MESSAGE FROM THE PRESIDENT
Table of Contents
Page
Message from the President ............ 1
Manager's Discussion .................. 3
Performance Summaries
Class I Shares ....................... 5
Class II Shares ...................... 7
Statement of Investments .............. 9
Financial Statements .................. 24
Notes to Financial Statements ......... 26
January 15, 1997
Dear Shareholder:
It's a pleasure to bring you the Franklin New York Tax-Free Income Fund's
semi-annual report for the period ended November 30, 1996.
The reporting period might well be described as six months of frequent interest
rate fluctuations, with the 30-year U.S. Treasury bond's yield bouncing as high
as 7.13% before closing at 6.36% on November 30, 1996.* Some of this movement
can be attributed to speculation on the direction of short-term interest rates.
Indeed, newspaper headlines over the last six months declared the economy was
overheating one day and stalling the next -- all of which seems to suggest a
slow growth trend.
*Source: Micropal.
We expect that the Franklin New York Tax-Free Income Fund should perform well in
this relatively slow growth environment. Although the economy appears stable at
the moment, market uncertainties persist.
While market volatility can be unsettling, it is important to remember that
financial markets have always been -- and always will be -- subject to
fluctuation. No one can predict the future performance of the securities
markets, but history has shown that, over the long term, stocks and bonds have
delivered impressive results when left to compound. For this reason, we
encourage you to periodically review your investment program with your
investment representative, and focus on your continuing long-term goals.
As a Franklin Templeton fund shareholder, you receive the benefits of
professional management and dedicated service. Should you have any questions
concerning the Franklin New York Tax-Free Income Fund, we welcome the
opportunity to answer them.
We appreciate your support, welcome new shareholders and look forward to serving
your investment needs in the years ahead.
Sincerely,
Charles B. Johnson
President
Glossary of Investment Terms
Arbitrageur: One who profits from differences in price when he/she
simultaneously buys or sells the same security, currency or commodity on two or
more markets; by taking advantage of momentary disparities in prices between
markets, arbitrageurs perform the economic function of making those markets
trade more efficiently.
Coupon: The interest rate on a bond the issuer promises to pay to the holder
until the bond matures.
Full Coupon Bond: A bond with a coupon rate that is near or above current market
interest rates.
High Grade Bond/High Quality Bond:
A bond rated AAA or AA by Standard & Poor's(R) or Moody's rating services.
Investment Grade Bond: A bond with a rating of AAA to BBB, or the equivalent.
Primary Market: The market for new issues of securities; a market is "primary"
if the issuer of the securities receives the proceeds of the sale.
Secondary Market: A market where previously issued securities are bought and
sold; the selling dealers and investors receive the proceeds, not the issuer.
MANAGER'S DISCUSSION
Your Fund's Objective:
Seeks to provide high current income exempt from regular federal, New York state
and New York City personal income taxes through a diversified portfolio
consisting primarily of municipal securities.*
*For investors subject to the alternative minimum tax, a small portion of these
dividends may be subject to such tax. Distributions of capital gains and of
ordinary income from accrued market discount, if any, are generally taxable.
During the reporting period, the municipal bond market continued on its normal
volatile path -- a trend we have seen for over a year. The yield of the 30-year
U.S. Treasury bond rose and fell over the six-month period, climbing as high as
7.13% before ending at 6.36% on November 30. We can think of a couple of reasons
for this volatility. First, the Federal Reserve Board's slowness in adjusting
short-term interest rates in response to economic conditions led to increased
uncertainty and speculation within the fixed-income markets. Second, there has
been an increased use of municipal bonds in hedge funds and by arbitrageurs, who
tend to be short-term oriented.
It was business as usual for us throughout the reporting period. During the
first three months of this fiscal year (June, July and August), the municipal
market experienced three relatively minor, and brief, periods of weakness. We
took advantage of each to sell lower coupon bonds ranging from 5.25% to 6.00%,
and purchased a combination of primary and secondary bonds ranging between 6.00%
and 6.625%. In the primary market, our purchases for the most part were rated at
least AA by one or both of the major rating agencies. In fact, during one of the
market dips in early July, we purchased more than $60 million of insured,
AAA-rated bonds with coupons ranging between 6.05% and 6.125%.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Then, in early September, the municipal market began a rally that continued
through November. Within this environment, we did little else than fine-tune the
portfolio, and with good reason. By November 30, 1996, new and secondary issues
were trading at yield levels that were lower than those in the fund's portfolio.
Regardless of market direction over the remainder of the fund's fiscal year, the
fund is positioned to perform well relative to the New York municipal market.
Franklin New York Tax-Free Income Fund
Portfolio Breakdown on November 30, 1996
Based on Total Long-Term Investments
% of Total
Long-Term
Sector Investments
Hospitals 21.0%
Housing 15.3%
Pre-Refunded 11.3%
Utilities 9.8%
Transportation 9.5%
Education 8.7%
Health Care 7.3%
Other Revenue 6.4%
General Obligations 5.2%
Sales Tax 3.3%
Certificates of Participation 1.9%
Industrial 0.3%
For a complete list of portfolio holdings, please see
page 9 of this report.
Performance Summary
Class I
We are pleased to report that the Franklin New York Tax-Free Income Fund's share
price, as measured by net asset value, increased 31 cents, from $11.46 on May
31, 1996, to $11.77 on November 30, 1996.
At the end of this reporting period, the fund's distribution rate was 5.57%,
based on an annualization of November's dividend of 5.7 cents ($0.057) per share
and the maximum offering price of $12.29 on November 30, 1996. This tax-free
rate is generally higher than the after-tax return on a comparable taxable
investment. For example, an investor in the maximum combined federal, New York
state and New York City income tax bracket of 46.6% would need to earn 10.43%
from a taxable investment to match the fund's tax-free distribution rate.
Likewise, an investor in the maximum combined federal and New York state
personal income tax bracket of 43.9% would need to earn 9.93% from a taxable
investment to match the fund's tax-free distribution rate.
Franklin New York Tax-Free Income Fund
Class I
Dividend Distributions 6/01/96 - 11/30/96
Dividend
Month per Share
June 5.8 cents
July 5.8 cents
August 5.8 cents
September 5.7 cents
October 5.7 cents
November 5.7 cents
Total 34.5 cents
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Franklin New York Tax-Free Income Fund -- Class I
Periods ended November 30, 1996
Since
Inception
1-Year 5-Year 10-Year (9/13/82)
Cumulative Total Return1 5.24% 43.82% 105.43% 252.14%
Average Annual Total Return2 0.75% 6.61% 7.00% 8.93%
Distribution Rate3 5.57%
Taxable Equivalent
Distribution Rate4 10.43%
30-Day Standardized Yield5 4.94%
Taxable Equivalent Yield4 9.25%
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include sales charges. See Note below.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes the maximum 4.25% initial
sales charge. See Note below.
3. Based on an annualization of the current 5.7 cent per share monthly dividend
and the maximum offering price of $12.29 on November 30, 1996.
4. Taxable equivalent distribution rate and yield assume the 1996 maximum
combined federal, New York state and New York City personal income tax bracket
of 46.6%, based on the federal income tax rate of 39.6%.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended November 30, 1996.
Note: Prior to July 1, 1994, fund shares were offered at a lower initial sales
charge with dividends reinvested at the offering price. Thus, actual total
returns for purchasers of shares during that period would have been somewhat
different than noted above. Effective May 1, 1994, the fund eliminated the sales
charge on reinvested dividends and implemented a plan of distribution under Rule
12b-1, which affects subsequent performance.
All total return calculations assume reinvestment of dividends and capital gains
at net asset value, and 12b-1 fees from the date of the plan's implementation.
Your investment return and principal value will fluctuate with market conditions
and you may have a gain or loss when you sell your shares. Past performance is
not predictive of future results.
Performance Summary
Class II
We are pleased to report that the Franklin New York Tax-Free Income Fund's share
price, as measured by net asset value, increased 31 cents, from $11.45 on May
31, 1996, to $11.76 on November 30, 1996.
At the end of this reporting period, the fund's distribution rate was 5.19%,
based on an annualization of the current monthly dividend of 5.14 cents
($0.0514) per share and the offering price of $11.88 on November 30, 1996. This
tax-free rate is generally higher than the after-tax return on a comparable
taxable investment. For example, an investor in the maximum combined federal,
New York state and New York City income tax bracket of 46.6% would need to earn
9.72% from a taxable investment to match the fund's tax-free distribution rate.
Likewise, an investor in the maximum combined federal and New York state
personal income tax bracket of 43.9% would need to earn 9.25% from a taxable
investment to match the fund's tax-free distribution rate.
Franklin New York Tax-Free Income Fund
Class II
Dividend Distributions 6/01/96 - 11/30/96
Dividend
Month per Share
June 5.22 cents
July 5.24 cents
August 5.24 cents
September 5.14 cents
October 5.14 cents
November 5.14 cents
Total 31.12 cents
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Franklin New York Tax-Free Income Fund -- Class II
Periods ended November 30, 1996
Since
Inception
1-Year (5/1/95)
Cumulative Total Return1 4.57% 11.59%
Average Annual Total Return2 2.54% 6.46%
Distribution Rate3 5.19%
Taxable Equivalent Distribution Rate4 9.72%
30-Day Standardized Yield5 4.53%
Taxable Equivalent Yield4 8.48%
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include sales charges. See Note below.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated. It includes the 1.0% initial sales
charge and the 1.0% Contingent Deferred Sales Charge (CDSC), applicable to
shares redeemed within the first 18 months of investment. See Note below.
3. Based on an annualization of the current 5.14 cent per share monthly dividend
and the offering price of $11.88 on November 30, 1996.
4. Taxable equivalent distribution rate and yield assume the 1996 maximum
combined federal, New York state and New York City personal income tax bracket
of 46.6%, based on the federal income tax rate of 39.6%.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended November 30, 1996.
Note: All total return calculations assume reinvestment of dividends and capital
gains at net asset value. Your investment return and principal value will
fluctuate with market conditions and you may have a gain or loss when you sell
your shares. Past performance is not predictive of future results.
FRANKLIN NEW YORK TAX-FREE INCOME FUND, INC.
Statement of Investments in Securities and Net Assets, November 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Face Value
Amount (Note 1)
Long Term Investments 98.3%
Bonds 96.5%
<C> <S> <C>
$ 5,250,000 Albany Housing Authority, Limited Obligation, Refunding, 6.25%, 10/01/12 .... $ 5,444,250
1,610,000 Albany Parking Authority Revenue, Refunding, Series A, 6.85%, 11/01/12 ...... 1,723,505
6,035,000 Auburn, IDA, MFR, Auburn Memorial Home, 6.50%, 02/01/34 ..................... 6,257,571
Babylon IDA, Resource Recovery Revenue, Ogden Martin System, Inc.,
Pre-Refunded,
8,090,000 Series A, 8.50%, 01/01/19 ................................................ 8,874,487
2,845,000 Series C, 8.50%, 01/01/19 ................................................ 3,120,880
10,750,000 Babylon IDA, Waste Facilities Revenue, Community Waste Management, Series A,
Pre-Refunded, 7.875%, 07/01/06 ............................................. 11,939,273
1,000,000 Batavia Housing Authority Mortgage Revenue, Refunding, Washington Towers,
Series A, 6.50%, 01/01/23 .................................................. 1,030,050
95,295,000 Battery Park City Authority Revenue, Refunding, Junior Lien, Series A, 5.80%,
11/01/22 ................................................................... 94,031,388
8,160,000 Bethany Retirement Home, Inc., Mortgage Loan Revenue, 7.50%, 02/01/34 ....... 9,353,074
1,440,000 Cattaraugus County COP, Olean Project Facility, Series A, Pre-Refunded, 8.50%,
08/01/09 ................................................................... 1,572,264
5,375,000 Clinton County COP, Correctional Facilities Project, 8.125%, 08/01/17 ....... 6,635,599
6,400,000 Cortland County IDA, Civic Facilities Revenue, Cortland Memorial Hospital, Inc.
Project, 6.25%, 07/01/24 ................................................... 6,426,368
5,205,000 Franklin County COP, Court House Redevelopment Project, 8.125%, 08/01/06 .... 5,725,500
4,790,000 Franklin County IDA, Lease Revenue, County Correctional Facilities Project, 6.75%,
11/01/12 ................................................................... 5,096,847
5,385,000 Guam Airport Authority Revenue, Series A, 6.50%, 10/01/23 ................... 5,596,684
Guam Power Authority Revenue, Series A,
5,075,000 6.30%, 10/01/12 .......................................................... 5,222,632
2,900,000 6.625%, 10/01/14 ......................................................... 3,070,288
45,340,000 6.30%, 10/01/22 .......................................................... 46,373,299
25,500,000 6.75%, 10/01/24 .......................................................... 27,037,395
1,385,000 Hamilton Elderly Housing Corp., Mortgage Revenue, Hamilton Apartments Project,
11.25%, 01/01/15 ........................................................... 1,450,386
1,915,000 Ilion Elderly Housing Corp., Mortgage Revenue, Section 8, Housing Assistance
Revenue, 7.25%, 07/01/09 ................................................... 1,917,375
1,360,000 Lincoln Towers Housing Corp., Mortgage Revenue, Lincoln Towers Project,
11.25%, 01/01/15 ........................................................... 1,426,218
35,620,000 Metropolitan Transportation Authority, Commuter Facilities Revenue, Series A,
6.50%, 07/01/24 ............................................................ 37,270,275
Metropolitan Transportation Authority, Service Contract Revenue,
10,255,000 Commuter Facilities, 6.00%, 07/01/21 ..................................... 10,335,809
4,235,000 Commuter Facilities, Series 3, 6.00%, 07/01/19 ........................... 4,259,012
31,605,000 Commuter Facilities, Series 5, 7.00%, 07/01/12 ........................... 34,285,104
Metropolitan Transportation Authority, Service Contract Revenue, (cont.)
$ 24,160,000 Refunding, Commuter Facilities, Series N, 7.125%, 07/01/09 ............... $ 26,574,550
17,470,000 Refunding, Commuter Facilities, Series 5, 6.50%, 07/01/16 ................ 18,158,493
2,740,000 Refunding, Commuter Facilities, Series 5, 6.00%, 07/01/18 ................ 2,764,852
30,935,000 Refunding, Transit Facilities, Series 5, 7.00%, 07/01/12 ................. 33,558,288
40,495,000 Refunding, Transit Facilities, Series 5, 6.50%, 07/01/16 ................. 42,090,908
7,725,000 Refunding, Transit Facilities, Series 5, 6.00%, 07/01/18 ................. 7,795,066
12,625,000 Refunding, Transit Facilities, Series N, 7.125%, 07/01/09 ................ 13,886,743
2,000,000 Transit Facilities, Series 6, 7.00%, 07/01/09 ............................ 2,174,700
Metropolitan Transportation Authority, Transit Facilities Revenue, Series A,
FSA Insured,
16,940,000 6.10%, 07/01/21 .......................................................... 17,875,088
18,725,000 6.10%, 07/01/26 .......................................................... 19,676,605
1,285,000 Monroe County IDA Revenue, Civic Facilities, De Paul Community Facilities,
6.50%, 02/01/24 ............................................................ 1,382,107
New York City GO,
165,000 Series 1986-D, 8.50%, 08/01/02 ........................................... 169,288
60,000 Series 1986-D, 8.50%, 08/01/11 ........................................... 61,597
45,000 Series 1986-D, 8.50%, 08/01/14 ........................................... 46,197
10,000 Series 1986-D, 8.50%, 08/01/16 ........................................... 10,260
2,115,000 Series 1987-A, Pre-Refunded, 8.75%, 11/01/14 ............................. 2,245,030
1,180,000 Series 1987-D, 8.50%, 08/01/08 ........................................... 1,236,723
1,055,000 Series 1987-D, 8.50%, 08/01/09 ........................................... 1,105,366
1,395,000 Series 1987-D, 8.50%, 08/01/10 ........................................... 1,461,597
5,330,000 Series 1987-D, Pre-Refunded, 8.50%, 08/01/09 ............................. 5,611,104
4,000,000 Series 1990-B, 7.00%, 06/01/13 ........................................... 4,227,280
6,725,000 Series 1990-B, 7.00%, 06/01/14 ........................................... 7,107,115
3,895,000 Series 1990-B, 7.00%, 06/01/15 ........................................... 4,124,260
355,000 Series 1990-B, Pre-Refunded, 7.00%, 06/01/15 ............................. 397,394
1,540,000 Series 1991-A, 7.75%, 08/15/13 ........................................... 1,730,729
460,000 Series 1991-A, Pre-Refunded, 7.75%, 08/15/13 ............................. 530,329
2,000,000 Series 1991-B, 7.75%, 02/01/10 ........................................... 2,261,640
5,000,000 Series 1991-B, 7.75%, 02/01/11 ........................................... 5,678,450
500,000 Series 1991-B, 7.75%, 02/01/12 ........................................... 567,115
1,875,000 Series 1991-B, 7.75%, 02/01/13 ........................................... 2,124,844
10,950,000 Series 1991-B, 7.75%, 02/01/14 ........................................... 12,409,088
22,610,000 Series 1991-B, 7.75%, 02/01/15 ........................................... 25,622,783
1,485,000 Series 1991-B, 7.00%, 02/01/18 ........................................... 1,595,692
110,000 Series 1991-D, 8.25%, 08/01/13 ........................................... 126,587
65,000 Series 1991-D, 8.00%, 08/01/17 ........................................... 74,160
New York City GO, (cont.)
$ 4,710,000 Series 1991-D, Pre-Refunded, 8.25%, 08/01/13 ............................. $ 5,534,391
3,615,000 Series 1991-D, Pre-Refunded, 8.00%, 08/01/17 ............................. 4,210,029
12,750,000 Series 1992, Rite 1, 7.00%, 10/01/11 ..................................... 13,619,805
1,500,000 Series 1992-B, 6.75%, 10/01/15 ........................................... 1,569,270
3,100,000 Series 1992-C, Sub-Series C, 7.00%, 08/01/16 ............................. 3,385,851
1,400,000 Series 1992-C, Sub-Series C, Pre-Refunded, 7.00%, 08/01/16 ............... 1,593,102
2,500,000 Series 1992-D, 7.50%, 02/01/18 ........................................... 2,795,375
10,000,000 Series 1992-H, 7.20%, 02/01/13 ........................................... 11,004,100
4,000,000 Series 1992-H, 7.20%, 02/01/14 ........................................... 4,401,640
4,600,000 Series 1992-H, 7.20%, 02/01/15 ........................................... 4,990,126
2,500,000 Series 1992-H, 7.00%, 02/01/16 ........................................... 2,686,350
6,500,000 Series 1992-H, 7.00%, 02/01/17 ........................................... 6,984,510
4,225,000 Series 1992-H, 7.00%, 02/01/18 ........................................... 4,539,932
2,000,000 Series 1994-B, Sub-series B-1, 7.00%, 08/15/16 ........................... 2,175,520
10,000,000 Series 1994-B, Sub-series B-1, 7.50%, 08/15/20 ........................... 11,252,400
4,000,000 Series 1995-C, 7.20%, 08/15/14 ........................................... 4,275,960
22,135,000 Series 1995-C, 7.25%, 08/15/24 ........................................... 23,688,434
610,000 Series 1995-C, Pre-Refunded, 7.25%, 08/15/24 ............................. 684,365
11,240,000 Series 1995-F, 6.625%, 02/15/25 .......................................... 11,690,499
1,445,000 Series A, 7.75%, 08/15/14 ................................................ 1,623,327
8,555,000 Series A, Pre-Refunded, 7.75%, 08/15/14 .................................. 9,902,499
1,400,000 Series A, 7.75%, 08/15/15 ................................................ 1,620,514
2,675,000 Series A, 6.55%, 08/01/17 ................................................ 2,723,498
17,000,000 Series A-1, 6.625%, 08/01/25 ............................................. 17,703,630
3,690,000 Series C, Pre-Refunded, 7.00%, 02/01/12 .................................. 3,761,180
260,000 Series D, Pre-Refunded, 8.50%, 08/01/13 .................................. 266,757
320,000 Series D, Pre-Refunded, 8.50%, 08/01/15 .................................. 328,512
600,000 Series F, 8.40%, 11/15/08 ................................................ 701,496
6,900,000 Series F, Pre-Refunded, 8.40%, 11/15/08 .................................. 8,215,209
265,000 Series F, 8.40%, 11/15/09 ................................................ 309,191
3,085,000 Series F, Pre-Refunded, 8.40%, 11/15/09 .................................. 3,673,032
9,000,000 Series K, 6.25%, 04/01/26 ................................................ 9,137,700
New York City HDC, MFMR, Series A,
19,450,000 6.55%, 10/01/15 .......................................................... 20,205,244
10,000,000 6.55%, 04/01/18 .......................................................... 10,355,200
51,500,000 6.60%, 04/01/30 .......................................................... 53,155,725
114,635,000 New York City Health & Hospital Authority, Local Government Revenue, Refunding,
Series A, 6.30%, 02/15/20 .................................................. 114,911,270
New York City IDA, Civic Facilities Revenue,
$ 2,605,000 Federation Protestant Welfare, 6.95%, 11/01/11 ........................... $ 2,686,120
4,000,000 New York Blood Center, Inc. Project, Pre-Refunded, 7.20%, 05/01/12 ....... 4,619,280
7,000,000 New York Blood Center, Inc. Project, Pre-Refunded, 7.25%, 05/01/22 ....... 8,105,440
2,500,000 St. Christopher Ottilie Project, 7.50%, 07/01/21 ......................... 2,778,400
8,000,000 The Lighthouse, Inc. Project, 6.50%, 07/01/22 ............................ 8,444,080
New York City Municipal Water Finance Authority, Water & Sewer System
Revenue,
1,400,000 Series 1991-A, 6.75%, 06/15/16 ........................................... 1,486,604
1,610,000 Series 1991-A, Pre-refunded, 6.75%, 06/15/16 ............................. 1,784,057
18,100,000 Series 1991-A, 6.75%, 06/15/17 ........................................... 19,219,666
18,750,000 Series 1991-A, Pre-Refunded, 6.75%, 06/15/17 ............................. 20,777,063
15,700,000 Series 1991-A, Pre-Refunded, 7.10%, 06/15/12 ............................. 17,586,983
4,210,000 Series 1991-C, AMBAC Insured, 6.50%, 06/15/21 ............................ 4,342,278
38,250,000 Series 1992-B, 6.375%, 06/15/22 .......................................... 39,573,833
17,785,000 Series 1994-A, 7.10%, 06/15/12 ........................................... 19,721,253
2,215,000 Series 1994-A, Pre-Refunded, 7.10%, 06/15/12 ............................. 2,481,221
2,185,000 Series 1994-A, Pre-Refunded, 7.00%, 06/15/15 ............................. 2,409,334
690,000 Series 1994-A, 7.00%, 06/15/15 ........................................... 770,116
39,015,000 Series A, 6.125%, 06/15/20 ............................................... 40,501,081
2,000,000 Series A, 6.25%, 06/15/21 ................................................ 2,036,140
7,000,000 Series A, 6.00%, 06/15/25 ................................................ 7,197,890
41,190,000 Series B, 6.25%, 06/15/20 ................................................ 43,163,413
13,185,000 Series B, 6.50%, 06/15/20 ................................................ 14,600,278
3,075,000 Series C, AMBAC Insured, 6.20%, 06/15/21 ................................. 3,254,273
New York Housing Corp. Revenue, Series A, Pre-Refunded,
70,065,000 9.00%, 11/01/17 .......................................................... 74,867,255
4,000,000 MBIA Insured, 8.625%, 11/01/06 ........................................... 4,260,880
New York State COP,
2,500,000 Commissioner's Office Mental Health, 8.25%, 09/01/07 ..................... 2,611,950
1,750,000 Commissioner's Office Mental Health, 8.30%, 09/01/12 ..................... 1,829,660
6,575,000 Hanson Redevelopment Project, 8.25%, 11/01/01 ............................ 7,331,059
18,045,000 Hanson Redevelopment Project, 8.375%, 05/01/08 ........................... 21,235,356
New York State Dormitory Authority Revenue,
2,545,000 Bishop Henry N. Hucles Nursing Home, 6.00%, 07/01/24 ..................... 2,604,578
5,000,000 City University System, Third General, 6.00%, 07/01/20 ................... 5,045,400
28,555,000 City University System, Third General, 6.20%, 07/01/22 ................... 29,288,578
14,900,000 City University System Consolidated, Series C, 7.50%, 07/01/10 ........... 17,659,927
12,550,000 City University System Consolidated, Series C, 6.00%, 07/01/16 ........... 12,661,444
3,430,000 City University System Consolidated, Series D, 7.00%, 07/01/09 ........... 3,892,398
New York State Dormitory Authority Revenue, (cont.)
$ 40,000,000 City University System, Series F, Pre-Refunded, 7.875%, 07/01/17 ......... $ 45,520,000
6,000,000 Court Facilities Lease, Series A, 5.50%, 05/15/23 ........................ 5,642,220
1,000,000 Crouse Irving Memorial Hospital, HIBI Insured, 10.50%, 07/01/17 .......... 1,014,360
2,530,000 Department of Education, 7.75%, 07/01/21 ................................. 2,924,807
14,725,000 Department of Health, 6.20%, 07/01/17 .................................... 15,065,295
5,355,000 Department of Health, Rosewell Park Cancer Center, 6.625%, 07/01/15 ...... 5,726,476
9,175,000 Department of Health, Rosewell Park Cancer Center, 6.625%, 07/01/24 ...... 9,864,226
3,190,000 Department of Health, Veterans Home, 7.25%, 07/01/11 ..................... 3,487,085
8,480,000 Department of Health, Veterans Home, 6.25%, 07/01/20 ..................... 8,712,946
9,775,000 Department of Health, Veterans Home, 7.25%, 07/01/21 ..................... 10,647,908
2,115,000 Fashion Institute of Technology, 7.50%, 07/01/20 ......................... 2,302,579
2,355,000 Genessee Valley, Series A, 6.90%, 02/01/32 ............................... 2,506,050
2,415,000 Heritage House Nursing Center, 7.00%, 08/01/31 ........................... 2,660,147
2,875,000 Ideal Senior Living Center Housing Corp., 5.90%, 08/01/26 ................ 2,920,770
14,355,000 Long Island Jewish Medical Center, Series A, 7.75%, 08/15/27 ............. 15,179,121
12,995,000 Long Island University, 6.25%, 09/01/23 .................................. 13,574,707
5,375,000 New York Medical College, Asset Guaranty, 6.875%, 07/01/21 ............... 5,861,760
2,000,000 Nursing Home, Wesley Garden, 6.125%, 08/01/35 ............................ 2,078,400
3,000,000 Nyack Hospital, 6.25%, 07/01/13 .......................................... 3,092,070
5,835,000 Our Lady of Mercy, Mortgage Revenue, FHA Insured, 6.30%, 08/01/32 ........ 6,111,871
17,320,000 Refunding, City University, 6.00%, 07/01/26 .............................. 17,477,266
2,000,000 Refunding, City University, Series C, 8.20%, 07/01/14 .................... 2,153,260
2,885,000 Refunding, City University, Series U, 6.375%, 07/01/08 ................... 3,055,994
5,405,000 Refunding, City University, Series U, 6.70%, 07/01/09 .................... 5,830,265
10,215,000 Refunding, City University Systems - Consolidated, Second General, Series A,
6.00%, 07/01/17 ......................................................... 10,350,042
23,185,000 Refunding, City University Systems - Consolidated, Third General, Series A,
6.00%, 07/01/16 ......................................................... 23,473,190
19,390,000 Refunding, Manhattan College, 6.50%, 07/01/19 ............................ 20,478,749
34,265,000 Refunding, Nursing Home, St. John's Health Care Corp., 6.25%, 02/01/36 ... 35,801,785
17,670,000 Refunding, State University Educational Facilities, Series A, 6.25%, 05/15/19 18,220,244
16,000,000 Refunding, State University Educational Facilities, Series A, 6.00%, 05/15/25 16,165,600
5,200,000 St. Lukes Home Residential Health, 6.375%, 08/01/35 ...................... 5,451,576
2,565,000 State University Athletic Facilities, 7.25%, 07/01/12 .................... 2,800,595
4,750,000 State University Athletic Facilities, 7.25%, 07/01/21 .................... 5,184,245
27,730,000 State University Educational Facilities, Series B, 6.25%, 05/15/14 ....... 28,789,841
7,025,000 State University Educational Facilities, Series B, 7.375%, 05/15/14 ...... 7,700,665
7,995,000 State University Educational Facilities, Series B, 7.00%, 05/15/16 ....... 8,561,766
60,795,000 State University Educational Facilities, Series B, 6.25%, 05/15/20 ....... 62,582,373
New York State Dormitory Authority Revenue, (cont.)
$ 7,890,000 State University Educational Facilities, Series B, 5.75%, 05/15/24 ....... $ 7,782,459
2,565,000 State University Educational Facilities, Series C, 6.125%, 05/15/20 ...... 2,587,418
3,975,000 The Highlands Living, 6.60%, 02/01/34 .................................... 4,286,481
12,910,000 Upstate Community Colleges, Series A, 6.20%, 07/01/15 .................... 13,251,599
42,310,000 Upstate Community Colleges, Series A, 6.25%, 07/01/25 .................... 43,393,136
3,250,000 Upstate Community Colleges, Series A, Pre-Refunded, 7.60%, 07/01/20 ...... 3,663,335
1,000,000 Upstate Community Colleges, Series B, Pre-Refunded, 7.20%, 07/01/21 ...... 1,133,460
6,250,000 W.K. Nursing Home Corp, 6.05%, 02/01/26 .................................. 6,487,813
11,820,000 New York State Energy Research & Development Authority, Facilities Revenue,
Refunding, Cons Edison Co., Series A, 6.10%, 08/15/20 ...................... 12,220,225
New York State Energy Research & Development Authority, Gas Facilities
Revenue, Brooklyn Union Gas Co. Project,
2,390,000 Series I, 7.125%, 12/01/20 ............................................... 2,468,320
8,400,000 Series II, 7.00%, 12/01/20 ............................................... 8,670,228
New York State Energy Research & Development Authority, PCR,
3,300,000 Long Island Projects, 7.80%, 12/01/09 .................................... 3,325,575
5,000,000 Long Island Projects, Series A, 7.50%, 12/01/06 .......................... 5,031,600
38,145,000 Niagara Mohawk Power Corp. Project, Series 1, 8.875%, 11/01/25 ........... 38,496,697
New York State Environmental Facilities Corp., Special Obligation,
3,000,000 PCR, New York City Municipal Water Finance Authority Project, Series E,
6.875%, 06/15/14 ........................................................ 3,362,250
4,000,000 Riverbank State Park, 7.25%, 04/01/07 .................................... 4,294,320
4,300,000 Riverbank State Park, 7.25%, 04/01/12 .................................... 4,606,203
28,525,000 Riverbank State Park, 7.375%, 04/01/22 ................................... 30,581,653
New York State HFA, Service Contract Obligation Revenue,
5,000,000 Refunding, Series C, 6.30%, 09/15/12 ..................................... 5,154,200
19,000,000 Refunding, Series C, 6.00%, 09/15/21 ..................................... 19,113,620
14,000,000 Series 1990-A, Pre-Refunded, 7.80%, 09/15/20 ............................. 15,982,820
10,000,000 Series 1991-A, Pre-Refunded, 7.80%, 09/15/20 ............................. 11,520,800
2,375,000 Series 1992-A, 7.25%, 09/15/12 ........................................... 2,629,766
30,320,000 Series 1992-C, 6.30%, 03/15/22 ........................................... 30,969,758
99,760,000 Series 1993-C, 6.125%, 03/15/20 .......................................... 101,269,369
28,330,000 Series 1994-A, 6.50%, 03/15/24 ........................................... 29,469,433
5,000,000 Series A, 6.375%, 09/15/15 ............................................... 5,203,050
5,000,000 Series A, 6.00%, 09/15/16 ................................................ 5,041,450
3,000,000 Series A, 5.50%, 09/15/22 ................................................ 2,822,850
11,270,000 Series A, 6.50%, 03/15/25 ................................................ 11,756,751
New York State HFA Revenue,
$ 5,285,000 Children's Rescue Fund Housing, Series A, 7.625%, 05/01/18 ............... $ 5,590,156
2,020,000 FHA Insured, Adult Care, Series A, 7.85%, 02/15/30 ....................... 2,174,469
4,245,000 MF Housing, Second Mortgage, Series A, 7.00%, 08/15/23 ................... 4,516,213
2,500,000 MF Housing, Second Mortgage, Series D, 6.25%, 08/15/23 ................... 2,567,225
5,500,000 MF Housing, Second Mortgage, Series C, 6.60%, 08/15/27 ................... 5,769,610
7,095,000 MF Housing, Second Mortgage, Series E, 6.75%, 08/15/25 ................... 7,427,259
34,515,000 MF Mortgage, AMBAC Insured, Series 1984-B, 6.35%, 08/15/23 ............... 35,671,253
2,760,000 MF Mortgage, AMBAC Insured, Series B, 6.25%, 08/15/14 .................... 2,863,252
12,575,000 MF Mortgage, Series 1985-B, FHA Insured, 8.50%, 05/15/28 ................. 12,688,678
8,630,000 MF Mortgage, Series 1991-A, FHA Insured, 7.10%, 08/15/35 ................. 9,198,113
4,885,000 MF Mortgage, Series 1992-A, FHA Insured, 7.00%, 08/15/22 ................. 5,172,775
6,870,000 MF Mortgage, Series 1992-C, FHA Insured, 6.50%, 08/15/24 ................. 7,181,761
11,200,000 Refunding, Health Facilities of New York City, Series A, 6.00%, 05/01/07 . 11,504,528
2,400,000 Refunding, Health Facilities of New York City, Series A, 6.00%, 11/01/08 . 2,449,536
16,240,000 Refunding, Health Facilities of New York City, Series A, 8.00%, 11/01/08 . 18,216,895
80,410,000 Refunding, Health Facilities of New York City, Series A, Pre-Refunded, 8.00%,
11/01/08 ................................................................ 92,522,962
26,150,000 Refunding, Housing Project Mortgage, Series A, 6.10%, 11/01/15 ........... 27,128,010
31,300,000 Refunding, Housing Project Mortgage, Series A, 6.125%, 11/01/20 .......... 32,269,987
1,000,000 Refunding, MF Mortgage, Series 1992-C, FHA Insured, 6.45%, 08/15/14 ...... 1,045,460
New York State Local Government Assistance Corp.,
10,120,000 Series 1991-B, 6.50%, 04/01/20 ........................................... 10,923,933
39,935,000 Series 1991-C, 6.50%, 04/01/15 ........................................... 42,378,623
8,750,000 Series 1992-A, 6.875%, 04/01/19 .......................................... 9,883,825
38,535,000 Series 1992-B, 6.25%, 04/01/21 ........................................... 40,467,530
42,260,000 Series 1992-C, 6.25%, 04/01/18 ........................................... 44,327,359
New York State Medical Care Facilities Finance Agency,
43,465,000 Albany Medical Center, Alice Hyde Project, Mortgage Revenue, Series A,
FHA Insured, 8.00%, 02/15/28 ............................................ 46,874,395
3,500,000 Buffalo General Hospital, Mortgage Revenue, Series C, FHA Insured,
Pre-Refunded, 7.70%, 02/15/22 ........................................... 3,790,710
22,150,000 Catholic Medical Center of Brooklyn & Queens, Inc., Mortgage Revenue,
Series A, Pre-Refunded, FHA Insured, 8.30%, 02/15/22 .................... 23,727,302
5,500,000 Hospital & Nursing Home, Methodist Medical Center, Series A, FHA Insured,
6.70%, 08/15/23 ......................................................... 5,868,555
6,415,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.125%,
02/15/15 ................................................................ 6,653,125
8,330,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.20%,
02/15/21 ................................................................ 8,684,608
New York State Medical Care Facilities Finance Agency, (cont.)
$ 9,000,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.30%,
08/15/23 ................................................................ $ 9,271,530
12,235,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.25%,
02/15/27 ................................................................ 12,763,552
26,910,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.20%,
02/15/28 ................................................................ 27,915,627
28,750,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 7.45%,
08/15/31 ................................................................ 31,699,175
7,940,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.375%,
08/15/33 ................................................................ 8,140,009
11,670,000 Hospital & Nursing Home, Mortgage Revenue, Series A, FHA Insured, 6.50%,
02/15/34 ................................................................ 12,227,709
12,205,000 Hospital & Nursing Home, Mortgage Revenue, Series B, FHA Insured, 8.875%,
08/15/27 ................................................................ 12,961,710
24,000,000 Hospital & Nursing Home, Mortgage Revenue, Series B, FHA Insured, 6.95%,
02/15/32 ................................................................ 25,834,800
33,220,000 Hospital & Nursing Home, Mortgage Revenue, Series B, FHA Insured,
Pre-Refunded, 8.00%, 02/15/28 ........................................... 35,797,208
8,000,000 Hospital & Nursing Home, Mortgage Revenue, Series C, FHA Insured, 6.50%,
08/15/21 ................................................................ 8,588,000
21,540,000 Hospital & Nursing Home, Mortgage Revenue, Series C, FHA Insured, 6.20%,
08/15/23 ................................................................ 22,383,937
2,610,000 Hospital & Nursing Home, Mortgage Revenue, Series C, FHA Insured, 9.00%,
02/15/26 ................................................................ 2,635,239
86,865,000 Hospital & Nursing Home, Mortgage Revenue, Series C, FHA Insured, 6.375%,
08/15/29 ................................................................ 90,852,972
15,000,000 Hospital & Nursing Home, Mortgage Revenue, Series C, FHA Insured, 6.65%,
08/15/32 ................................................................ 15,857,100
13,375,000 Hospital & Nursing Home, Mortgage Revenue, Series D, FHA Insured, 6.60%,
02/15/31 ................................................................ 14,135,101
55,500,000 Hospital & Nursing Home, Mortgage Revenue, Series D, FHA Insured, 6.45%,
02/15/32 ................................................................ 57,710,565
3,200,000 Hospital Mortgage, Series A, AMBAC Insured, 6.80%, 08/15/24 .............. 3,554,880
5,125,000 Hospital Mortgage, Series A, AMBAC Insured, 6.50%, 08/15/29 .............. 5,592,246
31,210,000 Hospital Mortgage, Series A, AMBAC Insured, 6.90%, 08/15/34 .............. 34,854,080
4,000,000 Huntington Hospital Mortgage, Refunding, Project A, 6.50%, 11/01/14 ...... 4,150,480
2,670,000 Medina Memorial Hospital Project, Series A, 7.30%, 05/01/11 .............. 2,910,193
64,110,000 Mental Health Services Facilities, Series A, 8.875%, 08/15/07 ............ 67,299,473
7,405,000 Mental Health Services Facilities, Series A, 7.70%, 02/15/18 ............. 7,814,274
New York State Medical Care Facilities Finance Agency, (cont.)
$ 3,800,000 Mortgage Revenue Project, Series A, 6.50%, 02/15/35 ...................... $ 4,026,176
23,775,000 Mortgage Revenue Project, Series B, 6.60%, 08/15/34 ...................... 25,149,908
10,200,000 Mortgage Revenue Project, Series C, 6.375%, 08/15/29 ..................... 10,701,636
6,250,000 Mortgage Revenue Project, Series D, FHA Insured, 6.20%, 02/15/35 ......... 6,481,813
13,200,000 Mortgage Revenue Project, Series E, FHA Insured, 6.375%, 02/15/35 ........ 13,807,992
16,400,000 Mortgage Revenue Project, Series F, FHA Insured, 6.30%, 08/15/25 ......... 17,272,316
21,050,000 Mortgage Revenue Project, Series F, FHA Insured, 6.375%, 08/15/34 ........ 22,036,614
9,060,000 Mortgage Revenue, Series B, FHA Insured, 6.15%, 02/15/25 ................. 9,335,696
2,200,000 Mortgage Revenue, Series B, FHA Insured, 6.15%, 02/15/35 ................. 2,258,410
5,380,000 North General Hospital, Series 1989-A, 7.35%, 08/15/09 ................... 5,699,142
9,145,000 Refunding, Beth Israel Medical Center Project, Series A, 7.20%, 11/01/14 . 9,300,191
1,185,000 Refunding, Good Samaritan Hospital Project Revenue, Series A, 8.00%,
11/01/13 ................................................................ 1,240,162
5,050,000 Refunding, Hospital and Nursing Home, Mortgage Revenue, Series A,
FHA Insured, 6.20%, 02/15/23 ............................................ 5,219,680
2,635,000 Refunding, Hospital and Nursing Home, Mortgage Revenue, Series B, 6.25%,
02/15/25 ................................................................ 2,762,508
4,745,000 Refunding, Hospital and Nursing Home, Mortgage Revenue, Series B,
FHA Insured, 6.25%, 02/15/35 ............................................ 4,916,722
30,000,000 Refunding, Hospital and Nursing Home, Series B, 6.125%, 08/15/24 ......... 31,026,900
10,730,000 Refunding, Hospital Mortgage, Series A, FHA Insured, 7.25%, 02/15/12 ..... 11,169,179
6,400,000 Refunding, Nyack Hospital Project Revenue, Series A, Pre-Refunded, 8.30%,
11/01/13 ................................................................ 7,019,072
9,900,000 Refunding, Vassar Brothers Hospital Project Revenue, Series A, 8.25%,
11/01/13 ................................................................ 10,348,173
1,665,000 Saranac Lake General Hospital Project Revenue, Series A, 7.875%, 11/01/10 1,841,024
1,410,000 Second Mortgage, Health Care Project Revenue, Series B, 6.35%, 11/01/14 .. 1,470,715
61,770,000 Secured Hospital Revenue, Bronx, Lebanon and The Jamaica Hospital,
Series A, 7.10%, 02/15/27 ............................................... 63,116,586
72,180,000 Secured Hospital Revenue, North General Hospital, Series A, 7.40%, 02/15/19 75,993,991
22,150,000 Secured Hospital Revenue, Series A, 7.35%, 08/15/11 ...................... 23,927,538
55,225,000 Secured Hospital Revenue, Series A, 7.40%, 08/15/21 ...................... 59,131,617
15,200,000 Secured Hospital Revenue, Series A, 6.25%, 02/15/24 ...................... 15,240,280
19,700,000 Security Mortgage Program Revenue, Adult Day Care, 6.375%, 11/15/20 ...... 20,754,541
32,450,000 St. Vincent's Hospital, Mortgage Revenue, Series A, FHA Insured, 8.00%,
02/15/27 ................................................................ 34,101,056
6,025,000 The Hospital for Special Surgery Revenue, Series A, 6.375%, 08/15/24 ..... 6,351,676
36,650,000 The Hospital for Special Surgery Revenue, Series A, 6.45%, 08/15/34 ...... 38,366,320
New York State Mortgage Agency, HMR,
$ 9,670,000 8th Series C, 8.40%, 10/01/17 ............................................ $ 9,984,565
1,730,000 8th Series D, 8.375%, 10/01/17 ........................................... 1,796,034
4,885,000 8th Series E, 8.10%, 10/01/17 ............................................ 5,086,311
3,975,000 10th Series A, 8.10%, 04/01/14 ........................................... 4,145,528
17,250,000 29th Series B, 6.45%, 04/01/15 ........................................... 17,825,978
6,225,000 37th Series A, 6.375%, 10/01/14 .......................................... 6,581,070
9,000,000 37th Series A, 6.45%, 10/01/17 ........................................... 9,496,260
9,945,000 Series 51, 6.40%, 10/01/17 ............................................... 10,505,500
6,560,000 Series BB-2, 7.95%, 10/01/15 ............................................. 6,775,299
2,835,000 Series FF, 7.95%, 10/01/14 ............................................... 2,937,117
10,585,000 Series OO, 8.05%, 10/01/11 ............................................... 11,469,483
14,650,000 Series RR, 7.75%, 10/01/17 ............................................... 15,488,713
New York State Mortgage Agency Revenue,
13,685,000 8th Series A, 6.875%, 04/01/17 ........................................... 13,851,136
5,000,000 Homeowners Mortgage, Series 27, 6.90%, 04/01/15 .......................... 5,360,150
9,880,000 Homeowners Mortgage, Series 41-A, 6.50%, 10/01/17 ........................ 10,342,582
3,800,000 Homeowners Mortgage, Series 43, MBIA Insured, 6.45%, 10/01/17 ............ 3,935,660
23,730,000 Homeowners Mortgage, Series 45, 7.20%, 10/01/17 .......................... 25,556,261
26,780,000 Homeowners Mortgage, Series 47, 6.375%, 10/01/17 ......................... 28,185,950
10,000,000 Homeowners Mortgage, Series 57, 6.25%, 10/01/15 .......................... 10,298,400
7,330,000 Homeowners Mortgage, Series 57, 6.30%, 10/01/17 .......................... 7,548,141
8,590,000 Homeowners Mortgage, Series 57, 6.375%, 10/01/27 ......................... 8,848,215
New York State Tollway Authority, Service Contract Revenue, Local Highway &
Bridge,
12,630,000 6.20%, 04/01/10 .......................................................... 13,154,777
18,430,000 6.00%, 01/01/11 .......................................................... 18,707,556
21,865,000 6.375%, 04/01/12 ......................................................... 22,707,677
23,970,000 6.25%, 04/01/14 .......................................................... 24,890,927
1,300,000 Pre-Refunded, 7.25%, 01/01/10 ............................................ 1,458,548
New York State Urban Development Corp. Revenue,
4,500,000 Cornell Center Project, 6.00%, 01/01/14 .................................. 4,565,790
81,350,000 Correctional Capital Facilities, Series 5, 6.25%, 01/01/20 ............... 83,670,916
28,325,000 Refunding, Onondaga County Convention Project, 6.25%, 01/01/20 ........... 29,190,612
1,500,000 Syracruse University Center, Pre-Refunded, 7.875%, 01/01/17 .............. 1,592,520
8,500,000 Youth Facilities, 6.00%, 04/01/15 ........................................ 8,616,620
Niagara Falls GO, Public Improvement, Pre-Refunded,
805,000 Refunding, 8.15%, 04/01/04 ............................................... 841,048
790,000 Refunding, 8.15%, 04/01/05 ............................................... 825,376
775,000 Refunding, 8.15%, 04/01/06 ............................................... 809,705
Niagara Falls GO, Public Improvement, Pre-Refunded, (cont.)
$ 755,000 Refunding, 8.15%, 04/01/07 ............................................... $ 788,809
1,000,000 Series A, 8.15%, 12/01/04 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/05 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/06 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/07 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/08 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/09 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/10 ................................................ 1,073,910
1,000,000 Series A, 8.15%, 12/01/11 ................................................ 1,073,910
11,305,000 North County Development Authority, Solid Waste Systems Revenue,
5,145,000 6.75%, 07/01/12 .......................................................... 5,447,783
6,160,000 Pre-Refunded, 6.75%, 07/01/12 ............................................ 6,665,736
2,155,000 Oneida Health Care Corp., Mortgage Revenue, Oneida Health Care, Series A,
7.20%, 08/01/31 ............................................................ 2,284,903
Oneida-Herkimer, Solid Waste Management Authority, Solid Waste Systems
Revenue,
1,390,000 6.20%, 04/01/00 .......................................................... 1,433,952
1,035,000 6.30%, 04/01/01 .......................................................... 1,076,462
1,930,000 6.40%, 04/01/02 .......................................................... 2,018,105
2,075,000 6.50%, 04/01/03 .......................................................... 2,184,373
1,115,000 6.65%, 04/01/05 .......................................................... 1,187,352
20,755,000 6.75%, 04/01/14 .......................................................... 21,622,974
Port Authority of New York and New Jersey Revenue,
1,675,000 Consolidated 67th Series, 6.875%, 01/01/25 ............................... 1,794,595
4,400,000 Consolidated 74th Series, 6.75%, 08/01/26 ................................ 4,720,716
17,000,000 Port Authority of New York and New Jersey, Delta Air Lines Special Project,
Series 1, 6.95%, 06/01/08 .................................................. 18,331,440
14,645,000 Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue, Series A,
Pre-Refunded, 7.875%, 07/01/17 ............................................. 15,847,940
4,000,000 Puerto Rico Commonwealth Highway and Transportation Authority, Highway
Revenue, Series Y, 5.00%, 07/01/36 ......................................... 3,619,400
7,375,000 Puerto Rico Commonwealth Highway Authority, Highway Revenue, Series Q,
6.00%, 07/01/20 ............................................................ 7,459,444
8,000,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax
Revenue, Series A, 7.90%, 07/01/07 ......................................... 8,559,120
8,100,000 Puerto Rico Commonwealth Urban Renewal and Housing Corp., Refunding,
7.875%, 10/01/04 ........................................................... 8,921,016
Puerto Rico Electric Power Authority Revenue,
$ 28,435,000 Refunding, Series 1987-K, Pre-Refunded, 9.375%, 07/01/17 ................. $ 29,975,893
7,740,000 Series 1992-R, 6.25%, 07/01/17 ........................................... 8,138,920
15,565,000 Series 1994-T, 6.375%, 07/01/24 .......................................... 16,460,610
6,575,000 Series T, 6.00%, 07/01/16 ................................................ 6,772,447
Puerto Rico Industrial, Medical & Environmental Facilities, PCFA,
1,000,000 Baxter Travenol Labs, Series A, 8.00%, 09/01/12 .......................... 1,087,420
21,015,000 Special Facilities, American Airlines Corp., Series A, 8.75%, 12/01/25 ... 22,221,261
Puerto Rico Municipal Finance Agency, Series A,
14,760,000 8.25%, 07/01/08 .......................................................... 15,937,553
11,000,000 6.50%, 07/01/19 .......................................................... 11,860,860
Rensselaer Municipal Leasing Corp., Leasehold Mortgage Revenue, Rensselaer
County Nursing Home,
10,000,000 Series A, 6.90%, 06/01/24 ................................................ 10,394,700
3,345,000 Series B, 6.90%, 06/01/24 ................................................ 3,477,027
4,230,000 Schenectady Municipal Housing Authority Revenue, Annie Schaffer Senior
Center, Inc. Project, 6.45%, 05/01/24 ...................................... 4,550,761
Suffolk County IDA, Civic Facilities Revenue, Dowling College,
1,870,000 6.70%, 12/01/20 .......................................................... 1,911,738
4,635,000 8.25%, 12/01/20 .......................................................... 5,378,176
2,000,000 6.625%, 06/01/24 ......................................................... 2,020,300
1,300,000 Sunnybrook Elderly Housing Corp. Mortgage Revenue, Sunnybrook Apartments
Project, 11.25%, 12/01/14 .................................................. 1,353,820
2,000,000 Syracuse IDA, Civic Facility Revenue, St. Joseph's Hospital Health Center Project,
7.50%, 06/01/18 ............................................................ 2,141,540
8,620,000 Ulster County Resource Recovery Agency, Solid Waste Systems Revenue, 6.00%,
03/01/14 ................................................................... 8,582,331
United Nations Development Corp. Revenue, Refunding, Sub-Lien,
37,120,000 Series A, 6.00%, 07/01/26 ................................................ 37,814,515
15,370,000 Series B, 6.25%, 07/01/26 ................................................ 15,915,174
3,100,000 Virgin Islands Water and Power Authority Electric System, Series A, 7.40%, 07/01/11 3,308,227
41,000,000 Warren and Washington Counties IDA Revenue, Refunding, Adirondack Resource
Recovery Project, Series A, 7.90%, 12/15/07 ................................ 42,213,600
Yonkers GO, Series A,
500,000 9.20%, 02/01/01 .......................................................... 577,300
1,090,000 9.20%, 02/01/03 .......................................................... 1,303,160
1,095,000 9.20%, 02/01/04 .......................................................... 1,332,659
1,095,000 9.20%, 02/01/05 .......................................................... 1,357,486
Total Bonds (Cost $4,430,492,158)...................................... 4,708,236,289
Zero Coupon/Step-Up Bonds 1.7%
$ 1,120,000 Erie County Water Authority, Water Revenue, Refunding, Fourth Resolution,
AMBAC Insured, (original accretion rate 7.30%), 12/01/17 ................... $ 248,629
Metropolitan Transportation Authority, Refunding,
7,500,000 Commuter Facilities Revenue, Series 7, (original accretion rate 5.80%),
07/01/10 ................................................................ 3,497,100
7,590,000 Commuter Facilities Revenue, Series 7, (original accretion rate 5.80%),
07/01/11 ................................................................ 3,345,672
2,065,000 Commuter Facilities Revenue, Series 7, (original accretion rate 5.85%),
07/01/13 ................................................................ 799,176
4,750,000 Commuter Facilities Revenue, Series 7, (original accretion rate 5.85%),
07/01/14 ................................................................ 1,730,045
13,125,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.75%), 07/01/09 6,553,444
9,000,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.80%), 07/01/10 4,196,520
21,200,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.80%), 07/01/11 9,344,960
15,380,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.85%), 07/01/12 6,370,242
7,935,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.85%), 07/01/13 3,070,924
3,500,000 Transit Facilities Revenue, Series 7, (original accretion rate 5.546%), 07/01/14 1,274,770
New York City GO,
8,875,000 Citysavers, Series B, (original accretion rate 8.25%), 08/01/09 .......... 4,230,269
1,030,000 Citysavers, Series B, (original accretion rate 8.66%), 06/01/12 .......... 407,252
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/12 .......... 395,242
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/13 .......... 381,739
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/13 .......... 370,429
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/14 .......... 359,439
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/14 .......... 348,789
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/15 .......... 339,055
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/15 .......... 329,023
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/16 .......... 317,477
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/16 .......... 308,032
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/17 .......... 298,875
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/17 .......... 289,986
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/18 .......... 281,365
1,005,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/18 .......... 266,365
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/19 .......... 264,875
1,030,000 Citysavers, Series B, (original accretion rate 8.50%), 12/01/19 .......... 256,995
10,000,000 Citysavers, Series B, (original accretion rate 8.50%), 06/01/20 .......... 2,420,900
2,500,000 M-Raes, Series 29, zero coupon to 03/15/00, (original accretion rate 8.50%),
8.00% thereafter, 03/15/12 .............................................. 2,196,325
3,875,000 M-Raes, Series 30, zero coupon to 03/15/00, (original accretion rate 8.50%),
8.00% thereafter, 03/15/13 .............................................. 3,404,304
New York City GO, (cont.)
$ 17,400,000 M-Raes, Series 36, zero coupon to 10/01/02, (original accretion rate 7.00%),
7.00% thereafter, 10/01/14 .............................................. $ 12,400,806
2,690,000 Series A-2, (original accretion rate 5.95%), 08/01/10 .................... 1,199,713
21,625,000 Triborough Bridge and Tunnel Authority, Convention Center Project, Series E,
(original accretion rate 7.50%), 01/01/12 .................................. 9,093,313
-------------
Total Zero Coupon/Step-Up Bonds, (Cost $72,847,108).................... 80,592,050
-------------
Total Long Term Investments (Cost $4,503,339,266)...................... 4,788,828,339
-------------
aShort Term Investments .1%
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue, Daily VRDN and Put,
700,000 Series C, 4.10%, 06/15/22 ................................................ 700,000
6,000,000 Series G, 4.00%, 06/15/24 ................................................ 6,000,000
-------------
Total Short Term Investments (Cost $6,700,000)...................... 6,700,000
-------------
Total Investments (Cost $4,510,039,266) 98.3%..................... 4,795,528,339
Other Assets and Liabilities, Net 1.7%............................ 84,627,816
-------------
Net Assets 100.0%................................................. $4,880,156,155
=============
At November 30, 1996, the net unrealized appreciation based on
the cost of investments for income tax purposes of
$4,511,591,649 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
was an excess of value over tax cost........................................ $ 284,105,935
Aggregate gross unrealized depreciation for all investments in which there
was an excess of tax cost over value ....................................... (169,245)
-------------
Net unrealized appreciation................................................ $ 283,936,690
=============
</TABLE>
PORTFOLIO ABBREVIATIONS:
AMBAC - American Municipal Bond Assurance Corp.
COP - Certificate of Participation
FHA - Federal Housing Authority/Agency
FSA - Financial Security Assistance
GO - General Obligation
HDC - Housing Development Corp.
HFA - Housing Finance Authority/Agency
HIBI - Health Industry Bond Insurance
HMR - Home Mortgage Revenue
IDA - Industrial Development Authority/Agency
MBIA - Municipal Bond Investors Assurance Corp.
MF - Multi-Family
MFMR - Multi-Family Mortgage Revenue
MFR - Multi-Family Revenue
PCFA - Pollution Control Financing Authority
PCR - Pollution Control Revenue
aVariable rate demand notes (VRDN's) are tax-exempt obligations which contain a
floating or variable interest rate adjustment formula and an unconditional right
of demand to receive payment of the principal balance plus accrued interest upon
short notice prior to specified dates. The interest rate may change on specified
dates in relationship with changes in a designated rate (such as the prime
interest rate or U.S. Treasury bills rate).
FRANKLIN NEW YORK TAX-FREE INCOME FUND, INC.
Financial Statements
Statement of Assets and Liabilities
November 30, 1996 (unaudited)
Assets:
Investments in securities, at value
(identified cost $4,510,039,266) $4,795,528,339
Cash 39,354
Receivables:
Interest 85,848,283
Investment securities sold 85,278
Capital shares sold 1,940,778
--------------
Total assets 4,883,442,032
--------------
Liabilities:
Payables:
Capital shares repurchased 728,892
Management fees 1,850,863
Distribution fees 511,611
Shareholder servicing costs 185,512
Accrued expenses and other liabilities 8,999
--------------
Total liabilities 3,285,877
--------------
Net assets, at value $4,880,156,155
==============
Net assets consist of:
Undistributed net investment income $ 597,479
Net unrealized appreciation on
investments 285,489,073
Undistributed net realized gain 3,571,227
Class I capital shares 4,533,702,069
Class II capital shares 56,796,307
--------------
Net assets, at value $4,880,156,155
==============
Class l Shares:
Net assets, at value $4,822,705,511
==============
Shares outstanding 409,628,652
==============
Net asset value per share* $11.77
==============
Class II Shares:
Net assets, at value $ 57,450,644
==============
Shares outstanding 4,883,244
==============
Net asset value per share* $11.76
==============
Statement of Operations
for the six months ended November 30, 1996 (unaudited)
Investment income:
Interest (Note 1) $155,117,330
Expenses:
Management fees (Note 5) $10,955,728
Distribution fees-Class l
(Note 5) 1,655,985
Distribution fees-Class ll
(Note 5) 158,224
Shareholder servicing costs
(Note 5) 686,726
Reports to shareholders 411,428
Custodian fees 24,161
Professional fees 68,101
Directors' fees and expenses 33,360
Registration and filing fees 18,863
Other 72,164
--------------
Total expenses 14,084,740
--------------
Net investment
income 141,032,590
--------------
Realized and unrealized gain (loss) on investments:
Net realized loss (5,687,163)
Net unrealized appreciation 137,935,442
--------------
Net realized and unrealized
gain (loss) on investments 132,248,279
--------------
Net increase in net assets
resulting from operations $273,280,869
==============
*Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
FRANKLIN NEW YORK TAX-FREE INCOME FUND, INC.
Financial Statements (cont.)
Statements of Changes in Net Assets for the six months ended November 30,1996
(unaudited) and the year ended May 31, 1996
<TABLE>
<CAPTION>
Six months ended Year ended
November 30, 1996 May 31, 1996
------------ -----------
Increase (decrease) in net assets:
Operations:
<S> <C> <C>
Net investment income..................................................... $ 141,032,590 $ 286,566,316
Net realized gain (loss) from securitiy transactions...................... (5,687,163) 16,081,912
Net unrealized appreciation (depreciation ) on investments................ 137,935,442 (129,808,598)
------------ -----------
Net increase in net assets resulting from operations.................. 273,280,869 172,839,630
Distributions to shareholders:
From undistributed net investment income:
Class l .................................................................. (141,784,412) (289,772,039)
Class ll ................................................................. (1,273,628) (1,035,919)
Increase in net assets from capital share transactions (Note 3)............. 1,403,538 139,529,436
------------ -----------
Net increase in net assets............................................ 131,626,367 21,561,108
Net assets:
Beginning of period........................................................ 4,748,529,788 4,726,968,680
------------ -----------
End of period (including undistributed net investment income of
$597,479- 11/30/96 and $2,622,929- 5/31/96)................................ $4,880,156,155 $4,748,529,788
============ ===========
</TABLE>
FRANKLIN NEW YORK TAX-FREE INCOME FUND, INC.
Notes to Financial Statements (unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Franklin New York Tax-Free Income Fund, Inc., (the Fund) is an open-end,
diversified management investment company (mutual fund), registered under the
Investment Company Act of 1940, as amended. The Fund seeks to provide investors
with as high a level of income exempt from federal income taxes as is consistent
with prudent investing, while seeking preservation of shareholders' capital.
The Fund offers two classes of shares, Class I and Class II. Class I shares are
sold with a higher front-end sales charge than Class II shares. Each class of
shares may be subject to a contingent deferred sales charge and has the same
rights, except with respect to the effect of the respective sales charges, the
distribution fees borne by each class, voting rights on matters affecting a
single class and the exchange privilege of each class.
The offering of Class II shares began May 1, 1995, at which time all previously
outstanding shares became Class I shares. Realized and unrealized gains or
losses and net investment income, other than class specific expenses, are
allocated daily to each class of shares based upon the relative proportion of
net assets of each class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
a. Security Valuations:
Tax-free bonds generally trade in the over-the-counter market rather than on a
national securities exchange. In the absence of a sale or reported bid and asked
prices, information with respect to bond and note transactions, quotations from
bond dealers, market transactions in comparable securities, and various
relationships between securities are used to determine the value of a security.
The Fund may utilize a pricing service, bank or broker/dealer experienced in
such matters to perform any of the pricing functions under procedures approved
by the Board of Directors (the Board). Securities for which market quotations
are not available are valued in accordance with procedures established by the
Board.
b. Income Taxes:
The Fund intends to continue to qualify for the tax treatment applicable to
regulated investment companies under the Internal Revenue Code and to make the
requisite distributions to its shareholders which will be sufficient to relieve
it from income and excise taxes.
c. Security Transactions:
Security transactions are accounted for on the date the securities are purchased
or sold (trade date). Realized gains and losses on security transactions are
determined on the basis of specific identification.
d. Investment Income, Expenses and Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Interest
income and estimated expenses are accrued daily. Bond discount and premium are
amortized as required by the Internal Revenue Code.
Net realized capital gains and losses differ for financial statement and tax
purposes primarily due to differing treatment of wash sale transactions.
e. Accounting Estimates:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the amounts of income and expense during the reporting
period. Actual results could differ from those estimates.
2. NET REALIZED CAPITAL GAINS - TAX BASIS
At May 31, 1996, for tax purposes, the Fund had undistributed capital gains of
$10,751,223.
For tax purposes, the aggregate cost of securities is higher (and unrealized
appreciation is lower) than for financial statement purposes at November 30,
1996 by $1,552,383.
3. CAPITAL STOCK
At November 30, 1996, there were 2,500,000,000 Class I shares and 2,500,000,000
Class II of $0.01 par value capital stock authorized. Transactions in the Fund's
shares were as follows:
<TABLE>
<CAPTION>
Class I Shares:
Six Months Ended Year Ended
November 30, 1996 May 31, 1996
--------------------- ---------------------
Shares Amount Shares Amount
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Shares sold .......................................... 17,932,193 $ 207,058,558 40,645,245 $ 474,291,793
Shares issued in reinvestment of distributions ....... 5,598,544 64,407,077 11,218,379 130,789,081
Shares redeemed ...................................... (24,871,423) (287,050,519) (43,189,318) (503,461,711)
--------- ----------- --------- -----------
Net increase (decrease) ............................... (1,340,686) $ (15,584,884) 8,674,306 $ 101,619,163
========= =========== ========= ===========
Class II Shares:
Shares sold .......................................... 1,684,589 $ 19,428,105 3,404,484 $ 39,730,816
Shares issued in reinvestment of distributions ....... 65,642 755,307 51,428 599,454
Shares redeemed ...................................... (276,905) (3,194,990) (209,017) (2,419,997)
--------- ----------- --------- -----------
Net increase .......................................... 1,473,326 $ 16,988,422 3,246,895 $ 37,910,273
========= =========== ========= ===========
</TABLE>
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the six months ended November 30, 1996, aggregated $327,477,628
and $337,317,293, respectively.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
a. Management Agreement:
Under the terms of a management agreement, Franklin Advisory Services, Inc.,
(Advisory), provides investment advice, administrative services, office space
and facilities to the Fund, and receives fees computed monthly based on the net
assets of the Fund on the last day of the month as follows:
Annualized Fee Rate Month End Net Assets
------------- -----------------------------------
0.625% First $100 million
0.50% Over $100 million, up to and including $250 million
0.45% Over $250 million, up to and including $10 billion
Fees are further reduced on net assets over $10 billion.
Under an agreement with Advisory, Franklin Templeton Services, Inc. (FTServices)
provides administrative services and facilities for the Fund. The fee is paid by
Advisory and computed monthly based on average daily net assets. It is not a
separate expense of the fund.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (cont.)
b. Shareholder Services Agreement:
Under the terms of a shareholder services agreement with Franklin/Templeton
Investor Services, Inc. (Investor Services), the Fund pays costs on a per
shareholder account basis. Shareholder servicing costs incurred by the Fund for
the six months ended November 30, 1996, aggregated $686,726, of which $559,838
was paid to Investor Services.
c. Distribution Plans and Underwriting Agreement:
Under the terms of distribution plans pursuant to Rule 12b-1 of the Investment
Company Act of 1940 (the Plans), the Fund will reimburse Franklin/Templeton
Distributors, Inc. (Distributors), in an amount up to a maximum of 0.10% per
annum for Class I and 0.65% per annum for Class II, of the average daily net
assets of each class for costs incurred in the promotion, offering and marketing
of the Fund's shares. The Plans do not permit nor require payments of excess
costs after termination. Fees incurred by the Fund under the Plans aggregated
$1,814,209 for the six months ended November 30, 1996.
In its capacity as underwriter for the shares of the Fund, Distributors receives
commissions on sales of the Fund's capital stock. Commissions are deducted from
the gross proceeds received from the sale of the capital stock of the Fund, and
as such are not expenses of the Fund. Distributors may also make payments, out
of its own resources, to the dealers for certain sales of the Fund's shares.
Commissions received by Distributors and the amounts paid to other dealers for
the six months ended November 30, 1996, amounted to:
Class I Class II
-------- -------
Total Commissions received................. $5,024,319 $205,247
Paid to other dealers...................... $4,691,744 $187,735
Contingent deferred sales charge........... $ 0 $376,322
d. Other Affiliated Parties and Transactions:
During the six months ended November 30, 1996, legal fees of $21,319 were
incurred to a law firm in which Brian E. Lorenz, secretary of the Fund, is a
partner. Certain officers and directors of the Fund are also officers and/or
directors of Distributors, Advisory, FT Services, and Investor Services, all
wholly-owned subsidiaries of Franklin Resources, Inc.
6. CREDIT RISK
Although the Fund has a diversified portfolio, substantially all of its
investments are in the securities of issuers in Guam, New York, and Puerto Rico.
Such concentration may subject the Fund more significantly to economic changes
occurring within that state and territories.
7. FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock outstanding throughout the period are
as follows:
<TABLE>
<CAPTION>
Six months ended Year Ended May 31,
Class I Shares: November 30, 1996 1996 1995 1994 1993 1992
- ------------------------------ ------------ -------- -------- -------- -------- --------
Per Share Operating Performance
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period. $11.46 $11.75 $11.72 $12.07 $11.45 $10.94
------------ -------- -------- -------- -------- --------
Net investment income................. 0.34 0.70 0.73 0.75 0.77 0.78
Net realized and unrealized gain (loss)
on securities......................... 0.315 (0.279) 0.056 (0.338) 0.630 0.523
------------ -------- -------- -------- -------- --------
Total from net investment income....... 0.655 0.421 0.786 0.412 1.400 1.303
------------ -------- -------- -------- -------- --------
Distributions from net investment income (0.345) (0.711) (0.756) (0.762) (0.780) (0.793)
------------ -------- -------- -------- -------- --------
Net asset value at end of period....... $11.77 $11.46 $11.75 $11.72 $12.07 $11.45
============ ======== ======== ======== ======== ========
Total Return*.......................... 5.82% 3.65% 7.10% 3.18% 12.35% 12.05%
Ratios/Supplemental Data
Net assets at end of period (in 000's) $4,822,706 $4,709,483 $4,725,056 $4,609,999 $4,339,249 $3,570,851
Ratio of expenses to average net assets 0.58%** 0.58% 0.57% 0.52% 0.52% 0.51%
Ratio of net investment income to
average net assets.................... 5.88%** 5.99% 6.39% 6.19% 6.56% 7.01%
Portfolio turnover rate............... 6.95% 28.34% 40.56% 25.67% 12.28% 19.37%
Six months ended Year Ended May 31,
Class II Shares: November 30, 1996 1996 19951, 2
- -------------------------------------------------------- ------------ ------ --------
Per Share Operating Performance
<S> <C> <C> <C>
Net asset value at beginning of period.................................... $11.45 $11.73 $11.50+
------------ ------ --------
Net investment income.................................................... 0.31 0.65 0.05
Net realized and unrealized gain (loss ) on securities................... 0.311 (0.286) 0.243
------------ ------ --------
Total from investment income.............................................. 0.621 0.364 0.293
------------ ------ --------
Distributions from net investment income.................................. (0.311) (0.644) (0.063)
------------ ------ --------
Net asset value at end of period.......................................... $11.76 $11.45 $11.73
============ ====== ========
Total Return*............................................................. 5.52% 3.14% 2.56%
Ratios/Supplemental Data
Net assets at end of period (in 000's)................................... $57,451 $39,047 $1,913
Ratio of expenses to average net assets.................................. 1.16%** 1.16% 1.09%**
Ratio of net investment income to average net assets..................... 5.31%** 5.43% 5.32%**
Portfolio turnover rate.................................................. 6.95% 28.34% 40.56%
</TABLE>
*Total return measures the change in value of an investment over the periods
indicated. It is not annualized. It does not include the maximum front-end sales
charge or contingent deferred sales charge, and assumes reinvestment of
dividends and capital gains at net asset value. Prior to May 1, 1994, dividends
were reinvested at the maximum offering price, and capital gains at net asset
value. Effective May 1, 1994, with the implementation of the Rule 12b-1
distribution plan for Class I shares, the sales charge on reinvested dividends
was eliminated.
**Annualized
+The Fund paid a dividend to shareholders of record on the beginning of
business, May 1, 1995 in the amount of $0.063 per share. The net asset value per
share at beginning of period includes this dividend.
1Per share amounts have been calculated using the daily average shares
outstanding during the period.
2For the period May 1, 1995 (effective date) to May 31, 1995.
Franklin New York Tax-Free Income Fund Semi-Annual Report November 30, 1996.
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING
(PURSUANT TO ITEM 304 (a) OF REGULATION S-T)
GRAPHIC MATERIAL (1)
This chart shows in pie chart format the fund'securities breakdown by sector as
a percentage of the fund's total long-term investments.
<TABLE>
<CAPTION>
Quality Breakdown on November 30, 1996
<S> <C>
AAA 24.5%
AA 15.9%
A 12.8%
BBB 44.9%
Below Investment Grade 1.9%
</TABLE>
GRAPHIC MATERIAL (2)
This bar chart shows the comparison between the fund's disribution rate of
5.57%, the New York State taxable equivalent distribution rate of 9.93%, and the
New York State/City taxable equivalent distribution rate of 10.43%, for Class I
shares.
GRAPHIC MATERIAL (3)
This bar chart shows the comparison between the fund's disribution rate of
5.19%, the New York State taxable equivalent distribution rate of 9.25%, and the
New York State/City taxable equivalent distribution rate of 9.72%, for Class II
shares.
