Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
October 28 2013 - 12:25PM
Edgar (US Regulatory)
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Franklin New York Tax-Free Income Fund
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Statement of Investments, August 31, 2013 (unaudited)
(continued)
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A
BBREVIATIONS
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Selected Portfolio
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AGMC
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- Assured Guaranty Municipal Corp.
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AMBAC
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- American Municipal Bond Assurance Corp.
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BHAC
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- Berkshire Hathaway Assurance Corp.
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CIFG
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- CDC IXIS Financial Guaranty
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COP
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- Certificate of Participation
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FGIC
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- Financial Guaranty Insurance Co.
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FHA
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- Federal Housing Authority/Agency
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FICO
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- Financing Corp.
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GNMA
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- Government National Mortgage Association
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GO
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- General Obligation
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HDC
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- Housing Development Corp.
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HFA
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- Housing Finance Authority/Agency
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HFAR
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- Housing Finance Authority Revenue
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IDA
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- Industrial Development Authority/Agency
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IDAR
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- Industrial Development Authority Revenue
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MFH
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- Multi-Family Housing
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MFHR
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- Multi-Family Housing Revenue
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MTA
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- Metropolitan Transit Authority
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NATL
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- National Public Financial Guarantee Corp.
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NATL RE
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- National Public Financial Guarantee Corp. Reinsured
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PBA
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- Public Building Authority
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PCR
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- Pollution Control Revenue
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XLCA
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- XL Capital Assurance
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Franklin New York Tax-Free Income Fund
Notes to Statement of Investments (unaudited)
1. ORGANIZATION
Franklin New York Tax-Free Income Fund (Fund) is registered under the Investment Company Act of 1940, as amended, (1940 Act) as an open-end investment company.
2. FINANCIAL INSTRUMENT VALUATION
The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under procedures approved by the Fund’s Board of Trustees (the Board), the Fund’s administrator, investment manager and other affiliates have formed the Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund's valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Fund's pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.
The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the VLOC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VLOC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VLOC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.
3. INCOME TAXES
At August 31, 2013, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:
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