N-CSRS 1 Main.htm

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, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, 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, 2014

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

New York Municipal Income

Fund - Institutional Class

Semiannual Report

July 31, 2014

(Fidelity Cover Art)

Institutional Class 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. © 2014 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, 2014 to July 31, 2014).

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, 2014

Ending
Account Value
July 31, 2014

Expenses Paid
During Period*
February 1, 2014
to July 31, 2014

Class A

.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.00

$ 4.01

HypotheticalA

 

$ 1,000.00

$ 1,020.88

$ 3.96

Class T

.73%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.20

$ 3.70

HypotheticalA

 

$ 1,000.00

$ 1,021.17

$ 3.66

Class B

1.40%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.70

$ 7.09

HypotheticalA

 

$ 1,000.00

$ 1,017.85

$ 7.00

Class C

1.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.10

$ 7.74

HypotheticalA

 

$ 1,000.00

$ 1,017.21

$ 7.65

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.60

$ 2.38

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Institutional Class

.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.30

$ 2.69

HypotheticalA

 

$ 1,000.00

$ 1,022.17

$ 2.66

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, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Special Tax

24.3

21.2

Transportation

21.6

21.3

General Obligations

15.0

15.1

Water & Sewer

12.7

12.4

Education

10.6

10.9

Weighted Average Maturity as of July 31, 2014

 

 

6 months ago

Years

5.3

5.4

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, 2014

 

 

6 months ago

Years

7.1

8.0

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, 2014

As of January 31, 2014

nmi163664

AAA 1.3%

 

nmi163664

AAA 11.3%

 

nmi163667

AA,A 90.9%

 

nmi163667

AA,A 75.1%

 

nmi163670

BBB 5.0%

 

nmi163670

BBB 8.0%

 

nmi163673

BB and Below 0.1%

 

nmi163673

BB and Below 0.1%

 

nmi163676

Not Rated 0.3%

 

nmi163676

Not Rated 0.4%

 

nmi163679

Short-Term
Investments and
Net Other Assets 2.4%

 

nmi163679

Short-Term
Investments and
Net Other Assets 5.1%

 

nmi163682

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, 2014 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.6%

 

Principal Amount (000s)

Value (000s)

New York - 93.3%

Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peter's Hosp. Proj.) Series 2008 A, 5.75% 11/15/22

$ 3,000

$ 3,409

Albany Muni. Wtr. Fin. Auth. Series 2011 A:

5% 12/1/20

1,215

1,424

5% 12/1/22

1,000

1,165

Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.):

Series 2007 A, 5.75% 5/1/27 (FSA Insured)

5,000

5,595

Series 2008 A, 5.75% 5/1/29 (FSA Insured)

3,535

4,039

Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38

1,660

1,786

Hempstead Local Dev. Corp. Rev.:

(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39

1,200

1,283

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,119

5.25% 7/1/18

1,090

1,201

5.25% 7/1/19

1,100

1,223

5.75% 7/1/39

6,500

7,157

Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A:

5.25% 2/15/47

6,525

7,107

5.75% 2/15/47

22,185

25,283

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series 2000 A, 0% 6/1/19 (FSA Insured)

1,040

935

Series 2006 A, 5.25% 12/1/20 (Pre-Refunded to 6/1/16 @ 100)

17,780

19,371

Series 2006 E, 5% 12/1/17

10,000

10,986

Series 2009 A, 5.25% 4/1/21

1,945

2,201

Series 2012 A, 5% 9/1/42

2,320

2,487

Series 2012 B:

5% 9/1/25

4,000

4,545

5% 9/1/26

10,065

11,352

5% 9/1/27

10,000

11,211

Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,628

5% 7/1/25

1,000

1,152

5% 7/1/26

1,150

1,321

5% 7/1/27

1,630

1,869

5% 7/1/28

1,015

1,158

Series 2012 A, 5% 7/1/23

1,000

1,167

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity)

$ 570

$ 588

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

11,549

5% 7/1/22

5,500

6,292

Nassau County Local Econ. Assistance Corp.:

(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/23

450

520

5% 7/1/26

1,500

1,666

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,294

5% 7/1/22

2,000

2,299

5% 7/1/27

2,155

2,386

New York City Gen. Oblig.:

Series 2005 A:

5% 8/1/19

845

883

5% 8/1/19 (Pre-Refunded to 8/1/15 @ 100)

2,155

2,259

Series 2005 O:

5% 6/1/22

1,150

1,193

5% 6/1/22 (Pre-Refunded to 6/1/15 @ 100)

2,060

2,142

Series 2008 A1, 5.25% 8/15/27

15,000

17,140

Series 2008 D1, 5.125% 12/1/23

5,000

5,655

Series 2012 A1, 5% 8/1/24

2,400

2,788

Series 2012 G1, 5% 4/1/25

4,300

5,002

5% 4/1/23 (Pre-Refunded to 4/1/16 @ 100)

2,395

2,583

New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21

5,000

5,716

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

3,261

5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured)

9,590

10,502

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

2,148

Series 2005 D:

5% 6/15/37

16,090

16,620

5% 6/15/38

20,050

20,711

5% 6/15/39

3,755

3,875

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued

Series 2005 D: - continued

5% 6/15/39

$ 2,800

$ 2,889

Series 2008 AA, 5% 6/15/27

10,000

11,033

Series 2009 A, 5.75% 6/15/40

10,025

11,443

Series 2009 C, 5% 6/15/44

2,700

2,922

Series 2009 DD, 6% 6/15/40

1,115

1,288

Series 2009 EE, 5.25% 6/15/40

8,500

9,510

Series 2009 FF 2, 5.5% 6/15/40

9,295

10,550

Series 2009 GG, 5.25% 6/15/40

10,000

11,188

Series 2009 GG1, 5.25% 6/15/32

7,000

7,845

Series 2011 EE:

5.375% 6/15/40

2,310

2,701

5.375% 6/15/43

20,035

23,390

5.5% 6/15/43

4,375

5,140

Series 2012 BB, 5.25% 6/15/44

2,330

2,631

Series 2012 CC, 5% 6/15/45

8,000

8,627

Series 2012 FF, 5% 6/15/24

18,240

21,447

Series 2013 CC, 5% 6/15/47

16,000

17,445

Series GG, 5% 6/15/43

2,700

2,943

5% 6/15/35

10,000

11,233

New York City Transitional Fin. Auth. Bldg. Aid Rev.:

Series 2007 S1, 5% 7/15/36

3,000

3,244

Series 2008 S1, 5% 1/15/34

10,000

10,844

Series 2009 S1:

5.5% 7/15/31

5,000

5,703

5.5% 7/15/38

2,900

3,273

5.625% 7/15/38

2,900

3,286

Series 2009 S2, 6% 7/15/38

7,500

8,760

Series 2009 S3:

5.25% 1/15/26

1,000

1,149

5.25% 1/15/39

6,100

6,696

5.375% 1/15/34

13,435

15,050

Series 2009 S4:

5.5% 1/15/34

1,000

1,134

5.5% 1/15/39

6,700

7,543

5.75% 1/15/39

2,900

3,295

Series 2009 S5, 5.25% 1/15/39

10,180

11,296

Series 2012 S1 A, 5.25% 7/15/37

11,500

12,798

Series S1, 5% 7/15/28

9,000

10,284

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,452

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2011 A, 5% 11/1/23

$ 2,000

$ 2,373

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,468

Series 2013 F:

5% 2/1/31

6,000

6,802

5% 2/1/32

5,000

5,641

Series 2013 F1, 5% 2/1/28

10,000

11,513

Series 2014 D1:

5% 2/1/27

5,000

5,875

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,697

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,729

Series A, 5% 8/1/28 (c)

3,500

4,110

New York City Trust Cultural Resources Rev. (Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39

23,090

24,458

New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44

23,500

24,138

New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.:

(State Univ. Proj.) Series 2012 A, 5% 5/15/22

5,700

6,781

Series 2012 A, 5% 5/15/23

2,400

2,840

New York Dorm. Auth. Personal Income Tax Rev.:

(Ed. Proj.):

Series 2006 C:

5% 12/15/22

4,305

4,742

5% 12/15/31

10,000

10,906

Series 2006 D:

5% 3/15/20

3,500

3,837

5% 3/15/36

3,320

3,568

Series 2007 A:

5% 3/15/32

3,700

4,037

5% 3/15/37

1,700

1,845

Series 2008 A, 5% 3/15/24

5,000

5,675

Series 2008 B:

5.25% 3/15/38

1,500

1,668

5.75% 3/15/36

10,500

12,166

Series 2009 A:

5% 2/15/34

15,500

17,304

5% 2/15/39

20,355

22,502

5.25% 2/15/23

7,935

9,248

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Personal Income Tax Rev.: - continued

Series 2009 A: - continued

5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

$ 5

$ 6

Series 2012 A, 5% 12/15/24

10,000

11,942

Series 2012 D:

5% 2/15/24

5,000

5,883

5% 2/15/37

7,500

8,286

Series 2013 A, 5% 2/15/30

18,985

21,639

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

830

849

6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500

2,901

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,314

5% 7/1/37

6,000

6,676

Series 2009 A:

5% 7/1/22

445

516

5% 7/1/23

1,315

1,521

(Fordham Univ. Proj.) 5.5% 7/1/36

2,000

2,228

(Marymount Manhattan College Proj.) Series 2009:

5% 7/1/15

1,850

1,907

5% 7/1/17

2,080

2,245

(New York City Court Facilities Lease Proj.) Series 2005 A:

5.5% 5/15/20

13,000

15,557

5.5% 5/15/21 (AMBAC Insured)

10,000

12,102

5.5% 5/15/28

2,700

3,398

(New York Univ. Hosp. Ctr. Proj.):

Series 2006 A:

5% 7/1/16

1,130

1,219

5% 7/1/20

5,435

5,859

Series 2007 B, 5.25% 7/1/24

100

108

Series 2011 A:

5.75% 7/1/31

4,000

4,584

6% 7/1/40

4,000

4,545

(New York Univ. Proj.):

Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,746

Series 2008 A, 5.25% 7/1/48

11,930

12,898

Series 2008 B, 5.25% 7/1/48

8,000

8,649

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37

$ 8,085

$ 8,708

(North Shore Univ. Hosp. Proj.):

Series 2007 A:

5% 5/1/19

2,000

2,192

5% 5/1/21

1,315

1,421

Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500

1,519

(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29

1,000

1,055

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,152

5% 7/1/21

1,500

1,718

(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40

15,000

16,626

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

35

35

Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

30

30

(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41

3,000

3,298

(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

18,915

19,599

(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,170

3,295

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,305

5.5% 3/1/39

2,500

2,753

(Univ. of Rochester Proj.) Series 2007 A1:

5% 7/1/18

3,000

3,297

5% 7/1/39

19,005

20,034

(Vassar College Proj.) Series 2010, 5% 7/1/49

9,000

9,610

Series 1:

4% 7/1/21

1,000

1,129

5% 7/1/21

1,000

1,193

5% 7/1/23

1,350

1,605

Series 2005 B:

5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,345

3,486

5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,745

1,818

5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,835

1,911

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2005 F, 5% 3/15/35 (FSA Insured)

$ 5,000

$ 5,120

Series 2008 D, 5.25% 8/15/17 (FSA Insured)

3,000

3,398

Series 2010 A:

5% 7/1/19

1,500

1,730

5% 7/1/21

7,000

8,101

5% 7/1/22

6,000

6,893

5% 7/1/41

12,000

13,469

Series 2011 A:

5% 5/1/18

1,000

1,130

5% 5/1/20

5,590

6,472

5% 5/1/21

3,140

3,649

5% 5/1/22

2,350

2,711

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,454

5% 10/1/20 (FSA Insured)

1,100

1,288

5% 10/1/21 (FSA Insured)

1,000

1,181

5% 10/1/23 (FSA Insured)

1,000

1,167

5% 10/1/24 (FSA Insured)

750

865

Series 2012:

5% 7/1/23

1,000

1,167

5% 7/1/38

1,000

1,085

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,652

5% 10/1/27 (FSA Insured)

1,000

1,171

5% 10/1/28 (FSA Insured)

1,000

1,157

Series A, 5.75% 7/1/18

2,765

2,931

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.:

Series 2004 D, 5% 2/15/34

12,150

12,167

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

11,047

New York Liberty Dev. Corp. Lib (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44

29,440

31,864

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:

Series 2009 A:

5.5% 11/15/39

10,400

11,766

5.625% 11/15/39

6,000

6,819

Series 2009 B, 5% 11/15/34

19,560

21,596

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued

Series 2012 A:

5% 11/15/22

$ 2,500

$ 3,002

5% 11/15/29

17,000

19,542

New York Metropolitan Trans. Auth. Rev.:

Bonds:

Series 2012 G1, 0.522%, tender 11/1/14 (a)

3,200

3,200

Series 2012 G2, 0.632%, tender 11/1/15 (a)

6,300

6,310

Series 2005 A, 5.5% 11/15/18 (AMBAC Insured)

2,000

2,363

Series 2005 G, 5% 11/15/21

3,200

3,733

Series 2007 B:

5% 11/15/26

8,185

9,073

5% 11/15/28

2,235

2,471

Series 2008 A, 5.25% 11/15/36

15,000

16,409

Series 2008 B2:

5% 11/15/22

4,000

4,753

5% 11/15/23

5,910

6,984

Series 2008 C, 6.5% 11/15/28

9,670

11,480

Series 2011 A:

5% 11/15/18

1,000

1,161

5% 11/15/22

1,500

1,751

Series 2011 D:

5% 11/15/20

2,000

2,354

5% 11/15/24

6,590

7,670

5% 11/15/25

5,000

5,744

Series 2012 D, 5% 11/15/25

20,000

23,343

Series 2012 E, 5% 11/15/20

3,165

3,725

Series 2012 F:

5% 11/15/21

1,500

1,781

5% 11/15/22

5,000

5,942

5% 11/15/23

7,000

8,272

Series 2012 H:

5% 11/15/24

3,290

3,856

5% 11/15/33

3,505

3,851

5% 11/15/42

4,750

5,116

Series 2014 A1:

5% 11/15/23

2,300

2,742

5% 11/15/44

8,000

8,673

Series 2014 B, 5.25% 11/15/44

6,300

7,007

5.5% 11/15/18

2,000

2,192

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 20,000

$ 21,310

New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured)

4,355

4,398

New York State Gen. Oblig. Series 2009 A, 0% 2/15/19

2,050

1,878

New York Thruway Auth. Gen. Rev.:

Series 2005 G, 5% 1/1/32 (FSA Insured)

2,800

2,904

Series 2007 H:

5% 1/1/21

5,755

6,421

5% 1/1/25

13,000

14,400

5% 1/1/26

4,000

4,415

Series 2013 A, 5% 5/1/19

13,600

15,783

New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27

6,750

7,517

New York Thruway Auth. Personal Income Tax Rev. Series 2007 A:

5.25% 3/15/24

4,180

4,723

5.25% 3/15/25

8,000

9,036

5.25% 3/15/26

12,080

13,625

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund:

Series 2011 A1, 5% 4/1/22

4,000

4,698

Series 2011 A2:

5% 4/1/21

2,385

2,837

5% 4/1/23

6,000

6,994

New York Urban Dev. Corp. Rev.:

(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26

10,000

11,298

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,814

5% 1/1/24 (FSA Insured)

5,975

6,589

Niagara Falls City Niagara County Pub. Impt. Series 1994:

7.5% 3/1/16 (Escrowed to Maturity)

90

100

7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

970

1,049

7.5% 3/1/17 (Escrowed to Maturity)

100

118

7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,100

1,233

Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured)

1,000

1,020

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32

$ 5,000

$ 5,535

Rockland County Gen. Oblig. Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,431

5% 3/1/21 (FSA Insured)

3,000

3,452

5% 3/1/22 (FSA Insured)

4,000

4,620

5% 3/1/23 (FSA Insured)

2,500

2,906

5% 3/1/24 (FSA Insured)

1,600

1,869

Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32

680

706

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15

1,005

1,046

Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22

6,250

6,949

Triborough Bridge & Tunnel Auth. Revs.:

(MTA Bridges and Tunnels Proj.) Series 2008 A:

5% 11/15/37

22,500

24,797

5.25% 11/15/38

14,500

16,094

Series 2006 A, 5% 11/15/31

965

1,046

Series 2012 B:

0% 11/15/27

2,500

1,537

0% 11/15/28

2,500

1,471

Series 2013 A:

5% 11/15/23

1,785

2,119

5% 11/15/24

4,000

4,708

Series 2013 C:

5% 11/15/26

5,475

6,411

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,285

Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A:

5% 9/1/30

5,775

6,321

5.125% 9/1/40

8,055

8,615

Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000

4,174

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

5,522

 

1,653,743

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York And New Jersey - 3.9%

Port Auth. of New York & New Jersey:

136th Series, 5.25% 11/1/16 (b)

$ 4,510

$ 4,570

141st Series:

5% 9/1/18 (b)

6,045

6,335

5% 9/1/21 (CIFG North America Insured) (b)

4,600

4,816

147th Series, 5% 10/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,536

163rd Series, 5% 7/15/35

25,000

28,270

166th Series, 5% 1/15/41

5,400

5,949

85th Series, 5.375% 3/1/28

6,280

7,528

Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,327

 

68,331

Virgin Islands - 0.4%

Virgin Islands Pub. Fin. Auth. Series 2009 B:

5% 10/1/16

4,000

4,321

5% 10/1/17

2,750

3,044

 

7,365

TOTAL MUNICIPAL BONDS

(Cost $1,632,774)


1,729,439

Municipal Notes - 0.3%

 

 

 

 

New York - 0.3%

Rockland County Gen. Oblig. TAN Series 2014, 2% 3/17/15
(Cost $5,786)

5,750


5,801

TOTAL INVESTMENT PORTFOLIO - 97.9%

(Cost $1,638,560)

1,735,240

NET OTHER ASSETS (LIABILITIES) - 2.1%

36,821

NET ASSETS - 100%

$ 1,772,061

Security Type Abbreviations

TAN

-

TAX ANTICIPATION NOTE

Legend

(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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):

Special Tax

24.3%

Transportation

21.6%

General Obligations

15.0%

Water & Sewer

12.7%

Education

10.6%

Health Care

5.8%

Others (Individually Less Than 5%)

10.0%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,638,560)

 

$ 1,735,240

Cash

 

26,069

Receivable for fund shares sold

931

Interest receivable

17,054

Other receivables

3

Total assets

1,779,297

 

 

 

Liabilities

Payable for investments purchased on a delayed delivery basis

$ 4,075

Payable for fund shares redeemed

570

Distributions payable

1,575

Accrued management fee

530

Distribution and service plan fees payable

37

Other affiliated payables

417

Other payables and accrued expenses

32

Total liabilities

7,236

 

 

 

Net Assets

$ 1,772,061

Net Assets consist of:

 

Paid in capital

$ 1,675,566

Undistributed net investment income

101

Accumulated undistributed net realized gain (loss) on investments

(286)

Net unrealized appreciation (depreciation) on investments

96,680

Net Assets

$ 1,772,061

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($44,360 ÷ 3,310.6 shares)

$ 13.40

 

 

 

Maximum offering price per share (100/96.00 of $13.40)

$ 13.96

Class T:
Net Asset Value and redemption price per share ($6,796 ÷ 506.8 shares)

$ 13.41

 

 

 

Maximum offering price per share (100/96.00 of $13.41)

$ 13.97

Class B:
Net Asset Value and offering price per share ($2,043 ÷ 152.5 shares)A

$ 13.40

 

 

 

Class C:
Net Asset Value and offering price per share ($29,534 ÷ 2,204.1 shares)A

$ 13.40

 

 

 

New York Municipal Income:
Net Asset Value, offering price and redemption price per share ($1,665,640 ÷ 124,263.3 shares)

$ 13.40

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($23,688 ÷ 1,769.1 shares)

$ 13.39

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,708

 

 

 

Expenses

Management fee

$ 3,133

Transfer agent fees

664

Distribution and service plan fees

215

Accounting fees and expenses

161

Custodian fees and expenses

13

Independent trustees' compensation

3

Registration fees

75

Audit

26

Legal

5

Miscellaneous

9

Total expenses before reductions

4,304

Expense reductions

(7)

4,297

Net investment income (loss)

28,411

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

(148)

Change in net unrealized appreciation (depreciation) on investment securities

50,744

Net gain (loss)

50,596

Net increase (decrease) in net assets resulting from operations

$ 79,007

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended
July 31, 2014
(Unaudited)

Year ended
January 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,411

$ 61,744

Net realized gain (loss)

(148)

3,146

Change in net unrealized appreciation (depreciation)

50,744

(103,262)

Net increase (decrease) in net assets resulting from operations

79,007

(38,372)

Distributions to shareholders from net investment income

(28,558)

(61,679)

Distributions to shareholders from net realized gain

(391)

(1,906)

Total distributions

(28,949)

(63,585)

Share transactions - net increase (decrease)

24,243

(278,667)

Redemption fees

1

8

Total increase (decrease) in net assets

74,302

(380,616)

 

 

 

Net Assets

Beginning of period

1,697,759

2,078,375

End of period (including undistributed net investment income of $101 and undistributed net investment income of $248, respectively)

$ 1,772,061

$ 1,697,759

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .198

  .404

  .410

  .433

  .459

  .454

Net realized and unrealized gain (loss)

  .384

  (.656)

  .145

  1.130

  (.347)

  .560

Total from investment operations

  .582

  (.252)

  .555

  1.563

  .112

  1.014

Distributions from net investment income

  (.199)

  (.404)

  (.393)

  (.451)

  (.460)

  (.454)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.202)

  (.418)

  (.425)

  (.483)

  (.462)

  (.454)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.50%

  (1.82)%

  4.15%

  12.79%

  .79%

  8.39%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of fee waivers, if any

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of all reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Net investment income (loss)

  3.02%A

  3.07%

  3.01%

  3.34%

  3.54%

  3.60%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 44

$ 45

$ 54

$ 43

$ 33

$ 35

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

$ 12.28

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .202

  .411

  .418

  .437

  .463

  .459

Net realized and unrealized gain (loss)

  .384

  (.656)

  .143

  1.130

  (.348)

  .561

Total from investment operations

  .586

  (.245)

  .561

  1.567

  .115

  1.020

Distributions from net investment income

  (.203)

  (.411)

  (.399)

  (.455)

  (.463)

  (.460)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.206)

  (.425)

  (.431)

  (.487)

  (.465)

  (.460)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.41

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Total ReturnB, C, D

  4.52%

  (1.76)%

  4.19%

  12.81%

  .81%

  8.43%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of fee waivers, if any

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of all reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Net investment income (loss)

  3.07%A

  3.12%

  3.06%

  3.37%

  3.56%

  3.64%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 7

$ 9

$ 9

$ 8

$ 9

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .158

  .324

  .326

  .350

  .376

  .372

Net realized and unrealized gain (loss)

  .394

  (.656)

  .145

  1.121

  (.347)

  .571

Total from investment operations

  .552

  (.332)

  .471

  1.471

  .029

  .943

Distributions from net investment income

  (.159)

  (.324)

  (.309)

  (.369)

  (.377)

  (.373)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.162)

  (.338)

  (.341)

  (.401)

  (.379)

  (.373)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.27%

  (2.41)%

  3.51%

  11.99%

  .15%

  7.79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of fee waivers, if any

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of all reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.40%

  1.41%

Net investment income (loss)

  2.41%A

  2.46%

  2.40%

  2.71%

  2.89%

  2.95%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 3

$ 4

$ 4

$ 6

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .149

  .305

  .306

  .334

  .358

  .357

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.130

  (.347)

  .560

Total from investment operations

  .533

  (.351)

  .450

  1.464

  .011

  .917

Distributions from net investment income

  (.150)

  (.305)

  (.288)

  (.352)

  (.359)

  (.357)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.153)

  (.319)

  (.320)

  (.384)

  (.361)

  (.357)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.11%

  (2.55)%

  3.35%

  11.93%

  .01%

  7.57%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.53%A

  1.52%

  1.54%

  1.53%

  1.53%

  1.54%

Expenses net of fee waivers, if any

  1.53%A

  1.52%

  1.54%

  1.52%

  1.53%

  1.54%

Expenses net of all reductions

  1.53%A

  1.52%

  1.53%

  1.52%

  1.53%

  1.53%

Net investment income (loss)

  2.27%A

  2.31%

  2.25%

  2.58%

  2.76%

  2.83%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 28

$ 37

$ 34

$ 32

$ 29

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .219

  .444

  .452

  .471

  .497

  .491

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.120

  (.338)

  .560

Total from investment operations

  .603

  (.212)

  .596

  1.591

  .159

  1.051

Distributions from net investment income

  (.220)

  (.444)

  (.434)

  (.489)

  (.497)

  (.491)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.223)

  (.458)

  (.466)

  (.521)

  (.499)

  (.491)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Total ReturnB, C

  4.66%

  (1.51)%

  4.46%

  13.02%

  1.16%

  8.71%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Net investment income (loss)

  3.33%A

  3.37%

  3.32%

  3.64%

  3.82%

  3.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,666

$ 1,597

$ 1,952

$ 1,845

$ 1,604

$ 1,740

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .214

  .435

  .443

  .462

  .487

  .485

Net realized and unrealized gain (loss)

  .385

  (.655)

  .145

  1.130

  (.347)

  .561

Total from investment operations

  .599

  (.220)

  .588

  1.592

  .140

  1.046

Distributions from net investment income

  (.216)

  (.436)

  (.426)

  (.480)

  (.488)

  (.486)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.219)

  (.450)

  (.458)

  (.512)

  (.490)

  (.486)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.39

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Total ReturnB, C

  4.63%

  (1.58)%

  4.40%

  13.05%

  1.01%

  8.67%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of fee waivers, if any

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of all reductions

  .53%A

  .53%

  .52%

  .53%

  .53%

  .52%

Net investment income (loss)

  3.27%A

  3.31%

  3.26%

  3.57%

  3.76%

  3.85%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 24

$ 20

$ 23

$ 16

$ 14

$ 10

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2014 (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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Investment Valuation - continued

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 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

Semiannual Report

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

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.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 100,052

Gross unrealized depreciation

(3,295)

Net unrealized appreciation (depreciation) on securities

$ 96,757

 

 

Tax cost

$ 1,638,483

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $126,235 and $47,064, 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.

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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 55

$ 1

Class T

-%

.25%

9

-*

Class B

.65%

.25%

9

7

Class C

.75%

.25%

142

12

 

 

 

$ 215

$ 20

* Amount represents sixty-seven 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

$ 5

Class T

1

Class B*

2

Class C*

1

 

$ 9

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

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

$ 30

.14

Class T

3

.08

Class B

1

.09

Class C

18

.13

New York Municipal Income

597

.07

Institutional Class

15

.14

 

$ 664

 

* Annualized

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

Semiannual Report

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2014

Year ended
January 31,
2014

From net investment income

 

 

Class A

$ 661

$ 1,529

Class T

105

245

Class B

25

62

Class C

323

745

New York Municipal Income

27,093

58,351

Institutional Class

351

747

Total

$ 28,558

$ 61,679

From net realized gain

 

 

Class A

10

51

Class T

2

8

Class B

-*

3

Class C

6

33

New York Municipal Income

368

1,788

Institutional Class

5

23

Total

$ 391

$ 1,906

* Amount represents four hundred eighty-four dollars.

8. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class A

 

 

 

 

Shares sold

235

548

$ 3,113

$ 7,356

Reinvestment of distributions

40

87

527

1,147

Shares redeemed

(383)

(1,139)

(5,062)

(14,850)

Net increase (decrease)

(108)

(504)

$ (1,422)

$ (6,347)

Class T

 

 

 

 

Shares sold

20

23

$ 268

$ 302

Reinvestment of distributions

6

13

73

173

Shares redeemed

(33)

(172)

(440)

(2,231)

Net increase (decrease)

(7)

(136)

$ (99)

$ (1,756)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Share Transactions - continued

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class B

 

 

 

 

Shares sold

7

5

$ 77

$ 74

Reinvestment of distributions

1

3

16

39

Shares redeemed

(22)

(69)

(287)

(913)

Net increase (decrease)

(14)

(61)

$ (194)

$ (800)

Class C

 

 

 

 

Shares sold

195

207

$ 2,592

$ 2,754

Reinvestment of distributions

16

38

215

496

Shares redeemed

(154)

(803)

(2,041)

(10,489)

Net increase (decrease)

57

(558)

$ 766

$ (7,239)

New York Municipal Income

 

 

 

 

Shares sold

7,350

21,041

$ 97,263

$ 275,380

Reinvestment of distributions

1,404

3,200

18,649

41,997

Shares redeemed

(7,128)

(44,168)

(94,223)

(577,284)

Net increase (decrease)

1,626

(19,927)

$ 21,689

$ (259,907)

Institutional Class

 

 

 

 

Shares sold

415

602

$ 5,502

$ 7,905

Reinvestment of distributions

13

29

169

384

Shares redeemed

(163)

(844)

(2,168)

(10,907)

Net increase (decrease)

265

(213)

$ 3,503

$ (2,618)

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

(Fidelity Investment logo)(registered trademark)

ASNMI-USAN-0914
1.789729.112

(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, 2014

(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

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A summary of major shifts in the fund's investments over the past six months.

Investments

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A complete list of the fund's investments with their market values.

Financial Statements

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Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

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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. © 2014 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, 2014 to July 31, 2014).

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, 2014

Ending
Account Value
July 31, 2014

Expenses Paid
During Period*
February 1, 2014
to July 31, 2014

Class A

.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.00

$ 4.01

HypotheticalA

 

$ 1,000.00

$ 1,020.88

$ 3.96

Class T

.73%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.20

$ 3.70

HypotheticalA

 

$ 1,000.00

$ 1,021.17

$ 3.66

Class B

1.40%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.70

$ 7.09

HypotheticalA

 

$ 1,000.00

$ 1,017.85

$ 7.00

Class C

1.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.10

$ 7.74

HypotheticalA

 

$ 1,000.00

$ 1,017.21

$ 7.65

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.60

$ 2.38

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Institutional Class

.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.30

$ 2.69

HypotheticalA

 

$ 1,000.00

$ 1,022.17

$ 2.66

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, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Special Tax

24.3

21.2

Transportation

21.6

21.3

General Obligations

15.0

15.1

Water & Sewer

12.7

12.4

Education

10.6

10.9

Weighted Average Maturity as of July 31, 2014

 

 

6 months ago

Years

5.3

5.4

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, 2014

 

 

6 months ago

Years

7.1

8.0

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, 2014

As of January 31, 2014

snm327948

AAA 1.3%

 

snm327948

AAA 11.3%

 

snm327951

AA,A 90.9%

 

snm327951

AA,A 75.1%

 

snm327954

BBB 5.0%

 

snm327954

BBB 8.0%

 

snm327957

BB and Below 0.1%

 

snm327957

BB and Below 0.1%

 

snm327960

Not Rated 0.3%

 

snm327962

Not Rated 0.4%

 

snm327964

Short-Term
Investments and
Net Other Assets 2.4%

 

snm327964

Short-Term
Investments and
Net Other Assets 5.1%

 

snm327967

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, 2014 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.6%

 

Principal Amount (000s)

Value (000s)

New York - 93.3%

Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peter's Hosp. Proj.) Series 2008 A, 5.75% 11/15/22

$ 3,000

$ 3,409

Albany Muni. Wtr. Fin. Auth. Series 2011 A:

5% 12/1/20

1,215

1,424

5% 12/1/22

1,000

1,165

Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.):

Series 2007 A, 5.75% 5/1/27 (FSA Insured)

5,000

5,595

Series 2008 A, 5.75% 5/1/29 (FSA Insured)

3,535

4,039

Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38

1,660

1,786

Hempstead Local Dev. Corp. Rev.:

(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39

1,200

1,283

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,119

5.25% 7/1/18

1,090

1,201

5.25% 7/1/19

1,100

1,223

5.75% 7/1/39

6,500

7,157

Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A:

5.25% 2/15/47

6,525

7,107

5.75% 2/15/47

22,185

25,283

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series 2000 A, 0% 6/1/19 (FSA Insured)

1,040

935

Series 2006 A, 5.25% 12/1/20 (Pre-Refunded to 6/1/16 @ 100)

17,780

19,371

Series 2006 E, 5% 12/1/17

10,000

10,986

Series 2009 A, 5.25% 4/1/21

1,945

2,201

Series 2012 A, 5% 9/1/42

2,320

2,487

Series 2012 B:

5% 9/1/25

4,000

4,545

5% 9/1/26

10,065

11,352

5% 9/1/27

10,000

11,211

Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,628

5% 7/1/25

1,000

1,152

5% 7/1/26

1,150

1,321

5% 7/1/27

1,630

1,869

5% 7/1/28

1,015

1,158

Series 2012 A, 5% 7/1/23

1,000

1,167

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity)

$ 570

$ 588

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

11,549

5% 7/1/22

5,500

6,292

Nassau County Local Econ. Assistance Corp.:

(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/23

450

520

5% 7/1/26

1,500

1,666

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,294

5% 7/1/22

2,000

2,299

5% 7/1/27

2,155

2,386

New York City Gen. Oblig.:

Series 2005 A:

5% 8/1/19

845

883

5% 8/1/19 (Pre-Refunded to 8/1/15 @ 100)

2,155

2,259

Series 2005 O:

5% 6/1/22

1,150

1,193

5% 6/1/22 (Pre-Refunded to 6/1/15 @ 100)

2,060

2,142

Series 2008 A1, 5.25% 8/15/27

15,000

17,140

Series 2008 D1, 5.125% 12/1/23

5,000

5,655

Series 2012 A1, 5% 8/1/24

2,400

2,788

Series 2012 G1, 5% 4/1/25

4,300

5,002

5% 4/1/23 (Pre-Refunded to 4/1/16 @ 100)

2,395

2,583

New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21

5,000

5,716

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

3,261

5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured)

9,590

10,502

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

2,148

Series 2005 D:

5% 6/15/37

16,090

16,620

5% 6/15/38

20,050

20,711

5% 6/15/39

3,755

3,875

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued

Series 2005 D: - continued

5% 6/15/39

$ 2,800

$ 2,889

Series 2008 AA, 5% 6/15/27

10,000

11,033

Series 2009 A, 5.75% 6/15/40

10,025

11,443

Series 2009 C, 5% 6/15/44

2,700

2,922

Series 2009 DD, 6% 6/15/40

1,115

1,288

Series 2009 EE, 5.25% 6/15/40

8,500

9,510

Series 2009 FF 2, 5.5% 6/15/40

9,295

10,550

Series 2009 GG, 5.25% 6/15/40

10,000

11,188

Series 2009 GG1, 5.25% 6/15/32

7,000

7,845

Series 2011 EE:

5.375% 6/15/40

2,310

2,701

5.375% 6/15/43

20,035

23,390

5.5% 6/15/43

4,375

5,140

Series 2012 BB, 5.25% 6/15/44

2,330

2,631

Series 2012 CC, 5% 6/15/45

8,000

8,627

Series 2012 FF, 5% 6/15/24

18,240

21,447

Series 2013 CC, 5% 6/15/47

16,000

17,445

Series GG, 5% 6/15/43

2,700

2,943

5% 6/15/35

10,000

11,233

New York City Transitional Fin. Auth. Bldg. Aid Rev.:

Series 2007 S1, 5% 7/15/36

3,000

3,244

Series 2008 S1, 5% 1/15/34

10,000

10,844

Series 2009 S1:

5.5% 7/15/31

5,000

5,703

5.5% 7/15/38

2,900

3,273

5.625% 7/15/38

2,900

3,286

Series 2009 S2, 6% 7/15/38

7,500

8,760

Series 2009 S3:

5.25% 1/15/26

1,000

1,149

5.25% 1/15/39

6,100

6,696

5.375% 1/15/34

13,435

15,050

Series 2009 S4:

5.5% 1/15/34

1,000

1,134

5.5% 1/15/39

6,700

7,543

5.75% 1/15/39

2,900

3,295

Series 2009 S5, 5.25% 1/15/39

10,180

11,296

Series 2012 S1 A, 5.25% 7/15/37

11,500

12,798

Series S1, 5% 7/15/28

9,000

10,284

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,452

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2011 A, 5% 11/1/23

$ 2,000

$ 2,373

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,468

Series 2013 F:

5% 2/1/31

6,000

6,802

5% 2/1/32

5,000

5,641

Series 2013 F1, 5% 2/1/28

10,000

11,513

Series 2014 D1:

5% 2/1/27

5,000

5,875

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,697

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,729

Series A, 5% 8/1/28 (c)

3,500

4,110

New York City Trust Cultural Resources Rev. (Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39

23,090

24,458

New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44

23,500

24,138

New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.:

(State Univ. Proj.) Series 2012 A, 5% 5/15/22

5,700

6,781

Series 2012 A, 5% 5/15/23

2,400

2,840

New York Dorm. Auth. Personal Income Tax Rev.:

(Ed. Proj.):

Series 2006 C:

5% 12/15/22

4,305

4,742

5% 12/15/31

10,000

10,906

Series 2006 D:

5% 3/15/20

3,500

3,837

5% 3/15/36

3,320

3,568

Series 2007 A:

5% 3/15/32

3,700

4,037

5% 3/15/37

1,700

1,845

Series 2008 A, 5% 3/15/24

5,000

5,675

Series 2008 B:

5.25% 3/15/38

1,500

1,668

5.75% 3/15/36

10,500

12,166

Series 2009 A:

5% 2/15/34

15,500

17,304

5% 2/15/39

20,355

22,502

5.25% 2/15/23

7,935

9,248

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Personal Income Tax Rev.: - continued

Series 2009 A: - continued

5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

$ 5

$ 6

Series 2012 A, 5% 12/15/24

10,000

11,942

Series 2012 D:

5% 2/15/24

5,000

5,883

5% 2/15/37

7,500

8,286

Series 2013 A, 5% 2/15/30

18,985

21,639

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

830

849

6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500

2,901

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,314

5% 7/1/37

6,000

6,676

Series 2009 A:

5% 7/1/22

445

516

5% 7/1/23

1,315

1,521

(Fordham Univ. Proj.) 5.5% 7/1/36

2,000

2,228

(Marymount Manhattan College Proj.) Series 2009:

5% 7/1/15

1,850

1,907

5% 7/1/17

2,080

2,245

(New York City Court Facilities Lease Proj.) Series 2005 A:

5.5% 5/15/20

13,000

15,557

5.5% 5/15/21 (AMBAC Insured)

10,000

12,102

5.5% 5/15/28

2,700

3,398

(New York Univ. Hosp. Ctr. Proj.):

Series 2006 A:

5% 7/1/16

1,130

1,219

5% 7/1/20

5,435

5,859

Series 2007 B, 5.25% 7/1/24

100

108

Series 2011 A:

5.75% 7/1/31

4,000

4,584

6% 7/1/40

4,000

4,545

(New York Univ. Proj.):

Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,746

Series 2008 A, 5.25% 7/1/48

11,930

12,898

Series 2008 B, 5.25% 7/1/48

8,000

8,649

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37

$ 8,085

$ 8,708

(North Shore Univ. Hosp. Proj.):

Series 2007 A:

5% 5/1/19

2,000

2,192

5% 5/1/21

1,315

1,421

Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500

1,519

(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29

1,000

1,055

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,152

5% 7/1/21

1,500

1,718

(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40

15,000

16,626

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

35

35

Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

30

30

(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41

3,000

3,298

(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

18,915

19,599

(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,170

3,295

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,305

5.5% 3/1/39

2,500

2,753

(Univ. of Rochester Proj.) Series 2007 A1:

5% 7/1/18

3,000

3,297

5% 7/1/39

19,005

20,034

(Vassar College Proj.) Series 2010, 5% 7/1/49

9,000

9,610

Series 1:

4% 7/1/21

1,000

1,129

5% 7/1/21

1,000

1,193

5% 7/1/23

1,350

1,605

Series 2005 B:

5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,345

3,486

5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,745

1,818

5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,835

1,911

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2005 F, 5% 3/15/35 (FSA Insured)

$ 5,000

$ 5,120

Series 2008 D, 5.25% 8/15/17 (FSA Insured)

3,000

3,398

Series 2010 A:

5% 7/1/19

1,500

1,730

5% 7/1/21

7,000

8,101

5% 7/1/22

6,000

6,893

5% 7/1/41

12,000

13,469

Series 2011 A:

5% 5/1/18

1,000

1,130

5% 5/1/20

5,590

6,472

5% 5/1/21

3,140

3,649

5% 5/1/22

2,350

2,711

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,454

5% 10/1/20 (FSA Insured)

1,100

1,288

5% 10/1/21 (FSA Insured)

1,000

1,181

5% 10/1/23 (FSA Insured)

1,000

1,167

5% 10/1/24 (FSA Insured)

750

865

Series 2012:

5% 7/1/23

1,000

1,167

5% 7/1/38

1,000

1,085

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,652

5% 10/1/27 (FSA Insured)

1,000

1,171

5% 10/1/28 (FSA Insured)

1,000

1,157

Series A, 5.75% 7/1/18

2,765

2,931

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.:

Series 2004 D, 5% 2/15/34

12,150

12,167

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

11,047

New York Liberty Dev. Corp. Lib (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44

29,440

31,864

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:

Series 2009 A:

5.5% 11/15/39

10,400

11,766

5.625% 11/15/39

6,000

6,819

Series 2009 B, 5% 11/15/34

19,560

21,596

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued

Series 2012 A:

5% 11/15/22

$ 2,500

$ 3,002

5% 11/15/29

17,000

19,542

New York Metropolitan Trans. Auth. Rev.:

Bonds:

Series 2012 G1, 0.522%, tender 11/1/14 (a)

3,200

3,200

Series 2012 G2, 0.632%, tender 11/1/15 (a)

6,300

6,310

Series 2005 A, 5.5% 11/15/18 (AMBAC Insured)

2,000

2,363

Series 2005 G, 5% 11/15/21

3,200

3,733

Series 2007 B:

5% 11/15/26

8,185

9,073

5% 11/15/28

2,235

2,471

Series 2008 A, 5.25% 11/15/36

15,000

16,409

Series 2008 B2:

5% 11/15/22

4,000

4,753

5% 11/15/23

5,910

6,984

Series 2008 C, 6.5% 11/15/28

9,670

11,480

Series 2011 A:

5% 11/15/18

1,000

1,161

5% 11/15/22

1,500

1,751

Series 2011 D:

5% 11/15/20

2,000

2,354

5% 11/15/24

6,590

7,670

5% 11/15/25

5,000

5,744

Series 2012 D, 5% 11/15/25

20,000

23,343

Series 2012 E, 5% 11/15/20

3,165

3,725

Series 2012 F:

5% 11/15/21

1,500

1,781

5% 11/15/22

5,000

5,942

5% 11/15/23

7,000

8,272

Series 2012 H:

5% 11/15/24

3,290

3,856

5% 11/15/33

3,505

3,851

5% 11/15/42

4,750

5,116

Series 2014 A1:

5% 11/15/23

2,300

2,742

5% 11/15/44

8,000

8,673

Series 2014 B, 5.25% 11/15/44

6,300

7,007

5.5% 11/15/18

2,000

2,192

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 20,000

$ 21,310

New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured)

4,355

4,398

New York State Gen. Oblig. Series 2009 A, 0% 2/15/19

2,050

1,878

New York Thruway Auth. Gen. Rev.:

Series 2005 G, 5% 1/1/32 (FSA Insured)

2,800

2,904

Series 2007 H:

5% 1/1/21

5,755

6,421

5% 1/1/25

13,000

14,400

5% 1/1/26

4,000

4,415

Series 2013 A, 5% 5/1/19

13,600

15,783

New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27

6,750

7,517

New York Thruway Auth. Personal Income Tax Rev. Series 2007 A:

5.25% 3/15/24

4,180

4,723

5.25% 3/15/25

8,000

9,036

5.25% 3/15/26

12,080

13,625

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund:

Series 2011 A1, 5% 4/1/22

4,000

4,698

Series 2011 A2:

5% 4/1/21

2,385

2,837

5% 4/1/23

6,000

6,994

New York Urban Dev. Corp. Rev.:

(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26

10,000

11,298

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,814

5% 1/1/24 (FSA Insured)

5,975

6,589

Niagara Falls City Niagara County Pub. Impt. Series 1994:

7.5% 3/1/16 (Escrowed to Maturity)

90

100

7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

970

1,049

7.5% 3/1/17 (Escrowed to Maturity)

100

118

7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,100

1,233

Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured)

1,000

1,020

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32

$ 5,000

$ 5,535

Rockland County Gen. Oblig. Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,431

5% 3/1/21 (FSA Insured)

3,000

3,452

5% 3/1/22 (FSA Insured)

4,000

4,620

5% 3/1/23 (FSA Insured)

2,500

2,906

5% 3/1/24 (FSA Insured)

1,600

1,869

Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32

680

706

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15

1,005

1,046

Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22

6,250

6,949

Triborough Bridge & Tunnel Auth. Revs.:

(MTA Bridges and Tunnels Proj.) Series 2008 A:

5% 11/15/37

22,500

24,797

5.25% 11/15/38

14,500

16,094

Series 2006 A, 5% 11/15/31

965

1,046

Series 2012 B:

0% 11/15/27

2,500

1,537

0% 11/15/28

2,500

1,471

Series 2013 A:

5% 11/15/23

1,785

2,119

5% 11/15/24

4,000

4,708

Series 2013 C:

5% 11/15/26

5,475

6,411

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,285

Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A:

5% 9/1/30

5,775

6,321

5.125% 9/1/40

8,055

8,615

Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000

4,174

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

5,522

 

1,653,743

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York And New Jersey - 3.9%

Port Auth. of New York & New Jersey:

136th Series, 5.25% 11/1/16 (b)

$ 4,510

$ 4,570

141st Series:

5% 9/1/18 (b)

6,045

6,335

5% 9/1/21 (CIFG North America Insured) (b)

4,600

4,816

147th Series, 5% 10/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,536

163rd Series, 5% 7/15/35

25,000

28,270

166th Series, 5% 1/15/41

5,400

5,949

85th Series, 5.375% 3/1/28

6,280

7,528

Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,327

 

68,331

Virgin Islands - 0.4%

Virgin Islands Pub. Fin. Auth. Series 2009 B:

5% 10/1/16

4,000

4,321

5% 10/1/17

2,750

3,044

 

7,365

TOTAL MUNICIPAL BONDS

(Cost $1,632,774)


1,729,439

Municipal Notes - 0.3%

 

 

 

 

New York - 0.3%

Rockland County Gen. Oblig. TAN Series 2014, 2% 3/17/15
(Cost $5,786)

5,750


5,801

TOTAL INVESTMENT PORTFOLIO - 97.9%

(Cost $1,638,560)

1,735,240

NET OTHER ASSETS (LIABILITIES) - 2.1%

36,821

NET ASSETS - 100%

$ 1,772,061

Security Type Abbreviations

TAN

-

TAX ANTICIPATION NOTE

Legend

(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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):

Special Tax

24.3%

Transportation

21.6%

General Obligations

15.0%

Water & Sewer

12.7%

Education

10.6%

Health Care

5.8%

Others (Individually Less Than 5%)

10.0%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,638,560)

 

$ 1,735,240

Cash

 

26,069

Receivable for fund shares sold

931

Interest receivable

17,054

Other receivables

3

Total assets

1,779,297

 

 

 

Liabilities

Payable for investments purchased on a delayed delivery basis

$ 4,075

Payable for fund shares redeemed

570

Distributions payable

1,575

Accrued management fee

530

Distribution and service plan fees payable

37

Other affiliated payables

417

Other payables and accrued expenses

32

Total liabilities

7,236

 

 

 

Net Assets

$ 1,772,061

Net Assets consist of:

 

Paid in capital

$ 1,675,566

Undistributed net investment income

101

Accumulated undistributed net realized gain (loss) on investments

(286)

Net unrealized appreciation (depreciation) on investments

96,680

Net Assets

$ 1,772,061

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($44,360 ÷ 3,310.6 shares)

$ 13.40

 

 

 

Maximum offering price per share (100/96.00 of $13.40)

$ 13.96

Class T:
Net Asset Value and redemption price per share ($6,796 ÷ 506.8 shares)

$ 13.41

 

 

 

Maximum offering price per share (100/96.00 of $13.41)

$ 13.97

Class B:
Net Asset Value and offering price per share ($2,043 ÷ 152.5 shares)A

$ 13.40

 

 

 

Class C:
Net Asset Value and offering price per share ($29,534 ÷ 2,204.1 shares)A

$ 13.40

 

 

 

New York Municipal Income:
Net Asset Value, offering price and redemption price per share ($1,665,640 ÷ 124,263.3 shares)

$ 13.40

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($23,688 ÷ 1,769.1 shares)

$ 13.39

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,708

 

 

 

Expenses

Management fee

$ 3,133

Transfer agent fees

664

Distribution and service plan fees

215

Accounting fees and expenses

161

Custodian fees and expenses

13

Independent trustees' compensation

3

Registration fees

75

Audit

26

Legal

5

Miscellaneous

9

Total expenses before reductions

4,304

Expense reductions

(7)

4,297

Net investment income (loss)

28,411

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

(148)

Change in net unrealized appreciation (depreciation) on investment securities

50,744

Net gain (loss)

50,596

Net increase (decrease) in net assets resulting from operations

$ 79,007

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended
July 31, 2014
(Unaudited)

Year ended
January 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,411

$ 61,744

Net realized gain (loss)

(148)

3,146

Change in net unrealized appreciation (depreciation)

50,744

(103,262)

Net increase (decrease) in net assets resulting from operations

79,007

(38,372)

Distributions to shareholders from net investment income

(28,558)

(61,679)

Distributions to shareholders from net realized gain

(391)

(1,906)

Total distributions

(28,949)

(63,585)

Share transactions - net increase (decrease)

24,243

(278,667)

Redemption fees

1

8

Total increase (decrease) in net assets

74,302

(380,616)

 

 

 

Net Assets

Beginning of period

1,697,759

2,078,375

End of period (including undistributed net investment income of $101 and undistributed net investment income of $248, respectively)

$ 1,772,061

$ 1,697,759

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .198

  .404

  .410

  .433

  .459

  .454

Net realized and unrealized gain (loss)

  .384

  (.656)

  .145

  1.130

  (.347)

  .560

Total from investment operations

  .582

  (.252)

  .555

  1.563

  .112

  1.014

Distributions from net investment income

  (.199)

  (.404)

  (.393)

  (.451)

  (.460)

  (.454)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.202)

  (.418)

  (.425)

  (.483)

  (.462)

  (.454)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.50%

  (1.82)%

  4.15%

  12.79%

  .79%

  8.39%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of fee waivers, if any

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of all reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Net investment income (loss)

  3.02%A

  3.07%

  3.01%

  3.34%

  3.54%

  3.60%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 44

$ 45

$ 54

$ 43

$ 33

$ 35

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

$ 12.28

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .202

  .411

  .418

  .437

  .463

  .459

Net realized and unrealized gain (loss)

  .384

  (.656)

  .143

  1.130

  (.348)

  .561

Total from investment operations

  .586

  (.245)

  .561

  1.567

  .115

  1.020

Distributions from net investment income

  (.203)

  (.411)

  (.399)

  (.455)

  (.463)

  (.460)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.206)

  (.425)

  (.431)

  (.487)

  (.465)

  (.460)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.41

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Total ReturnB, C, D

  4.52%

  (1.76)%

  4.19%

  12.81%

  .81%

  8.43%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of fee waivers, if any

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of all reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Net investment income (loss)

  3.07%A

  3.12%

  3.06%

  3.37%

  3.56%

  3.64%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 7

$ 9

$ 9

$ 8

$ 9

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .158

  .324

  .326

  .350

  .376

  .372

Net realized and unrealized gain (loss)

  .394

  (.656)

  .145

  1.121

  (.347)

  .571

Total from investment operations

  .552

  (.332)

  .471

  1.471

  .029

  .943

Distributions from net investment income

  (.159)

  (.324)

  (.309)

  (.369)

  (.377)

  (.373)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.162)

  (.338)

  (.341)

  (.401)

  (.379)

  (.373)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.27%

  (2.41)%

  3.51%

  11.99%

  .15%

  7.79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of fee waivers, if any

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of all reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.40%

  1.41%

Net investment income (loss)

  2.41%A

  2.46%

  2.40%

  2.71%

  2.89%

  2.95%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 3

$ 4

$ 4

$ 6

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .149

  .305

  .306

  .334

  .358

  .357

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.130

  (.347)

  .560

Total from investment operations

  .533

  (.351)

  .450

  1.464

  .011

  .917

Distributions from net investment income

  (.150)

  (.305)

  (.288)

  (.352)

  (.359)

  (.357)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.153)

  (.319)

  (.320)

  (.384)

  (.361)

  (.357)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.11%

  (2.55)%

  3.35%

  11.93%

  .01%

  7.57%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.53%A

  1.52%

  1.54%

  1.53%

  1.53%

  1.54%

Expenses net of fee waivers, if any

  1.53%A

  1.52%

  1.54%

  1.52%

  1.53%

  1.54%

Expenses net of all reductions

  1.53%A

  1.52%

  1.53%

  1.52%

  1.53%

  1.53%

Net investment income (loss)

  2.27%A

  2.31%

  2.25%

  2.58%

  2.76%

  2.83%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 28

$ 37

$ 34

$ 32

$ 29

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .219

  .444

  .452

  .471

  .497

  .491

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.120

  (.338)

  .560

Total from investment operations

  .603

  (.212)

  .596

  1.591

  .159

  1.051

Distributions from net investment income

  (.220)

  (.444)

  (.434)

  (.489)

  (.497)

  (.491)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.223)

  (.458)

  (.466)

  (.521)

  (.499)

  (.491)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Total ReturnB, C

  4.66%

  (1.51)%

  4.46%

  13.02%

  1.16%

  8.71%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Net investment income (loss)

  3.33%A

  3.37%

  3.32%

  3.64%

  3.82%

  3.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,666

$ 1,597

$ 1,952

$ 1,845

$ 1,604

$ 1,740

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .214

  .435

  .443

  .462

  .487

  .485

Net realized and unrealized gain (loss)

  .385

  (.655)

  .145

  1.130

  (.347)

  .561

Total from investment operations

  .599

  (.220)

  .588

  1.592

  .140

  1.046

Distributions from net investment income

  (.216)

  (.436)

  (.426)

  (.480)

  (.488)

  (.486)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.219)

  (.450)

  (.458)

  (.512)

  (.490)

  (.486)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.39

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Total ReturnB, C

  4.63%

  (1.58)%

  4.40%

  13.05%

  1.01%

  8.67%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of fee waivers, if any

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of all reductions

  .53%A

  .53%

  .52%

  .53%

  .53%

  .52%

Net investment income (loss)

  3.27%A

  3.31%

  3.26%

  3.57%

  3.76%

  3.85%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 24

$ 20

$ 23

$ 16

$ 14

$ 10

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2014 (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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Investment Valuation - continued

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 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

Semiannual Report

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

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.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 100,052

Gross unrealized depreciation

(3,295)

Net unrealized appreciation (depreciation) on securities

$ 96,757

 

 

Tax cost

$ 1,638,483

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $126,235 and $47,064, 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.

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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 55

$ 1

Class T

-%

.25%

9

-*

Class B

.65%

.25%

9

7

Class C

.75%

.25%

142

12

 

 

 

$ 215

$ 20

* Amount represents sixty-seven 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

$ 5

Class T

1

Class B*

2

Class C*

1

 

$ 9

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

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

$ 30

.14

Class T

3

.08

Class B

1

.09

Class C

18

.13

New York Municipal Income

597

.07

Institutional Class

15

.14

 

$ 664

 

* Annualized

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

Semiannual Report

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2014

Year ended
January 31,
2014

From net investment income

 

 

Class A

$ 661

$ 1,529

Class T

105

245

Class B

25

62

Class C

323

745

New York Municipal Income

27,093

58,351

Institutional Class

351

747

Total

$ 28,558

$ 61,679

From net realized gain

 

 

Class A

10

51

Class T

2

8

Class B

-*

3

Class C

6

33

New York Municipal Income

368

1,788

Institutional Class

5

23

Total

$ 391

$ 1,906

* Amount represents four hundred eighty-four dollars.

8. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class A

 

 

 

 

Shares sold

235

548

$ 3,113

$ 7,356

Reinvestment of distributions

40

87

527

1,147

Shares redeemed

(383)

(1,139)

(5,062)

(14,850)

Net increase (decrease)

(108)

(504)

$ (1,422)

$ (6,347)

Class T

 

 

 

 

Shares sold

20

23

$ 268

$ 302

Reinvestment of distributions

6

13

73

173

Shares redeemed

(33)

(172)

(440)

(2,231)

Net increase (decrease)

(7)

(136)

$ (99)

$ (1,756)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Share Transactions - continued

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class B

 

 

 

 

Shares sold

7

5

$ 77

$ 74

Reinvestment of distributions

1

3

16

39

Shares redeemed

(22)

(69)

(287)

(913)

Net increase (decrease)

(14)

(61)

$ (194)

$ (800)

Class C

 

 

 

 

Shares sold

195

207

$ 2,592

$ 2,754

Reinvestment of distributions

16

38

215

496

Shares redeemed

(154)

(803)

(2,041)

(10,489)

Net increase (decrease)

57

(558)

$ 766

$ (7,239)

New York Municipal Income

 

 

 

 

Shares sold

7,350

21,041

$ 97,263

$ 275,380

Reinvestment of distributions

1,404

3,200

18,649

41,997

Shares redeemed

(7,128)

(44,168)

(94,223)

(577,284)

Net increase (decrease)

1,626

(19,927)

$ 21,689

$ (259,907)

Institutional Class

 

 

 

 

Shares sold

415

602

$ 5,502

$ 7,905

Reinvestment of distributions

13

29

169

384

Shares redeemed

(163)

(844)

(2,168)

(10,907)

Net increase (decrease)

265

(213)

$ 3,503

$ (2,618)

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

(Fidelity Investment logo)(registered trademark)

ASNM-USAN-0914
1.789728.112

Fidelity®

New York Municipal Income
Fund

Semiannual Report

July 31, 2014

(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. © 2014 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, 2014 to July 31, 2014).

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, 2014

Ending
Account Value
July 31, 2014

Expenses Paid
During Period*
February 1, 2014
to July 31, 2014

Class A

.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.00

$ 4.01

HypotheticalA

 

$ 1,000.00

$ 1,020.88

$ 3.96

Class T

.73%

 

 

 

Actual

 

$ 1,000.00

$ 1,045.20

$ 3.70

HypotheticalA

 

$ 1,000.00

$ 1,021.17

$ 3.66

Class B

1.40%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.70

$ 7.09

HypotheticalA

 

$ 1,000.00

$ 1,017.85

$ 7.00

Class C

1.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.10

$ 7.74

HypotheticalA

 

$ 1,000.00

$ 1,017.21

$ 7.65

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.60

$ 2.38

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Institutional Class

.53%

 

 

 

Actual

 

$ 1,000.00

$ 1,046.30

$ 2.69

HypotheticalA

 

$ 1,000.00

$ 1,022.17

$ 2.66

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, 2014

 

% of fund's
net assets

% of fund's net assets
6 months ago

Special Tax

24.3

21.2

Transportation

21.6

21.3

General Obligations

15.0

15.1

Water & Sewer

12.7

12.4

Education

10.6

10.9

Weighted Average Maturity as of July 31, 2014

 

 

6 months ago

Years

5.3

5.4

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, 2014

 

 

6 months ago

Years

7.1

8.0

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, 2014

As of January 31, 2014

nfy491426

AAA 1.3%

 

nfy491426

AAA 11.3%

 

nfy491429

AA,A 90.9%

 

nfy491429

AA,A 75.1%

 

nfy491432

BBB 5.0%

 

nfy491432

BBB 8.0%

 

nfy491435

BB and Below 0.1%

 

nfy491435

BB and Below 0.1%

 

nfy491438

Not Rated 0.3%

 

nfy491438

Not Rated 0.4%

 

nfy491441

Short-Term
Investments and
Net Other Assets 2.4%

 

nfy491441

Short-Term
Investments and
Net Other Assets 5.1%

 

nfy491444

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, 2014 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.6%

 

Principal Amount (000s)

Value (000s)

New York - 93.3%

Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peter's Hosp. Proj.) Series 2008 A, 5.75% 11/15/22

$ 3,000

$ 3,409

Albany Muni. Wtr. Fin. Auth. Series 2011 A:

5% 12/1/20

1,215

1,424

5% 12/1/22

1,000

1,165

Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.):

Series 2007 A, 5.75% 5/1/27 (FSA Insured)

5,000

5,595

Series 2008 A, 5.75% 5/1/29 (FSA Insured)

3,535

4,039

Great Neck North Wtr. Auth. Wtr. Sys. Rev. Series 2008, 5% 1/1/38

1,660

1,786

Hempstead Local Dev. Corp. Rev.:

(Adelphi Univ. Proj.) Series 2009 B, 5.25% 2/1/39

1,200

1,283

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,119

5.25% 7/1/18

1,090

1,201

5.25% 7/1/19

1,100

1,223

5.75% 7/1/39

6,500

7,157

Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A:

5.25% 2/15/47

6,525

7,107

5.75% 2/15/47

22,185

25,283

Long Island Pwr. Auth. Elec. Sys. Rev.:

Series 2000 A, 0% 6/1/19 (FSA Insured)

1,040

935

Series 2006 A, 5.25% 12/1/20 (Pre-Refunded to 6/1/16 @ 100)

17,780

19,371

Series 2006 E, 5% 12/1/17

10,000

10,986

Series 2009 A, 5.25% 4/1/21

1,945

2,201

Series 2012 A, 5% 9/1/42

2,320

2,487

Series 2012 B:

5% 9/1/25

4,000

4,545

5% 9/1/26

10,065

11,352

5% 9/1/27

10,000

11,211

Madison County Cap. Resource Corp. Rev. (Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,628

5% 7/1/25

1,000

1,152

5% 7/1/26

1,150

1,321

5% 7/1/27

1,630

1,869

5% 7/1/28

1,015

1,158

Series 2012 A, 5% 7/1/23

1,000

1,167

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity)

$ 570

$ 588

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

11,549

5% 7/1/22

5,500

6,292

Nassau County Local Econ. Assistance Corp.:

(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/23

450

520

5% 7/1/26

1,500

1,666

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,294

5% 7/1/22

2,000

2,299

5% 7/1/27

2,155

2,386

New York City Gen. Oblig.:

Series 2005 A:

5% 8/1/19

845

883

5% 8/1/19 (Pre-Refunded to 8/1/15 @ 100)

2,155

2,259

Series 2005 O:

5% 6/1/22

1,150

1,193

5% 6/1/22 (Pre-Refunded to 6/1/15 @ 100)

2,060

2,142

Series 2008 A1, 5.25% 8/15/27

15,000

17,140

Series 2008 D1, 5.125% 12/1/23

5,000

5,655

Series 2012 A1, 5% 8/1/24

2,400

2,788

Series 2012 G1, 5% 4/1/25

4,300

5,002

5% 4/1/23 (Pre-Refunded to 4/1/16 @ 100)

2,395

2,583

New York City Health & Hosp. Corp. Rev. Series 2008 A, 5.5% 2/15/21

5,000

5,716

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

3,261

5.25% 11/1/37 (ACA Finl. Guaranty Corp. Insured)

9,590

10,502

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

2,148

Series 2005 D:

5% 6/15/37

16,090

16,620

5% 6/15/38

20,050

20,711

5% 6/15/39

3,755

3,875

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued

Series 2005 D: - continued

5% 6/15/39

$ 2,800

$ 2,889

Series 2008 AA, 5% 6/15/27

10,000

11,033

Series 2009 A, 5.75% 6/15/40

10,025

11,443

Series 2009 C, 5% 6/15/44

2,700

2,922

Series 2009 DD, 6% 6/15/40

1,115

1,288

Series 2009 EE, 5.25% 6/15/40

8,500

9,510

Series 2009 FF 2, 5.5% 6/15/40

9,295

10,550

Series 2009 GG, 5.25% 6/15/40

10,000

11,188

Series 2009 GG1, 5.25% 6/15/32

7,000

7,845

Series 2011 EE:

5.375% 6/15/40

2,310

2,701

5.375% 6/15/43

20,035

23,390

5.5% 6/15/43

4,375

5,140

Series 2012 BB, 5.25% 6/15/44

2,330

2,631

Series 2012 CC, 5% 6/15/45

8,000

8,627

Series 2012 FF, 5% 6/15/24

18,240

21,447

Series 2013 CC, 5% 6/15/47

16,000

17,445

Series GG, 5% 6/15/43

2,700

2,943

5% 6/15/35

10,000

11,233

New York City Transitional Fin. Auth. Bldg. Aid Rev.:

Series 2007 S1, 5% 7/15/36

3,000

3,244

Series 2008 S1, 5% 1/15/34

10,000

10,844

Series 2009 S1:

5.5% 7/15/31

5,000

5,703

5.5% 7/15/38

2,900

3,273

5.625% 7/15/38

2,900

3,286

Series 2009 S2, 6% 7/15/38

7,500

8,760

Series 2009 S3:

5.25% 1/15/26

1,000

1,149

5.25% 1/15/39

6,100

6,696

5.375% 1/15/34

13,435

15,050

Series 2009 S4:

5.5% 1/15/34

1,000

1,134

5.5% 1/15/39

6,700

7,543

5.75% 1/15/39

2,900

3,295

Series 2009 S5, 5.25% 1/15/39

10,180

11,296

Series 2012 S1 A, 5.25% 7/15/37

11,500

12,798

Series S1, 5% 7/15/28

9,000

10,284

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,452

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series 2011 A, 5% 11/1/23

$ 2,000

$ 2,373

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,468

Series 2013 F:

5% 2/1/31

6,000

6,802

5% 2/1/32

5,000

5,641

Series 2013 F1, 5% 2/1/28

10,000

11,513

Series 2014 D1:

5% 2/1/27

5,000

5,875

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,697

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,729

Series A, 5% 8/1/28 (c)

3,500

4,110

New York City Trust Cultural Resources Rev. (Carnegie Hall Proj.) Series 2009 A, 5% 12/1/39

23,090

24,458

New York Convention Ctr. Dev. Corp. Rev. Series 2005, 5% 11/15/44

23,500

24,138

New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.:

(State Univ. Proj.) Series 2012 A, 5% 5/15/22

5,700

6,781

Series 2012 A, 5% 5/15/23

2,400

2,840

New York Dorm. Auth. Personal Income Tax Rev.:

(Ed. Proj.):

Series 2006 C:

5% 12/15/22

4,305

4,742

5% 12/15/31

10,000

10,906

Series 2006 D:

5% 3/15/20

3,500

3,837

5% 3/15/36

3,320

3,568

Series 2007 A:

5% 3/15/32

3,700

4,037

5% 3/15/37

1,700

1,845

Series 2008 A, 5% 3/15/24

5,000

5,675

Series 2008 B:

5.25% 3/15/38

1,500

1,668

5.75% 3/15/36

10,500

12,166

Series 2009 A:

5% 2/15/34

15,500

17,304

5% 2/15/39

20,355

22,502

5.25% 2/15/23

7,935

9,248

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Personal Income Tax Rev.: - continued

Series 2009 A: - continued

5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

$ 5

$ 6

Series 2012 A, 5% 12/15/24

10,000

11,942

Series 2012 D:

5% 2/15/24

5,000

5,883

5% 2/15/37

7,500

8,286

Series 2013 A, 5% 2/15/30

18,985

21,639

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

6% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

830

849

6% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500

2,901

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,314

5% 7/1/37

6,000

6,676

Series 2009 A:

5% 7/1/22

445

516

5% 7/1/23

1,315

1,521

(Fordham Univ. Proj.) 5.5% 7/1/36

2,000

2,228

(Marymount Manhattan College Proj.) Series 2009:

5% 7/1/15

1,850

1,907

5% 7/1/17

2,080

2,245

(New York City Court Facilities Lease Proj.) Series 2005 A:

5.5% 5/15/20

13,000

15,557

5.5% 5/15/21 (AMBAC Insured)

10,000

12,102

5.5% 5/15/28

2,700

3,398

(New York Univ. Hosp. Ctr. Proj.):

Series 2006 A:

5% 7/1/16

1,130

1,219

5% 7/1/20

5,435

5,859

Series 2007 B, 5.25% 7/1/24

100

108

Series 2011 A:

5.75% 7/1/31

4,000

4,584

6% 7/1/40

4,000

4,545

(New York Univ. Proj.):

Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,746

Series 2008 A, 5.25% 7/1/48

11,930

12,898

Series 2008 B, 5.25% 7/1/48

8,000

8,649

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37

$ 8,085

$ 8,708

(North Shore Univ. Hosp. Proj.):

Series 2007 A:

5% 5/1/19

2,000

2,192

5% 5/1/21

1,315

1,421

Series 1998, 5.5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500

1,519

(Orange Reg'l. Med. Ctr. Proj.) Series 2008, 6.125% 12/1/29

1,000

1,055

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,152

5% 7/1/21

1,500

1,718

(Rockefeller Univ. Proj.) Series 2009 C, 5% 7/1/40

15,000

16,626

(School District Fing. Prog.):

Series 2002 D, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

35

35

Series 2002 H, 5.5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

30

30

(Skidmore College Proj.) Series 2011 A, 5.5% 7/1/41

3,000

3,298

(St. John's Univ. Proj.) Series 2007 A, 5.25% 7/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

18,915

19,599

(State Univ. Edl. Facilities Proj.) Series A, 5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,170

3,295

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,305

5.5% 3/1/39

2,500

2,753

(Univ. of Rochester Proj.) Series 2007 A1:

5% 7/1/18

3,000

3,297

5% 7/1/39

19,005

20,034

(Vassar College Proj.) Series 2010, 5% 7/1/49

9,000

9,610

Series 1:

4% 7/1/21

1,000

1,129

5% 7/1/21

1,000

1,193

5% 7/1/23

1,350

1,605

Series 2005 B:

5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,345

3,486

5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,745

1,818

5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,835

1,911

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2005 F, 5% 3/15/35 (FSA Insured)

$ 5,000

$ 5,120

Series 2008 D, 5.25% 8/15/17 (FSA Insured)

3,000

3,398

Series 2010 A:

5% 7/1/19

1,500

1,730

5% 7/1/21

7,000

8,101

5% 7/1/22

6,000

6,893

5% 7/1/41

12,000

13,469

Series 2011 A:

5% 5/1/18

1,000

1,130

5% 5/1/20

5,590

6,472

5% 5/1/21

3,140

3,649

5% 5/1/22

2,350

2,711

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,454

5% 10/1/20 (FSA Insured)

1,100

1,288

5% 10/1/21 (FSA Insured)

1,000

1,181

5% 10/1/23 (FSA Insured)

1,000

1,167

5% 10/1/24 (FSA Insured)

750

865

Series 2012:

5% 7/1/23

1,000

1,167

5% 7/1/38

1,000

1,085

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,652

5% 10/1/27 (FSA Insured)

1,000

1,171

5% 10/1/28 (FSA Insured)

1,000

1,157

Series A, 5.75% 7/1/18

2,765

2,931

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr.:

Series 2004 D, 5% 2/15/34

12,150

12,167

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

11,047

New York Liberty Dev. Corp. Lib (4 World Trade Ctr. Proj.) Series 2011, 5.125% 11/15/44

29,440

31,864

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:

Series 2009 A:

5.5% 11/15/39

10,400

11,766

5.625% 11/15/39

6,000

6,819

Series 2009 B, 5% 11/15/34

19,560

21,596

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: - continued

Series 2012 A:

5% 11/15/22

$ 2,500

$ 3,002

5% 11/15/29

17,000

19,542

New York Metropolitan Trans. Auth. Rev.:

Bonds:

Series 2012 G1, 0.522%, tender 11/1/14 (a)

3,200

3,200

Series 2012 G2, 0.632%, tender 11/1/15 (a)

6,300

6,310

Series 2005 A, 5.5% 11/15/18 (AMBAC Insured)

2,000

2,363

Series 2005 G, 5% 11/15/21

3,200

3,733

Series 2007 B:

5% 11/15/26

8,185

9,073

5% 11/15/28

2,235

2,471

Series 2008 A, 5.25% 11/15/36

15,000

16,409

Series 2008 B2:

5% 11/15/22

4,000

4,753

5% 11/15/23

5,910

6,984

Series 2008 C, 6.5% 11/15/28

9,670

11,480

Series 2011 A:

5% 11/15/18

1,000

1,161

5% 11/15/22

1,500

1,751

Series 2011 D:

5% 11/15/20

2,000

2,354

5% 11/15/24

6,590

7,670

5% 11/15/25

5,000

5,744

Series 2012 D, 5% 11/15/25

20,000

23,343

Series 2012 E, 5% 11/15/20

3,165

3,725

Series 2012 F:

5% 11/15/21

1,500

1,781

5% 11/15/22

5,000

5,942

5% 11/15/23

7,000

8,272

Series 2012 H:

5% 11/15/24

3,290

3,856

5% 11/15/33

3,505

3,851

5% 11/15/42

4,750

5,116

Series 2014 A1:

5% 11/15/23

2,300

2,742

5% 11/15/44

8,000

8,673

Series 2014 B, 5.25% 11/15/44

6,300

7,007

5.5% 11/15/18

2,000

2,192

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Pwr. Auth. Series 2007 A, 5% 11/15/47 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 20,000

$ 21,310

New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured)

4,355

4,398

New York State Gen. Oblig. Series 2009 A, 0% 2/15/19

2,050

1,878

New York Thruway Auth. Gen. Rev.:

Series 2005 G, 5% 1/1/32 (FSA Insured)

2,800

2,904

Series 2007 H:

5% 1/1/21

5,755

6,421

5% 1/1/25

13,000

14,400

5% 1/1/26

4,000

4,415

Series 2013 A, 5% 5/1/19

13,600

15,783

New York Thruway Auth. Hwy. & Bridge Trust Fund Series 2007 B, 5% 4/1/27

6,750

7,517

New York Thruway Auth. Personal Income Tax Rev. Series 2007 A:

5.25% 3/15/24

4,180

4,723

5.25% 3/15/25

8,000

9,036

5.25% 3/15/26

12,080

13,625

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund:

Series 2011 A1, 5% 4/1/22

4,000

4,698

Series 2011 A2:

5% 4/1/21

2,385

2,837

5% 4/1/23

6,000

6,994

New York Urban Dev. Corp. Rev.:

(Econ. Dev. and Hsg. Proj.) Series 2008 A1, 5% 12/15/26

10,000

11,298

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,814

5% 1/1/24 (FSA Insured)

5,975

6,589

Niagara Falls City Niagara County Pub. Impt. Series 1994:

7.5% 3/1/16 (Escrowed to Maturity)

90

100

7.5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

970

1,049

7.5% 3/1/17 (Escrowed to Maturity)

100

118

7.5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,100

1,233

Niagara Falls Pub. Wtr. Auth. Series 2005, 5.5% 7/15/34 (XL Cap. Assurance, Inc. Insured)

1,000

1,020

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Oneida County Indl. Dev. Agcy. (Hamilton College Proj.) Series 2002, 5% 9/15/32

$ 5,000

$ 5,535

Rockland County Gen. Oblig. Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,431

5% 3/1/21 (FSA Insured)

3,000

3,452

5% 3/1/22 (FSA Insured)

4,000

4,620

5% 3/1/23 (FSA Insured)

2,500

2,906

5% 3/1/24 (FSA Insured)

1,600

1,869

Saratoga County Indl. Dev. Agcy. (The Saratoga Hosp. Proj.) Series 2007 B, 5.25% 12/1/32

680

706

Schenectady Indl. Dev. Agcy. Civic Facility Rev. (Union College Proj.) Series 2006, 5% 7/1/15

1,005

1,046

Tobacco Settlement Fing. Corp. Series 2013 B, 5% 6/1/22

6,250

6,949

Triborough Bridge & Tunnel Auth. Revs.:

(MTA Bridges and Tunnels Proj.) Series 2008 A:

5% 11/15/37

22,500

24,797

5.25% 11/15/38

14,500

16,094

Series 2006 A, 5% 11/15/31

965

1,046

Series 2012 B:

0% 11/15/27

2,500

1,537

0% 11/15/28

2,500

1,471

Series 2013 A:

5% 11/15/23

1,785

2,119

5% 11/15/24

4,000

4,708

Series 2013 C:

5% 11/15/26

5,475

6,411

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,285

Troy Cap. Resource Corp. Rev. (Rensselaer Polytechnic Institute Proj.) Series 2010 A:

5% 9/1/30

5,775

6,321

5.125% 9/1/40

8,055

8,615

Yonkers Gen. Oblig. Series 2005 A, 5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000

4,174

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

5,522

 

1,653,743

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York And New Jersey - 3.9%

Port Auth. of New York & New Jersey:

136th Series, 5.25% 11/1/16 (b)

$ 4,510

$ 4,570

141st Series:

5% 9/1/18 (b)

6,045

6,335

5% 9/1/21 (CIFG North America Insured) (b)

4,600

4,816

147th Series, 5% 10/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,536

163rd Series, 5% 7/15/35

25,000

28,270

166th Series, 5% 1/15/41

5,400

5,949

85th Series, 5.375% 3/1/28

6,280

7,528

Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,000

5,327

 

68,331

Virgin Islands - 0.4%

Virgin Islands Pub. Fin. Auth. Series 2009 B:

5% 10/1/16

4,000

4,321

5% 10/1/17

2,750

3,044

 

7,365

TOTAL MUNICIPAL BONDS

(Cost $1,632,774)


1,729,439

Municipal Notes - 0.3%

 

 

 

 

New York - 0.3%

Rockland County Gen. Oblig. TAN Series 2014, 2% 3/17/15
(Cost $5,786)

5,750


5,801

TOTAL INVESTMENT PORTFOLIO - 97.9%

(Cost $1,638,560)

1,735,240

NET OTHER ASSETS (LIABILITIES) - 2.1%

36,821

NET ASSETS - 100%

$ 1,772,061

Security Type Abbreviations

TAN

-

TAX ANTICIPATION NOTE

Legend

(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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):

Special Tax

24.3%

Transportation

21.6%

General Obligations

15.0%

Water & Sewer

12.7%

Education

10.6%

Health Care

5.8%

Others (Individually Less Than 5%)

10.0%

 

100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,638,560)

 

$ 1,735,240

Cash

 

26,069

Receivable for fund shares sold

931

Interest receivable

17,054

Other receivables

3

Total assets

1,779,297

 

 

 

Liabilities

Payable for investments purchased on a delayed delivery basis

$ 4,075

Payable for fund shares redeemed

570

Distributions payable

1,575

Accrued management fee

530

Distribution and service plan fees payable

37

Other affiliated payables

417

Other payables and accrued expenses

32

Total liabilities

7,236

 

 

 

Net Assets

$ 1,772,061

Net Assets consist of:

 

Paid in capital

$ 1,675,566

Undistributed net investment income

101

Accumulated undistributed net realized gain (loss) on investments

(286)

Net unrealized appreciation (depreciation) on investments

96,680

Net Assets

$ 1,772,061

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

July 31, 2014 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($44,360 ÷ 3,310.6 shares)

$ 13.40

 

 

 

Maximum offering price per share (100/96.00 of $13.40)

$ 13.96

Class T:
Net Asset Value and redemption price per share ($6,796 ÷ 506.8 shares)

$ 13.41

 

 

 

Maximum offering price per share (100/96.00 of $13.41)

$ 13.97

Class B:
Net Asset Value and offering price per share ($2,043 ÷ 152.5 shares)A

$ 13.40

 

 

 

Class C:
Net Asset Value and offering price per share ($29,534 ÷ 2,204.1 shares)A

$ 13.40

 

 

 

New York Municipal Income:
Net Asset Value, offering price and redemption price per share ($1,665,640 ÷ 124,263.3 shares)

$ 13.40

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($23,688 ÷ 1,769.1 shares)

$ 13.39

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2014 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,708

 

 

 

Expenses

Management fee

$ 3,133

Transfer agent fees

664

Distribution and service plan fees

215

Accounting fees and expenses

161

Custodian fees and expenses

13

Independent trustees' compensation

3

Registration fees

75

Audit

26

Legal

5

Miscellaneous

9

Total expenses before reductions

4,304

Expense reductions

(7)

4,297

Net investment income (loss)

28,411

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

(148)

Change in net unrealized appreciation (depreciation) on investment securities

50,744

Net gain (loss)

50,596

Net increase (decrease) in net assets resulting from operations

$ 79,007

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended
July 31, 2014
(Unaudited)

Year ended
January 31,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,411

$ 61,744

Net realized gain (loss)

(148)

3,146

Change in net unrealized appreciation (depreciation)

50,744

(103,262)

Net increase (decrease) in net assets resulting from operations

79,007

(38,372)

Distributions to shareholders from net investment income

(28,558)

(61,679)

Distributions to shareholders from net realized gain

(391)

(1,906)

Total distributions

(28,949)

(63,585)

Share transactions - net increase (decrease)

24,243

(278,667)

Redemption fees

1

8

Total increase (decrease) in net assets

74,302

(380,616)

 

 

 

Net Assets

Beginning of period

1,697,759

2,078,375

End of period (including undistributed net investment income of $101 and undistributed net investment income of $248, respectively)

$ 1,772,061

$ 1,697,759

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .198

  .404

  .410

  .433

  .459

  .454

Net realized and unrealized gain (loss)

  .384

  (.656)

  .145

  1.130

  (.347)

  .560

Total from investment operations

  .582

  (.252)

  .555

  1.563

  .112

  1.014

Distributions from net investment income

  (.199)

  (.404)

  (.393)

  (.451)

  (.460)

  (.454)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.202)

  (.418)

  (.425)

  (.483)

  (.462)

  (.454)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.50%

  (1.82)%

  4.15%

  12.79%

  .79%

  8.39%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of fee waivers, if any

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Expenses net of all reductions

  .79%A

  .77%

  .77%

  .76%

  .75%

  .77%

Net investment income (loss)

  3.02%A

  3.07%

  3.01%

  3.34%

  3.54%

  3.60%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 44

$ 45

$ 54

$ 43

$ 33

$ 35

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

$ 12.28

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .202

  .411

  .418

  .437

  .463

  .459

Net realized and unrealized gain (loss)

  .384

  (.656)

  .143

  1.130

  (.348)

  .561

Total from investment operations

  .586

  (.245)

  .561

  1.567

  .115

  1.020

Distributions from net investment income

  (.203)

  (.411)

  (.399)

  (.455)

  (.463)

  (.460)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.206)

  (.425)

  (.431)

  (.487)

  (.465)

  (.460)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.41

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Total ReturnB, C, D

  4.52%

  (1.76)%

  4.19%

  12.81%

  .81%

  8.43%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of fee waivers, if any

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Expenses net of all reductions

  .73%A

  .72%

  .72%

  .73%

  .73%

  .73%

Net investment income (loss)

  3.07%A

  3.12%

  3.06%

  3.37%

  3.56%

  3.64%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 7

$ 9

$ 9

$ 8

$ 9

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .158

  .324

  .326

  .350

  .376

  .372

Net realized and unrealized gain (loss)

  .394

  (.656)

  .145

  1.121

  (.347)

  .571

Total from investment operations

  .552

  (.332)

  .471

  1.471

  .029

  .943

Distributions from net investment income

  (.159)

  (.324)

  (.309)

  (.369)

  (.377)

  (.373)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.162)

  (.338)

  (.341)

  (.401)

  (.379)

  (.373)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.27%

  (2.41)%

  3.51%

  11.99%

  .15%

  7.79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of fee waivers, if any

  1.40%A

  1.38%

  1.39%

  1.39%

  1.40%

  1.42%

Expenses net of all reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.40%

  1.41%

Net investment income (loss)

  2.41%A

  2.46%

  2.40%

  2.71%

  2.89%

  2.95%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 3

$ 4

$ 4

$ 6

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .149

  .305

  .306

  .334

  .358

  .357

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.130

  (.347)

  .560

Total from investment operations

  .533

  (.351)

  .450

  1.464

  .011

  .917

Distributions from net investment income

  (.150)

  (.305)

  (.288)

  (.352)

  (.359)

  (.357)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.153)

  (.319)

  (.320)

  (.384)

  (.361)

  (.357)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Total ReturnB, C, D

  4.11%

  (2.55)%

  3.35%

  11.93%

  .01%

  7.57%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.53%A

  1.52%

  1.54%

  1.53%

  1.53%

  1.54%

Expenses net of fee waivers, if any

  1.53%A

  1.52%

  1.54%

  1.52%

  1.53%

  1.54%

Expenses net of all reductions

  1.53%A

  1.52%

  1.53%

  1.52%

  1.53%

  1.53%

Net investment income (loss)

  2.27%A

  2.31%

  2.25%

  2.58%

  2.76%

  2.83%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 28

$ 37

$ 34

$ 32

$ 29

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

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, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

$ 12.27

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .219

  .444

  .452

  .471

  .497

  .491

Net realized and unrealized gain (loss)

  .384

  (.656)

  .144

  1.120

  (.338)

  .560

Total from investment operations

  .603

  (.212)

  .596

  1.591

  .159

  1.051

Distributions from net investment income

  (.220)

  (.444)

  (.434)

  (.489)

  (.497)

  (.491)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.223)

  (.458)

  (.466)

  (.521)

  (.499)

  (.491)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.40

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Total ReturnB, C

  4.66%

  (1.51)%

  4.46%

  13.02%

  1.16%

  8.71%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .47%

  .47%

  .47%

  .48%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Net investment income (loss)

  3.33%A

  3.37%

  3.32%

  3.64%

  3.82%

  3.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,666

$ 1,597

$ 1,952

$ 1,845

$ 1,604

$ 1,740

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
July 31, 2014

Years ended January 31,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

$ 12.26

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .214

  .435

  .443

  .462

  .487

  .485

Net realized and unrealized gain (loss)

  .385

  (.655)

  .145

  1.130

  (.347)

  .561

Total from investment operations

  .599

  (.220)

  .588

  1.592

  .140

  1.046

Distributions from net investment income

  (.216)

  (.436)

  (.426)

  (.480)

  (.488)

  (.486)

Distributions from net realized gain

  (.003)

  (.014)

  (.032)

  (.032)

  (.002)

  -

Total distributions

  (.219)

  (.450)

  (.458)

  (.512)

  (.490)

  (.486)

Redemption fees added to paid in capitalD, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.39

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Total ReturnB, C

  4.63%

  (1.58)%

  4.40%

  13.05%

  1.01%

  8.67%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of fee waivers, if any

  .53%A

  .53%

  .53%

  .53%

  .53%

  .52%

Expenses net of all reductions

  .53%A

  .53%

  .52%

  .53%

  .53%

  .52%

Net investment income (loss)

  3.27%A

  3.31%

  3.26%

  3.57%

  3.76%

  3.85%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 24

$ 20

$ 23

$ 16

$ 14

$ 10

Portfolio turnover rate

  6%A

  8%

  16%

  11%

  10%

  4%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2014 (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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Investment Valuation - continued

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 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

Semiannual Report

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

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.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 100,052

Gross unrealized depreciation

(3,295)

Net unrealized appreciation (depreciation) on securities

$ 96,757

 

 

Tax cost

$ 1,638,483

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $126,235 and $47,064, 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.

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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 55

$ 1

Class T

-%

.25%

9

-*

Class B

.65%

.25%

9

7

Class C

.75%

.25%

142

12

 

 

 

$ 215

$ 20

* Amount represents sixty-seven 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

$ 5

Class T

1

Class B*

2

Class C*

1

 

$ 9

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for the Fund's Class A, Class T, Class B, Class C, New York Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

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

$ 30

.14

Class T

3

.08

Class B

1

.09

Class C

18

.13

New York Municipal Income

597

.07

Institutional Class

15

.14

 

$ 664

 

* Annualized

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

Semiannual Report

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2014

Year ended
January 31,
2014

From net investment income

 

 

Class A

$ 661

$ 1,529

Class T

105

245

Class B

25

62

Class C

323

745

New York Municipal Income

27,093

58,351

Institutional Class

351

747

Total

$ 28,558

$ 61,679

From net realized gain

 

 

Class A

10

51

Class T

2

8

Class B

-*

3

Class C

6

33

New York Municipal Income

368

1,788

Institutional Class

5

23

Total

$ 391

$ 1,906

* Amount represents four hundred eighty-four dollars.

8. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class A

 

 

 

 

Shares sold

235

548

$ 3,113

$ 7,356

Reinvestment of distributions

40

87

527

1,147

Shares redeemed

(383)

(1,139)

(5,062)

(14,850)

Net increase (decrease)

(108)

(504)

$ (1,422)

$ (6,347)

Class T

 

 

 

 

Shares sold

20

23

$ 268

$ 302

Reinvestment of distributions

6

13

73

173

Shares redeemed

(33)

(172)

(440)

(2,231)

Net increase (decrease)

(7)

(136)

$ (99)

$ (1,756)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Share Transactions - continued

 

Shares

Dollars

Six months ended
July 31,
2014

Year ended
January 31,
2014

Six months ended
July 31,
2014

Year ended
January 31,
2014

Class B

 

 

 

 

Shares sold

7

5

$ 77

$ 74

Reinvestment of distributions

1

3

16

39

Shares redeemed

(22)

(69)

(287)

(913)

Net increase (decrease)

(14)

(61)

$ (194)

$ (800)

Class C

 

 

 

 

Shares sold

195

207

$ 2,592

$ 2,754

Reinvestment of distributions

16

38

215

496

Shares redeemed

(154)

(803)

(2,041)

(10,489)

Net increase (decrease)

57

(558)

$ 766

$ (7,239)

New York Municipal Income

 

 

 

 

Shares sold

7,350

21,041

$ 97,263

$ 275,380

Reinvestment of distributions

1,404

3,200

18,649

41,997

Shares redeemed

(7,128)

(44,168)

(94,223)

(577,284)

Net increase (decrease)

1,626

(19,927)

$ 21,689

$ (259,907)

Institutional Class

 

 

 

 

Shares sold

415

602

$ 5,502

$ 7,905

Reinvestment of distributions

13

29

169

384

Shares redeemed

(163)

(844)

(2,168)

(10,907)

Net increase (decrease)

265

(213)

$ 3,503

$ (2,618)

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST) nfy491446
1-800-544-5555

nfy491448
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

NFY-USAN-0914
1.789735.112

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 19, 2014

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 19, 2014

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

September 19, 2014