4/1/39 | 6,500 | 6,939 | ||
6.25% 4/1/33 | 1,655 | 1,841 | ||
Series A, 5% 12/1/25 (FGIC Insured) | 2,800 | 2,951 | ||
Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.) Series 2010 A: | ||||
5% 7/1/24 | 1,405 | 1,559 | ||
5% 7/1/25 | 1,000 | 1,097 | ||
5% 7/1/26 | 1,150 | 1,254 | ||
5% 7/1/27 | 1,630 | 1,769 | ||
5% 7/1/28 | 1,015 | 1,102 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A: | ||||
5.5% 7/1/20 | 3,000 | 3,086 | ||
5.75% 7/1/31 | 3,025 | 3,059 | ||
Series 2002 B: | ||||
5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,111 | ||
5.5% 7/1/23 | 5,000 | 5,122 | ||
Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (c) | 3,000 | 3,243 | ||
Monroe County Arpt. Auth. Arpt. Rev. Series 2004, 5.25% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,000 | 1,024 | ||
Monroe County Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Highland Hosp. Proj.) Series 2005: | ||||
5% 8/1/11 | 1,510 | 1,510 | ||
5% 8/1/13 | 1,650 | 1,736 | ||
(Nazareth College Rochester Proj.) Series 2001, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,012 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Nassau County Indl. Dev. Agcy. Civic Facility Rev. (North Shore Health Sys. Proj.): | ||||
Series 2001 A, 5.875% 11/1/11 | $ 30 | $ 30 | ||
Series 2001 B, 5.875% 11/1/11 | 190 | 192 | ||
New York City Gen. Oblig.: | ||||
Series 1997 B, 6.5% 8/15/11 | 1,000 | 1,002 | ||
Series 2003 A: | ||||
5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110 | 6,576 | ||
5.5% 8/1/20 (Pre-Refunded to 8/1/13 @ 100) (c) | 45 | 50 | ||
Series 2005 O, 5% 6/1/22 | 5,000 | 5,380 | ||
Series 2006 A, 5% 8/1/19 | 3,000 | 3,315 | ||
Series 2006 I1, 5% 4/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,395 | 2,590 | ||
Series 2008 A1, 5.25% 8/15/27 | 15,000 | 16,139 | ||
Series 2008 D1, 5.125% 12/1/23 | 5,000 | 5,559 | ||
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | 5,000 | 5,524 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev.: | ||||
(Polytechnic Univ. NY Proj.) 5.25% 11/1/37 | 9,590 | 9,415 | ||
(Spence School, Inc. Proj.) Series 2002, 5% 7/1/27 | 3,255 | 3,286 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2001 C, 5.125% 6/15/33 | 3,960 | 3,996 | ||
Series 2002 A, 5.125% 6/15/34 | 16,500 | 16,636 | ||
Series 2003 A, 5.125% 6/15/34 | 4,200 | 4,235 | ||
Series 2003 E, 5% 6/15/34 | 2,000 | 2,031 | ||
Series 2005 D: | ||||
5% 6/15/37 | 16,090 | 16,395 | ||
5% 6/15/38 | 20,050 | 20,415 | ||
5% 6/15/39 | 3,755 | 3,822 | ||
5% 6/15/39 | 2,800 | 2,850 | ||
Series 2007 DD: | ||||
4.75% 6/15/35 | 3,000 | 3,011 | ||
4.75% 6/15/36 | 1,000 | 1,000 | ||
Series 2008 AA, 5% 6/15/27 | 10,000 | 10,625 | ||
Series 2009 A, 5.75% 6/15/40 | 10,025 | 10,974 | ||
Series 2009 DD, 6% 6/15/40 | 1,115 | 1,241 | ||
Series 2009 EE, 5.25% 6/15/40 | 8,500 | 8,889 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 9,295 | 9,873 | ||
Series 2009 GG, 5.25% 6/15/40 | 10,000 | 10,458 | ||
Series 2009 GG1, 5.25% 6/15/32 | 5,000 | 5,311 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | ||||
Series 2011 EE: | ||||
5.375% 6/15/40 | $ 2,310 | $ 2,454 | ||
5.375% 6/15/43 | 11,400 | 12,057 | ||
5.5% 6/15/43 | 2,005 | 2,139 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2007 S1, 5% 7/15/36 | 3,000 | 3,028 | ||
Series 2008 S1, 5% 1/15/34 | 10,000 | 10,226 | ||
Series 2009 S1: | ||||
5.5% 7/15/31 | 5,000 | 5,317 | ||
5.5% 7/15/38 | 2,900 | 3,003 | ||
5.625% 7/15/38 | 2,900 | 3,033 | ||
Series 2009 S2, 6% 7/15/38 | 7,500 | 8,077 | ||
Series 2009 S3: | ||||
5.25% 1/15/26 | 1,000 | 1,073 | ||
5.25% 1/15/39 | 3,400 | 3,473 | ||
5.375% 1/15/34 | 13,435 | 14,016 | ||
Series 2009 S4: | ||||
5.5% 1/15/34 | 1,000 | 1,051 | ||
5.5% 1/15/39 | 6,700 | 6,969 | ||
5.75% 1/15/39 | 2,900 | 3,071 | ||
Series 2009 S5, 5.25% 1/15/39 | 10,180 | 10,400 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 D: | ||||
5% 2/1/31 | 20,025 | 20,263 | ||
5.25% 2/1/17 (Pre-Refunded to 2/1/13 @ 100) (c) | 9,385 | 10,085 | ||
Series 2004 B, 5% 8/1/32 | 5,000 | 5,070 | ||
Series 2004 C: | ||||
5% 2/1/28 | 15,000 | 15,738 | ||
5% 2/1/33 (FGIC Insured) | 7,350 | 7,462 | ||
Series 2011 A, 5.5% 11/15/17 (FGIC Insured) | 6,725 | 7,114 | ||
Series A, 5.375% 11/15/21 (Pre-Refunded to 11/15/12 @ 100) (c) | 1,100 | 1,174 | ||
Series D: | ||||
5.25% 2/1/19 (Pre-Refunded to 2/1/13 @ 100) (c) | 7,050 | 7,576 | ||
5.25% 2/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 4,185 | 4,497 | ||
5.25% 8/1/19 (Pre-Refunded to 8/1/13 @ 100) (c) | 2,810 | 3,080 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Trust Cultural Resources Rev.: | ||||
(Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39 | $ 23,090 | $ 22,915 | ||
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 3,200 | 3,227 | ||
Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (a) | 4,000 | 4,089 | ||
New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44 | 30,000 | 29,709 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2006 C: | ||||
5% 12/15/22 | 4,305 | 4,720 | ||
5% 12/15/31 | 10,000 | 10,419 | ||
Series 2006 D: | ||||
5% 3/15/20 | 3,500 | 3,873 | ||
5% 3/15/36 | 3,320 | 3,389 | ||
Series 2007 A: | ||||
5% 3/15/32 | 3,700 | 3,845 | ||
5% 3/15/37 | 1,700 | 1,737 | ||
Series 2008 A, 5% 3/15/24 | 5,000 | 5,446 | ||
Series 2008 B: | ||||
5.25% 3/15/38 | 1,500 | 1,564 | ||
5.75% 3/15/36 | 10,500 | 11,479 | ||
Series 2009 A: | ||||
5% 2/15/34 | 15,500 | 16,101 | ||
5% 2/15/39 | 20,355 | 20,881 | ||
5.25% 2/15/23 | 7,940 | 8,926 | ||
Series 2011 A, 5% 3/15/21 | 10,000 | 11,669 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 3,385 | 3,598 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,705 | 1,812 | ||
(Colgate Univ. Proj.) Series 1996: | ||||
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900 | 2,124 | ||
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,981 | ||
(Cornell Univ. Proj.): | ||||
Series 2008 C: | ||||
5% 7/1/29 | 2,015 | 2,176 | ||
5% 7/1/37 | 6,000 | 6,187 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(Cornell Univ. Proj.): | ||||
Series 2009 A: | ||||
5% 7/1/22 | $ 445 | $ 503 | ||
5% 7/1/23 | 1,315 | 1,469 | ||
(Fordham Univ. Proj.) 5.5% 7/1/36 | 2,000 | 2,069 | ||
(Marymount Manhattan College Proj.) Series 2009: | ||||
5% 7/1/15 | 1,850 | 1,980 | ||
5% 7/1/17 | 2,080 | 2,223 | ||
(Mental Health Svcs. Proj.) Series 2005 E, 5% 2/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,115 | 5,366 | ||
(New York City Court Facilities Lease Proj.) Series 2005 A: | ||||
5.5% 5/15/20 | 13,000 | 15,004 | ||
5.5% 5/15/21 (AMBAC Insured) | 10,000 | 11,572 | ||
5.5% 5/15/28 | 2,700 | 3,019 | ||
(New York City Gen. Oblig. Proj.) Series B, 6% 7/1/14 | 1,375 | 1,494 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/13 | 1,930 | 2,068 | ||
5% 7/1/14 | 2,510 | 2,742 | ||
5% 7/1/16 | 1,130 | 1,268 | ||
5% 7/1/20 | 2,000 | 2,137 | ||
Series 2007 A, 5% 7/1/12 | 1,530 | 1,589 | ||
Series 2007 B, 5.25% 7/1/24 | 100 | 105 | ||
Series 2011 A: | ||||
5.75% 7/1/31 | 4,000 | 4,219 | ||
6% 7/1/40 | 4,000 | 4,211 | ||
(New York Univ. Proj.): | ||||
Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | 3,000 | 3,305 | ||
Series 2001 2: | ||||
5.5% 7/1/17 (AMBAC Insured) | 755 | 757 | ||
5.5% 7/1/19 (AMBAC Insured) | 1,705 | 1,709 | ||
5.5% 7/1/20 (AMBAC Insured) | 860 | 862 | ||
Series 2008 A, 5.25% 7/1/48 | 11,930 | 12,200 | ||
Series 2008 B, 5.25% 7/1/48 | 8,000 | 8,153 | ||
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 | 8,085 | 8,217 | ||
(North Shore Univ. Hosp. Proj.): | ||||
Series 2007 A: | ||||
5% 5/1/19 | 2,000 | 2,067 | ||
5% 5/1/21 | 1,315 | 1,340 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(North Shore Univ. Hosp. Proj.): | ||||
Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,500 | $ 1,589 | ||
(Orange Reg'l. Med. Ctr. Proj.) Series 2008: | ||||
5.5% 12/1/12 | 3,125 | 3,184 | ||
6.125% 12/1/29 | 1,000 | 986 | ||
(Rochester Institute of Technology Proj.) Series 2010: | ||||
5% 7/1/20 | 1,000 | 1,122 | ||
5% 7/1/21 | 1,500 | 1,667 | ||
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | 15,000 | 15,384 | ||
(School District Fing. Prog.): | ||||
Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 10,825 | 11,350 | ||
Series 2002 E, 5.75% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,485 | 1,537 | ||
Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,726 | ||
Series 2002 I, 5.75% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500 | 524 | ||
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | 3,000 | 3,099 | ||
(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,915 | 18,952 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 7,000 | 7,614 | ||
(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,855 | 9,833 | ||
(Teachers College Proj.) Series 2009: | ||||
5.375% 3/1/29 | 2,930 | 3,095 | ||
5.5% 3/1/39 | 2,500 | 2,559 | ||
(Univ. of Rochester Proj.) Series 2007 A1: | ||||
5% 7/1/18 | 3,000 | 3,307 | ||
5% 7/1/39 | 19,005 | 19,013 | ||
(Vassar College Proj.) Series 2010, 5% 7/1/49 | 9,000 | 8,969 | ||
(Winthrop-South Nassau Univ. Health Sys. Oblig. Group Proj.) Series 2003 A: | ||||
6% 7/1/14 | 1,095 | 1,147 | ||
6% 7/1/15 | 1,160 | 1,212 | ||
6% 7/1/16 | 1,230 | 1,281 | ||
(Yeshiva Univ. Proj.) Series 2001: | ||||
5.375% 7/1/16 (AMBAC Insured) | 670 | 672 | ||
5.375% 7/1/17 (AMBAC Insured) | 370 | 371 | ||
Bonds Series 2002 B, 6%, tender 5/15/12 (a) | 11,000 | 11,479 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 30,260 | $ 31,759 | ||
Series 2002 B: | ||||
6% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,775 | 2,868 | ||
6% 10/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,600 | 5,761 | ||
Series 2005 B: | ||||
5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,345 | 3,570 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,745 | 1,856 | ||
5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835 | 1,947 | ||
Series 2005 F, 5% 3/15/35 (FSA Insured) | 5,000 | 5,102 | ||
Series 2010 A: | ||||
5% 7/1/19 | 1,500 | 1,649 | ||
5% 7/1/21 | 7,000 | 7,455 | ||
5% 7/1/22 | 6,000 | 6,294 | ||
Series 2010, 5% 7/1/41 | 12,000 | 12,427 | ||
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 | 521 | ||
Series 2002 D, 5.125% 6/15/31 | 6,900 | 6,970 | ||
Series 2003 I, 5% 6/15/24 | 2,000 | 2,092 | ||
Series 2004 F, 5% 6/15/34 | 4,825 | 4,919 | ||
Series 2004 D, 5% 2/15/34 | 12,150 | 12,400 | ||
New York Envir. Facilities Corp. Poll. Cont. Rev.: | ||||
(New York City Muni. Wtr. Fin. Auth. Proj.): | ||||
Series A, 7% 6/15/12 | 65 | 65 | ||
Series E, 6.5% 6/15/14 | 60 | 60 | ||
(Pooled Ln. Prog.) Series 1993 B, 5.2% 5/15/14 | 930 | 970 | ||
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | 10,000 | 10,324 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2002 A, 5.5% 11/15/26 | 13,575 | 13,979 | ||
Series 2009 A: | ||||
5.5% 11/15/39 | 10,400 | 10,810 | ||
5.625% 11/15/39 | 6,000 | 6,282 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued | ||||
Series 2009 B, 5% 11/15/34 | $ 19,560 | $ 19,971 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 A, 5.75% 11/15/32 | 10,000 | 10,121 | ||
Series 2003 A, 5.5% 11/15/19 (FGIC Insured) | 5,000 | 5,855 | ||
Series 2003 B, 5.25% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,269 | ||
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | 2,000 | 2,352 | ||
Series 2005 B, 5% 11/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,286 | ||
Series 2005 G, 5% 11/15/21 | 3,200 | 3,556 | ||
Series 2007 B: | ||||
5% 11/15/26 | 8,185 | 8,492 | ||
5% 11/15/28 | 2,235 | 2,297 | ||
Series 2008 A, 5.25% 11/15/36 | 15,000 | 15,167 | ||
Series 2008 C, 6.5% 11/15/28 | 9,445 | 10,930 | ||
Series 2011 A: | ||||
5% 11/15/18 | 1,000 | 1,143 | ||
5% 11/15/22 | 1,500 | 1,647 | ||
5.5% 11/15/18 | 2,000 | 2,262 | ||
New York Pwr. Auth.: | ||||
Series 2000 A, 5.25% 11/15/40 | 25,860 | 25,865 | ||
Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 20,192 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 4,355 | 4,570 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (a)(b) | 11,800 | 11,838 | ||
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | 2,300 | 1,852 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,800 | 2,869 | ||
5.25% 1/1/27 | 6,570 | 6,974 | ||
Series 2007 H: | ||||
5% 1/1/21 | 5,755 | 6,271 | ||
5% 1/1/25 | 13,000 | 13,713 | ||
5% 1/1/26 | 4,000 | 4,210 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Thruway Auth. Hwy. & Bridge Trust Fund: | ||||
Series 2005 B: | ||||
5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 9,660 | $ 11,090 | ||
5.5% 4/1/20 (AMBAC Insured) | 27,375 | 32,904 | ||
Series 2007 B, 5% 4/1/27 | 6,750 | 7,115 | ||
New York Thruway Auth. Personal Income Tax Rev.: | ||||
Series 2007 A: | ||||
5.25% 3/15/24 | 4,180 | 4,584 | ||
5.25% 3/15/25 | 8,000 | 8,732 | ||
5.25% 3/15/26 | 12,080 | 13,124 | ||
Series 2010 A, 5% 3/15/21 | 10,000 | 11,593 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2011 A1, 5% 4/1/22 | 4,000 | 4,562 | ||
Series 2011 A2: | ||||
5% 4/1/21 | 2,385 | 2,765 | ||
5% 4/1/23 | 6,000 | 6,753 | ||
New York Urban Dev. Corp. Rev.: | ||||
(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26 | 10,000 | 10,755 | ||
(State Facilities and Equip. Proj.) Series 2004 A2, 5.5% 3/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,818 | ||
Series 2007 A: | ||||
5% 1/1/23 (FSA Insured) | 6,165 | 6,707 | ||
5% 1/1/24 (FSA Insured) | 5,975 | 6,468 | ||
Niagara Falls City Niagara County Pub. Impt. Series 1994: | ||||
7.5% 3/1/16 (Escrowed to Maturity) (c) | 90 | 116 | ||
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 970 | 1,164 | ||
7.5% 3/1/17 (Escrowed to Maturity) (c) | 100 | 133 | ||
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100 | 1,337 | ||
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,003 | ||
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | 5,000 | 5,160 | ||
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | 680 | 671 | ||
Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15 | 1,005 | 1,128 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Suffolk County Indl. Dev. Agcy. Civic Facility Rev. (Huntington Hosp. Proj.) Series 2002 B, 6% 11/1/22 | $ 4,305 | $ 4,367 | ||
Taconic Hills Central School District at Craryville Series 2002, 5% 6/15/16 (FGIC Insured) | 1,130 | 1,160 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 3,255 | 3,463 | ||
5.25% 6/1/22 (AMBAC Insured) | 8,070 | 8,570 | ||
5.5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,106 | ||
5.5% 6/1/19 | 4,600 | 4,944 | ||
Series 2003B 1C: | ||||
5.5% 6/1/18 | 3,800 | 3,934 | ||
5.5% 6/1/19 | 13,620 | 14,639 | ||
5.5% 6/1/20 | 16,000 | 17,149 | ||
5.5% 6/1/21 | 12,070 | 12,896 | ||
5.5% 6/1/22 | 9,700 | 10,344 | ||
Series 2011, 5% 6/1/16 | 16,215 | 18,587 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
(MTA Bridges and Tunnels Proj.): | ||||
Series 2006 A, 5% 11/15/31 | 4,375 | 4,514 | ||
Series 2007 A, 5% 11/15/27 | 6,410 | 6,799 | ||
Series 2008 A: | ||||
5% 11/15/37 | 22,500 | 22,926 | ||
5.25% 11/15/38 | 14,500 | 14,924 | ||
Series 2001 A: | ||||
5% 1/1/32 | 3,010 | 3,024 | ||
5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,455 | 1,462 | ||
Series 2002 A, 5.25% 1/1/19 | 1,100 | 1,119 | ||
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | ||||
5% 9/1/30 | 5,000 | 5,047 | ||
5.125% 9/1/40 | 8,055 | 7,894 | ||
Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,391 | ||
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | ||||
6% 6/1/29 | 1,130 | 1,203 | ||
6% 6/1/41 | 5,000 | 5,170 | ||
| 1,606,917 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York & New Jersey - 3.9% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (b) | $ 3,000 | $ 3,008 | ||
136th Series, 5.25% 11/1/16 (b) | 4,510 | 4,975 | ||
141st Series: | ||||
5% 9/1/18 (b) | 6,045 | 6,491 | ||
5% 9/1/21 (CIFG North America Insured) (b) | 4,600 | 4,819 | ||
147th Series, 5% 10/15/17 (b) | 5,000 | 5,609 | ||
163rd Series, 5% 7/15/35 | 25,000 | 25,763 | ||
166th Series, 5% 1/15/41 | 5,400 | 5,539 | ||
85th Series, 5.375% 3/1/28 | 6,280 | 7,140 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 5,000 | 5,282 | ||
| 68,626 | |||
Puerto Rico - 1.5% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000 | 3,100 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/27 | 1,000 | 1,025 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,150 | 4,405 | ||
Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,399 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ: | ||||
5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 1,500 | 1,593 | ||
5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,127 | ||
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured) | 1,000 | 1,104 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 33,500 | 4,833 | ||
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 182 | ||
0% 8/1/47 (AMBAC Insured) | 2,400 | 230 | ||
Series 2009 A, 6% 8/1/42 | 2,900 | 3,029 | ||
| 26,027 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virgin Islands - 0.4% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B: | ||||
5% 10/1/16 | $ 4,000 | $ 4,416 | ||
5% 10/1/17 | 2,750 | 3,007 | ||
| 7,423 |
TOTAL INVESTMENT PORTFOLIO - 96.0% (Cost $1,672,224) | 1,708,993 | ||
NET OTHER ASSETS (LIABILITIES) - 4.0% | 71,549 | ||
NET ASSETS - 100% | $ 1,780,542 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 24.2% |
Special Tax | 21.9% |
Transportation | 12.9% |
Education | 12.8% |
Water & Sewer | 10.0% |
Electric Utilities | 5.9% |
Others* (Individually Less Than 5%) | 12.3% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,672,224) |
| $ 1,708,993 |
Cash | 56,035 | |
Receivable for fund shares sold | 1,242 | |
Interest receivable | 18,124 | |
Other receivables | 2 | |
Total assets | 1,784,396 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 1,341 | |
Distributions payable | 1,628 | |
Accrued management fee | 541 | |
Transfer agent fee payable | 217 | |
Distribution and service plan fees payable | 38 | |
Other affiliated payables | 56 | |
Other payables and accrued expenses | 33 | |
Total liabilities | 3,854 | |
|
|
|
Net Assets | $ 1,780,542 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,743,894 | |
Undistributed net investment income | 75 | |
Accumulated undistributed net realized gain (loss) on investments | (196) | |
Net unrealized appreciation (depreciation) on investments | 36,769 | |
Net Assets | $ 1,780,542 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | July 31, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.89 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.89) | $ 13.43 | |
Class T: | $ 12.90 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.90) | $ 13.44 | |
Class B: | $ 12.89 | |
|
|
|
Class C: | $ 12.89 | |
|
|
|
New York Municipal Income: | $ 12.89 | |
|
|
|
Institutional Class: | $ 12.88 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands Six months ended July 31, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 38,065 |
|
|
|
Expenses | ||
Management fee | $ 3,154 | |
Transfer agent fees | 634 | |
Distribution and service plan fees | 224 | |
Accounting fees and expenses | 161 | |
Custodian fees and expenses | 10 | |
Independent trustees' compensation | 3 | |
Registration fees | 70 | |
Audit | 27 | |
Legal | 6 | |
Miscellaneous | 8 | |
Total expenses before reductions | 4,297 | |
Expense reductions | (6) | 4,291 |
Net investment income (loss) | 33,774 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (101) |
Change in net unrealized appreciation (depreciation) on investment securities | 59,429 | |
Net gain (loss) | 59,328 | |
Net increase (decrease) in net assets resulting from operations | $ 93,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended July 31, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 33,774 | $ 72,358 |
Net realized gain (loss) | (101) | 6,167 |
Change in net unrealized appreciation (depreciation) | 59,429 | (58,519) |
Net increase (decrease) in net assets resulting | 93,102 | 20,006 |
Distributions to shareholders from net investment income | (33,783) | (72,377) |
Distributions to shareholders from net realized gain | (4,059) | (296) |
Total distributions | (37,842) | (72,673) |
Share transactions - net increase (decrease) | 29,821 | (81,293) |
Redemption fees | 20 | 32 |
Total increase (decrease) in net assets | 85,101 | (133,928) |
|
|
|
Net Assets | ||
Beginning of period | 1,695,441 | 1,829,369 |
End of period (including undistributed net investment income of $75 and undistributed net investment income of $84, respectively) | $ 1,780,542 | $ 1,695,441 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .231 | .459 | .454 | .449 | .446 | .464 |
Net realized and unrealized gain (loss) | .441 | (.347) | .560 | (.521) | .134 | .002 |
Total from investment operations | .672 | .112 | 1.014 | (.072) | .580 | .466 |
Distributions from net investment income | (.232) | (.460) | (.454) | (.451) | (.446) | (.464) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.262) | (.462) | (.454) | (.458) | (.480) | (.576) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.43% | .79% | 8.39% | (.49)% | 4.67% | 3.72% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of fee waivers, if any | .76% A | .75% | .77% | .75% | .73% | .66% |
Expenses net of all reductions | .76% A | .75% | .77% | .74% | .70% | .63% |
Net investment income (loss) | 3.68% A | 3.54% | 3.60% | 3.67% | 3.52% | 3.65% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 36 | $ 33 | $ 35 | $ 21 | $ 13 | $ 11 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .233 | .463 | .459 | .452 | .446 | .455 |
Net realized and unrealized gain (loss) | .440 | (.348) | .561 | (.520) | .134 | .001 |
Total from investment operations | .673 | .115 | 1.020 | (.068) | .580 | .456 |
Distributions from net investment income | (.233) | (.463) | (.460) | (.455) | (.446) | (.454) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.263) | (.465) | (.460) | (.462) | (.480) | (.566) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.90 | $ 12.49 | $ 12.84 | $ 12.28 | $ 12.81 | $ 12.71 |
Total Return B,C,D | 5.44% | .81% | 8.43% | (.46)% | 4.67% | 3.64% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of fee waivers, if any | .74% A | .73% | .73% | .72% | .72% | .74% |
Expenses net of all reductions | .73% A | .73% | .73% | .71% | .70% | .71% |
Net investment income (loss) | 3.70% A | 3.56% | 3.64% | 3.70% | 3.53% | 3.57% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 8 | $ 8 | $ 9 | $ 8 | $ 5 | $ 4 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .191 | .376 | .372 | .370 | .358 | .366 |
Net realized and unrealized gain (loss) | .440 | (.347) | .571 | (.533) | .134 | .002 |
Total from investment operations | .631 | .029 | .943 | (.163) | .492 | .368 |
Distributions from net investment income | (.191) | (.377) | (.373) | (.370) | (.358) | (.366) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.221) | (.379) | (.373) | (.377) | (.392) | (.478) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.09% | .15% | 7.79% | (1.23)% | 3.95% | 2.93% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of fee waivers, if any | 1.41% A | 1.40% | 1.42% | 1.41% | 1.42% | 1.43% |
Expenses net of all reductions | 1.41% A | 1.40% | 1.41% | 1.40% | 1.40% | 1.40% |
Net investment income (loss) | 3.03% A | 2.89% | 2.95% | 3.01% | 2.83% | 2.88% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 4 | $ 4 | $ 6 | $ 7 | $ 8 | $ 9 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .183 | .358 | .357 | .357 | .347 | .355 |
Net realized and unrealized gain (loss) | .440 | (.347) | .560 | (.522) | .134 | .002 |
Total from investment operations | .623 | .011 | .917 | (.165) | .481 | .357 |
Distributions from net investment income | (.183) | (.359) | (.357) | (.358) | (.347) | (.355) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.213) | (.361) | (.357) | (.365) | (.381) | (.467) |
Redemption fees added to paid in capital E,G | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.48 | $ 12.83 | $ 12.27 | $ 12.80 | $ 12.70 |
Total Return B,C,D | 5.03% | .01% | 7.57% | (1.24)% | 3.86% | 2.84% |
Ratios to Average Net Assets F |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.54% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.53% | 1.50% | 1.48% | 1.49% |
Net investment income (loss) | 2.91% A | 2.76% | 2.83% | 2.91% | 2.74% | 2.79% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 31 | $ 32 | $ 29 | $ 19 | $ 16 | $ 16 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F 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 reductions from 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.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - New York Municipal Income
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 | $ 12.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .249 | .497 | .491 | .486 | .479 | .488 |
Net realized and unrealized gain (loss) | .431 | (.338) | .560 | (.533) | .134 | .001 |
Total from investment operations | .680 | .159 | 1.051 | (.047) | .613 | .489 |
Distributions from net investment income | (.250) | (.497) | (.491) | (.486) | (.479) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.280) | (.499) | (.491) | (.493) | (.513) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.89 | $ 12.49 | $ 12.83 | $ 12.27 | $ 12.81 | $ 12.71 |
Total Return B,C | 5.50% | 1.16% | 8.71% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of fee waivers, if any | .47% A | .47% | .48% | .47% | .47% | .48% |
Expenses net of all reductions | .47% A | .47% | .47% | .46% | .44% | .45% |
Net investment income (loss) | 3.96% A | 3.82% | 3.89% | 3.95% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,688 | $ 1,604 | $ 1,740 | $ 1,428 | $ 1,480 | $ 1,407 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended July 31,2011 | Years ended January 31, | ||||
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 | $ 12.81 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .245 | .487 | .485 | .479 | .479 | .487 |
Net realized and unrealized gain (loss) | .441 | (.347) | .561 | (.527) | .133 | .002 |
Total from investment operations | .686 | .140 | 1.046 | (.048) | .612 | .489 |
Distributions from net investment income | (.246) | (.488) | (.486) | (.485) | (.478) | (.487) |
Distributions from net realized gain | (.030) | (.002) | - | (.007) | (.034) | (.112) |
Total distributions | (.276) | (.490) | (.486) | (.492) | (.512) | (.599) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.88 | $ 12.47 | $ 12.82 | $ 12.26 | $ 12.80 | $ 12.70 |
Total Return B,C | 5.55% | 1.01% | 8.67% | (.29)% | 4.94% | 3.91% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of fee waivers, if any | .54% A | .53% | .52% | .48% | .47% | .48% |
Expenses net of all reductions | .53% A | .53% | .52% | .47% | .44% | .45% |
Net investment income (loss) | 3.90% A | 3.76% | 3.85% | 3.94% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 14 | $ 14 | $ 10 | $ 5 | $ 2 | $ 1 |
Portfolio turnover rate | 14% A | 10% | 4% | 17% | 13% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from 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.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2011 (Unaudited)
(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 C, New York Municipal Income, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. 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 may 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. 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 and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 47,160 |
Gross unrealized depreciation | (10,355) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 36,805 |
|
|
Tax cost | $ 1,672,188 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be January 31, 2012.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $115,530 and $136,292, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 42 | $ 2 |
Class T | -% | .25% | 10 | -* |
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .65% | .25% | $ 18 | $ 13 |
Class C | .75% | .25% | 154 | 38 |
|
|
| $ 224 | $ 53 |
* Amount represents eighty five dollars.
Sales Load. FDC may receive 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. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, .75% 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 | $ 8 |
Class T | -** |
Class B* | 4 |
Class C* | 2 |
| $ 14 |
* 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.
** Amount represents one hundred thirty nine dollars.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and 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 agency, dividend disbursing, and shareholder servicing 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 17 | .10 |
Class T | 3 | .08 |
Class B | 2 | .10 |
Class C | 21 | .13 |
New York Municipal Income | 582 | .07 |
Institutional Class | 9 | .14 |
| $ 634 |
|
* Annualized
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.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class C | 1.55% | 2 |
Institutional Class | .55% | -* |
* Amount of reimbursement for Institutional Class totaled two hundred eighty two dollars
** Effective April 1, 2011 the expense limitation was eliminated.
Semiannual Report
6. Expense Reductions - continued
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 610 | $ 1,295 |
Class T | 145 | 328 |
Class B | 59 | 145 |
Class C | 446 | 903 |
New York Municipal Income | 32,268 | 69,168 |
Institutional Class | 255 | 538 |
Total | $ 33,783 | $ 72,377 |
From net realized gain |
|
|
Class A | $ 79 | $ 6 |
Class T | 19 | 1 |
Class B | 10 | 1 |
Class C | 73 | 5 |
New York Municipal Income | 3,847 | 280 |
Institutional Class | 31 | 3 |
Total | $ 4,059 | $ 296 |
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class A |
|
|
|
|
Shares sold | 390 | 843 | $ 4,978 | $ 10,950 |
Reinvestment of distributions | 36 | 67 | 455 | 864 |
Shares redeemed | (343) | (987) | (4,346) | (12,753) |
Net increase (decrease) | 83 | (77) | $ 1,087 | $ (939) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended July 31, | Year ended | Six months ended July 31, | Year ended |
Class T |
|
|
|
|
Shares sold | 12 | 170 | $ 166 | $ 2,210 |
Reinvestment of distributions | 10 | 20 | 125 | 257 |
Shares redeemed | (60) | (199) | (754) | (2,571) |
Net increase (decrease) | (38) | (9) | $ (463) | $ (104) |
Class B |
|
|
|
|
Shares sold | 5 | 40 | $ 59 | $ 515 |
Reinvestment of distributions | 3 | 7 | 40 | 90 |
Shares redeemed | (47) | (194) | (591) | (2,513) |
Net increase (decrease) | (39) | (147) | $ (492) | $ (1,908) |
Class C |
|
|
|
|
Shares sold | 177 | 721 | $ 2,229 | $ 9,405 |
Reinvestment of distributions | 23 | 39 | 293 | 501 |
Shares redeemed | (327) | (487) | (4,107) | (6,281) |
Net increase (decrease) | (127) | 273 | $ (1,585) | $ 3,625 |
New York Municipal Income |
|
|
|
|
Shares sold | 12,829 | 27,629 | $ 162,432 | $ 358,403 |
Reinvestment of distributions | 2,071 | 4,003 | 26,314 | 52,003 |
Shares redeemed | (12,456) | (38,771) | (157,230) | (496,938) |
Net increase (decrease) | 2,444 | (7,139) | $ 31,516 | $ (86,532) |
Institutional Class |
|
|
|
|
Shares sold | 118 | 713 | $ 1,499 | $ 9,276 |
Reinvestment of distributions | 11 | 20 | 142 | 258 |
Shares redeemed | (150) | (392) | (1,883) | (4,969) |
Net increase (decrease) | (21) | 341 | $ (242) | $ 4,565 |
9. 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.
Semiannual 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.
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-USAN-0911 1.789729.109
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. 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 Fidelity New York Municipal Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity New York Municipal Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | September 21, 2011 |
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: | September 21, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | September 21, 2011 |