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)
245 Summer St. Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(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, 2015 |
Item 1. Reports to Stockholders
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments July 31, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New York Municipal Income
Fund - Class I
(formerly Institutional Class)
Semiannual Report
July 31, 2015
(Fidelity Cover Art)
Class I is a class of
Fidelity® New York Municipal Income Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to July 31, 2015).
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
Expense RatioB | Beginning
Account Value
February 1, 2015 | Ending
Account Value
July 31, 2015 | Expenses Paid
During Period*
February 1, 2015
to July 31, 2015 |
Class A | .80% | | | |
Actual | | $ 1,000.00 | $ 992.30 | $ 3.95 |
HypotheticalA | | $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .74% | | | |
Actual | | $ 1,000.00 | $ 992.60 | $ 3.66 |
HypotheticalA | | $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.39% | | | |
Actual | | $ 1,000.00 | $ 989.40 | $ 6.86 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 988.60 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
New York Municipal Income | .47% | | | |
Actual | | $ 1,000.00 | $ 993.90 | $ 2.32 |
HypotheticalA | | $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Class I | .54% | | | |
Actual | | $ 1,000.00 | $ 993.50 | $ 2.67 |
HypotheticalA | | $ 1,000.00 | $ 1,022.12 | $ 2.71 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Transportation | 22.5 | 22.4 |
Special Tax | 21.4 | 23.6 |
General Obligations | 16.4 | 16.2 |
Water & Sewer | 13.2 | 12.3 |
Education | 9.8 | 10.2 |
Weighted Average Maturity as of July 31, 2015 |
| | 6 months ago |
Years | 5.8 | 5.5 |
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 market 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, 2015 |
| | 6 months ago |
Years | 6.9 | 6.4 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) |
As of July 31, 2015 | As of January 31, 2015 |
 | AAA 0.3% | |  | AAA 0.1% | |
 | AA,A 91.4% | |  | AA,A 91.4% | |
 | BBB 5.9% | |  | BBB 5.7% | |
 | BB and Below 0.4% | |  | BB and Below 0.1% | |
 | Not Rated 0.1% | |  | Not Rated 0.3% | |
 | Short-Term
Investments and
Net Other Assets 1.9% | |  | Short-Term
Investments and
Net Other Assets 2.4% | |
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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.1% |
| Principal Amount (000s) | | Value (000s) |
New York - 95.0% |
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | | | | |
5% 12/1/20 | | $ 1,215 | | $ 1,424 |
5% 12/1/22 | | 1,000 | | 1,185 |
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015: | | | | |
5% 7/1/24 | | 600 | | 690 |
5% 7/1/25 | | 455 | | 522 |
5% 7/1/26 | | 450 | | 509 |
5% 7/1/27 | | 500 | | 560 |
5% 7/1/28 | | 360 | | 400 |
5% 7/1/29 | | 300 | | 331 |
5% 7/1/30 | | 575 | | 630 |
5% 7/1/40 | | 1,000 | | 1,061 |
5.25% 7/1/35 | | 1,000 | | 1,114 |
Buffalo Muni. Wtr. Fin. Auth. Series 2015 A: | | | | |
4% 7/1/22 | | 350 | | 384 |
5% 7/1/24 | | 400 | | 471 |
5% 7/1/25 | | 250 | | 294 |
5% 7/1/26 | | 500 | | 582 |
5% 7/1/27 | | 2,000 | | 2,315 |
5% 7/1/29 | | 500 | | 571 |
Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 550 | | 650 |
5% 7/1/27 | | 350 | | 411 |
5% 7/1/28 | | 500 | | 582 |
5% 7/1/29 | | 700 | | 809 |
5% 7/1/31 | | 2,610 | | 2,982 |
5% 7/1/32 | | 2,660 | | 3,027 |
5% 7/1/33 | | 2,770 | | 3,143 |
5% 7/1/34 | | 2,935 | | 3,319 |
5% 7/1/35 | | 3,000 | | 3,379 |
5% 7/1/36 | | 1,000 | | 1,124 |
5% 7/1/40 | | 8,500 | | 9,469 |
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | | | | |
Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100) | | 5,000 | | 5,446 |
Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100) | | 3,535 | | 3,998 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | | $ 1,660 | | $ 1,792 |
Hempstead Local Dev. Corp. Rev.: | | | | |
(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39 | | 1,200 | | 1,304 |
(Molloy College Proj.) Series 2009: | | | | |
5% 7/1/17 | | 1,035 | | 1,108 |
5.25% 7/1/18 | | 1,090 | | 1,202 |
5.25% 7/1/19 | | 1,100 | | 1,214 |
5.75% 7/1/39 | | 6,500 | | 7,141 |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A: | | | | |
5.25% 2/15/47 | | 6,525 | | 7,149 |
5.75% 2/15/47 | | 22,185 | | 25,308 |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | | |
Series 2000 A, 0% 6/1/19 (FSA Insured) | | 1,040 | | 973 |
Series 2009 A, 5.25% 4/1/21 | | 1,945 | | 2,182 |
Series 2012 A, 5% 9/1/42 | | 2,320 | | 2,506 |
Series 2012 B: | | | | |
5% 9/1/25 | | 4,000 | | 4,555 |
5% 9/1/26 | | 10,065 | | 11,373 |
5% 9/1/27 | | 10,000 | | 11,245 |
Series 2014 A, 5% 9/1/35 | | 5,000 | | 5,562 |
Madison County Cap. Resource Corp. Rev.: | | | | |
(Colgate Univ. Proj.): | | | | |
Series 2010 A: | | | | |
5% 7/1/24 | | 1,405 | | 1,637 |
5% 7/1/25 | | 1,000 | | 1,164 |
5% 7/1/26 | | 1,150 | | 1,336 |
5% 7/1/27 | | 1,630 | | 1,890 |
5% 7/1/28 | | 1,015 | | 1,176 |
Series 2012 A, 5% 7/1/23 | | 1,000 | | 1,183 |
(Colgate Univ. Rfdg. Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 500 | | 601 |
5% 7/1/30 | | 1,125 | | 1,314 |
5% 7/1/32 | | 1,250 | | 1,447 |
5% 7/1/33 | | 1,000 | | 1,154 |
5% 7/1/35 | | 1,000 | | 1,146 |
5% 7/1/40 | | 4,000 | | 4,527 |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | | 245 | | 246 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015: | | | | |
5% 5/1/23 | | $ 350 | | $ 417 |
5% 5/1/24 | | 750 | | 901 |
5% 5/1/25 | | 750 | | 906 |
5% 5/1/26 | | 1,200 | | 1,435 |
5% 5/1/27 | | 700 | | 830 |
5% 5/1/29 | | 1,750 | | 2,040 |
5% 5/1/30 | | 1,000 | | 1,159 |
5% 5/1/31 | | 1,205 | | 1,387 |
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015: | | | | |
5% 7/1/28 | | 1,250 | | 1,485 |
5% 7/1/29 | | 1,050 | | 1,240 |
5% 7/1/30 | | 1,000 | | 1,172 |
5% 7/1/31 | | 1,200 | | 1,396 |
5% 7/1/32 | | 1,250 | | 1,449 |
Nassau County Gen. Oblig. Series 2014 A: | | | | |
5% 4/1/26 | | 19,360 | | 22,436 |
5% 4/1/29 | | 14,040 | | 15,960 |
Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011: | | | | |
5% 7/1/21 | | 10,000 | | 11,495 |
5% 7/1/22 | | 5,500 | | 6,215 |
Nassau County Local Econ. Assistance Corp.: | | | | |
(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/23 | | 450 | | 524 |
5% 7/1/26 | | 1,500 | | 1,724 |
(Univ. Hosp. Proj.) Series 2012: | | | | |
5% 7/1/20 | | 2,000 | | 2,266 |
5% 7/1/22 | | 2,000 | | 2,283 |
5% 7/1/27 | | 2,155 | | 2,401 |
Series 2014 B: | | | | |
5% 7/1/23 | | 550 | | 640 |
5% 7/1/27 | | 1,000 | | 1,146 |
Series 2014 C, 5% 7/1/26 | | 3,000 | | 3,448 |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: | | | | |
5% 10/1/26 | | 2,300 | | 2,764 |
5% 10/1/27 | | 5,000 | | 5,967 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued | | | | |
5% 10/1/28 | | $ 3,450 | | $ 4,093 |
New York City Gen. Oblig.: | | | | |
Series 2005 A, 5% 8/1/19 | | 845 | | 848 |
Series 2008 A1, 5.25% 8/15/27 | | 15,000 | | 16,806 |
Series 2008 D1, 5.125% 12/1/23 | | 5,000 | | 5,499 |
Series 2012 A1, 5% 8/1/24 | | 2,400 | | 2,813 |
Series 2012 G1, 5% 4/1/25 | | 4,300 | | 5,021 |
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | | 5,000 | | 5,528 |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.): | | | | |
5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | | 2,900 | | 3,182 |
5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured) | | 9,590 | | 10,401 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | | |
Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,405 | | 2,240 |
Series 2009 A, 5.75% 6/15/40 | | 10,025 | | 11,220 |
Series 2009 C, 5% 6/15/44 | | 2,700 | | 2,999 |
Series 2009 DD, 6% 6/15/40 | | 1,115 | | 1,267 |
Series 2009 EE, 5.25% 6/15/40 | | 8,500 | | 9,613 |
Series 2009 FF 2, 5.5% 6/15/40 | | 9,295 | | 10,673 |
Series 2009 GG, 5.25% 6/15/40 | | 10,000 | | 11,309 |
Series 2009 GG1, 5.25% 6/15/32 | | 7,000 | | 8,026 |
Series 2011 EE: | | | | |
5.375% 6/15/40 | | 2,310 | | 2,707 |
5.375% 6/15/43 | | 20,035 | | 23,411 |
5.5% 6/15/43 | | 4,375 | | 5,189 |
Series 2012 BB, 5.25% 6/15/44 | | 2,330 | | 2,630 |
Series 2012 CC, 5% 6/15/45 | | 8,000 | | 8,881 |
Series 2012 FF, 5% 6/15/24 | | 18,240 | | 21,488 |
Series 2013 CC, 5% 6/15/47 | | 23,575 | | 26,071 |
Series 2014 BB, 5% 6/15/46 | | 9,785 | | 10,793 |
Series 2014 CC, 5% 6/15/47 | | 11,200 | | 12,470 |
Series 2015 AA, 5% 6/15/44 | | 6,200 | | 6,918 |
Series 2015 FF: | | | | |
5% 6/15/29 | | 5,080 | | 5,980 |
5% 6/15/30 | | 6,060 | | 7,088 |
5% 6/15/31 | | 11,780 | | 13,701 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | | |
Series 2015 FF: - continued | | | | |
5% 6/15/32 | | $ 2,000 | | $ 2,317 |
Series GG, 5% 6/15/43 | | 2,700 | | 2,979 |
5% 6/15/35 | | 10,000 | | 11,362 |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | | | | |
Series 2007 S1, 5% 7/15/36 | | 3,000 | | 3,163 |
Series 2008 S1, 5% 1/15/34 | | 10,000 | | 10,900 |
Series 2009 S1: | | | | |
5.5% 7/15/31 | | 5,000 | | 5,642 |
5.5% 7/15/38 | | 2,900 | | 3,256 |
5.625% 7/15/38 | | 2,900 | | 3,267 |
Series 2009 S2, 6% 7/15/38 | | 7,500 | | 8,552 |
Series 2009 S3: | | | | |
5.25% 1/15/26 | | 1,000 | | 1,138 |
5.25% 1/15/39 | | 6,100 | | 6,828 |
5.375% 1/15/34 | | 13,435 | | 15,186 |
Series 2009 S4: | | | | |
5.5% 1/15/34 | | 1,000 | | 1,142 |
5.5% 1/15/39 | | 6,700 | | 7,628 |
5.75% 1/15/39 | | 2,900 | | 3,326 |
Series 2009 S5, 5.25% 1/15/39 | | 10,180 | | 11,395 |
Series 2012 S1 A, 5.25% 7/15/37 | | 11,500 | | 13,006 |
Series S1, 5% 7/15/28 | | 9,000 | | 10,395 |
New York City Transitional Fin. Auth. Rev.: | | | | |
Series 2003 B, 5% 2/1/22 | | 7,160 | | 8,348 |
Series 2011 D1, 5.25% 2/1/30 | | 5,435 | | 6,303 |
Series 2012 B, 5% 11/1/24 | | 7,500 | | 8,937 |
Series 2013 B, 5% 11/1/26 | | 2,955 | | 3,482 |
Series 2013 F: | | | | |
5% 2/1/31 | | 6,000 | | 6,856 |
5% 2/1/32 | | 5,000 | | 5,677 |
Series 2013 F1, 5% 2/1/28 | | 11,120 | | 12,901 |
Series 2014 D1: | | | | |
5% 2/1/27 | | 5,000 | | 5,884 |
5% 2/1/28 | | 5,000 | | 5,834 |
5% 2/1/29 | | 7,500 | | 8,690 |
5% 2/1/31 | | 4,300 | | 4,933 |
5% 2/1/32 | | 1,515 | | 1,732 |
Series A, 5% 8/1/28 | | 3,500 | | 4,108 |
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 | | $ 25,640 |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | | | | |
(State Univ. Proj.) Series 2012 A, 5% 5/15/22 | | 5,700 | | 6,767 |
Series 2012 A, 5% 5/15/23 | | 2,400 | | 2,844 |
New York Dorm. Auth. Personal Income Tax Rev.: | | | | |
(Ed. Proj.): | | | | |
Series 2007 A: | | | | |
5% 3/15/32 | | 3,700 | | 3,934 |
5% 3/15/37 | | 1,700 | | 1,802 |
Series 2008 A, 5% 3/15/24 | | 5,000 | | 5,506 |
Series 2008 B: | | | | |
5.25% 3/15/38 | | 1,500 | | 1,686 |
5.75% 3/15/36 | | 10,500 | | 12,079 |
Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2012 A, 5% 12/15/24 | | 10,000 | | 11,916 |
Series 2012 D: | | | | |
5% 2/15/24 | | 5,000 | | 5,867 |
5% 2/15/37 | | 7,500 | | 8,378 |
Series 2013 A, 5% 2/15/30 | | 18,985 | | 21,802 |
Series 2014 2, 5.25% 2/15/23 | | 7,910 | | 9,046 |
Series 2014 A: | | | | |
5% 2/15/39 | | 20,345 | | 22,597 |
5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 20 | | 23 |
5% 12/15/31 | | 6,290 | | 6,642 |
5% 2/15/34 | | 15,490 | | 17,363 |
5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5% 3/15/36 | | 1,895 | | 1,977 |
5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100) | | 135 | | 142 |
New York Dorm. Auth. Rev.: | | | | |
Series 2015 A: | | | | |
5% 10/1/29 | | 785 | | 914 |
5% 5/1/30 | | 3,450 | | 3,913 |
5% 7/1/30 | | 10,120 | | 11,777 |
5% 10/1/30 | | 535 | | 620 |
5% 5/1/31 | | 11,000 | | 12,409 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Rev.: - continued | | | | |
Series 2015 A: - continued | | | | |
5% 10/1/31 | | $ 1,595 | | $ 1,839 |
5% 10/1/32 | | 1,550 | | 1,780 |
Series 2015 B: | | | | |
5% 10/1/28 | | 1,000 | | 1,168 |
5% 10/1/29 | | 1,470 | | 1,705 |
5% 10/1/33 | | 1,010 | | 1,151 |
5% 10/1/34 | | 1,070 | | 1,216 |
Series 2015: | | | | |
5% 12/1/19 (a) | | 1,100 | | 1,210 |
5% 12/1/20 (a) | | 1,200 | | 1,328 |
5% 12/1/21 (a) | | 800 | | 885 |
5% 12/1/23 (a) | | 700 | | 773 |
5% 12/1/24 (a) | | 600 | | 660 |
5% 12/1/27 (a) | | 1,200 | | 1,289 |
New York Dorm. Auth. Revs.: | | | | |
(Colgate Univ. Proj.) Series 1996: | | | | |
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 425 | | 447 |
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,500 | | 2,843 |
(Cornell Univ. Proj.): | | | | |
Series 2008 C: | | | | |
5% 7/1/29 | | 2,015 | | 2,322 |
5% 7/1/37 | | 6,000 | | 6,756 |
Series 2009 A: | | | | |
5% 7/1/22 | | 445 | | 513 |
5% 7/1/23 | | 1,315 | | 1,515 |
(Fordham Univ. Proj.) 5.5% 7/1/36 | | 2,000 | | 2,339 |
(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17 | | 2,080 | | 2,200 |
(New York City Court Facilities Lease Proj.) Series 2005 A: | | | | |
5.5% 5/15/21 (AMBAC Insured) | | 10,000 | | 12,034 |
5.5% 5/15/28 | | 2,700 | | 3,399 |
(New York Univ. Hosp. Ctr. Proj.): | | | | |
Series 2006 A, 5% 7/1/16 | | 1,130 | | 1,176 |
Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | | 90 | | 96 |
Series 2011 A: | | | | |
5.75% 7/1/31 | | 4,000 | | 4,629 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2011 A: - continued | | | | |
6% 7/1/40 | | $ 4,000 | | $ 4,647 |
(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | | 3,000 | | 3,868 |
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100) | | 8,085 | | 9,391 |
(North Shore Univ. Hosp. Proj.) Series 2007 A: | | | | |
5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100) | | 2,000 | | 2,154 |
5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100) | | 1,315 | | 1,416 |
(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29 | | 1,000 | | 1,102 |
(Rochester Institute of Technology Proj.) Series 2010: | | | | |
5% 7/1/20 | | 1,000 | | 1,161 |
5% 7/1/21 | | 1,500 | | 1,725 |
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | | 15,000 | | 16,778 |
(School District Fing. Prog.) Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 25 | | 25 |
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | | 3,000 | | 3,398 |
(Teachers College Proj.) Series 2009: | | | | |
5.375% 3/1/29 | | 2,930 | | 3,286 |
5.5% 3/1/39 | | 2,500 | | 2,839 |
(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100) | | 19,005 | | 20,190 |
(Vassar College Proj.) Series 2010, 5% 7/1/49 | | 9,000 | | 9,962 |
Series 1: | | | | |
4% 7/1/21 | | 1,000 | | 1,123 |
5% 7/1/21 | | 1,000 | | 1,179 |
5% 7/1/23 | | 1,350 | | 1,595 |
Series 2010 A: | | | | |
5% 7/1/19 | | 1,500 | | 1,701 |
5% 7/1/21 | | 7,000 | | 8,008 |
5% 7/1/22 | | 6,000 | | 6,825 |
5% 7/1/41 | | 12,000 | | 13,578 |
Series 2011 A: | | | | |
5% 5/1/18 | | 1,000 | | 1,102 |
5% 5/1/20 | | 5,590 | | 6,418 |
5% 5/1/21 | | 3,140 | | 3,637 |
5% 5/1/22 | | 2,350 | | 2,722 |
Series 2012 F: | | | | |
5% 10/1/19 (FSA Insured) | | 2,100 | | 2,412 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2012 F: - continued | | | | |
5% 10/1/20 (FSA Insured) | | $ 1,100 | | $ 1,284 |
5% 10/1/21 (FSA Insured) | | 1,000 | | 1,177 |
5% 10/1/23 (FSA Insured) | | 1,000 | | 1,180 |
5% 10/1/24 (FSA Insured) | | 750 | | 881 |
Series 2012: | | | | |
5% 7/1/23 | | 1,000 | | 1,178 |
5% 7/1/38 | | 1,000 | | 1,114 |
Series 2014 A: | | | | |
5% 10/1/26 (FSA Insured) | | 1,400 | | 1,656 |
5% 10/1/27 (FSA Insured) | | 1,000 | | 1,175 |
5% 10/1/28 (FSA Insured) | | 1,000 | | 1,165 |
Series A, 5.75% 7/1/18 | | 2,135 | | 2,325 |
5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100) | | 5 | | 6 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34 | | 2,415 | | 2,422 |
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | | 10,000 | | 10,809 |
New York Liberty Dev. Corp. (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44 | | 29,440 | | 32,273 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | | |
Series 2009 A: | | | | |
5.5% 11/15/39 | | 10,400 | | 11,761 |
5.625% 11/15/39 | | 6,000 | | 6,809 |
Series 2009 B, 5% 11/15/34 | | 19,560 | | 22,255 |
Series 2012 A: | | | | |
5% 11/15/22 | | 2,500 | | 2,968 |
5% 11/15/29 | | 17,000 | | 19,713 |
New York Metropolitan Trans. Auth. Rev.: | | | | |
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | | 2,000 | | 2,284 |
Series 2005 G, 5% 11/15/21 | | 3,200 | | 3,727 |
Series 2007 B: | | | | |
5% 11/15/26 | | 8,185 | | 8,903 |
5% 11/15/28 | | 2,235 | | 2,422 |
Series 2008 A, 5.25% 11/15/36 | | 15,000 | | 16,248 |
Series 2008 B2: | | | | |
5% 11/15/22 | | 4,000 | | 4,735 |
5% 11/15/23 | | 5,910 | | 7,008 |
Series 2008 C, 6.5% 11/15/28 | | 9,670 | | 11,360 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Metropolitan Trans. Auth. Rev.: - continued | | | | |
Series 2011 A: | | | | |
5% 11/15/18 | | $ 1,000 | | $ 1,126 |
5% 11/15/22 | | 1,500 | | 1,749 |
Series 2011 D: | | | | |
5% 11/15/20 | | 2,000 | | 2,343 |
5% 11/15/24 | | 6,590 | | 7,662 |
5% 11/15/25 | | 5,000 | | 5,813 |
Series 2012 D, 5% 11/15/25 | | 20,000 | | 23,438 |
Series 2012 E, 5% 11/15/20 | | 3,165 | | 3,707 |
Series 2012 F: | | | | |
5% 11/15/21 | | 1,500 | | 1,771 |
5% 11/15/22 | | 5,000 | | 5,940 |
5% 11/15/23 | | 7,000 | | 8,316 |
Series 2012 H: | | | | |
5% 11/15/24 | | 3,290 | | 3,880 |
5% 11/15/33 | | 3,505 | | 3,960 |
5% 11/15/42 | | 4,750 | | 5,236 |
Series 2013 A, 5% 11/15/43 | | 3,250 | | 3,554 |
Series 2013 E, 5% 11/15/43 | | 15,375 | | 16,892 |
Series 2014 A1: | | | | |
5% 11/15/23 | | 2,300 | | 2,748 |
5% 11/15/44 | | 8,000 | | 8,783 |
Series 2014 B, 5.25% 11/15/44 | | 6,300 | | 7,117 |
Series 2014 D, 5.25% 11/15/44 | | 5,000 | | 5,679 |
Series 2015 B: | | | | |
5% 11/15/26 | | 1,495 | | 1,773 |
5% 11/15/28 | | 1,000 | | 1,167 |
5% 11/15/29 | | 2,125 | | 2,463 |
5.5% 11/15/18 | | 1,645 | | 1,773 |
New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 20,000 | | 21,557 |
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | | 2,050 | | 1,947 |
New York Thruway Auth. Gen. Rev.: | | | | |
Series 2007 H: | | | | |
5% 1/1/21 | | 5,755 | | 6,292 |
5% 1/1/25 | | 13,000 | | 14,213 |
5% 1/1/26 | | 4,000 | | 4,369 |
Series 2013 A, 5% 5/1/19 | | 13,600 | | 15,414 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27 | | $ 6,750 | | $ 7,341 |
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A: | | | | |
5.25% 3/15/24 | | 4,180 | | 4,563 |
5.25% 3/15/26 | | 12,080 | | 13,163 |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | | | | |
Series 2011 A1, 5% 4/1/22 | | 4,000 | | 4,655 |
Series 2011 A2: | | | | |
5% 4/1/21 | | 2,385 | | 2,813 |
5% 4/1/23 | | 6,000 | | 7,003 |
New York Urban Dev. Corp. Rev.: | | | | |
Series 2007 A: | | | | |
5% 1/1/23 (FSA Insured) | | 6,165 | | 6,733 |
5% 1/1/24 (FSA Insured) | | 5,975 | | 6,522 |
Series 2013 C, 5% 3/15/30 | | 4,540 | | 5,220 |
Niagara Falls City Niagara County Pub. Impt. Series 1994: | | | | |
7.5% 3/1/16 (Escrowed to Maturity) | | 90 | | 94 |
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 970 | | 1,006 |
7.5% 3/1/17 (Escrowed to Maturity) | | 100 | | 111 |
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,100 | | 1,205 |
Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015: | | | | |
5% 6/15/23 (FSA Insured) | | 1,670 | | 1,944 |
5% 6/15/24 (FSA Insured) | | 1,450 | | 1,698 |
5% 6/15/25 (FSA Insured) | | 1,670 | | 1,938 |
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | | 1,000 | | 1,002 |
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | | 5,000 | | 5,538 |
Port Auth. of New York & New Jersey 185th Series: | | | | |
5% 9/1/26 (b) | | 10,150 | | 11,795 |
5% 9/1/28 (b) | | 7,350 | | 8,409 |
Rockland County Gen. Oblig.: | | | | |
Series 2014 A: | | | | |
5% 3/1/20 (FSA Insured) | | 3,000 | | 3,418 |
5% 3/1/21 (FSA Insured) | | 3,000 | | 3,450 |
5% 3/1/22 (FSA Insured) | | 4,000 | | 4,605 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Rockland County Gen. Oblig.: - continued | | | | |
Series 2014 A: - continued | | | | |
5% 3/1/23 (FSA Insured) | | $ 2,500 | | $ 2,906 |
5% 3/1/24 (FSA Insured) | | 1,600 | | 1,871 |
Series 2014: | | | | |
4% 2/15/21 (Build America Mutual Assurance Insured) | | 815 | | 893 |
4% 2/15/22 (Build America Mutual Assurance Insured) | | 1,000 | | 1,087 |
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | | 680 | | 732 |
Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/25 | | 1,000 | | 1,155 |
5% 7/1/26 | | 1,280 | | 1,471 |
Syracuse Gen. Oblig. Series 2015 A: | | | | |
5% 3/1/24 | | 1,000 | | 1,191 |
5% 3/1/25 | | 500 | | 598 |
5% 3/1/26 | | 500 | | 592 |
5% 3/1/27 | | 350 | | 412 |
Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22 | | 6,250 | | 6,727 |
Triborough Bridge & Tunnel Auth. Revs.: | | | | |
(MTA Bridges and Tunnels Proj.) Series 2008 A: | | | | |
5% 11/15/37 | | 22,500 | | 24,531 |
5.25% 11/15/38 | | 14,500 | | 15,940 |
Series 2006 A, 5% 11/15/31 | | 965 | | 1,018 |
Series 2012 B: | | | | |
0% 11/15/27 | | 2,500 | | 1,701 |
0% 11/15/28 | | 2,500 | | 1,629 |
Series 2013 A: | | | | |
5% 11/15/23 | | 1,785 | | 2,131 |
5% 11/15/24 | | 4,000 | | 4,734 |
Series 2013 C: | | | | |
5% 11/15/26 | | 5,475 | | 6,399 |
5% 11/15/27 | | 5,660 | | 6,585 |
5% 11/15/28 | | 5,935 | | 6,860 |
5% 11/15/29 | | 6,340 | | 7,299 |
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | | | | |
5% 9/1/30 | | 5,775 | | 6,503 |
5.125% 9/1/40 | | 8,055 | | 8,899 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Western Nassau County Wtr. Auth. Series 2015 A: | | | | |
5% 4/1/28 | | $ 300 | | $ 348 |
5% 4/1/30 | | 350 | | 402 |
5% 4/1/31 | | 335 | | 383 |
5% 4/1/32 | | 1,000 | | 1,138 |
5% 4/1/34 | | 1,045 | | 1,182 |
5% 4/1/35 | | 1,180 | | 1,330 |
5% 4/1/40 | | 1,400 | | 1,562 |
5% 4/1/45 | | 2,250 | | 2,493 |
Yonkers Gen. Oblig.: | | | | |
Series 2015 A: | | | | |
4% 3/15/17 (FSA Insured) | | 600 | | 629 |
4% 3/15/19 (FSA Insured) | | 1,700 | | 1,854 |
5% 3/15/22 (FSA Insured) | | 750 | | 854 |
5% 3/15/23 (FSA Insured) | | 1,255 | | 1,430 |
5% 3/15/24 (FSA Insured) | | 1,545 | | 1,756 |
Series 2015 B: | | | | |
4% 8/1/18 (FSA Insured) | | 1,255 | | 1,356 |
5% 8/1/21 (FSA Insured) | | 735 | | 853 |
5% 8/1/22 (FSA Insured) | | 510 | | 591 |
5% 8/1/23 (FSA Insured) | | 300 | | 351 |
Series 2015 C: | | | | |
3% 8/1/16 (FSA Insured) | | 425 | | 435 |
4% 8/1/17 (FSA Insured) | | 400 | | 424 |
4% 8/1/18 (FSA Insured) | | 630 | | 681 |
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | | | | |
6% 6/1/29 | | 1,130 | | 1,280 |
6% 6/1/41 | | 5,000 | | 5,586 |
| | 1,711,656 |
New York And New Jersey - 2.7% |
Port Auth. of New York & New Jersey: | | | | |
163rd Series, 5% 7/15/35 | | 25,000 | | 28,262 |
166th Series, 5% 1/15/41 | | 5,400 | | 5,862 |
185th Series, 5% 9/1/27 (b) | | 6,200 | | 7,162 |
85th Series, 5.375% 3/1/28 | | 6,280 | | 7,573 |
| | 48,859 |
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 | | $ 4,165 |
5% 10/1/17 | | 2,750 | | 2,940 |
| | 7,105 |
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $1,671,993) | | 1,767,620 |
NET OTHER ASSETS (LIABILITIES) - 1.9% | | 34,623 |
NET ASSETS - 100% | $ 1,802,243 |
Legend |
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
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 Investment 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): |
Transportation | 22.5% |
Special Tax | 21.4% |
General Obligations | 16.4% |
Water & Sewer | 13.2% |
Education | 9.8% |
Health Care | 6.3% |
Others* (Individually Less Than 5%) | 10.4% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2015 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,671,993) | | $ 1,767,620 |
Cash | | 18,421 |
Receivable for fund shares sold | | 1,228 |
Interest receivable | | 18,120 |
Other receivables | | 4 |
Total assets | | 1,805,393 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 879 | |
Distributions payable | 1,517 | |
Accrued management fee | 538 | |
Distribution and service plan fees payable | 37 | |
Other affiliated payables | 146 | |
Other payables and accrued expenses | 33 | |
Total liabilities | | 3,150 |
| | |
Net Assets | | $ 1,802,243 |
Net Assets consist of: | | |
Paid in capital | | $ 1,695,994 |
Undistributed net investment income | | 209 |
Accumulated undistributed net realized gain (loss) on investments | | 10,413 |
Net unrealized appreciation (depreciation) on investments | | 95,627 |
Net Assets | | $ 1,802,243 |
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, 2015 (Unaudited) |
Calculation of Maximum Offering Price | | |
Class A: | | |
Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares) | | $ 13.48 |
| | |
Maximum offering price per share (100/96.00 of $13.48) | | $ 14.04 |
Class T: | | |
Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares) | | $ 13.49 |
| | |
Maximum offering price per share (100/96.00 of $13.49) | | $ 14.05 |
Class B: | | |
Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A | | $ 13.47 |
| | |
Class C: | | |
Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A | | $ 13.48 |
| | |
New York Municipal Income: | | |
Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares) | | $ 13.48 |
| | |
Class I: | | |
Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares) | | $ 13.47 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 32,505 |
| | |
Expenses | | |
Management fee | $ 3,259 | |
Transfer agent fees | 708 | |
Distribution and service plan fees | 222 | |
Accounting fees and expenses | 167 | |
Custodian fees and expenses | 13 | |
Independent trustees' compensation | 4 | |
Registration fees | 71 | |
Audit | 29 | |
Legal | 7 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,486 | |
Expense reductions | (13) | 4,473 |
Net investment income (loss) | | 28,032 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 10,615 |
Change in net unrealized appreciation (depreciation) on investment securities | | (50,521) |
Net gain (loss) | | (39,906) |
Net increase (decrease) in net assets resulting from operations | | $ (11,874) |
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, 2015 (Unaudited) | Year ended
January 31,
2015 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,032 | $ 57,355 |
Net realized gain (loss) | 10,615 | 3,341 |
Change in net unrealized appreciation (depreciation) | (50,521) | 100,212 |
Net increase (decrease) in net assets resulting from operations | (11,874) | 160,908 |
Distributions to shareholders from net investment income | (28,024) | (57,420) |
Distributions to shareholders from net realized gain | (536) | (3,181) |
Total distributions | (28,560) | (60,601) |
Share transactions - net increase (decrease) | (4,811) | 49,416 |
Redemption fees | 3 | 3 |
Total increase (decrease) in net assets | (45,242) | 149,726 |
| | |
Net Assets | | |
Beginning of period | 1,847,485 | 1,697,759 |
End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively) | $ 1,802,243 | $ 1,847,485 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .189 | .396 | .404 | .410 | .433 | .459 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .145 | 1.130 | (.347) |
Total from investment operations | (.107) | 1.180 | (.252) | .555 | 1.563 | .112 |
Distributions from net investment income | (.189) | (.396) | (.404) | (.393) | (.451) | (.460) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.193) | (.420) | (.418) | (.425) | (.483) | (.462) |
Redemption fees added to paid in capital E, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (.77)% | 9.20% | (1.82)% | 4.15% | 12.79% | .79% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of fee waivers, if any | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of all reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Net investment income (loss) | 2.82%A | 2.95% | 3.07% | 3.01% | 3.34% | 3.54% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 46 | $ 43 | $ 45 | $ 54 | $ 43 | $ 33 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 | $ 12.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .193 | .404 | .411 | .418 | .437 | .463 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .143 | 1.130 | (.348) |
Total from investment operations | (.103) | 1.188 | (.245) | .561 | 1.567 | .115 |
Distributions from net investment income | (.193) | (.404) | (.411) | (.399) | (.455) | (.463) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.197) | (.428) | (.425) | (.431) | (.487) | (.465) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.49 | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 |
Total ReturnB, C, D | (.74)% | 9.26% | (1.76)% | 4.19% | 12.81% | .81% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .75%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of fee waivers, if any | .74%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of all reductions | .74%A | .72% | .72% | .72% | .73% | .73% |
Net investment income (loss) | 2.88%A | 3.01% | 3.12% | 3.06% | 3.37% | 3.56% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8 | $ 8 | $ 7 | $ 9 | $ 9 | $ 8 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .150 | .316 | .324 | .326 | .350 | .376 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .145 | 1.121 | (.347) |
Total from investment operations | (.146) | 1.101 | (.332) | .471 | 1.471 | .029 |
Distributions from net investment income | (.150) | (.317) | (.324) | (.309) | (.369) | (.377) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.154) | (.341) | (.338) | (.341) | (.401) | (.379) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 |
Total ReturnB, C, D | (1.06)% | 8.56% | (2.41)% | 3.51% | 11.99% | .15% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.37% | 1.38% | 1.38% | 1.39% | 1.40% |
Net investment income (loss) | 2.24%A | 2.36% | 2.46% | 2.40% | 2.71% | 2.89% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 2 | $ 3 | $ 4 | $ 4 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .139 | .297 | .305 | .306 | .334 | .358 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .144 | 1.130 | (.347) |
Total from investment operations | (.157) | 1.082 | (.351) | .450 | 1.464 | .011 |
Distributions from net investment income | (.139) | (.298) | (.305) | (.288) | (.352) | (.359) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.143) | (.322) | (.319) | (.320) | (.384) | (.361) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (1.14)% | 8.40% | (2.55)% | 3.35% | 11.93% | .01% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.55%A | 1.52% | 1.52% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55%A | 1.52% | 1.52% | 1.54% | 1.52% | 1.53% |
Expenses net of all reductions | 1.55%A | 1.52% | 1.52% | 1.53% | 1.52% | 1.53% |
Net investment income (loss) | 2.08%A | 2.22% | 2.31% | 2.25% | 2.58% | 2.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 31 | $ 28 | $ 37 | $ 34 | $ 32 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .211 | .439 | .444 | .452 | .471 | .497 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .144 | 1.120 | (.338) |
Total from investment operations | (.085) | 1.223 | (.212) | .596 | 1.591 | .159 |
Distributions from net investment income | (.211) | (.439) | (.444) | (.434) | (.489) | (.497) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.215) | (.463) | (.458) | (.466) | (.521) | (.499) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 |
Total ReturnB, C | (.61)% | 9.55% | (1.51)% | 4.46% | 13.02% | 1.16% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of all reductions | .47%A | .46% | .46% | .46% | .47% | .47% |
Net investment income (loss) | 3.15%A | 3.27% | 3.37% | 3.32% | 3.64% | 3.82% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,685 | $ 1,734 | $ 1,597 | $ 1,952 | $ 1,845 | $ 1,604 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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 - Class I
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 | $ 12.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .206 | .429 | .435 | .443 | .462 | .487 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.655) | .145 | 1.130 | (.347) |
Total from investment operations | (.090) | 1.214 | (.220) | .588 | 1.592 | .140 |
Distributions from net investment income | (.206) | (.430) | (.436) | (.426) | (.480) | (.488) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.210) | (.454) | (.450) | (.458) | (.512) | (.490) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 |
Total ReturnB, C | (.65)% | 9.48% | (1.58)% | 4.40% | 13.05% | 1.01% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of fee waivers, if any | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of all reductions | .54%A | .53% | .53% | .52% | .53% | .53% |
Net investment income (loss) | 3.08%A | 3.21% | 3.31% | 3.26% | 3.57% | 3.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 33 | $ 30 | $ 20 | $ 23 | $ 16 | $ 14 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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
For the period ended July 31, 2015 (Unaudited)
(Amounts in thousands except percentages)
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 Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 98,110 |
Gross unrealized depreciation | (2,420) |
Net unrealized appreciation (depreciation) on securities | $ 95,690 |
| |
Tax cost | $ 1,671,930 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
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 the investment adviser, 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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 56 | $ 7 |
Class T | -% | .25% | 9 | - * |
Class B | .65% | .25% | 8 | 6 |
Class C | .75% | .25% | 149 | 19 |
| | | $ 222 | $ 32 |
* Amount represents seventy eight 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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .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
by FDC |
Class A | $ 4 |
Class T | 1 |
Class B* | -** |
Class C* | 3 |
| $ 8 |
* 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 four hundred fifty eight dollars.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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
Average
Net Assets* |
Class A | $ 34 | .15 |
Class T | 4 | .10 |
Class B | 1 | .08 |
Class C | 21 | .14 |
New York Municipal Income | 626 | .07 |
Class I | 22 | .15 |
| $ 708 | |
* Annualized
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.
In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
July 31,
2015 | Year ended
January 31,
2015 |
From net investment income | | |
Class A | $ 628 | $ 1,288 |
Class T | 107 | 212 |
Class B | 20 | 48 |
Class C | 305 | 651 |
New York Municipal Income | 26,501 | 54,451 |
Class I | 463 | 770 |
Total | $ 28,024 | $ 57,420 |
From net realized gain | | |
Class A | $ 13 | $ 74 |
Class T | 2 | 13 |
Class B | 1 | 4 |
Class C | 9 | 53 |
New York Municipal Income | 502 | 2,990 |
Class I | 9 | 47 |
Total | $ 536 | $ 3,181 |
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended July 31,
2015 | Year ended
January 31,
2015 | Six months ended July 31,
2015 | Year ended
January 31,
2015 |
Class A | | | | |
Shares sold | 426 | 607 | $ 5,778 | $ 8,175 |
Reinvestment of distributions | 41 | 82 | 551 | 1,101 |
Shares redeemed | (238) | (958) | (3,213) | (12,855) |
Net increase (decrease) | 229 | (269) | $ 3,116 | $ (3,579) |
Class T | | | | |
Shares sold | 60 | 84 | $ 814 | $ 1,126 |
Reinvestment of distributions | 7 | 12 | 88 | 167 |
Shares redeemed | (41) | (55) | (552) | (738) |
Net increase (decrease) | 26 | 41 | $ 350 | $ 555 |
Class B | | | | |
Shares sold | -* | 6 | $ 1 | $ 79 |
Reinvestment of distributions | 1 | 3 | 16 | 36 |
Shares redeemed | (28) | (32) | (384) | (422) |
Net increase (decrease) | (27) | (23) | $ (367) | $ (307) |
Class C | | | | |
Shares sold | 147 | 386 | $ 1,973 | $ 5,181 |
Reinvestment of distributions | 16 | 35 | 212 | 465 |
Shares redeemed | (169) | (350) | (2,287) | (4,691) |
Net increase (decrease) | (6) | 71 | $ (102) | $ 955 |
New York Municipal Income | | | | |
Shares sold | 7,459 | 13,709 | $ 100,905 | $ 183,532 |
Reinvestment of distributions | 1,357 | 2,902 | 18,333 | 38,987 |
Shares redeemed | (9,690) | (13,410) | (130,886) | (179,398) |
Net increase (decrease) | (874) | 3,201 | $ (11,648) | $ 43,121 |
Class I | | | | |
Shares sold | 446 | 848 | $ 6,019 | $ 11,379 |
Reinvestment of distributions | 18 | 30 | 236 | 397 |
Shares redeemed | (179) | (232) | (2,415) | (3,105) |
Net increase (decrease) | 285 | 646 | $ 3,840 | $ 8,671 |
* Amount represents sixty one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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
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(Fidelity Investment logo)(registered trademark)
ASNMI-USAN-0915
1.789729.113
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments July 31, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New York Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
July 31, 2015
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to July 31, 2015).
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
Expense RatioB | Beginning
Account Value
February 1, 2015 | Ending
Account Value
July 31, 2015 | Expenses Paid
During Period*
February 1, 2015
to July 31, 2015 |
Class A | .80% | | | |
Actual | | $ 1,000.00 | $ 992.30 | $ 3.95 |
HypotheticalA | | $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .74% | | | |
Actual | | $ 1,000.00 | $ 992.60 | $ 3.66 |
HypotheticalA | | $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.39% | | | |
Actual | | $ 1,000.00 | $ 989.40 | $ 6.86 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 988.60 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
New York Municipal Income | .47% | | | |
Actual | | $ 1,000.00 | $ 993.90 | $ 2.32 |
HypotheticalA | | $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Class I | .54% | | | |
Actual | | $ 1,000.00 | $ 993.50 | $ 2.67 |
HypotheticalA | | $ 1,000.00 | $ 1,022.12 | $ 2.71 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Transportation | 22.5 | 22.4 |
Special Tax | 21.4 | 23.6 |
General Obligations | 16.4 | 16.2 |
Water & Sewer | 13.2 | 12.3 |
Education | 9.8 | 10.2 |
Weighted Average Maturity as of July 31, 2015 |
| | 6 months ago |
Years | 5.8 | 5.5 |
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 market 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, 2015 |
| | 6 months ago |
Years | 6.9 | 6.4 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) |
As of July 31, 2015 | As of January 31, 2015 |
 | AAA 0.3% | |  | AAA 0.1% | |
 | AA,A 91.4% | |  | AA,A 91.4% | |
 | BBB 5.9% | |  | BBB 5.7% | |
 | BB and Below 0.4% | |  | BB and Below 0.1% | |
 | Not Rated 0.1% | |  | Not Rated 0.3% | |
 | Short-Term
Investments and
Net Other Assets 1.9% | |  | Short-Term
Investments and
Net Other Assets 2.4% | |
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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.1% |
| Principal Amount (000s) | | Value (000s) |
New York - 95.0% |
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | | | | |
5% 12/1/20 | | $ 1,215 | | $ 1,424 |
5% 12/1/22 | | 1,000 | | 1,185 |
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015: | | | | |
5% 7/1/24 | | 600 | | 690 |
5% 7/1/25 | | 455 | | 522 |
5% 7/1/26 | | 450 | | 509 |
5% 7/1/27 | | 500 | | 560 |
5% 7/1/28 | | 360 | | 400 |
5% 7/1/29 | | 300 | | 331 |
5% 7/1/30 | | 575 | | 630 |
5% 7/1/40 | | 1,000 | | 1,061 |
5.25% 7/1/35 | | 1,000 | | 1,114 |
Buffalo Muni. Wtr. Fin. Auth. Series 2015 A: | | | | |
4% 7/1/22 | | 350 | | 384 |
5% 7/1/24 | | 400 | | 471 |
5% 7/1/25 | | 250 | | 294 |
5% 7/1/26 | | 500 | | 582 |
5% 7/1/27 | | 2,000 | | 2,315 |
5% 7/1/29 | | 500 | | 571 |
Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 550 | | 650 |
5% 7/1/27 | | 350 | | 411 |
5% 7/1/28 | | 500 | | 582 |
5% 7/1/29 | | 700 | | 809 |
5% 7/1/31 | | 2,610 | | 2,982 |
5% 7/1/32 | | 2,660 | | 3,027 |
5% 7/1/33 | | 2,770 | | 3,143 |
5% 7/1/34 | | 2,935 | | 3,319 |
5% 7/1/35 | | 3,000 | | 3,379 |
5% 7/1/36 | | 1,000 | | 1,124 |
5% 7/1/40 | | 8,500 | | 9,469 |
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | | | | |
Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100) | | 5,000 | | 5,446 |
Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100) | | 3,535 | | 3,998 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | | $ 1,660 | | $ 1,792 |
Hempstead Local Dev. Corp. Rev.: | | | | |
(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39 | | 1,200 | | 1,304 |
(Molloy College Proj.) Series 2009: | | | | |
5% 7/1/17 | | 1,035 | | 1,108 |
5.25% 7/1/18 | | 1,090 | | 1,202 |
5.25% 7/1/19 | | 1,100 | | 1,214 |
5.75% 7/1/39 | | 6,500 | | 7,141 |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A: | | | | |
5.25% 2/15/47 | | 6,525 | | 7,149 |
5.75% 2/15/47 | | 22,185 | | 25,308 |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | | |
Series 2000 A, 0% 6/1/19 (FSA Insured) | | 1,040 | | 973 |
Series 2009 A, 5.25% 4/1/21 | | 1,945 | | 2,182 |
Series 2012 A, 5% 9/1/42 | | 2,320 | | 2,506 |
Series 2012 B: | | | | |
5% 9/1/25 | | 4,000 | | 4,555 |
5% 9/1/26 | | 10,065 | | 11,373 |
5% 9/1/27 | | 10,000 | | 11,245 |
Series 2014 A, 5% 9/1/35 | | 5,000 | | 5,562 |
Madison County Cap. Resource Corp. Rev.: | | | | |
(Colgate Univ. Proj.): | | | | |
Series 2010 A: | | | | |
5% 7/1/24 | | 1,405 | | 1,637 |
5% 7/1/25 | | 1,000 | | 1,164 |
5% 7/1/26 | | 1,150 | | 1,336 |
5% 7/1/27 | | 1,630 | | 1,890 |
5% 7/1/28 | | 1,015 | | 1,176 |
Series 2012 A, 5% 7/1/23 | | 1,000 | | 1,183 |
(Colgate Univ. Rfdg. Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 500 | | 601 |
5% 7/1/30 | | 1,125 | | 1,314 |
5% 7/1/32 | | 1,250 | | 1,447 |
5% 7/1/33 | | 1,000 | | 1,154 |
5% 7/1/35 | | 1,000 | | 1,146 |
5% 7/1/40 | | 4,000 | | 4,527 |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | | 245 | | 246 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015: | | | | |
5% 5/1/23 | | $ 350 | | $ 417 |
5% 5/1/24 | | 750 | | 901 |
5% 5/1/25 | | 750 | | 906 |
5% 5/1/26 | | 1,200 | | 1,435 |
5% 5/1/27 | | 700 | | 830 |
5% 5/1/29 | | 1,750 | | 2,040 |
5% 5/1/30 | | 1,000 | | 1,159 |
5% 5/1/31 | | 1,205 | | 1,387 |
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015: | | | | |
5% 7/1/28 | | 1,250 | | 1,485 |
5% 7/1/29 | | 1,050 | | 1,240 |
5% 7/1/30 | | 1,000 | | 1,172 |
5% 7/1/31 | | 1,200 | | 1,396 |
5% 7/1/32 | | 1,250 | | 1,449 |
Nassau County Gen. Oblig. Series 2014 A: | | | | |
5% 4/1/26 | | 19,360 | | 22,436 |
5% 4/1/29 | | 14,040 | | 15,960 |
Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011: | | | | |
5% 7/1/21 | | 10,000 | | 11,495 |
5% 7/1/22 | | 5,500 | | 6,215 |
Nassau County Local Econ. Assistance Corp.: | | | | |
(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/23 | | 450 | | 524 |
5% 7/1/26 | | 1,500 | | 1,724 |
(Univ. Hosp. Proj.) Series 2012: | | | | |
5% 7/1/20 | | 2,000 | | 2,266 |
5% 7/1/22 | | 2,000 | | 2,283 |
5% 7/1/27 | | 2,155 | | 2,401 |
Series 2014 B: | | | | |
5% 7/1/23 | | 550 | | 640 |
5% 7/1/27 | | 1,000 | | 1,146 |
Series 2014 C, 5% 7/1/26 | | 3,000 | | 3,448 |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: | | | | |
5% 10/1/26 | | 2,300 | | 2,764 |
5% 10/1/27 | | 5,000 | | 5,967 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued | | | | |
5% 10/1/28 | | $ 3,450 | | $ 4,093 |
New York City Gen. Oblig.: | | | | |
Series 2005 A, 5% 8/1/19 | | 845 | | 848 |
Series 2008 A1, 5.25% 8/15/27 | | 15,000 | | 16,806 |
Series 2008 D1, 5.125% 12/1/23 | | 5,000 | | 5,499 |
Series 2012 A1, 5% 8/1/24 | | 2,400 | | 2,813 |
Series 2012 G1, 5% 4/1/25 | | 4,300 | | 5,021 |
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | | 5,000 | | 5,528 |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.): | | | | |
5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | | 2,900 | | 3,182 |
5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured) | | 9,590 | | 10,401 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | | |
Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,405 | | 2,240 |
Series 2009 A, 5.75% 6/15/40 | | 10,025 | | 11,220 |
Series 2009 C, 5% 6/15/44 | | 2,700 | | 2,999 |
Series 2009 DD, 6% 6/15/40 | | 1,115 | | 1,267 |
Series 2009 EE, 5.25% 6/15/40 | | 8,500 | | 9,613 |
Series 2009 FF 2, 5.5% 6/15/40 | | 9,295 | | 10,673 |
Series 2009 GG, 5.25% 6/15/40 | | 10,000 | | 11,309 |
Series 2009 GG1, 5.25% 6/15/32 | | 7,000 | | 8,026 |
Series 2011 EE: | | | | |
5.375% 6/15/40 | | 2,310 | | 2,707 |
5.375% 6/15/43 | | 20,035 | | 23,411 |
5.5% 6/15/43 | | 4,375 | | 5,189 |
Series 2012 BB, 5.25% 6/15/44 | | 2,330 | | 2,630 |
Series 2012 CC, 5% 6/15/45 | | 8,000 | | 8,881 |
Series 2012 FF, 5% 6/15/24 | | 18,240 | | 21,488 |
Series 2013 CC, 5% 6/15/47 | | 23,575 | | 26,071 |
Series 2014 BB, 5% 6/15/46 | | 9,785 | | 10,793 |
Series 2014 CC, 5% 6/15/47 | | 11,200 | | 12,470 |
Series 2015 AA, 5% 6/15/44 | | 6,200 | | 6,918 |
Series 2015 FF: | | | | |
5% 6/15/29 | | 5,080 | | 5,980 |
5% 6/15/30 | | 6,060 | | 7,088 |
5% 6/15/31 | | 11,780 | | 13,701 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | | |
Series 2015 FF: - continued | | | | |
5% 6/15/32 | | $ 2,000 | | $ 2,317 |
Series GG, 5% 6/15/43 | | 2,700 | | 2,979 |
5% 6/15/35 | | 10,000 | | 11,362 |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | | | | |
Series 2007 S1, 5% 7/15/36 | | 3,000 | | 3,163 |
Series 2008 S1, 5% 1/15/34 | | 10,000 | | 10,900 |
Series 2009 S1: | | | | |
5.5% 7/15/31 | | 5,000 | | 5,642 |
5.5% 7/15/38 | | 2,900 | | 3,256 |
5.625% 7/15/38 | | 2,900 | | 3,267 |
Series 2009 S2, 6% 7/15/38 | | 7,500 | | 8,552 |
Series 2009 S3: | | | | |
5.25% 1/15/26 | | 1,000 | | 1,138 |
5.25% 1/15/39 | | 6,100 | | 6,828 |
5.375% 1/15/34 | | 13,435 | | 15,186 |
Series 2009 S4: | | | | |
5.5% 1/15/34 | | 1,000 | | 1,142 |
5.5% 1/15/39 | | 6,700 | | 7,628 |
5.75% 1/15/39 | | 2,900 | | 3,326 |
Series 2009 S5, 5.25% 1/15/39 | | 10,180 | | 11,395 |
Series 2012 S1 A, 5.25% 7/15/37 | | 11,500 | | 13,006 |
Series S1, 5% 7/15/28 | | 9,000 | | 10,395 |
New York City Transitional Fin. Auth. Rev.: | | | | |
Series 2003 B, 5% 2/1/22 | | 7,160 | | 8,348 |
Series 2011 D1, 5.25% 2/1/30 | | 5,435 | | 6,303 |
Series 2012 B, 5% 11/1/24 | | 7,500 | | 8,937 |
Series 2013 B, 5% 11/1/26 | | 2,955 | | 3,482 |
Series 2013 F: | | | | |
5% 2/1/31 | | 6,000 | | 6,856 |
5% 2/1/32 | | 5,000 | | 5,677 |
Series 2013 F1, 5% 2/1/28 | | 11,120 | | 12,901 |
Series 2014 D1: | | | | |
5% 2/1/27 | | 5,000 | | 5,884 |
5% 2/1/28 | | 5,000 | | 5,834 |
5% 2/1/29 | | 7,500 | | 8,690 |
5% 2/1/31 | | 4,300 | | 4,933 |
5% 2/1/32 | | 1,515 | | 1,732 |
Series A, 5% 8/1/28 | | 3,500 | | 4,108 |
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 | | $ 25,640 |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | | | | |
(State Univ. Proj.) Series 2012 A, 5% 5/15/22 | | 5,700 | | 6,767 |
Series 2012 A, 5% 5/15/23 | | 2,400 | | 2,844 |
New York Dorm. Auth. Personal Income Tax Rev.: | | | | |
(Ed. Proj.): | | | | |
Series 2007 A: | | | | |
5% 3/15/32 | | 3,700 | | 3,934 |
5% 3/15/37 | | 1,700 | | 1,802 |
Series 2008 A, 5% 3/15/24 | | 5,000 | | 5,506 |
Series 2008 B: | | | | |
5.25% 3/15/38 | | 1,500 | | 1,686 |
5.75% 3/15/36 | | 10,500 | | 12,079 |
Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2012 A, 5% 12/15/24 | | 10,000 | | 11,916 |
Series 2012 D: | | | | |
5% 2/15/24 | | 5,000 | | 5,867 |
5% 2/15/37 | | 7,500 | | 8,378 |
Series 2013 A, 5% 2/15/30 | | 18,985 | | 21,802 |
Series 2014 2, 5.25% 2/15/23 | | 7,910 | | 9,046 |
Series 2014 A: | | | | |
5% 2/15/39 | | 20,345 | | 22,597 |
5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 20 | | 23 |
5% 12/15/31 | | 6,290 | | 6,642 |
5% 2/15/34 | | 15,490 | | 17,363 |
5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5% 3/15/36 | | 1,895 | | 1,977 |
5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100) | | 135 | | 142 |
New York Dorm. Auth. Rev.: | | | | |
Series 2015 A: | | | | |
5% 10/1/29 | | 785 | | 914 |
5% 5/1/30 | | 3,450 | | 3,913 |
5% 7/1/30 | | 10,120 | | 11,777 |
5% 10/1/30 | | 535 | | 620 |
5% 5/1/31 | | 11,000 | | 12,409 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Rev.: - continued | | | | |
Series 2015 A: - continued | | | | |
5% 10/1/31 | | $ 1,595 | | $ 1,839 |
5% 10/1/32 | | 1,550 | | 1,780 |
Series 2015 B: | | | | |
5% 10/1/28 | | 1,000 | | 1,168 |
5% 10/1/29 | | 1,470 | | 1,705 |
5% 10/1/33 | | 1,010 | | 1,151 |
5% 10/1/34 | | 1,070 | | 1,216 |
Series 2015: | | | | |
5% 12/1/19 (a) | | 1,100 | | 1,210 |
5% 12/1/20 (a) | | 1,200 | | 1,328 |
5% 12/1/21 (a) | | 800 | | 885 |
5% 12/1/23 (a) | | 700 | | 773 |
5% 12/1/24 (a) | | 600 | | 660 |
5% 12/1/27 (a) | | 1,200 | | 1,289 |
New York Dorm. Auth. Revs.: | | | | |
(Colgate Univ. Proj.) Series 1996: | | | | |
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 425 | | 447 |
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,500 | | 2,843 |
(Cornell Univ. Proj.): | | | | |
Series 2008 C: | | | | |
5% 7/1/29 | | 2,015 | | 2,322 |
5% 7/1/37 | | 6,000 | | 6,756 |
Series 2009 A: | | | | |
5% 7/1/22 | | 445 | | 513 |
5% 7/1/23 | | 1,315 | | 1,515 |
(Fordham Univ. Proj.) 5.5% 7/1/36 | | 2,000 | | 2,339 |
(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17 | | 2,080 | | 2,200 |
(New York City Court Facilities Lease Proj.) Series 2005 A: | | | | |
5.5% 5/15/21 (AMBAC Insured) | | 10,000 | | 12,034 |
5.5% 5/15/28 | | 2,700 | | 3,399 |
(New York Univ. Hosp. Ctr. Proj.): | | | | |
Series 2006 A, 5% 7/1/16 | | 1,130 | | 1,176 |
Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | | 90 | | 96 |
Series 2011 A: | | | | |
5.75% 7/1/31 | | 4,000 | | 4,629 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2011 A: - continued | | | | |
6% 7/1/40 | | $ 4,000 | | $ 4,647 |
(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | | 3,000 | | 3,868 |
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100) | | 8,085 | | 9,391 |
(North Shore Univ. Hosp. Proj.) Series 2007 A: | | | | |
5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100) | | 2,000 | | 2,154 |
5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100) | | 1,315 | | 1,416 |
(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29 | | 1,000 | | 1,102 |
(Rochester Institute of Technology Proj.) Series 2010: | | | | |
5% 7/1/20 | | 1,000 | | 1,161 |
5% 7/1/21 | | 1,500 | | 1,725 |
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | | 15,000 | | 16,778 |
(School District Fing. Prog.) Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 25 | | 25 |
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | | 3,000 | | 3,398 |
(Teachers College Proj.) Series 2009: | | | | |
5.375% 3/1/29 | | 2,930 | | 3,286 |
5.5% 3/1/39 | | 2,500 | | 2,839 |
(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100) | | 19,005 | | 20,190 |
(Vassar College Proj.) Series 2010, 5% 7/1/49 | | 9,000 | | 9,962 |
Series 1: | | | | |
4% 7/1/21 | | 1,000 | | 1,123 |
5% 7/1/21 | | 1,000 | | 1,179 |
5% 7/1/23 | | 1,350 | | 1,595 |
Series 2010 A: | | | | |
5% 7/1/19 | | 1,500 | | 1,701 |
5% 7/1/21 | | 7,000 | | 8,008 |
5% 7/1/22 | | 6,000 | | 6,825 |
5% 7/1/41 | | 12,000 | | 13,578 |
Series 2011 A: | | | | |
5% 5/1/18 | | 1,000 | | 1,102 |
5% 5/1/20 | | 5,590 | | 6,418 |
5% 5/1/21 | | 3,140 | | 3,637 |
5% 5/1/22 | | 2,350 | | 2,722 |
Series 2012 F: | | | | |
5% 10/1/19 (FSA Insured) | | 2,100 | | 2,412 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2012 F: - continued | | | | |
5% 10/1/20 (FSA Insured) | | $ 1,100 | | $ 1,284 |
5% 10/1/21 (FSA Insured) | | 1,000 | | 1,177 |
5% 10/1/23 (FSA Insured) | | 1,000 | | 1,180 |
5% 10/1/24 (FSA Insured) | | 750 | | 881 |
Series 2012: | | | | |
5% 7/1/23 | | 1,000 | | 1,178 |
5% 7/1/38 | | 1,000 | | 1,114 |
Series 2014 A: | | | | |
5% 10/1/26 (FSA Insured) | | 1,400 | | 1,656 |
5% 10/1/27 (FSA Insured) | | 1,000 | | 1,175 |
5% 10/1/28 (FSA Insured) | | 1,000 | | 1,165 |
Series A, 5.75% 7/1/18 | | 2,135 | | 2,325 |
5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100) | | 5 | | 6 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34 | | 2,415 | | 2,422 |
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | | 10,000 | | 10,809 |
New York Liberty Dev. Corp. (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44 | | 29,440 | | 32,273 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | | |
Series 2009 A: | | | | |
5.5% 11/15/39 | | 10,400 | | 11,761 |
5.625% 11/15/39 | | 6,000 | | 6,809 |
Series 2009 B, 5% 11/15/34 | | 19,560 | | 22,255 |
Series 2012 A: | | | | |
5% 11/15/22 | | 2,500 | | 2,968 |
5% 11/15/29 | | 17,000 | | 19,713 |
New York Metropolitan Trans. Auth. Rev.: | | | | |
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | | 2,000 | | 2,284 |
Series 2005 G, 5% 11/15/21 | | 3,200 | | 3,727 |
Series 2007 B: | | | | |
5% 11/15/26 | | 8,185 | | 8,903 |
5% 11/15/28 | | 2,235 | | 2,422 |
Series 2008 A, 5.25% 11/15/36 | | 15,000 | | 16,248 |
Series 2008 B2: | | | | |
5% 11/15/22 | | 4,000 | | 4,735 |
5% 11/15/23 | | 5,910 | | 7,008 |
Series 2008 C, 6.5% 11/15/28 | | 9,670 | | 11,360 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Metropolitan Trans. Auth. Rev.: - continued | | | | |
Series 2011 A: | | | | |
5% 11/15/18 | | $ 1,000 | | $ 1,126 |
5% 11/15/22 | | 1,500 | | 1,749 |
Series 2011 D: | | | | |
5% 11/15/20 | | 2,000 | | 2,343 |
5% 11/15/24 | | 6,590 | | 7,662 |
5% 11/15/25 | | 5,000 | | 5,813 |
Series 2012 D, 5% 11/15/25 | | 20,000 | | 23,438 |
Series 2012 E, 5% 11/15/20 | | 3,165 | | 3,707 |
Series 2012 F: | | | | |
5% 11/15/21 | | 1,500 | | 1,771 |
5% 11/15/22 | | 5,000 | | 5,940 |
5% 11/15/23 | | 7,000 | | 8,316 |
Series 2012 H: | | | | |
5% 11/15/24 | | 3,290 | | 3,880 |
5% 11/15/33 | | 3,505 | | 3,960 |
5% 11/15/42 | | 4,750 | | 5,236 |
Series 2013 A, 5% 11/15/43 | | 3,250 | | 3,554 |
Series 2013 E, 5% 11/15/43 | | 15,375 | | 16,892 |
Series 2014 A1: | | | | |
5% 11/15/23 | | 2,300 | | 2,748 |
5% 11/15/44 | | 8,000 | | 8,783 |
Series 2014 B, 5.25% 11/15/44 | | 6,300 | | 7,117 |
Series 2014 D, 5.25% 11/15/44 | | 5,000 | | 5,679 |
Series 2015 B: | | | | |
5% 11/15/26 | | 1,495 | | 1,773 |
5% 11/15/28 | | 1,000 | | 1,167 |
5% 11/15/29 | | 2,125 | | 2,463 |
5.5% 11/15/18 | | 1,645 | | 1,773 |
New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 20,000 | | 21,557 |
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | | 2,050 | | 1,947 |
New York Thruway Auth. Gen. Rev.: | | | | |
Series 2007 H: | | | | |
5% 1/1/21 | | 5,755 | | 6,292 |
5% 1/1/25 | | 13,000 | | 14,213 |
5% 1/1/26 | | 4,000 | | 4,369 |
Series 2013 A, 5% 5/1/19 | | 13,600 | | 15,414 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27 | | $ 6,750 | | $ 7,341 |
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A: | | | | |
5.25% 3/15/24 | | 4,180 | | 4,563 |
5.25% 3/15/26 | | 12,080 | | 13,163 |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | | | | |
Series 2011 A1, 5% 4/1/22 | | 4,000 | | 4,655 |
Series 2011 A2: | | | | |
5% 4/1/21 | | 2,385 | | 2,813 |
5% 4/1/23 | | 6,000 | | 7,003 |
New York Urban Dev. Corp. Rev.: | | | | |
Series 2007 A: | | | | |
5% 1/1/23 (FSA Insured) | | 6,165 | | 6,733 |
5% 1/1/24 (FSA Insured) | | 5,975 | | 6,522 |
Series 2013 C, 5% 3/15/30 | | 4,540 | | 5,220 |
Niagara Falls City Niagara County Pub. Impt. Series 1994: | | | | |
7.5% 3/1/16 (Escrowed to Maturity) | | 90 | | 94 |
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 970 | | 1,006 |
7.5% 3/1/17 (Escrowed to Maturity) | | 100 | | 111 |
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,100 | | 1,205 |
Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015: | | | | |
5% 6/15/23 (FSA Insured) | | 1,670 | | 1,944 |
5% 6/15/24 (FSA Insured) | | 1,450 | | 1,698 |
5% 6/15/25 (FSA Insured) | | 1,670 | | 1,938 |
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | | 1,000 | | 1,002 |
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | | 5,000 | | 5,538 |
Port Auth. of New York & New Jersey 185th Series: | | | | |
5% 9/1/26 (b) | | 10,150 | | 11,795 |
5% 9/1/28 (b) | | 7,350 | | 8,409 |
Rockland County Gen. Oblig.: | | | | |
Series 2014 A: | | | | |
5% 3/1/20 (FSA Insured) | | 3,000 | | 3,418 |
5% 3/1/21 (FSA Insured) | | 3,000 | | 3,450 |
5% 3/1/22 (FSA Insured) | | 4,000 | | 4,605 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Rockland County Gen. Oblig.: - continued | | | | |
Series 2014 A: - continued | | | | |
5% 3/1/23 (FSA Insured) | | $ 2,500 | | $ 2,906 |
5% 3/1/24 (FSA Insured) | | 1,600 | | 1,871 |
Series 2014: | | | | |
4% 2/15/21 (Build America Mutual Assurance Insured) | | 815 | | 893 |
4% 2/15/22 (Build America Mutual Assurance Insured) | | 1,000 | | 1,087 |
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | | 680 | | 732 |
Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/25 | | 1,000 | | 1,155 |
5% 7/1/26 | | 1,280 | | 1,471 |
Syracuse Gen. Oblig. Series 2015 A: | | | | |
5% 3/1/24 | | 1,000 | | 1,191 |
5% 3/1/25 | | 500 | | 598 |
5% 3/1/26 | | 500 | | 592 |
5% 3/1/27 | | 350 | | 412 |
Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22 | | 6,250 | | 6,727 |
Triborough Bridge & Tunnel Auth. Revs.: | | | | |
(MTA Bridges and Tunnels Proj.) Series 2008 A: | | | | |
5% 11/15/37 | | 22,500 | | 24,531 |
5.25% 11/15/38 | | 14,500 | | 15,940 |
Series 2006 A, 5% 11/15/31 | | 965 | | 1,018 |
Series 2012 B: | | | | |
0% 11/15/27 | | 2,500 | | 1,701 |
0% 11/15/28 | | 2,500 | | 1,629 |
Series 2013 A: | | | | |
5% 11/15/23 | | 1,785 | | 2,131 |
5% 11/15/24 | | 4,000 | | 4,734 |
Series 2013 C: | | | | |
5% 11/15/26 | | 5,475 | | 6,399 |
5% 11/15/27 | | 5,660 | | 6,585 |
5% 11/15/28 | | 5,935 | | 6,860 |
5% 11/15/29 | | 6,340 | | 7,299 |
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | | | | |
5% 9/1/30 | | 5,775 | | 6,503 |
5.125% 9/1/40 | | 8,055 | | 8,899 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Western Nassau County Wtr. Auth. Series 2015 A: | | | | |
5% 4/1/28 | | $ 300 | | $ 348 |
5% 4/1/30 | | 350 | | 402 |
5% 4/1/31 | | 335 | | 383 |
5% 4/1/32 | | 1,000 | | 1,138 |
5% 4/1/34 | | 1,045 | | 1,182 |
5% 4/1/35 | | 1,180 | | 1,330 |
5% 4/1/40 | | 1,400 | | 1,562 |
5% 4/1/45 | | 2,250 | | 2,493 |
Yonkers Gen. Oblig.: | | | | |
Series 2015 A: | | | | |
4% 3/15/17 (FSA Insured) | | 600 | | 629 |
4% 3/15/19 (FSA Insured) | | 1,700 | | 1,854 |
5% 3/15/22 (FSA Insured) | | 750 | | 854 |
5% 3/15/23 (FSA Insured) | | 1,255 | | 1,430 |
5% 3/15/24 (FSA Insured) | | 1,545 | | 1,756 |
Series 2015 B: | | | | |
4% 8/1/18 (FSA Insured) | | 1,255 | | 1,356 |
5% 8/1/21 (FSA Insured) | | 735 | | 853 |
5% 8/1/22 (FSA Insured) | | 510 | | 591 |
5% 8/1/23 (FSA Insured) | | 300 | | 351 |
Series 2015 C: | | | | |
3% 8/1/16 (FSA Insured) | | 425 | | 435 |
4% 8/1/17 (FSA Insured) | | 400 | | 424 |
4% 8/1/18 (FSA Insured) | | 630 | | 681 |
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | | | | |
6% 6/1/29 | | 1,130 | | 1,280 |
6% 6/1/41 | | 5,000 | | 5,586 |
| | 1,711,656 |
New York And New Jersey - 2.7% |
Port Auth. of New York & New Jersey: | | | | |
163rd Series, 5% 7/15/35 | | 25,000 | | 28,262 |
166th Series, 5% 1/15/41 | | 5,400 | | 5,862 |
185th Series, 5% 9/1/27 (b) | | 6,200 | | 7,162 |
85th Series, 5.375% 3/1/28 | | 6,280 | | 7,573 |
| | 48,859 |
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 | | $ 4,165 |
5% 10/1/17 | | 2,750 | | 2,940 |
| | 7,105 |
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $1,671,993) | | 1,767,620 |
NET OTHER ASSETS (LIABILITIES) - 1.9% | | 34,623 |
NET ASSETS - 100% | $ 1,802,243 |
Legend |
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
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 Investment 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): |
Transportation | 22.5% |
Special Tax | 21.4% |
General Obligations | 16.4% |
Water & Sewer | 13.2% |
Education | 9.8% |
Health Care | 6.3% |
Others* (Individually Less Than 5%) | 10.4% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2015 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,671,993) | | $ 1,767,620 |
Cash | | 18,421 |
Receivable for fund shares sold | | 1,228 |
Interest receivable | | 18,120 |
Other receivables | | 4 |
Total assets | | 1,805,393 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 879 | |
Distributions payable | 1,517 | |
Accrued management fee | 538 | |
Distribution and service plan fees payable | 37 | |
Other affiliated payables | 146 | |
Other payables and accrued expenses | 33 | |
Total liabilities | | 3,150 |
| | |
Net Assets | | $ 1,802,243 |
Net Assets consist of: | | |
Paid in capital | | $ 1,695,994 |
Undistributed net investment income | | 209 |
Accumulated undistributed net realized gain (loss) on investments | | 10,413 |
Net unrealized appreciation (depreciation) on investments | | 95,627 |
Net Assets | | $ 1,802,243 |
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, 2015 (Unaudited) |
Calculation of Maximum Offering Price | | |
Class A: | | |
Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares) | | $ 13.48 |
| | |
Maximum offering price per share (100/96.00 of $13.48) | | $ 14.04 |
Class T: | | |
Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares) | | $ 13.49 |
| | |
Maximum offering price per share (100/96.00 of $13.49) | | $ 14.05 |
Class B: | | |
Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A | | $ 13.47 |
| | |
Class C: | | |
Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A | | $ 13.48 |
| | |
New York Municipal Income: | | |
Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares) | | $ 13.48 |
| | |
Class I: | | |
Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares) | | $ 13.47 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 32,505 |
| | |
Expenses | | |
Management fee | $ 3,259 | |
Transfer agent fees | 708 | |
Distribution and service plan fees | 222 | |
Accounting fees and expenses | 167 | |
Custodian fees and expenses | 13 | |
Independent trustees' compensation | 4 | |
Registration fees | 71 | |
Audit | 29 | |
Legal | 7 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,486 | |
Expense reductions | (13) | 4,473 |
Net investment income (loss) | | 28,032 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 10,615 |
Change in net unrealized appreciation (depreciation) on investment securities | | (50,521) |
Net gain (loss) | | (39,906) |
Net increase (decrease) in net assets resulting from operations | | $ (11,874) |
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, 2015 (Unaudited) | Year ended
January 31,
2015 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,032 | $ 57,355 |
Net realized gain (loss) | 10,615 | 3,341 |
Change in net unrealized appreciation (depreciation) | (50,521) | 100,212 |
Net increase (decrease) in net assets resulting from operations | (11,874) | 160,908 |
Distributions to shareholders from net investment income | (28,024) | (57,420) |
Distributions to shareholders from net realized gain | (536) | (3,181) |
Total distributions | (28,560) | (60,601) |
Share transactions - net increase (decrease) | (4,811) | 49,416 |
Redemption fees | 3 | 3 |
Total increase (decrease) in net assets | (45,242) | 149,726 |
| | |
Net Assets | | |
Beginning of period | 1,847,485 | 1,697,759 |
End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively) | $ 1,802,243 | $ 1,847,485 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .189 | .396 | .404 | .410 | .433 | .459 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .145 | 1.130 | (.347) |
Total from investment operations | (.107) | 1.180 | (.252) | .555 | 1.563 | .112 |
Distributions from net investment income | (.189) | (.396) | (.404) | (.393) | (.451) | (.460) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.193) | (.420) | (.418) | (.425) | (.483) | (.462) |
Redemption fees added to paid in capital E, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (.77)% | 9.20% | (1.82)% | 4.15% | 12.79% | .79% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of fee waivers, if any | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of all reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Net investment income (loss) | 2.82%A | 2.95% | 3.07% | 3.01% | 3.34% | 3.54% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 46 | $ 43 | $ 45 | $ 54 | $ 43 | $ 33 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 | $ 12.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .193 | .404 | .411 | .418 | .437 | .463 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .143 | 1.130 | (.348) |
Total from investment operations | (.103) | 1.188 | (.245) | .561 | 1.567 | .115 |
Distributions from net investment income | (.193) | (.404) | (.411) | (.399) | (.455) | (.463) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.197) | (.428) | (.425) | (.431) | (.487) | (.465) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.49 | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 |
Total ReturnB, C, D | (.74)% | 9.26% | (1.76)% | 4.19% | 12.81% | .81% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .75%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of fee waivers, if any | .74%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of all reductions | .74%A | .72% | .72% | .72% | .73% | .73% |
Net investment income (loss) | 2.88%A | 3.01% | 3.12% | 3.06% | 3.37% | 3.56% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8 | $ 8 | $ 7 | $ 9 | $ 9 | $ 8 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .150 | .316 | .324 | .326 | .350 | .376 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .145 | 1.121 | (.347) |
Total from investment operations | (.146) | 1.101 | (.332) | .471 | 1.471 | .029 |
Distributions from net investment income | (.150) | (.317) | (.324) | (.309) | (.369) | (.377) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.154) | (.341) | (.338) | (.341) | (.401) | (.379) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 |
Total ReturnB, C, D | (1.06)% | 8.56% | (2.41)% | 3.51% | 11.99% | .15% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.37% | 1.38% | 1.38% | 1.39% | 1.40% |
Net investment income (loss) | 2.24%A | 2.36% | 2.46% | 2.40% | 2.71% | 2.89% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 2 | $ 3 | $ 4 | $ 4 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .139 | .297 | .305 | .306 | .334 | .358 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .144 | 1.130 | (.347) |
Total from investment operations | (.157) | 1.082 | (.351) | .450 | 1.464 | .011 |
Distributions from net investment income | (.139) | (.298) | (.305) | (.288) | (.352) | (.359) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.143) | (.322) | (.319) | (.320) | (.384) | (.361) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (1.14)% | 8.40% | (2.55)% | 3.35% | 11.93% | .01% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.55%A | 1.52% | 1.52% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55%A | 1.52% | 1.52% | 1.54% | 1.52% | 1.53% |
Expenses net of all reductions | 1.55%A | 1.52% | 1.52% | 1.53% | 1.52% | 1.53% |
Net investment income (loss) | 2.08%A | 2.22% | 2.31% | 2.25% | 2.58% | 2.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 31 | $ 28 | $ 37 | $ 34 | $ 32 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .211 | .439 | .444 | .452 | .471 | .497 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .144 | 1.120 | (.338) |
Total from investment operations | (.085) | 1.223 | (.212) | .596 | 1.591 | .159 |
Distributions from net investment income | (.211) | (.439) | (.444) | (.434) | (.489) | (.497) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.215) | (.463) | (.458) | (.466) | (.521) | (.499) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 |
Total ReturnB, C | (.61)% | 9.55% | (1.51)% | 4.46% | 13.02% | 1.16% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of all reductions | .47%A | .46% | .46% | .46% | .47% | .47% |
Net investment income (loss) | 3.15%A | 3.27% | 3.37% | 3.32% | 3.64% | 3.82% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,685 | $ 1,734 | $ 1,597 | $ 1,952 | $ 1,845 | $ 1,604 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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 - Class I
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 | $ 12.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .206 | .429 | .435 | .443 | .462 | .487 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.655) | .145 | 1.130 | (.347) |
Total from investment operations | (.090) | 1.214 | (.220) | .588 | 1.592 | .140 |
Distributions from net investment income | (.206) | (.430) | (.436) | (.426) | (.480) | (.488) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.210) | (.454) | (.450) | (.458) | (.512) | (.490) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 |
Total ReturnB, C | (.65)% | 9.48% | (1.58)% | 4.40% | 13.05% | 1.01% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of fee waivers, if any | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of all reductions | .54%A | .53% | .53% | .52% | .53% | .53% |
Net investment income (loss) | 3.08%A | 3.21% | 3.31% | 3.26% | 3.57% | 3.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 33 | $ 30 | $ 20 | $ 23 | $ 16 | $ 14 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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
For the period ended July 31, 2015 (Unaudited)
(Amounts in thousands except percentages)
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 Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 98,110 |
Gross unrealized depreciation | (2,420) |
Net unrealized appreciation (depreciation) on securities | $ 95,690 |
| |
Tax cost | $ 1,671,930 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
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 the investment adviser, 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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 56 | $ 7 |
Class T | -% | .25% | 9 | - * |
Class B | .65% | .25% | 8 | 6 |
Class C | .75% | .25% | 149 | 19 |
| | | $ 222 | $ 32 |
* Amount represents seventy eight 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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .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
by FDC |
Class A | $ 4 |
Class T | 1 |
Class B* | -** |
Class C* | 3 |
| $ 8 |
* 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 four hundred fifty eight dollars.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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
Average
Net Assets* |
Class A | $ 34 | .15 |
Class T | 4 | .10 |
Class B | 1 | .08 |
Class C | 21 | .14 |
New York Municipal Income | 626 | .07 |
Class I | 22 | .15 |
| $ 708 | |
* Annualized
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.
In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
July 31,
2015 | Year ended
January 31,
2015 |
From net investment income | | |
Class A | $ 628 | $ 1,288 |
Class T | 107 | 212 |
Class B | 20 | 48 |
Class C | 305 | 651 |
New York Municipal Income | 26,501 | 54,451 |
Class I | 463 | 770 |
Total | $ 28,024 | $ 57,420 |
From net realized gain | | |
Class A | $ 13 | $ 74 |
Class T | 2 | 13 |
Class B | 1 | 4 |
Class C | 9 | 53 |
New York Municipal Income | 502 | 2,990 |
Class I | 9 | 47 |
Total | $ 536 | $ 3,181 |
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended July 31,
2015 | Year ended
January 31,
2015 | Six months ended July 31,
2015 | Year ended
January 31,
2015 |
Class A | | | | |
Shares sold | 426 | 607 | $ 5,778 | $ 8,175 |
Reinvestment of distributions | 41 | 82 | 551 | 1,101 |
Shares redeemed | (238) | (958) | (3,213) | (12,855) |
Net increase (decrease) | 229 | (269) | $ 3,116 | $ (3,579) |
Class T | | | | |
Shares sold | 60 | 84 | $ 814 | $ 1,126 |
Reinvestment of distributions | 7 | 12 | 88 | 167 |
Shares redeemed | (41) | (55) | (552) | (738) |
Net increase (decrease) | 26 | 41 | $ 350 | $ 555 |
Class B | | | | |
Shares sold | -* | 6 | $ 1 | $ 79 |
Reinvestment of distributions | 1 | 3 | 16 | 36 |
Shares redeemed | (28) | (32) | (384) | (422) |
Net increase (decrease) | (27) | (23) | $ (367) | $ (307) |
Class C | | | | |
Shares sold | 147 | 386 | $ 1,973 | $ 5,181 |
Reinvestment of distributions | 16 | 35 | 212 | 465 |
Shares redeemed | (169) | (350) | (2,287) | (4,691) |
Net increase (decrease) | (6) | 71 | $ (102) | $ 955 |
New York Municipal Income | | | | |
Shares sold | 7,459 | 13,709 | $ 100,905 | $ 183,532 |
Reinvestment of distributions | 1,357 | 2,902 | 18,333 | 38,987 |
Shares redeemed | (9,690) | (13,410) | (130,886) | (179,398) |
Net increase (decrease) | (874) | 3,201 | $ (11,648) | $ 43,121 |
Class I | | | | |
Shares sold | 446 | 848 | $ 6,019 | $ 11,379 |
Reinvestment of distributions | 18 | 30 | 236 | 397 |
Shares redeemed | (179) | (232) | (2,415) | (3,105) |
Net increase (decrease) | 285 | 646 | $ 3,840 | $ 8,671 |
* Amount represents sixty one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank,
New York, NY
(Fidelity Investment logo)(registered trademark)
ASNM-USAN-0915
1.789728.113
ContentsShareholder Expense ExampleInvestment Changes (Unaudited)Investments July 31, 2015 (Unaudited)Financial StatementsNotes to Financial Statements
Fidelity®
New York Municipal Income
Fund
Semiannual Report
July 31, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to July 31, 2015).
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
Expense RatioB | Beginning
Account Value
February 1, 2015 | Ending
Account Value
July 31, 2015 | Expenses Paid
During Period*
February 1, 2015
to July 31, 2015 |
Class A | .80% | | | |
Actual | | $ 1,000.00 | $ 992.30 | $ 3.95 |
HypotheticalA | | $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .74% | | | |
Actual | | $ 1,000.00 | $ 992.60 | $ 3.66 |
HypotheticalA | | $ 1,000.00 | $ 1,021.12 | $ 3.71 |
Class B | 1.39% | | | |
Actual | | $ 1,000.00 | $ 989.40 | $ 6.86 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class C | 1.55% | | | |
Actual | | $ 1,000.00 | $ 988.60 | $ 7.64 |
HypotheticalA | | $ 1,000.00 | $ 1,017.11 | $ 7.75 |
New York Municipal Income | .47% | | | |
Actual | | $ 1,000.00 | $ 993.90 | $ 2.32 |
HypotheticalA | | $ 1,000.00 | $ 1,022.46 | $ 2.36 |
Class I | .54% | | | |
Actual | | $ 1,000.00 | $ 993.50 | $ 2.67 |
HypotheticalA | | $ 1,000.00 | $ 1,022.12 | $ 2.71 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Transportation | 22.5 | 22.4 |
Special Tax | 21.4 | 23.6 |
General Obligations | 16.4 | 16.2 |
Water & Sewer | 13.2 | 12.3 |
Education | 9.8 | 10.2 |
Weighted Average Maturity as of July 31, 2015 |
| | 6 months ago |
Years | 5.8 | 5.5 |
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 market 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, 2015 |
| | 6 months ago |
Years | 6.9 | 6.4 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) |
As of July 31, 2015 | As of January 31, 2015 |
 | AAA 0.3% | |  | AAA 0.1% | |
 | AA,A 91.4% | |  | AA,A 91.4% | |
 | BBB 5.9% | |  | BBB 5.7% | |
 | BB and Below 0.4% | |  | BB and Below 0.1% | |
 | Not Rated 0.1% | |  | Not Rated 0.3% | |
 | Short-Term
Investments and
Net Other Assets 1.9% | |  | Short-Term
Investments and
Net Other Assets 2.4% | |
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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.1% |
| Principal Amount (000s) | | Value (000s) |
New York - 95.0% |
Albany Muni. Wtr. Fin. Auth. Series 2011 A: | | | | |
5% 12/1/20 | | $ 1,215 | | $ 1,424 |
5% 12/1/22 | | 1,000 | | 1,185 |
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015: | | | | |
5% 7/1/24 | | 600 | | 690 |
5% 7/1/25 | | 455 | | 522 |
5% 7/1/26 | | 450 | | 509 |
5% 7/1/27 | | 500 | | 560 |
5% 7/1/28 | | 360 | | 400 |
5% 7/1/29 | | 300 | | 331 |
5% 7/1/30 | | 575 | | 630 |
5% 7/1/40 | | 1,000 | | 1,061 |
5.25% 7/1/35 | | 1,000 | | 1,114 |
Buffalo Muni. Wtr. Fin. Auth. Series 2015 A: | | | | |
4% 7/1/22 | | 350 | | 384 |
5% 7/1/24 | | 400 | | 471 |
5% 7/1/25 | | 250 | | 294 |
5% 7/1/26 | | 500 | | 582 |
5% 7/1/27 | | 2,000 | | 2,315 |
5% 7/1/29 | | 500 | | 571 |
Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 550 | | 650 |
5% 7/1/27 | | 350 | | 411 |
5% 7/1/28 | | 500 | | 582 |
5% 7/1/29 | | 700 | | 809 |
5% 7/1/31 | | 2,610 | | 2,982 |
5% 7/1/32 | | 2,660 | | 3,027 |
5% 7/1/33 | | 2,770 | | 3,143 |
5% 7/1/34 | | 2,935 | | 3,319 |
5% 7/1/35 | | 3,000 | | 3,379 |
5% 7/1/36 | | 1,000 | | 1,124 |
5% 7/1/40 | | 8,500 | | 9,469 |
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | | | | |
Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100) | | 5,000 | | 5,446 |
Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100) | | 3,535 | | 3,998 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38 | | $ 1,660 | | $ 1,792 |
Hempstead Local Dev. Corp. Rev.: | | | | |
(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39 | | 1,200 | | 1,304 |
(Molloy College Proj.) Series 2009: | | | | |
5% 7/1/17 | | 1,035 | | 1,108 |
5.25% 7/1/18 | | 1,090 | | 1,202 |
5.25% 7/1/19 | | 1,100 | | 1,214 |
5.75% 7/1/39 | | 6,500 | | 7,141 |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A: | | | | |
5.25% 2/15/47 | | 6,525 | | 7,149 |
5.75% 2/15/47 | | 22,185 | | 25,308 |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | | |
Series 2000 A, 0% 6/1/19 (FSA Insured) | | 1,040 | | 973 |
Series 2009 A, 5.25% 4/1/21 | | 1,945 | | 2,182 |
Series 2012 A, 5% 9/1/42 | | 2,320 | | 2,506 |
Series 2012 B: | | | | |
5% 9/1/25 | | 4,000 | | 4,555 |
5% 9/1/26 | | 10,065 | | 11,373 |
5% 9/1/27 | | 10,000 | | 11,245 |
Series 2014 A, 5% 9/1/35 | | 5,000 | | 5,562 |
Madison County Cap. Resource Corp. Rev.: | | | | |
(Colgate Univ. Proj.): | | | | |
Series 2010 A: | | | | |
5% 7/1/24 | | 1,405 | | 1,637 |
5% 7/1/25 | | 1,000 | | 1,164 |
5% 7/1/26 | | 1,150 | | 1,336 |
5% 7/1/27 | | 1,630 | | 1,890 |
5% 7/1/28 | | 1,015 | | 1,176 |
Series 2012 A, 5% 7/1/23 | | 1,000 | | 1,183 |
(Colgate Univ. Rfdg. Proj.) Series 2015 A: | | | | |
5% 7/1/26 | | 500 | | 601 |
5% 7/1/30 | | 1,125 | | 1,314 |
5% 7/1/32 | | 1,250 | | 1,447 |
5% 7/1/33 | | 1,000 | | 1,154 |
5% 7/1/35 | | 1,000 | | 1,146 |
5% 7/1/40 | | 4,000 | | 4,527 |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | | 245 | | 246 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015: | | | | |
5% 5/1/23 | | $ 350 | | $ 417 |
5% 5/1/24 | | 750 | | 901 |
5% 5/1/25 | | 750 | | 906 |
5% 5/1/26 | | 1,200 | | 1,435 |
5% 5/1/27 | | 700 | | 830 |
5% 5/1/29 | | 1,750 | | 2,040 |
5% 5/1/30 | | 1,000 | | 1,159 |
5% 5/1/31 | | 1,205 | | 1,387 |
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015: | | | | |
5% 7/1/28 | | 1,250 | | 1,485 |
5% 7/1/29 | | 1,050 | | 1,240 |
5% 7/1/30 | | 1,000 | | 1,172 |
5% 7/1/31 | | 1,200 | | 1,396 |
5% 7/1/32 | | 1,250 | | 1,449 |
Nassau County Gen. Oblig. Series 2014 A: | | | | |
5% 4/1/26 | | 19,360 | | 22,436 |
5% 4/1/29 | | 14,040 | | 15,960 |
Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011: | | | | |
5% 7/1/21 | | 10,000 | | 11,495 |
5% 7/1/22 | | 5,500 | | 6,215 |
Nassau County Local Econ. Assistance Corp.: | | | | |
(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/23 | | 450 | | 524 |
5% 7/1/26 | | 1,500 | | 1,724 |
(Univ. Hosp. Proj.) Series 2012: | | | | |
5% 7/1/20 | | 2,000 | | 2,266 |
5% 7/1/22 | | 2,000 | | 2,283 |
5% 7/1/27 | | 2,155 | | 2,401 |
Series 2014 B: | | | | |
5% 7/1/23 | | 550 | | 640 |
5% 7/1/27 | | 1,000 | | 1,146 |
Series 2014 C, 5% 7/1/26 | | 3,000 | | 3,448 |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: | | | | |
5% 10/1/26 | | 2,300 | | 2,764 |
5% 10/1/27 | | 5,000 | | 5,967 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued | | | | |
5% 10/1/28 | | $ 3,450 | | $ 4,093 |
New York City Gen. Oblig.: | | | | |
Series 2005 A, 5% 8/1/19 | | 845 | | 848 |
Series 2008 A1, 5.25% 8/15/27 | | 15,000 | | 16,806 |
Series 2008 D1, 5.125% 12/1/23 | | 5,000 | | 5,499 |
Series 2012 A1, 5% 8/1/24 | | 2,400 | | 2,813 |
Series 2012 G1, 5% 4/1/25 | | 4,300 | | 5,021 |
New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21 | | 5,000 | | 5,528 |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.): | | | | |
5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | | 2,900 | | 3,182 |
5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured) | | 9,590 | | 10,401 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | | |
Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,405 | | 2,240 |
Series 2009 A, 5.75% 6/15/40 | | 10,025 | | 11,220 |
Series 2009 C, 5% 6/15/44 | | 2,700 | | 2,999 |
Series 2009 DD, 6% 6/15/40 | | 1,115 | | 1,267 |
Series 2009 EE, 5.25% 6/15/40 | | 8,500 | | 9,613 |
Series 2009 FF 2, 5.5% 6/15/40 | | 9,295 | | 10,673 |
Series 2009 GG, 5.25% 6/15/40 | | 10,000 | | 11,309 |
Series 2009 GG1, 5.25% 6/15/32 | | 7,000 | | 8,026 |
Series 2011 EE: | | | | |
5.375% 6/15/40 | | 2,310 | | 2,707 |
5.375% 6/15/43 | | 20,035 | | 23,411 |
5.5% 6/15/43 | | 4,375 | | 5,189 |
Series 2012 BB, 5.25% 6/15/44 | | 2,330 | | 2,630 |
Series 2012 CC, 5% 6/15/45 | | 8,000 | | 8,881 |
Series 2012 FF, 5% 6/15/24 | | 18,240 | | 21,488 |
Series 2013 CC, 5% 6/15/47 | | 23,575 | | 26,071 |
Series 2014 BB, 5% 6/15/46 | | 9,785 | | 10,793 |
Series 2014 CC, 5% 6/15/47 | | 11,200 | | 12,470 |
Series 2015 AA, 5% 6/15/44 | | 6,200 | | 6,918 |
Series 2015 FF: | | | | |
5% 6/15/29 | | 5,080 | | 5,980 |
5% 6/15/30 | | 6,060 | | 7,088 |
5% 6/15/31 | | 11,780 | | 13,701 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | | |
Series 2015 FF: - continued | | | | |
5% 6/15/32 | | $ 2,000 | | $ 2,317 |
Series GG, 5% 6/15/43 | | 2,700 | | 2,979 |
5% 6/15/35 | | 10,000 | | 11,362 |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | | | | |
Series 2007 S1, 5% 7/15/36 | | 3,000 | | 3,163 |
Series 2008 S1, 5% 1/15/34 | | 10,000 | | 10,900 |
Series 2009 S1: | | | | |
5.5% 7/15/31 | | 5,000 | | 5,642 |
5.5% 7/15/38 | | 2,900 | | 3,256 |
5.625% 7/15/38 | | 2,900 | | 3,267 |
Series 2009 S2, 6% 7/15/38 | | 7,500 | | 8,552 |
Series 2009 S3: | | | | |
5.25% 1/15/26 | | 1,000 | | 1,138 |
5.25% 1/15/39 | | 6,100 | | 6,828 |
5.375% 1/15/34 | | 13,435 | | 15,186 |
Series 2009 S4: | | | | |
5.5% 1/15/34 | | 1,000 | | 1,142 |
5.5% 1/15/39 | | 6,700 | | 7,628 |
5.75% 1/15/39 | | 2,900 | | 3,326 |
Series 2009 S5, 5.25% 1/15/39 | | 10,180 | | 11,395 |
Series 2012 S1 A, 5.25% 7/15/37 | | 11,500 | | 13,006 |
Series S1, 5% 7/15/28 | | 9,000 | | 10,395 |
New York City Transitional Fin. Auth. Rev.: | | | | |
Series 2003 B, 5% 2/1/22 | | 7,160 | | 8,348 |
Series 2011 D1, 5.25% 2/1/30 | | 5,435 | | 6,303 |
Series 2012 B, 5% 11/1/24 | | 7,500 | | 8,937 |
Series 2013 B, 5% 11/1/26 | | 2,955 | | 3,482 |
Series 2013 F: | | | | |
5% 2/1/31 | | 6,000 | | 6,856 |
5% 2/1/32 | | 5,000 | | 5,677 |
Series 2013 F1, 5% 2/1/28 | | 11,120 | | 12,901 |
Series 2014 D1: | | | | |
5% 2/1/27 | | 5,000 | | 5,884 |
5% 2/1/28 | | 5,000 | | 5,834 |
5% 2/1/29 | | 7,500 | | 8,690 |
5% 2/1/31 | | 4,300 | | 4,933 |
5% 2/1/32 | | 1,515 | | 1,732 |
Series A, 5% 8/1/28 | | 3,500 | | 4,108 |
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 | | $ 25,640 |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | | | | |
(State Univ. Proj.) Series 2012 A, 5% 5/15/22 | | 5,700 | | 6,767 |
Series 2012 A, 5% 5/15/23 | | 2,400 | | 2,844 |
New York Dorm. Auth. Personal Income Tax Rev.: | | | | |
(Ed. Proj.): | | | | |
Series 2007 A: | | | | |
5% 3/15/32 | | 3,700 | | 3,934 |
5% 3/15/37 | | 1,700 | | 1,802 |
Series 2008 A, 5% 3/15/24 | | 5,000 | | 5,506 |
Series 2008 B: | | | | |
5.25% 3/15/38 | | 1,500 | | 1,686 |
5.75% 3/15/36 | | 10,500 | | 12,079 |
Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2012 A, 5% 12/15/24 | | 10,000 | | 11,916 |
Series 2012 D: | | | | |
5% 2/15/24 | | 5,000 | | 5,867 |
5% 2/15/37 | | 7,500 | | 8,378 |
Series 2013 A, 5% 2/15/30 | | 18,985 | | 21,802 |
Series 2014 2, 5.25% 2/15/23 | | 7,910 | | 9,046 |
Series 2014 A: | | | | |
5% 2/15/39 | | 20,345 | | 22,597 |
5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 5 | | 6 |
Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100) | | 20 | | 23 |
5% 12/15/31 | | 6,290 | | 6,642 |
5% 2/15/34 | | 15,490 | | 17,363 |
5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100) | | 10 | | 11 |
5% 3/15/36 | | 1,895 | | 1,977 |
5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100) | | 135 | | 142 |
New York Dorm. Auth. Rev.: | | | | |
Series 2015 A: | | | | |
5% 10/1/29 | | 785 | | 914 |
5% 5/1/30 | | 3,450 | | 3,913 |
5% 7/1/30 | | 10,120 | | 11,777 |
5% 10/1/30 | | 535 | | 620 |
5% 5/1/31 | | 11,000 | | 12,409 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Rev.: - continued | | | | |
Series 2015 A: - continued | | | | |
5% 10/1/31 | | $ 1,595 | | $ 1,839 |
5% 10/1/32 | | 1,550 | | 1,780 |
Series 2015 B: | | | | |
5% 10/1/28 | | 1,000 | | 1,168 |
5% 10/1/29 | | 1,470 | | 1,705 |
5% 10/1/33 | | 1,010 | | 1,151 |
5% 10/1/34 | | 1,070 | | 1,216 |
Series 2015: | | | | |
5% 12/1/19 (a) | | 1,100 | | 1,210 |
5% 12/1/20 (a) | | 1,200 | | 1,328 |
5% 12/1/21 (a) | | 800 | | 885 |
5% 12/1/23 (a) | | 700 | | 773 |
5% 12/1/24 (a) | | 600 | | 660 |
5% 12/1/27 (a) | | 1,200 | | 1,289 |
New York Dorm. Auth. Revs.: | | | | |
(Colgate Univ. Proj.) Series 1996: | | | | |
6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 425 | | 447 |
6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,500 | | 2,843 |
(Cornell Univ. Proj.): | | | | |
Series 2008 C: | | | | |
5% 7/1/29 | | 2,015 | | 2,322 |
5% 7/1/37 | | 6,000 | | 6,756 |
Series 2009 A: | | | | |
5% 7/1/22 | | 445 | | 513 |
5% 7/1/23 | | 1,315 | | 1,515 |
(Fordham Univ. Proj.) 5.5% 7/1/36 | | 2,000 | | 2,339 |
(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17 | | 2,080 | | 2,200 |
(New York City Court Facilities Lease Proj.) Series 2005 A: | | | | |
5.5% 5/15/21 (AMBAC Insured) | | 10,000 | | 12,034 |
5.5% 5/15/28 | | 2,700 | | 3,399 |
(New York Univ. Hosp. Ctr. Proj.): | | | | |
Series 2006 A, 5% 7/1/16 | | 1,130 | | 1,176 |
Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | | 90 | | 96 |
Series 2011 A: | | | | |
5.75% 7/1/31 | | 4,000 | | 4,629 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2011 A: - continued | | | | |
6% 7/1/40 | | $ 4,000 | | $ 4,647 |
(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | | 3,000 | | 3,868 |
(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100) | | 8,085 | | 9,391 |
(North Shore Univ. Hosp. Proj.) Series 2007 A: | | | | |
5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100) | | 2,000 | | 2,154 |
5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100) | | 1,315 | | 1,416 |
(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29 | | 1,000 | | 1,102 |
(Rochester Institute of Technology Proj.) Series 2010: | | | | |
5% 7/1/20 | | 1,000 | | 1,161 |
5% 7/1/21 | | 1,500 | | 1,725 |
(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40 | | 15,000 | | 16,778 |
(School District Fing. Prog.) Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 25 | | 25 |
(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41 | | 3,000 | | 3,398 |
(Teachers College Proj.) Series 2009: | | | | |
5.375% 3/1/29 | | 2,930 | | 3,286 |
5.5% 3/1/39 | | 2,500 | | 2,839 |
(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100) | | 19,005 | | 20,190 |
(Vassar College Proj.) Series 2010, 5% 7/1/49 | | 9,000 | | 9,962 |
Series 1: | | | | |
4% 7/1/21 | | 1,000 | | 1,123 |
5% 7/1/21 | | 1,000 | | 1,179 |
5% 7/1/23 | | 1,350 | | 1,595 |
Series 2010 A: | | | | |
5% 7/1/19 | | 1,500 | | 1,701 |
5% 7/1/21 | | 7,000 | | 8,008 |
5% 7/1/22 | | 6,000 | | 6,825 |
5% 7/1/41 | | 12,000 | | 13,578 |
Series 2011 A: | | | | |
5% 5/1/18 | | 1,000 | | 1,102 |
5% 5/1/20 | | 5,590 | | 6,418 |
5% 5/1/21 | | 3,140 | | 3,637 |
5% 5/1/22 | | 2,350 | | 2,722 |
Series 2012 F: | | | | |
5% 10/1/19 (FSA Insured) | | 2,100 | | 2,412 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | | |
Series 2012 F: - continued | | | | |
5% 10/1/20 (FSA Insured) | | $ 1,100 | | $ 1,284 |
5% 10/1/21 (FSA Insured) | | 1,000 | | 1,177 |
5% 10/1/23 (FSA Insured) | | 1,000 | | 1,180 |
5% 10/1/24 (FSA Insured) | | 750 | | 881 |
Series 2012: | | | | |
5% 7/1/23 | | 1,000 | | 1,178 |
5% 7/1/38 | | 1,000 | | 1,114 |
Series 2014 A: | | | | |
5% 10/1/26 (FSA Insured) | | 1,400 | | 1,656 |
5% 10/1/27 (FSA Insured) | | 1,000 | | 1,175 |
5% 10/1/28 (FSA Insured) | | 1,000 | | 1,165 |
Series A, 5.75% 7/1/18 | | 2,135 | | 2,325 |
5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100) | | 5 | | 6 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34 | | 2,415 | | 2,422 |
New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34 | | 10,000 | | 10,809 |
New York Liberty Dev. Corp. (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44 | | 29,440 | | 32,273 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | | |
Series 2009 A: | | | | |
5.5% 11/15/39 | | 10,400 | | 11,761 |
5.625% 11/15/39 | | 6,000 | | 6,809 |
Series 2009 B, 5% 11/15/34 | | 19,560 | | 22,255 |
Series 2012 A: | | | | |
5% 11/15/22 | | 2,500 | | 2,968 |
5% 11/15/29 | | 17,000 | | 19,713 |
New York Metropolitan Trans. Auth. Rev.: | | | | |
Series 2005 A, 5.5% 11/15/18 (AMBAC Insured) | | 2,000 | | 2,284 |
Series 2005 G, 5% 11/15/21 | | 3,200 | | 3,727 |
Series 2007 B: | | | | |
5% 11/15/26 | | 8,185 | | 8,903 |
5% 11/15/28 | | 2,235 | | 2,422 |
Series 2008 A, 5.25% 11/15/36 | | 15,000 | | 16,248 |
Series 2008 B2: | | | | |
5% 11/15/22 | | 4,000 | | 4,735 |
5% 11/15/23 | | 5,910 | | 7,008 |
Series 2008 C, 6.5% 11/15/28 | | 9,670 | | 11,360 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Metropolitan Trans. Auth. Rev.: - continued | | | | |
Series 2011 A: | | | | |
5% 11/15/18 | | $ 1,000 | | $ 1,126 |
5% 11/15/22 | | 1,500 | | 1,749 |
Series 2011 D: | | | | |
5% 11/15/20 | | 2,000 | | 2,343 |
5% 11/15/24 | | 6,590 | | 7,662 |
5% 11/15/25 | | 5,000 | | 5,813 |
Series 2012 D, 5% 11/15/25 | | 20,000 | | 23,438 |
Series 2012 E, 5% 11/15/20 | | 3,165 | | 3,707 |
Series 2012 F: | | | | |
5% 11/15/21 | | 1,500 | | 1,771 |
5% 11/15/22 | | 5,000 | | 5,940 |
5% 11/15/23 | | 7,000 | | 8,316 |
Series 2012 H: | | | | |
5% 11/15/24 | | 3,290 | | 3,880 |
5% 11/15/33 | | 3,505 | | 3,960 |
5% 11/15/42 | | 4,750 | | 5,236 |
Series 2013 A, 5% 11/15/43 | | 3,250 | | 3,554 |
Series 2013 E, 5% 11/15/43 | | 15,375 | | 16,892 |
Series 2014 A1: | | | | |
5% 11/15/23 | | 2,300 | | 2,748 |
5% 11/15/44 | | 8,000 | | 8,783 |
Series 2014 B, 5.25% 11/15/44 | | 6,300 | | 7,117 |
Series 2014 D, 5.25% 11/15/44 | | 5,000 | | 5,679 |
Series 2015 B: | | | | |
5% 11/15/26 | | 1,495 | | 1,773 |
5% 11/15/28 | | 1,000 | | 1,167 |
5% 11/15/29 | | 2,125 | | 2,463 |
5.5% 11/15/18 | | 1,645 | | 1,773 |
New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 20,000 | | 21,557 |
New York State Gen. Oblig. Series 2009 A, 0% 2/15/19 | | 2,050 | | 1,947 |
New York Thruway Auth. Gen. Rev.: | | | | |
Series 2007 H: | | | | |
5% 1/1/21 | | 5,755 | | 6,292 |
5% 1/1/25 | | 13,000 | | 14,213 |
5% 1/1/26 | | 4,000 | | 4,369 |
Series 2013 A, 5% 5/1/19 | | 13,600 | | 15,414 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27 | | $ 6,750 | | $ 7,341 |
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A: | | | | |
5.25% 3/15/24 | | 4,180 | | 4,563 |
5.25% 3/15/26 | | 12,080 | | 13,163 |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | | | | |
Series 2011 A1, 5% 4/1/22 | | 4,000 | | 4,655 |
Series 2011 A2: | | | | |
5% 4/1/21 | | 2,385 | | 2,813 |
5% 4/1/23 | | 6,000 | | 7,003 |
New York Urban Dev. Corp. Rev.: | | | | |
Series 2007 A: | | | | |
5% 1/1/23 (FSA Insured) | | 6,165 | | 6,733 |
5% 1/1/24 (FSA Insured) | | 5,975 | | 6,522 |
Series 2013 C, 5% 3/15/30 | | 4,540 | | 5,220 |
Niagara Falls City Niagara County Pub. Impt. Series 1994: | | | | |
7.5% 3/1/16 (Escrowed to Maturity) | | 90 | | 94 |
7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 970 | | 1,006 |
7.5% 3/1/17 (Escrowed to Maturity) | | 100 | | 111 |
7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,100 | | 1,205 |
Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015: | | | | |
5% 6/15/23 (FSA Insured) | | 1,670 | | 1,944 |
5% 6/15/24 (FSA Insured) | | 1,450 | | 1,698 |
5% 6/15/25 (FSA Insured) | | 1,670 | | 1,938 |
Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured) | | 1,000 | | 1,002 |
Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32 | | 5,000 | | 5,538 |
Port Auth. of New York & New Jersey 185th Series: | | | | |
5% 9/1/26 (b) | | 10,150 | | 11,795 |
5% 9/1/28 (b) | | 7,350 | | 8,409 |
Rockland County Gen. Oblig.: | | | | |
Series 2014 A: | | | | |
5% 3/1/20 (FSA Insured) | | 3,000 | | 3,418 |
5% 3/1/21 (FSA Insured) | | 3,000 | | 3,450 |
5% 3/1/22 (FSA Insured) | | 4,000 | | 4,605 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Rockland County Gen. Oblig.: - continued | | | | |
Series 2014 A: - continued | | | | |
5% 3/1/23 (FSA Insured) | | $ 2,500 | | $ 2,906 |
5% 3/1/24 (FSA Insured) | | 1,600 | | 1,871 |
Series 2014: | | | | |
4% 2/15/21 (Build America Mutual Assurance Insured) | | 815 | | 893 |
4% 2/15/22 (Build America Mutual Assurance Insured) | | 1,000 | | 1,087 |
Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32 | | 680 | | 732 |
Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014: | | | | |
5% 7/1/25 | | 1,000 | | 1,155 |
5% 7/1/26 | | 1,280 | | 1,471 |
Syracuse Gen. Oblig. Series 2015 A: | | | | |
5% 3/1/24 | | 1,000 | | 1,191 |
5% 3/1/25 | | 500 | | 598 |
5% 3/1/26 | | 500 | | 592 |
5% 3/1/27 | | 350 | | 412 |
Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22 | | 6,250 | | 6,727 |
Triborough Bridge & Tunnel Auth. Revs.: | | | | |
(MTA Bridges and Tunnels Proj.) Series 2008 A: | | | | |
5% 11/15/37 | | 22,500 | | 24,531 |
5.25% 11/15/38 | | 14,500 | | 15,940 |
Series 2006 A, 5% 11/15/31 | | 965 | | 1,018 |
Series 2012 B: | | | | |
0% 11/15/27 | | 2,500 | | 1,701 |
0% 11/15/28 | | 2,500 | | 1,629 |
Series 2013 A: | | | | |
5% 11/15/23 | | 1,785 | | 2,131 |
5% 11/15/24 | | 4,000 | | 4,734 |
Series 2013 C: | | | | |
5% 11/15/26 | | 5,475 | | 6,399 |
5% 11/15/27 | | 5,660 | | 6,585 |
5% 11/15/28 | | 5,935 | | 6,860 |
5% 11/15/29 | | 6,340 | | 7,299 |
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A: | | | | |
5% 9/1/30 | | 5,775 | | 6,503 |
5.125% 9/1/40 | | 8,055 | | 8,899 |
Municipal Bonds - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
Western Nassau County Wtr. Auth. Series 2015 A: | | | | |
5% 4/1/28 | | $ 300 | | $ 348 |
5% 4/1/30 | | 350 | | 402 |
5% 4/1/31 | | 335 | | 383 |
5% 4/1/32 | | 1,000 | | 1,138 |
5% 4/1/34 | | 1,045 | | 1,182 |
5% 4/1/35 | | 1,180 | | 1,330 |
5% 4/1/40 | | 1,400 | | 1,562 |
5% 4/1/45 | | 2,250 | | 2,493 |
Yonkers Gen. Oblig.: | | | | |
Series 2015 A: | | | | |
4% 3/15/17 (FSA Insured) | | 600 | | 629 |
4% 3/15/19 (FSA Insured) | | 1,700 | | 1,854 |
5% 3/15/22 (FSA Insured) | | 750 | | 854 |
5% 3/15/23 (FSA Insured) | | 1,255 | | 1,430 |
5% 3/15/24 (FSA Insured) | | 1,545 | | 1,756 |
Series 2015 B: | | | | |
4% 8/1/18 (FSA Insured) | | 1,255 | | 1,356 |
5% 8/1/21 (FSA Insured) | | 735 | | 853 |
5% 8/1/22 (FSA Insured) | | 510 | | 591 |
5% 8/1/23 (FSA Insured) | | 300 | | 351 |
Series 2015 C: | | | | |
3% 8/1/16 (FSA Insured) | | 425 | | 435 |
4% 8/1/17 (FSA Insured) | | 400 | | 424 |
4% 8/1/18 (FSA Insured) | | 630 | | 681 |
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A: | | | | |
6% 6/1/29 | | 1,130 | | 1,280 |
6% 6/1/41 | | 5,000 | | 5,586 |
| | 1,711,656 |
New York And New Jersey - 2.7% |
Port Auth. of New York & New Jersey: | | | | |
163rd Series, 5% 7/15/35 | | 25,000 | | 28,262 |
166th Series, 5% 1/15/41 | | 5,400 | | 5,862 |
185th Series, 5% 9/1/27 (b) | | 6,200 | | 7,162 |
85th Series, 5.375% 3/1/28 | | 6,280 | | 7,573 |
| | 48,859 |
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 | | $ 4,165 |
5% 10/1/17 | | 2,750 | | 2,940 |
| | 7,105 |
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $1,671,993) | | 1,767,620 |
NET OTHER ASSETS (LIABILITIES) - 1.9% | | 34,623 |
NET ASSETS - 100% | $ 1,802,243 |
Legend |
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
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 Investment 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): |
Transportation | 22.5% |
Special Tax | 21.4% |
General Obligations | 16.4% |
Water & Sewer | 13.2% |
Education | 9.8% |
Health Care | 6.3% |
Others* (Individually Less Than 5%) | 10.4% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | July 31, 2015 (Unaudited) |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,671,993) | | $ 1,767,620 |
Cash | | 18,421 |
Receivable for fund shares sold | | 1,228 |
Interest receivable | | 18,120 |
Other receivables | | 4 |
Total assets | | 1,805,393 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 879 | |
Distributions payable | 1,517 | |
Accrued management fee | 538 | |
Distribution and service plan fees payable | 37 | |
Other affiliated payables | 146 | |
Other payables and accrued expenses | 33 | |
Total liabilities | | 3,150 |
| | |
Net Assets | | $ 1,802,243 |
Net Assets consist of: | | |
Paid in capital | | $ 1,695,994 |
Undistributed net investment income | | 209 |
Accumulated undistributed net realized gain (loss) on investments | | 10,413 |
Net unrealized appreciation (depreciation) on investments | | 95,627 |
Net Assets | | $ 1,802,243 |
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, 2015 (Unaudited) |
Calculation of Maximum Offering Price | | |
Class A: | | |
Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares) | | $ 13.48 |
| | |
Maximum offering price per share (100/96.00 of $13.48) | | $ 14.04 |
Class T: | | |
Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares) | | $ 13.49 |
| | |
Maximum offering price per share (100/96.00 of $13.49) | | $ 14.05 |
Class B: | | |
Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A | | $ 13.47 |
| | |
Class C: | | |
Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A | | $ 13.48 |
| | |
New York Municipal Income: | | |
Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares) | | $ 13.48 |
| | |
Class I: | | |
Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares) | | $ 13.47 |
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, 2015 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 32,505 |
| | |
Expenses | | |
Management fee | $ 3,259 | |
Transfer agent fees | 708 | |
Distribution and service plan fees | 222 | |
Accounting fees and expenses | 167 | |
Custodian fees and expenses | 13 | |
Independent trustees' compensation | 4 | |
Registration fees | 71 | |
Audit | 29 | |
Legal | 7 | |
Miscellaneous | 6 | |
Total expenses before reductions | 4,486 | |
Expense reductions | (13) | 4,473 |
Net investment income (loss) | | 28,032 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 10,615 |
Change in net unrealized appreciation (depreciation) on investment securities | | (50,521) |
Net gain (loss) | | (39,906) |
Net increase (decrease) in net assets resulting from operations | | $ (11,874) |
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, 2015 (Unaudited) | Year ended
January 31,
2015 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,032 | $ 57,355 |
Net realized gain (loss) | 10,615 | 3,341 |
Change in net unrealized appreciation (depreciation) | (50,521) | 100,212 |
Net increase (decrease) in net assets resulting from operations | (11,874) | 160,908 |
Distributions to shareholders from net investment income | (28,024) | (57,420) |
Distributions to shareholders from net realized gain | (536) | (3,181) |
Total distributions | (28,560) | (60,601) |
Share transactions - net increase (decrease) | (4,811) | 49,416 |
Redemption fees | 3 | 3 |
Total increase (decrease) in net assets | (45,242) | 149,726 |
| | |
Net Assets | | |
Beginning of period | 1,847,485 | 1,697,759 |
End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively) | $ 1,802,243 | $ 1,847,485 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .189 | .396 | .404 | .410 | .433 | .459 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .145 | 1.130 | (.347) |
Total from investment operations | (.107) | 1.180 | (.252) | .555 | 1.563 | .112 |
Distributions from net investment income | (.189) | (.396) | (.404) | (.393) | (.451) | (.460) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.193) | (.420) | (.418) | (.425) | (.483) | (.462) |
Redemption fees added to paid in capital E, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (.77)% | 9.20% | (1.82)% | 4.15% | 12.79% | .79% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of fee waivers, if any | .80%A | .78% | .77% | .77% | .76% | .75% |
Expenses net of all reductions | .80%A | .78% | .77% | .77% | .76% | .75% |
Net investment income (loss) | 2.82%A | 2.95% | 3.07% | 3.01% | 3.34% | 3.54% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 46 | $ 43 | $ 45 | $ 54 | $ 43 | $ 33 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 | $ 12.84 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .193 | .404 | .411 | .418 | .437 | .463 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .143 | 1.130 | (.348) |
Total from investment operations | (.103) | 1.188 | (.245) | .561 | 1.567 | .115 |
Distributions from net investment income | (.193) | (.404) | (.411) | (.399) | (.455) | (.463) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.197) | (.428) | (.425) | (.431) | (.487) | (.465) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.49 | $ 13.79 | $ 13.03 | $ 13.70 | $ 13.57 | $ 12.49 |
Total ReturnB, C, D | (.74)% | 9.26% | (1.76)% | 4.19% | 12.81% | .81% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | .75%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of fee waivers, if any | .74%A | .73% | .72% | .72% | .73% | .73% |
Expenses net of all reductions | .74%A | .72% | .72% | .72% | .73% | .73% |
Net investment income (loss) | 2.88%A | 3.01% | 3.12% | 3.06% | 3.37% | 3.56% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 8 | $ 8 | $ 7 | $ 9 | $ 9 | $ 8 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .150 | .316 | .324 | .326 | .350 | .376 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .145 | 1.121 | (.347) |
Total from investment operations | (.146) | 1.101 | (.332) | .471 | 1.471 | .029 |
Distributions from net investment income | (.150) | (.317) | (.324) | (.309) | (.369) | (.377) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.154) | (.341) | (.338) | (.341) | (.401) | (.379) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.48 |
Total ReturnB, C, D | (1.06)% | 8.56% | (2.41)% | 3.51% | 11.99% | .15% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.38% | 1.39% | 1.39% | 1.40% |
Expenses net of all reductions | 1.39%A | 1.37% | 1.38% | 1.38% | 1.39% | 1.40% |
Net investment income (loss) | 2.24%A | 2.36% | 2.46% | 2.40% | 2.71% | 2.89% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 2 | $ 3 | $ 4 | $ 4 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .139 | .297 | .305 | .306 | .334 | .358 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.656) | .144 | 1.130 | (.347) |
Total from investment operations | (.157) | 1.082 | (.351) | .450 | 1.464 | .011 |
Distributions from net investment income | (.139) | (.298) | (.305) | (.288) | (.352) | (.359) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.143) | (.322) | (.319) | (.320) | (.384) | (.361) |
Redemption fees added to paid in capitalE, G | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.48 |
Total ReturnB, C, D | (1.14)% | 8.40% | (2.55)% | 3.35% | 11.93% | .01% |
Ratios to Average Net Assets F | | | | | |
Expenses before reductions | 1.55%A | 1.52% | 1.52% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55%A | 1.52% | 1.52% | 1.54% | 1.52% | 1.53% |
Expenses net of all reductions | 1.55%A | 1.52% | 1.52% | 1.53% | 1.52% | 1.53% |
Net investment income (loss) | 2.08%A | 2.22% | 2.31% | 2.25% | 2.58% | 2.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 31 | $ 28 | $ 37 | $ 34 | $ 32 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 | $ 12.83 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .211 | .439 | .444 | .452 | .471 | .497 |
Net realized and unrealized gain (loss) | (.296) | .784 | (.656) | .144 | 1.120 | (.338) |
Total from investment operations | (.085) | 1.223 | (.212) | .596 | 1.591 | .159 |
Distributions from net investment income | (.211) | (.439) | (.444) | (.434) | (.489) | (.497) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.215) | (.463) | (.458) | (.466) | (.521) | (.499) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.48 | $ 13.78 | $ 13.02 | $ 13.69 | $ 13.56 | $ 12.49 |
Total ReturnB, C | (.61)% | 9.55% | (1.51)% | 4.46% | 13.02% | 1.16% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .47%A | .46% | .46% | .47% | .47% | .47% |
Expenses net of all reductions | .47%A | .46% | .46% | .46% | .47% | .47% |
Net investment income (loss) | 3.15%A | 3.27% | 3.37% | 3.32% | 3.64% | 3.82% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,685 | $ 1,734 | $ 1,597 | $ 1,952 | $ 1,845 | $ 1,604 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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 - Class I
| Six months ended July 31, 2015 | Years ended January 31, |
| (Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 | $ 12.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .206 | .429 | .435 | .443 | .462 | .487 |
Net realized and unrealized gain (loss) | (.296) | .785 | (.655) | .145 | 1.130 | (.347) |
Total from investment operations | (.090) | 1.214 | (.220) | .588 | 1.592 | .140 |
Distributions from net investment income | (.206) | (.430) | (.436) | (.426) | (.480) | (.488) |
Distributions from net realized gain | (.004) | (.024) | (.014) | (.032) | (.032) | (.002) |
Total distributions | (.210) | (.454) | (.450) | (.458) | (.512) | (.490) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 13.47 | $ 13.77 | $ 13.01 | $ 13.68 | $ 13.55 | $ 12.47 |
Total ReturnB, C | (.65)% | 9.48% | (1.58)% | 4.40% | 13.05% | 1.01% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of fee waivers, if any | .54%A | .53% | .53% | .53% | .53% | .53% |
Expenses net of all reductions | .54%A | .53% | .53% | .52% | .53% | .53% |
Net investment income (loss) | 3.08%A | 3.21% | 3.31% | 3.26% | 3.57% | 3.76% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 33 | $ 30 | $ 20 | $ 23 | $ 16 | $ 14 |
Portfolio turnover rate | 20% A | 11% | 8% | 16% | 11% | 10% |
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
For the period ended July 31, 2015 (Unaudited)
(Amounts in thousands except percentages)
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 Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 98,110 |
Gross unrealized depreciation | (2,420) |
Net unrealized appreciation (depreciation) on securities | $ 95,690 |
| |
Tax cost | $ 1,671,930 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
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 the investment adviser, 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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 56 | $ 7 |
Class T | -% | .25% | 9 | - * |
Class B | .65% | .25% | 8 | 6 |
Class C | .75% | .25% | 149 | 19 |
| | | $ 222 | $ 32 |
* Amount represents seventy eight 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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .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
by FDC |
Class A | $ 4 |
Class T | 1 |
Class B* | -** |
Class C* | 3 |
| $ 8 |
* 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 four hundred fifty eight dollars.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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
Average
Net Assets* |
Class A | $ 34 | .15 |
Class T | 4 | .10 |
Class B | 1 | .08 |
Class C | 21 | .14 |
New York Municipal Income | 626 | .07 |
Class I | 22 | .15 |
| $ 708 | |
* Annualized
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.
In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
July 31,
2015 | Year ended
January 31,
2015 |
From net investment income | | |
Class A | $ 628 | $ 1,288 |
Class T | 107 | 212 |
Class B | 20 | 48 |
Class C | 305 | 651 |
New York Municipal Income | 26,501 | 54,451 |
Class I | 463 | 770 |
Total | $ 28,024 | $ 57,420 |
From net realized gain | | |
Class A | $ 13 | $ 74 |
Class T | 2 | 13 |
Class B | 1 | 4 |
Class C | 9 | 53 |
New York Municipal Income | 502 | 2,990 |
Class I | 9 | 47 |
Total | $ 536 | $ 3,181 |
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars |
| Six months ended July 31,
2015 | Year ended
January 31,
2015 | Six months ended July 31,
2015 | Year ended
January 31,
2015 |
Class A | | | | |
Shares sold | 426 | 607 | $ 5,778 | $ 8,175 |
Reinvestment of distributions | 41 | 82 | 551 | 1,101 |
Shares redeemed | (238) | (958) | (3,213) | (12,855) |
Net increase (decrease) | 229 | (269) | $ 3,116 | $ (3,579) |
Class T | | | | |
Shares sold | 60 | 84 | $ 814 | $ 1,126 |
Reinvestment of distributions | 7 | 12 | 88 | 167 |
Shares redeemed | (41) | (55) | (552) | (738) |
Net increase (decrease) | 26 | 41 | $ 350 | $ 555 |
Class B | | | | |
Shares sold | -* | 6 | $ 1 | $ 79 |
Reinvestment of distributions | 1 | 3 | 16 | 36 |
Shares redeemed | (28) | (32) | (384) | (422) |
Net increase (decrease) | (27) | (23) | $ (367) | $ (307) |
Class C | | | | |
Shares sold | 147 | 386 | $ 1,973 | $ 5,181 |
Reinvestment of distributions | 16 | 35 | 212 | 465 |
Shares redeemed | (169) | (350) | (2,287) | (4,691) |
Net increase (decrease) | (6) | 71 | $ (102) | $ 955 |
New York Municipal Income | | | | |
Shares sold | 7,459 | 13,709 | $ 100,905 | $ 183,532 |
Reinvestment of distributions | 1,357 | 2,902 | 18,333 | 38,987 |
Shares redeemed | (9,690) | (13,410) | (130,886) | (179,398) |
Net increase (decrease) | (874) | 3,201 | $ (11,648) | $ 43,121 |
Class I | | | | |
Shares sold | 446 | 848 | $ 6,019 | $ 11,379 |
Reinvestment of distributions | 18 | 30 | 236 | 397 |
Shares redeemed | (179) | (232) | (2,415) | (3,105) |
Net increase (decrease) | 285 | 646 | $ 3,840 | $ 8,671 |
* Amount represents sixty one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank,
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
NFY-USAN-0915
1.789735.113
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | September 25, 2015 |
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | September 25, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | September 25, 2015 |
