N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
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: 5/31
 
Date of reporting period: 11/30/21
 
 
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
.
 
SEMIANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
New
York
Tax-Free
Income
Fund
November
30,
2021
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
November
30,
2021,
the
U.S.
economy
continued
to
recover
from
the
COVID-19
pandemic,
benefiting
equities.
Growth
accelerated
in
2021’s
first
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.
During
the
period’s
second
half,
investors
became
concerned
that
new,
swiftly
spreading
COVID-19
variants
could
hinder
the
economic
recovery,
and
growth
slowed
in
2021’s
third
quarter.
During
the
reporting
period,
the
U.S.
Federal
Reserve,
in
its
efforts
to
support
U.S.
economic
activity,
held
the
federal
funds
rate
unchanged
at
0.25%,
and
it
continued
broad
quantitative
easing
measures
to
bolster
credit
markets.
The
Federal
Reserve
also
raised
its
economic
growth
and
inflation
projections
and
announced
plans
to
begin
decreasing
its
asset
purchases
in
November,
while
delaying
any
interest
rate
increases
until
reaching
its
goal
of
maximum
U.S.
employment.
During
the
six-month
period,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.56%
cumulative
total
return
as
investors
were
attracted
to
tax-
free
income
in
a
stable
interest-rate
environment.
1
Factors
contributing
to
this
investment
environment
for
municipals
included
fluctuating
demand,
the
reopening
of
businesses
and
increased
consumer
spending
that
benefited
municipal
security
issuers,
and
actions
by
the
Federal
Reserve
to
help
maintain
a
low
interest-rate
environment.
Franklin
New
York
Tax-Free
Income
Fund’s
semiannual
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
November
30,
2021,
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
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
New
York
Tax-Free
Income
Fund
3
Performance
Summary
6
Your
Fund’s
Expenses
8
Financial
Highlights
and
Statement
of
Investments
9
Financial
Statements
24
Notes
to
Financial
Statements
28
Shareholder
Information
35
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
New
York
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
New
York
Tax-Free
Income
Fund
covers
the
period
ended
November
30,
2021.
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
$11.31
on
November
30,
2021.
The
Fund’s
Class
A
shares
paid
dividends
totaling
12.7641
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
6
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.09%
based
on
an
annualization
of
November’s
2.0450
cents
per
share
dividend
and
the
maximum
offering
price
of
$11.75
on
November
30,
2021.
An
investor
in
the
2021
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
4.70%
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
six
months
ended
November
30,
2021,
the
U.S.
and
the
rest
of
the
world
continued
to
manage
through
the
COVID-19
pandemic
that
has
caused
significant
economic
and
personal
hardship.
Daily
new
COVID-19
case
rates
rose
dramatically
throughout
the
summer
as
the
Delta
variant
caused
a
large
number
of
breakthrough
cases
(infections
of
vaccinated
individuals).
The
U.S.
Food
and
Drug
Administration
approved
booster
shots
for
most
individuals
to
further
increase
immunity.
However,
at
the
end
of
November
2021,
there
emerged
a
new
variant
to
the
disease
labeled
“Omicron,”
which
initially
appeared
in
Africa,
but
quickly
spread
to
Europe.
U.S.
health
officials
believed
that
it
was
only
a
matter
of
time
until
this
new
strain
reached
the
U.S.
Although
there
is
little
information
available
about
the
mutation,
there
are
concerns
that
it
could
be
more
resistant
to
current
vaccines.
U.S.
officials,
including
President
Biden,
have
stated
that
there
are
no
intentions
of
returning
the
U.S.
to
economic
shutdowns,
but
people’s
fears
may
influence
behavior
that
could
stall
economic
growth.
Third-quarter
2021
U.S.
gross
domestic
product
growth
disappointed
many
economists.
Employment
improved,
driving
the
unemployment
rate
to
4.2%
in
November
2021,
down
from
a
peak
of
14.8%
seen
in
April
2020.
Global
supply-chain
bottlenecks
and
rising
input
prices
continued
to
plague
the
manufacturing
sector,
limiting
output
growth
that
has
been
met
with
high
levels
of
demand
for
goods.
Inflation
still
remains
a
major
concern
for
markets
as
consumer
short-
term
inflation
expectations
continue
to
rise.
At
its
November
meeting,
the
U.S.
Federal
Reserve
(Fed)
announced
that
beginning
in
November
2021,
it
will
start
to
taper
its
purchases
of
both
U.S.
Treasuries
(USTs)
and
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
imposition
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
estimated
tax-basis
net
investment
income
distributions
for
the
period
shown.
A
portion
or
all
of
the
distribution
may
be
reclassified
as
return
of
capital
or
short-term
or
long-term
capital
gains
once
final
tax
designations
are
known.
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.
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
Semiannual
Report
agency
mortgage-backed
securities
(MBS)
by
$10
billion
and
$5
billion
per
month,
respectively.
At
this
pace,
purchases
would
end
by
summer
2022.
The
removal
of
this
price-
insensitive
UST
and
MBS
buyer
may
lead,
in
our
opinion,
to
increased
volatility
in
markets,
which
could
put
pressure
on
municipal
bond
(muni)
valuations
as
they
tend
to
lag
UST
yield
curve
changes.
The
Fed
acknowledged
that
inflation
pressures
have
been
stronger
than
previously
projected,
and
that
the
risks
to
the
outlook
are
skewed
more
in
the
direction
of
higher
inflation.
Strong
demand
pushed
ratios
of
30-year
muni
bonds
versus
UST
yields
in
June
2021
to
all-time
lows.
Although
these—
and
ratios
for
other
maturities—have
since
increased,
they
remain
at
historically
rich
levels.
At
times
of
increased
UST
volatility
throughout
the
six
months
under
review,
muni
bond
valuations
suffered
declines,
partially
due
to
lower
demand,
only
to
rally
once
stability
returned
to
the
market.
Muni
issuer
fundamentals
remained
strong
as
they
have
benefited
from
direct
fiscal
support
from
the
U.S.
government
and
the
reopening
of
businesses,
leading
to
increased
consumer
spending.
In
November
2021,
the
U.S.
Congress
and
President
Biden
passed
a
$1.1
trillion
infrastructure
bill,
which
included
$550
billion
in
new
spending
with
the
remainder
set
to
fund
the
reauthorization
of
the
Highway
Trust
Fund.
The
new
spending
is
spread
out
over
a
number
of
transportation
subsectors.
Funds
will
be
available
in
increments
over
the
next
five
years
and
could
result
in
additional
muni
issuance.
This
will
take
time
as
projects
are
selected
and
plans
are
created
and
executed.
With
funding
coming
in
over
several
years,
the
impact
on
the
muni
market
is
also
expected
to
play
out
over
several
years.
For
the
six-month
period,
U.S.
fixed
income
sectors
broadly
underperformed
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
500
®
Index,
which
posted
a
+9.38%
total
return
for
the
period.
3
Investment-grade
muni
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
+0.56%
total
return,
while
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
+1.43%
total
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
+1.94%
total
return.
3
State
Update
During
the
six-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
as
of
June
the
state’s
economic
output,
which
generates
above-average
income
and
wealth
levels,
was
still
significantly
smaller
than
February
2020
levels.
New
York’s
unemployment
rate
began
the
period
at
7.8%
and
ended
at
6.6%,
compared
with
the
4.2%
national
rate.
Better-than-expected
revenue
collections,
new
taxes
and
federal
resources
erased
a
projected
fiscal
2022
budget
gap,
allowing
increased
school
aid,
recovery
initiatives
and
higher
Medicaid
enrollments.
New
York’s
net
tax-supported
debt
was
moderately
high
at
$3,614
per
capita
and
4.8%
of
personal
income,
compared
with
the
$1,039
and
1.9%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
affirmed
its
Aa2
rating
and
revised
the
outlook
from
stable
to
positive
on
New
York’s
general
obligation
debt.
5
Moody’s
rating
reflected
its
view
of
the
state’s
large
and
diverse
economy,
sound
fund
balance
and
liquidity,
and
moderate
leverage.
The
rating
also
recognizes
New
York’s
challenges
of
retaining
healthy
liquidity
as
budgetary
spending
grows
amid
the
phasing
out
of
federal
aid.
The
rating
also
incorporates
the
risks
associated
with
the
state-run
Metropolitan
Transit
Authority
and
uncertainties
regarding
the
recovery
of
New
York
City,
a
key
driver
of
the
state’s
economy.
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
Portfolio
Composition
11/30/21
%
of
Total
Investments*
Special
Tax
22.27%
Transportation
17.11%
Utilities
15.42%
Education
9.63%
Industrial
Dev.
Revenue
and
Pollution
Control
9.29%
Health
Care
6.10%
Local
5.52%
Housing
4.95%
Lease
4.71%
Other
Revenue
Bonds
2.79%
Refunded
1.19%
State
General
Obligation
1.02%
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.
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.
Franklin
New
York
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
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
November
30,
2021,
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.
Performance
Summary
as
of
November
30,
2021
Franklin
New
York
Tax-Free
Income
Fund
6
franklintempleton.com
Semiannual
Report
The
performance
tables
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
11/30/21
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
6-Month
+0.51%
-3.26%
1-Year
+2.40%
-1.44%
5-Year
+17.12%
+2.42%
10-Year
+34.30%
+2.60%
Advisor
6-Month
+0.63%
+0.63%
1-Year
+2.74%
+2.74%
5-Year
+18.47%
+3.45%
10-Year
+36.58%
+3.17%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yiel
d
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
2.09%
4.70%
0.68%
1.53%
Advisor
2.43%
5.47%
0.95%
2.14%
See
page
7
for
Performance
Summary
footnotes.
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
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.
Puerto
Rico
municipal
bonds
have
been
impacted
by
recent
adverse
economic
and
market
changes,
which
may
cause
the
Fund’s
share
price
to
decline.
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.
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
November’s
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
11/30/21.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/24/21
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.
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
(6/1/21–11/30/21)
Share
Class
Net
Investment
Income
A
$0.127641
A1
$0.136328
C
$0.104459
R6
$0.144760
Advisor
$0.142109
Total
Annual
Operating
Expenses
8
Share
Class
A
0.78%
Advisor
0.53%
Your
Fund’s
Expenses
Franklin
New
York
Tax-Free
Income
Fund
8
franklintempleton.com
Semiannual
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
183/365
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
6/1/21
Ending
Account
Value
11/30/21
Expenses
Paid
During
Period
6/1/21–11/30/21
1
Ending
Account
Value
11/30/21
Expenses
Paid
During
Period
6/1/21–11/30/21
1
a
Net
Annualized
Expense
Ratio
A
$1,000
$1,005.10
$4.00
$1,021.08
$4.03
0.80%
A1
$1,000
$1,005.80
$3.24
$1,021.84
$3.27
0.64%
C
$1,000
$1,003.00
$6.00
$1,019.08
$6.05
1.20%
R6
$1,000
$1,006.60
$2.49
$1,022.59
$2.51
0.49%
Advisor
$1,000
$1,006.30
$2.74
$1,022.34
$2.76
0.54%
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
November
30,
2021
(unaudited)
Year
Ended
May
31,
Year
Ended
May
31,
2019
a
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
b
:
Net
investment
income
c
......................................
0.13
0.28
0.29
0.24
Net
realized
and
unrealized
gains
(losses)
........................
(0.07)
0.29
(0.01)
0.34
Total
from
investment
operations
.................................
0.06
0.57
0.28
0.58
Less
distributions
from:
Net
investment
income
.......................................
(0.13)
(0.28)
(0.29)
(0.23)
Net
asset
value,
end
of
period
...................................
$11.31
$11.38
$11.09
$11.10
Total
return
d
................................................
0.51%
5.15%
2.51%
5.46%
Ratios
to
average
net
assets
e
Expenses
f
..................................................
0.80%
0.78%
0.78%
0.78%
Net
investment
income
........................................
2.22%
2.48%
2.59%
3.09%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$425,794
$367,358
$291,562
$177,982
Portfolio
turnover
rate
.........................................
9.30%
12.15%
21.27%
19.78%
a
For
the
period
September
10,
2018
(effective
date)
to
May
31,
2019.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
November
30,
2021
(unaudited)
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
a
:
Net
investment
income
b
.............
0.14
0.30
0.31
0.35
0.37
0.39
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.28
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
0.07
0.58
0.30
0.60
0.03
0.06
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.29)
(0.30)
(0.36)
(0.37)
(0.40)
Net
asset
value,
end
of
period
..........
$11.32
$11.39
$11.10
$11.10
$10.86
$11.20
Total
return
c
.......................
0.58%
5.31%
2.75%
5.67%
0.26%
0.52%
Ratios
to
average
net
assets
d
Expenses
.........................
0.64%
e
0.63%
e
0.63%
e
0.63%
e
0.64%
0.61%
Net
investment
income
...............
2.37%
2.63%
2.74%
3.24%
3.33%
3.45%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,676,009
$2,775,454
$2,902,606
$3,192,168
$3,421,773
$3,892,131
Portfolio
turnover
rate
................
9.30%
12.15%
21.27%
19.78%
10.58%
17.44%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
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.
Semiannual
Report
11
a
Six
Months
Ended
November
30,
2021
(unaudited)
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
a
:
Net
investment
income
b
.............
0.10
0.24
0.24
0.29
0.31
0.33
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.29
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
0.03
0.53
0.23
0.54
(0.03)
—
Less
distributions
from:
Net
investment
income
..............
(0.10)
(0.23)
(0.24)
(0.30)
(0.31)
(0.33)
Net
asset
value,
end
of
period
..........
$11.31
$11.38
$11.08
$11.09
$10.85
$11.19
Total
return
c
.......................
0.30%
4.83%
2.10%
5.10%
(0.31)%
0.04%
Ratios
to
average
net
assets
d
Expenses
.........................
1.20%
e
1.18%
e
1.18%
e
1.18%
e
1.19%
1.16%
Net
investment
income
...............
1.83%
2.10%
2.19%
2.69%
2.78%
2.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$142,712
$202,215
$257,275
$332,093
$506,155
$614,981
Portfolio
turnover
rate
................
9.30%
12.15%
21.27%
19.78%
10.58%
17.44%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
November
30,
2021
(unaudited)
Year
Ended
May
31,
Year
Ended
May
31,
2018
a
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
b
:
Net
investment
income
c
.........................
0.14
0.31
0.32
0.36
0.33
Net
realized
and
unrealized
gains
(losses)
...........
(0.07)
0.30
(0.01)
0.25
(0.32)
Total
from
investment
operations
....................
0.07
0.61
0.31
0.61
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.14)
(0.31)
(0.32)
(0.37)
(0.28)
Net
asset
value,
end
of
period
......................
$11.34
$11.41
$11.11
$11.12
$10.88
Total
return
d
...................................
0.66%
5.54%
2.80%
5.80%
0.13%
Ratios
to
average
net
assets
e
Expenses
.....................................
0.49%
f
0.50%
f
0.50%
f
0.50%
f,g
0.50%
g
Net
investment
income
...........................
2.51%
2.76%
2.87%
3.37%
3.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$98,011
$89,785
$71,991
$62,689
$60,363
Portfolio
turnover
rate
............................
9.30%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
August
1,
2017
(effective
date)
to
May
31,
2018.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
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%.
g
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.
Semiannual
Report
13
a
Six
Months
Ended
November
30,
2021
(unaudited)
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
a
:
Net
investment
income
b
.............
0.14
0.31
0.32
0.36
0.38
0.40
Net
realized
and
unrealized
gains
(losses)
(0.07)
0.29
(0.02)
0.25
(0.34)
(0.33)
Total
from
investment
operations
........
0.07
0.60
0.30
0.61
0.04
0.07
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.30)
(0.31)
(0.37)
(0.38)
(0.41)
Net
asset
value,
end
of
period
..........
$11.33
$11.40
$11.10
$11.11
$10.87
$11.21
Total
return
c
.......................
0.63%
5.50%
2.76%
5.77%
0.35%
0.61%
Ratios
to
average
net
assets
d
Expenses
.........................
0.54%
e
0.53%
e
0.53%
e
0.53%
e
0.54%
0.51%
Net
investment
income
...............
2.47%
2.73%
2.84%
3.34%
3.43%
3.55%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$291,017
$287,411
$266,050
$220,727
$240,101
$312,544
Portfolio
turnover
rate
................
9.30%
12.15%
21.27%
19.78%
10.58%
17.44%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited),
November
30,
2021
franklintempleton.com
Semiannual
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
99.7%
Florida
0.6%
Capital
Trust
Agency,
Inc.
,
Revenue,
2021
A-1,
3.75%,
12/01/36
...................................
$
18,760,000
$
18,802,773
Revenue,
2021
A-2,
5.5%,
12/01/30
....................................
3,020,000
3,030,630
21,833,403
Illinois
1.7%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/15/50
...............................
5,160,000
6,211,124
a
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
6,970,000
7,978,445
a
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
10,310,000
11,646,513
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
10,000,000
11,699,441
GO,
2016,
5%,
11/01/34
.............................................
1,660,000
1,947,979
GO,
2017
C,
5%,
11/01/29
...........................................
7,000,000
8,412,246
GO,
2017
D,
5%,
11/01/27
...........................................
4,850,000
5,869,161
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,447,341
GO,
2021
A,
5%,
3/01/33
............................................
2,500,000
3,195,756
GO,
2021
A,
4%,
3/01/39
............................................
2,700,000
3,151,283
GO,
2021
A,
4%,
3/01/41
............................................
1,000,000
1,161,646
62,720,935
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
...
1,500,000
1,703,132
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
5%,
6/15/39
.......................................
2,000,000
2,517,278
Revenue,
2020
AA,
5%,
6/15/40
.......................................
2,500,000
3,137,695
Revenue,
2020
AA,
4%,
6/15/45
.......................................
5,000,000
5,706,752
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,500,000
1,762,075
14,826,932
New
York
96.3%
Albany
Capital
Resource
Corp.
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
D
,
4
%
,
11/01/46
.................................
2,000,000
2,354,819
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
11/01/49
..........
16,130,000
20,553,051
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
1,500,000
1,667,871
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
8,000,000
8,862,898
Broome
County
Local
Development
Corp.
,
a
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/36
........................................................
1,600,000
1,797,942
a
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
........................................................
1,530,000
1,706,366
a
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/47
........................................................
1,160,000
1,284,008
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/45
........................................
1,545,000
1,624,276
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/50
........................................
5,500,000
5,751,968
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5.25%,
7/01/35
.......
1,000,000
1,120,025
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5%,
7/01/40
.........
1,000,000
1,101,076
D'Youville
College,
Revenue,
2020
A,
Refunding,
4%,
11/01/50
................
2,500,000
2,819,244
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/36
.........................................................
400,000
454,501
City
of
New
Rochelle
,
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/40
....................
1,250,000
1,401,628
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
....................
1,425,000
1,589,302
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
$
145,000
$
145,632
GO,
2006
G,
AMBAC
Insured,
5%,
8/01/22
...............................
10,000
10,039
GO,
2014
J,
Refunding,
5%,
8/01/32
...................................
10,000,000
11,166,582
GO,
2015
C,
Refunding,
5%,
8/01/29
...................................
20,640,000
23,454,499
GO,
2015
C,
Refunding,
5%,
8/01/31
...................................
10,000,000
11,353,489
GO,
2015
C,
Refunding,
5%,
8/01/32
...................................
4,000,000
4,538,698
GO,
2015
C,
Refunding,
5%,
8/01/33
...................................
3,000,000
3,402,002
GO,
2015
C,
Refunding,
5%,
8/01/34
...................................
1,500,000
1,699,991
GO,
2017
B,
5%,
12/01/41
...........................................
7,000,000
8,351,271
GO,
2018
B-1,
5%,
10/01/38
.........................................
6,250,000
7,608,276
GO,
2018
E-1,
5%,
3/01/39
..........................................
16,210,000
19,902,200
GO,
2018
E-1,
5%,
3/01/40
..........................................
7,500,000
9,191,610
GO,
2018
E-1,
5%,
3/01/44
..........................................
12,500,000
15,253,449
GO,
2018
F-1,
5%,
4/01/40
..........................................
6,830,000
8,390,266
GO,
2018
F-1,
5%,
4/01/45
..........................................
10,000,000
12,208,137
GO,
2019
D-1,
4%,
12/01/43
.........................................
10,000,000
11,606,821
GO,
2019
D-1,
5%,
12/01/44
.........................................
10,000,000
12,455,507
GO,
2020
A(A-1),
5%,
8/01/43
........................................
5,000,000
6,222,880
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,554,245
County
of
Nassau
,
GO
,
2013
C
,
AGMC
Insured
,
5
%
,
4/01/43
...................
26,665,000
28,100,497
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/32
......
175,000
223,151
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/33
......
185,000
235,265
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/34
......
250,000
317,518
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/35
......
200,000
233,482
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/36
......
200,000
233,155
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/37
......
250,000
290,963
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/38
......
250,000
290,626
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/39
......
100,000
115,996
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/40
......
100,000
115,781
Health
QuestSystems
Obligated
Group,
Revenue,
2016
B,
5%,
7/01/31
.........
10,550,000
12,482,412
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/44
.....
1,900,000
2,198,547
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/49
.....
3,000,000
3,450,368
Vassar
College,
Revenue,
2017,
Refunding,
5%,
7/01/42
....................
5,000,000
6,064,323
Vassar
College,
Revenue,
2017,
Refunding,
4%,
7/01/46
....................
5,715,000
6,544,124
Erie
County
Industrial
Development
Agency
(The)
,
Buffalo
City
School
District
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
5/01/28
...............................
8,100,000
8,616,783
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/42
..................
1,250,000
1,518,349
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/47
..................
5,250,000
6,338,974
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.................
575,000
694,628
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.................
715,000
862,140
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.................
625,000
751,730
Hofstra
University,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.................
3,000,000
3,147,181
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
...............................
20,000,000
23,698,240
Revenue,
2017
A,
Refunding,
4%,
2/15/44
...............................
13,680,000
15,461,992
Revenue,
2017
A,
Refunding,
5%,
2/15/45
...............................
15,000,000
17,734,235
Long
Island
Power
Authority
,
Revenue,
2012
A,
5%,
9/01/42
........................................
500,000
517,211
Revenue,
2012
A,
Pre-Refunded,
5%,
9/01/42
............................
14,200,000
14,711,734
Revenue,
2014
A,
Refunding,
5%,
9/01/44
...............................
5,000,000
5,548,168
Revenue,
2016
B,
Refunding,
5%,
9/01/36
...............................
5,000,000
5,915,022
Revenue,
2016
B,
Refunding,
5%,
9/01/41
...............................
10,000,000
11,794,434
Revenue,
2016
B,
Refunding,
5%,
9/01/46
...............................
18,000,000
21,184,337
Revenue,
2018,
5%,
9/01/39
.........................................
5,000,000
6,266,884
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
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,
2019
A,
4%,
9/01/37
........................................
$
19,550,000
$
22,876,452
Revenue,
2020
A,
Refunding,
5%,
9/01/38
...............................
1,500,000
1,944,959
Revenue,
2021
A,
Refunding,
4%,
9/01/41
...............................
2,030,000
2,446,164
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
7,460,000
8,183,402
Revenue,
2012
C,
5%,
11/15/31
.......................................
10,000,000
10,411,670
Revenue,
2012
C,
5%,
11/15/41
.......................................
10,670,000
11,099,860
Revenue,
2013
A,
5%,
11/15/38
.......................................
7,280,000
7,683,401
Revenue,
2013
D,
5%,
11/15/43
.......................................
10,000,000
10,713,777
Revenue,
2014
B,
5.25%,
11/15/35
....................................
4,000,000
4,399,583
Revenue,
2015
A-1,
5%,
11/15/45
.....................................
10,000,000
11,144,897
Revenue,
2015
C-1,
Refunding,
5%,
11/15/35
............................
5,000,000
5,693,686
Revenue,
2016
B,
Refunding,
5%,
11/15/33
..............................
6,000,000
7,007,173
Revenue,
2016
B,
Refunding,
5%,
11/15/35
..............................
4,000,000
4,667,906
Revenue,
2016
B,
Refunding,
5%,
11/15/37
..............................
18,500,000
21,558,958
Revenue,
2016
D,
Refunding,
5%,
11/15/30
..............................
10,305,000
12,079,468
Revenue,
2017
A-1,
Refunding,
5%,
11/15/51
.............................
2,505,000
2,895,499
Revenue,
2017
C-1,
Refunding,
5%,
11/15/30
............................
6,215,000
7,529,500
Revenue,
2017
D,
Refunding,
4%,
11/15/42
..............................
20,000,000
22,333,018
Revenue,
2017
D,
Refunding,
4%,
11/15/46
..............................
5,000,000
5,551,404
Revenue,
2019
C,
AGMC
Insured,
4%,
11/15/45
...........................
8,000,000
9,318,502
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
10,000,000
12,140,295
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
3,000,000
3,636,938
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
1,000,000
1,144,921
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
4,000,000
4,570,521
Dedicated
Tax
Fund,
Revenue,
2016
B-2,
Refunding,
5%,
11/15/39
............
4,775,000
5,688,495
Dedicated
Tax
Fund,
Revenue,
2017
A,
5%,
11/15/47
.......................
30,375,000
36,063,715
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/35
............
6,000,000
7,349,444
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/42
............
5,000,000
6,051,206
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/47
............
13,505,000
16,256,578
Monroe
County
Industrial
Development
Corp.
,
Rochester
General
Hospital
(The),
Revenue,
2017,
5%,
12/01/46
..............
15,000,000
17,224,930
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,100,000
1,314,083
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/46
.......................................................
8,560,000
9,851,817
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/50
.
1,265,000
1,479,187
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/59
.
1,080,000
1,255,548
University
of
Rochester,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/38
..........
6,350,000
6,828,274
University
of
Rochester,
Revenue,
2013
B,
Pre-Refunded,
5%,
7/01/43
.........
5,000,000
5,376,593
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
............
3,275,000
3,774,400
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/32
............
2,000,000
2,298,024
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/37
............
1,780,000
2,043,177
University
of
Rochester,
Revenue,
2017
C,
Refunding,
4%,
7/01/43
............
44,445,000
50,687,309
University
of
Rochester,
Revenue,
2020
A,
4%,
7/01/50
.....................
4,000,000
4,641,536
New
York
City
,
Water
&
Sewer
System,
Revenue,
2017
AA,
4%,
6/15/46
....................
24,290,000
27,494,002
Water
&
Sewer
System,
Revenue,
2017
DD,
5%,
6/15/47
....................
33,800,000
40,309,603
Water
&
Sewer
System,
Revenue,
2018
BB-1,
5%,
6/15/46
..................
20,875,000
25,190,345
Water
&
Sewer
System,
Revenue,
2018
CC-1,
5%,
6/15/48
..................
38,475,000
46,368,069
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/40
............
15,000,000
18,565,543
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5%,
6/15/49
..................
27,825,000
34,537,990
Water
&
Sewer
System,
Revenue,
2019
FF-1,
4%,
6/15/49
...................
10,000,000
11,630,497
Water
&
Sewer
System,
Revenue,
2020
AA,
Refunding,
5%,
6/15/40
...........
10,000,000
12,808,559
Water
&
Sewer
System,
Revenue,
2020
BB-1,
4%,
6/15/49
..................
20,000,000
23,463,102
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
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
$
808,764
Revenue,
2020
A,
Refunding,
5%,
2/15/32
...............................
635,000
835,440
Revenue,
2020
A,
Refunding,
5%,
2/15/33
...............................
675,000
886,280
Revenue,
2020
A,
Refunding,
5%,
2/15/34
...............................
460,000
602,887
Revenue,
2020
A,
Refunding,
5%,
2/15/35
...............................
495,000
647,434
Revenue,
2020
A,
Refunding,
5%,
2/15/36
...............................
520,000
678,372
Revenue,
2020
A,
Refunding,
5%,
2/15/37
...............................
325,000
422,995
Revenue,
2020
A,
Refunding,
5%,
2/15/38
...............................
345,000
448,188
Revenue,
2020
A,
Refunding,
5%,
2/15/39
...............................
900,000
1,166,765
Revenue,
2020
A,
Refunding,
5%,
2/15/40
...............................
790,000
1,022,357
Revenue,
2020
A,
Refunding,
3%,
2/15/45
...............................
1,250,000
1,339,467
Revenue,
2020
A,
Refunding,
4%,
2/15/45
...............................
1,800,000
2,124,583
Revenue,
2020
A,
Refunding,
4%,
2/15/48
...............................
880,000
1,035,095
New
York
City
Housing
Development
Corp.
,
Revenue,
2018
K,
4%,
11/01/48
.......................................
49,905,000
54,112,675
Revenue,
2019
G-1-B,
Refunding,
3%,
11/01/44
...........................
9,890,000
10,191,868
Revenue,
2019
J,
3%,
11/01/44
.......................................
5,000,000
5,218,797
Revenue,
2020
C,
FNMA
Insured,
2.75%,
2/01/51
.........................
10,000,000
10,108,414
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
5,000,000
5,261,573
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/49
..
10,000,000
10,513,599
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/43
............................
5,230,000
6,454,789
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/45
............................
17,000,000
20,929,808
Building
Aid,
Revenue,
2019
S-2A,
Refunding,
5%,
7/15/34
..................
4,235,000
5,279,279
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/37
..................
10,425,000
12,981,564
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/43
............................
11,800,000
13,854,682
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/44
............................
12,275,000
14,384,726
Future
Tax
Secured,
Revenue,
2013
I,
5%,
5/01/42
........................
45,000,000
47,798,361
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/38
......................
17,000,000
18,575,371
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/39
......................
24,135,000
26,360,616
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/40
......................
18,300,000
19,979,243
Future
Tax
Secured,
Revenue,
2015
A-1,
5%,
8/01/34
......................
10,115,000
11,280,723
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/34
......................
10,000,000
11,373,750
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/35
......................
10,000,000
11,366,992
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
13,415,000
15,744,554
Future
Tax
Secured,
Revenue,
2017
C,
Refunding,
5%,
11/01/33
..............
6,500,000
7,911,261
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
4,340,000
5,242,104
Future
Tax
Secured,
Revenue,
2018
A-3,
5%,
8/01/40
......................
3,270,000
3,989,087
Future
Tax
Secured,
Revenue,
2018
A-3,
4%,
8/01/43
......................
5,645,000
6,449,195
Future
Tax
Secured,
Revenue,
2018
B-1,
5%,
8/01/45
......................
17,500,000
21,238,669
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/42
......................
7,410,000
8,547,884
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/42
......................
5,000,000
6,198,346
Future
Tax
Secured,
Revenue,
2019
C-1,
4%,
11/01/42
.....................
7,500,000
8,764,290
Future
Tax
Secured,
Revenue,
2020
A,
4%,
5/01/44
........................
10,000,000
11,644,654
Future
Tax
Secured,
Revenue,
F-1,
5%,
2/01/34
...........................
5,000,000
5,267,226
Future
Tax
Secured,
Revenue,
F-1,
5%,
2/01/36
...........................
8,250,000
8,686,946
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
5,870,811
New
York
Liberty
Development
Corp.
,
Revenue,
2011
-
1WTC,
5.25%,
12/15/43
................................
50,000,000
50,134,025
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
18,000,000
18,719,228
7
World
Trade
Center
II
LLC,
Revenue,
2012,
1,
Refunding,
5%,
9/15/40
........
18,000,000
18,225,052
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
86,360,000
122,182,784
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
27,000,000
40,175,028
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
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
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/50
...........
$
20,000,000
$
23,487,082
New
York
State
Dormitory
Authority
,
Revenue,
2008
A-1,
5%,
6/01/38
......................................
4,635,000
4,653,413
Revenue,
2009
A,
AGMC
Insured,
5.625%,
10/01/29
.......................
300,000
301,330
Revenue,
2009
C,
AGMC
Insured,
5%,
10/01/31
..........................
45,000
45,174
Revenue,
2009
C,
AGMC
Insured,
5.125%,
10/01/36
.......................
60,000
60,241
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/22
...........................
395,000
396,540
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/24
...........................
710,000
712,791
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,705,000
1,881,502
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
2,200,000
2,423,862
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/39
1,305,000
1,435,236
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/40
1,300,000
1,427,577
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/41
2,100,000
2,476,702
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/45
5,835,000
6,327,234
Educational
Housing
Services,
Inc.,
Revenue,
2005,
AMBAC
Insured,
5.25%,
7/01/30
5,150,000
6,097,056
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/26
...
6,105,000
6,768,626
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/34
...
13,220,000
15,956,186
Fordham
University,
Revenue,
2020,
4%,
7/01/50
..........................
4,500,000
5,195,102
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
1,000,000
1,131,275
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
500,000
597,151
c
Iona
College,
Revenue,
2021
A,
5%,
7/01/46
.............................
375,000
469,423
c
Iona
College,
Revenue,
2021
A,
5%,
7/01/51
.............................
1,100,000
1,370,870
a
Iona
College,
Revenue,
2022,
5%,
7/01/31
...............................
325,000
409,106
a
Iona
College,
Revenue,
2022,
5%,
7/01/32
...............................
300,000
383,831
a
Iona
College,
Revenue,
2022,
5%,
7/01/37
...............................
225,000
284,527
a
Iona
College,
Revenue,
2022,
5%,
7/01/42
...............................
275,000
343,485
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2017-1,
Refunding,
4%,
7/01/47
5,000,000
5,672,023
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/31
.........
1,000,000
1,225,996
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/45
.........
1,500,000
1,716,110
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
.........
10,770,000
12,259,434
New
School
(The),
Revenue,
2015
A,
5%,
7/01/40
.........................
5,120,000
5,844,956
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
.............
380,000
440,142
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
.............
660,000
764,458
New
School
(The),
Revenue,
2015
A,
5%,
7/01/45
.........................
8,725,000
9,949,811
New
York
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
...............
5,000,000
5,695,694
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
...............
5,000,000
6,092,914
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/40
...............
6,745,000
8,223,452
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/43
...............
3,000,000
3,652,178
New
York
University,
Revenue,
2019
A,
4%,
7/01/45
........................
3,415,000
3,979,622
New
York
University,
Revenue,
2019
A,
5%,
7/01/49
........................
50,000,000
62,915,595
Northwell
Health
Obligated
Group,
Revenue,
2009
B,
5%,
5/01/39
.............
10,000,000
10,181,871
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
....
11,000,000
12,492,666
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/27
2,025,000
2,254,290
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/30
1,000,000
1,111,592
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/32
1,000,000
1,110,501
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/34
7,250,000
8,043,240
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
3%,
7/01/48
.......
4,000,000
4,283,572
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
.......
35,100,000
40,849,945
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/53
.......
10,420,000
12,097,463
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/49
..............
3,500,000
4,335,923
Rockefeller
University
(The),
Revenue,
2019
B,
5%,
7/01/50
..................
6,500,000
8,204,005
Rockefeller
University
(The),
Revenue,
2019
C,
Refunding,
4%,
7/01/49
.........
9,250,000
10,917,917
Rockefeller
University
(The),
Revenue,
2020
A,
Refunding,
5%,
7/01/53
.........
10,000,000
12,814,499
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/29
...............
1,375,000
1,573,599
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
...............
1,675,000
1,914,413
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
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,
2015
A,
Refunding,
5%,
7/01/31
...............
$
3,700,000
$
4,215,285
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/34
...............
2,000,000
2,274,404
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/48
...............
6,250,000
7,327,129
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/40
.........................
225,000
255,061
St.
Joseph's
College,
Revenue,
2021,
5%,
7/01/51
.........................
725,000
873,311
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/41
.........
4,000,000
4,730,354
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/42
.........
1,950,000
2,304,078
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/43
.........
8,450,000
9,971,555
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/37
.........
5,000,000
6,019,128
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
5,000,000
6,017,917
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/39
.........
8,940,000
10,746,438
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
........................................................
5,000
6,103
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/40
........................................................
10,000
12,373
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/40
.........
9,415,000
11,481,683
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/41
........................................................
15,000
18,559
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/41
.........
12,410,000
15,110,439
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/43
........................................................
5,000
6,186
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/43
.........
4,590,000
5,577,783
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
4%,
2/15/46
.........
19,995,000
22,732,825
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
4%,
2/15/46
........................................................
5,000
5,908
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5%,
3/15/45
10,000,000
12,258,089
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
Refunding,
4%,
3/15/49
10,000,000
11,557,240
State
of
New
York
Sales
Tax,
Revenue,
2014
A,
5%,
3/15/31
.................
15,685,000
17,306,751
State
of
New
York
Sales
Tax,
Revenue,
2014
A,
5%,
3/15/44
.................
37,250,000
40,912,942
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/40
.................
12,640,000
14,591,327
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/41
.................
10,520,000
12,135,534
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/34
.................
10,000,000
11,919,628
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/35
.................
24,545,000
29,218,626
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/36
.................
31,550,000
37,508,549
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/41
.................
10,000,000
12,044,262
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/42
.................
10,000,000
12,030,788
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
4%,
3/15/46
.................
16,515,000
18,581,649
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/42
.................
6,235,000
7,677,543
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/46
.................
25,000,000
28,644,150
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/48
.................
10,000,000
11,440,630
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
4%,
3/15/44
........
5,310,000
6,105,046
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/37
........
15,340,000
19,352,890
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/44
........
19,715,000
24,604,559
State
University
Construction
Fund,
Revenue,
2005
A,
AGMC,
FGIC
Insured,
5.5%,
5/15/22
........................................................
5,000,000
5,121,842
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/28
............
4,000,000
4,087,311
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/29
............
3,000,000
3,065,205
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/30
............
1,000,000
1,021,781
State
University
of
New
York,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/38
......
5,000,000
5,376,594
State
University
of
New
York,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/43
......
4,150,000
4,462,573
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/35
........
2,000,000
2,427,704
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........
1,500,000
1,821,022
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........
2,000,000
2,427,985
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........
1,000,000
1,213,733
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........
3,750,000
4,539,188
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/46
........
4,000,000
4,931,861
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
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,
Revenue,
2018
A,
5%,
7/01/43
.................
$
4,300,000
$
5,246,741
State
University
of
New
York,
Revenue,
2018
A,
5%,
7/01/48
.................
13,925,000
16,945,618
State
University
of
New
York,
Revenue,
2019
A,
3%,
7/01/42
.................
4,165,000
4,432,024
State
University
of
New
York,
Revenue,
2019
A,
4%,
7/01/43
.................
1,200,000
1,388,441
a
Teachers
College,
Revenue,
2022,
Refunding,
4%,
7/01/46
..................
4,670,000
5,358,033
New
York
State
Environmental
Facilities
Corp.
,
New
York
City
Water
&
Sewer
System,
Revenue,
2013
A,
5%,
6/15/31
..........
5,000,000
5,359,930
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
A,
Refunding,
5%,
6/15/46
28,360,000
34,614,398
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/42
........
8,355,000
10,210,349
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/47
........
12,345,000
15,063,783
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/48
........
7,500,000
9,263,618
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
2/15/49
........
5,000,000
6,336,292
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
2,993,802
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
12,000,000
13,860,962
Revenue,
2019
B,
3%,
1/01/46
........................................
4,200,000
4,388,291
Revenue,
2019
B,
4%,
1/01/50
........................................
40,000,000
45,941,336
Revenue,
L,
Refunding,
5%,
1/01/34
...................................
2,600,000
3,183,105
Revenue,
L,
Refunding,
5%,
1/01/35
...................................
3,000,000
3,665,303
Revenue,
N,
4%,
1/01/46
............................................
10,000,000
11,601,384
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/46
..............................
25,000,000
28,959,615
Highway
&
Bridge
Trust
Fund,
Revenue,
2012
A,
5%,
4/01/32
.................
11,100,000
11,275,656
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/38
15,000,000
18,092,820
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
C,
Refunding,
5%,
3/15/42
8,400,000
10,262,432
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
5%,
3/15/42
.........
10,000,000
12,372,761
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
3,000,000
3,510,419
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
9,400,000
11,680,678
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
3,540,000
4,358,771
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4.375%,
10/01/45
.....................
26,500,000
30,680,937
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
2,130,000
2,478,524
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
6,000,000
6,895,775
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
19,875,000
22,659,903
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
251,387
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/37
...
350,000
438,928
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/38
...
300,000
344,735
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/39
...
400,000
458,695
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/40
...
400,000
459,647
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/41
...
2,155,000
2,461,055
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/42
...
910,000
1,032,609
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/37
...
2,000,000
2,528,926
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/38
...
2,000,000
2,524,323
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/39
...
8,010,000
9,284,586
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/40
...
6,225,000
7,202,837
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/41
...
6,600,000
7,595,351
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/42
...
3,885,000
4,466,247
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
4,603,087
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/38
...........................
200,000
232,501
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/41
...........................
245,000
283,645
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/46
...........................
460,000
571,311
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/51
...........................
820,000
1,010,734
a
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
..................
725,000
896,480
a
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/34
..................
315,000
357,864
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Onondaga
Civic
Development
Corp.,
(continued)
a
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/36
..................
$
350,000
$
396,709
a
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/39
..................
475,000
535,799
a
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/42
..................
530,000
594,700
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University,
Revenue,
2019,
Refunding,
5%,
12/01/45
................
5,000,000
6,362,190
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/47
................
12,000,000
14,122,804
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/49
................
5,000,000
5,874,146
Oswego
County
Industrial
Development
Agency
,
Oswego
City
School
District
,
Revenue
,
2006
,
XLCA
Insured
,
5
%
,
12/15/30
.............................
1,805,000
1,808,148
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
194,
Refunding,
5%,
10/15/41
.................................
10,000,000
11,556,413
Revenue,
200,
Refunding,
5%,
10/15/47
.................................
10,000,000
12,009,667
Revenue,
2016,
4%,
9/01/49
.........................................
11,815,000
13,735,875
Revenue,
218,
4%,
11/01/47
.........................................
8,000,000
9,240,639
Revenue,
221,
4%,
7/15/50
..........................................
12,750,000
14,661,527
Revenue,
Two
Hundred
And
Seventeen,
4%,
11/01/41
......................
10,000,000
11,819,870
Revenue,
Two
Hundred
And
Seventeen,
5%,
11/01/44
......................
5,000,000
6,328,828
Revenue,
Two
Hundred
Eleventh,
Refunding,
5%,
9/01/48
...................
25,000,000
30,661,065
Revenue,
Two
Hundred
Fifth,
Refunding,
5%,
11/15/47
......................
26,340,000
32,189,703
Revenue,
Two
Hundred
Fourteen,
4%,
9/01/38
............................
7,110,000
8,333,337
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
2,607,013
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/40
............
2,600,000
3,100,122
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/47
............
6,590,000
7,820,075
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............
125,000
159,358
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/35
...............
585,000
744,589
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............
100,000
127,337
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/37
...............
120,000
152,433
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/38
...............
125,000
158,476
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/39
...............
150,000
189,760
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/40
...............
475,000
598,846
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/41
...............
125,000
157,203
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/34
...............
230,000
291,346
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/35
...............
245,000
309,845
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/36
...............
250,000
315,804
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/37
...............
265,000
333,940
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/38
...............
225,000
282,984
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/39
...............
200,000
250,998
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/40
...............
225,000
281,406
c
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/41
...............
275,000
343,095
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
4
%
,
6/01/41
.................
25,000,000
29,094,785
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/32
.............................
2,245,000
2,973,094
Revenue,
2021
A-2,
Refunding,
5%,
6/01/33
.............................
2,375,000
3,133,185
Revenue,
2021
A-2,
Refunding,
5%,
6/01/34
.............................
2,250,000
2,956,583
Revenue,
2021
A-2,
Refunding,
4%,
6/01/35
.............................
2,345,000
2,855,793
Revenue,
2021
A-2,
Refunding,
4%,
6/01/36
.............................
2,425,000
2,941,443
Revenue,
2021
A-2,
Refunding,
4%,
6/01/37
.............................
1,250,000
1,510,707
Revenue,
2021
A-2,
Refunding,
4%,
6/01/38
.............................
1,000,000
1,204,824
Revenue,
2021
A-2,
Refunding,
4%,
6/01/39
.............................
1,465,000
1,759,290
Revenue,
2021
A-2,
Refunding,
4%,
6/01/40
.............................
1,415,000
1,692,942
Revenue,
2021
A-2,
Refunding,
4%,
6/01/41
.............................
1,340,000
1,598,898
Revenue,
2021
A-2,
Refunding,
4%,
6/01/50
.............................
4,500,000
5,279,211
Revenue,
2021
B-1,
Refunding,
4%,
6/01/50
.............................
5,000,000
5,786,130
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
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)
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
4%,
7/01/35
.................................
$
735,000
$
867,847
Revenue,
2021,
Refunding,
4%,
7/01/36
.................................
750,000
880,020
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2013
C,
5%,
11/15/38
.......................................
5,000,000
5,313,886
Revenue,
2015
B,
5%,
11/15/45
.......................................
5,000,000
5,771,382
Revenue,
2017
A,
Refunding,
5%,
11/15/38
..............................
11,055,000
13,443,819
Revenue,
2017
A,
Refunding,
5%,
11/15/42
..............................
5,750,000
6,956,945
Revenue,
2017
A,
Refunding,
5%,
11/15/47
..............................
13,000,000
15,674,902
Revenue,
2017
B,
Refunding,
5%,
11/15/36
..............................
21,080,000
25,653,443
Revenue,
2017
B,
Refunding,
5%,
11/15/37
..............................
18,190,000
22,125,226
Revenue,
2019
A,
5%,
11/15/49
.......................................
9,000,000
11,179,687
Revenue,
2020
A,
5%,
11/15/49
.......................................
10,000,000
12,751,858
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
4%,
9/01/33
.................................
100,000
119,334
Revenue,
2021,
Refunding,
4%,
9/01/34
.................................
160,000
190,828
Revenue,
2021,
Refunding,
4%,
9/01/35
.................................
180,000
214,516
Revenue,
2021,
Refunding,
4%,
9/01/36
.................................
280,000
333,079
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
4,500,000
5,770,456
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/36
......
5,000,000
6,400,116
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/39
......
2,500,000
3,180,922
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
4%,
9/01/40
......
1,500,000
1,770,349
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
1,203,630
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,250,000
1,500,210
Utility
Debt
Securitization
Authority
,
Revenue,
2015,
Refunding,
5%,
12/15/33
................................
20,000,000
23,444,004
Revenue,
2015,
Refunding,
5%,
12/15/34
................................
9,950,000
11,650,375
Revenue,
2016
A,
Refunding,
5%,
12/15/34
..............................
33,870,000
40,053,050
Revenue,
2016
B,
Refunding,
5%,
12/15/33
..............................
5,750,000
6,808,121
Revenue,
2017,
5%,
12/15/40
........................................
10,000,000
12,379,038
Revenue,
2017,
5%,
12/15/41
........................................
8,500,000
10,510,476
Western
Nassau
County
Water
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/40
............................
1,400,000
1,612,839
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/45
............................
2,250,000
2,592,063
3,497,892,129
Wisconsin
0.6%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
23,600,000
23,600,000
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
1,138,691
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
145,000
157,310
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
200,000
215,895
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,005,000
1,091,999
2,603,895
Total
U.S.
Territories
....................................................................
2,603,895
Total
Municipal
Bonds
(Cost
$3,316,478,356)
...................................
3,623,477,294
a
a
a
a
Franklin
New
York
Tax-Free
Income
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
See
Abbreviations
on
page
34
.
Short
Term
Investments
0.4%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.4%
New
York
0.4%
d
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008
A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
11/01/31
...........
$
7,000,000
$
7,000,000
d
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
1/01/34
4,200,000
4,200,000
d
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2013
C-4
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
11/01/36
2,200,000
2,200,000
13,400,000
Total
Municipal
Bonds
(Cost
$13,400,000)
......................................
13,400,000
Total
Short
Term
Investments
(Cost
$13,400,000
)
................................
13,400,000
a
Total
Investments
(Cost
$3,329,878,356)
100.1%
................................
$3,636,877,294
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(3,334,724)
Net
Assets
100.0%
...........................................................
$3,633,542,570
a
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
b
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
November
30,
2021,
the
aggregate
value
of
these
securities
was
$28,063,161,
representing
0.8%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
d
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
November
30,
2021
(unaudited)
franklintempleton.com
Semiannual
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
...................................................................
$3,329,878,356
Value
-
Unaffiliated
issuers
..................................................................
$3,636,877,294
Cash
....................................................................................
137,852
Receivables:
Investment
securities
sold
...................................................................
36,907,408
Capital
shares
sold
........................................................................
924,509
Interest
.................................................................................
39,522,989
Total
assets
..........................................................................
3,714,370,052
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
73,676,238
Capital
shares
redeemed
...................................................................
4,100,655
Management
fees
.........................................................................
1,381,134
Distribution
fees
..........................................................................
383,201
Transfer
agent
fees
........................................................................
37,992
Trustees'
fees
and
expenses
.................................................................
35,159
Distributions
to
shareholders
.................................................................
1,040,778
Accrued
expenses
and
other
liabilities
...........................................................
172,325
Total
liabilities
.........................................................................
80,827,482
Net
assets,
at
value
.................................................................
$3,633,542,570
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,663,907,720
Total
distributable
earnings
(losses)
.............................................................
(30,365,150)
Net
assets,
at
value
.................................................................
$3,633,542,570
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
November
30,
2021
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Franklin
New
York
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$425,793,773
Shares
outstanding
........................................................................
37,632,782
Net
asset
value
per
share
a
..................................................................
$11.31
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$11.75
Class
A1:
Net
assets,
at
value
.......................................................................
$2,676,009,225
Shares
outstanding
........................................................................
236,345,420
Net
asset
value
per
share
a
..................................................................
$11.32
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$11.76
Class
C:
Net
assets,
at
value
.......................................................................
$142,711,957
Shares
outstanding
........................................................................
12,618,987
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$11.31
Class
R6:
Net
assets,
at
value
.......................................................................
$98,010,901
Shares
outstanding
........................................................................
8,645,049
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.34
Advisor
Class:
Net
assets,
at
value
.......................................................................
$291,016,714
Shares
outstanding
........................................................................
25,685,456
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.33
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
Statement
of
Operations
for
the
six
months
ended
November
30,
2021
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
New
York
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$55,754,999
Expenses:
Management
fees
(Note
3
a
)
...................................................................
8,392,003
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
503,529
    Class
A1
...............................................................................
1,369,097
    Class
C
................................................................................
550,292
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
154,315
    Class
A1
...............................................................................
1,026,663
    Class
C
................................................................................
60,952
    Class
R6
...............................................................................
12,465
    Advisor
Class
............................................................................
109,978
Custodian
fees
(Note
4
)
......................................................................
14,267
Reports
to
shareholders
fees
..................................................................
61,134
Registration
and
filing
fees
....................................................................
33,766
Professional
fees
...........................................................................
53,127
Trustees'
fees
and
expenses
..................................................................
51,572
Other
....................................................................................
75,079
Total
expenses
.........................................................................
12,468,239
Expense
reductions
(Note
4
)
...............................................................
(963)
Net
expenses
.........................................................................
12,467,276
Net
investment
income
................................................................
43,287,723
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
8,363,036
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(31,283,639)
Net
realized
and
unrealized
gain
(loss)
............................................................
(22,920,603)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$20,367,120
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.
Semiannual
Report
27
Franklin
New
York
Tax-Free
Income
Fund
Six
Months
Ended
November
30,
2021
(unaudited)
Year
Ended
May
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$43,287,723
$98,045,442
Net
realized
gain
(loss)
.................................................
8,363,036
10,489,531
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(31,283,639)
88,218,919
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
20,367,120
196,753,892
Distributions
to
shareholders:
Class
A
.............................................................
(4,430,435)
(8,335,379)
Class
A1
............................................................
(32,179,092)
(74,606,389)
Class
C
.............................................................
(1,529,680)
(4,659,740)
Class
R6
............................................................
(1,195,487)
(2,247,204)
Advisor
Class
........................................................
(3,571,065)
(7,487,320)
Total
distributions
to
shareholders
..........................................
(42,905,759)
(97,336,032)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
61,235,033
67,323,579
Class
A1
............................................................
(82,930,702)
(202,647,193)
Class
C
.............................................................
(58,779,869)
(61,212,277)
Class
R6
............................................................
8,884,526
15,710,771
Advisor
Class
........................................................
5,449,524
14,145,907
Total
capital
share
transactions
............................................
(66,141,488)
(166,679,213)
Net
increase
(decrease)
in
net
assets
...................................
(88,680,127)
(67,261,353)
Net
assets:
Beginning
of
period
.....................................................
3,722,222,697
3,789,484,050
End
of
period
..........................................................
$3,633,542,570
$3,722,222,697
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
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.
As
approved
by
the
Fund’s
Board
of
Trustees
(the
Board)
at
a
meeting
held
on
December
9,
2021,
the
Fund’s
fiscal
year-end
will
be
changed
to
February
28
effective
February
28,
2022.
This
will
result
in
the
Fund
having
a
fiscal
year
that
is
shorter
than
a
full
calendar
year
for
the
period
ended
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
or
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
when-issued
or
delayed
delivery
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
(unaudited)
29
franklintempleton.com
Semiannual
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
November
30,
2021,
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
(unaudited)
30
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
November
30,
2021,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
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:
Six
Months
Ended
November
30,
2021
Year
Ended
May
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
7,406,937
$84,455,318
10,225,116
$115,157,298
Shares
issued
in
reinvestment
of
distributions
..........
353,441
4,011,049
658,208
7,411,579
Shares
redeemed
...............................
(2,397,320)
(27,231,334)
(4,909,448)
(55,245,298)
Net
increase
(decrease)
..........................
5,363,058
$61,235,033
5,973,876
$67,323,579
Class
A1
Shares:
Shares
sold
...................................
1,948,515
$22,188,636
4,477,108
$50,496,809
Shares
issued
in
reinvestment
of
distributions
..........
2,398,898
27,251,145
5,464,248
61,556,416
Shares
redeemed
...............................
(11,635,414)
(132,370,483)
(27,907,561)
(314,700,418)
Net
increase
(decrease)
..........................
(7,288,001)
$(82,930,702)
(17,966,205)
$(202,647,193)
Class
C
Shares:
Shares
sold
...................................
493,758
$5,610,841
1,647,201
$18,546,080
Shares
issued
in
reinvestment
of
distributions
..........
131,624
1,495,158
390,015
4,387,765
Shares
redeemed
a
..............................
(5,779,986)
(65,885,868)
(7,479,928)
(84,146,122)
Net
increase
(decrease)
..........................
(5,154,604)
$(58,779,869)
(5,442,712)
$(61,212,277)
Class
R6
Shares:
Shares
sold
...................................
1,432,773
$16,383,524
2,467,998
$27,856,052
Shares
issued
in
reinvestment
of
distributions
..........
96,757
1,100,718
192,893
2,176,401
Shares
redeemed
...............................
(755,751)
(8,599,716)
(1,269,455)
(14,321,682)
Net
increase
(decrease)
..........................
773,779
$8,884,526
1,391,436
$15,710,771
Advisor
Class
Shares:
Shares
sold
...................................
2,589,342
$29,518,071
5,912,957
$66,693,342
Shares
issued
in
reinvestment
of
distributions
..........
287,945
3,273,017
591,822
6,673,229
Shares
redeemed
...............................
(2,404,396)
(27,341,564)
(5,253,825)
(59,220,664)
Net
increase
(decrease)
..........................
472,891
$5,449,524
1,250,954
$14,145,907
a
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)
(formerly
Franklin
Templeton
Distributors
Inc.)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
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
November
30,
2021,
the
annualized
gross
effective
investment
management
fee
rate
was
0.454%
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
year:
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
..............................
$17,817
CDSC
retained
..............................................................................
$9,905
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
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
November
30,
2021,
the
Fund
paid
transfer
agent
fees
of
$1,364,373,
of
which
$595,923
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.
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
November
30,
2021,
these
purchase
and
sale
transactions
aggregated
$74,131,108
and
$68,649,914,
respectively.
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
November
30,
2021,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
May
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
At
November
30,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
bond
discounts
and
premiums.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$82,631,244
Long
term
................................................................................
266,518,318
Total
capital
loss
carryforwards
...............................................................
$349,149,562
Cost
of
investments
..........................................................................
$3,330,572,443
Unrealized
appreciation
........................................................................
$309,996,795
Unrealized
depreciation
........................................................................
(3,691,944)
Net
unrealized
appreciation
(depreciation)
..........................................................
$306,304,851
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
November
30,
2021,
aggregated
$340,069,047
and
$360,147,250,
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.
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.
9.
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
4,
2022.
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
Statement
of
Operations.
During
the
period
ended
November
30,
2021,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
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)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
November
30,
2021,
all
of
the
Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
11.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
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.
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
XLCA
XL
Capital
Assurance,
Inc.
10.
Fair
Value
Measurements
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
35
franklintempleton.com
Semiannual
Report
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.
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
S
01/22
©
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.
Semiannual
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.            N/A
                       
 
 
 
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 January 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 January 26, 2022
 
 
 
By S\Christopher Kings________________________
     Christopher Kings
     Chief Financial Officer, Chief Accounting Officer and Treasurer
Date January 26, 2022