0000718581-15-000036.txt : 20150925 0000718581-15-000036.hdr.sgml : 20150925 20150925134041 ACCESSION NUMBER: 0000718581-15-000036 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20150731 FILED AS OF DATE: 20150925 DATE AS OF CHANGE: 20150925 EFFECTIVENESS DATE: 20150925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY NEW YORK MUNICIPAL TRUST CENTRAL INDEX KEY: 0000718581 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03723 FILM NUMBER: 151124837 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY NEW YORK TAX FREE FUND DATE OF NAME CHANGE: 19900625 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY NEW YORK TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19850710 0000718581 S000007145 Fidelity New York Municipal Income Fund C000019544 Fidelity New York Municipal Income Fund FTFMX C000019545 Fidelity Advisor New York Municipal Income Fund: Class A FNMAX C000019546 Fidelity Advisor New York Municipal Income Fund: Class B FNYBX C000019547 Fidelity Advisor New York Municipal Income Fund: Class C FNYCX C000019548 Fidelity Advisor New York Municipal Income Fund: Class T FNYPX C000019549 Fidelity Advisor New York Municipal Income Fund: Class I FEMIX 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, MA 02210
 (Address of principal executive offices)       (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

 

 

Date of reporting period:

July 31, 2015

Item 1. Reports to Stockholders

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments July 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

New York Municipal Income

Fund - Class I

(formerly Institutional Class)

Semiannual Report

July 31, 2015

(Fidelity Cover Art)

Class I is a class of
Fidelity® New York Municipal Income Fund

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

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

Investments

(Click Here)

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

Financial Statements

(Click Here)

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

Notes

(Click Here)

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2015 to July 31, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
February 1, 2015

Ending
Account Value
July 31, 2015

Expenses Paid
During Period*
February 1, 2015
to July 31, 2015

Class A

.80%

 

 

 

Actual

 

$ 1,000.00

$ 992.30

$ 3.95

HypotheticalA

 

$ 1,000.00

$ 1,020.83

$ 4.01

Class T

.74%

 

 

 

Actual

 

$ 1,000.00

$ 992.60

$ 3.66

HypotheticalA

 

$ 1,000.00

$ 1,021.12

$ 3.71

Class B

1.39%

 

 

 

Actual

 

$ 1,000.00

$ 989.40

$ 6.86

HypotheticalA

 

$ 1,000.00

$ 1,017.90

$ 6.95

Class C

1.55%

 

 

 

Actual

 

$ 1,000.00

$ 988.60

$ 7.64

HypotheticalA

 

$ 1,000.00

$ 1,017.11

$ 7.75

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 993.90

$ 2.32

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Class I

.54%

 

 

 

Actual

 

$ 1,000.00

$ 993.50

$ 2.67

HypotheticalA

 

$ 1,000.00

$ 1,022.12

$ 2.71

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Sectors as of July 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Transportation

22.5

22.4

Special Tax

21.4

23.6

General Obligations

16.4

16.2

Water & Sewer

13.2

12.3

Education

9.8

10.2

Weighted Average Maturity as of July 31, 2015

 

 

6 months ago

Years

5.8

5.5

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of July 31, 2015

 

 

6 months ago

Years

6.9

6.4

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

Quality Diversification (% of fund's net assets)

As of July 31, 2015

As of January 31, 2015

nmi179934

AAA 0.3%

 

nmi179936

AAA 0.1%

 

nmi179938

AA,A 91.4%

 

nmi179940

AA,A 91.4%

 

nmi179942

BBB 5.9%

 

nmi179944

BBB 5.7%

 

nmi179946

BB and Below 0.4%

 

nmi179948

BB and Below 0.1%

 

nmi179950

Not Rated 0.1%

 

nmi179952

Not Rated 0.3%

 

nmi179954

Short-Term
Investments and
Net Other Assets 1.9%

 

nmi179956

Short-Term
Investments and
Net Other Assets 2.4%

 

nmi179958

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Semiannual Report

Investments July 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.1%

 

Principal Amount (000s)

Value (000s)

New York - 95.0%

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

5% 12/1/20

$ 1,215

$ 1,424

5% 12/1/22

1,000

1,185

Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015:

5% 7/1/24

600

690

5% 7/1/25

455

522

5% 7/1/26

450

509

5% 7/1/27

500

560

5% 7/1/28

360

400

5% 7/1/29

300

331

5% 7/1/30

575

630

5% 7/1/40

1,000

1,061

5.25% 7/1/35

1,000

1,114

Buffalo Muni. Wtr. Fin. Auth. Series 2015 A:

4% 7/1/22

350

384

5% 7/1/24

400

471

5% 7/1/25

250

294

5% 7/1/26

500

582

5% 7/1/27

2,000

2,315

5% 7/1/29

500

571

Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A:

5% 7/1/26

550

650

5% 7/1/27

350

411

5% 7/1/28

500

582

5% 7/1/29

700

809

5% 7/1/31

2,610

2,982

5% 7/1/32

2,660

3,027

5% 7/1/33

2,770

3,143

5% 7/1/34

2,935

3,319

5% 7/1/35

3,000

3,379

5% 7/1/36

1,000

1,124

5% 7/1/40

8,500

9,469

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

Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100)

5,000

5,446

Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100)

3,535

3,998

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 1,660

$ 1,792

Hempstead Local Dev. Corp. Rev.:

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

1,200

1,304

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,108

5.25% 7/1/18

1,090

1,202

5.25% 7/1/19

1,100

1,214

5.75% 7/1/39

6,500

7,141

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

5.25% 2/15/47

6,525

7,149

5.75% 2/15/47

22,185

25,308

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

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

1,040

973

Series 2009 A, 5.25% 4/1/21

1,945

2,182

Series 2012 A, 5% 9/1/42

2,320

2,506

Series 2012 B:

5% 9/1/25

4,000

4,555

5% 9/1/26

10,065

11,373

5% 9/1/27

10,000

11,245

Series 2014 A, 5% 9/1/35

5,000

5,562

Madison County Cap. Resource Corp. Rev.:

(Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,637

5% 7/1/25

1,000

1,164

5% 7/1/26

1,150

1,336

5% 7/1/27

1,630

1,890

5% 7/1/28

1,015

1,176

Series 2012 A, 5% 7/1/23

1,000

1,183

(Colgate Univ. Rfdg. Proj.) Series 2015 A:

5% 7/1/26

500

601

5% 7/1/30

1,125

1,314

5% 7/1/32

1,250

1,447

5% 7/1/33

1,000

1,154

5% 7/1/35

1,000

1,146

5% 7/1/40

4,000

4,527

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

245

246

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015:

5% 5/1/23

$ 350

$ 417

5% 5/1/24

750

901

5% 5/1/25

750

906

5% 5/1/26

1,200

1,435

5% 5/1/27

700

830

5% 5/1/29

1,750

2,040

5% 5/1/30

1,000

1,159

5% 5/1/31

1,205

1,387

Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015:

5% 7/1/28

1,250

1,485

5% 7/1/29

1,050

1,240

5% 7/1/30

1,000

1,172

5% 7/1/31

1,200

1,396

5% 7/1/32

1,250

1,449

Nassau County Gen. Oblig. Series 2014 A:

5% 4/1/26

19,360

22,436

5% 4/1/29

14,040

15,960

Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011:

5% 7/1/21

10,000

11,495

5% 7/1/22

5,500

6,215

Nassau County Local Econ. Assistance Corp.:

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

5% 7/1/23

450

524

5% 7/1/26

1,500

1,724

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,266

5% 7/1/22

2,000

2,283

5% 7/1/27

2,155

2,401

Series 2014 B:

5% 7/1/23

550

640

5% 7/1/27

1,000

1,146

Series 2014 C, 5% 7/1/26

3,000

3,448

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A:

5% 10/1/26

2,300

2,764

5% 10/1/27

5,000

5,967

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued

5% 10/1/28

$ 3,450

$ 4,093

New York City Gen. Oblig.:

Series 2005 A, 5% 8/1/19

845

848

Series 2008 A1, 5.25% 8/15/27

15,000

16,806

Series 2008 D1, 5.125% 12/1/23

5,000

5,499

Series 2012 A1, 5% 8/1/24

2,400

2,813

Series 2012 G1, 5% 4/1/25

4,300

5,021

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

5,000

5,528

New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.):

5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured)

2,900

3,182

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

9,590

10,401

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

Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,405

2,240

Series 2009 A, 5.75% 6/15/40

10,025

11,220

Series 2009 C, 5% 6/15/44

2,700

2,999

Series 2009 DD, 6% 6/15/40

1,115

1,267

Series 2009 EE, 5.25% 6/15/40

8,500

9,613

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

9,295

10,673

Series 2009 GG, 5.25% 6/15/40

10,000

11,309

Series 2009 GG1, 5.25% 6/15/32

7,000

8,026

Series 2011 EE:

5.375% 6/15/40

2,310

2,707

5.375% 6/15/43

20,035

23,411

5.5% 6/15/43

4,375

5,189

Series 2012 BB, 5.25% 6/15/44

2,330

2,630

Series 2012 CC, 5% 6/15/45

8,000

8,881

Series 2012 FF, 5% 6/15/24

18,240

21,488

Series 2013 CC, 5% 6/15/47

23,575

26,071

Series 2014 BB, 5% 6/15/46

9,785

10,793

Series 2014 CC, 5% 6/15/47

11,200

12,470

Series 2015 AA, 5% 6/15/44

6,200

6,918

Series 2015 FF:

5% 6/15/29

5,080

5,980

5% 6/15/30

6,060

7,088

5% 6/15/31

11,780

13,701

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

Series 2015 FF: - continued

5% 6/15/32

$ 2,000

$ 2,317

Series GG, 5% 6/15/43

2,700

2,979

5% 6/15/35

10,000

11,362

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

Series 2007 S1, 5% 7/15/36

3,000

3,163

Series 2008 S1, 5% 1/15/34

10,000

10,900

Series 2009 S1:

5.5% 7/15/31

5,000

5,642

5.5% 7/15/38

2,900

3,256

5.625% 7/15/38

2,900

3,267

Series 2009 S2, 6% 7/15/38

7,500

8,552

Series 2009 S3:

5.25% 1/15/26

1,000

1,138

5.25% 1/15/39

6,100

6,828

5.375% 1/15/34

13,435

15,186

Series 2009 S4:

5.5% 1/15/34

1,000

1,142

5.5% 1/15/39

6,700

7,628

5.75% 1/15/39

2,900

3,326

Series 2009 S5, 5.25% 1/15/39

10,180

11,395

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

11,500

13,006

Series S1, 5% 7/15/28

9,000

10,395

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,348

Series 2011 D1, 5.25% 2/1/30

5,435

6,303

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,482

Series 2013 F:

5% 2/1/31

6,000

6,856

5% 2/1/32

5,000

5,677

Series 2013 F1, 5% 2/1/28

11,120

12,901

Series 2014 D1:

5% 2/1/27

5,000

5,884

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,690

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,732

Series A, 5% 8/1/28

3,500

4,108

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 23,090

$ 25,640

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

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

5,700

6,767

Series 2012 A, 5% 5/15/23

2,400

2,844

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

(Ed. Proj.):

Series 2007 A:

5% 3/15/32

3,700

3,934

5% 3/15/37

1,700

1,802

Series 2008 A, 5% 3/15/24

5,000

5,506

Series 2008 B:

5.25% 3/15/38

1,500

1,686

5.75% 3/15/36

10,500

12,079

Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

5

6

Series 2012 A, 5% 12/15/24

10,000

11,916

Series 2012 D:

5% 2/15/24

5,000

5,867

5% 2/15/37

7,500

8,378

Series 2013 A, 5% 2/15/30

18,985

21,802

Series 2014 2, 5.25% 2/15/23

7,910

9,046

Series 2014 A:

5% 2/15/39

20,345

22,597

5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100)

10

11

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

5

6

Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

20

23

5% 12/15/31

6,290

6,642

5% 2/15/34

15,490

17,363

5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100)

10

11

5% 3/15/36

1,895

1,977

5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100)

135

142

New York Dorm. Auth. Rev.:

Series 2015 A:

5% 10/1/29

785

914

5% 5/1/30

3,450

3,913

5% 7/1/30

10,120

11,777

5% 10/1/30

535

620

5% 5/1/31

11,000

12,409

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Rev.: - continued

Series 2015 A: - continued

5% 10/1/31

$ 1,595

$ 1,839

5% 10/1/32

1,550

1,780

Series 2015 B:

5% 10/1/28

1,000

1,168

5% 10/1/29

1,470

1,705

5% 10/1/33

1,010

1,151

5% 10/1/34

1,070

1,216

Series 2015:

5% 12/1/19 (a)

1,100

1,210

5% 12/1/20 (a)

1,200

1,328

5% 12/1/21 (a)

800

885

5% 12/1/23 (a)

700

773

5% 12/1/24 (a)

600

660

5% 12/1/27 (a)

1,200

1,289

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

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

425

447

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

2,500

2,843

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,322

5% 7/1/37

6,000

6,756

Series 2009 A:

5% 7/1/22

445

513

5% 7/1/23

1,315

1,515

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

2,000

2,339

(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17

2,080

2,200

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

5.5% 5/15/21 (AMBAC Insured)

10,000

12,034

5.5% 5/15/28

2,700

3,399

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

Series 2006 A, 5% 7/1/16

1,130

1,176

Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100)

90

96

Series 2011 A:

5.75% 7/1/31

4,000

4,629

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2011 A: - continued

6% 7/1/40

$ 4,000

$ 4,647

(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,868

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100)

8,085

9,391

(North Shore Univ. Hosp. Proj.) Series 2007 A:

5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100)

2,000

2,154

5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100)

1,315

1,416

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

1,000

1,102

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,161

5% 7/1/21

1,500

1,725

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

15,000

16,778

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

25

25

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

3,000

3,398

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,286

5.5% 3/1/39

2,500

2,839

(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100)

19,005

20,190

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

9,000

9,962

Series 1:

4% 7/1/21

1,000

1,123

5% 7/1/21

1,000

1,179

5% 7/1/23

1,350

1,595

Series 2010 A:

5% 7/1/19

1,500

1,701

5% 7/1/21

7,000

8,008

5% 7/1/22

6,000

6,825

5% 7/1/41

12,000

13,578

Series 2011 A:

5% 5/1/18

1,000

1,102

5% 5/1/20

5,590

6,418

5% 5/1/21

3,140

3,637

5% 5/1/22

2,350

2,722

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,412

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2012 F: - continued

5% 10/1/20 (FSA Insured)

$ 1,100

$ 1,284

5% 10/1/21 (FSA Insured)

1,000

1,177

5% 10/1/23 (FSA Insured)

1,000

1,180

5% 10/1/24 (FSA Insured)

750

881

Series 2012:

5% 7/1/23

1,000

1,178

5% 7/1/38

1,000

1,114

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,656

5% 10/1/27 (FSA Insured)

1,000

1,175

5% 10/1/28 (FSA Insured)

1,000

1,165

Series A, 5.75% 7/1/18

2,135

2,325

5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100)

5

6

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34

2,415

2,422

New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34

10,000

10,809

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

29,440

32,273

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

Series 2009 A:

5.5% 11/15/39

10,400

11,761

5.625% 11/15/39

6,000

6,809

Series 2009 B, 5% 11/15/34

19,560

22,255

Series 2012 A:

5% 11/15/22

2,500

2,968

5% 11/15/29

17,000

19,713

New York Metropolitan Trans. Auth. Rev.:

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

2,000

2,284

Series 2005 G, 5% 11/15/21

3,200

3,727

Series 2007 B:

5% 11/15/26

8,185

8,903

5% 11/15/28

2,235

2,422

Series 2008 A, 5.25% 11/15/36

15,000

16,248

Series 2008 B2:

5% 11/15/22

4,000

4,735

5% 11/15/23

5,910

7,008

Series 2008 C, 6.5% 11/15/28

9,670

11,360

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Rev.: - continued

Series 2011 A:

5% 11/15/18

$ 1,000

$ 1,126

5% 11/15/22

1,500

1,749

Series 2011 D:

5% 11/15/20

2,000

2,343

5% 11/15/24

6,590

7,662

5% 11/15/25

5,000

5,813

Series 2012 D, 5% 11/15/25

20,000

23,438

Series 2012 E, 5% 11/15/20

3,165

3,707

Series 2012 F:

5% 11/15/21

1,500

1,771

5% 11/15/22

5,000

5,940

5% 11/15/23

7,000

8,316

Series 2012 H:

5% 11/15/24

3,290

3,880

5% 11/15/33

3,505

3,960

5% 11/15/42

4,750

5,236

Series 2013 A, 5% 11/15/43

3,250

3,554

Series 2013 E, 5% 11/15/43

15,375

16,892

Series 2014 A1:

5% 11/15/23

2,300

2,748

5% 11/15/44

8,000

8,783

Series 2014 B, 5.25% 11/15/44

6,300

7,117

Series 2014 D, 5.25% 11/15/44

5,000

5,679

Series 2015 B:

5% 11/15/26

1,495

1,773

5% 11/15/28

1,000

1,167

5% 11/15/29

2,125

2,463

5.5% 11/15/18

1,645

1,773

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

20,000

21,557

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

2,050

1,947

New York Thruway Auth. Gen. Rev.:

Series 2007 H:

5% 1/1/21

5,755

6,292

5% 1/1/25

13,000

14,213

5% 1/1/26

4,000

4,369

Series 2013 A, 5% 5/1/19

13,600

15,414

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 6,750

$ 7,341

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

5.25% 3/15/24

4,180

4,563

5.25% 3/15/26

12,080

13,163

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

Series 2011 A1, 5% 4/1/22

4,000

4,655

Series 2011 A2:

5% 4/1/21

2,385

2,813

5% 4/1/23

6,000

7,003

New York Urban Dev. Corp. Rev.:

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,733

5% 1/1/24 (FSA Insured)

5,975

6,522

Series 2013 C, 5% 3/15/30

4,540

5,220

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

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

90

94

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

970

1,006

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

100

111

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

1,100

1,205

Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015:

5% 6/15/23 (FSA Insured)

1,670

1,944

5% 6/15/24 (FSA Insured)

1,450

1,698

5% 6/15/25 (FSA Insured)

1,670

1,938

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

1,000

1,002

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

5,000

5,538

Port Auth. of New York & New Jersey 185th Series:

5% 9/1/26 (b)

10,150

11,795

5% 9/1/28 (b)

7,350

8,409

Rockland County Gen. Oblig.:

Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,418

5% 3/1/21 (FSA Insured)

3,000

3,450

5% 3/1/22 (FSA Insured)

4,000

4,605

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Rockland County Gen. Oblig.: - continued

Series 2014 A: - continued

5% 3/1/23 (FSA Insured)

$ 2,500

$ 2,906

5% 3/1/24 (FSA Insured)

1,600

1,871

Series 2014:

4% 2/15/21 (Build America Mutual Assurance Insured)

815

893

4% 2/15/22 (Build America Mutual Assurance Insured)

1,000

1,087

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

680

732

Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/25

1,000

1,155

5% 7/1/26

1,280

1,471

Syracuse Gen. Oblig. Series 2015 A:

5% 3/1/24

1,000

1,191

5% 3/1/25

500

598

5% 3/1/26

500

592

5% 3/1/27

350

412

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

6,250

6,727

Triborough Bridge & Tunnel Auth. Revs.:

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

5% 11/15/37

22,500

24,531

5.25% 11/15/38

14,500

15,940

Series 2006 A, 5% 11/15/31

965

1,018

Series 2012 B:

0% 11/15/27

2,500

1,701

0% 11/15/28

2,500

1,629

Series 2013 A:

5% 11/15/23

1,785

2,131

5% 11/15/24

4,000

4,734

Series 2013 C:

5% 11/15/26

5,475

6,399

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,299

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

5% 9/1/30

5,775

6,503

5.125% 9/1/40

8,055

8,899

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Western Nassau County Wtr. Auth. Series 2015 A:

5% 4/1/28

$ 300

$ 348

5% 4/1/30

350

402

5% 4/1/31

335

383

5% 4/1/32

1,000

1,138

5% 4/1/34

1,045

1,182

5% 4/1/35

1,180

1,330

5% 4/1/40

1,400

1,562

5% 4/1/45

2,250

2,493

Yonkers Gen. Oblig.:

Series 2015 A:

4% 3/15/17 (FSA Insured)

600

629

4% 3/15/19 (FSA Insured)

1,700

1,854

5% 3/15/22 (FSA Insured)

750

854

5% 3/15/23 (FSA Insured)

1,255

1,430

5% 3/15/24 (FSA Insured)

1,545

1,756

Series 2015 B:

4% 8/1/18 (FSA Insured)

1,255

1,356

5% 8/1/21 (FSA Insured)

735

853

5% 8/1/22 (FSA Insured)

510

591

5% 8/1/23 (FSA Insured)

300

351

Series 2015 C:

3% 8/1/16 (FSA Insured)

425

435

4% 8/1/17 (FSA Insured)

400

424

4% 8/1/18 (FSA Insured)

630

681

Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A:

6% 6/1/29

1,130

1,280

6% 6/1/41

5,000

5,586

 

1,711,656

New York And New Jersey - 2.7%

Port Auth. of New York & New Jersey:

163rd Series, 5% 7/15/35

25,000

28,262

166th Series, 5% 1/15/41

5,400

5,862

185th Series, 5% 9/1/27 (b)

6,200

7,162

85th Series, 5.375% 3/1/28

6,280

7,573

 

48,859

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

Virgin Islands - 0.4%

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

5% 10/1/16

$ 4,000

$ 4,165

5% 10/1/17

2,750

2,940

 

7,105

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $1,671,993)

1,767,620

NET OTHER ASSETS (LIABILITIES) - 1.9%

34,623

NET ASSETS - 100%

$ 1,802,243

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets.

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

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

Transportation

22.5%

Special Tax

21.4%

General Obligations

16.4%

Water & Sewer

13.2%

Education

9.8%

Health Care

6.3%

Others* (Individually Less Than 5%)

10.4%

 

100.0%

* Includes net other assets

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,671,993)

 

$ 1,767,620

Cash

 

18,421

Receivable for fund shares sold

1,228

Interest receivable

18,120

Other receivables

4

Total assets

1,805,393

 

 

 

Liabilities

Payable for fund shares redeemed

$ 879

Distributions payable

1,517

Accrued management fee

538

Distribution and service plan fees payable

37

Other affiliated payables

146

Other payables and accrued expenses

33

Total liabilities 

3,150

 

 

 

Net Assets

$ 1,802,243

Net Assets consist of:

 

Paid in capital

$ 1,695,994

Undistributed net investment income

209

Accumulated undistributed net realized gain (loss) on investments

10,413

Net unrealized appreciation (depreciation) on investments

95,627

Net Assets

$ 1,802,243

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares)

$ 13.48

 

 

 

Maximum offering price per share (100/96.00 of $13.48)

$ 14.04

Class T:

Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares)

$ 13.49

 

 

 

Maximum offering price per share (100/96.00 of $13.49)

$ 14.05

Class B:

Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A

$ 13.47

 

 

 

Class C:

Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A

$ 13.48

 

 

 

New York Municipal Income:

Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares)

$ 13.48

 

 

 

Class I:

Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares)

$ 13.47

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,505

 

 

 

Expenses

Management fee

$ 3,259

Transfer agent fees

708

Distribution and service plan fees

222

Accounting fees and expenses

167

Custodian fees and expenses

13

Independent trustees' compensation

4

Registration fees

71

Audit

29

Legal

7

Miscellaneous

6

Total expenses before reductions

4,486

Expense reductions

(13)

4,473

Net investment income (loss)

28,032

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

10,615

Change in net unrealized appreciation (depreciation) on investment securities

(50,521)

Net gain (loss)

(39,906)

Net increase (decrease) in net assets resulting from operations

$ (11,874)

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

Year ended
January 31,
2015

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,032

$ 57,355

Net realized gain (loss)

10,615

3,341

Change in net unrealized appreciation (depreciation)

(50,521)

100,212

Net increase (decrease) in net assets resulting from operations

(11,874)

160,908

Distributions to shareholders from net investment income

(28,024)

(57,420)

Distributions to shareholders from net realized gain

(536)

(3,181)

Total distributions

(28,560)

(60,601)

Share transactions - net increase (decrease)

(4,811)

49,416

Redemption fees

3

3

Total increase (decrease) in net assets

(45,242)

149,726

 

 

 

Net Assets

Beginning of period

1,847,485

1,697,759

End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively)

$ 1,802,243

$ 1,847,485

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .189

  .396

  .404

  .410

  .433

  .459

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .145

  1.130

  (.347)

Total from investment operations

  (.107)

  1.180

  (.252)

  .555

  1.563

  .112

Distributions from net investment income

  (.189)

  (.396)

  (.404)

  (.393)

  (.451)

  (.460)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.193)

  (.420)

  (.418)

  (.425)

  (.483)

  (.462)

Redemption fees added to paid in capital E, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (.77)%

  9.20%

  (1.82)%

  4.15%

  12.79%

  .79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of fee waivers, if any

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of all reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Net investment income (loss)

  2.82%A

  2.95%

  3.07%

  3.01%

  3.34%

  3.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 46

$ 43

$ 45

$ 54

$ 43

$ 33

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .193

  .404

  .411

  .418

  .437

  .463

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .143

  1.130

  (.348)

Total from investment operations

  (.103)

  1.188

  (.245)

  .561

  1.567

  .115

Distributions from net investment income

  (.193)

  (.404)

  (.411)

  (.399)

  (.455)

  (.463)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.197)

  (.428)

  (.425)

  (.431)

  (.487)

  (.465)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.49

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

Total ReturnB, C, D

  (.74)%

  9.26%

  (1.76)%

  4.19%

  12.81%

  .81%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .75%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of fee waivers, if any

  .74%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of all reductions

  .74%A

  .72%

  .72%

  .72%

  .73%

  .73%

Net investment income (loss)

  2.88%A

  3.01%

  3.12%

  3.06%

  3.37%

  3.56%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 8

$ 8

$ 7

$ 9

$ 9

$ 8

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .150

  .316

  .324

  .326

  .350

  .376

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .145

  1.121

  (.347)

Total from investment operations

  (.146)

  1.101

  (.332)

  .471

  1.471

  .029

Distributions from net investment income

  (.150)

  (.317)

  (.324)

  (.309)

  (.369)

  (.377)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.154)

  (.341)

  (.338)

  (.341)

  (.401)

  (.379)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

Total ReturnB, C, D

  (1.06)%

  8.56%

  (2.41)%

  3.51%

  11.99%

  .15%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of fee waivers, if any

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of all reductions

  1.39%A

  1.37%

  1.38%

  1.38%

  1.39%

  1.40%

Net investment income (loss)

  2.24%A

  2.36%

  2.46%

  2.40%

  2.71%

  2.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 2

$ 3

$ 4

$ 4

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .139

  .297

  .305

  .306

  .334

  .358

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .144

  1.130

  (.347)

Total from investment operations

  (.157)

  1.082

  (.351)

  .450

  1.464

  .011

Distributions from net investment income

  (.139)

  (.298)

  (.305)

  (.288)

  (.352)

  (.359)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.143)

  (.322)

  (.319)

  (.320)

  (.384)

  (.361)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (1.14)%

  8.40%

  (2.55)%

  3.35%

  11.93%

  .01%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.55%A

  1.52%

  1.52%

  1.54%

  1.53%

  1.53%

Expenses net of fee waivers, if any

  1.55%A

  1.52%

  1.52%

  1.54%

  1.52%

  1.53%

Expenses net of all reductions

  1.55%A

  1.52%

  1.52%

  1.53%

  1.52%

  1.53%

Net investment income (loss)

  2.08%A

  2.22%

  2.31%

  2.25%

  2.58%

  2.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 31

$ 28

$ 37

$ 34

$ 32

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - New York Municipal Income

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .211

  .439

  .444

  .452

  .471

  .497

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .144

  1.120

  (.338)

Total from investment operations

  (.085)

  1.223

  (.212)

  .596

  1.591

  .159

Distributions from net investment income

  (.211)

  (.439)

  (.444)

  (.434)

  (.489)

  (.497)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.215)

  (.463)

  (.458)

  (.466)

  (.521)

  (.499)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

Total ReturnB, C

  (.61)%

  9.55%

  (1.51)%

  4.46%

  13.02%

  1.16%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .46%

  .47%

  .47%

Net investment income (loss)

  3.15%A

  3.27%

  3.37%

  3.32%

  3.64%

  3.82%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,685

$ 1,734

$ 1,597

$ 1,952

$ 1,845

$ 1,604

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class I

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .206

  .429

  .435

  .443

  .462

  .487

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.655)

  .145

  1.130

  (.347)

Total from investment operations

  (.090)

  1.214

  (.220)

  .588

  1.592

  .140

Distributions from net investment income

  (.206)

  (.430)

  (.436)

  (.426)

  (.480)

  (.488)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.210)

  (.454)

  (.450)

  (.458)

  (.512)

  (.490)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

Total ReturnB, C

  (.65)%

  9.48%

  (1.58)%

  4.40%

  13.05%

  1.01%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of fee waivers, if any

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of all reductions

  .54%A

  .53%

  .53%

  .52%

  .53%

  .53%

Net investment income (loss)

  3.08%A

  3.21%

  3.31%

  3.26%

  3.57%

  3.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 33

$ 30

$ 20

$ 23

$ 16

$ 14

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, New York Municipal Income and Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund may be affected by economic and political developments in the state of New York.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

Semiannual Report

2. Significant Accounting Policies - continued

Investment Valuation - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and deferred trustees compensation.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation

$ 98,110

Gross unrealized depreciation

(2,420)

Net unrealized appreciation (depreciation) on securities

$ 95,690

 

 

Tax cost

$ 1,671,930

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 56

$ 7

Class T

-%

.25%

9

- *

Class B

.65%

.25%

8

6

Class C

.75%

.25%

149

19

 

 

 

$ 222

$ 32

* Amount represents seventy eight dollars

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 4

Class T

1

Class B*

-**

Class C*

3

 

$ 8

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

** Amount represents four hundred fifty eight dollars.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Average
Net Assets*

Class A

$ 34

.15

Class T

4

.10

Class B

1

.08

Class C

21

.14

New York Municipal Income

626

.07

Class I

22

.15

 

$ 708

 

* Annualized

Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.

In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2015

Year ended
January 31,
2015

From net investment income

 

 

Class A

$ 628

$ 1,288

Class T

107

212

Class B

20

48

Class C

305

651

New York Municipal Income

26,501

54,451

Class I

463

770

Total

$ 28,024

$ 57,420

From net realized gain

 

 

Class A

$ 13

$ 74

Class T

2

13

Class B

1

4

Class C

9

53

New York Municipal Income

502

2,990

Class I

9

47

Total

$ 536

$ 3,181

Semiannual Report

8. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended July 31,
2015

Year ended
January 31,
2015

Six months ended July 31,
2015

Year ended
January 31,
2015

Class A

 

 

 

 

Shares sold

426

607

$ 5,778

$ 8,175

Reinvestment of distributions

41

82

551

1,101

Shares redeemed

(238)

(958)

(3,213)

(12,855)

Net increase (decrease)

229

(269)

$ 3,116

$ (3,579)

Class T

 

 

 

 

Shares sold

60

84

$ 814

$ 1,126

Reinvestment of distributions

7

12

88

167

Shares redeemed

(41)

(55)

(552)

(738)

Net increase (decrease)

26

41

$ 350

$ 555

Class B

 

 

 

 

Shares sold

-*

6

$ 1

$ 79

Reinvestment of distributions

1

3

16

36

Shares redeemed

(28)

(32)

(384)

(422)

Net increase (decrease)

(27)

(23)

$ (367)

$ (307)

Class C

 

 

 

 

Shares sold

147

386

$ 1,973

$ 5,181

Reinvestment of distributions

16

35

212

465

Shares redeemed

(169)

(350)

(2,287)

(4,691)

Net increase (decrease)

(6)

71

$ (102)

$ 955

New York Municipal Income

 

 

 

 

Shares sold

7,459

13,709

$ 100,905

$ 183,532

Reinvestment of distributions

1,357

2,902

18,333

38,987

Shares redeemed

(9,690)

(13,410)

(130,886)

(179,398)

Net increase (decrease)

(874)

3,201

$ (11,648)

$ 43,121

Class I

 

 

 

 

Shares sold

446

848

$ 6,019

$ 11,379

Reinvestment of distributions

18

30

236

397

Shares redeemed

(179)

(232)

(2,415)

(3,105)

Net increase (decrease)

285

646

$ 3,840

$ 8,671

* Amount represents sixty one shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

FMR Investment Management (U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank,

New York, NY

(Fidelity Investment logo)(registered trademark)

ASNMI-USAN-0915
1.789729.113
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments July 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

New York Municipal Income

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

July 31, 2015

(Fidelity Cover Art)

Class A, Class T, Class B, and Class C are classes of Fidelity® New York Municipal Income Fund

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

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

Investments

(Click Here)

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

Financial Statements

(Click Here)

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

Notes

(Click Here)

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2015 to July 31, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
February 1, 2015

Ending
Account Value
July 31, 2015

Expenses Paid
During Period*
February 1, 2015
to July 31, 2015

Class A

.80%

 

 

 

Actual

 

$ 1,000.00

$ 992.30

$ 3.95

HypotheticalA

 

$ 1,000.00

$ 1,020.83

$ 4.01

Class T

.74%

 

 

 

Actual

 

$ 1,000.00

$ 992.60

$ 3.66

HypotheticalA

 

$ 1,000.00

$ 1,021.12

$ 3.71

Class B

1.39%

 

 

 

Actual

 

$ 1,000.00

$ 989.40

$ 6.86

HypotheticalA

 

$ 1,000.00

$ 1,017.90

$ 6.95

Class C

1.55%

 

 

 

Actual

 

$ 1,000.00

$ 988.60

$ 7.64

HypotheticalA

 

$ 1,000.00

$ 1,017.11

$ 7.75

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 993.90

$ 2.32

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Class I

.54%

 

 

 

Actual

 

$ 1,000.00

$ 993.50

$ 2.67

HypotheticalA

 

$ 1,000.00

$ 1,022.12

$ 2.71

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Sectors as of July 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Transportation

22.5

22.4

Special Tax

21.4

23.6

General Obligations

16.4

16.2

Water & Sewer

13.2

12.3

Education

9.8

10.2

Weighted Average Maturity as of July 31, 2015

 

 

6 months ago

Years

5.8

5.5

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of July 31, 2015

 

 

6 months ago

Years

6.9

6.4

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

Quality Diversification (% of fund's net assets)

As of July 31, 2015

As of January 31, 2015

snm360919

AAA 0.3%

 

snm360921

AAA 0.1%

 

snm360923

AA,A 91.4%

 

snm360925

AA,A 91.4%

 

snm360927

BBB 5.9%

 

snm360929

BBB 5.7%

 

snm360931

BB and Below 0.4%

 

snm360933

BB and Below 0.1%

 

snm360935

Not Rated 0.1%

 

snm360937

Not Rated 0.3%

 

snm360939

Short-Term
Investments and
Net Other Assets 1.9%

 

snm360941

Short-Term
Investments and
Net Other Assets 2.4%

 

snm360943

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Semiannual Report

Investments July 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.1%

 

Principal Amount (000s)

Value (000s)

New York - 95.0%

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

5% 12/1/20

$ 1,215

$ 1,424

5% 12/1/22

1,000

1,185

Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015:

5% 7/1/24

600

690

5% 7/1/25

455

522

5% 7/1/26

450

509

5% 7/1/27

500

560

5% 7/1/28

360

400

5% 7/1/29

300

331

5% 7/1/30

575

630

5% 7/1/40

1,000

1,061

5.25% 7/1/35

1,000

1,114

Buffalo Muni. Wtr. Fin. Auth. Series 2015 A:

4% 7/1/22

350

384

5% 7/1/24

400

471

5% 7/1/25

250

294

5% 7/1/26

500

582

5% 7/1/27

2,000

2,315

5% 7/1/29

500

571

Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A:

5% 7/1/26

550

650

5% 7/1/27

350

411

5% 7/1/28

500

582

5% 7/1/29

700

809

5% 7/1/31

2,610

2,982

5% 7/1/32

2,660

3,027

5% 7/1/33

2,770

3,143

5% 7/1/34

2,935

3,319

5% 7/1/35

3,000

3,379

5% 7/1/36

1,000

1,124

5% 7/1/40

8,500

9,469

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

Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100)

5,000

5,446

Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100)

3,535

3,998

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 1,660

$ 1,792

Hempstead Local Dev. Corp. Rev.:

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

1,200

1,304

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,108

5.25% 7/1/18

1,090

1,202

5.25% 7/1/19

1,100

1,214

5.75% 7/1/39

6,500

7,141

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

5.25% 2/15/47

6,525

7,149

5.75% 2/15/47

22,185

25,308

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

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

1,040

973

Series 2009 A, 5.25% 4/1/21

1,945

2,182

Series 2012 A, 5% 9/1/42

2,320

2,506

Series 2012 B:

5% 9/1/25

4,000

4,555

5% 9/1/26

10,065

11,373

5% 9/1/27

10,000

11,245

Series 2014 A, 5% 9/1/35

5,000

5,562

Madison County Cap. Resource Corp. Rev.:

(Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,637

5% 7/1/25

1,000

1,164

5% 7/1/26

1,150

1,336

5% 7/1/27

1,630

1,890

5% 7/1/28

1,015

1,176

Series 2012 A, 5% 7/1/23

1,000

1,183

(Colgate Univ. Rfdg. Proj.) Series 2015 A:

5% 7/1/26

500

601

5% 7/1/30

1,125

1,314

5% 7/1/32

1,250

1,447

5% 7/1/33

1,000

1,154

5% 7/1/35

1,000

1,146

5% 7/1/40

4,000

4,527

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

245

246

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015:

5% 5/1/23

$ 350

$ 417

5% 5/1/24

750

901

5% 5/1/25

750

906

5% 5/1/26

1,200

1,435

5% 5/1/27

700

830

5% 5/1/29

1,750

2,040

5% 5/1/30

1,000

1,159

5% 5/1/31

1,205

1,387

Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015:

5% 7/1/28

1,250

1,485

5% 7/1/29

1,050

1,240

5% 7/1/30

1,000

1,172

5% 7/1/31

1,200

1,396

5% 7/1/32

1,250

1,449

Nassau County Gen. Oblig. Series 2014 A:

5% 4/1/26

19,360

22,436

5% 4/1/29

14,040

15,960

Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011:

5% 7/1/21

10,000

11,495

5% 7/1/22

5,500

6,215

Nassau County Local Econ. Assistance Corp.:

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

5% 7/1/23

450

524

5% 7/1/26

1,500

1,724

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,266

5% 7/1/22

2,000

2,283

5% 7/1/27

2,155

2,401

Series 2014 B:

5% 7/1/23

550

640

5% 7/1/27

1,000

1,146

Series 2014 C, 5% 7/1/26

3,000

3,448

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A:

5% 10/1/26

2,300

2,764

5% 10/1/27

5,000

5,967

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued

5% 10/1/28

$ 3,450

$ 4,093

New York City Gen. Oblig.:

Series 2005 A, 5% 8/1/19

845

848

Series 2008 A1, 5.25% 8/15/27

15,000

16,806

Series 2008 D1, 5.125% 12/1/23

5,000

5,499

Series 2012 A1, 5% 8/1/24

2,400

2,813

Series 2012 G1, 5% 4/1/25

4,300

5,021

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

5,000

5,528

New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.):

5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured)

2,900

3,182

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

9,590

10,401

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

Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,405

2,240

Series 2009 A, 5.75% 6/15/40

10,025

11,220

Series 2009 C, 5% 6/15/44

2,700

2,999

Series 2009 DD, 6% 6/15/40

1,115

1,267

Series 2009 EE, 5.25% 6/15/40

8,500

9,613

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

9,295

10,673

Series 2009 GG, 5.25% 6/15/40

10,000

11,309

Series 2009 GG1, 5.25% 6/15/32

7,000

8,026

Series 2011 EE:

5.375% 6/15/40

2,310

2,707

5.375% 6/15/43

20,035

23,411

5.5% 6/15/43

4,375

5,189

Series 2012 BB, 5.25% 6/15/44

2,330

2,630

Series 2012 CC, 5% 6/15/45

8,000

8,881

Series 2012 FF, 5% 6/15/24

18,240

21,488

Series 2013 CC, 5% 6/15/47

23,575

26,071

Series 2014 BB, 5% 6/15/46

9,785

10,793

Series 2014 CC, 5% 6/15/47

11,200

12,470

Series 2015 AA, 5% 6/15/44

6,200

6,918

Series 2015 FF:

5% 6/15/29

5,080

5,980

5% 6/15/30

6,060

7,088

5% 6/15/31

11,780

13,701

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

Series 2015 FF: - continued

5% 6/15/32

$ 2,000

$ 2,317

Series GG, 5% 6/15/43

2,700

2,979

5% 6/15/35

10,000

11,362

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

Series 2007 S1, 5% 7/15/36

3,000

3,163

Series 2008 S1, 5% 1/15/34

10,000

10,900

Series 2009 S1:

5.5% 7/15/31

5,000

5,642

5.5% 7/15/38

2,900

3,256

5.625% 7/15/38

2,900

3,267

Series 2009 S2, 6% 7/15/38

7,500

8,552

Series 2009 S3:

5.25% 1/15/26

1,000

1,138

5.25% 1/15/39

6,100

6,828

5.375% 1/15/34

13,435

15,186

Series 2009 S4:

5.5% 1/15/34

1,000

1,142

5.5% 1/15/39

6,700

7,628

5.75% 1/15/39

2,900

3,326

Series 2009 S5, 5.25% 1/15/39

10,180

11,395

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

11,500

13,006

Series S1, 5% 7/15/28

9,000

10,395

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,348

Series 2011 D1, 5.25% 2/1/30

5,435

6,303

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,482

Series 2013 F:

5% 2/1/31

6,000

6,856

5% 2/1/32

5,000

5,677

Series 2013 F1, 5% 2/1/28

11,120

12,901

Series 2014 D1:

5% 2/1/27

5,000

5,884

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,690

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,732

Series A, 5% 8/1/28

3,500

4,108

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 23,090

$ 25,640

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

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

5,700

6,767

Series 2012 A, 5% 5/15/23

2,400

2,844

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

(Ed. Proj.):

Series 2007 A:

5% 3/15/32

3,700

3,934

5% 3/15/37

1,700

1,802

Series 2008 A, 5% 3/15/24

5,000

5,506

Series 2008 B:

5.25% 3/15/38

1,500

1,686

5.75% 3/15/36

10,500

12,079

Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

5

6

Series 2012 A, 5% 12/15/24

10,000

11,916

Series 2012 D:

5% 2/15/24

5,000

5,867

5% 2/15/37

7,500

8,378

Series 2013 A, 5% 2/15/30

18,985

21,802

Series 2014 2, 5.25% 2/15/23

7,910

9,046

Series 2014 A:

5% 2/15/39

20,345

22,597

5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100)

10

11

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

5

6

Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

20

23

5% 12/15/31

6,290

6,642

5% 2/15/34

15,490

17,363

5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100)

10

11

5% 3/15/36

1,895

1,977

5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100)

135

142

New York Dorm. Auth. Rev.:

Series 2015 A:

5% 10/1/29

785

914

5% 5/1/30

3,450

3,913

5% 7/1/30

10,120

11,777

5% 10/1/30

535

620

5% 5/1/31

11,000

12,409

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Rev.: - continued

Series 2015 A: - continued

5% 10/1/31

$ 1,595

$ 1,839

5% 10/1/32

1,550

1,780

Series 2015 B:

5% 10/1/28

1,000

1,168

5% 10/1/29

1,470

1,705

5% 10/1/33

1,010

1,151

5% 10/1/34

1,070

1,216

Series 2015:

5% 12/1/19 (a)

1,100

1,210

5% 12/1/20 (a)

1,200

1,328

5% 12/1/21 (a)

800

885

5% 12/1/23 (a)

700

773

5% 12/1/24 (a)

600

660

5% 12/1/27 (a)

1,200

1,289

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

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

425

447

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

2,500

2,843

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,322

5% 7/1/37

6,000

6,756

Series 2009 A:

5% 7/1/22

445

513

5% 7/1/23

1,315

1,515

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

2,000

2,339

(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17

2,080

2,200

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

5.5% 5/15/21 (AMBAC Insured)

10,000

12,034

5.5% 5/15/28

2,700

3,399

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

Series 2006 A, 5% 7/1/16

1,130

1,176

Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100)

90

96

Series 2011 A:

5.75% 7/1/31

4,000

4,629

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2011 A: - continued

6% 7/1/40

$ 4,000

$ 4,647

(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,868

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100)

8,085

9,391

(North Shore Univ. Hosp. Proj.) Series 2007 A:

5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100)

2,000

2,154

5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100)

1,315

1,416

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

1,000

1,102

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,161

5% 7/1/21

1,500

1,725

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

15,000

16,778

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

25

25

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

3,000

3,398

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,286

5.5% 3/1/39

2,500

2,839

(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100)

19,005

20,190

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

9,000

9,962

Series 1:

4% 7/1/21

1,000

1,123

5% 7/1/21

1,000

1,179

5% 7/1/23

1,350

1,595

Series 2010 A:

5% 7/1/19

1,500

1,701

5% 7/1/21

7,000

8,008

5% 7/1/22

6,000

6,825

5% 7/1/41

12,000

13,578

Series 2011 A:

5% 5/1/18

1,000

1,102

5% 5/1/20

5,590

6,418

5% 5/1/21

3,140

3,637

5% 5/1/22

2,350

2,722

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,412

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2012 F: - continued

5% 10/1/20 (FSA Insured)

$ 1,100

$ 1,284

5% 10/1/21 (FSA Insured)

1,000

1,177

5% 10/1/23 (FSA Insured)

1,000

1,180

5% 10/1/24 (FSA Insured)

750

881

Series 2012:

5% 7/1/23

1,000

1,178

5% 7/1/38

1,000

1,114

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,656

5% 10/1/27 (FSA Insured)

1,000

1,175

5% 10/1/28 (FSA Insured)

1,000

1,165

Series A, 5.75% 7/1/18

2,135

2,325

5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100)

5

6

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34

2,415

2,422

New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34

10,000

10,809

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

29,440

32,273

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

Series 2009 A:

5.5% 11/15/39

10,400

11,761

5.625% 11/15/39

6,000

6,809

Series 2009 B, 5% 11/15/34

19,560

22,255

Series 2012 A:

5% 11/15/22

2,500

2,968

5% 11/15/29

17,000

19,713

New York Metropolitan Trans. Auth. Rev.:

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

2,000

2,284

Series 2005 G, 5% 11/15/21

3,200

3,727

Series 2007 B:

5% 11/15/26

8,185

8,903

5% 11/15/28

2,235

2,422

Series 2008 A, 5.25% 11/15/36

15,000

16,248

Series 2008 B2:

5% 11/15/22

4,000

4,735

5% 11/15/23

5,910

7,008

Series 2008 C, 6.5% 11/15/28

9,670

11,360

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Rev.: - continued

Series 2011 A:

5% 11/15/18

$ 1,000

$ 1,126

5% 11/15/22

1,500

1,749

Series 2011 D:

5% 11/15/20

2,000

2,343

5% 11/15/24

6,590

7,662

5% 11/15/25

5,000

5,813

Series 2012 D, 5% 11/15/25

20,000

23,438

Series 2012 E, 5% 11/15/20

3,165

3,707

Series 2012 F:

5% 11/15/21

1,500

1,771

5% 11/15/22

5,000

5,940

5% 11/15/23

7,000

8,316

Series 2012 H:

5% 11/15/24

3,290

3,880

5% 11/15/33

3,505

3,960

5% 11/15/42

4,750

5,236

Series 2013 A, 5% 11/15/43

3,250

3,554

Series 2013 E, 5% 11/15/43

15,375

16,892

Series 2014 A1:

5% 11/15/23

2,300

2,748

5% 11/15/44

8,000

8,783

Series 2014 B, 5.25% 11/15/44

6,300

7,117

Series 2014 D, 5.25% 11/15/44

5,000

5,679

Series 2015 B:

5% 11/15/26

1,495

1,773

5% 11/15/28

1,000

1,167

5% 11/15/29

2,125

2,463

5.5% 11/15/18

1,645

1,773

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

20,000

21,557

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

2,050

1,947

New York Thruway Auth. Gen. Rev.:

Series 2007 H:

5% 1/1/21

5,755

6,292

5% 1/1/25

13,000

14,213

5% 1/1/26

4,000

4,369

Series 2013 A, 5% 5/1/19

13,600

15,414

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 6,750

$ 7,341

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

5.25% 3/15/24

4,180

4,563

5.25% 3/15/26

12,080

13,163

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

Series 2011 A1, 5% 4/1/22

4,000

4,655

Series 2011 A2:

5% 4/1/21

2,385

2,813

5% 4/1/23

6,000

7,003

New York Urban Dev. Corp. Rev.:

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,733

5% 1/1/24 (FSA Insured)

5,975

6,522

Series 2013 C, 5% 3/15/30

4,540

5,220

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

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

90

94

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

970

1,006

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

100

111

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

1,100

1,205

Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015:

5% 6/15/23 (FSA Insured)

1,670

1,944

5% 6/15/24 (FSA Insured)

1,450

1,698

5% 6/15/25 (FSA Insured)

1,670

1,938

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

1,000

1,002

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

5,000

5,538

Port Auth. of New York & New Jersey 185th Series:

5% 9/1/26 (b)

10,150

11,795

5% 9/1/28 (b)

7,350

8,409

Rockland County Gen. Oblig.:

Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,418

5% 3/1/21 (FSA Insured)

3,000

3,450

5% 3/1/22 (FSA Insured)

4,000

4,605

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Rockland County Gen. Oblig.: - continued

Series 2014 A: - continued

5% 3/1/23 (FSA Insured)

$ 2,500

$ 2,906

5% 3/1/24 (FSA Insured)

1,600

1,871

Series 2014:

4% 2/15/21 (Build America Mutual Assurance Insured)

815

893

4% 2/15/22 (Build America Mutual Assurance Insured)

1,000

1,087

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

680

732

Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/25

1,000

1,155

5% 7/1/26

1,280

1,471

Syracuse Gen. Oblig. Series 2015 A:

5% 3/1/24

1,000

1,191

5% 3/1/25

500

598

5% 3/1/26

500

592

5% 3/1/27

350

412

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

6,250

6,727

Triborough Bridge & Tunnel Auth. Revs.:

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

5% 11/15/37

22,500

24,531

5.25% 11/15/38

14,500

15,940

Series 2006 A, 5% 11/15/31

965

1,018

Series 2012 B:

0% 11/15/27

2,500

1,701

0% 11/15/28

2,500

1,629

Series 2013 A:

5% 11/15/23

1,785

2,131

5% 11/15/24

4,000

4,734

Series 2013 C:

5% 11/15/26

5,475

6,399

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,299

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

5% 9/1/30

5,775

6,503

5.125% 9/1/40

8,055

8,899

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Western Nassau County Wtr. Auth. Series 2015 A:

5% 4/1/28

$ 300

$ 348

5% 4/1/30

350

402

5% 4/1/31

335

383

5% 4/1/32

1,000

1,138

5% 4/1/34

1,045

1,182

5% 4/1/35

1,180

1,330

5% 4/1/40

1,400

1,562

5% 4/1/45

2,250

2,493

Yonkers Gen. Oblig.:

Series 2015 A:

4% 3/15/17 (FSA Insured)

600

629

4% 3/15/19 (FSA Insured)

1,700

1,854

5% 3/15/22 (FSA Insured)

750

854

5% 3/15/23 (FSA Insured)

1,255

1,430

5% 3/15/24 (FSA Insured)

1,545

1,756

Series 2015 B:

4% 8/1/18 (FSA Insured)

1,255

1,356

5% 8/1/21 (FSA Insured)

735

853

5% 8/1/22 (FSA Insured)

510

591

5% 8/1/23 (FSA Insured)

300

351

Series 2015 C:

3% 8/1/16 (FSA Insured)

425

435

4% 8/1/17 (FSA Insured)

400

424

4% 8/1/18 (FSA Insured)

630

681

Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A:

6% 6/1/29

1,130

1,280

6% 6/1/41

5,000

5,586

 

1,711,656

New York And New Jersey - 2.7%

Port Auth. of New York & New Jersey:

163rd Series, 5% 7/15/35

25,000

28,262

166th Series, 5% 1/15/41

5,400

5,862

185th Series, 5% 9/1/27 (b)

6,200

7,162

85th Series, 5.375% 3/1/28

6,280

7,573

 

48,859

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

Virgin Islands - 0.4%

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

5% 10/1/16

$ 4,000

$ 4,165

5% 10/1/17

2,750

2,940

 

7,105

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $1,671,993)

1,767,620

NET OTHER ASSETS (LIABILITIES) - 1.9%

34,623

NET ASSETS - 100%

$ 1,802,243

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets.

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

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

Transportation

22.5%

Special Tax

21.4%

General Obligations

16.4%

Water & Sewer

13.2%

Education

9.8%

Health Care

6.3%

Others* (Individually Less Than 5%)

10.4%

 

100.0%

* Includes net other assets

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,671,993)

 

$ 1,767,620

Cash

 

18,421

Receivable for fund shares sold

1,228

Interest receivable

18,120

Other receivables

4

Total assets

1,805,393

 

 

 

Liabilities

Payable for fund shares redeemed

$ 879

Distributions payable

1,517

Accrued management fee

538

Distribution and service plan fees payable

37

Other affiliated payables

146

Other payables and accrued expenses

33

Total liabilities 

3,150

 

 

 

Net Assets

$ 1,802,243

Net Assets consist of:

 

Paid in capital

$ 1,695,994

Undistributed net investment income

209

Accumulated undistributed net realized gain (loss) on investments

10,413

Net unrealized appreciation (depreciation) on investments

95,627

Net Assets

$ 1,802,243

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares)

$ 13.48

 

 

 

Maximum offering price per share (100/96.00 of $13.48)

$ 14.04

Class T:

Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares)

$ 13.49

 

 

 

Maximum offering price per share (100/96.00 of $13.49)

$ 14.05

Class B:

Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A

$ 13.47

 

 

 

Class C:

Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A

$ 13.48

 

 

 

New York Municipal Income:

Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares)

$ 13.48

 

 

 

Class I:

Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares)

$ 13.47

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,505

 

 

 

Expenses

Management fee

$ 3,259

Transfer agent fees

708

Distribution and service plan fees

222

Accounting fees and expenses

167

Custodian fees and expenses

13

Independent trustees' compensation

4

Registration fees

71

Audit

29

Legal

7

Miscellaneous

6

Total expenses before reductions

4,486

Expense reductions

(13)

4,473

Net investment income (loss)

28,032

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

10,615

Change in net unrealized appreciation (depreciation) on investment securities

(50,521)

Net gain (loss)

(39,906)

Net increase (decrease) in net assets resulting from operations

$ (11,874)

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

Year ended
January 31,
2015

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,032

$ 57,355

Net realized gain (loss)

10,615

3,341

Change in net unrealized appreciation (depreciation)

(50,521)

100,212

Net increase (decrease) in net assets resulting from operations

(11,874)

160,908

Distributions to shareholders from net investment income

(28,024)

(57,420)

Distributions to shareholders from net realized gain

(536)

(3,181)

Total distributions

(28,560)

(60,601)

Share transactions - net increase (decrease)

(4,811)

49,416

Redemption fees

3

3

Total increase (decrease) in net assets

(45,242)

149,726

 

 

 

Net Assets

Beginning of period

1,847,485

1,697,759

End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively)

$ 1,802,243

$ 1,847,485

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .189

  .396

  .404

  .410

  .433

  .459

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .145

  1.130

  (.347)

Total from investment operations

  (.107)

  1.180

  (.252)

  .555

  1.563

  .112

Distributions from net investment income

  (.189)

  (.396)

  (.404)

  (.393)

  (.451)

  (.460)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.193)

  (.420)

  (.418)

  (.425)

  (.483)

  (.462)

Redemption fees added to paid in capital E, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (.77)%

  9.20%

  (1.82)%

  4.15%

  12.79%

  .79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of fee waivers, if any

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of all reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Net investment income (loss)

  2.82%A

  2.95%

  3.07%

  3.01%

  3.34%

  3.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 46

$ 43

$ 45

$ 54

$ 43

$ 33

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .193

  .404

  .411

  .418

  .437

  .463

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .143

  1.130

  (.348)

Total from investment operations

  (.103)

  1.188

  (.245)

  .561

  1.567

  .115

Distributions from net investment income

  (.193)

  (.404)

  (.411)

  (.399)

  (.455)

  (.463)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.197)

  (.428)

  (.425)

  (.431)

  (.487)

  (.465)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.49

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

Total ReturnB, C, D

  (.74)%

  9.26%

  (1.76)%

  4.19%

  12.81%

  .81%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .75%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of fee waivers, if any

  .74%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of all reductions

  .74%A

  .72%

  .72%

  .72%

  .73%

  .73%

Net investment income (loss)

  2.88%A

  3.01%

  3.12%

  3.06%

  3.37%

  3.56%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 8

$ 8

$ 7

$ 9

$ 9

$ 8

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .150

  .316

  .324

  .326

  .350

  .376

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .145

  1.121

  (.347)

Total from investment operations

  (.146)

  1.101

  (.332)

  .471

  1.471

  .029

Distributions from net investment income

  (.150)

  (.317)

  (.324)

  (.309)

  (.369)

  (.377)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.154)

  (.341)

  (.338)

  (.341)

  (.401)

  (.379)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

Total ReturnB, C, D

  (1.06)%

  8.56%

  (2.41)%

  3.51%

  11.99%

  .15%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of fee waivers, if any

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of all reductions

  1.39%A

  1.37%

  1.38%

  1.38%

  1.39%

  1.40%

Net investment income (loss)

  2.24%A

  2.36%

  2.46%

  2.40%

  2.71%

  2.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 2

$ 3

$ 4

$ 4

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .139

  .297

  .305

  .306

  .334

  .358

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .144

  1.130

  (.347)

Total from investment operations

  (.157)

  1.082

  (.351)

  .450

  1.464

  .011

Distributions from net investment income

  (.139)

  (.298)

  (.305)

  (.288)

  (.352)

  (.359)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.143)

  (.322)

  (.319)

  (.320)

  (.384)

  (.361)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (1.14)%

  8.40%

  (2.55)%

  3.35%

  11.93%

  .01%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.55%A

  1.52%

  1.52%

  1.54%

  1.53%

  1.53%

Expenses net of fee waivers, if any

  1.55%A

  1.52%

  1.52%

  1.54%

  1.52%

  1.53%

Expenses net of all reductions

  1.55%A

  1.52%

  1.52%

  1.53%

  1.52%

  1.53%

Net investment income (loss)

  2.08%A

  2.22%

  2.31%

  2.25%

  2.58%

  2.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 31

$ 28

$ 37

$ 34

$ 32

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - New York Municipal Income

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .211

  .439

  .444

  .452

  .471

  .497

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .144

  1.120

  (.338)

Total from investment operations

  (.085)

  1.223

  (.212)

  .596

  1.591

  .159

Distributions from net investment income

  (.211)

  (.439)

  (.444)

  (.434)

  (.489)

  (.497)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.215)

  (.463)

  (.458)

  (.466)

  (.521)

  (.499)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

Total ReturnB, C

  (.61)%

  9.55%

  (1.51)%

  4.46%

  13.02%

  1.16%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .46%

  .47%

  .47%

Net investment income (loss)

  3.15%A

  3.27%

  3.37%

  3.32%

  3.64%

  3.82%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,685

$ 1,734

$ 1,597

$ 1,952

$ 1,845

$ 1,604

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class I

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .206

  .429

  .435

  .443

  .462

  .487

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.655)

  .145

  1.130

  (.347)

Total from investment operations

  (.090)

  1.214

  (.220)

  .588

  1.592

  .140

Distributions from net investment income

  (.206)

  (.430)

  (.436)

  (.426)

  (.480)

  (.488)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.210)

  (.454)

  (.450)

  (.458)

  (.512)

  (.490)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

Total ReturnB, C

  (.65)%

  9.48%

  (1.58)%

  4.40%

  13.05%

  1.01%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of fee waivers, if any

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of all reductions

  .54%A

  .53%

  .53%

  .52%

  .53%

  .53%

Net investment income (loss)

  3.08%A

  3.21%

  3.31%

  3.26%

  3.57%

  3.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 33

$ 30

$ 20

$ 23

$ 16

$ 14

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, New York Municipal Income and Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund may be affected by economic and political developments in the state of New York.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

Semiannual Report

2. Significant Accounting Policies - continued

Investment Valuation - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and deferred trustees compensation.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation

$ 98,110

Gross unrealized depreciation

(2,420)

Net unrealized appreciation (depreciation) on securities

$ 95,690

 

 

Tax cost

$ 1,671,930

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 56

$ 7

Class T

-%

.25%

9

- *

Class B

.65%

.25%

8

6

Class C

.75%

.25%

149

19

 

 

 

$ 222

$ 32

* Amount represents seventy eight dollars

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 4

Class T

1

Class B*

-**

Class C*

3

 

$ 8

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

** Amount represents four hundred fifty eight dollars.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Average
Net Assets*

Class A

$ 34

.15

Class T

4

.10

Class B

1

.08

Class C

21

.14

New York Municipal Income

626

.07

Class I

22

.15

 

$ 708

 

* Annualized

Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.

In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2015

Year ended
January 31,
2015

From net investment income

 

 

Class A

$ 628

$ 1,288

Class T

107

212

Class B

20

48

Class C

305

651

New York Municipal Income

26,501

54,451

Class I

463

770

Total

$ 28,024

$ 57,420

From net realized gain

 

 

Class A

$ 13

$ 74

Class T

2

13

Class B

1

4

Class C

9

53

New York Municipal Income

502

2,990

Class I

9

47

Total

$ 536

$ 3,181

Semiannual Report

8. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended July 31,
2015

Year ended
January 31,
2015

Six months ended July 31,
2015

Year ended
January 31,
2015

Class A

 

 

 

 

Shares sold

426

607

$ 5,778

$ 8,175

Reinvestment of distributions

41

82

551

1,101

Shares redeemed

(238)

(958)

(3,213)

(12,855)

Net increase (decrease)

229

(269)

$ 3,116

$ (3,579)

Class T

 

 

 

 

Shares sold

60

84

$ 814

$ 1,126

Reinvestment of distributions

7

12

88

167

Shares redeemed

(41)

(55)

(552)

(738)

Net increase (decrease)

26

41

$ 350

$ 555

Class B

 

 

 

 

Shares sold

-*

6

$ 1

$ 79

Reinvestment of distributions

1

3

16

36

Shares redeemed

(28)

(32)

(384)

(422)

Net increase (decrease)

(27)

(23)

$ (367)

$ (307)

Class C

 

 

 

 

Shares sold

147

386

$ 1,973

$ 5,181

Reinvestment of distributions

16

35

212

465

Shares redeemed

(169)

(350)

(2,287)

(4,691)

Net increase (decrease)

(6)

71

$ (102)

$ 955

New York Municipal Income

 

 

 

 

Shares sold

7,459

13,709

$ 100,905

$ 183,532

Reinvestment of distributions

1,357

2,902

18,333

38,987

Shares redeemed

(9,690)

(13,410)

(130,886)

(179,398)

Net increase (decrease)

(874)

3,201

$ (11,648)

$ 43,121

Class I

 

 

 

 

Shares sold

446

848

$ 6,019

$ 11,379

Reinvestment of distributions

18

30

236

397

Shares redeemed

(179)

(232)

(2,415)

(3,105)

Net increase (decrease)

285

646

$ 3,840

$ 8,671

* Amount represents sixty one shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank,

New York, NY

(Fidelity Investment logo)(registered trademark)

ASNM-USAN-0915
1.789728.113
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments July 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity®

New York Municipal Income
Fund

Semiannual Report

July 31, 2015

(Fidelity Cover Art)

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

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

Investments

(Click Here)

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

Financial Statements

(Click Here)

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

Notes

(Click Here)

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2015 to July 31, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
February 1, 2015

Ending
Account Value
July 31, 2015

Expenses Paid
During Period*
February 1, 2015
to July 31, 2015

Class A

.80%

 

 

 

Actual

 

$ 1,000.00

$ 992.30

$ 3.95

HypotheticalA

 

$ 1,000.00

$ 1,020.83

$ 4.01

Class T

.74%

 

 

 

Actual

 

$ 1,000.00

$ 992.60

$ 3.66

HypotheticalA

 

$ 1,000.00

$ 1,021.12

$ 3.71

Class B

1.39%

 

 

 

Actual

 

$ 1,000.00

$ 989.40

$ 6.86

HypotheticalA

 

$ 1,000.00

$ 1,017.90

$ 6.95

Class C

1.55%

 

 

 

Actual

 

$ 1,000.00

$ 988.60

$ 7.64

HypotheticalA

 

$ 1,000.00

$ 1,017.11

$ 7.75

New York Municipal Income

.47%

 

 

 

Actual

 

$ 1,000.00

$ 993.90

$ 2.32

HypotheticalA

 

$ 1,000.00

$ 1,022.46

$ 2.36

Class I

.54%

 

 

 

Actual

 

$ 1,000.00

$ 993.50

$ 2.67

HypotheticalA

 

$ 1,000.00

$ 1,022.12

$ 2.71

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Sectors as of July 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Transportation

22.5

22.4

Special Tax

21.4

23.6

General Obligations

16.4

16.2

Water & Sewer

13.2

12.3

Education

9.8

10.2

Weighted Average Maturity as of July 31, 2015

 

 

6 months ago

Years

5.8

5.5

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of July 31, 2015

 

 

6 months ago

Years

6.9

6.4

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

Quality Diversification (% of fund's net assets)

As of July 31, 2015

As of January 31, 2015

nfy179931

AAA 0.3%

 

nfy179933

AAA 0.1%

 

nfy179935

AA,A 91.4%

 

nfy179937

AA,A 91.4%

 

nfy179939

BBB 5.9%

 

nfy179941

BBB 5.7%

 

nfy179943

BB and Below 0.4%

 

nfy179945

BB and Below 0.1%

 

nfy179947

Not Rated 0.1%

 

nfy179949

Not Rated 0.3%

 

nfy179951

Short-Term
Investments and
Net Other Assets 1.9%

 

nfy179953

Short-Term
Investments and
Net Other Assets 2.4%

 

nfy179955

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Semiannual Report

Investments July 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.1%

 

Principal Amount (000s)

Value (000s)

New York - 95.0%

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

5% 12/1/20

$ 1,215

$ 1,424

5% 12/1/22

1,000

1,185

Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015:

5% 7/1/24

600

690

5% 7/1/25

455

522

5% 7/1/26

450

509

5% 7/1/27

500

560

5% 7/1/28

360

400

5% 7/1/29

300

331

5% 7/1/30

575

630

5% 7/1/40

1,000

1,061

5.25% 7/1/35

1,000

1,114

Buffalo Muni. Wtr. Fin. Auth. Series 2015 A:

4% 7/1/22

350

384

5% 7/1/24

400

471

5% 7/1/25

250

294

5% 7/1/26

500

582

5% 7/1/27

2,000

2,315

5% 7/1/29

500

571

Dutchess County Local Dev. Corp. Rev. (Marist College Proj.) Series 2015 A:

5% 7/1/26

550

650

5% 7/1/27

350

411

5% 7/1/28

500

582

5% 7/1/29

700

809

5% 7/1/31

2,610

2,982

5% 7/1/32

2,660

3,027

5% 7/1/33

2,770

3,143

5% 7/1/34

2,935

3,319

5% 7/1/35

3,000

3,379

5% 7/1/36

1,000

1,124

5% 7/1/40

8,500

9,469

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

Series 2007 A, 5.75% 5/1/27 (Pre-Refunded to 5/1/17 @ 100)

5,000

5,446

Series 2008 A, 5.75% 5/1/29 (Pre-Refunded to 5/1/18 @ 100)

3,535

3,998

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 1,660

$ 1,792

Hempstead Local Dev. Corp. Rev.:

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

1,200

1,304

(Molloy College Proj.) Series 2009:

5% 7/1/17

1,035

1,108

5.25% 7/1/18

1,090

1,202

5.25% 7/1/19

1,100

1,214

5.75% 7/1/39

6,500

7,141

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

5.25% 2/15/47

6,525

7,149

5.75% 2/15/47

22,185

25,308

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

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

1,040

973

Series 2009 A, 5.25% 4/1/21

1,945

2,182

Series 2012 A, 5% 9/1/42

2,320

2,506

Series 2012 B:

5% 9/1/25

4,000

4,555

5% 9/1/26

10,065

11,373

5% 9/1/27

10,000

11,245

Series 2014 A, 5% 9/1/35

5,000

5,562

Madison County Cap. Resource Corp. Rev.:

(Colgate Univ. Proj.):

Series 2010 A:

5% 7/1/24

1,405

1,637

5% 7/1/25

1,000

1,164

5% 7/1/26

1,150

1,336

5% 7/1/27

1,630

1,890

5% 7/1/28

1,015

1,176

Series 2012 A, 5% 7/1/23

1,000

1,183

(Colgate Univ. Rfdg. Proj.) Series 2015 A:

5% 7/1/26

500

601

5% 7/1/30

1,125

1,314

5% 7/1/32

1,250

1,447

5% 7/1/33

1,000

1,154

5% 7/1/35

1,000

1,146

5% 7/1/40

4,000

4,527

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

245

246

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Monroe County Indl. Dev. Agcy. Rev. (Rochester Schools Modernization Proj.) Series 2015:

5% 5/1/23

$ 350

$ 417

5% 5/1/24

750

901

5% 5/1/25

750

906

5% 5/1/26

1,200

1,435

5% 5/1/27

700

830

5% 5/1/29

1,750

2,040

5% 5/1/30

1,000

1,159

5% 5/1/31

1,205

1,387

Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015:

5% 7/1/28

1,250

1,485

5% 7/1/29

1,050

1,240

5% 7/1/30

1,000

1,172

5% 7/1/31

1,200

1,396

5% 7/1/32

1,250

1,449

Nassau County Gen. Oblig. Series 2014 A:

5% 4/1/26

19,360

22,436

5% 4/1/29

14,040

15,960

Nassau County Local Econ. Assistance and Fin. Corp. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2011:

5% 7/1/21

10,000

11,495

5% 7/1/22

5,500

6,215

Nassau County Local Econ. Assistance Corp.:

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

5% 7/1/23

450

524

5% 7/1/26

1,500

1,724

(Univ. Hosp. Proj.) Series 2012:

5% 7/1/20

2,000

2,266

5% 7/1/22

2,000

2,283

5% 7/1/27

2,155

2,401

Series 2014 B:

5% 7/1/23

550

640

5% 7/1/27

1,000

1,146

Series 2014 C, 5% 7/1/26

3,000

3,448

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A:

5% 10/1/26

2,300

2,764

5% 10/1/27

5,000

5,967

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Nassau County Swr. & Storm Wtr. Fin. Series 2014 A: - continued

5% 10/1/28

$ 3,450

$ 4,093

New York City Gen. Oblig.:

Series 2005 A, 5% 8/1/19

845

848

Series 2008 A1, 5.25% 8/15/27

15,000

16,806

Series 2008 D1, 5.125% 12/1/23

5,000

5,499

Series 2012 A1, 5% 8/1/24

2,400

2,813

Series 2012 G1, 5% 4/1/25

4,300

5,021

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

5,000

5,528

New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.):

5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured)

2,900

3,182

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

9,590

10,401

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

Series 1998 D, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,405

2,240

Series 2009 A, 5.75% 6/15/40

10,025

11,220

Series 2009 C, 5% 6/15/44

2,700

2,999

Series 2009 DD, 6% 6/15/40

1,115

1,267

Series 2009 EE, 5.25% 6/15/40

8,500

9,613

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

9,295

10,673

Series 2009 GG, 5.25% 6/15/40

10,000

11,309

Series 2009 GG1, 5.25% 6/15/32

7,000

8,026

Series 2011 EE:

5.375% 6/15/40

2,310

2,707

5.375% 6/15/43

20,035

23,411

5.5% 6/15/43

4,375

5,189

Series 2012 BB, 5.25% 6/15/44

2,330

2,630

Series 2012 CC, 5% 6/15/45

8,000

8,881

Series 2012 FF, 5% 6/15/24

18,240

21,488

Series 2013 CC, 5% 6/15/47

23,575

26,071

Series 2014 BB, 5% 6/15/46

9,785

10,793

Series 2014 CC, 5% 6/15/47

11,200

12,470

Series 2015 AA, 5% 6/15/44

6,200

6,918

Series 2015 FF:

5% 6/15/29

5,080

5,980

5% 6/15/30

6,060

7,088

5% 6/15/31

11,780

13,701

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

Series 2015 FF: - continued

5% 6/15/32

$ 2,000

$ 2,317

Series GG, 5% 6/15/43

2,700

2,979

5% 6/15/35

10,000

11,362

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

Series 2007 S1, 5% 7/15/36

3,000

3,163

Series 2008 S1, 5% 1/15/34

10,000

10,900

Series 2009 S1:

5.5% 7/15/31

5,000

5,642

5.5% 7/15/38

2,900

3,256

5.625% 7/15/38

2,900

3,267

Series 2009 S2, 6% 7/15/38

7,500

8,552

Series 2009 S3:

5.25% 1/15/26

1,000

1,138

5.25% 1/15/39

6,100

6,828

5.375% 1/15/34

13,435

15,186

Series 2009 S4:

5.5% 1/15/34

1,000

1,142

5.5% 1/15/39

6,700

7,628

5.75% 1/15/39

2,900

3,326

Series 2009 S5, 5.25% 1/15/39

10,180

11,395

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

11,500

13,006

Series S1, 5% 7/15/28

9,000

10,395

New York City Transitional Fin. Auth. Rev.:

Series 2003 B, 5% 2/1/22

7,160

8,348

Series 2011 D1, 5.25% 2/1/30

5,435

6,303

Series 2012 B, 5% 11/1/24

7,500

8,937

Series 2013 B, 5% 11/1/26

2,955

3,482

Series 2013 F:

5% 2/1/31

6,000

6,856

5% 2/1/32

5,000

5,677

Series 2013 F1, 5% 2/1/28

11,120

12,901

Series 2014 D1:

5% 2/1/27

5,000

5,884

5% 2/1/28

5,000

5,834

5% 2/1/29

7,500

8,690

5% 2/1/31

4,300

4,933

5% 2/1/32

1,515

1,732

Series A, 5% 8/1/28

3,500

4,108

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 23,090

$ 25,640

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

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

5,700

6,767

Series 2012 A, 5% 5/15/23

2,400

2,844

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

(Ed. Proj.):

Series 2007 A:

5% 3/15/32

3,700

3,934

5% 3/15/37

1,700

1,802

Series 2008 A, 5% 3/15/24

5,000

5,506

Series 2008 B:

5.25% 3/15/38

1,500

1,686

5.75% 3/15/36

10,500

12,079

Series 2009 A, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

5

6

Series 2012 A, 5% 12/15/24

10,000

11,916

Series 2012 D:

5% 2/15/24

5,000

5,867

5% 2/15/37

7,500

8,378

Series 2013 A, 5% 2/15/30

18,985

21,802

Series 2014 2, 5.25% 2/15/23

7,910

9,046

Series 2014 A:

5% 2/15/39

20,345

22,597

5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100)

10

11

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

5

6

Series 2014 A2, 5.25% 2/15/23 (Pre-Refunded to 2/15/19 @ 100)

20

23

5% 12/15/31

6,290

6,642

5% 2/15/34

15,490

17,363

5% 2/15/34 (Pre-Refunded to 2/15/19 @ 100)

10

11

5% 3/15/36

1,895

1,977

5% 3/15/36 (Pre-Refunded to 9/15/16 @ 100)

135

142

New York Dorm. Auth. Rev.:

Series 2015 A:

5% 10/1/29

785

914

5% 5/1/30

3,450

3,913

5% 7/1/30

10,120

11,777

5% 10/1/30

535

620

5% 5/1/31

11,000

12,409

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Rev.: - continued

Series 2015 A: - continued

5% 10/1/31

$ 1,595

$ 1,839

5% 10/1/32

1,550

1,780

Series 2015 B:

5% 10/1/28

1,000

1,168

5% 10/1/29

1,470

1,705

5% 10/1/33

1,010

1,151

5% 10/1/34

1,070

1,216

Series 2015:

5% 12/1/19 (a)

1,100

1,210

5% 12/1/20 (a)

1,200

1,328

5% 12/1/21 (a)

800

885

5% 12/1/23 (a)

700

773

5% 12/1/24 (a)

600

660

5% 12/1/27 (a)

1,200

1,289

New York Dorm. Auth. Revs.:

(Colgate Univ. Proj.) Series 1996:

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

425

447

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

2,500

2,843

(Cornell Univ. Proj.):

Series 2008 C:

5% 7/1/29

2,015

2,322

5% 7/1/37

6,000

6,756

Series 2009 A:

5% 7/1/22

445

513

5% 7/1/23

1,315

1,515

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

2,000

2,339

(Marymount Manhattan College Proj.) Series 2009, 5% 7/1/17

2,080

2,200

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

5.5% 5/15/21 (AMBAC Insured)

10,000

12,034

5.5% 5/15/28

2,700

3,399

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

Series 2006 A, 5% 7/1/16

1,130

1,176

Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100)

90

96

Series 2011 A:

5.75% 7/1/31

4,000

4,629

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2011 A: - continued

6% 7/1/40

$ 4,000

$ 4,647

(New York Univ. Proj.) Series 2001 1, 5.5% 7/1/40 (AMBAC Insured)

3,000

3,868

(North Shore - Long Island Jewish Obligated Group Proj.) Series 2009 A, 5.5% 5/1/37 (Pre-Refunded to 5/1/19 @ 100)

8,085

9,391

(North Shore Univ. Hosp. Proj.) Series 2007 A:

5% 5/1/19 (Pre-Refunded to 5/1/17 @ 100)

2,000

2,154

5% 5/1/21 (Pre-Refunded to 5/1/17 @ 100)

1,315

1,416

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

1,000

1,102

(Rochester Institute of Technology Proj.) Series 2010:

5% 7/1/20

1,000

1,161

5% 7/1/21

1,500

1,725

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

15,000

16,778

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

25

25

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

3,000

3,398

(Teachers College Proj.) Series 2009:

5.375% 3/1/29

2,930

3,286

5.5% 3/1/39

2,500

2,839

(Univ. of Rochester Proj.) Series 2007 A1, 5% 7/1/39 (Pre-Refunded to 1/1/17 @ 100)

19,005

20,190

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

9,000

9,962

Series 1:

4% 7/1/21

1,000

1,123

5% 7/1/21

1,000

1,179

5% 7/1/23

1,350

1,595

Series 2010 A:

5% 7/1/19

1,500

1,701

5% 7/1/21

7,000

8,008

5% 7/1/22

6,000

6,825

5% 7/1/41

12,000

13,578

Series 2011 A:

5% 5/1/18

1,000

1,102

5% 5/1/20

5,590

6,418

5% 5/1/21

3,140

3,637

5% 5/1/22

2,350

2,722

Series 2012 F:

5% 10/1/19 (FSA Insured)

2,100

2,412

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Dorm. Auth. Revs.: - continued

Series 2012 F: - continued

5% 10/1/20 (FSA Insured)

$ 1,100

$ 1,284

5% 10/1/21 (FSA Insured)

1,000

1,177

5% 10/1/23 (FSA Insured)

1,000

1,180

5% 10/1/24 (FSA Insured)

750

881

Series 2012:

5% 7/1/23

1,000

1,178

5% 7/1/38

1,000

1,114

Series 2014 A:

5% 10/1/26 (FSA Insured)

1,400

1,656

5% 10/1/27 (FSA Insured)

1,000

1,175

5% 10/1/28 (FSA Insured)

1,000

1,165

Series A, 5.75% 7/1/18

2,135

2,325

5.25% 7/1/48 (Pre-Refunded to 7/1/18 @ 100)

5

6

New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. 5% 6/15/34

2,415

2,422

New York Hsg. Fin. Agcy. Personal Income Tax Rev. (Econ. Dev. & Hsg. Proj.) Series 2008 A, 5% 3/15/34

10,000

10,809

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

29,440

32,273

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

Series 2009 A:

5.5% 11/15/39

10,400

11,761

5.625% 11/15/39

6,000

6,809

Series 2009 B, 5% 11/15/34

19,560

22,255

Series 2012 A:

5% 11/15/22

2,500

2,968

5% 11/15/29

17,000

19,713

New York Metropolitan Trans. Auth. Rev.:

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

2,000

2,284

Series 2005 G, 5% 11/15/21

3,200

3,727

Series 2007 B:

5% 11/15/26

8,185

8,903

5% 11/15/28

2,235

2,422

Series 2008 A, 5.25% 11/15/36

15,000

16,248

Series 2008 B2:

5% 11/15/22

4,000

4,735

5% 11/15/23

5,910

7,008

Series 2008 C, 6.5% 11/15/28

9,670

11,360

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

New York Metropolitan Trans. Auth. Rev.: - continued

Series 2011 A:

5% 11/15/18

$ 1,000

$ 1,126

5% 11/15/22

1,500

1,749

Series 2011 D:

5% 11/15/20

2,000

2,343

5% 11/15/24

6,590

7,662

5% 11/15/25

5,000

5,813

Series 2012 D, 5% 11/15/25

20,000

23,438

Series 2012 E, 5% 11/15/20

3,165

3,707

Series 2012 F:

5% 11/15/21

1,500

1,771

5% 11/15/22

5,000

5,940

5% 11/15/23

7,000

8,316

Series 2012 H:

5% 11/15/24

3,290

3,880

5% 11/15/33

3,505

3,960

5% 11/15/42

4,750

5,236

Series 2013 A, 5% 11/15/43

3,250

3,554

Series 2013 E, 5% 11/15/43

15,375

16,892

Series 2014 A1:

5% 11/15/23

2,300

2,748

5% 11/15/44

8,000

8,783

Series 2014 B, 5.25% 11/15/44

6,300

7,117

Series 2014 D, 5.25% 11/15/44

5,000

5,679

Series 2015 B:

5% 11/15/26

1,495

1,773

5% 11/15/28

1,000

1,167

5% 11/15/29

2,125

2,463

5.5% 11/15/18

1,645

1,773

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

20,000

21,557

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

2,050

1,947

New York Thruway Auth. Gen. Rev.:

Series 2007 H:

5% 1/1/21

5,755

6,292

5% 1/1/25

13,000

14,213

5% 1/1/26

4,000

4,369

Series 2013 A, 5% 5/1/19

13,600

15,414

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

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

$ 6,750

$ 7,341

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

5.25% 3/15/24

4,180

4,563

5.25% 3/15/26

12,080

13,163

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

Series 2011 A1, 5% 4/1/22

4,000

4,655

Series 2011 A2:

5% 4/1/21

2,385

2,813

5% 4/1/23

6,000

7,003

New York Urban Dev. Corp. Rev.:

Series 2007 A:

5% 1/1/23 (FSA Insured)

6,165

6,733

5% 1/1/24 (FSA Insured)

5,975

6,522

Series 2013 C, 5% 3/15/30

4,540

5,220

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

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

90

94

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

970

1,006

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

100

111

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

1,100

1,205

Niagara Falls City School District Ctfs. Prtn. Rfdg. Series 2015:

5% 6/15/23 (FSA Insured)

1,670

1,944

5% 6/15/24 (FSA Insured)

1,450

1,698

5% 6/15/25 (FSA Insured)

1,670

1,938

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

1,000

1,002

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

5,000

5,538

Port Auth. of New York & New Jersey 185th Series:

5% 9/1/26 (b)

10,150

11,795

5% 9/1/28 (b)

7,350

8,409

Rockland County Gen. Oblig.:

Series 2014 A:

5% 3/1/20 (FSA Insured)

3,000

3,418

5% 3/1/21 (FSA Insured)

3,000

3,450

5% 3/1/22 (FSA Insured)

4,000

4,605

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Rockland County Gen. Oblig.: - continued

Series 2014 A: - continued

5% 3/1/23 (FSA Insured)

$ 2,500

$ 2,906

5% 3/1/24 (FSA Insured)

1,600

1,871

Series 2014:

4% 2/15/21 (Build America Mutual Assurance Insured)

815

893

4% 2/15/22 (Build America Mutual Assurance Insured)

1,000

1,087

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

680

732

Suffolk County Econ. Dev. Corp. Rev. (Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014:

5% 7/1/25

1,000

1,155

5% 7/1/26

1,280

1,471

Syracuse Gen. Oblig. Series 2015 A:

5% 3/1/24

1,000

1,191

5% 3/1/25

500

598

5% 3/1/26

500

592

5% 3/1/27

350

412

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

6,250

6,727

Triborough Bridge & Tunnel Auth. Revs.:

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

5% 11/15/37

22,500

24,531

5.25% 11/15/38

14,500

15,940

Series 2006 A, 5% 11/15/31

965

1,018

Series 2012 B:

0% 11/15/27

2,500

1,701

0% 11/15/28

2,500

1,629

Series 2013 A:

5% 11/15/23

1,785

2,131

5% 11/15/24

4,000

4,734

Series 2013 C:

5% 11/15/26

5,475

6,399

5% 11/15/27

5,660

6,585

5% 11/15/28

5,935

6,860

5% 11/15/29

6,340

7,299

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

5% 9/1/30

5,775

6,503

5.125% 9/1/40

8,055

8,899

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

New York - continued

Western Nassau County Wtr. Auth. Series 2015 A:

5% 4/1/28

$ 300

$ 348

5% 4/1/30

350

402

5% 4/1/31

335

383

5% 4/1/32

1,000

1,138

5% 4/1/34

1,045

1,182

5% 4/1/35

1,180

1,330

5% 4/1/40

1,400

1,562

5% 4/1/45

2,250

2,493

Yonkers Gen. Oblig.:

Series 2015 A:

4% 3/15/17 (FSA Insured)

600

629

4% 3/15/19 (FSA Insured)

1,700

1,854

5% 3/15/22 (FSA Insured)

750

854

5% 3/15/23 (FSA Insured)

1,255

1,430

5% 3/15/24 (FSA Insured)

1,545

1,756

Series 2015 B:

4% 8/1/18 (FSA Insured)

1,255

1,356

5% 8/1/21 (FSA Insured)

735

853

5% 8/1/22 (FSA Insured)

510

591

5% 8/1/23 (FSA Insured)

300

351

Series 2015 C:

3% 8/1/16 (FSA Insured)

425

435

4% 8/1/17 (FSA Insured)

400

424

4% 8/1/18 (FSA Insured)

630

681

Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Sarah Lawrence College Proj.) Series A:

6% 6/1/29

1,130

1,280

6% 6/1/41

5,000

5,586

 

1,711,656

New York And New Jersey - 2.7%

Port Auth. of New York & New Jersey:

163rd Series, 5% 7/15/35

25,000

28,262

166th Series, 5% 1/15/41

5,400

5,862

185th Series, 5% 9/1/27 (b)

6,200

7,162

85th Series, 5.375% 3/1/28

6,280

7,573

 

48,859

Municipal Bonds - continued

 

Principal Amount (000s)

Value (000s)

Virgin Islands - 0.4%

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

5% 10/1/16

$ 4,000

$ 4,165

5% 10/1/17

2,750

2,940

 

7,105

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $1,671,993)

1,767,620

NET OTHER ASSETS (LIABILITIES) - 1.9%

34,623

NET ASSETS - 100%

$ 1,802,243

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,145,000 or 0.3% of net assets.

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

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

Transportation

22.5%

Special Tax

21.4%

General Obligations

16.4%

Water & Sewer

13.2%

Education

9.8%

Health Care

6.3%

Others* (Individually Less Than 5%)

10.4%

 

100.0%

* Includes net other assets

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $1,671,993)

 

$ 1,767,620

Cash

 

18,421

Receivable for fund shares sold

1,228

Interest receivable

18,120

Other receivables

4

Total assets

1,805,393

 

 

 

Liabilities

Payable for fund shares redeemed

$ 879

Distributions payable

1,517

Accrued management fee

538

Distribution and service plan fees payable

37

Other affiliated payables

146

Other payables and accrued expenses

33

Total liabilities 

3,150

 

 

 

Net Assets

$ 1,802,243

Net Assets consist of:

 

Paid in capital

$ 1,695,994

Undistributed net investment income

209

Accumulated undistributed net realized gain (loss) on investments

10,413

Net unrealized appreciation (depreciation) on investments

95,627

Net Assets

$ 1,802,243

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

  July 31, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:

Net Asset Value and redemption price per share
($45,531 ÷ 3,378.6 shares)

$ 13.48

 

 

 

Maximum offering price per share (100/96.00 of $13.48)

$ 14.04

Class T:

Net Asset Value and redemption price per share
($7,837 ÷ 581.1 shares)

$ 13.49

 

 

 

Maximum offering price per share (100/96.00 of $13.49)

$ 14.05

Class B:

Net Asset Value and offering price per share
($1,577 ÷ 117.1 shares)A

$ 13.47

 

 

 

Class C:

Net Asset Value and offering price per share
($29,805 ÷ 2,211.6 shares)A

$ 13.48

 

 

 

New York Municipal Income:

Net Asset Value, offering price and redemption price per
share ($1,684,698 ÷ 124,963.8 shares)

$ 13.48

 

 

 

Class I:

Net Asset Value, offering price and redemption price per
share ($32,795 ÷ 2,435.2 shares)

$ 13.47

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

 Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Interest

 

$ 32,505

 

 

 

Expenses

Management fee

$ 3,259

Transfer agent fees

708

Distribution and service plan fees

222

Accounting fees and expenses

167

Custodian fees and expenses

13

Independent trustees' compensation

4

Registration fees

71

Audit

29

Legal

7

Miscellaneous

6

Total expenses before reductions

4,486

Expense reductions

(13)

4,473

Net investment income (loss)

28,032

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

 

10,615

Change in net unrealized appreciation (depreciation) on investment securities

(50,521)

Net gain (loss)

(39,906)

Net increase (decrease) in net assets resulting from operations

$ (11,874)

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended July 31, 2015 (Unaudited)

Year ended
January 31,
2015

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 28,032

$ 57,355

Net realized gain (loss)

10,615

3,341

Change in net unrealized appreciation (depreciation)

(50,521)

100,212

Net increase (decrease) in net assets resulting from operations

(11,874)

160,908

Distributions to shareholders from net investment income

(28,024)

(57,420)

Distributions to shareholders from net realized gain

(536)

(3,181)

Total distributions

(28,560)

(60,601)

Share transactions - net increase (decrease)

(4,811)

49,416

Redemption fees

3

3

Total increase (decrease) in net assets

(45,242)

149,726

 

 

 

Net Assets

Beginning of period

1,847,485

1,697,759

End of period (including undistributed net investment income of $209 and undistributed net investment income of $201, respectively)

$ 1,802,243

$ 1,847,485

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .189

  .396

  .404

  .410

  .433

  .459

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .145

  1.130

  (.347)

Total from investment operations

  (.107)

  1.180

  (.252)

  .555

  1.563

  .112

Distributions from net investment income

  (.189)

  (.396)

  (.404)

  (.393)

  (.451)

  (.460)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.193)

  (.420)

  (.418)

  (.425)

  (.483)

  (.462)

Redemption fees added to paid in capital E, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (.77)%

  9.20%

  (1.82)%

  4.15%

  12.79%

  .79%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of fee waivers, if any

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Expenses net of all reductions

  .80%A

  .78%

  .77%

  .77%

  .76%

  .75%

Net investment income (loss)

  2.82%A

  2.95%

  3.07%

  3.01%

  3.34%

  3.54%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 46

$ 43

$ 45

$ 54

$ 43

$ 33

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

$ 12.84

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .193

  .404

  .411

  .418

  .437

  .463

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .143

  1.130

  (.348)

Total from investment operations

  (.103)

  1.188

  (.245)

  .561

  1.567

  .115

Distributions from net investment income

  (.193)

  (.404)

  (.411)

  (.399)

  (.455)

  (.463)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.197)

  (.428)

  (.425)

  (.431)

  (.487)

  (.465)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.49

$ 13.79

$ 13.03

$ 13.70

$ 13.57

$ 12.49

Total ReturnB, C, D

  (.74)%

  9.26%

  (1.76)%

  4.19%

  12.81%

  .81%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  .75%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of fee waivers, if any

  .74%A

  .73%

  .72%

  .72%

  .73%

  .73%

Expenses net of all reductions

  .74%A

  .72%

  .72%

  .72%

  .73%

  .73%

Net investment income (loss)

  2.88%A

  3.01%

  3.12%

  3.06%

  3.37%

  3.56%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 8

$ 8

$ 7

$ 9

$ 9

$ 8

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .150

  .316

  .324

  .326

  .350

  .376

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .145

  1.121

  (.347)

Total from investment operations

  (.146)

  1.101

  (.332)

  .471

  1.471

  .029

Distributions from net investment income

  (.150)

  (.317)

  (.324)

  (.309)

  (.369)

  (.377)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.154)

  (.341)

  (.338)

  (.341)

  (.401)

  (.379)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.48

Total ReturnB, C, D

  (1.06)%

  8.56%

  (2.41)%

  3.51%

  11.99%

  .15%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of fee waivers, if any

  1.39%A

  1.38%

  1.38%

  1.39%

  1.39%

  1.40%

Expenses net of all reductions

  1.39%A

  1.37%

  1.38%

  1.38%

  1.39%

  1.40%

Net investment income (loss)

  2.24%A

  2.36%

  2.46%

  2.40%

  2.71%

  2.89%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 2

$ 2

$ 2

$ 3

$ 4

$ 4

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .139

  .297

  .305

  .306

  .334

  .358

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.656)

  .144

  1.130

  (.347)

Total from investment operations

  (.157)

  1.082

  (.351)

  .450

  1.464

  .011

Distributions from net investment income

  (.139)

  (.298)

  (.305)

  (.288)

  (.352)

  (.359)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.143)

  (.322)

  (.319)

  (.320)

  (.384)

  (.361)

Redemption fees added to paid in capitalE, G

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.48

Total ReturnB, C, D

  (1.14)%

  8.40%

  (2.55)%

  3.35%

  11.93%

  .01%

Ratios to Average Net Assets F

 

 

 

 

 

Expenses before reductions

  1.55%A

  1.52%

  1.52%

  1.54%

  1.53%

  1.53%

Expenses net of fee waivers, if any

  1.55%A

  1.52%

  1.52%

  1.54%

  1.52%

  1.53%

Expenses net of all reductions

  1.55%A

  1.52%

  1.52%

  1.53%

  1.52%

  1.53%

Net investment income (loss)

  2.08%A

  2.22%

  2.31%

  2.25%

  2.58%

  2.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 30

$ 31

$ 28

$ 37

$ 34

$ 32

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

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

G Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - New York Municipal Income

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

$ 12.83

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .211

  .439

  .444

  .452

  .471

  .497

Net realized and unrealized gain (loss)

  (.296)

  .784

  (.656)

  .144

  1.120

  (.338)

Total from investment operations

  (.085)

  1.223

  (.212)

  .596

  1.591

  .159

Distributions from net investment income

  (.211)

  (.439)

  (.444)

  (.434)

  (.489)

  (.497)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.215)

  (.463)

  (.458)

  (.466)

  (.521)

  (.499)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.48

$ 13.78

$ 13.02

$ 13.69

$ 13.56

$ 12.49

Total ReturnB, C

  (.61)%

  9.55%

  (1.51)%

  4.46%

  13.02%

  1.16%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of fee waivers, if any

  .47%A

  .46%

  .46%

  .47%

  .47%

  .47%

Expenses net of all reductions

  .47%A

  .46%

  .46%

  .46%

  .47%

  .47%

Net investment income (loss)

  3.15%A

  3.27%

  3.37%

  3.32%

  3.64%

  3.82%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,685

$ 1,734

$ 1,597

$ 1,952

$ 1,845

$ 1,604

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Financial Highlights - Class I

 

Six months ended July 31, 2015

Years ended January 31,

 

(Unaudited)

2015

2014

2013

2012

2011

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

$ 12.82

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .206

  .429

  .435

  .443

  .462

  .487

Net realized and unrealized gain (loss)

  (.296)

  .785

  (.655)

  .145

  1.130

  (.347)

Total from investment operations

  (.090)

  1.214

  (.220)

  .588

  1.592

  .140

Distributions from net investment income

  (.206)

  (.430)

  (.436)

  (.426)

  (.480)

  (.488)

Distributions from net realized gain

  (.004)

  (.024)

  (.014)

  (.032)

  (.032)

  (.002)

Total distributions

  (.210)

  (.454)

  (.450)

  (.458)

  (.512)

  (.490)

Redemption fees added to paid in capital D, F

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 13.47

$ 13.77

$ 13.01

$ 13.68

$ 13.55

$ 12.47

Total ReturnB, C

  (.65)%

  9.48%

  (1.58)%

  4.40%

  13.05%

  1.01%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of fee waivers, if any

  .54%A

  .53%

  .53%

  .53%

  .53%

  .53%

Expenses net of all reductions

  .54%A

  .53%

  .53%

  .52%

  .53%

  .53%

Net investment income (loss)

  3.08%A

  3.21%

  3.31%

  3.26%

  3.57%

  3.76%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 33

$ 30

$ 20

$ 23

$ 16

$ 14

Portfolio turnover rate

  20% A

  11%

  8%

  16%

  11%

  10%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.001 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended July 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® New York Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity New York Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, New York Municipal Income and Class I (formerly Institutional Class) shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund may be affected by economic and political developments in the state of New York.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

Semiannual Report

2. Significant Accounting Policies - continued

Investment Valuation - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and deferred trustees compensation.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

Semiannual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation

$ 98,110

Gross unrealized depreciation

(2,420)

Net unrealized appreciation (depreciation) on securities

$ 95,690

 

 

Tax cost

$ 1,671,930

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $186,023 and $180,646, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 56

$ 7

Class T

-%

.25%

9

- *

Class B

.65%

.25%

8

6

Class C

.75%

.25%

149

19

 

 

 

$ 222

$ 32

* Amount represents seventy eight dollars

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

 

Retained
by FDC

Class A

$ 4

Class T

1

Class B*

-**

Class C*

3

 

$ 8

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

** Amount represents four hundred fifty eight dollars.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Average
Net Assets*

Class A

$ 34

.15

Class T

4

.10

Class B

1

.08

Class C

21

.14

New York Municipal Income

626

.07

Class I

22

.15

 

$ 708

 

* Annualized

Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.

In addition, during the period the investment adviser reimbursed/waived a portion of fund-level operating expenses in the amount of $4.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
July 31,
2015

Year ended
January 31,
2015

From net investment income

 

 

Class A

$ 628

$ 1,288

Class T

107

212

Class B

20

48

Class C

305

651

New York Municipal Income

26,501

54,451

Class I

463

770

Total

$ 28,024

$ 57,420

From net realized gain

 

 

Class A

$ 13

$ 74

Class T

2

13

Class B

1

4

Class C

9

53

New York Municipal Income

502

2,990

Class I

9

47

Total

$ 536

$ 3,181

Semiannual Report

8. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended July 31,
2015

Year ended
January 31,
2015

Six months ended July 31,
2015

Year ended
January 31,
2015

Class A

 

 

 

 

Shares sold

426

607

$ 5,778

$ 8,175

Reinvestment of distributions

41

82

551

1,101

Shares redeemed

(238)

(958)

(3,213)

(12,855)

Net increase (decrease)

229

(269)

$ 3,116

$ (3,579)

Class T

 

 

 

 

Shares sold

60

84

$ 814

$ 1,126

Reinvestment of distributions

7

12

88

167

Shares redeemed

(41)

(55)

(552)

(738)

Net increase (decrease)

26

41

$ 350

$ 555

Class B

 

 

 

 

Shares sold

-*

6

$ 1

$ 79

Reinvestment of distributions

1

3

16

36

Shares redeemed

(28)

(32)

(384)

(422)

Net increase (decrease)

(27)

(23)

$ (367)

$ (307)

Class C

 

 

 

 

Shares sold

147

386

$ 1,973

$ 5,181

Reinvestment of distributions

16

35

212

465

Shares redeemed

(169)

(350)

(2,287)

(4,691)

Net increase (decrease)

(6)

71

$ (102)

$ 955

New York Municipal Income

 

 

 

 

Shares sold

7,459

13,709

$ 100,905

$ 183,532

Reinvestment of distributions

1,357

2,902

18,333

38,987

Shares redeemed

(9,690)

(13,410)

(130,886)

(179,398)

Net increase (decrease)

(874)

3,201

$ (11,648)

$ 43,121

Class I

 

 

 

 

Shares sold

446

848

$ 6,019

$ 11,379

Reinvestment of distributions

18

30

236

397

Shares redeemed

(179)

(232)

(2,415)

(3,105)

Net increase (decrease)

285

646

$ 3,840

$ 8,671

* Amount represents sixty one shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank,

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

Fidelity Automated Service
Telephone (FAST) nfy179957
1-800-544-5555

nfy179959
Automated line for quickest service

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

NFY-USAN-0915
1.789735.113

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity New York Municipal Trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity New York Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity New York Municipal Trust

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

September 25, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

September 25, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

September 25, 2015

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Stephanie J. Dorsey, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity New York Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 25, 2015

/s/Stephanie J. Dorsey

Stephanie J. Dorsey

President and Treasurer

I, Howard J. Galligan III, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity New York Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 25, 2015

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer

EX-99.906 CERT 3 ex906.htm

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity New York Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 25, 2015

/s/Stephanie J. Dorsey

Stephanie J. Dorsey

President and Treasurer

Dated: September 25, 2015

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

GRAPHIC 4 nfy179931.jpg begin 644 nfy179931.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 5 nfy179933.jpg begin 644 nfy179933.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 6 nfy179935.jpg begin 644 nfy179935.jpg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end GRAPHIC 7 nfy179937.jpg begin 644 nfy179937.jpg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end GRAPHIC 8 nfy179939.jpg begin 644 nfy179939.jpg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end GRAPHIC 9 nfy179941.jpg begin 644 nfy179941.jpg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end GRAPHIC 10 nfy179943.jpg begin 644 nfy179943.jpg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nfy179945.jpg begin 644 nfy179945.jpg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nfy179947.jpg begin 644 nfy179947.jpg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end GRAPHIC 13 nfy179949.jpg begin 644 nfy179949.jpg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end GRAPHIC 14 nfy179951.jpg begin 644 nfy179951.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ /4X(-5UG7=?5?$FI6,%E>I;PP6L5L5"FV@D))DA9B2T MC=_2KG_"/:I_T.>N?]^;+_Y'H_X1[5/^ASUS_OS9?_(]1Z(=0M?%6JZ7=ZO= MZC!%96EQ$UU'"K(TCW"L!Y4: C$2=0>]=)17%Z?XET'1O$GBJWU36]-L9VU. M-UCNKI(F*_8[89 8@XR",^QK4_X3OP?_ -#7H?\ X,8?_BJ/^$[\'_\ 0UZ' M_P"#&'_XJJ>@ZMINL^.M;N-+U"TOH%TRQ1I+6995#>;=G!*DC."#CW%=9111 &11117__9 end GRAPHIC 15 nfy179953.jpg begin 644 nfy179953.jpg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end GRAPHIC 16 nfy179955.jpg begin 644 nfy179955.jpg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end GRAPHIC 17 nfy179957.jpg begin 644 nfy179957.jpg M_]C_X 02D9)1@ ! 0$!+ $L #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ /8_%'B[1?!VEO?ZQ>QP@(S10!@99R,#;&F:+S9KBV$K*[=" I ((0$AD(#'I7I>O M^'/$>NZHTVI^,)-!T-+@1P6FDOY'\7?%SQ3H M?Q#M-*O;6#1M$&H(YE,)DFFLUE:-V.PZ9 ]^F<7TX,UR<@CF9\R'@[>6X''3BH]2\'>' M-9UE=6U31[2^O%MQ;*UTGFJ(]Q; 1LKG)/S8SR1G%-!OX4G 5[O\ K'SC& GRAPHIC 18 nfy179959.jpg begin 644 nfy179959.jpg M_]C_X 02D9)1@ ! 0$!+ $L #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ /8_%'B[1?!VEO?ZQ>QP@(S10!@99R,#;&F:+S9KBV$K*[=" I ((0$AD(#'I7I>O M^'/$>NZHTVI^,)-!T-+@1P6FDOY'\7?%SQ3H M?Q#M-*O;6#1M$&H(YE,)DFFLUE:-V.PZ9 ]^F<7TX,UR<@CF9\R'@[>6X''3BH]2\'>' M-9UE=6U31[2^O%MQ;*UTGFJ(]Q; 1LKG)/S8SR1G%-!OX4G 5[O\ K'SC& GRAPHIC 19 nmi179934.jpg begin 644 nmi179934.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 20 nmi179936.jpg begin 644 nmi179936.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 21 nmi179938.jpg begin 644 nmi179938.jpg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end GRAPHIC 22 nmi179940.jpg begin 644 nmi179940.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P!_Q ^('BW2 M/'VKZ;INMR6UG;O$L42VT#;60D\L3UKG/\ A:'CK_H9)O\ P$MO_C51 M_%2>&+XIZ^LDL:'S(#AF _Y=XJY#[9:_\_,/_?8H [/_ (6AXZ_Z&2;_ ,!+ M;_XU7I?P=\6:]XEN-OI7@/VRU_Y^8?^ I^Q7L?[/TD79C*G/>>@#V^BBB@ HHHH **** "BBB@#_]D! end GRAPHIC 23 nmi179942.jpg begin 644 nmi179942.jpg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end GRAPHIC 24 nmi179944.jpg begin 644 nmi179944.jpg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end GRAPHIC 25 nmi179946.jpg begin 644 nmi179946.jpg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nmi179948.jpg begin 644 nmi179948.jpg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nmi179950.jpg begin 644 nmi179950.jpg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end GRAPHIC 28 nmi179952.jpg begin 644 nmi179952.jpg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end GRAPHIC 29 nmi179954.jpg begin 644 nmi179954.jpg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end GRAPHIC 30 nmi179956.jpg begin 644 nmi179956.jpg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end GRAPHIC 31 nmi179958.jpg begin 644 nmi179958.jpg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end GRAPHIC 32 snm360919.jpg begin 644 snm360919.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 33 snm360921.jpg begin 644 snm360921.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W M^/GZ_]H " $! _ ,_XI?%+QEX<^(^K:3I.L_9[&#R?+B^RPOMW0HQY9"3R M2>37'_\ "[?B'_T,/_DE;_\ QNC_ (7;\0_^AA_\DK?_ .-UZ_\ OQMXB\8 M_P!O?V_J'VS[+]G\G]S''MW>9N^XHSG:O7TKV"BOD#XV_P#)7M=_[=__ $GC ;KS^BO?\ ]F7_ )FG_MT_]K5] 44444445__9 end GRAPHIC 34 snm360923.jpg begin 644 snm360923.jpg M_]C_X 02D9)1@ ! 0$ E@"6 #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P!_Q ^('BW2 M/'VKZ;INMR6UG;O$L42VT#;60D\L3UKG/\ A:'CK_H9)O\ P$MO_C51 M_%2>&+XIZ^LDL:'S(#AF _Y=XJY#[9:_\_,/_?8H [/_ (6AXZ_Z&2;_ ,!+ M;_XU7I?P=\6:]XEN-OI7@/VRU_Y^8?^ I^Q7L?[/TD79C*G/>>@#V^BBB@ HHHH **** "BBB@#_]D! end GRAPHIC 35 snm360925.jpg begin 644 snm360925.jpg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end GRAPHIC 36 snm360927.jpg begin 644 snm360927.jpg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end GRAPHIC 37 snm360929.jpg begin 644 snm360929.jpg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end GRAPHIC 38 snm360931.jpg begin 644 snm360931.jpg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snm360933.jpg begin 644 snm360933.jpg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snm360935.jpg begin 644 snm360935.jpg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end GRAPHIC 41 snm360937.jpg begin 644 snm360937.jpg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end GRAPHIC 42 snm360939.jpg begin 644 snm360939.jpg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end GRAPHIC 43 snm360941.jpg begin 644 snm360941.jpg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end GRAPHIC 44 snm360943.jpg begin 644 snm360943.jpg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end