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 811-03723
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)
Cynthia Lo Bessette, 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 |
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Date of reporting period: | July 31, 2022 |
Item 1.
Reports to Stockholders
Fidelity® New York Municipal Income Fund
Semi-Annual Report
July 31, 2022
Includes Fidelity and Fidelity Advisor share classes
Contents
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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. © 2022 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and - given the wide variability in outcomes regarding the outbreak - significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action - in concert with the U.S. Federal Reserve and central banks around the world - to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Revenue Sources (% of Fund's net assets) |
Transportation | 29.8% | |
Special Tax | 24.3% | |
Education | 16.6% | |
General Obligations | 10.7% | |
Health Care | 7.3% | |
Others* (Individually Less Than 5%) | 11.3% | |
| 100.0% | |
|
*Includes net other assets | | |
Quality Diversification (% of Fund's net assets) |
|
|
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. |
Showing Percentage of Net Assets
Municipal Bonds - 97.6% |
| | Principal Amount (a) (000s) | Value ($) (000s) |
New York - 91.4% | | | |
Brookhaven Loc Dev. Corp. Series 2020, 4% 11/1/45 | | 1,000 | 981 |
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015: | | | |
5% 7/1/24 | | 600 | 617 |
5% 7/1/25 | | 590 | 614 |
5% 7/1/26 | | 450 | 467 |
5% 7/1/27 | | 600 | 621 |
5% 7/1/28 | | 360 | 371 |
5% 7/1/29 | | 300 | 309 |
5% 7/1/30 | | 575 | 590 |
5% 7/1/40 | | 1,000 | 1,010 |
5.25% 7/1/35 | | 1,000 | 1,027 |
Buffalo Muni. Wtr. Fin. Auth. Series 2015 A, 5% 7/1/29 | | 500 | 541 |
Dorm. Auth. New York Univ. Rev.: | | | |
(Fordham Univ. Proj.) Series 2017: | | | |
5% 7/1/30 | | 625 | 689 |
5% 7/1/32 | | 1,500 | 1,644 |
(Orange Reg'l. Med. Ctr. Proj.) Series 2017, 5% 12/1/28 (b) | | 4,000 | 4,327 |
(St Johns Univ., NY. Proj.) Series 2017 A: | | | |
5% 7/1/28 | | 750 | 831 |
5% 7/1/30 | | 1,250 | 1,376 |
(State Univ. of New York Proj.) Series 2017 A: | | | |
5% 7/1/32 | | 1,500 | 1,665 |
5% 7/1/34 | | 3,000 | 3,310 |
Series 2016 A: | | | |
5% 7/1/41 | | 2,500 | 2,615 |
5% 7/1/46 | | 8,000 | 8,304 |
5% 7/1/50 | | 6,280 | 6,497 |
Series 2017, 5% 12/1/32 (b) | | 4,000 | 4,247 |
Dutchess County Local Dev. Corp. Rev.: | | | |
(Health Quest Systems, Inc. Proj.) Series 2016 B, 5% 7/1/46 | | 9,025 | 9,305 |
(Marist College Proj.) Series 2015 A: | | | |
5% 7/1/26 | | 550 | 591 |
5% 7/1/27 | | 350 | 376 |
5% 7/1/28 | | 500 | 534 |
5% 7/1/29 | | 725 | 773 |
5% 7/1/31 | | 2,610 | 2,772 |
5% 7/1/32 | | 2,660 | 2,821 |
5% 7/1/33 | | 2,770 | 2,931 |
5% 7/1/34 | | 2,935 | 3,099 |
5% 7/1/35 | | 3,000 | 3,164 |
5% 7/1/36 | | 1,000 | 1,052 |
5% 7/1/40 | | 8,500 | 8,867 |
(The Culinary Institute of America Proj.) Series 2018: | | | |
5% 7/1/26 | | 850 | 920 |
5% 7/1/30 | | 1,100 | 1,199 |
5% 7/1/35 | | 855 | 913 |
(Vassar College Proj.) Series 2017: | | | |
5% 7/1/35 | | 1,100 | 1,195 |
5% 7/1/36 | | 1,430 | 1,552 |
5% 7/1/37 | | 1,705 | 1,843 |
Erie County Fiscal Stability Auth. Series 2017 D: | | | |
5% 9/1/33 | | 525 | 590 |
5% 9/1/34 | | 850 | 953 |
5% 9/1/35 | | 1,300 | 1,455 |
Hempstead Local Dev. Corp. Rev.: | | | |
(Adelphi Univ. Proj.) Series 2021: | | | |
5% 6/1/25 | | 400 | 428 |
5% 6/1/26 | | 550 | 600 |
5% 6/1/28 | | 155 | 174 |
5% 6/1/30 | | 200 | 229 |
5% 6/1/32 | | 200 | 230 |
(Molloy College Proj.) Series 2017: | | | |
5% 7/1/32 | | 740 | 791 |
5% 7/1/33 | | 475 | 506 |
Hudson Yards Infrastructure Corp. New York Rev. Series 2017 A: | | | |
4% 2/15/44 | | 2,100 | 2,124 |
5% 2/15/34 | | 6,130 | 6,762 |
5% 2/15/36 | | 4,750 | 5,215 |
5% 2/15/37 | | 2,505 | 2,744 |
5% 2/15/42 | | 14,890 | 16,045 |
Islip Gen. Oblig. Series 2021 A, 2% 5/1/37 | | 1,575 | 1,249 |
Liberty Dev. Corp. Rev. Series 2005, 5.25% 10/1/35 | | 11,440 | 13,362 |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | |
Series 2016 B, 5% 9/1/36 | | 3,500 | 3,850 |
Series 2020 A: | | | |
5% 9/1/34 | | 1,700 | 1,974 |
5% 9/1/35 | | 1,200 | 1,385 |
5% 9/1/37 | | 500 | 572 |
5% 9/1/38 | | 1,450 | 1,651 |
Madison County Cap. Resource Corp. Rev. (Colgate Univ. Rfdg. Proj.) Series 2015 A: | | | |
5% 7/1/33 | | 1,000 | 1,067 |
5% 7/1/35 | | 1,000 | 1,065 |
Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.): | | | |
Series 2015, 5% 5/1/31 | | 1,205 | 1,302 |
Series 2018: | | | |
5% 5/1/32 | | 5,000 | 5,698 |
5% 5/1/34 | | 3,000 | 3,396 |
Monroe County Indl. Dev. Corp.: | | | |
(Rochester Reg'l. Health Proj.) Series 2020 A, 4% 12/1/46 | | 2,500 | 2,292 |
(St. Anns Cmnty. Proj.) Series 2019, 5% 1/1/50 | | 4,430 | 3,941 |
(The Rochester Gen. Hosp. Proj.) Series 2017: | | | |
5% 12/1/31 | | 1,595 | 1,691 |
5% 12/1/34 | | 760 | 800 |
5% 12/1/35 | | 700 | 736 |
5% 12/1/36 | | 700 | 735 |
(Univ. of Rochester Proj.): | | | |
Series 2015, 5% 7/1/32 | | 1,250 | 1,341 |
Series 2017 A: | | | |
5% 7/1/32 | | 1,215 | 1,357 |
5% 7/1/34 | | 1,310 | 1,454 |
Series 2017 C: | | | |
4% 7/1/32 | | 1,680 | 1,765 |
5% 7/1/31 | | 800 | 896 |
Series 2017 D, 5% 7/1/31 | | 825 | 924 |
MTA Hudson Rail Yards Trust Oblig. Series 2016 A: | | | |
5% 11/15/51 | | 3,000 | 3,005 |
5% 11/15/56 | | 9,000 | 9,262 |
Nassau County Local Econ. Assistance Corp. Series 2014 B, 5% 7/1/27 | | 1,000 | 1,046 |
New Rochelle Series 2020, 2% 2/15/34 | | 590 | 502 |
New York Bridge Auth. Gen. Rev. Series 2021 A, 4% 1/1/51 | | 1,085 | 1,092 |
New York City Edl. Construction Fund Series 2021 B, 5% 4/1/52 | | 5,610 | 6,208 |
New York City Gen. Oblig.: | | | |
Series 2018 F, 5% 4/1/45 | | 15,485 | 16,883 |
Series 2019 D: | | | |
5% 12/1/41 | | 4,305 | 4,778 |
5% 12/1/44 | | 9,810 | 10,809 |
Series 2020 D1, 4% 3/1/44 | | 1,475 | 1,484 |
Series 2021 A1, 4% 8/1/34 | | 3,250 | 3,426 |
Series 2021 F1: | | | |
5% 3/1/43 | | 1,500 | 1,681 |
5% 3/1/50 | | 6,475 | 7,213 |
Series 2022 A1, 5% 8/1/47 | | 25,000 | 28,029 |
Series 2022 D1, 5.25% 5/1/38 | | 5,000 | 5,865 |
Series B: | | | |
5% 10/1/42 | | 2,000 | 2,211 |
5% 10/1/43 | | 3,000 | 3,307 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
Series 2017 EE, 5% 6/15/37 | | 10,000 | 11,014 |
Series 2018 CC, 5% 6/15/48 | | 7,070 | 7,674 |
Series 2019 DD 1, 5% 6/15/49 | | 6,925 | 7,568 |
Series 2019 DD, 5.25% 6/15/49 | | 4,410 | 4,888 |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | | | |
(New York State Gen. Oblig. Proj.) Series 2015 S-1, 5% 7/15/35 | | 4,000 | 4,242 |
Series 2016 S1, 5% 7/15/33 | | 2,165 | 2,343 |
Series 2018 S4, 5.25% 7/15/36 | | 8,095 | 9,253 |
Series 2019 S1, 5% 7/15/43 | | 1,715 | 1,896 |
Series 2022 1A, 3% 7/15/39 | | 1,465 | 1,338 |
New York City Transitional Fin. Auth. Rev.: | | | |
Series 2017 A1, 5% 5/1/34 | | 1,065 | 1,163 |
Series 2017 B, 5% 8/1/34 | | 2,640 | 2,896 |
Series 2017 E-1, 5% 2/1/34 | | 4,500 | 4,975 |
Series 2017 F: | | | |
5% 5/1/34 | | 7,000 | 7,770 |
5% 5/1/35 | | 11,795 | 13,063 |
5% 5/1/38 | | 5,000 | 5,504 |
Series 2018 A2, 5% 8/1/39 | | 5,000 | 5,513 |
Series 2018 B-1, 5% 8/1/34 | | 3,000 | 3,344 |
Series 2018 C2, 5% 5/1/37 | | 4,690 | 5,213 |
Series 2021 B1, 4% 8/1/38 | | 1,340 | 1,385 |
Series 2021 F1, 4% 11/1/38 | | 1,500 | 1,549 |
Series C1: | | | |
4% 5/1/42 | | 5,000 | 5,091 |
4% 5/1/47 | | 1,000 | 1,009 |
New York Convention Ctr. Dev. Corp. Rev.: | | | |
Series 2015: | | | |
5% 11/15/29 | | 5,000 | 5,401 |
5% 11/15/30 | | 2,000 | 2,157 |
5% 11/15/33 | | 9,115 | 9,742 |
5% 11/15/34 | | 3,000 | 3,201 |
5% 11/15/40 | | 9,990 | 10,564 |
Series 2016 A, 5% 11/15/46 | | 13,450 | 14,233 |
Series 2016, 0% 11/15/38 | | 1,275 | 657 |
New York Dorm. Auth. Rev.: | | | |
Series 2015 A: | | | |
5% 7/1/28 | | 5,000 | 5,343 |
5% 7/1/29 | | 5,000 | 5,330 |
5% 5/1/30 | | 3,450 | 3,681 |
5% 7/1/30 | | 5,000 | 5,311 |
5% 5/1/31 | | 11,000 | 11,705 |
5% 7/1/31 | | 15,000 | 15,899 |
5% 10/1/31 | | 1,595 | 1,745 |
5% 10/1/32 | | 1,550 | 1,695 |
Series 2015 B: | | | |
5% 10/1/33 | | 1,010 | 1,101 |
5% 10/1/34 | | 1,070 | 1,166 |
Series 2015: | | | |
5% 12/1/23 (b) | | 700 | 726 |
5% 12/1/24 (b) | | 600 | 635 |
5% 12/1/27 (b) | | 1,200 | 1,271 |
Series 2016 A: | | | |
5% 7/1/31 | | 1,200 | 1,298 |
5% 7/1/31 | | 600 | 669 |
5% 7/1/32 | | 800 | 891 |
5% 7/1/33 | | 800 | 861 |
5% 7/1/34 | | 650 | 698 |
5% 7/1/35 | | 500 | 536 |
5% 7/1/41 | | 1,000 | 1,066 |
Series 2016 E, 5% 10/1/31 | | 1,945 | 2,155 |
Series 2019 A: | | | |
4% 7/1/40 | | 1,000 | 898 |
4% 7/1/45 | | 3,750 | 3,238 |
5% 7/1/26 | | 545 | 572 |
5% 7/1/27 | | 390 | 412 |
5% 7/1/28 | | 465 | 491 |
5% 7/1/29 | | 750 | 793 |
5% 7/1/30 | | 1,475 | 1,554 |
5% 7/1/32 | | 1,540 | 1,598 |
5% 7/1/33 | | 5,800 | 6,271 |
5% 7/1/34 | | 1,300 | 1,339 |
5% 7/1/35 | | 600 | 616 |
5% 7/1/36 | | 500 | 513 |
5% 7/1/38 | | 3,440 | 3,850 |
5% 7/1/41 | | 1,345 | 1,364 |
5% 7/1/42 | | 8,500 | 9,414 |
Series 2019 B, 5% 7/1/50 | | 3,000 | 3,318 |
Series 2020 A: | | | |
4% 9/1/50 | | 6,420 | 5,729 |
4% 7/1/53 | | 5,805 | 5,696 |
5% 7/1/40 | | 1,265 | 1,418 |
Series 2021 A: | | | |
3% 7/1/41 | | 1,000 | 880 |
4% 7/1/48 | | 4,000 | 3,926 |
5% 7/1/46 | | 1,025 | 1,086 |
5% 7/1/51 | | 10,000 | 11,209 |
5% 7/1/51 | | 3,040 | 3,204 |
Series 2022 A: | | | |
4% 7/1/49 | | 2,500 | 2,424 |
5% 7/1/35 | | 1,425 | 1,570 |
5% 7/1/36 | | 1,495 | 1,639 |
5% 7/1/37 | | 785 | 858 |
5% 7/15/37 | | 6,500 | 6,975 |
5% 7/1/38 | | 500 | 545 |
5% 7/1/39 | | 865 | 940 |
5% 7/1/40 | | 915 | 991 |
5% 7/1/41 | | 830 | 897 |
5% 7/1/42 | | 1,005 | 1,085 |
Series 2022: | | | |
4% 7/1/46 | | 4,625 | 4,651 |
5% 7/1/35 | | 1,095 | 1,169 |
5% 7/1/47 | | 5,625 | 5,828 |
5% 7/1/52 | | 4,675 | 5,190 |
New York Dorm. Auth. Revs. (New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured) | | 3,000 | 3,785 |
New York Dorm. Auth. Sales Tax Rev.: | | | |
Series 2018 A: | | | |
5% 3/15/42 | | 9,940 | 10,944 |
5% 3/15/43 | | 9,940 | 10,924 |
Series 2018 C: | | | |
5% 3/15/35 | | 18,870 | 21,052 |
5% 3/15/38 | | 7,025 | 7,788 |
5% 3/15/43 | | 6,185 | 6,797 |
Series 2018 E, 5% 3/15/44 | | 5,000 | 5,526 |
Series 2018, 5% 3/15/48 | | 19,700 | 21,683 |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.: | | | |
(New York City Muni. Wtr. Fin. Auth. Proj.) Series 2018 B, 5% 6/15/43 | | 1,000 | 1,114 |
Series 2017 E, 5% 6/15/42 | | 5,000 | 5,471 |
New York Liberty Dev. Corp. (Bank of America Tower at One Bryant Park Proj.) Series 2019 1, 2.45% 9/15/69 | | 8,000 | 7,607 |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | | | |
Series 2016 B1, 5% 11/15/36 | | 5,000 | 5,398 |
Series 2016 B2, 5% 11/15/37 | | 12,700 | 13,685 |
New York Metropolitan Trans. Auth. Rev.: | | | |
Series 2013 A, 5% 11/15/43 | | 2,535 | 2,564 |
Series 2013 E, 5% 11/15/43 | | 15,375 | 15,630 |
Series 2014 A1, 5% 11/15/44 | | 8,000 | 8,131 |
Series 2014 B, 5.25% 11/15/44 | | 6,300 | 6,484 |
Series 2014 D, 5.25% 11/15/44 | | 5,000 | 5,175 |
Series 2015 A1: | | | |
5% 11/15/40 | | 5,000 | 5,166 |
5% 11/15/45 | | 1,200 | 1,232 |
Series 2015 B, 5% 11/15/29 | | 2,125 | 2,238 |
Series 2015 C, 5% 11/15/35 | | 600 | 627 |
Series 2016 A1, 5% 11/15/46 | | 32,890 | 34,036 |
Series 2016 B: | | | |
4% 11/15/36 | | 1,825 | 1,832 |
5% 11/15/34 | | 1,490 | 1,574 |
5% 11/15/35 | | 8,375 | 8,831 |
Series 2016 C1: | | | |
5% 11/15/31 | | 1,175 | 1,252 |
5% 11/15/32 | | 730 | 774 |
Series 2016 D: | | | |
5% 11/15/30 | | 1,805 | 1,931 |
5% 11/15/31 | | 665 | 709 |
5.25% 11/15/31 | | 500 | 540 |
Series 2017 A1, 5% 11/15/51 | | 1,500 | 1,579 |
Series 2017 C-2: | | | |
0% 11/15/29 | | 15,820 | 12,656 |
0% 11/15/32 | | 18,000 | 12,606 |
Series 2017 C1: | | | |
5% 11/15/27 | | 620 | 683 |
5% 11/15/30 | | 1,015 | 1,104 |
Series 2017 D: | | | |
5% 11/15/28 | | 2,125 | 2,334 |
5% 11/15/30 | | 5,000 | 5,439 |
5% 11/15/32 | | 925 | 997 |
Series 2020 C1, 5% 11/15/50 | | 1,310 | 1,375 |
New York State Dorm. Auth.: | | | |
Series 2017 A: | | | |
5% 2/15/37 | | 5,395 | 5,919 |
5% 2/15/37 (Pre-Refunded to 2/15/27 @ 100) | | 5 | 6 |
Series 2019 A, 5% 3/15/46 | | 7,500 | 8,210 |
Series 2020 A, 3% 3/15/38 | | 985 | 901 |
Series 2021 A, 5% 3/15/49 | | 6,500 | 7,200 |
Series 2022 A: | | | |
4% 3/15/39 | | 1,000 | 1,024 |
5% 3/15/41 | | 5,000 | 5,667 |
New York State Envir. Facilities Corp. Rev. Series 2019 A, 5% 2/15/49 | | 12,690 | 14,239 |
New York State Mtg. Agcy. Homeowner Mtg.: | | | |
Series 2021 232, 5% 10/1/28 (c) | | 1,680 | 1,881 |
Series 221, 3.5% 10/1/32 (c) | | 5,275 | 5,328 |
Series 223, 3.5% 4/1/49 | | 2,270 | 2,297 |
Series 226, 3.5% 10/1/50 (c) | | 12,035 | 12,159 |
New York State Urban Dev. Corp.: | | | |
Series 2020 A, 5% 3/15/42 | | 2,175 | 2,428 |
Series 2020 C: | | | |
4% 3/15/39 | | 1,000 | 1,015 |
4% 3/15/49 | | 3,165 | 3,180 |
5% 3/15/47 | | 7,820 | 8,675 |
New York Thruway Auth. Gen. Rev.: | | | |
Series 2016 A: | | | |
5% 1/1/34 | | 3,000 | 3,239 |
5% 1/1/35 | | 6,455 | 6,962 |
5% 1/1/41 | | 9,320 | 9,985 |
5% 1/1/46 | | 7,285 | 7,744 |
5% 1/1/51 | | 23,625 | 24,987 |
Series 2019 B, 4% 1/1/45 | | 5,000 | 5,017 |
New York Trans. Dev. Corp.: | | | |
(Delta Air Lines, Inc. Laguardia Arpt. Terminals C&D Redev. Proj.) Series 2018, 5% 1/1/33 (c) | | 5,000 | 5,207 |
(Laguardia Arpt. Term. B Redev. Proj.) Series 2016 A, 5% 7/1/34 (c) | | 4,000 | 4,149 |
(Term. 4 JFK Int'l. Arpt. Proj.): | | | |
Series 2020 A: | | | |
4% 12/1/38 (c) | | 600 | 577 |
4% 12/1/41 (c) | | 1,700 | 1,601 |
5% 12/1/31 (c) | | 1,200 | 1,317 |
5% 12/1/33 (c) | | 1,950 | 2,105 |
5% 12/1/35 (c) | | 1,540 | 1,648 |
Series 2020 C: | | | |
5% 12/1/29 | | 1,300 | 1,453 |
5% 12/1/30 | | 500 | 567 |
(Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022: | | | |
5% 12/1/35 (c) | | 8,465 | 9,192 |
5% 12/1/36 (c) | | 7,500 | 8,121 |
Series 2016 A, 5.25% 1/1/50 (c) | | 9,095 | 9,398 |
New York Urban Dev. Corp. Rev.: | | | |
(New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/34 | | 5,000 | 5,524 |
Series 2015 A, 5% 3/15/45 | | 11,970 | 12,625 |
Series 2019 A, 5% 3/15/43 | | 10,830 | 11,983 |
Niagara Area Dev. Corp. Rev. (Catholic Health Sys., Inc. Proj.) Series 2022, 5% 7/1/52 | | 3,000 | 2,941 |
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A: | | | |
5% 4/1/29 (c) | | 350 | 389 |
5% 4/1/30 (c) | | 750 | 828 |
5% 4/1/32 (c) | | 900 | 982 |
5% 4/1/33 (c) | | 650 | 707 |
5% 4/1/34 (c) | | 1,765 | 1,912 |
5% 4/1/36 (c) | | 1,150 | 1,240 |
5% 4/1/38 (c) | | 750 | 802 |
Oneida County Local Dev. Corp. Rev.: | | | |
(Mohawk Valley Health Sys. Proj.) Series 2019 A: | | | |
4% 12/1/37 (Assured Guaranty Muni. Corp. Insured) | | 1,000 | 1,034 |
4% 12/1/38 (Assured Guaranty Muni. Corp. Insured) | | 1,000 | 1,033 |
4% 12/1/49 (Assured Guaranty Muni. Corp. Insured) | | 11,305 | 11,398 |
5% 12/1/30 (Assured Guaranty Muni. Corp. Insured) | | 755 | 868 |
5% 12/1/31 (Assured Guaranty Muni. Corp. Insured) | | 545 | 624 |
(Utica College Proj.) Series 2019: | | | |
4% 7/1/39 | | 2,625 | 2,442 |
5% 7/1/49 | | 3,250 | 3,317 |
Onondaga Civic Dev. Corp.: | | | |
(Le Moyne College Proj.) Series 2020 B: | | | |
4% 7/1/36 | | 425 | 426 |
4% 7/1/37 | | 275 | 274 |
4% 7/1/38 | | 255 | 253 |
4% 7/1/39 | | 325 | 321 |
4% 7/1/40 | | 300 | 295 |
5% 7/1/23 | | 210 | 215 |
5% 7/1/24 | | 215 | 225 |
5% 7/1/25 | | 235 | 251 |
5% 7/1/27 | | 815 | 897 |
5% 7/1/28 | | 855 | 949 |
5% 7/1/31 | | 340 | 378 |
5% 7/1/32 | | 265 | 292 |
5% 7/1/33 | | 300 | 329 |
5% 7/1/34 | | 300 | 327 |
5% 7/1/35 | | 400 | 436 |
(Syracuse Univ. Proj.) Series 2020 A, 5% 12/1/35 | | 1,110 | 1,285 |
Onondaga County Trust for Cultural Resources Rev. Series 2019, 4% 12/1/47 | | 10,000 | 9,991 |
Port Auth. of New York & New Jersey: | | | |
Series 2019 218, 5% 11/1/36 (c) | | 4,820 | 5,312 |
Series 2021 227, 2% 10/1/34 (c) | | 4,380 | 3,612 |
Series 218, 5% 11/1/30 (c) | | 1,130 | 1,287 |
Series 221: | | | |
4% 7/15/38 (c) | | 1,000 | 1,014 |
4% 7/15/40 (c) | | 2,000 | 2,020 |
5% 7/15/32 (c) | | 1,500 | 1,701 |
Saratoga County Cap. Resources Rev. (Skidmore College Proj.) Series 2020 A: | | | |
4% 7/1/50 | | 1,500 | 1,484 |
5% 7/1/45 | | 1,625 | 1,794 |
Schenectady County Cap. Resources Corp. Rev. (Union College Proj.) Series 2017, 5% 1/1/40 | | 2,600 | 2,740 |
Suffolk County Econ. Dev. Corp. Rev. Series 2021, 5.375% 11/1/54 (b) | | 3,500 | 3,148 |
Suffolk Tobacco Asset Securitization Corp. Series 2021 A2, 4% 6/1/50 | | 3,000 | 2,836 |
Syracuse Reg'l. Arpt. Auth. Series 2021: | | | |
4% 7/1/35 (c) | | 500 | 501 |
4% 7/1/36 (c) | | 500 | 500 |
5% 7/1/28 (c) | | 1,640 | 1,818 |
5% 7/1/29 (c) | | 1,500 | 1,673 |
5% 7/1/30 (c) | | 1,500 | 1,680 |
5% 7/1/31 (c) | | 1,060 | 1,189 |
5% 7/1/32 (c) | | 1,145 | 1,274 |
5% 7/1/33 (c) | | 755 | 833 |
5% 7/1/34 (c) | | 815 | 892 |
Tobacco Settlement Asset Securitization Corp. Series 2017 A, 5% 6/1/30 | | 2,525 | 2,709 |
Triborough Bridge & Tunnel Auth. Series 2021 A1, 5% 5/15/51 | | 5,435 | 6,084 |
Triborough Bridge & Tunnel Auth. Revs.: | | | |
Series 2015 A, 5.25% 11/15/45 | | 10,820 | 11,640 |
Series 2017 B, 5% 11/15/36 | | 5,000 | 5,534 |
Series 2018 D, 4% 11/15/37 | | 3,000 | 3,092 |
Series 2019 A, 5% 11/15/49 | | 10,000 | 11,001 |
Series 2020 A, 5% 11/15/54 | | 1,015 | 1,109 |
Series 2021 A: | | | |
5% 11/15/51 | | 1,990 | 2,182 |
5% 11/15/56 | | 6,000 | 6,553 |
Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.): | | | |
Series 2015: | | | |
5% 8/1/27 | | 1,600 | 1,727 |
5% 8/1/28 | | 1,565 | 1,681 |
5% 8/1/32 | | 1,000 | 1,063 |
Series 2020 A, 5% 9/1/36 | | 1,500 | 1,655 |
Western Nassau County Wtr. Auth. Series 2015 A, 5% 4/1/30 | | 350 | 377 |
Yonkers Gen. Oblig.: | | | |
Series 2019 A: | | | |
4% 5/1/34 (Build America Mutual Assurance Insured) | | 1,500 | 1,599 |
5% 5/1/31 (Build America Mutual Assurance Insured) | | 1,000 | 1,161 |
5% 5/1/33 (Build America Mutual Assurance Insured) | | 1,000 | 1,148 |
Series 2021 B, 4% 2/15/37 | | 1,200 | 1,241 |
TOTAL NEW YORK | | | 1,228,617 |
New York And New Jersey - 5.6% | | | |
Port Auth. of New York & New Jersey: | | | |
85th Series, 5.375% 3/1/28 | | 5,155 | 5,678 |
Series 193, 5% 10/15/28 (c) | | 2,015 | 2,155 |
Series 202, 5% 10/15/36 (c) | | 5,455 | 5,800 |
Series 2021 224, 5% 7/15/56 | | 6,795 | 7,448 |
Series 206, 5% 11/15/47 (c) | | 2,000 | 2,090 |
Series 214: | | | |
4% 9/1/37 (c) | | 4,000 | 4,064 |
4% 9/1/39 (c) | | 1,920 | 1,939 |
4% 9/1/43 (c) | | 6,500 | 6,525 |
5% 9/1/33 (c) | | 2,005 | 2,239 |
Series 218: | | | |
4% 11/1/47 (c) | | 11,280 | 11,165 |
5% 11/1/44 (c) | | 5,080 | 5,483 |
Series 221: | | | |
4% 7/15/36 (c) | | 3,000 | 3,066 |
4% 7/15/45 (c) | | 8,000 | 8,001 |
Series 223, 5% 7/15/56 (c) | | 8,850 | 9,470 |
TOTAL NEW YORK AND NEW JERSEY | | | 75,123 |
Non-State Specific - 0.1% | | | |
Port Auth. of New York & New Jersey Series 217, 5% 11/1/44 | | 1,000 | 1,103 |
Puerto Rico - 0.5% | | | |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | | | |
0% 7/1/33 | | 3,720 | 2,211 |
5.625% 7/1/27 | | 455 | 493 |
5.625% 7/1/29 | | 1,350 | 1,492 |
5.75% 7/1/31 | | 3,120 | 3,501 |
TOTAL PUERTO RICO | | | 7,697 |
TOTAL MUNICIPAL BONDS (Cost $1,356,665) | | | 1,312,540 |
| | | |
Municipal Notes - 0.8% |
| | Principal Amount (a) (000s) | Value ($) (000s) |
New York - 0.8% | | | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2014 AA, 1.91% 8/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (d) | | 3,475 | 3,475 |
New York Metropolitan Trans. Auth. Rev. Series 2005 D2, 1.86% 8/1/22, LOC Landesbank Hessen-Thuringen, VRDN (d) | | 6,500 | 6,500 |
| | | |
TOTAL MUNICIPAL NOTES (Cost $9,975) | | | 9,975 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 98.4% (Cost $1,366,640) | 1,322,515 |
NET OTHER ASSETS (LIABILITIES) - 1.6% | 21,914 |
NET ASSETS - 100.0% | 1,344,429 |
| |
Security Type Abbreviations
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $14,354,000 or 1.1% of net assets. |
(c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Municipal Securities | 1,322,515 | - | 1,322,515 | - |
Total Investments in Securities: | 1,322,515 | - | 1,322,515 | - |
Statement of Assets and Liabilities |
Amounts in thousands (except per-share amounts) | | | | July 31, 2022 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $1,366,640): | | | $ | 1,322,515 |
Cash | | | | 18,129 |
Receivable for fund shares sold | | | | 290 |
Interest receivable | | | | 13,077 |
Other receivables | | | | 2 |
Total assets | | | | 1,354,013 |
Liabilities | | | | |
Payable for investments purchased | | $7,365 | | |
Payable for fund shares redeemed | | 790 | | |
Distributions payable | | 878 | | |
Accrued management fee | | 385 | | |
Distribution and service plan fees payable | | 15 | | |
Other affiliated payables | | 118 | | |
Other payables and accrued expenses | | 33 | | |
Total Liabilities | | | | 9,584 |
Net Assets | | | $ | 1,344,429 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,399,726 |
Total accumulated earnings (loss) | | | | (55,297) |
Net Assets | | | $ | 1,344,429 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($37,903 ÷ 3,067 shares) (a) | | | $ | 12.36 |
Maximum offering price per share (100/96.00 of $12.36) | | | $ | 12.88 |
Class M : | | | | |
Net Asset Value and redemption price per share ($5,757 ÷ 465 shares) (a)(b) | | | $ | 12.37 |
Maximum offering price per share (100/96.00 of $12.37) | | | $ | 12.89 |
Class C : | | | | |
Net Asset Value and offering price per share ($7,223 ÷ 584 shares) (a)(b) | | | $ | 12.36 |
New York Municipal Income : | | | | |
Net Asset Value , offering price and redemption price per share ($1,239,653 ÷ 100,266 shares) | | | $ | 12.36 |
Class I : | | | | |
Net Asset Value , offering price and redemption price per share ($37,704 ÷ 3,053 shares) | | | $ | 12.35 |
Class Z : | | | | |
Net Asset Value , offering price and redemption price per share ($16,189 ÷ 1,311 shares) | | | $ | 12.35 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or units |
Statement of Operations |
Amounts in thousands | | | | Six months ended July 31, 2022 (Unaudited) |
Investment Income | | | | |
Interest | | | $ | 19,696 |
Expenses | | | | |
Management fee | $ | 2,490 | | |
Transfer agent fees | | 620 | | |
Distribution and service plan fees | | 97 | | |
Accounting fees and expenses | | 137 | | |
Custodian fees and expenses | | 8 | | |
Independent trustees' fees and expenses | | 2 | | |
Registration fees | | 75 | | |
Audit | | 27 | | |
Legal | | 7 | | |
Miscellaneous | | 4 | | |
Total expenses before reductions | | 3,467 | | |
Expense reductions | | (21) | | |
Total expenses after reductions | | | | 3,446 |
Net Investment income (loss) | | | | 16,250 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (11,242) | | |
Total net realized gain (loss) | | | | (11,242) |
Change in net unrealized appreciation (depreciation) on investment securities | | | | (89,305) |
Net gain (loss) | | | | (100,547) |
Net increase (decrease) in net assets resulting from operations | | | $ | (84,297) |
Statement of Changes in Net Assets |
|
Amount in thousands | | Six months ended July 31, 2022 (Unaudited) | | Year ended January 31, 2022 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 16,250 | $ | 36,948 |
Net realized gain (loss) | | (11,242) | | 14,375 |
Change in net unrealized appreciation (depreciation) | | (89,305) | | (73,483) |
Net increase (decrease) in net assets resulting from operations | | (84,297) | | (22,160) |
Distributions to shareholders | | (18,352) | | (49,564) |
Share transactions - net increase (decrease) | | (257,848) | | 50,433 |
Total increase (decrease) in net assets | | (360,497) | | (21,291) |
| | | | |
Net Assets | | | | |
Beginning of period | | 1,704,926 | | 1,726,217 |
End of period | $ | 1,344,429 | $ | 1,704,926 |
| | | | |
| | | | |
Fidelity Advisor® New York Municipal Income Fund Class A |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.19 | $ | 13.75 | $ | 13.71 | $ | 12.96 | $ | 13.02 | $ | 13.07 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .123 | | .248 | | .270 | | .287 | | .302 | | .321 |
Net realized and unrealized gain (loss) | | (.813) | | (.462) | | .105 | | .804 | | (.017) | | .063 |
Total from investment operations | | (.690) | | (.214) | | .375 | | 1.091 | | .285 | | .384 |
Distributions from net investment income | | (.123) | | (.248) | | (.270) | | (.287) | | (.302) | | (.321) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.043) | | (.113) |
Total distributions | | (.140) | | (.346) | | (.335) | | (.341) | | (.345) | | (.434) |
Net asset value, end of period | $ | 12.36 | $ | 13.19 | $ | 13.75 | $ | 13.71 | $ | 12.96 | $ | 13.02 |
Total Return C,D,E | | (5.23)% | | (1.61)% | | 2.81% | | 8.51% | | 2.24% | | 2.95% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .79% H | | .77% | | .78% | | .79% | | .79% | | .79% |
Expenses net of fee waivers, if any | | .79% H | | .77% | | .78% | | .79% | | .79% | | .79% |
Expenses net of all reductions | | .79% H | | .77% | | .78% | | .79% | | .79% | | .79% |
Net investment income (loss) | | 1.99% H | | 1.81% | | 2.01% | | 2.14% | | 2.35% | | 2.42% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 38 | $ | 41 | $ | 43 | $ | 42 | $ | 35 | $ | 41 |
Portfolio turnover rate I | | 12% H | | 16% | | 16% | | 15% | | 13% | | 14% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® New York Municipal Income Fund Class M |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.21 | $ | 13.76 | $ | 13.73 | $ | 12.97 | $ | 13.03 | $ | 13.08 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .127 | | .254 | | .275 | | .293 | | .308 | | .329 |
Net realized and unrealized gain (loss) | | (.823) | | (.452) | | .095 | | .814 | | (.017) | | .063 |
Total from investment operations | | (.696) | | (.198) | | .370 | | 1.107 | | .291 | | .392 |
Distributions from net investment income | | (.127) | | (.254) | | (.275) | | (.293) | | (.308) | | (.329) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.043) | | (.113) |
Total distributions | | (.144) | | (.352) | | (.340) | | (.347) | | (.351) | | (.442) |
Net asset value, end of period | $ | 12.37 | $ | 13.21 | $ | 13.76 | $ | 13.73 | $ | 12.97 | $ | 13.03 |
Total Return C,D,E | | (5.27)% | | (1.50)% | | 2.77% | | 8.63% | | 2.29% | | 3.01% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .73% H | | .74% | | .75% | | .74% | | .75% | | .73% |
Expenses net of fee waivers, if any | | .73% H | | .73% | | .75% | | .74% | | .74% | | .73% |
Expenses net of all reductions | | .73% H | | .73% | | .75% | | .74% | | .74% | | .73% |
Net investment income (loss) | | 2.05% H | | 1.85% | | 2.05% | | 2.18% | | 2.39% | | 2.48% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 6 | $ | 6 | $ | 7 | $ | 8 | $ | 7 | $ | 8 |
Portfolio turnover rate I | | 12% H | | 16% | | 16% | | 15% | | 13% | | 14% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® New York Municipal Income Fund Class C |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.19 | $ | 13.75 | $ | 13.71 | $ | 12.96 | $ | 13.02 | $ | 13.07 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .079 | | .148 | | .173 | | .188 | | .207 | | .222 |
Net realized and unrealized gain (loss) | | (.812) | | (.461) | | .105 | | .804 | | (.017) | | .063 |
Total from investment operations | | (.733) | | (.313) | | .278 | | .992 | | .190 | | .285 |
Distributions from net investment income | | (.080) | | (.149) | | (.173) | | (.188) | | (.207) | | (.222) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.043) | | (.113) |
Total distributions | | (.097) | | (.247) | | (.238) | | (.242) | | (.250) | | (.335) |
Net asset value, end of period | $ | 12.36 | $ | 13.19 | $ | 13.75 | $ | 13.71 | $ | 12.96 | $ | 13.02 |
Total Return C,D,E | | (5.56)% | | (2.33)% | | 2.07% | | 7.71% | | 1.49% | | 2.18% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.50% H | | 1.50% | | 1.51% | | 1.53% | | 1.53% | | 1.54% |
Expenses net of fee waivers, if any | | 1.50% H | | 1.50% | | 1.51% | | 1.52% | | 1.53% | | 1.54% |
Expenses net of all reductions | | 1.49% H | | 1.50% | | 1.51% | | 1.52% | | 1.53% | | 1.54% |
Net investment income (loss) | | 1.28% H | | 1.08% | | 1.28% | | 1.40% | | 1.61% | | 1.68% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 7 | $ | 9 | $ | 13 | $ | 17 | $ | 23 | $ | 30 |
Portfolio turnover rate I | | 12% H | | 16% | | 16% | | 15% | | 13% | | 14% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® New York Municipal Income Fund |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.20 | $ | 13.75 | $ | 13.72 | $ | 12.96 | $ | 13.03 | $ | 13.07 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .143 | | .292 | | .314 | | .331 | | .345 | | .365 |
Net realized and unrealized gain (loss) | | (.823) | | (.452) | | .095 | | .814 | | (.028) | | .073 |
Total from investment operations | | (.680) | | (.160) | | .409 | | 1.145 | | .317 | | .438 |
Distributions from net investment income | | (.143) | | (.292) | | (.314) | | (.331) | | (.344) | | (.365) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.043) | | (.113) |
Total distributions | | (.160) | | (.390) | | (.379) | | (.385) | | (.387) | | (.478) |
Net asset value, end of period | $ | 12.36 | $ | 13.20 | $ | 13.75 | $ | 13.72 | $ | 12.96 | $ | 13.03 |
Total Return C,D | | (5.16)% | | (1.22)% | | 3.07% | | 8.94% | | 2.50% | | 3.37% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .47% G | | .46% | | .46% | | .46% | | .46% | | .46% |
Expenses net of fee waivers, if any | | .47% G | | .46% | | .46% | | .46% | | .46% | | .46% |
Expenses net of all reductions | | .47% G | | .45% | | .46% | | .46% | | .46% | | .46% |
Net investment income (loss) | | 2.31% G | | 2.13% | | 2.34% | | 2.47% | | 2.68% | | 2.76% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 1,240 | $ | 1,576 | $ | 1,600 | $ | 1,734 | $ | 1,509 | $ | 1,606 |
Portfolio turnover rate H | | 12% G | | 16% | | 16% | | 15% | | 13% | | 14% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® New York Municipal Income Fund Class I |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.18 | $ | 13.74 | $ | 13.70 | $ | 12.95 | $ | 13.01 | $ | 13.06 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .138 | | .281 | | .303 | | .320 | | .335 | | .353 |
Net realized and unrealized gain (loss) | | (.813) | | (.462) | | .105 | | .805 | | (.017) | | .063 |
Total from investment operations | | (.675) | | (.181) | | .408 | | 1.125 | | .318 | | .416 |
Distributions from net investment income | | (.138) | | (.281) | | (.303) | | (.321) | | (.335) | | (.353) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.043) | | (.113) |
Total distributions | | (.155) | | (.379) | | (.368) | | (.375) | | (.378) | | (.466) |
Net asset value, end of period | $ | 12.35 | $ | 13.18 | $ | 13.74 | $ | 13.70 | $ | 12.95 | $ | 13.01 |
Total Return C,D | | (5.13)% | | (1.38)% | | 3.07% | | 8.79% | | 2.51% | | 3.21% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .55% G | | .54% | | .53% | | .53% | | .53% | | .54% |
Expenses net of fee waivers, if any | | .55% G | | .53% | | .53% | | .53% | | .53% | | .54% |
Expenses net of all reductions | | .55% G | | .53% | | .53% | | .53% | | .53% | | .54% |
Net investment income (loss) | | 2.23% G | | 2.05% | | 2.26% | | 2.39% | | 2.61% | | 2.67% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 38 | $ | 52 | $ | 55 | $ | 54 | $ | 39 | $ | 57 |
Portfolio turnover rate H | | 12% G | | 16% | | 16% | | 15% | | 13% | | 14% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® New York Municipal Income Fund Class Z |
|
| | Six months ended (Unaudited) July 31, 2022 | | Years ended January 31, 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.18 | $ | 13.74 | $ | 13.70 | $ | 12.95 | $ | 12.76 |
Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .145 | | .295 | | .317 | | .334 | | .117 |
Net realized and unrealized gain (loss) | | (.813) | | (.461) | | .105 | | .804 | | .212 |
Total from investment operations | | (.668) | | (.166) | | .422 | | 1.138 | | .329 |
Distributions from net investment income | | (.145) | | (.296) | | (.317) | | (.334) | | (.114) |
Distributions from net realized gain | | (.017) | | (.098) | | (.065) | | (.054) | | (.025) |
Total distributions | | (.162) | | (.394) | | (.382) | | (.388) | | (.139) |
Net asset value, end of period | $ | 12.35 | $ | 13.18 | $ | 13.74 | $ | 13.70 | $ | 12.95 |
Total Return D,E | | (5.07)% | | (1.27)% | | 3.17% | | 8.89% | | 2.60% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | |
Expenses before reductions | | .44% H | | .43% | | .43% | | .43% | | .44% H |
Expenses net of fee waivers, if any | | .44% H | | .42% | | .43% | | .43% | | .43% H |
Expenses net of all reductions | | .44% H | | .42% | | .43% | | .43% | | .43% H |
Net investment income (loss) | | 2.34% H | | 2.16% | | 2.36% | | 2.49% | | 2.69% H |
Supplemental Data | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 16 | $ | 20 | $ | 9 | $ | 6 | $ | 2 |
Portfolio turnover rate I | | 12% H | | 16% | | 16% | | 15% | | 13% H |
A For the period October 2, 2018 (commencement of sale of shares) through January 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended July 31, 2022
( 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 M, Class C, New York Municipal Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund may be affected by economic and political developments in the state of New York.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.
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 - unadjusted 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. The aggregate value of investments by input level as of July 31, 2022 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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.
Distributions 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 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.
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $ 8,131 |
Gross unrealized depreciation | (52,250) |
Net unrealized appreciation (depreciation) | $ (44,119) |
Tax cost | $ 1,366,634 |
Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity New York Municipal Income Fund | 84,288 | 335,259 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .35% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (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% | $ 50 | $ 2 |
Class M | - % | .25% | 7 | - A |
Class C | .75% | .25% | 40 | 3 |
| | | $ 97 | $ 5 |
A Amount represents less than five hundred dollars.
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC |
Class A | $ 2 |
Class M | - A |
| $ 2 |
| |
A Amount represents less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets A |
Class A | $ 29 | .15 |
Class M | 3 | .09 |
Class C | 4 | .10 |
New York Municipal Income | 547 | .08 |
Class I | 33 | .16 |
Class Z | 4 | .05 |
| $ 620 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity New York Municipal Income Fund | .02 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
Fidelity New York Municipal Income Fund | - | 2,500 | - |
5. Committed Line of Credit.
Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount |
Fidelity New York Municipal Income Fund | $ 1 |
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, custodian credits reduced the Fund's expenses by $9.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended July 31, 2022 | Year ended January 31, 2022 |
Fidelity New York Municipal Income Fund | | |
Distributions to shareholders | | |
Class A | $ 441 | $1,086 |
Class M | 68 | 167 |
Class C | 63 | 193 |
New York Municipal Income | 17,036 | 46,100 |
Class I | 527 | 1,509 |
Class Z | 217 | 509 |
Total | $ 18,352 | $ 49,564 |
8. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended July 31, 2022 | Year ended January 31, 2022 | Six months ended July 31, 2022 | Year ended January 31, 2022 |
Fidelity New York Municipal Income Fund | | | | |
Class A | | | | |
Shares sold | 159 | 371 | $ 2,004 | $ 5,074 |
Reinvestment of distributions | 31 | 69 | 388 | 945 |
Shares redeemed | (257) | (422) | (3,174) | (5,769) |
Net increase (decrease) | (67) | 18 | $ (782) | $ 250 |
Class M | | | | |
Shares sold | 8 | 20 | $ 118 | $ 272 |
Reinvestment of distributions | 5 | 11 | 57 | 145 |
Shares redeemed | (26) | (32) | (322) | (439) |
Net increase (decrease) | (13) | (1) | $ (147) | $ (22) |
Class C | | | | |
Shares sold | 2 | 44 | $ 36 | $ 600 |
Reinvestment of distributions | 5 | 14 | 62 | 186 |
Shares redeemed | (142) | (296) | (1,765) | (4,052) |
Net increase (decrease) | (135) | (238) | $ (1,667) | $ (3,266) |
New York Municipal Income | | | | |
Shares sold | 23,508 | 14,697 | $ 290,018 | $ 201,274 |
Reinvestment of distributions | 900 | 2,116 | 11,249 | 28,874 |
Shares redeemed | (43,507) | (13,777) | (542,574) | (188,167) |
Net increase (decrease) | (19,099) | 3,036 | $ (241,307) | $ 41,981 |
Class I | | | | |
Shares sold | 532 | 550 | $ 6,564 | $ 7,519 |
Reinvestment of distributions | 30 | 80 | 381 | 1,092 |
Shares redeemed | (1,480) | (658) | (18,554) | (9,011) |
Net increase (decrease) | (918) | (28) | $ (11,609) | $ (400) |
Class Z | | | | |
Shares sold | 592 | 979 | $ 7,249 | $ 13,390 |
Reinvestment of distributions | 9 | 23 | 115 | 319 |
Shares redeemed | (799) | (133) | (9,700) | (1,819) |
Net increase (decrease) | (198) | 869 | $ (2,336) | $ 11,890 |
9. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2022 to July 31, 2022). |
Actual Expenses
The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
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.
| | | | Annualized Expense Ratio- A | | Beginning Account Value February 1, 2022 | | Ending Account Value July 31, 2022 | | Expenses Paid During Period- C February 1, 2022 to July 31, 2022 |
Fidelity® New York Municipal Income Fund | | | | | | | | | | |
Class A | | | | .79% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 947.70 | | $ 3.82 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.88 | | $ 3.96 |
Class M | | | | .73% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 947.30 | | $ 3.52 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.17 | | $ 3.66 |
Class C | | | | 1.50% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 944.40 | | $ 7.23 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,017.36 | | $ 7.50 |
Fidelity® New York Municipal Income Fund | | | | .47% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 948.40 | | $ 2.27 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.46 | | $ 2.36 |
Class I | | | | .55% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 948.70 | | $ 2.66 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.07 | | $ 2.76 |
Class Z | | | | .44% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 949.30 | | $ 2.13 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.61 | | $ 2.21 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.789717.120
NFY-SANN-0922
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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
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
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By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
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Date: | September 21, 2022 |
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.
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By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
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Date: | September 21, 2022 |
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By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
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Date: | September 21, 2022 |