For yield, price, last transaction,
and current balance, 24 hours,
7 days a week, call:
1-800-638-2587 toll free
625-7676 Baltimore area
For assistance with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
625-6500 Baltimore area
T. Rowe Price
100 East Pratt Street
baltimore, Maryland 21202
This report is authorized for distribution only to shareholders and to others
who have received a copy of the prospectus of the T. Rowe Price New York
Tax-Free Funds.
NYC
Annual Report
New York Tax-Free
Funds
February 28, 1995
Fellow Shareholders
Vigorous economic growth and Federal Reserve tightening dominated the fixed
income markets in 1994. Real growth of 4% last year exceeded the historical
trend of approximately 2.5%. The target for the fed funds rate climbed with
the economy's strong pace, rising from 3% at the beginning of last year to 6%
after the most recent tightening on February 1, 1995. The Federal Reserve
pursued its monetary policy to slow economic growth to a level that will
contain inflation. Future Fed action will reflect its goal of preventing
excessive inflation without spurring significantly higher unemployment.
Rising yields characterized the tax-exempt market during most of 1994.
The yield on one-year AAA General Obligation (GO) bonds peaked in December at
4.9%, up from 3% at the end of February 1994. However, as the market
strengthened over the last several months, the one-year yield retreated to
4.4% by the funds' fiscal year-end. The five-year AAA GO bond yield ended this
quarter at 5%, 70 basis points higher than a year ago but 50 basis points
lower than at the end of November (100 basis points are one percent). On the
long end, the yield on AAA 30-year GO bonds was almost 6%, up from 5.6% a year
earlier but down from its November peak of 6.8%.
Chart 1 - New York Yield Index
Source: T. Rowe Price
Yields declined after the Fed's sixth tightening of the year in
November. Anticipation of a slowing economy, good news on inflation, and
limited supply of tax-exempt bonds all contributed to the recent drop in
yields. Issuance fell to a four-year low last year and could be even lower in
1995.
New York Tax-Free Money Fund
Last year's rise in interest rates was bad news for bond investors but good
news for money market investors as current yields rose substantially during
the past 12 months. Your fund's seven-day compound yield stood at 3.45% at the
end of the fiscal year, compared with 1.88% a year ago.
During the past 12 months, the municipal short-term yield curve
steepened substantially. For example, the difference between the yield on an
overnight investment and a one-year security averaged 1.21 percentage points
over the past year, compared with an average difference of 0.48 of a
percentage point during the preceding 12-month period. The long end of the
money market curve followed the rate rise orchestrated by the Fed, while the
short end responded to light supply and strong investor demand for short-term
securities.
Issuance of short-term securities fell to $34.1 billion from $45.4
billion during the fiscal year, the lowest level in five years. The state,
historically one of the largest short-term borrowers, did not sell notes in
1994 because of a combination of long-term financing and improved cash flow.
Finding an adequate supply of high-quality securities exempt from New York
taxes remains a challenge because of our stringent credit quality standards
for money market funds.
Your fund closed the fiscal year with a weighted average maturity of 47
days, moderately longer than our peer group average of 42 days, but
significantly shorter than the 65-day average at the beginning of the year.
While we expect the short-term market to remain sensitive to further rate
hikes, the light supply of new issues, low dealer inventories, and solid
demand induce us to keep maturities slightly longer than the average for our
peer group.
Your fund's performance slightly exceeded its peer group average for
both the fiscal year and the three months ended February 28.
Performance Comparison
Periods Ended 2/28/95
3 Months 12 Months
_____________________
New York Tax-Free
Money Fund 0.77% 2.49%
IBC/Donoghue Money Fund
Report Average* 0.76 2.41
*State Specific Stockbroker & General Purpose New York
New York Tax-Free Bond Fund
After the low interest rates of 1993, the fund began the year with a weighted
average maturity of 19.4 years. In order to limit exposure to falling prices
in 1994, we concentrated portfolio holdings in higher coupon bonds with
maturities and durations shorter than those of bonds typically held by
long-term funds. Throughout the first three quarters of the fiscal year we
shortened the fund's average maturity to approximately 16.7 years. By
November, we felt that the municipal market was oversold, and we lengthened
maturities.
Last year was difficult for municipal bond investors in general and
particularly for New York investors. Rising rates presented the major problem,
but uncertainty about New York City's financial situation contributed
significantly. The city's ills were aggravated by low profitability in the
securities and banking industries, which flowed through to the state level as
income tax receipts from these sectors were substantially lower than in 1993.
Chart 2 - New York Bond Issues
Source: Securities Data Co.
Improving financial well-being will be a major concern for both the state
and city governments in 1995. As Albany and New York City attempt to balance
their respective budgets, welfare programs and health care spending will be
targeted. While reductions in Medicaid payments could hurt many hospitals,
most of our positions are protected by FHA-insured mortgages. As always, we
will closely monitor those holdings not backed by insurance.
The fund performed well during 1994 as a result of our defensive
investment posture. By shortening our weighted average maturity and buying
higher coupon bonds, we limited the fund's exposure to rising rates.
Additionally, the fund's yield improved to 6.0% last quarter compared with
5.2% a year ago. For the year, the fund's return exceeded that of its peers.
Fourth quarter performance was strong, although slightly below the Lipper
average.
Performance Comparison
Periods Ended 2/28/95
3 Months 12 Months
_____________________
New York Tax-Free
Bond Fund 8.14% 0.74%
Lipper New York Municipal
Debt Fund Average 9.08 -0.36
Outlook
The U.S. economy should continue to grow, although at a lower rate than in
1994. To date, the Fed's past actions appear to be starting to slow the pace
of growth, keeping inflation in check. However, in the near term, we do expect
some acceleration in inflation based on tight labor markets and relatively
high capacity utilization. This may result in somewhat higher interest rates
over the next few months, but most likely lower than the levels reached in the
fall. Moreover, light new issuance combined with continued strong demand for
tax-exempt bonds could result in better overall returns in the municipal bond
market in 1995.
It is worth noting that 1994 was tumultuous for fixed income investors
because of rising interest rates, widespread misuse of derivatives, and a
large municipal bankruptcy. We want to assure you that we will continue to
make investments that are appropriate for each fund's risk profile. In those
funds that can purchase derivatives, our exposure has been modest and has not
introduced undue risk for shareholders. In addition, our avoidance of the
Orange County crisis reinforces the value of thorough, independent credit
research.
We appreciate the continued confidence all our shareholders have placed
in us.
Respectfully submitted,
William T. Reynolds
President and Chairman of the
Investment Advisory Committee,
New York Tax-Free Bond Fund
Patrice L. Berchtenbreiter
Chairman of the Investment
Advisory Committee,
New York Tax-Free Money Fund
March 24, 1995
New York Tax-Free Money Fund
Sector Diversification
Percent of Net Assets
_________________
2/28/95
_______________
Miscellaneous Revenue 14%
General Obligation - Local 11
Pre-refunded Bonds 10
Ground Transportation Revenue 10
Educational Revenue 8
Hospital Revenue 8
Industrial and Pollution Control Revenue 6
Escrowed to Maturity 6
Dedicated Tax Revenue 5
Electric Revenue 5
Life Care/Nursing Home Revenue 5
General Obligation - State 5
Water and Sewer Revenue 4
Nuclear Revenue 4
Other Assets Less Liabilities -1
New York Tax-Free Bond Fund
Sector Diversification
Percent of Net Assets
_________________
2/28/95
_______________
Dedicated Tax Revenue 15%
Hospital Revenue 13
Water and Sewer Revenue 13
Lease Revenue 11
Ground Transportation Revenue 9
General Obligation - Local 9
Pre-refunded Bonds 8
Air and Sea Transportation Revenue 8
Educational Revenue 6
Housing Finance Revenue 5
Electric Revenue 1
Escrowed to Maturity 1
General Obligation - State 1
Statistical Highlights
New York Tax-Free Money Fund
Key Statistics
Periods Ended
Dividend Yield* 2/28/95
___________________________ _______________
7-Day Compound on 2/28/94 1.88%
7-Day Compound on 2/28/95 3.45
Dividend Per Share
___________________________
3 Months $0.008
12 Months** 0.025
Weighted Average Quality! 1.9
Weighted Average Maturity 47 days
* Dividends earned and reinvested for the periods indicated
are annualized and divided by the average daily net asset
values per share for the same period.
** Taxability of dividends. 100% and 94.7% of dividends are
exempt from federal and New York state income taxes,
respectively.
! On a T. Rowe Price scale of 1 to 10, with Grade 1
representing highest quality.
New York Tax-Free Bond Fund
Key Statistics
Periods Ended
Dividend Yield* 2/28/95
___________________________ _______________
3 Months 6.01%
12 Months 5.86
Dividend Per Share
___________________________
3 Months $0.15
12 Months** 0.58
Change in Price Per Share
___________________________
3 Months (From $9.73 to $10.37) $0.64
12 Months (From $10.98 to $10.37) -0.61
Weighted Average Quality! 2.7
Weighted Average Maturity 18.0 years
Weighted Average Effective Duration 7.3 years
* Dividends earned and reinvested for the periods indicated
are annualized and divided by the average daily net asset
values per share for the same period.
** Taxability of dividends. 100% and 97.8% of dividends are
exempt from federal and New York state income taxes,
respectively.
! On a T. Rowe Price scale of 1 to 10, with Grade 1
representing highest quality.
Chart 3 - Fiscal-Year Performance Comparison
Fiscal-Year Performance
Periods ended February 28, 1995
Since Inception
1 Year 5 Years* (8/28/86)*
_______ _______ _____________
0.74% 8.13% 7.04%
*Average Annual Compound Total Return
Income return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
Investment Record
The tables below show the investment records of one share of the T. Rowe Price
New York Tax-Free Money Fund, purchased at the original offering price of
$1.00, and the T. Rowe Price New York Tax-Free Bond Fund purchased at the
original offering price of $10.00. Over this time, interest rates have been
volatile. The results shown should not be considered a representation of the
dividend income or capital gain or loss which may be realized from an
investment made in the fund today.
T. Rowe Price New York Tax-Free Money Fund
With
Dividends
Capital With and
Fiscal Net Gain Dividends Capital
Year Asset Income Distri- Re- Gains Total
Ended Value Dividends butions invested Reinvested Return
__________ ________ ________ _________ ________ ___________ ________
2/28/871 $1.00 $0.02 - $1.02 $1.02 1.69%
1988 1.00 0.04 - 1.06 1.06 3.78
1989 1.00 0.04 - 1.10 1.10 4.42
1990 1.00 0.05 - 1.16 1.16 5.23
1991 1.00 0.05 - 1.22 1.22 4.79
1992 1.00 0.04 - 1.26 1.26 3.60
1993 1.00 0.02 - 1.29 1.29 2.22
1994 1.00 0.02 - 1.31 1.31 1.84
1995 1.00 0.02 - 1.34 1.34 2.49
___________________________________________________________________
Total $0.30 $0.00
1From inception 8/28/86 to 2/28/87.
T. Rowe Price New York Tax-Free Bond Fund
With
Dividends
Capital With and
Fiscal Net Income Gain Dividends Capital
Year Asset Div- Distri- Re- Gains Total
Ended Value idends ibutions2 invested Reinvested Return
________ ________ ______ _________ _______ _________ ________
2/28/871 $10.34 $0.33 - $10.68 $10.68 6.78%
1988 9.67 0.60 - 10.65 10.65 -0.29
1989 9.60 0.61 - 11.27 11.27 5.81
1990 9.64 0.62 - 12.06 12.06 7.03
1991 9.74 0.62 - 12.99 12.99 7.73
1992 10.12 0.63 - 14.38 14.38 10.67
1993 11.05 0.62 - 16.65 16.65 15.79
1994 10.98 0.59 $0.16 17.44 17.70 6.31
1995 10.37 0.58 0.08 17.44 17.83 0.74
___________________________________________________________________
Total $5.20 $0.24
1 From inception 8/28/86 to 2/28/87.
2 Includes short-term capital gain of $0.03 on 3/29/93; $0.07 on 12/10/93;
$0.03 on 3/29/94.
Statement of Net Assets
T. Rowe Price New York Tax-Free Funds/February 28, 1995
(amounts in thousands, except capital stock information)
Money Fund
Face Amount Value
___________ ___________
NEW YORK - 98.8%
Buffalo, GO, RAN, 5.00%, 7/12/95 . . . . . . . . $ 1,000 $ 1,002
Connetquot Central School Dist., GO, TAN,
4.75%, 6/30/95. . . . . . . . . . . . . . . 2,000 2,001
Dormitory Auth. of the State of New York,
Cornell Univ., VRDN
(Currently 3.60%) . . . . . . . . . . . . 2,700 2,700
Masonic Hall Asylum, (AMBAC Insured),
VRDN (Currently 3.70%) . . . . . . . . . 3,200 3,200
Memorial Sloan-Kettering Cancer Center,
TECP, 3.65 - 4.15%,
3/1 - 4/13/95. . . . . . . . . . . . . . 3,900 3,900
Metropolitan Museum of Art, VRDN
(Currently 3.85%). . . . . . . . . . . . 2,400 2,400
VRDN (Currently 3.85%) . . . . . . . . 500 500
7.625%, 7/1/15
(Pre-refunded 7/1/95!) . . . . . . . . 2,000 2,081
Oxford Univ. Press Inc., VRDN
(Currently 3.95%). . . . . . . . . . . . 3,185 3,185
Great Neck Union Free School Dist., GO, TAN,
4.50%, 6/30/95. . . . . . . . . . . . . . . 1,500 1,501
Massapequa, Nassau County Union Free School
Dist., GO, TAN, 4.50%, 6/30/95. . . . . . . 1,000 1,001
Metropolitan Transportation Auth.,
10.25%, 7/1/15
(Pre-refunded 7/1/95!). . . . . . . . . 1,035 1,076
Municipal Assistance Corp. for the City
of New York, 9.20%, 7/1/95
(Escrowed to Maturity). . . . . . . . . 100 102
9.40%, 7/1/97
(Pre-refunded 7/1/95!). . . . . . . . . 200 207
9.00%, 7/1/99
(Pre-refunded 7/1/95!). . . . . . . . . 40 41
9.875%, 7/1/08
(Pre-refunded 7/1/95!). . . . . . . . . 1,190 1,235
10.25%, 7/1/08
(Pre-refunded 7/1/95!). . . . . . . . . 260 270
Nassau County IDA, Cold Spring Harbor Laboratory,
VRDN (Currently 3.70%). . . . . . . . . . . 2,700 2,700
New York City, GO, 9.00%, 8/15/15
(Pre-refunded 8/15/95!) . . . . . . . . . . 60 63
9.50%, 8/15/15
(Pre-refunded 8/15/95!) . . . . . . . . 250 261
RAN, 4.50%, 4/12/95 . . . . . . . . . . . . 500 500
New York City Municipal Water Fin. Auth., TECP,
3.80 - 4.10%, 3/8 - 5/10/95 . . . . . . . . 2,000 2,000
Water & Sewer Systems, 7.40%, 6/15/95
(Escrowed to Maturity). . . . . . . . . 85 86
9.25%, 6/15/15
(Pre-refunded 6/15/95!) . . . . . . . . 225 233
(FGIC Insured), VRDN
(Currently 3.90%) . . . . . . . . . . . 900 900
New York State, GO, TECP, 3.85 - 4.15%,
3/2 - 5/12/95 . . . . . . . . . . . . . . . 3,200 3,200
New York State Energy Research & Dev. Auth.,
Orange & Rockland Utilities,
(FGIC Insured), VRDN
(Currently 3.70%). . . . . . . . . . . . 3,200 3,200
New York State Environmental Fac. Corp., PCR,
Solid Waste Disposal, General Electric,
TECP, 4.05 - 4.10%,
4/17 - 5/11/95 *. . . . . . . . . . . . 4,200 4,199
New York State Housing Fin. Agency, Health Fac.,
5.50%, 5/1/95 (Escrowed to
Maturity) . . . . . . . . . . . . . . . 200 200
Memorial Sloan-Kettering Cancer Center,
VRDN (Currently 4.10%). . . . . . . . . 1,100 1,100
Mental Hygiene, 5.75%, 5/1/95
(Escrowed to Maturity). . . . . . . . . 1,850 1,854
New York State Local Gov't. Assistance Corp.,
VRDN (Currently 3.75%). . . . . . . . . . . 900 900
VRDN (Currently 3.85%). . . . . . . . . . . 2,400 2,400
New York State Power Auth.,
3.80%, 3/1/95 . . . . . . . . . . . . . . . $ 1,000 $ 1,000
4.40%, 9/1/95 . . . . . . . . . . . . . . . 500 500
TECP, 4.00%, 4/6/95 . . . . . . . . . . . . 1,000 1,000
Onondaga County, GO, BAN,
4.50%, 10/27/95 . . . . . . . . . . . . . . 1,300 1,300
Port Auth. of New York & New Jersey,
VRDN (Currently 3.90%) *. . . . . . . . . . 400 400
TECP, 3.65 - 4.20%,
3/7 - 4/10/95 *. . . . . . . . . . . . 2,850 2,850
Syracuse IDA, Syracuse Univ.,
VRDN (Currently 3.60%). . . . . . . . . . . 2,800 2,800
Triborough Bridge & Tunnel Auth.,
(FGIC Insured), VRDN
(Currently 3.75%) . . . . . . . . . . . 3,200 3,200
Convention Center, 9.00%, 7/1/11
(Pre-refunded 7/1/95!). . . . . . . . . 300 311
Special Obligation, 7.00%, 7/1/12
(Pre-refunded 7/1/95!). . . . . . . . . 1,000 1,009
Trust for Cultural Resources of New York City,
American Museum of National History,
(MBIA Insured), VRDN
(Currently 3.70%). . . . . . . . . . . 800 800
_________________________________________________________________________
PUERTO RICO - 2.6%
Puerto Rico Public Fin. Corp., 6.35%, 7/1/95
(Escrowed to Maturity). . . . . . . . . . . 1,685 1,697
Total Investments in Securities - 101.4% of
Net Assets (Cost $67,063) . . . . . . . . . 67,065
Other Assets Less Liabilities. . . . . . . . . . (911)
_________
Net Assets Consist of: Value
___________
Accumulated net investment income -
net of distributions . . . . . . . . . . . . $ 3
Accumulated net realized gain/loss -
net of distributions . . . . . . . . . . . . (1)
Net unrealized gain (loss) . . . . . . . . . . . 2
Paid-in-capital applicable to 66,152,885 no par
value shares of beneficial
interest outstanding; unlimited number
of shares authorized . . . . . . . . . . . . 66,150
_________
NET ASSETS . . . . . . . . . . . . . . . . . . . $ 66,154
_________
_________
NET ASSET VALUE PER SHARE. . . . . . . . . . . . $1.00
_____
_____
* - Interest subject to alternative minimum tax
! - Used in determining portfolio maturity
AMBAC - AMBAC Indemnity Corp.
BAN - Bond Anticipation Note
FGIC - Financial Guaranty Insurance Company
GO - General Obligation
IDA - Industrial Development Authority
MBIA - Municipal Bond Investors Assurance Corp.
PCR - Pollution Control Revenue
RAN - Revenue Anticipation Note
TAN - Tax Anticipation Note
TECP - Tax-Exempt Commercial Paper
VRDN - Variable Rate Demand Note
The accompanying notes are an integral part of these financial statements.
Bond Fund
Face Amount Value
___________ ___________
NEW YORK - 88.7%
Dormitory Auth. of the State of New York,
City Univ., 5.75%, 7/1/11 . . . . . . . . . $ 3,000 $ 2,827
8.20%, 7/1/13 . . . . . . . . . . . . . . . 350 388
6.00%, 7/1/16 . . . . . . . . . . . . . . . 4,000 3,815
Cornell Univ., 6.875%, 7/1/14 . . . . . . . 2,000 2,058
7.375%, 7/1/20 . . . . . . . . . . . . . 1,500 1,611
Judicial Fac. (Suffolk County),
9.50%, 4/15/14. . . . . . . . . . . . . . . 1,000 1,167
Rockefeller Univ., (FGIC Insured),
6.75%, 7/1/11. . . . . . . . . . . . . 1,365 1,449
State Univ. Ed. Fac.,
7.50%, 5/15/11 . . . . . . . . . . . . 2,070 2,324
7.70%, 5/15/12 (Pre-refunded
5/15/00!). . . . . . . . . . . . . . . 500 568
7.25%, 5/15/18 (Pre-refunded
5/15/02!). . . . . . . . . . . . . . . 1,000 1,137
Vassar College, 7.25%, 7/1/15 . . . . . . . 500 535
Erie County Water Auth., (AMBAC Insured),
Zero Coupon, 12/1/17. . . . . . . . . . . . 665 129
Mount Sinai Union Free School Dist., GO,
(AMBAC Insured), 6.20%, 2/15/17 . . . . . . 1,025 1,072
6.20%, 2/15/18 . . . . . . . . . . . . 515 536
Municipal Assistance Corp. for the City of
New York, 6.875%, 7/1/07. . . . . . . . . . 1,500 1,572
6.90%, 7/1/07 . . . . . . . . . . . . . . . 1,500 1,573
6.00%, 7/1/08 . . . . . . . . . . . . . . . 2,525 2,566
7.625%, 7/1/08. . . . . . . . . . . . . . . 500 551
Nassau County, GO, (FGIC Insured),
6.50%, 11/1/13. . . . . . . . . . . . . . . 2,000 2,132
Nassau County IDA, Hofstra Univ.,
6.75%, 1/1/10 . . . . . . . . . . . . . . . 270 276
6.90%, 1/1/14 . . . . . . . . . . . . . . . 350 361
6.90%, 1/1/15 . . . . . . . . . . . . . . . 375 386
New Rochelle, GO, (MBIA Insured),
6.25%, 3/15/17. . . . . . . . . . . . . . . 375 385
6.25%, 3/15/18. . . . . . . . . . . . . . . 400 411
6.25%, 3/15/19. . . . . . . . . . . . . . . 425 435
New York City, GO, 7.375%, 8/15/96 . . . . . . . 870 895
7.375%, 8/15/96
(Escrowed to Maturity) . . . . . . . . 130 135
7.50%, 2/1/08 . . . . . . . . . . . . . . . 500 527
7.10%, 2/1/09 . . . . . . . . . . . . . . . 1,500 1,535
7.625%, 2/1/14. . . . . . . . . . . . . . . 500 527
7.75%, 8/15/15. . . . . . . . . . . . . . . 1,000 1,059
VRDN (Currently 3.80%). . . . . . . . . . . 300 300
New York City Ind. Dev. Agency, Terminal One
Group Assoc., 6.00%, 1/1/15 * . . . . . . . 2,650 2,503
6.00%, 1/1/19 * . . . . . . . . . . . . . . 3,000 2,809
USTA National Tennis Center, (FSA Insured),
6.375%, 11/15/14. . . . . . . . . . . . 500 512
New York City Municipal Water Fin. Auth.,
6.00%, 6/15/17. . . . . . . . . . . . . . . 1,000 981
(AMBAC Insured),
6.20%, 6/15/21. . . . . . . . . . . . . . . 3,200 3,224
(FGIC Insured), 6.00%, 6/15/16. . . . . . . 1,000 999
New York State, GO, 7.125%, 11/15/16 . . . . . . 500 535
New York State Environmental Fac. Corp., PCR,
New York City Municipal Water,
7.25%, 6/15/10. . . . . . . . . . . . . . 500 539
7.50%, 6/15/12. . . . . . . . . . . . . . . 500 540
6.50%, 6/15/14. . . . . . . . . . . . . . . 1,500 1,530
State Water Revolving Fund,
6.90%, 5/15/15 . . . . . . . . . . . . . 1,000 1,075
6.90%, 11/15/15 . . . . . . . . . . . . . . 750 806
New York State Housing Fin. Agency, Memorial
Sloan-Kettering Cancer Center,
VRDN (Currently 4.10%) . . . . . . . . . $ 1,700 $ 1,700
Service Contract Obligations,
7.25%, 9/15/12 . . . . . . . . . . . . . 500 530
7.80%, 9/15/20 (Pre-refunded
3/15/01!). . . . . . . . . . . . . . . . 500 577
7.375%, 9/15/21 (Pre-refunded
3/15/02!). . . . . . . . . . . . . . . . 150 172
State Univ. Construction, 7.90%, 11/1/06
(Pre-refunded 5/1/96!) . . . . . . . . . 160 169
8.00%, 5/1/11 (Escrowed to
Maturity). . . . . . . . . . . . . . . . 750 903
New York State Local Gov't. Assistance Corp.,
6.50%, 4/1/15 . . . . . . . . . . . . . . . 500 506
6.25%, 4/1/18 . . . . . . . . . . . . . . . 2,000 2,003
6.875%, 4/1/19. . . . . . . . . . . . . . . 215 225
6.50%, 4/1/20 . . . . . . . . . . . . . . . 3,000 3,045
7.00%, 4/1/21 (Pre-refunded
4/1/01!) . . . . . . . . . . . . . . . . 900 1,002
New York State Medical Care Fac. Fin. Agency,
Buffalo General Hosp., (FHA Guaranteed),
6.00%, 8/15/14 . . . . . . . . . . . . . 5,740 5,714
Catholic Medical Center and St. Francis
Hosp., 5.50%, 2/15/22. . . . . . . . . . 1,500 1,382
Ellis Hosp., (FHA Guaranteed),
8.00%, 2/15/08 . . . . . . . . . . . . . 1,000 1,098
Jewish Home of Rochester, (FHA Guaranteed),
6.20%, 2/15/23 . . . . . . . . . . . . . 500 498
Mental Health Services, (FGIC Insured),
6.375%, 8/15/10. . . . . . . . . . . . . 450 465
Mount Sinai Hosp., (FHA Guaranteed),
5.75%, 8/15/19 . . . . . . . . . . . . . 800 759
New York Hosp., (AMBAC Insured),
6.50%, 8/15/29 . . . . . . . . . . . . . 1,250 1,277
St. Luke's-Roosevelt Hosp. Center,
(FHA Guaranteed), 7.45%, 2/15/29
(Pre-refunded 2/15/00!). . . . . . . . . 1,500 1,680
Staten Island Univ. Hosp.,
(FHA Guaranteed), 6.125%, 2/15/14. . . . 960 969
New York State Mortgage Agency, Capital
Appreciation Home Ownership,
Zero Coupon, 4/1/20 . . . . . . . . . . . . 3,955 553
Homeowner Mortgage, 7.95%,
10/1/15 . . . . . . . . . . . . . . . . 1,135 1,199
7.75%, 4/1/16 . . . . . . . . . . . . . . . 500 536
7.50%, 4/1/26 * . . . . . . . . . . . . . . 3,250 3,471
New York State Thruway Auth., (FGIC Insured),
6.00%, 1/1/25 . . . . . . . . . . . . . . . 1,000 990
New York State Urban Dev. Corp., Correctional
Capital Fac., 7.00%, 1/1/21
(Pre-refunded 1/1/02!). . . . . . . . . . . 500 560
Newburgh, GO, 5.00%, 9/15/95 . . . . . . . . . . 200 200
5.625%, 9/15/96 . . . . . . . . . . . . . . 215 215
5.875%, 9/15/97 . . . . . . . . . . . . . . 215 215
Niagara Frontier Transportation Airport Auth.,
Greater Buffalo Int'l. Airport,
(AMBAC Insured), 6.125%, 4/1/14 * . . . . . 1,385 1,389
Onondaga County IDA, Community General Hosp.,
6.625%, 1/1/18. . . . . . . . . . . . . . . 2,000 1,895
Port Auth. of New York & New Jersey,
VRDN (Currently 3.90%) *. . . . . . . . . . 2,200 2,200
(FGIC Insured), 6.50%, 7/15/19 *. . . . . . 2,250 2,314
Suffolk County Water Auth., Waterworks,
(AMBAC Insured), 5.75%, 6/1/10. . . . . . . 2,380 2,380
Syracuse IDA, Parking Fac., 7.70%, 6/1/15
(Pre-refunded 6/1/99!). . . . . . . . . . . 700 783
St. Joseph's Hosp. Health Center,
7.50%, 6/1/18 . . . . . . . . . . . . . . . 1,000 1,030
Syracuse Univ., VRDN
(Currently 3.60%). . . . . . . . . . . . 200 200
Triborough Bridge & Tunnel Auth.,
6.00%, 1/1/12 . . . . . . . . . . . . . . . 1,900 1,928
6.625%, 1/1/12. . . . . . . . . . . . . . . 1,000 1,083
8.125%, 1/1/12. . . . . . . . . . . . . . . 400 440
5.00%, 1/1/17 . . . . . . . . . . . . . . . 4,505 3,935
(FGIC Insured), VRDN
(Currently 3.75%). . . . . . . . . . . . $ 100 $ 100
Westchester County IDA, Airport Fac.,
5.85%, 8/1/14 * . . . . . . . . . . . . . . 1,000 941
__________________________________________________________________________
GUAM - 0.4%
Guam Power Auth., 6.625%, 10/1/14. . . . . . . . 500 503
__________________________________________________________________________
PUERTO RICO - 11.0%
Puerto Rico Aqueduct & Sewer Auth.,
7.875%, 7/1/17. . . . . . . . . . . . . . . 2,250 2,466
Puerto Rico Commonwealth, GO,
8.75%, 7/1/95 . . . . . . . . . . . . . . . 85 86
8.00%, 7/1/07 (Pre-refunded
7/1/98!) . . . . . . . . . . . . . . . . 1,170 1,304
7.625%, 7/1/10 (Pre-refunded
7/1/00!) . . . . . . . . . . . . . . . . 500 569
5.25%, 7/1/20 . . . . . . . . . . . . . . . 1,000 877
Public Improvement, GO,
8.00%, 7/1/07. . . . . . . . . . . . . . 330 361
7.25%, 7/1/10 (Pre-refunded
7/1/00!) . . . . . . . . . . . . . . . . 500 560
7.30%, 7/1/20 (Pre-refunded
7/1/00!) . . . . . . . . . . . . . . . . 250 280
Puerto Rico Electric Power Auth.,
8.00%, 7/1/08 (Pre-refunded
7/1/98!) . . . . . . . . . . . . . . . . 100 111
7.125%, 7/1/14. . . . . . . . . . . . . . . 1,000 1,056
Puerto Rico Highway & Transportation Auth.,
6.375%, 7/1/08. . . . . . . . . . . . . . . 1,000 1,020
6.625%, 7/1/18. . . . . . . . . . . . . . . 500 516
Puerto Rico Housing Bank & Fin. Agency,
5.125%, 12/1/05 . . . . . . . . . . . . . . 740 674
Puerto Rico Infrastructure Fin. Auth.,
7.75%, 7/1/08 . . . . . . . . . . . . . . . 2,750 2,967
Puerto Rico Public Buildings Auth., GO,
7.875%, 7/1/16
(Pre-refunded 7/1/97!). . . . . . . . . . . 110 120
Total Investments in Securities -100.1% of Net
Assets (Cost $111,943). . . . . . . . . . . 117,996
Other Assets Less Liabilities. . . . . . . . . . (149)
_________
Net Assets Consist of: Value
___________
Accumulated net investment income -
net of distributions . . . . . . . . . . . $ 4
Accumulated net realized gain/loss -
net of distributions . . . . . . . . . . . (4,548)
Net unrealized gain (loss) . . . . . . . . . . . 6,053
Paid-in-capital applicable to 11,359,333 no par
value shares of beneficial interest
outstanding; unlimited number of shares
authorized . . . . . . . . . . . . . . . . 116,338
_________
NET ASSETS . . . . . . . . . . . . . . . . . . . $117,847
_________
_________
NET ASSET VALUE PER SHARE. . . . . . . . . . . . $10.37
______
______
* - Interest subject to alternative minimum tax
! - Used in determining portfolio maturity
AMBAC - AMBAC Indemnity Corp.
FGIC - Financial Guaranty Insurance Company
FHA - Federal Housing Authority
FSA - Financial Security Assurance Corp.
GO - General Obligation
IDA - Industrial Development Authority
MBIA - Municipal Bond Investors Assurance Corp.
PCR - Pollution Control Revenue
VRDN - Variable Rate Demand Note
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price New York Tax-Free Funds / Year Ended February 28, 1995
(in thousands)
Money Fund Bond Fund
___________ ___________
INVESTMENT INCOME
Interest income. . . . . . . . . . . . . . . . . $ 1,913 $ 7,444
_________ _________
Expenses
Investment management . . . . . . . . . . . 122 392
Custody and accounting. . . . . . . . . . . 98 125
Shareholder servicing . . . . . . . . . . . 86 139
Legal and audit . . . . . . . . . . . . . . 12 10
Prospectus and shareholder reports. . . . . 8 14
Registration. . . . . . . . . . . . . . . . 8 11
Trustees. . . . . . . . . . . . . . . . . . 6 6
Proxy and annual meeting. . . . . . . . . . 3 6
Miscellaneous . . . . . . . . . . . . . . . 5 5
_________ _________
Total expenses. . . . . . . . . . . . . . . 348 708
_________ _________
Net investment income. . . . . . . . . . . . . . 1,565 6,736
_________ _________
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities. . . . . . . . . . . . . . . . . - (4,228)
Futures . . . . . . . . . . . . . . . . . . - (188)
Options . . . . . . . . . . . . . . . . . . - (2)
_________ _________
Net realized gain (loss). . . . . . . . . . - (4,418)
Change in net unrealized gain or loss on
securities. . . . . . . . . . . . . . . . . 9 (2,118)
_________ _________
Net realized and unrealized gain (loss). . . . . 9 (6,536)
_________ _________
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS. . . . . . . . . . . . . . . . . $ 1,574 $ 200
_________ _________
_________ _________
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price New York Tax-Free Funds
(in thousands)
Money Fund Bond Fund
Year Ended Year Ended
February 28, February 28,
1995 1994 1995 1994
_________ _________ _________ _________
INCREASE (DECREASE) IN NET
ASSETS FROM
Operations
Net investment
income. . . . . . . . $ 1,565 $ 1,006 $6,736 $ 6,594
Net realized gain
(loss). . . . . . . . - (1) (4,418) 2,171
Change in net unrealized
gain or loss. . . . . 9 (66) (2,118) (1,430)
_________ _________ _________ _________
Increase (decrease) in
net assets from
operations. . . . . . 1,574 939 200 7,335
_________ _________ _________ _________
Distributions to shareholders
Net investment
income. . . . . . . . (1,565) (1,006) (6,736) (6,594)
Net realized
gain. . . . . . . . . . - - (932) (1,791)
_________ _________ _________ _________
Decrease in net assets
from
distributions . . . . (1,565) (1,006) (7,668) (8,385)
_________ _________ _________ _________
Capital share transactions*
Shares sold . . . . . . 66,703 48,074 31,799 57,021
Distributions
reinvested. . . . . . 1,498 959 5,980 6,683
Shares redeemed . . . . (59,792) (45,134) (42,811) (44,333)
_________ _________ _________ _________
Increase (decrease) in
net assets from capital
share
transactions. . . . . 8,409 3,899 (5,032) 19,371
_________ _________ _________ _________
Increase (decrease) in net
assets. . . . . . . . . 8,418 3,832 (12,500) 18,321
NET ASSETS
Beginning of
period. . . . . . . . . 57,736 53,904 130,347 112,026
_________ _________ _________ _________
End of period. . . . . . $66,154 $57,736 $117,847 $130,347
_________ _________ _________ _________
_________ _________ _________ _________
*Share information
Shares sold . . . . . . 66,703 48,074 3,123 5,116
Distributions
reinvested. . . . . . 1,498 959 584 602
Shares redeemed . . . . (59,792) (45,134) (4,222) (3,984)
_________ _________ _________ _________
Increase (decrease) in
shares
outstanding . . . . . 8,409 3,899 (515) 1,734
_________ _________ _________ _________
_________ _________ _________ _________
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price New York Tax-Free Funds / February 28, 1995
Note 1 - Significant Accounting Policies
T. Rowe Price State Tax-Free Income Trust (the Trust) is registered under the
Investment Company Act of 1940 as a non-diversified, open-end management
investment company. The New York Tax-Free Money Fund (the Money Fund) and the
New York Tax-Free Bond Fund (the Bond Fund) are two of the portfolios
established under the Trust.
A) Valuation - Debt securities are generally traded in the over-the-counter
market. Investments in securities with remaining maturities of one year or
more are stated at fair value as furnished by dealers who make markets in such
securities or by an independent pricing service, which considers yield or
price of bonds of comparable quality, coupon, maturity, and type, as well as
prices quoted by dealers who make markets in such securities. Except with
respect to certain securities held by the Money Fund, securities with
remaining maturities less than one year are stated at fair value which is
determined by using a matrix system that establishes a value for each security
based on money market yields. Securities held by the Money Fund with remaining
maturities of 60 days or less are valued at amortized cost.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Trustees.
B) Premiums and Discounts - Premiums and discounts on municipal securities are
accounted for in accordance with federal income tax regulations, which require
the amortization of all premiums and discounts except market discounts. Market
discounts are included in the gain or loss recorded on disposition of the
security for financial reporting purposes and ordinary income for tax
purposes.
C) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on an identified cost basis. Distributions to shareholders are
recorded by the fund on the ex-dividend date. Income and capital gain
distributions are determined in accordance with federal income tax regulations
and may differ from those determined in accordance with generally accepted
accounting principles.
Note 2 - Investment Transactions
Consistent with its investment objective, the Bond Fund engages in the
following practices to manage exposure to certain risks and enhance
performance. The investment objective, policies, program, risk factors and
following practices of the Bond Fund are described more fully in the Bond
Fund's Prospectus and Statement of Additional Information.
A) Options - Call and put options on futures contracts give the holder the
right to purchase or sell, respectively, a particular futures contract at a
specified price on a certain date. Risks arise from possible illiquidity of
the options market and from movements in underlying futures prices.
Transactions in options written and related premiums received during the
period ended February 28, 1995, were as follows:
Face Amount
Subject to Options Premiums
_________________ __________
Options Outstanding
at Beginning
of Period $ - $ -
Options Written 22,500,000 108,000
Options Closed (22,500,000) (108,000)
___________ __________
Options Outstanding
at End of Period $ - $ -
___________ __________
___________ __________
B) Other - Purchases and sales of portfolio securities for the Bond Fund,
other than short-term securities, aggregated $152,757,000 and $157,604,000,
respectively, for the period ended February 28, 1995.
Note 3 - Federal Income Taxes
No provision for federal income taxes is required since each fund intends to
continue to qualify as a regulated investment company and distribute all of
its income. The Bond Fund has unused realized capital loss carryforwards for
federal income tax purposes of $3,594,000 which expire in 2003. Each fund
intends to retain gains realized in future periods that may be offset by
available capital loss carryforwards.
In order for the Bond Fund's capital accounts and distributions to
shareholders to reflect the tax character of certain transactions, $50,000 of
undistributed net realized gains were reclassified as a decrease to
paid-in-capital during the period ended February 28, 1995. The results of
operations and net assets were not affected by the reclassifications.
At February 28, 1995, the aggregate cost of investments for the Money and
Bond Funds for federal income tax and financial reporting purposes was
$67,063,000 and $111,943,000, respectively. Net unrealized gain on investments
was as follows:
Money Fund Bond Fund
____________ __________
Appreciated
Investments $ 9,000 $6,115,000
Depreciated
Investments (7,000) (62,000)
___________ __________
Net Unrealized Gain $ 2,000 $6,053,000
___________ __________
___________ __________
Note 4 - Related Party Transactions
The investment management agreement between each fund and T. Rowe Price
Associates, Inc. (the Manager) provides for an annual investment management
fee, of which $11,000 for the Money Fund and $28,000 for the Bond Fund was
payable at February 28, 1995. The fee is computed daily and paid monthly, and
consists of an Individual Fund Fee equal to 0.10% of average daily net assets
and a Group Fee. The Group Fee is based on the combined assets of certain
mutual funds sponsored by the Manager or Rowe-Price Fleming International,
Inc. (the Group). The Group Fee rate ranges from 0.48% for the first $1
billion of assets to 0.31% for assets in excess of $34 billion. At February
28, 1995, and for the period then ended, the effective annual Group Fee rate
was 0.34%. Each fund pays a pro rata share of the Group Fee based on the ratio
of its net assets to those of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through February 28, 1995, for the Money and
Bond Funds, which would cause each fund's ratio of expenses to average net
assets to exceed 0.55% and 0.60%, respectively. Pursuant to this agreement,
$158,000 and $132,000 of management fees were not accrued by the Money Fund
and the Bond Fund, respectively, for the period ended February 28, 1995, and,
pursuant to a previous agreement, $377,000 and $228,000, respectively, remain
unaccrued from prior periods. Subject to shareholder approval, each fund may
reimburse the Manager for these expenses, provided that average net assets
have grown or expenses have declined sufficiently to allow reimbursement
without causing each fund's ratio of expenses to average net assets to exceed
0.55% and 0.60%, respectively. Pursuant to a previous agreement, $432,000 and
$362,000 of unaccrued fees and other expenses borne by the Manager in the
Money and Bond Funds, respectively, were permanently waived at February 28,
1995.
In addition, each fund has entered into agreements with the Manager and a
wholly-owned subsidiary of the Manager, pursuant to which each fund receives
certain other services. The Manager computes the daily share price and
maintains the financial records of each fund. T. Rowe Price Services, Inc.
(TRPS) is each fund's transfer and dividend disbursing agent and provides
shareholder and administrative services to each fund. The Money and Bond Funds
incurred expenses pursuant to these related party agreements totaling
approximately $137,000 and $179,000, respectively, for the period ended
February 28, 1995, of which $12,000 and $19,000, respectively, were payable at
period end.
Financial Highlights
T. Rowe Price New York Tax-Free Funds
Money Fund
For a share outstanding throughout each period
__________________________________________________
Year Ended
Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
1995 1994 1993 1992 1991
__________________________________________________
NET ASSET VALUE,
BEGINNING OF
PERIOD . . . . . . . . . $1.000 $1.000 $1.000 $1.000 $1.000
______ ______ ______ ______ ______
Investment Activities
Net investment
income . . . . . . . 0.025* 0.018* 0.022* 0.035* 0.047*
Distributions
Net investment
income . . . . . . . (0.025) (0.018) (0.022) (0.035) (0.047)
______ ______ ______ ______ ______
NET ASSET VALUE,
END OF PERIOD. . . . . . $1.000 $1.000 $1.000 $1.000 $1.000
______ ______ ______ ______ ______
______ ______ ______ ______ ______
RATIOS/SUPPLEMENTAL DATA
Total Return . . . . . . 2.49% 1.84% 2.22% 3.60% 4.79%
Ratio of Expenses to
Average Net
Assets . . . . . . . . . 0.55%* 0.55%* 0.55%* 0.55%* 0.72%*
Ratio of Net Investment
Income to Average Net
Assets . . . . . . . . 2.48% 1.82% 2.21% 3.54% 4.69%
Net Assets, End of Period
(in thousands) . . . . $66,154 $57,736 $53,904 $53,429 $54,529
* Excludes expenses in excess of a 0.55% voluntary expense limitation in
effect November 7, 1990, through February 28, 1995, and a 0.80% voluntary
expense limitation in effect through November 6, 1990.
Financial Highlights
T. Rowe Price New York Tax-Free Funds
Bond Fund
For a share outstanding throughout each period
__________________________________________________
Year Ended
Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
1995 1994 1993 1992 1991
__________________________________________________
NET ASSET VALUE,
BEGINNING OF
PERIOD . . . . . . . . . $10.98 $11.05 $10.12 $ 9.74 $ 9.64
______ ______ ______ ______ ______
Investment Activities
Net investment
income . . . . . . . 0.58* 0.59* 0.62* 0.63* 0.62*
Net realized and
unrealized gain
(loss) . . . . . . . (0.53) 0.09 0.93 0.38 0.10
______ ______ ______ ______ ______
Total from Investment
Activities . . . . . . 0.05 0.68 1.55 1.01 0.72
__________________ ______ ______ ______
Distributions
Net investment
income. . . . . . . . (0.58) (0.59) (0.62) (0.63) (0.62)
Net realized
gain. . . . . . . . . (0.08) (0.16) - - -
______ ______ ______ ______ ______
Total
Distributions. . . . . (0.66) (0.75) (0.62) (0.63) (0.62)
______ ______ ______ ______ ______
NET ASSET VALUE,
END OF PERIOD. . . . . . $10.37 $10.98 $11.05 $10.12 $ 9.74
______ ______ ______ ______ ______
______ ______ ______ ______ ______
RATIOS/SUPPLEMENTAL DATA
Total Return . . . . . . 0.74% 6.31% 15.79% 10.67% 7.73%
Ratio of Expenses to
Average Net
Assets . . . . . . . . . 0.60%* 0.60%* 0.60%* 0.60%* 0.73%*
Ratio of Net Investment
Income to Average Net
Assets. . . . . . . . 5.71% 5.31% 5.91% 6.33% 6.43%
Portfolio Turnover
Rate . . . . . . . . . . 134.3% 84.9% 41.5% 48.7% 61.5%
Net Assets, End of Period
(in thousands) . . . . .$117,847 $130,347 $112,026 $74,243 $54,834
* Excludes expenses in excess of a 0.60% voluntary expense limitation in
effect November 7, 1990, through February 28, 1995, and a 0.80%
voluntary expense limitation in effect November 1, 1989 through November
6, 1990.
Report of Independent Accountants
To the Shareholders and Board of Trustees of
T. Rowe Price New York Tax-Free Funds
We have audited the accompanying statement of net assets of T. Rowe Price
New York Tax-Free Money Fund and T. Rowe Price New York Tax-Free Bond Fund
(two of the portfolios comprising the T. Rowe Price State Tax-Free Income
Trust) as of February 28, 1995, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of
the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of February 28, 1995, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of T. Rowe Price New York Tax-Free Money Fund and T. Rowe Price New
York Tax-Free Bond Fund as of February 28, 1995, the results of their
operations, the changes in their net assets, and financial highlights for each
of the periods presented, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
March 17, 1995
Shareholder Services
To help shareholders monitor their current investments and make decisions that
accurately reflect their financial goals, T. Rowe Price offers a wide variety
of information and services-at no extra cost.
Knowledgeable Service Representatives
By Phone-Shareholder service representatives are available from 8:00 a.m. to
10:00 p.m., Monday - Friday, and weekends from 9:00 a.m. to 5:00 p.m ET. Call
1-800-225-5132 to speak directly with a representative who will be able to
assist you with your accounts.
In Person-Visit one of our investor center locations to meet with a
representative who will be able to assist you with your accounts. While there,
you can drop off applications or obtain prospectuses and other literature.
Automated 24-Hour Services
Tele*Access(registered trademark) (1-800-638-2587) provides information
such as account balance, date and amount of your last transaction, latest
dividend payment, and fund prices and yields. Additionally, you have the
ability to request prospectuses, statements, account and tax forms; reorder
checks; and initiate purchase, redemption, and exchange orders for identically
registered accounts.
PC*Access(registered trademark) provides the same information as
Tele*Access, but on a personal computer via dial-up modem.
Account Services
Checking-Write checks for $500 or more on any money market and most bond
fund accounts.
Automatic Investing-Build your account over time by investing directly
from your bank account or paycheck with Automatic Asset Builder. Additionally,
Automatic Exchange enables you to set up systematic investments from one fund
account into another, such as from a money fund into a stock fund. A low, $50
minimum makes it easy to get started.
Automatic Withdrawal-If you need money from your fund account on a
regular basis, you can establish scheduled, automatic redemptions.
Dividend and Capital Gains Payment Options-Reinvest all or some of your
distributions, or take them in cash. We give you maximum flexibility and
convenience.
Investment Information
Combined Statement-A comprehensive overview of your T. Rowe Price
accounts. The summary page gives your earnings by tax category, provides total
portfolio value, and lists your investments by type-stock, bond, and money
market. Detail pages itemize account transactions by fund.
Quarterly Shareholder Reports-Portfolio managers review the performance
of the funds in plain language and discuss T. Rowe Price's economic outlook.
The T. Rowe Price Report-A quarterly newsletter with relevant articles on
market trends, personal financial planning, and T. Rowe Price's economic
perspective.
Insights-A library of information that includes reports on mutual fund
tax issues, investment strategies, and financial markets.
Detailed Investment Guides-Our widely acclaimed Asset Mix Worksheet,
College Planning Kit, Retirees Financial Guide, Retirement Planning Kit (also
available on disk for PC use), and Guide to Risk-Adjusted Performance can help
you determine and reach your investment goals.
Discount Brokerage
You can trade stocks, bonds, options, precious metals, and other securities at
a substantial savings over regular commission rates. Call a shareholder
service representative for more information.
Chart 1 - New York Yield Index
Municipal yield chart showing New York Bond Index and New York Money Index
from 2/24/94 through 2/24/95.
Chart 2 - New York Bond Issues
Bar graph showing New York Bond Issues from Jan. 1994 through Feb. 1995.
Chart 3 - Fiscal-Year Performance Comparison
Line graphs for New York Tax-Free Funds annual report (Feb. 28, 1995) shows
$10,000 investments in New York Tax-Free Bond Fund and Lehman Brothers
Municipal Bond Index from inception to 1995.
