UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-03479
Franklin New York Tax-Free Income Fund
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 650 312-2000
Date of fiscal year end: 2/28
Date of reporting period: 2/28/22
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
New
York
Tax-Free
Income
Fund
February
28,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Shareholder
Letter
Dear
Shareholder:
As
approved
by
the
Board
of
Trustees
at
a
meeting
held
on
December
9,
2021,
Franklin
New
York
Tax-Free
Income
Fund’s
fiscal
year-end
was
changed
to
February
28.
Management
believes
changing
the
Fund’s
fiscal
year-end
to
align
with
other
funds
overseen
by
the
same
board
will
streamline
the
report
review
process.
The
following
annual
report
covers
the
shortened
fiscal
year
for
the
transitional
nine-month
period
between
the
Fund’s
prior
fiscal
year-end,
May
31,
2021,
and
February
28,
2022.
During
this
period,
the
U.S.
economy
continued
to
recover
from
the
COVID-19
pandemic
amid
declining
unemployment,
growing
wages
and
business
confidence.
Growth
persisted
in
2021’s
second
half
as
the
reopening
of
businesses,
widespread
COVID-19
vaccinations
and
federal
assistance
programs
continued
to
boost
consumer
spending.
Inflation
increased
during
the
reporting
period
due
to
increased
demand
for
goods
amid
supply-chain
bottlenecks.
Investors
became
concerned
that
new,
swiftly
spreading
COVID-19
variants
could
hinder
the
economic
recovery,
and
although
growth
slowed
in
2021’s
third
quarter,
it
accelerated
in
the
fourth
quarter.
During
the
reporting
period,
the
U.S.
Federal
Reserve,
in
its
efforts
to
encourage
continued
U.S.
economic
activity,
held
the
federal
funds
rate
unchanged
at
0.25%,
and
it
continued
quantitative
easing
measures
to
bolster
credit
markets.
However,
the
Federal
Reserve
began
decreasing
its
asset
purchases
in
November,
accelerated
its
tapering
in
December,
and
indicated
in
January
that
conditions
would
soon
be
appropriate
to
raise
the
federal
funds
rate
given
employment
gains
and
persistent
high
inflation,
which
should
result
in
higher
short-term
rates.
During
the
nine-month
period,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-2.38%
cumulative
total
return.
1
After
benefiting
from
strong
demand
earlier
in
the
period,
by
the
end
of
2021
and
into
2022,
municipal
bond
valuations
declined
amid
increased
U.S.
Treasury
bond
volatility
influenced
by
anticipation
of
tighter
monetary
policy.
However,
municipal
bond
issuers
benefited
from
direct
fiscal
support
from
the
U.S.
government
and
from
the
reopening
of
businesses,
leading
to
increased
consumer
spending
despite
the
ongoing
uncertainty
surrounding
COVID-19.
Franklin
New
York
Tax-Free
Income
Fund’s
annual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton.com
,
you
can
find
updated
commentary
by
our
municipal
bond
team.
Municipal
bonds
provide
tax-free
income
and
diversification
from
equities.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
know,
all
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
to
help
them
make
the
best
decisions
for
the
long
term.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
professional
when
you
have
questions
about
your
Franklin
tax-free
investment.
Sincerely,
Rupert
H.
Johnson,
Jr.
Chairman
Franklin
New
York
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
February
28,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Franklin
New
York
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
8
Financial
Highlights
and
Statement
of
Investments
9
Financial
Statements
24
Notes
to
Financial
Statements
28
Report
of
Independent
Registered
Public
Accounting
Firm
37
Tax
Information
38
Board
Members
and
Officers
39
Shareholder
Information
44
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
New
York
Tax-Free
Income
Fund
As
approved
by
the
Board
of
Trustees
at
a
meeting
held
on
December
9,
2021,
Franklin
New
York
Tax-Free
Income
Fund’s
fiscal
year-end
was
changed
to
February
28.
This
annual
report
for
Franklin
New
York
Tax-Free
Income
Fund
covers
the
shortened
fiscal
year
for
the
transitional
nine-
month
period
between
the
Fund’s
prior
fiscal
year-end,
May
31,
2021,
and
February
28,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal,
New
York
State
and
New
York
City
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
federal
income
taxes
and
New
York
State
personal
income
taxes.
1
As
a
non-fundamental
policy,
the
Fund
also
normally
invests
at
least
65%
of
its
total
assets
in
securities
that
pay
interest
free
from
New
York
City
personal
income
taxes.
1
The
Fund
only
buys
municipal
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
(or
comparable
unrated
or
short-term
rated
securities).
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
decreased
from
$11.38
on
May
31,
2021,
to
$10.83
on
February
28,
2022.
The
Fund’s
Class
A
shares
paid
dividends
totaling
18.8340
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
5
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
1.78%
based
on
an
annualization
of
February’s
1.6661
cents
per
share
dividend
and
the
maximum
offering
price
of
$11.25
on
February
28,
2022.
An
investor
in
the
2022
maximum
combined
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
55.58%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
4.01%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Municipal
Bond
Market
Overview
During
the
nine
months
ending
February
28,
2022,
COVID-19
and
its
variants
continued
to
be
the
main
driver
of
market
forces.
First,
the
Delta
variant
during
the
summer
and
then,
the
Omicron
variant
toward
the
end
of
2021,
caused
COVID-19
daily
new
case
rates
to
reach
new
highs.
Although
adjusting
some
social
distancing
requirements,
health
authorities
broadly
resisted
returning
to
the
general
lockdowns
seen
at
the
beginning
of
the
pandemic,
thereby
tempering
the
overall
economic
blow
to
local
economies.
The
U.S.
Federal
Reserve
announced
its
intention
to
tighten
monetary
policy
beginning
in
2022,
which
caused
U.S.
Treasury
(UST)
yields
to
move
higher.
Strong
demand
pushed
ratios
of
30-year
municipal
bonds
(munis)
versus
UST
yields
in
June
2021
to
all-time
lows.
At
the
end
of
2021
and
into
2022,
munis
performed
poorly
after
fund
flows
turned
negative
as
investors
retreated
from
the
muni
market
amid
increased
UST
volatility.
Muni
issuer
fundamentals
remained
strong
as
they
have
benefited
from
fiscal
support
and
the
reopening
of
businesses,
leading
to
increased
consumer
spending
despite
the
ongoing
uncertainty
surrounding
COVID-19.
For
the
nine-month
period,
U.S.
fixed
income
sectors
underperformed
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
+5.12%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-2.38%
total
return.
3
In
comparison,
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-1.66%
total
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-3.54%
total
return.
3
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
the
impo-
sition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
net
investment
income
distributions
for
the
period
shown.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
14
.
Franklin
New
York
Tax-Free
Income
Fund
4
franklintempleton.com
Annual
Report
State
Update
During
the
nine-month
period,
New
York’s
economy
continued
its
relatively
slow
recovery
from
the
COVID-
19-induced
economic
downturn.
New
York
City
was
hit
disproportionately
hard
by
the
pandemic,
and
the
employment
levels
in
the
state,
which
generates
above-
average
income
and
wealth
levels,
remained
lower
than
pre-
pandemic
levels.
New
York’s
unemployment
rate
began
the
period
at
7.4%
and
ended
at
4.9%,
compared
with
the
3.8%
national
rate.
Better-than-expected
revenue
collections,
new
taxes
and
federal
resources
erased
a
projected
fiscal
year
2022
budget
gap,
allowing
increased
school
aid,
recovery
initiatives
and
higher
Medicaid
enrollments.
New
York’s
net
tax-supported
debt
was
high
at
$3,614
per
capita
and
4.8%
of
personal
income,
compared
to
the
$1,039
and
1.9%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
maintained
New
York’s
general
obligations
bonds’
Aa2
rating
and
revised
the
outlook
from
stable
to
positive.
5
Moody’s
rating
reflected
its
view
of
the
state’s
large
and
diverse
economy,
sound
fund
balance
and
liquidity
and
moderate
leverage.
According
to
Moody’s,
challenges
facing
the
state
include
risks
associated
with
the
state-run
Metropolitan
Transit
Authority,
high
costs
for
the
state’s
large
Medicaid
program
and
revenue
volatility.
Moody’s
revision
of
its
outlook
from
stable
to
positive
reflects
improved
finances
given
federal
aid
and
better-than-
expected
tax
revenues.
*Does
not
include
cash
and
cash
equivalents.
Investment
Strategy
We
select
securities
that
we
believe
will
provide
the
best
balance
between
risk
and
return
within
the
Fund’s
range
of
allowable
investments
and
typically
use
a
buy-and-hold
strategy.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
rather
than
trading
securities
for
capital
gains,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
the
Fund
meet
its
goal.
Manager’s
Discussion
The
combination
of
our
value-oriented
philosophy
of
investing
primarily
for
income
and
a
positive-sloping
municipal
yield
curve,
in
which
interest
rates
for
longer-term
bonds
are
higher
than
those
for
shorter-term
bonds,
led
us
to
favor
longer-term
bonds
during
the
reporting
period.
Consistent
with
our
strategy,
we
sought
to
remain
close
to
fully
invested
in
bonds
ranging
from
20
to
30
years
in
maturity
with
good
call
features.
In
line
with
our
relative
value
investment
strategy,
and
to
further
reduce
volatility,
we
avoided
derivative
securities
and
other
investment
vehicles
designed
to
leverage
the
portfolio.
During
the
period,
the
Fund
had
no
exposure
to
inverse
floaters
or
any
other
form
of
leverage.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
Thank
you
for
your
continued
participation
in
Franklin
New
York
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
2/28/22
%
of
Total
Investments*
**
Special
Tax
22.35%
Transportation
16.09%
Utilities
14.93%
Education
9.64%
Industrial
Dev.
Revenue
and
Pollution
Control
8.73%
Housing
7.65%
Health
Care
6.29%
Local
5.81%
Lease
4.08%
Other
Revenue
Bonds
2.81%
Refunded
1.19%
State
General
Obligation
0.43%
4.
Source:
Moody’s
Investors
Service,
State
government
–
US:
Medians
–
State
debt
rose
2.5%
in
2020,
spurred
by
pandemic-linked
borrowing,
6/14/21.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
February
28,
2022
Franklin
New
York
Tax-Free
Income
Fund
5
franklintempleton.com
Annual
Report
The
performance
tables
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/22
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A
:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
–
A
3,4
9-Month
-3.25%
-6.87%
1-Year
-0.76%
-4.48%
5-Year
+11.28%
+1.38%
10-Year
+24.29%
+1.81%
Advisor
9-Month
-3.15%
-3.15%
1-Year
-0.60%
-0.60%
5-Year
+12.41%
+2.37%
10-Year
+26.34%
+2.37%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
1.78%
4.01%
1.32%
2.97%
Advisor
2.07%
4.66%
1.62%
3.65%
See
page
7
for
Performance
Summary
footnotes.
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
6
franklintempleton.com
Annual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(3/1/12–2/28/22)
Advisor
Class
(3/1/12–2/28/22)
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest-rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
thereby
increasing
market
risk.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
4.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
February’s
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
2/28/22.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/20/21
for
the
maximum
combined
effective
federal
and
New
York
state
and
City
personal
income
tax
rate
of
55.58%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
7.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
8.
Source:
Morningstar.
The
Bloomberg
New
York
Municipal
Bond
Index
is
the
New
York
component
of
the
Bloomberg
Municipal
Bond
Index,
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more.
9.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(6/1/21–2/28/22)
Share
Class
Net
Investment
Income
A
$0.188340
A1
$0.201110
C
$0.154118
R6
$0.215107
Advisor
$0.209657
Total
Annual
Operating
Expenses
9
Share
Class
A
0.78%
Advisor
0.53%
Your
Fund’s
Expenses
Franklin
New
York
Tax-Free
Income
Fund
8
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements,
for
Class
R6.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
9/1/21
Ending
Account
Value
2/28/22
Expenses
Paid
During
Period
9/1/21–2/28/22
1,2
Ending
Account
Value
2/28/22
Expenses
Paid
During
Period
9/1/21–2/28/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$960.40
$4.13
$1,020.58
$4.26
0.85%
A1
$1,000
$962.00
$3.41
$1,021.32
$3.51
0.70%
C
$1,000
$958.40
$6.07
$1,018.60
$6.26
1.25%
R6
$1,000
$962.10
$2.48
$1,022.27
$2.56
0.51%
Advisor
$1,000
$961.60
$2.92
$1,021.82
$3.01
0.60%
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2019
b
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$11.38
$11.09
$11.10
$10.75
Income
from
investment
operations
c
:
Net
investment
income
d
......................................
0.19
0.28
0.29
0.24
Net
realized
and
unrealized
gains
(losses)
........................
(0.55)
0.29
(0.01)
0.34
Total
from
investment
operations
.................................
(0.36)
0.57
0.28
0.58
Less
distributions
from:
Net
investment
income
.......................................
(0.19)
(0.28)
(0.29)
(0.23)
Net
asset
value,
end
of
period
...................................
$10.83
$11.38
$11.09
$11.10
Total
return
e
................................................
(3.25)%
5.15%
2.51%
5.46%
Ratios
to
average
net
assets
f
Expenses
g
.................................................
0.82%
0.78%
0.78%
0.78%
Net
investment
income
........................................
2.21%
2.48%
2.59%
3.09%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$409,409
$367,358
$291,562
$177,982
Portfolio
turnover
rate
.........................................
11.94%
12.15%
21.27%
19.78%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
May
31,
2019.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statements
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repur-
chases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.39
$11.10
$11.10
$10.86
$11.20
$11.54
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.20
0.30
0.31
0.35
0.37
0.39
Net
realized
and
unrealized
gains
(losses)
(0.55)
0.28
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
(0.35)
0.58
0.30
0.60
0.03
0.06
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.29)
(0.30)
(0.36)
(0.37)
(0.40)
Net
asset
value,
end
of
period
..........
$10.84
$11.39
$11.10
$11.10
$10.86
$11.20
Total
return
d
.......................
(3.13)%
5.31%
2.75%
5.67%
0.26%
0.52%
Ratios
to
average
net
assets
e
Expenses
.........................
0.67%
f
0.63%
f
0.63%
f
0.63%
f
0.64%
0.61%
Net
investment
income
...............
2.36%
2.63%
2.74%
3.24%
3.33%
3.45%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,514,275
$2,775,454
$2,902,606
$3,192,168
$3,421,773
$3,892,131
Portfolio
turnover
rate
................
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statements
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repur-
chases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.38
$11.08
$11.09
$10.85
$11.19
$11.52
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.15
0.24
0.24
0.29
0.31
0.33
Net
realized
and
unrealized
gains
(losses)
(0.56)
0.29
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
(0.41)
0.53
0.23
0.54
(0.03)
—
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.23)
(0.24)
(0.30)
(0.31)
(0.33)
Net
asset
value,
end
of
period
..........
$10.82
$11.38
$11.08
$11.09
$10.85
$11.19
Total
return
d
.......................
(3.62)%
4.83%
2.10%
5.10%
(0.31)%
0.04%
Ratios
to
average
net
assets
e
Expenses
.........................
1.22%
f
1.18%
f
1.18%
f
1.18%
f
1.19%
1.16%
Net
investment
income
...............
1.82%
2.10%
2.19%
2.69%
2.78%
2.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$129,772
$202,215
$257,275
$332,093
$506,155
$614,981
Portfolio
turnover
rate
................
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statements
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repur-
chases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2018
b
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$11.41
$11.11
$11.12
$10.88
$11.15
Income
from
investment
operations
c
:
Net
investment
income
d
.........................
0.21
0.31
0.32
0.36
0.33
Net
realized
and
unrealized
gains
(losses)
...........
(0.55)
0.30
(0.01)
0.25
(0.32)
Total
from
investment
operations
....................
(0.34)
0.61
0.31
0.61
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.22)
(0.31)
(0.32)
(0.37)
(0.28)
Net
asset
value,
end
of
period
......................
$10.85
$11.41
$11.11
$11.12
$10.88
Total
return
e
...................................
(3.10)%
5.54%
2.80%
5.80%
0.13%
Ratios
to
average
net
assets
f
Expenses
.....................................
0.50%
g
0.50%
g
0.50%
g
0.50%
g,h
0.50%
h
Net
investment
income
...........................
2.52%
2.76%
2.87%
3.37%
3.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$97,268
$89,785
$71,991
$62,689
$60,363
Portfolio
turnover
rate
............................
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022
b
For
the
period
August
1,
2017
(effective
date)
to
May
31,
2018.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statements
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repur-
chases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.40
$11.10
$11.11
$10.87
$11.21
$11.55
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.21
0.31
0.32
0.36
0.38
0.40
Net
realized
and
unrealized
gains
(losses)
(0.56)
0.29
(0.02)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
(0.35)
0.60
0.30
0.61
0.04
0.07
Less
distributions
from:
Net
investment
income
..............
(0.21)
(0.30)
(0.31)
(0.37)
(0.38)
(0.41)
Net
asset
value,
end
of
period
..........
$10.84
$11.40
$11.10
$11.11
$10.87
$11.21
Total
return
d
.......................
(3.15)%
5.50%
2.76%
5.77%
0.35%
0.61%
Ratios
to
average
net
assets
e
Expenses
.........................
0.57%
f
0.53%
f
0.53%
f
0.53%
f
0.54%
0.51%
Net
investment
income
...............
2.46%
2.73%
2.84%
3.34%
3.43%
3.55%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$277,600
$287,411
$266,050
$220,727
$240,101
$312,544
Portfolio
turnover
rate
................
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statements
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repur-
chases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments,
February
28,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.6%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
5,800,000
$
5,819,570
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
18,760,000
18,404,498
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-2,
5.5%,
12/01/30
.....
3,020,000
2,915,387
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
3,990,000
3,571,717
24,891,602
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
11,550,000
10,788,240
Illinois
1.1%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/15/50
...............................
5,160,000
5,743,579
b
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
6,970,000
7,409,491
b
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
10,310,000
10,800,173
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
5,000,000
5,519,555
GO,
2016,
5%,
11/01/34
.............................................
1,660,000
1,853,974
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,355,473
GO,
2021
A,
5%,
3/01/33
............................................
2,500,000
2,972,226
GO,
2021
A,
4%,
3/01/39
............................................
2,700,000
2,918,159
38,572,630
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
...
1,500,000
1,604,950
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
5%,
6/15/39
.......................................
2,000,000
2,345,374
Revenue,
2020
AA,
5%,
6/15/40
.......................................
2,500,000
2,923,543
Revenue,
2020
AA,
4%,
6/15/45
.......................................
5,000,000
5,380,527
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,500,000
1,650,965
13,905,359
New
York
93.7%
Albany
Capital
Resource
Corp.
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
D
,
4
%
,
11/01/46
.................................
2,000,000
2,216,016
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
11/01/49
..........
16,130,000
19,600,428
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
1,500,000
1,613,351
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
8,000,000
8,566,427
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/36
........................................................
1,600,000
1,731,628
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
........................................................
1,530,000
1,641,990
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/47
........................................................
1,160,000
1,231,713
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/45
........................................
1,545,000
1,516,212
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/50
........................................
5,500,000
5,335,134
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5.25%,
7/01/35
.......
1,000,000
1,080,239
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5%,
7/01/40
.........
1,000,000
1,064,147
D'Youville
College,
Revenue,
2020
A,
Refunding,
4%,
11/01/50
................
2,500,000
2,675,267
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/36
.........................................................
$
400,000
$
435,274
City
of
New
Rochelle
,
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/40
....................
1,250,000
1,362,532
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
....................
1,425,000
1,545,550
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
145,000
145,567
GO,
2006
G,
AMBAC
Insured,
5%,
8/01/22
...............................
10,000
10,036
GO,
2014
J,
Refunding,
5%,
8/01/32
...................................
10,000,000
10,865,475
GO,
2015
C,
Refunding,
5%,
8/01/29
...................................
20,640,000
22,733,169
GO,
2015
C,
Refunding,
5%,
8/01/31
...................................
10,000,000
11,005,090
GO,
2015
C,
Refunding,
5%,
8/01/32
...................................
4,000,000
4,399,626
GO,
2015
C,
Refunding,
5%,
8/01/33
...................................
3,000,000
3,297,914
GO,
2015
C,
Refunding,
5%,
8/01/34
...................................
1,500,000
1,648,055
GO,
2017
B,
5%,
12/01/41
...........................................
7,000,000
7,966,046
GO,
2018
B-1,
5%,
10/01/38
.........................................
6,250,000
7,291,446
GO,
2018
E-1,
5%,
3/01/39
..........................................
16,210,000
18,996,319
GO,
2018
E-1,
5%,
3/01/40
..........................................
7,500,000
8,773,995
GO,
2018
E-1,
5%,
3/01/44
..........................................
12,500,000
14,558,979
GO,
2018
F-1,
5%,
4/01/40
..........................................
6,830,000
8,005,250
GO,
2018
F-1,
5%,
4/01/45
..........................................
10,000,000
11,651,068
GO,
2019
D-1,
4%,
12/01/43
.........................................
10,000,000
11,055,508
GO,
2019
D-1,
5%,
12/01/44
.........................................
10,000,000
11,838,946
GO,
2020
A(A-1),
5%,
8/01/43
........................................
5,000,000
5,955,968
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,358,309
County
of
Nassau
,
GO
,
2013
C
,
AGMC
Insured
,
5
%
,
4/01/43
...................
26,665,000
27,682,086
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/32
......
175,000
209,108
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/33
......
185,000
220,822
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/34
......
250,000
298,319
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/35
......
200,000
219,361
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/36
......
200,000
219,122
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/37
......
250,000
273,456
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/38
......
250,000
273,325
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/39
......
100,000
109,025
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/40
......
100,000
108,916
Health
Quest
Systems
Obligated
Group,
Revenue,
2016
B,
5%,
7/01/31
.........
10,550,000
11,938,583
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/44
.....
1,900,000
2,037,634
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/49
.....
3,000,000
3,197,599
Vassar
College,
Revenue,
2017,
Refunding,
5%,
7/01/42
....................
5,000,000
5,779,440
Vassar
College,
Revenue,
2017,
Refunding,
4%,
7/01/46
....................
5,715,000
6,256,417
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/42
..................
1,250,000
1,434,609
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/47
..................
5,250,000
6,003,019
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.................
575,000
652,558
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.................
715,000
809,985
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.................
625,000
706,899
Hofstra
University,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.................
3,000,000
2,879,888
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
...............................
20,000,000
22,933,418
Revenue,
2017
A,
Refunding,
4%,
2/15/44
...............................
13,680,000
14,739,917
Revenue,
2017
A,
Refunding,
5%,
2/15/45
...............................
15,000,000
17,154,246
Long
Island
Power
Authority
,
Revenue,
2012
A,
5%,
9/01/42
........................................
500,000
510,039
Revenue,
2014
A,
Refunding,
5%,
9/01/44
...............................
5,000,000
5,420,691
Revenue,
2016
B,
Refunding,
5%,
9/01/36
...............................
5,000,000
5,693,354
Revenue,
2016
B,
Refunding,
5%,
9/01/41
...............................
10,000,000
11,345,009
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Long
Island
Power
Authority,
(continued)
Revenue,
2016
B,
Refunding,
5%,
9/01/46
...............................
$
18,000,000
$
20,379,458
Revenue,
2018,
5%,
9/01/39
.........................................
5,000,000
5,930,038
Revenue,
2019
A,
4%,
9/01/37
........................................
19,550,000
21,697,837
Revenue,
2020
A,
Refunding,
5%,
9/01/38
...............................
1,500,000
1,842,996
Revenue,
2021
A,
Refunding,
4%,
9/01/41
...............................
2,030,000
2,303,978
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
7,460,000
7,998,484
Revenue,
2012
C,
5%,
11/15/31
.......................................
10,000,000
10,259,303
Revenue,
2012
C,
5%,
11/15/41
.......................................
10,670,000
10,946,676
Revenue,
2013
A,
5%,
11/15/38
.......................................
7,280,000
7,561,612
Revenue,
2013
D,
5%,
11/15/43
.......................................
10,000,000
10,493,753
Revenue,
2014
B,
5.25%,
11/15/35
....................................
4,000,000
4,272,314
Revenue,
2015
A-1,
5%,
11/15/45
.....................................
10,000,000
10,809,566
Revenue,
2015
C-1,
Refunding,
5%,
11/15/35
............................
5,000,000
5,496,717
Revenue,
2016
B,
Refunding,
5%,
11/15/33
..............................
6,000,000
6,727,933
Revenue,
2016
B,
Refunding,
5%,
11/15/35
..............................
4,000,000
4,482,448
Revenue,
2016
B,
Refunding,
5%,
11/15/37
..............................
18,500,000
20,721,421
Revenue,
2016
D,
Refunding,
5%,
11/15/30
..............................
10,305,000
11,577,072
Revenue,
2017
A-1,
Refunding,
5%,
11/15/51
.............................
2,505,000
2,778,889
Revenue,
2017
C-1,
Refunding,
5%,
11/15/30
............................
6,215,000
7,168,716
Revenue,
2017
D,
Refunding,
4%,
11/15/42
..............................
20,000,000
21,292,822
Revenue,
2017
D,
Refunding,
4%,
11/15/46
..............................
5,000,000
5,291,311
Revenue,
2019
C,
AGMC
Insured,
4%,
11/15/45
...........................
8,000,000
8,726,020
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
10,000,000
11,548,084
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
3,000,000
3,461,489
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
1,000,000
1,079,502
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
4,000,000
4,307,140
Dedicated
Tax
Fund,
Revenue,
2016
B-2,
Refunding,
5%,
11/15/39
............
4,775,000
5,461,357
Dedicated
Tax
Fund,
Revenue,
2017
A,
5%,
11/15/47
.......................
30,375,000
34,804,957
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/35
............
6,000,000
7,030,158
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/42
............
5,000,000
5,816,212
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/47
............
13,505,000
15,653,238
Monroe
County
Industrial
Development
Corp.
,
Rochester
General
Hospital
(The),
Revenue,
2017,
5%,
12/01/46
..............
15,000,000
16,731,540
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,100,000
1,241,978
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/46
.......................................................
8,560,000
9,371,884
a
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/50
.
1,265,000
1,419,446
a
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/59
.
1,080,000
1,204,017
University
of
Rochester,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/38
..........
6,350,000
6,688,179
University
of
Rochester,
Revenue,
2013
B,
Pre-Refunded,
5%,
7/01/43
.........
5,000,000
5,266,282
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
............
3,275,000
3,646,605
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/32
............
2,000,000
2,220,730
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/37
............
1,780,000
1,975,225
University
of
Rochester,
Revenue,
2017
C,
Refunding,
4%,
7/01/43
............
44,445,000
48,630,822
New
York
City
,
Water
&
Sewer
System,
Revenue,
2017
AA,
4%,
6/15/46
....................
24,290,000
26,294,719
Water
&
Sewer
System,
Revenue,
2017
DD,
5%,
6/15/47
....................
33,800,000
38,348,328
Water
&
Sewer
System,
Revenue,
2018
BB-1,
5%,
6/15/46
..................
20,875,000
24,171,177
Water
&
Sewer
System,
Revenue,
2018
CC-1,
5%,
6/15/48
..................
38,475,000
44,424,362
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/40
............
15,000,000
17,799,318
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5%,
6/15/49
..................
27,825,000
32,980,995
Water
&
Sewer
System,
Revenue,
2019
FF-1,
4%,
6/15/49
...................
10,000,000
10,984,702
Water
&
Sewer
System,
Revenue,
2020
AA,
Refunding,
5%,
6/15/40
...........
10,000,000
12,127,178
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/31
...............................
$
610,000
$
767,741
Revenue,
2020
A,
Refunding,
5%,
2/15/32
...............................
635,000
793,729
Revenue,
2020
A,
Refunding,
5%,
2/15/33
...............................
675,000
842,780
Revenue,
2020
A,
Refunding,
5%,
2/15/34
...............................
460,000
573,785
Revenue,
2020
A,
Refunding,
5%,
2/15/35
...............................
495,000
616,719
Revenue,
2020
A,
Refunding,
5%,
2/15/36
...............................
520,000
647,256
Revenue,
2020
A,
Refunding,
5%,
2/15/37
...............................
325,000
404,029
Revenue,
2020
A,
Refunding,
5%,
2/15/38
...............................
345,000
428,059
Revenue,
2020
A,
Refunding,
5%,
2/15/39
...............................
900,000
1,113,724
Revenue,
2020
A,
Refunding,
5%,
2/15/40
...............................
790,000
975,946
Revenue,
2020
A,
Refunding,
3%,
2/15/45
...............................
1,250,000
1,284,284
Revenue,
2020
A,
Refunding,
4%,
2/15/45
...............................
1,800,000
2,034,838
Revenue,
2020
A,
Refunding,
4%,
2/15/48
...............................
880,000
990,411
New
York
City
Housing
Development
Corp.
,
Revenue,
2018
K,
4%,
11/01/48
.......................................
49,905,000
52,028,627
Revenue,
2019
G-1-B,
Refunding,
3%,
11/01/44
...........................
9,890,000
9,736,514
Revenue,
2019
J,
3%,
11/01/44
.......................................
5,000,000
4,922,404
Revenue,
2020
C,
FNMA
Insured,
2.75%,
2/01/51
.........................
10,000,000
8,960,024
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
5,000,000
4,915,176
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/49
..
10,000,000
9,724,770
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/43
............................
5,230,000
6,201,093
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/45
............................
17,000,000
20,109,395
Building
Aid,
Revenue,
2019
S-2A,
Refunding,
5%,
7/15/34
..................
4,235,000
5,072,735
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/37
..................
10,425,000
12,446,400
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/43
............................
11,800,000
13,024,735
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/44
............................
12,275,000
13,528,118
Future
Tax
Secured,
Revenue,
2013
I,
5%,
5/01/42
........................
45,000,000
46,834,591
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/38
......................
17,000,000
18,128,375
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/39
......................
24,135,000
25,722,769
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/40
......................
18,300,000
19,493,151
Future
Tax
Secured,
Revenue,
2015
A-1,
5%,
8/01/34
......................
10,115,000
10,972,794
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/34
......................
10,000,000
10,990,039
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/35
......................
10,000,000
10,984,025
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
13,415,000
15,095,468
Future
Tax
Secured,
Revenue,
2017
C,
Refunding,
5%,
11/01/33
..............
6,500,000
7,545,524
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
4,340,000
4,998,674
Future
Tax
Secured,
Revenue,
2018
A-3,
5%,
8/01/40
......................
3,270,000
3,794,561
Future
Tax
Secured,
Revenue,
2018
A-3,
4%,
8/01/43
......................
5,645,000
6,175,868
Future
Tax
Secured,
Revenue,
2018
B-1,
5%,
8/01/45
......................
17,500,000
20,209,735
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/42
......................
7,410,000
8,179,347
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/42
......................
5,000,000
5,892,132
Future
Tax
Secured,
Revenue,
2019
C-1,
4%,
11/01/42
.....................
7,500,000
8,311,496
Future
Tax
Secured,
Revenue,
F-1,
5%,
2/01/34
...........................
5,000,000
5,180,733
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
5,684,435
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
18,000,000
17,273,801
7
World
Trade
Center
II
LLC,
Revenue,
2012,
1,
Refunding,
5%,
9/15/40
........
18,000,000
18,029,200
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
86,360,000
112,680,585
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
27,000,000
36,904,982
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
2021,
Refunding,
3%,
2/15/42
.
5,000,000
4,955,589
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/50
...........
20,000,000
22,193,454
New
York
State
Dormitory
Authority
,
Revenue,
2008
A-1,
5%,
6/01/38
......................................
3,970,000
3,984,615
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
Revenue,
2009
A,
AGMC
Insured,
5.625%,
10/01/29
.......................
$
300,000
$
301,255
Revenue,
2009
C,
AGMC
Insured,
5%,
10/01/31
..........................
45,000
45,163
Revenue,
2009
C,
AGMC
Insured,
5.125%,
10/01/36
.......................
60,000
60,227
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/22
...........................
395,000
396,378
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/24
...........................
710,000
712,614
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,705,000
1,800,582
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
2,200,000
2,319,477
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/39
1,305,000
1,373,639
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/40
1,300,000
1,366,397
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/41
2,100,000
2,359,441
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/45
5,835,000
6,066,527
Educational
Housing
Services,
Inc.,
Revenue,
2005,
AMBAC
Insured,
5.25%,
7/01/30
5,150,000
5,824,618
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/26
...
6,105,000
6,669,462
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/34
...
13,220,000
15,135,738
Fordham
University,
Revenue,
2020,
4%,
7/01/50
..........................
4,500,000
4,920,481
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
1,000,000
1,104,344
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
500,000
575,528
Iona
College,
Revenue,
2021
A,
5%,
7/01/46
.............................
375,000
440,598
Iona
College,
Revenue,
2021
A,
5%,
7/01/51
.............................
1,100,000
1,288,433
b
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/31
......................
325,000
386,784
b
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
......................
300,000
361,643
b
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/37
......................
225,000
269,069
b
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/42
......................
275,000
325,035
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2017-1,
Refunding,
4%,
7/01/47
5,000,000
5,454,576
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/31
.........
1,000,000
1,155,153
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/45
.........
1,500,000
1,617,718
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
.........
10,770,000
11,568,976
New
School
(The),
Revenue,
2015
A,
5%,
7/01/40
.........................
5,120,000
5,636,406
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
.............
380,000
424,564
New
School
(The),
Revenue,
2015
A,
5%,
7/01/45
.........................
8,725,000
9,592,604
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
.............
660,000
737,400
New
York
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
...............
5,000,000
5,486,898
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
...............
5,000,000
5,797,657
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/40
...............
6,745,000
7,806,189
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/43
...............
3,000,000
3,467,045
New
York
University,
Revenue,
2019
A,
4%,
7/01/45
........................
3,415,000
3,835,444
New
York
University,
Revenue,
2019
A,
5%,
7/01/49
........................
50,000,000
60,512,305
Northwell
Health
Obligated
Group,
Revenue,
2009
B,
5%,
5/01/39
.............
10,000,000
10,066,489
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
....
11,000,000
12,083,665
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/27
2,025,000
2,193,232
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/30
1,000,000
1,081,636
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/32
1,000,000
1,080,677
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/34
7,250,000
7,827,960
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
3%,
7/01/48
.......
4,000,000
3,905,776
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
.......
35,100,000
38,698,192
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/53
.......
10,420,000
11,463,726
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/49
..............
3,500,000
4,162,057
Rockefeller
University
(The),
Revenue,
2019
B,
5%,
7/01/50
..................
6,500,000
7,802,805
Rockefeller
University
(The),
Revenue,
2019
C,
Refunding,
4%,
7/01/49
.........
9,250,000
10,376,523
Rockefeller
University
(The),
Revenue,
2020
A,
Refunding,
5%,
7/01/53
.........
10,000,000
12,187,026
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/29
...............
1,375,000
1,523,191
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
...............
1,675,000
1,852,157
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/31
...............
3,700,000
4,086,738
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/34
...............
2,000,000
2,205,393
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/48
...............
$
6,250,000
$
6,947,698
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/40
.........................
225,000
242,124
St.
Joseph's
College,
Revenue,
2021,
5%,
7/01/51
.........................
725,000
830,484
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/41
.........
4,000,000
4,533,313
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/42
.........
1,950,000
2,206,423
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/43
.........
8,450,000
9,545,739
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/37
.........
5,000,000
5,751,233
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
5,000,000
5,748,675
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
........................................................
5,000
5,850
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/39
.........
8,940,000
10,274,059
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/40
........................................................
10,000
11,843
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/40
.........
9,415,000
10,928,655
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/41
........................................................
15,000
17,764
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/41
.........
12,410,000
14,398,183
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/43
.........
4,590,000
5,317,619
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/43
........................................................
5,000
5,921
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
4%,
2/15/46
........................................................
5,000
5,660
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
4%,
2/15/46
.........
19,995,000
21,787,908
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5%,
3/15/45
10,000,000
11,840,418
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
Refunding,
4%,
3/15/49
10,000,000
10,954,010
State
of
New
York
Sales
Tax,
Revenue,
2014
A,
5%,
3/15/31
.................
15,685,000
16,815,799
State
of
New
York
Sales
Tax,
Revenue,
2014
A,
5%,
3/15/44
.................
37,250,000
39,710,396
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/40
.................
12,640,000
14,089,301
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/41
.................
10,520,000
11,714,711
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/34
.................
10,000,000
11,425,197
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/35
.................
24,545,000
28,008,577
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/36
.................
31,550,000
35,957,696
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/41
.................
10,000,000
11,508,142
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/42
.................
10,000,000
11,497,756
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
4%,
3/15/46
.................
16,515,000
17,883,914
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/42
.................
6,235,000
7,332,413
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/46
.................
25,000,000
27,722,820
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/48
.................
10,000,000
11,070,688
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
4%,
3/15/44
........
5,310,000
5,909,194
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/37
........
15,340,000
18,346,235
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/44
........
19,715,000
23,407,253
State
University
Construction
Fund,
Revenue,
2005
A,
AGMC,
FGIC
Insured,
5.5%,
5/15/22
........................................................
5,000,000
5,050,984
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/28
............
4,000,000
4,035,496
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/29
............
3,000,000
3,026,622
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/30
............
1,000,000
1,008,874
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/35
........................................................
2,000,000
2,311,363
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........................................................
1,500,000
1,731,054
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
2,000,000
2,305,882
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
1,000,000
1,151,847
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........................................................
3,750,000
4,290,832
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/46
....................................................
$
4,000,000
$
4,722,776
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/43
..
4,300,000
5,065,714
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
Refunding,
5%,
7/01/48
........................................................
13,925,000
16,359,151
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
3%,
7/01/42
..
4,165,000
4,278,332
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
4%,
7/01/43
..
1,200,000
1,324,792
b
Teachers
College,
Revenue,
2022,
Refunding,
4%,
7/01/46
..................
4,670,000
5,174,980
New
York
State
Environmental
Facilities
Corp.
,
New
York
City
Water
&
Sewer
System,
Revenue,
2013
A,
5%,
6/15/31
..........
5,000,000
5,258,891
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
A,
Refunding,
5%,
6/15/46
28,360,000
32,652,816
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/42
........
8,355,000
9,656,028
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/47
........
12,345,000
14,200,258
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/48
........
7,500,000
8,938,949
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
2/15/49
........
5,000,000
6,013,742
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
2,528,729
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
12,000,000
13,064,298
Revenue,
2019
B,
3%,
1/01/46
........................................
4,200,000
4,163,752
Revenue,
2019
B,
4%,
1/01/50
........................................
40,000,000
43,347,792
Revenue,
L,
Refunding,
5%,
1/01/34
...................................
2,600,000
3,031,762
Revenue,
L,
Refunding,
5%,
1/01/35
...................................
3,000,000
3,490,034
Revenue,
N,
4%,
1/01/46
............................................
10,000,000
10,970,164
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/46
..............................
25,000,000
27,929,712
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/38
15,000,000
17,561,380
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
C,
Refunding,
5%,
3/15/42
8,400,000
9,926,632
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
5%,
3/15/42
.........
10,000,000
11,836,344
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
3,000,000
3,286,796
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
9,400,000
10,991,584
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
3,540,000
4,083,382
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4.375%,
10/01/45
.....................
26,500,000
28,407,131
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
2,130,000
2,340,841
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
6,000,000
6,515,105
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
19,875,000
21,407,106
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
233,017
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/37
...
350,000
407,662
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/38
...
300,000
320,451
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/39
...
400,000
426,777
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/40
...
400,000
426,373
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/41
...
2,155,000
2,288,565
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/42
...
910,000
960,874
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/37
...
2,000,000
2,346,400
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/38
...
2,000,000
2,343,664
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/39
...
8,010,000
8,686,700
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/40
...
6,225,000
6,769,579
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/42
...
10,300,000
11,128,303
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
4,388,363
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/38
...........................
200,000
219,519
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/41
...........................
245,000
267,259
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/46
...........................
460,000
540,466
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/51
...........................
820,000
959,737
b
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
..................
725,000
854,038
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Onondaga
Civic
Development
Corp.,
(continued)
b
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/34
..................
$
315,000
$
341,093
b
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/36
..................
350,000
377,566
b
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/39
..................
475,000
509,141
b
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/42
..................
530,000
564,993
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University,
Revenue,
2019,
Refunding,
5%,
12/01/45
................
5,000,000
6,014,274
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/47
................
12,000,000
13,270,902
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/49
................
5,000,000
5,520,605
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
194,
Refunding,
5%,
10/15/41
.................................
10,000,000
11,081,352
Revenue,
200,
Refunding,
5%,
10/15/47
.................................
10,000,000
11,559,925
Revenue,
2016,
4%,
9/01/49
.........................................
11,815,000
12,941,759
Revenue,
218,
4%,
11/01/47
.........................................
8,000,000
8,641,691
Revenue,
221,
4%,
7/15/50
..........................................
12,750,000
13,803,232
Revenue,
Two
Hundred
And
Seventeen,
4%,
11/01/41
......................
10,000,000
11,104,729
Revenue,
Two
Hundred
And
Seventeen,
5%,
11/01/44
......................
5,000,000
6,086,301
Revenue,
Two
Hundred
Eleventh,
Refunding,
5%,
9/01/48
...................
25,000,000
29,578,605
Revenue,
Two
Hundred
Fifth,
Refunding,
5%,
11/15/47
......................
26,340,000
30,819,718
Revenue,
Two
Hundred
Fourteen,
4%,
9/01/38
............................
7,110,000
7,741,812
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
2,487,751
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/40
............
2,600,000
2,994,671
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/47
............
6,590,000
7,532,386
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............
355,000
428,925
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/35
...............
830,000
1,001,735
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............
350,000
421,943
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/37
...............
385,000
463,127
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/38
...............
350,000
420,498
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/39
...............
350,000
419,339
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/40
...............
700,000
836,547
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/41
...............
400,000
476,538
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
4
%
,
6/01/41
.................
25,000,000
28,121,960
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/32
.............................
2,245,000
2,719,228
Revenue,
2021
A-2,
Refunding,
5%,
6/01/33
.............................
2,375,000
2,868,806
Revenue,
2021
A-2,
Refunding,
5%,
6/01/34
.............................
2,250,000
2,710,439
Revenue,
2021
A-2,
Refunding,
4%,
6/01/35
.............................
2,345,000
2,624,893
Revenue,
2021
A-2,
Refunding,
4%,
6/01/36
.............................
2,425,000
2,706,954
Revenue,
2021
A-2,
Refunding,
4%,
6/01/37
.............................
1,250,000
1,393,985
Revenue,
2021
A-2,
Refunding,
4%,
6/01/38
.............................
1,000,000
1,112,797
Revenue,
2021
A-2,
Refunding,
4%,
6/01/39
.............................
1,465,000
1,627,481
Revenue,
2021
A-2,
Refunding,
4%,
6/01/40
.............................
1,415,000
1,569,014
Revenue,
2021
A-2,
Refunding,
4%,
6/01/41
.............................
1,340,000
1,482,247
Revenue,
2021
A-2,
Refunding,
4%,
6/01/50
.............................
4,500,000
4,857,106
Revenue,
2021
B-1,
Refunding,
4%,
6/01/50
.............................
5,000,000
5,319,914
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
4%
,
7/01/35
.................................
735,000
807,417
Revenue,
2021,
Refunding,
4%,
7/01/36
.................................
750,000
823,000
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
3,798,351
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2013
C,
5%,
11/15/38
.......................................
5,000,000
5,225,835
Revenue,
2015
B,
5%,
11/15/45
.......................................
5,000,000
5,555,360
Revenue,
2017
A,
Refunding,
5%,
11/15/38
..............................
11,055,000
12,891,943
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Triborough
Bridge
&
Tunnel
Authority,
(continued)
Revenue,
2017
A,
Refunding,
5%,
11/15/42
..............................
$
5,750,000
$
6,674,299
Revenue,
2017
A,
Refunding,
5%,
11/15/47
..............................
13,000,000
15,026,677
Revenue,
2017
B,
Refunding,
5%,
11/15/36
..............................
21,080,000
24,605,647
Revenue,
2017
B,
Refunding,
5%,
11/15/37
..............................
18,190,000
21,222,406
Revenue,
2019
A,
5%,
11/15/49
.......................................
9,000,000
10,701,402
Revenue,
2020
A,
5%,
11/15/49
.......................................
10,000,000
12,098,752
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
4%,
9/01/33
.................................
100,000
113,332
Revenue,
2021,
Refunding,
4%,
9/01/34
.................................
160,000
181,140
Revenue,
2021,
Refunding,
4%,
9/01/35
.................................
180,000
203,572
Revenue,
2021,
Refunding,
4%,
9/01/36
.................................
280,000
316,333
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
4,500,000
5,481,459
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/36
......
5,000,000
6,084,233
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/39
......
2,500,000
3,029,223
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
4%,
9/01/40
......
1,500,000
1,684,483
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/34
.......................................................
1,000,000
1,137,825
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,250,000
1,410,285
Utility
Debt
Securitization
Authority
,
Revenue,
2015,
Refunding,
5%,
12/15/33
................................
20,000,000
22,593,894
Revenue,
2015,
Refunding,
5%,
12/15/34
................................
9,950,000
11,232,615
Revenue,
2016
A,
Refunding,
5%,
12/15/34
..............................
33,870,000
38,521,526
Revenue,
2016
B,
Refunding,
5%,
12/15/33
..............................
5,750,000
6,552,466
Revenue,
2017,
5%,
12/15/40
........................................
10,000,000
11,744,292
Revenue,
2017,
5%,
12/15/41
........................................
8,500,000
9,972,444
Western
Nassau
County
Water
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/40
............................
1,400,000
1,555,132
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/45
............................
2,250,000
2,499,319
3,210,945,342
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
6,900,000
6,456,679
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
6,900,000
6,449,473
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
6,000,000
5,586,417
18,492,569
Texas
0.5%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
9,100,000
8,441,918
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
10,032,248
18,474,166
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
6,900,000
6,454,909
Wisconsin
0.9%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
6,500,000
6,262,843
Affordable
Housing
Preservation
Corp.
(The),
Revenue,
144A,
2021,
5.25%,
12/01/22
.......................................................
23,600,000
23,491,423
29,754,266
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
See
Abbreviations
on
page
36
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
$
1,050,000
$
1,111,932
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
145,000
151,919
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
200,000
208,976
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,005,000
1,063,235
2,536,062
Total
U.S.
Territories
....................................................................
2,536,062
Total
Municipal
Bonds
(Cost
$3,228,719,821)
...................................
3,380,634,715
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
New
York
0.3%
c
City
of
New
York
,
GO
,
2006
I
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.08
%
,
4/01/36
...................................................
4,600,000
4,600,000
c
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.06
%
,
1/01/34
4,000,000
4,000,000
c
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2019
B-4
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.08
%
,
8/01/42
..........
600,000
600,000
c
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2001
C
,
Refunding
,
LOC
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.06
%
,
1/01/32
.....................
2,300,000
2,300,000
11,500,000
Total
Municipal
Bonds
(Cost
$11,500,000)
......................................
11,500,000
Total
Short
Term
Investments
(Cost
$11,500,000
)
................................
11,500,000
a
Total
Investments
(Cost
$3,240,219,821)
98.9%
..................................
$3,392,134,715
Other
Assets,
less
Liabilities
1.1%
.............................................
36,188,805
Net
Assets
100.0%
...........................................................
$3,428,323,520
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2022,
the
aggregate
value
of
these
securities
was
$85,389,729,
representing
2.5%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
c
Variable
rate
demand
notes
(VRDNs)
are
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
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$3,240,219,821
Value
-
Unaffiliated
issuers
..................................................................
$3,392,134,715
Cash
....................................................................................
31,032,048
Receivables:
Investment
securities
sold
...................................................................
11,558,074
Capital
shares
sold
........................................................................
4,477,024
Interest
.................................................................................
37,727,237
Total
assets
..........................................................................
3,476,929,098
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
41,050,181
Capital
shares
redeemed
...................................................................
4,089,271
Management
fees
.........................................................................
1,305,647
Distribution
fees
..........................................................................
337,806
Transfer
agent
fees
........................................................................
674,361
Trustees'
fees
and
expenses
.................................................................
360
Distributions
to
shareholders
.................................................................
834,174
Accrued
expenses
and
other
liabilities
...........................................................
313,778
Total
liabilities
.........................................................................
48,605,578
Net
assets,
at
value
.................................................................
$3,428,323,520
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,612,918,483
Total
distributable
earnings
(losses)
.............................................................
(184,594,963)
Net
assets,
at
value
.................................................................
$3,428,323,520
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
28,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
Franklin
New
York
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$409,408,944
Shares
outstanding
........................................................................
37,804,824
Net
asset
value
per
share
a
..................................................................
$10.83
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$11.25
Class
A1:
Net
assets,
at
value
.......................................................................
$2,514,274,579
Shares
outstanding
........................................................................
232,006,829
Net
asset
value
per
share
a
..................................................................
$10.84
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$11.26
Class
C:
Net
assets,
at
value
.......................................................................
$129,771,639
Shares
outstanding
........................................................................
11,988,837
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$10.82
Class
R6:
Net
assets,
at
value
.......................................................................
$97,268,299
Shares
outstanding
........................................................................
8,963,871
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.85
Advisor
Class:
Net
assets,
at
value
.......................................................................
$277,600,059
Shares
outstanding
........................................................................
25,598,581
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.84
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Operations
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
New
York
Tax-Free
Income
Fund
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
Investment
income:
Interest:
Unaffiliated
issuers
.......................................................
$82,518,303
$123,290,269
Expenses:
Management
fees
(Note
3
a
)
..................................................
12,394,670
17,190,027
Distribution
fees:
(Note
3c
)
Class
A
...............................................................
760,314
847,180
Class
A1
..............................................................
2,012,145
2,849,119
Class
C
...............................................................
771,224
1,457,316
Transfer
agent
fees:
(Note
3e
)
Class
A
...............................................................
297,394
209,795
Class
A1
..............................................................
1,927,014
1,762,935
Class
C
...............................................................
108,398
138,661
Class
R6
..............................................................
21,874
20,661
Advisor
Class
...........................................................
208,463
170,754
Custodian
fees
(Note
4
)
.....................................................
26,076
8,855
Reports
to
shareholders
fees
.................................................
114,404
159,458
Registration
and
filing
fees
...................................................
52,635
54,630
Professional
fees
..........................................................
142,773
88,461
Trustees'
fees
and
expenses
.................................................
24,178
61,083
Other
...................................................................
151,083
245,824
Total
expenses
........................................................
19,012,645
25,264,759
Expense
reductions
(Note
4
)
..............................................
(5,619)
(19,932)
Expenses
waived/paid
by
affiliates
(Note
3f)
...................................
(244)
—
Net
expenses
........................................................
19,006,782
25,244,827
Net
investment
income
...............................................
63,511,521
98,045,442
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
.....................................................
9,482,556
10,489,531
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
(186,367,683)
88,218,919
Net
realized
and
unrealized
gain
(loss)
...........................................
(176,885,127)
98,708,450
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$(113,373,606)
$196,753,892
a
For
the
period
June
1,
2021
to
February
28,
2022.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
Franklin
New
York
Tax-Free
Income
Fund
Period
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
Year
Ended
May
31,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$63,511,521
$98,045,442
$105,736,411
Net
realized
gain
(loss)
..............................
9,482,556
10,489,531
(29,528,230)
Net
change
in
unrealized
appreciation
(depreciation)
........
(186,367,683)
88,218,919
23,994,576
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(113,373,606)
196,753,892
100,202,757
Distributions
to
shareholders:
Class
A
..........................................
(6,701,575)
(8,335,379)
(6,354,428)
Class
A1
.........................................
(47,353,274)
(74,606,389)
(83,758,381)
Class
C
..........................................
(2,145,580)
(4,659,740)
(6,360,339)
Class
R6
.........................................
(1,812,928)
(2,247,204)
(1,991,077)
Advisor
Class
.....................................
(5,302,489)
(7,487,320)
(6,654,967)
Total
distributions
to
shareholders
.......................
(63,315,846)
(97,336,032)
(105,119,192)
Capital
share
transactions:
(Note
2
)
Class
A
..........................................
62,893,246
67,323,579
114,517,038
Class
A1
.........................................
(131,233,087)
(202,647,193)
(286,520,580)
Class
C
..........................................
(65,737,108)
(61,212,277)
(74,453,481)
Class
R6
.........................................
12,402,469
15,710,771
9,770,409
Advisor
Class
.....................................
4,464,755
14,145,907
45,428,045
Total
capital
share
transactions
.........................
(117,209,725)
(166,679,213)
(191,258,569)
Net
increase
(decrease)
in
net
assets
................
(293,899,177)
(67,261,353)
(196,175,004)
Net
assets:
Beginning
of
period
..................................
3,722,222,697
3,789,484,050
3,985,659,054
End
of
period
.......................................
$3,428,323,520
$3,722,222,697
$3,789,484,050
a
For
the
period
June
1,
2021
to
February
28,
2022.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
New
York
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Effective
August
2,
2021,
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Prior
to
August
2,
2021,
Class
C
shares
converted
to
Class
A
shares
after
a
10-year
holding
period.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
Fund’s
fiscal
year
end
was
changed
to
February
28
effective
February
28,
2022.
As
a
result,
the
Fund
had
a
shortened
fiscal
year
covering
the
transitional
period
between
the
Fund’s
prior
fiscal
year
end
May
31,
2021
and
February
28,
2022.
The
following
summarizes
the
Fund
's
significant
accounting
policies.
a.
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.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's
Board,
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
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
(OTC)
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 Fund
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.
b.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
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
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
February
28,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Period
Ended
February
28,
2022
a
Shares
Amount
Class
A
Shares:
Shares
sold
b
...................................
9,635,952
$109,032,424
Shares
issued
in
reinvestment
of
distributions
..........
537,304
6,042,564
Shares
redeemed
...............................
(4,638,156)
(52,181,742)
Net
increase
(decrease)
..........................
5,535,100
$62,893,246
Class
A1
Shares:
Shares
sold
...................................
2,979,287
$33,683,650
Shares
issued
in
reinvestment
of
distributions
..........
3,540,512
39,875,109
Shares
redeemed
...............................
(18,146,391)
(204,791,846)
Net
increase
(decrease)
..........................
(11,626,592)
$(131,233,087)
Class
C
Shares:
Shares
sold
...................................
657,608
$7,439,062
Shares
issued
in
reinvestment
of
distributions
..........
184,968
2,084,408
Shares
redeemed
b
..............................
(6,627,330)
(75,260,578)
Net
increase
(decrease)
..........................
(5,784,754)
$(65,737,108)
Class
R6
Shares:
Shares
sold
...................................
2,060,757
$23,326,093
Shares
issued
in
reinvestment
of
distributions
..........
147,241
1,658,860
Shares
redeemed
...............................
(1,115,397)
(12,582,484)
Net
increase
(decrease)
..........................
1,092,601
$12,402,469
Advisor
Class
Shares:
Shares
sold
...................................
4,206,553
$47,408,171
Shares
issued
in
reinvestment
of
distributions
..........
429,158
4,835,354
Shares
redeemed
...............................
(4,249,695)
(47,778,770)
Net
increase
(decrease)
..........................
386,016
$4,464,755
Year
Ended
May
31,
2021
Year
Ended
May
31,
2020
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
b
...................................
10,225,116
$115,157,298
14,011,497
$155,995,526
Shares
issued
in
reinvestment
of
distributions
..........
658,208
7,411,579
530,033
5,913,681
Shares
redeemed
...............................
(4,909,448)
(55,245,298)
(4,285,315)
(47,392,169)
Net
increase
(decrease)
..........................
5,973,876
$67,323,579
10,256,215
$114,517,038
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
or
trustees
of
the
following
subsidiaries:
Year
Ended
May
31,
2021
Year
Ended
May
31,
2020
Shares
Amount
Shares
Amount
Class
A1
Shares:
Shares
sold
...................................
4,477,108
$50,496,809
6,825,926
$76,138,397
Shares
issued
in
reinvestment
of
distributions
..........
5,464,248
61,556,416
6,238,602
69,686,416
Shares
redeemed
...............................
(27,907,561)
(314,700,418)
(38,948,870)
(432,345,393)
Net
increase
(decrease)
..........................
(17,966,205)
$(202,647,193)
(25,884,342)
$(286,520,580)
Class
C
Shares:
Shares
sold
...................................
1,647,201
$18,546,080
3,447,571
$38,552,600
Shares
issued
in
reinvestment
of
distributions
..........
390,015
4,387,765
521,529
5,818,140
Shares
redeemed
b
..............................
(7,479,928)
(84,146,122)
(10,698,105)
(118,824,221)
Net
increase
(decrease)
..........................
(5,442,712)
$(61,212,277)
(6,729,005)
$(74,453,481)
Class
R6
Shares:
Shares
sold
...................................
2,467,998
$27,856,052
2,366,953
$26,384,934
Shares
issued
in
reinvestment
of
distributions
..........
192,893
2,176,401
178,031
1,991,044
Shares
redeemed
...............................
(1,269,455)
(14,321,682)
(1,703,636)
(18,605,569)
Net
increase
(decrease)
..........................
1,391,436
$15,710,771
841,348
$9,770,409
Advisor
Class
Shares:
Shares
sold
...................................
5,912,957
$66,693,342
8,868,766
$98,228,998
Shares
issued
in
reinvestment
of
distributions
..........
591,822
6,673,229
529,242
5,911,567
Shares
redeemed
...............................
(5,253,825)
(59,220,664)
(5,302,476)
(58,712,520)
Net
increase
(decrease)
..........................
1,250,954
$14,145,907
4,095,532
$45,428,045
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
28,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.455%
of
the
Fund’s
average
daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$24,815
CDSC
retained
..............................................................................
$16,032
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
February
28,
2022,
the
Fund
paid
transfer
agent
fees
of
$2,563,143,
of
which
$873,766
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
September
30,
2022.
Effective
April
1,
2022,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
Rule
12b-1
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses)
for
each
class
of
the
Fund
do
not
exceed
0.65%,
based
on
the
average
net
assets
of
each
class
until
September
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
g.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
February
28,
2022,
these
purchase
and
sale
transactions
aggregated
$109,816,108
and
$102,134,914,
respectively,
with
net
realized
losses
of
$(601,390).
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
February
28,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2022,
the
capital
loss
carryforwards
were
as
follows:
During
the
period
ended
February
28,
2022,
the
Fund
utilized
$10,345,453
of
capital
loss
carryforwards.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$84,247,573
Long
term
................................................................................
254,545,689
Total
capital
loss
carryforwards
...............................................................
$338,793,262
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
34
franklintempleton.com
Annual
Report
The
tax
character
of
distributions
paid
during
the
period
ended
February
28,
2022
and
years
ended
May
31,
2021
and
2020,
was
as
follows:
At
February
28,
2022,
the
cost
of
investments,
net
unreali
zed
appreciation
(depreciation),
undistributed
tax
exempt
income
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
February
28,
2022,
aggregated
$429,820,846
and
$530,541,827,
respectively.
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York
and
U.S.
territories.
Investing
in
Puerto
Rico
securities
may
expose
the
Fund
to
heightened
risks
due
to
recent
adverse
economic
and
market
changes,
credit
downgrades
and
ongoing
restructuring
discussions.
In
addition,
investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
8.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
2022
2021
Distributions
paid
from:
Tax
exempt
income
........................................................
$63,315,846
$97,336,032
2020
Distributions
paid
from:
Tax
exempt
income
........................................................
$105,119,192
Cost
of
investments
..........................................................................
$3,240,911,151
Unrealized
appreciation
........................................................................
$180,663,039
Unrealized
depreciation
........................................................................
(29,439,475)
Net
unrealized
appreciation
(depreciation)
..........................................................
$151,223,564
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$412,460
Undistributed
tax
exempt
income
.................................................................
3,396,440
Total
distributable
earnings
.....................................................................
$3,808,900
5.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
35
franklintempleton.com
Annual
Report
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board
of
Trustees.
9.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period
ended
February
28,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
February
28,
2022,
all
of
the
Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
8.
Geopolitical
Risk
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
36
franklintempleton.com
Annual
Report
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
FGIC
Financial
Guaranty
Insurance
Co.
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Income
Fund
37
franklintempleton.com
Annual
Report
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
and
Shareholders
of
Franklin
New
York
Tax-Free
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
statement
of
investments,
of
Franklin
New
York
Tax-Free
Income
Fund
(the
“Fund”)
as
of
February
28,
2022,
the
related
statements
of
operations
for
the
period
June
1,
2021
through
February
28,
2022
and
year
ended
May
31,
2021,
the
statement
of
changes
in
net
assets
for
the
period
June
1,
2021
through
February
28,
2022
and
years
ended
May
31,
2021
and
2020,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2022,
the
results
of
its
operations
for
the
period
June
1,
2021
through
February
28,
2022
and
year
ended
May
31,
2021,
the
changes
in
its
net
assets
for
the
period
June
1,
2021
through
February
28,
2022
and
years
ended
May
31,
2021
and
2020,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
of
securities
owned
as
of
February
28,
2022
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
April
18,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
New
York
Tax-Free
Income
Fund
Tax
Information
(unaudited)
38
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
period.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
period
ended
February
28,
2022:
Pursuant
to:
Amount
Reported
Exempt-Interest
Dividends
Distributed
§852(b)(5)(A)
$63,315,846
Franklin
New
York
Tax-Free
Income
Fund
Board
Members
and
Officers
39
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1982
120
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2017
101
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
Board
of
Trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
Board
of
Trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
121
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
New
York
Tax-Free
Income
Fund
40
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1998
and
Lead
Independent
Trustee
since
2019
121
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
121
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
121
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Income
Fund
41
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
May
2021
101
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016),
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2013
132
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
since
2013,
Trustee
and
Vice
President
since
1983
121
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ben
Barber
(1969)
Vice
President
Since
2020
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Advisers,
Inc.;
Director,
Municipal
Bonds;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Co-Head
of
Municipal
Bonds,
Goldman
Sachs
Asset
Management
(1999-2020).
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Income
Fund
42
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Sonal
Desai,
Ph.D.
(1963)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
and
Executive
Vice
President,
Franklin
Advisers,
Inc.;
Executive
Vice
President,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
and
Co-Secretary
Vice
President
since
2009
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Vice
President,
FASA,
LLC;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
July
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Income
Fund
43
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007
to
2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Craig
S.
Tyle
(1960)
Vice
President
Since
2005
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
General
Counsel
and
Executive
Vice
President,
Franklin
Resources,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
and
Co-Secretary
Vice
President
since
2011
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
44
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
NEW
YORK
TAX-FREE
INCOME
FUND
(Fund)
At
an
in-person
meeting
held
on
February
28,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements,
which
included
discussion
of
the
changing
distribution
landscape
for
the
Fund.
The
Board
acknowledged
the
ongoing
integration
of
the
Legg
Mason
family
of
funds
into
the
FT
family
of
funds
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
recent
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
being
a
global
leader
in
stewardship
and
sustainability
and
the
recent
addition
of
a
senior
executive
focused
on
environmental,
social
and
governance
and
climate
control
initiatives.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
45
franklintempleton.com
Annual
Report
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2021.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
New
York
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-
,
three,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
considered
the
income-related
attributes
of
the
Fund
(such
as
fund
name,
investment
objective
and/or
investment
strategy)
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
the
Fund’s
income-related
attributes
and
investor
expectations.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A
shares
and
Class
M
shares
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
New
York
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
above
the
median
of
its
Expense
Group,
but
its
actual
total
expense
ratio
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
noted
that
the
Fund’s
Management
Rate
was
less
than
one
basis
point
higher
than
the
median
Management
Rate
of
its
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2021,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
46
franklintempleton.com
Annual
Report
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up
front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Fund
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
47
franklintempleton.com
Annual
Report
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1115
A
04/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
and
Shareholder
Letter
Franklin
New
York
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $45,461 for the fiscal year ended February 28, 2022 and $43,570 for the fiscal year ended May 31, 2021.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.
(d) All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $1,607 for the fiscal year ended February 28, 2022 and $0 for the fiscal year ended May 31, 2021. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $73,743 for the fiscal year ended February 28, 2022 and $29,000 for the fiscal year ended May 31, 2021. The services for which these fees were paid included the issuance of an Auditor’s Certificate for South Korean regulatory shareholders disclosures, professional fees in connection with determining the feasibility of a U.S. direct lending structure, assets under management certification, benchmarking services in connection with the ICI TA survey, professional fees in connection with SOC 1 Reports, and professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $75,350 for the fiscal year ended February 28, 2022 and $29,000 for the fiscal year ended May 31, 2021.
(h)
The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee
of Listed Registrants. N/A
Item 6. Schedule of Investments. N/A
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Exhibits.
(a)(1) Code of Ethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN NEW YORK TAX-FREE INCOME FUND
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2022
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 26, 2022