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)
 
Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 2/28
 
Date of reporting period: 8/31/22
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
Semiannual
Report
and
Shareholder
Letter
Franklin
New
York
Tax-Free
Income
Fund
August
31,
2022
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
August
31,
2022,
the
U.S.
economy
contracted
in
2022’s
first
and
second
quarters
amid
declines
in
inventory
investment
and
federal
government
spending.
Consumer
spending
slowly
expanded,
helped
by
the
reopening
of
businesses,
widespread
vaccinations,
and
federal
assistance
programs.
Inflation
increased
during
the
six-month
period,
influenced
by
pandemic-related
supply-
chain
issues,
higher
energy
prices,
Russia’s
invasion
of
Ukraine
and
broader
price
pressures.
To
combat
high
inflation,
the
U.S.
Federal
Reserve
ended
monthly
asset
purchases
in
March
2022
and
raised
the
federal
funds
rate
by
0.25%
in
March,
0.50%
in
May,
and
by
0.75%
in
both
June
and
July,
for
a
total
of
2.25%,
increasing
the
rate
from
0.25%
to
2.50%
during
the
period.
The
Federal
Reserve
also
stated
its
intention
to
continue
reducing
its
U.S.
Treasury,
government
agency
debt
and
agency
mortgage-
backed
securities
holdings,
and
it
anticipated
that
ongoing
federal
funds
rate
increases
would
be
appropriate.
During
the
six-month
period
ended
August
31,
2022,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.72%
cumulative
total
return,
influenced
by
high
levels
of
fixed
income
market
volatility,
tighter
monetary
policy
and
risk-off
sentiment
that
led
to
outflows
from
municipals.
1
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
budget
surpluses
for
2022
as
federal
government
transfers
boosted
revenues.
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
for
up-to-date
advice
on
their
holdings.
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
August
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
New
York
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
7
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
24
Notes
to
Financial
Statements
28
Special
Meeting
of
Shareholders
37
Shareholder
Information
38
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
August
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal,
New
York
State
and
New
York
City
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
federal
income
taxes
and
New
York
State
personal
income
taxes.
1
As
a
non-fundamental
policy,
the
Fund
also
normally
invests
at
least
65%
of
its
total
assets
in
securities
that
pay
interest
free
from
New
York
City
personal
income
taxes.
1
The
Fund
only
buys
municipal
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
(or
comparable
unrated
or
short-term
rated
securities).
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
decreased
from
$10.83
on
February
28,
2022,
to
$9.82
on
August
31,
2022.
The
Fund’s
Class
A
shares
paid
dividends
totaling
13.0580
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
5
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.60%
based
on
an
annualization
of
August’s
2.2097
cents
per
share
dividend
and
the
maximum
offering
price
of
$10.20
on
August
31,
2022.
An
investor
in
the
2022
maximum
combined
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
55.58%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
5.85%
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
ending
August
31,
2022,
multi-decade
high
inflation
continued
throughout
much
of
the
period
as
a
strong
U.S.
job
market
and
ample
consumer
savings
pushed
demand
beyond
the
ability
of
businesses
to
increase
supply.
In
response,
the
U.S.
Federal
Reserve
(Fed)
began
increasing
short-term
interest
rates
at
a
pace
not
seen
since
the
1980s,
leading
U.S.
Treasury
(UST)
yields
to
move
much
higher
over
the
period.
Recessionary
concerns
began
to
emerge
as
the
market
debated
whether
the
Fed
could
engineer
a
soft
landing
that
would
bring
inflation
down
without
causing
a
severe
economic
contraction.
The
municipal
bond
(muni)
market
saw
one
of
its
worst
starts
to
a
new
year
in
2022.
High
levels
of
fixed
income
market
volatility,
a
general
risk-off
shift
in
sentiment,
and
poor
performance
caused
significant
year-to-date
outflows
from
muni
retail
vehicles,
leading
market
technical
conditions
to
worsen.
So
far
this
year,
net
issuance
has
been
limited
and
lags
well
behind
the
same
period
in
2021.
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
surpluses
for
2022
as
federal
government
transfers
bolstered
revenues.
For
the
six-month
period,
U.S.
fixed
income
sectors
saw
mixed
performance
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
-8.84%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.72%
total
return,
and
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-7.63%
total
return.
3
In
contrast,
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-9.41%
total
return.
3
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
the
impo-
sition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
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.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
13
.
Franklin
New
York
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
State
Update
During
the
six-month
period,
New
York’s
economy
continued
its
relatively
uneven
recovery
from
the
COVID-19-induced
economic
downturn.
New
York
City
was
hit
disproportionately
hard
by
the
pandemic,
and
the
state’s
economic
output
was
still
smaller
than
February
2020
levels.
New
York’s
unemployment
rate
began
the
period
at
4.9%
and
ended
at
4.7%,
compared
with
the
3.7%
national
rate.
Strong
financial
management,
federal
stimulus
aid
and
substantial
tax
collections
increased
New
York’s
resources
enough
to
project
budget
surpluses.
New
York’s
net
tax-supported
debt
was
moderately
high
at
$3,871
per
capita
and
5.1%
of
personal
income,
compared
with
the
$1,179
and
2.1%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
upgraded
its
rating
to
Aa1
from
Aa2
and
revised
the
outlook
to
stable
from
positive
on
New
York’s
general
obligation
debt
in
April
2022.
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
incorporates
the
risks
associated
with
the
state-run
Metropolitan
Transit
Authority
and
uncertainties
regarding
the
recovery
of
New
York
City,
key
to
the
state’s
economy.
Moody’s
revision
of
its
outlook
to
stable
from
positive
reflects
the
resources
and
budget
management
tools
available
to
the
state
to
align
spending.
*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
invest
with
a
long-term
time
horizon.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
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
August
31,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
8/31/22
%
of
Total
Investments*
Special
Tax
21.28%
Transportation
17.46%
Utilities
14.55%
Education
9.85%
Housing
8.36%
Industrial
Dev.
Revenue
and
Pollution
Control
7.76%
Health
Care
6.42%
Local
6.33%
Lease
3.28%
Other
Revenue
Bonds
2.91%
Refunded
1.35%
State
General
Obligation
0.45%
4.
Source:
Moody’s
Investors
Service,
States
–
U.S.:
Debt,
pension
and
OPEB
liabilities
all
up
in
fiscal
2021
,
9/7/22.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
August
31,
2022
Franklin
New
York
Tax-Free
Income
Fund
5
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
8/31/22
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A
:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
–
A
3,4
6-Month
-8.14%
-11.59%
1-Year
-11.78%
-15.09%
5-Year
+0.65%
-0.63%
10-Year
+10.89%
+0.65%
Advisor
6-Month
-7.93%
-7.93%
1-Year
-11.46%
-11.46%
5-Year
+1.85%
+0.37%
10-Year
+12.83%
+1.21%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
2.60%
5.85%
2.74%
6.17%
Advisor
2.95%
6.64%
3.10%
6.98%
See
page
6
for
Performance
Summary
footnotes.
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
6
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.
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.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
environmental,
social
and
governance
(ESG)
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
4.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
August’s
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
8/31/22.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/20/22
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
(3/1/22–8/31/22)
Share
Class
Net
Investment
Income
A
$0.130580
A1
$0.138222
C
$0.110178
R6
$0.146026
Advisor
$0.143324
Total
Annual
Operating
Expenses
8
Share
Class
A
0.82%
Advisor
0.57%
Your
Fund’s
Expenses
Franklin
New
York
Tax-Free
Income
Fund
7
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
184/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements,
for
Class
R6.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
3/1/22
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1,2
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$918.60
$3.85
$1,021.19
$4.06
0.80%
A1
$1,000
$919.30
$3.12
$1,021.95
$3.29
0.65%
C
$1,000
$917.60
$5.78
$1,019.18
$6.09
1.20%
R6
$1,000
$920.10
$2.38
$1,022.72
$2.51
0.49%
Advisor
$1,000
$920.70
$2.64
$1,022.45
$2.78
0.55%
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2019
b
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$10.83
$11.38
$11.09
$11.10
$10.75
Income
from
investment
operations
c
:
Net
investment
income
d
.........................
0.13
0.19
0.28
0.29
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(1.01)
(0.55)
0.29
(0.01)
0.34
Total
from
investment
operations
....................
(0.88)
(0.36)
0.57
0.28
0.58
Less
distributions
from:
Net
investment
income
..........................
(0.13)
(0.19)
(0.28)
(0.29)
(0.23)
Net
asset
value,
end
of
period
......................
$9.82
$10.83
$11.38
$11.09
$11.10
Total
return
e
...................................
(8.14)%
(3.25)%
5.15%
2.51%
5.46%
Ratios
to
average
net
assets
f
Expenses
g
....................................
0.80%
0.82%
0.78%
0.78%
0.78%
Net
investment
income
...........................
2.60%
2.21%
2.48%
2.59%
3.09%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$358,416
$409,409
$367,358
$291,562
$177,982
Portfolio
turnover
rate
............................
9.14%
11.94%
12.15%
21.27%
19.78%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
May
31,
2019.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
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.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$10.84
$11.39
$11.10
$11.10
$10.86
$11.20
$11.54
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.14
0.20
0.30
0.31
0.35
0.37
0.39
Net
realized
and
unrealized
gains
(losses)
(1.01)
(0.55)
0.28
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
.............
(0.87)
(0.35)
0.58
0.30
0.60
0.03
0.06
Less
distributions
from:
Net
investment
income
..
(0.14)
(0.20)
(0.29)
(0.30)
(0.36)
(0.37)
(0.40)
Net
asset
value,
end
of
period
................
$9.83
$10.84
$11.39
$11.10
$11.10
$10.86
$11.20
Total
return
d
...........
(8.07)%
(3.13)%
5.31%
2.75%
5.67%
0.26%
0.52%
Ratios
to
average
net
assets
e
Expenses
.............
0.65%
f
0.67%
f
0.63%
f
0.63%
f
0.63%
f
0.64%
0.61%
Net
investment
income
...
2.75%
2.36%
2.63%
2.74%
3.24%
3.33%
3.45%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$2,143,110
$2,514,275
$2,775,454
$2,902,606
$3,192,168
$3,421,773
$3,892,131
Portfolio
turnover
rate
....
9.14%
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
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
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$10.82
$11.38
$11.08
$11.09
$10.85
$11.19
$11.52
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.11
0.15
0.24
0.24
0.29
0.31
0.33
Net
realized
and
unrealized
gains
(losses)
(1.00)
(0.56)
0.29
(0.01)
0.25
(0.34)
(0.33)
Total
from
investment
operations
.............
(0.89)
(0.41)
0.53
0.23
0.54
(0.03)
—
Less
distributions
from:
Net
investment
income
..
(0.11)
(0.15)
(0.23)
(0.24)
(0.30)
(0.31)
(0.33)
Net
asset
value,
end
of
period
................
$9.82
$10.82
$11.38
$11.08
$11.09
$10.85
$11.19
Total
return
d
...........
(8.24)%
(3.62)%
4.83%
2.10%
5.10%
(0.31)%
0.04%
Ratios
to
average
net
assets
e
Expenses
.............
1.20%
f
1.22%
f
1.18%
f
1.18%
f
1.18%
f
1.19%
1.16%
Net
investment
income
...
2.20%
1.82%
2.10%
2.19%
2.69%
2.78%
2.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$101,454
$129,772
$202,215
$257,275
$332,093
$506,155
$614,981
Portfolio
turnover
rate
....
9.14%
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2018
b
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.85
$11.41
$11.11
$11.12
$10.88
$11.15
Income
from
investment
operations
c
:
Net
investment
income
d
.............
0.15
0.21
0.31
0.32
0.36
0.33
Net
realized
and
unrealized
gains
(losses)
(1.01)
(0.55)
0.30
(0.01)
0.25
(0.32)
Total
from
investment
operations
........
(0.86)
(0.34)
0.61
0.31
0.61
0.01
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.22)
(0.31)
(0.32)
(0.37)
(0.28)
Net
asset
value,
end
of
period
..........
$9.84
$10.85
$11.41
$11.11
$11.12
$10.88
Total
return
e
.......................
(7.99)%
(3.10)%
5.54%
2.80%
5.80%
0.13%
Ratios
to
average
net
assets
f
Expenses
.........................
0.49%
g
0.50%
g
0.50%
g
0.50%
g
0.50%
g,h
0.50%
h
Net
investment
income
...............
2.90%
2.52%
2.76%
2.87%
3.37%
3.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$86,934
$97,268
$89,785
$71,991
$62,689
$60,363
Portfolio
turnover
rate
................
9.14%
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
For
the
period
August
1,
2017
(effective
date)
to
May
31,
2018.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
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.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$10.84
$11.40
$11.10
$11.11
$10.87
$11.21
$11.55
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.15
0.21
0.31
0.32
0.36
0.38
0.40
Net
realized
and
unrealized
gains
(losses)
(1.01)
(0.56)
0.29
(0.02)
0.25
(0.34)
(0.33)
Total
from
investment
operations
.............
(0.86)
(0.35)
0.60
0.30
0.61
0.04
0.07
Less
distributions
from:
Net
investment
income
..
(0.14)
(0.21)
(0.30)
(0.31)
(0.37)
(0.38)
(0.41)
Net
asset
value,
end
of
period
................
$9.84
$10.84
$11.40
$11.10
$11.11
$10.87
$11.21
Total
return
d
...........
(7.93)%
(3.15)%
5.50%
2.76%
5.77%
0.35%
0.61%
Ratios
to
average
net
assets
e
Expenses
.............
0.55%
f
0.57%
f
0.53%
f
0.53%
f
0.53%
f
0.54%
0.51%
Net
investment
income
...
2.85%
2.46%
2.73%
2.84%
3.34%
3.43%
3.55%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$249,991
$277,600
$287,411
$266,050
$220,727
$240,101
$312,544
Portfolio
turnover
rate
....
9.14%
11.94%
12.15%
21.27%
19.78%
10.58%
17.44%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
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%.
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
August
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.1%
Software
0.1%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,900,000
$
2,900,000
Total
Corporate
Bonds
(Cost
$2,900,000)
.......................................
2,900,000
Municipal
Bonds
99.1%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
5,800,000
5,019,850
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
18,760,000
16,494,542
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-2,
5.5%,
12/01/30
..............................................
3,020,000
2,697,736
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
3,990,000
2,822,526
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
15,500,000
13,167,250
35,182,054
Georgia
0.3%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
11,550,000
9,327,754
Illinois
1.1%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/15/50
...............................
5,160,000
5,267,784
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
6,970,000
6,367,146
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
10,310,000
8,965,272
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
5,000,000
4,981,918
GO,
2016,
5%,
11/01/34
.............................................
1,660,000
1,720,878
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,222,392
GO,
2021
A,
5%,
3/01/33
............................................
2,500,000
2,684,558
GO,
2021
A,
4%,
3/01/39
............................................
2,700,000
2,525,878
33,735,826
Kentucky
0.2%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn
.,
5/01/52
....................................
7,600,000
5,203,357
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
...
1,500,000
1,357,525
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
5%,
6/15/40
.......................................
1,250,000
1,315,167
Revenue,
2020
AA,
4%,
6/15/45
.......................................
5,000,000
4,602,561
Revenue,
2021
A,
Refunding,
5%,
6/15/31
...............................
2,000,000
2,221,415
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
1,250,000
1,364,095
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,500,000
1,465,450
12,326,213
New
York
92.1%
Albany
Capital
Resource
Corp.
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
D
,
4
%
,
11/01/51
.................................
2,000,000
1,839,004
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
11/01/49
..........
16,130,000
17,701,385
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
1,500,000
1,374,505
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
8,000,000
7,014,767
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
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
(continued)
New
York
(continued)
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/36
........................................................
$
1,600,000
$
1,428,248
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
........................................................
1,530,000
1,306,191
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/47
........................................................
1,160,000
946,123
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/45
........................................
7,045,000
5,280,574
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5.25%,
7/01/35
.......
1,000,000
1,014,343
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5%,
7/01/40
.........
1,000,000
936,023
D'Youville
College,
Revenue,
2020
A,
Refunding,
4%,
11/01/50
................
2,500,000
2,300,156
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/36
............
400,000
370,972
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/42
......
600,000
609,192
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/52
......
725,000
727,597
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/56
......
570,000
562,337
City
of
Long
Beach
,
GO
,
2022
B
,
BAM
Insured
,
5.25
%
,
7/15/42
.................
1,010,000
1,073,966
City
of
New
Rochelle
,
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/40
....................
1,250,000
1,281,696
Iona
College,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
....................
1,425,000
1,451,661
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
145,000
145,440
GO,
2014
J,
Refunding,
5%,
8/01/32
...................................
10,000,000
10,431,155
GO,
2015
C,
Refunding,
5%,
8/01/29
...................................
20,640,000
21,741,241
GO,
2015
C,
Refunding,
5%,
8/01/31
...................................
10,000,000
10,509,594
GO,
2015
C,
Refunding,
5%,
8/01/32
...................................
4,000,000
4,199,057
GO,
2015
C,
Refunding,
5%,
8/01/33
...................................
3,000,000
3,145,713
GO,
2015
C,
Refunding,
5%,
8/01/34
...................................
1,500,000
1,571,069
GO,
2017
B,
5%,
12/01/41
...........................................
7,000,000
7,473,883
GO,
2018
B-1,
5%,
10/01/38
.........................................
6,250,000
6,727,444
GO,
2018
E-1,
5%,
3/01/39
..........................................
16,210,000
17,336,212
GO,
2018
E-1,
5%,
3/01/40
..........................................
7,500,000
8,007,561
GO,
2018
E-1,
5%,
3/01/44
..........................................
12,500,000
13,259,363
GO,
2018
F-1,
5%,
4/01/40
..........................................
6,830,000
7,298,347
GO,
2018
F-1,
5%,
4/01/45
..........................................
10,000,000
10,603,818
GO,
2019
D-1,
4%,
12/01/43
.........................................
10,000,000
9,614,894
GO,
2019
D-1,
5%,
12/01/44
.........................................
10,000,000
10,680,558
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
2,923,085
GO,
2022
D-1,
5.25%,
5/01/41
........................................
1,500,000
1,668,756
c
GO,
2023
A-1,
4%,
9/01/46
..........................................
5,000,000
4,781,599
County
of
Nassau
,
GO
,
2013
C
,
AGMC
Insured
,
5
%
,
4/01/43
...................
26,665,000
27,000,448
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/32
......
175,000
188,376
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/33
......
185,000
198,213
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/34
......
250,000
266,554
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/35
......
200,000
193,540
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/36
......
200,000
192,512
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/37
......
250,000
238,952
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/38
......
250,000
237,258
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/39
......
100,000
94,298
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/40
......
100,000
93,666
Health
Quest
Systems
Obligated
Group,
Revenue,
2016
B,
5%,
7/01/31
.........
10,550,000
11,033,834
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/44
.....
1,900,000
1,697,050
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/49
.....
4,425,000
3,867,394
Vassar
College,
Revenue,
2017,
Refunding,
5%,
7/01/42
....................
5,000,000
5,237,004
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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)
Dutchess
County
Local
Development
Corp.,
(continued)
Vassar
College,
Revenue,
2017,
Refunding,
4%,
7/01/46
....................
$
5,715,000
$
5,363,791
Genesee
County
Funding
Corp.
(The)
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/52
............................
4,250,000
4,370,727
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/42
..................
1,250,000
1,308,691
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/47
..................
5,250,000
5,479,980
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.................
575,000
545,006
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.................
715,000
673,045
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.................
625,000
584,307
Hofstra
University,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.................
3,000,000
2,085,434
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
...............................
20,000,000
21,148,638
Revenue,
2017
A,
Refunding,
5%,
2/15/45
...............................
15,000,000
15,825,801
Revenue,
2017
A,
Refunding,
AGMC
Insured,
4%,
2/15/47
...................
13,680,000
13,115,503
Long
Island
Power
Authority
,
Revenue,
2012
A,
Refunding,
5%,
9/01/42
...............................
500,000
500,304
Revenue,
2014
A,
Refunding,
5%,
9/01/44
...............................
5,000,000
5,177,044
Revenue,
2016
B,
Refunding,
5%,
9/01/36
...............................
5,000,000
5,398,381
Revenue,
2016
B,
Refunding,
5%,
9/01/41
...............................
10,000,000
10,734,188
Revenue,
2016
B,
Refunding,
5%,
9/01/46
...............................
18,000,000
19,209,679
Revenue,
2018,
5%,
9/01/39
.........................................
5,000,000
5,443,229
Revenue,
2019
A,
4%,
9/01/37
........................................
19,550,000
19,590,551
Revenue,
2020
A,
Refunding,
5%,
9/01/38
...............................
1,500,000
1,655,592
Revenue,
2021
A,
Refunding,
4%,
9/01/41
...............................
2,030,000
1,902,924
Revenue,
2022
A,
Refunding,
5%,
9/01/44
...............................
3,000,000
3,256,491
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
7,460,000
7,745,580
Revenue,
2012
C,
Refunding,
5%,
11/15/31
..............................
10,000,000
10,050,212
Revenue,
2012
C,
5%,
11/15/41
.......................................
10,670,000
10,711,833
Revenue,
2013
A,
5%,
11/15/38
.......................................
7,280,000
7,329,832
Revenue,
2013
D,
5%,
11/15/43
.......................................
10,000,000
10,096,042
Revenue,
2014
B,
5.25%,
11/15/35
....................................
4,000,000
4,112,479
Revenue,
2015
A-1,
5%,
11/15/45
.....................................
10,000,000
10,190,913
Revenue,
2015
C-1,
Refunding,
5%,
11/15/35
............................
5,000,000
5,179,631
Revenue,
2016
B,
Refunding,
5%,
11/15/33
..............................
6,000,000
6,259,544
Revenue,
2016
B,
Refunding,
5%,
11/15/35
..............................
4,000,000
4,162,005
Revenue,
2016
B,
Refunding,
5%,
11/15/37
..............................
18,500,000
19,176,712
Revenue,
2016
D,
Refunding,
5%,
11/15/30
..............................
10,305,000
10,842,354
Revenue,
2017
A-1,
Refunding,
5%,
11/15/51
.............................
2,505,000
2,595,343
Revenue,
2017
C-1,
Refunding,
5%,
11/15/30
............................
6,215,000
6,607,807
Revenue,
2017
D,
Refunding,
4%,
11/15/42
..............................
20,000,000
18,340,072
Revenue,
2017
D,
Refunding,
4%,
11/15/46
..............................
5,000,000
4,474,434
Revenue,
2019
C,
AGMC
Insured,
4%,
11/15/45
...........................
8,000,000
7,674,007
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
10,000,000
10,233,953
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
3,000,000
3,065,116
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
5,000,000
4,651,800
Dedicated
Tax
Fund,
Revenue,
2016
B-2,
Refunding,
5%,
11/15/39
............
4,775,000
5,107,854
Dedicated
Tax
Fund,
Revenue,
2017
A,
5%,
11/15/47
.......................
30,375,000
32,261,045
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/35
............
6,000,000
6,563,604
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/42
............
5,000,000
5,362,584
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/47
............
13,505,000
14,394,138
Monroe
County
Industrial
Development
Corp.
,
Rochester
General
Hospital
(The),
Revenue,
2017,
5%,
12/01/46
..............
17,000,000
17,284,130
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,100,000
1,033,086
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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)
Monroe
County
Industrial
Development
Corp.,
(continued)
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/46
.......................................................
$
8,560,000
$
7,328,499
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/59
.
2,345,000
2,308,662
University
of
Rochester,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/38
..........
6,350,000
6,491,101
University
of
Rochester,
Revenue,
2013
B,
Pre-Refunded,
5%,
7/01/43
.........
5,000,000
5,111,104
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
............
3,275,000
3,464,571
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/32
............
2,000,000
2,105,176
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/37
............
1,780,000
1,864,236
University
of
Rochester,
Revenue,
2017
C,
Refunding,
4%,
7/01/43
............
22,895,000
21,848,344
University
of
Rochester,
Revenue,
2017
D,
Refunding,
4%,
7/01/43
............
21,550,000
20,564,831
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/31
...............................
610,000
703,421
Revenue,
2020
A,
Refunding,
5%,
2/15/32
...............................
635,000
714,081
Revenue,
2020
A,
Refunding,
5%,
2/15/33
...............................
675,000
752,102
Revenue,
2020
A,
Refunding,
5%,
2/15/34
...............................
460,000
508,216
Revenue,
2020
A,
Refunding,
5%,
2/15/35
...............................
495,000
542,981
Revenue,
2020
A,
Refunding,
5%,
2/15/36
...............................
520,000
567,056
Revenue,
2020
A,
Refunding,
5%,
2/15/37
...............................
325,000
352,998
Revenue,
2020
A,
Refunding,
5%,
2/15/38
...............................
345,000
372,314
Revenue,
2020
A,
Refunding,
5%,
2/15/39
...............................
900,000
968,955
Revenue,
2020
A,
Refunding,
5%,
2/15/40
...............................
790,000
848,467
Revenue,
2020
A,
Refunding,
3%,
2/15/45
...............................
1,250,000
980,005
Revenue,
2020
A,
Refunding,
4%,
2/15/45
...............................
1,800,000
1,723,009
Revenue,
2020
A,
Refunding,
4%,
2/15/48
...............................
880,000
816,149
New
York
City
Housing
Development
Corp.
,
Revenue,
2018
K,
4%,
11/01/48
.......................................
46,525,000
42,216,306
Revenue,
2019
G-1-B,
Refunding,
3%,
11/01/44
...........................
9,890,000
7,946,724
Revenue,
2019
J,
3%,
11/01/44
.......................................
5,000,000
4,017,555
Revenue,
2020
C,
FNMA
Insured,
2.75%,
2/01/51
.........................
10,000,000
7,029,267
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
5,000,000
3,733,172
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/49
..
10,000,000
7,414,129
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2017
AA,
4%,
6/15/46
....................
24,290,000
23,347,237
Water
&
Sewer
System,
Revenue,
2017
DD,
5%,
6/15/47
....................
33,800,000
35,760,390
Water
&
Sewer
System,
Revenue,
2018
BB-1,
5%,
6/15/46
..................
20,875,000
22,109,788
Water
&
Sewer
System,
Revenue,
2018
CC-1,
5%,
6/15/48
..................
38,475,000
40,678,175
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/40
............
15,000,000
16,249,537
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5%,
6/15/49
..................
27,825,000
29,733,013
Water
&
Sewer
System,
Revenue,
2020
AA,
Refunding,
5%,
6/15/40
...........
10,000,000
10,895,829
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/43
............................
5,230,000
5,597,652
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/45
............................
17,000,000
18,147,560
Building
Aid,
Revenue,
2019
S-2A,
Refunding,
5%,
7/15/34
..................
4,235,000
4,658,702
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/37
..................
10,425,000
11,283,070
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/41
............................
8,465,000
8,186,095
Building
Aid,
Revenue,
2020
S-1B,
4%,
7/15/41
...........................
2,465,000
2,383,783
Future
Tax
Secured,
Revenue,
2013
I,
5%,
5/01/42
........................
45,000,000
45,615,834
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/38
......................
17,000,000
17,493,134
Future
Tax
Secured,
Revenue,
2015
A-1,
5%,
8/01/34
......................
5,115,000
5,321,912
Future
Tax
Secured,
Revenue,
2015
B,
5%,
8/01/34
........................
5,000,000
5,202,260
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/34
......................
10,000,000
10,507,202
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/35
......................
10,000,000
10,504,811
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
13,415,000
14,165,592
Future
Tax
Secured,
Revenue,
2017
C,
Refunding,
5%,
11/01/33
..............
6,500,000
7,054,622
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
4,340,000
4,619,173
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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
Transitional
Finance
Authority,
(continued)
Future
Tax
Secured,
Revenue,
2018
A-3,
5%,
8/01/40
......................
$
3,270,000
$
3,506,237
Future
Tax
Secured,
Revenue,
2018
A-3,
4%,
8/01/43
......................
5,645,000
5,399,633
Future
Tax
Secured,
Revenue,
2018
B-1,
5%,
8/01/45
......................
17,500,000
18,554,433
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/42
......................
7,410,000
7,133,490
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/42
......................
5,000,000
5,391,193
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/41
.....................
7,205,000
6,966,023
Future
Tax
Secured,
Revenue,
F-1,
5%,
2/01/34
...........................
5,000,000
5,049,624
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
5,187,883
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
18,000,000
12,830,879
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
86,360,000
96,621,485
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
27,000,000
30,993,484
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
2021,
Refunding,
3%,
2/15/42
.
5,000,000
4,129,430
New
York
State
Dormitory
Authority
,
Revenue,
2008
A-1,
5%,
6/01/38
......................................
3,970,000
3,979,086
Revenue,
2009
A,
AGMC
Insured,
5.625%,
10/01/29
.......................
300,000
300,836
Revenue,
2009
C,
AGMC
Insured,
5%,
10/01/31
..........................
45,000
45,101
Revenue,
2009
C,
AGMC
Insured,
5.125%,
10/01/36
.......................
60,000
60,143
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/22
...........................
395,000
395,894
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/24
...........................
710,000
711,625
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,705,000
1,450,761
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
2,200,000
1,843,147
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/39
1,305,000
1,081,946
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/40
1,300,000
1,066,591
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/41
2,100,000
1,953,546
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/45
5,835,000
4,563,821
Educational
Housing
Services,
Inc.,
Revenue,
2005,
AMBAC
Insured,
5.25%,
7/01/30
5,150,000
5,445,089
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/26
...
6,105,000
6,374,474
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/34
...
13,220,000
13,686,665
Fordham
University,
Revenue,
2020,
4%,
7/01/50
..........................
4,500,000
4,080,183
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
1,000,000
996,005
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
500,000
510,431
Iona
College,
Revenue,
2021
A,
5%,
7/01/46
.............................
375,000
390,714
Iona
College,
Revenue,
2021
A,
5%,
7/01/51
.............................
1,100,000
1,141,034
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/31
......................
325,000
356,735
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
......................
300,000
328,904
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/37
......................
225,000
240,886
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/42
......................
275,000
290,007
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2017-1,
Refunding,
4%,
7/01/47
5,000,000
4,755,623
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/30
.........
1,070,000
1,106,840
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/31
.........
525,000
541,481
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
.........
1,800,000
1,878,933
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/45
.........
10,900,000
9,249,632
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
.........
1,370,000
1,124,876
New
School
(The),
Revenue,
2015
A,
5%,
7/01/40
.........................
5,120,000
5,234,692
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
.............
380,000
406,274
New
School
(The),
Revenue,
2015
A,
5%,
7/01/45
.........................
8,725,000
8,862,660
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
.............
660,000
705,633
New
School
(The),
Revenue,
2022
A,
Refunding,
4%,
7/01/47
................
4,000,000
3,504,420
New
York
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/45
...............
5,000,000
5,233,857
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
...............
5,000,000
5,403,919
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/40
...............
6,745,000
7,265,064
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/43
...............
3,000,000
3,216,526
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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
State
Dormitory
Authority,
(continued)
New
York
University,
Revenue,
2019
A,
4%,
7/01/45
........................
$
3,415,000
$
3,231,733
New
York
University,
Revenue,
2019
A,
5%,
7/01/49
........................
50,000,000
53,943,520
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
....
11,000,000
11,450,498
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/27
2,025,000
2,108,147
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/30
1,000,000
1,037,013
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/32
1,000,000
1,034,152
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/34
7,250,000
7,476,266
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
3%,
7/01/48
.......
4,000,000
2,909,406
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
.......
20,420,000
18,714,709
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/53
.......
25,280,000
23,090,959
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/49
..............
3,500,000
3,691,654
Rockefeller
University
(The),
Revenue,
2019
B,
5%,
7/01/50
..................
6,500,000
6,979,864
Rockefeller
University
(The),
Revenue,
2020
A,
Refunding,
5%,
7/01/53
.........
10,000,000
10,761,322
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/29
...............
1,375,000
1,442,752
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
...............
1,675,000
1,754,193
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/31
...............
3,700,000
3,866,106
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/34
...............
2,000,000
2,070,907
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/48
...............
6,250,000
5,673,733
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/40
.........................
225,000
209,441
St.
Joseph's
College,
Revenue,
2021,
5%,
7/01/51
.........................
725,000
746,586
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/41
.........
4,000,000
4,256,827
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/42
.........
1,950,000
2,072,970
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/43
.........
8,450,000
8,950,705
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/37
.........
5,000,000
5,353,807
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
5,000,000
5,342,481
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/39
.........
8,940,000
9,531,691
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
........................................................
5,000
5,539
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/40
.........
9,415,000
10,073,644
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/40
........................................................
10,000
11,190
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/41
.........
12,410,000
13,246,918
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/41
........................................................
15,000
16,785
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/43
.........
4,590,000
4,881,732
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/43
........................................................
5,000
5,595
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
4%,
2/15/46
.........
19,995,000
18,998,085
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
4%,
2/15/46
........................................................
5,000
5,356
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5%,
3/15/45
10,000,000
10,770,901
State
of
New
York
Sales
Tax,
Revenue,
2014
A,
5%,
3/15/44
.................
37,250,000
38,288,977
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/40
.................
12,640,000
13,376,794
State
of
New
York
Sales
Tax,
Revenue,
2015
B,
5%,
3/15/41
.................
10,520,000
11,117,540
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/34
.................
10,000,000
10,709,197
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/35
.................
24,545,000
26,199,274
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/36
.................
31,550,000
33,565,704
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/41
.................
10,000,000
10,665,258
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/42
.................
10,000,000
10,640,251
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/42
.................
6,235,000
6,659,096
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/46
.................
25,000,000
23,822,028
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/48
.................
10,000,000
9,474,026
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
4%,
3/15/44
........
5,310,000
5,090,383
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/37
........
15,340,000
16,652,751
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/35
........................................................
2,000,000
2,157,973
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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)
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........................................................
$
1,500,000
$
1,614,817
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
2,000,000
2,148,858
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
1,000,000
1,071,984
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
5%,
7/01/42
..
2,970,000
3,156,460
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/42
....................................................
780,000
870,659
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/46
....................................................
4,000,000
4,464,921
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/43
..
4,300,000
4,687,634
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/48
..
7,950,000
8,651,129
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
Pre-Refunded,
5%,
7/01/48
....................................................
5,975,000
6,788,918
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
3%,
7/01/42
..
4,165,000
3,367,547
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
4%,
7/01/43
..
1,200,000
1,153,109
Teachers
College,
Revenue,
2022,
Refunding,
4%,
7/01/46
..................
6,175,000
5,596,776
New
York
State
Environmental
Facilities
Corp.
,
New
York
City
Water
&
Sewer
System,
Revenue,
2013
A,
5%,
6/15/31
..........
5,000,000
5,101,052
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
A,
Refunding,
5%,
6/15/46
28,360,000
30,268,668
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/42
........
8,355,000
8,958,660
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/47
........
12,345,000
13,169,220
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/48
........
7,500,000
8,140,383
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
2/15/49
........
5,000,000
5,429,456
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
1,957,692
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/41
........................................
12,000,000
11,499,604
Revenue,
2019
B,
3%,
1/01/46
........................................
4,200,000
3,231,708
Revenue,
2019
B,
4%,
1/01/50
........................................
20,000,000
18,551,920
Revenue,
2019
B,
4%,
1/01/53
........................................
15,000,000
13,770,582
Revenue,
L,
Refunding,
5%,
1/01/34
...................................
2,600,000
2,833,587
Revenue,
L,
Refunding,
5%,
1/01/35
...................................
3,000,000
3,257,758
Revenue,
N,
4%,
1/01/46
............................................
10,000,000
9,463,195
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/46
..............................
25,000,000
26,080,203
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/38
15,000,000
16,156,632
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
C,
Refunding,
5%,
3/15/42
8,400,000
9,016,232
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
5%,
3/15/42
.........
10,000,000
10,774,536
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
12,400,000
12,233,162
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
3,805,000
3,967,555
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
5,000,000
5,150,153
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4.375%,
10/01/45
.....................
26,500,000
24,589,520
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
2,130,000
1,926,743
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
6,000,000
5,231,419
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
19,875,000
16,847,070
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
209,079
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/37
...
350,000
365,142
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/38
...
300,000
277,543
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/39
...
400,000
367,324
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/40
...
2,555,000
2,328,305
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/42
...
910,000
813,902
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/34
...
2,000,000
2,142,344
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/36
...
2,000,000
2,132,203
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/39
...
8,010,000
7,518,165
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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
Transportation
Development
Corp.,
(continued)
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/40
...
$
6,225,000
$
5,824,681
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/41
...
10,300,000
9,559,985
JFK
International
Air
Terminal
LLC,
Revenue,
2022,
5%,
12/01/42
.............
6,000,000
6,212,638
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
3,574,949
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/38
...........................
200,000
189,806
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/41
...........................
245,000
227,934
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/46
...........................
460,000
477,911
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/51
...........................
820,000
848,774
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
..................
725,000
784,347
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/34
..................
315,000
306,637
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/36
..................
350,000
336,896
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/39
..................
475,000
447,915
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/42
..................
530,000
489,397
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University,
Revenue,
2019,
Refunding,
5%,
12/01/45
................
5,000,000
5,490,000
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/47
................
17,000,000
15,974,172
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
194,
Refunding,
5%,
10/15/41
.................................
10,000,000
10,594,690
Revenue,
200,
Refunding,
5%,
10/15/47
.................................
10,000,000
10,580,652
Revenue,
218,
4%,
11/01/47
.........................................
2,500,000
2,254,751
Revenue,
221,
4%,
7/15/45
..........................................
5,500,000
4,999,203
Revenue,
221,
4%,
7/15/50
..........................................
12,750,000
11,434,812
Revenue,
Two
Hundred
And
Seventeen,
4%,
11/01/41
......................
10,000,000
9,751,206
Revenue,
Two
Hundred
And
Seventeen,
5%,
11/01/44
......................
5,000,000
5,351,521
Revenue,
Two
Hundred
Eleventh,
Refunding,
5%,
9/01/48
...................
25,000,000
26,372,073
Revenue,
Two
Hundred
Fifth,
Refunding,
5%,
11/15/47
......................
26,340,000
27,980,729
Revenue,
Two
Hundred
Fourteenth,
4%,
9/01/38
..........................
7,110,000
6,832,161
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
2,066,956
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/40
............
2,600,000
2,690,710
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/47
............
6,590,000
6,769,431
Trustees
of
Union
College,
Revenue,
2022,
Refunding,
5.25%,
7/01/52
.........
700,000
753,792
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............
125,000
134,770
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/35
...............
585,000
628,999
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............
100,000
107,273
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/37
...............
120,000
128,350
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/38
...............
125,000
133,184
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/39
...............
150,000
159,425
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/40
...............
475,000
503,562
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/41
...............
125,000
132,193
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/34
...............
230,000
247,976
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/35
...............
245,000
263,427
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/36
...............
250,000
268,184
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/37
...............
265,000
283,440
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/38
...............
225,000
239,732
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/39
...............
200,000
212,566
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/40
...............
225,000
238,530
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/41
...............
275,000
290,825
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
4
%
,
6/01/41
.................
25,000,000
25,082,285
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/32
.............................
2,245,000
2,459,228
Revenue,
2021
A-2,
Refunding,
5%,
6/01/33
.............................
2,375,000
2,590,216
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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)
Suffolk
Tobacco
Asset
Securitization
Corp.,
(continued)
Revenue,
2021
A-2,
Refunding,
5%,
6/01/34
.............................
$
2,250,000
$
2,444,614
Revenue,
2021
A-2,
Refunding,
4%,
6/01/35
.............................
2,345,000
2,355,624
Revenue,
2021
A-2,
Refunding,
4%,
6/01/36
.............................
2,425,000
2,431,752
Revenue,
2021
A-2,
Refunding,
4%,
6/01/37
.............................
1,250,000
1,247,659
Revenue,
2021
A-2,
Refunding,
4%,
6/01/38
.............................
1,000,000
993,601
Revenue,
2021
A-2,
Refunding,
4%,
6/01/39
.............................
1,465,000
1,449,075
Revenue,
2021
A-2,
Refunding,
4%,
6/01/40
.............................
1,415,000
1,393,257
Revenue,
2021
A-2,
Refunding,
4%,
6/01/41
.............................
1,340,000
1,315,519
Revenue,
2021
A-2,
Refunding,
4%,
6/01/50
.............................
4,500,000
4,072,420
Revenue,
2021
B-1,
Refunding,
4%,
6/01/50
.............................
5,000,000
4,744,258
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
4%,
7/01/35
.................................
735,000
708,451
Revenue,
2021,
Refunding,
4%,
7/01/36
.................................
750,000
718,158
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
3,276,554
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2013
C,
5%,
11/15/38
.......................................
5,000,000
5,071,484
Revenue,
2015
B,
5%,
11/15/45
.......................................
5,000,000
5,250,073
Revenue,
2017
A,
Refunding,
5%,
11/15/38
..............................
3,000,000
3,247,297
Revenue,
2017
A,
Refunding,
5%,
11/15/42
..............................
5,750,000
6,182,085
Revenue,
2017
A,
Refunding,
5%,
11/15/47
..............................
13,000,000
13,830,808
Revenue,
2017
B,
Refunding,
5%,
11/15/36
..............................
21,080,000
22,909,010
Revenue,
2017
B,
Refunding,
5%,
11/15/37
..............................
18,190,000
19,725,071
Revenue,
2017
B,
Refunding,
5%,
11/15/38
..............................
8,055,000
8,718,992
Revenue,
2019
A,
5%,
11/15/49
.......................................
9,000,000
9,653,855
Revenue,
2020
A,
5%,
11/15/49
.......................................
10,000,000
10,633,422
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
4%,
9/01/33
.................................
100,000
100,254
Revenue,
2021,
Refunding,
4%,
9/01/34
.................................
160,000
158,063
Revenue,
2021,
Refunding,
4%,
9/01/35
.................................
180,000
175,251
Revenue,
2021,
Refunding,
4%,
9/01/36
.................................
280,000
267,103
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
4,500,000
4,860,859
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/37
......
5,000,000
5,375,236
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/39
......
2,500,000
2,673,938
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
4%,
9/01/40
......
1,500,000
1,378,596
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
1,010,159
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,250,000
1,255,194
Utility
Debt
Securitization
Authority
,
Revenue,
2015,
Refunding,
5%,
12/15/33
................................
20,000,000
21,365,206
Revenue,
2015,
Refunding,
5%,
12/15/34
................................
9,950,000
10,587,309
Revenue,
2016
A,
Refunding,
5%,
12/15/34
..............................
21,750,000
23,283,814
Revenue,
2016
B,
Refunding,
5%,
12/15/33
..............................
5,750,000
6,166,143
Revenue,
2017,
5%,
12/15/40
........................................
10,000,000
10,918,936
Revenue,
2017,
5%,
12/15/41
........................................
8,500,000
9,266,530
c
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
4.25%,
1/01/45
2,925,000
2,687,054
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
1/01/51
...
2,500,000
2,534,305
Western
Nassau
County
Water
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/40
............................
1,400,000
1,492,244
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/45
............................
2,250,000
2,398,249
2,708,189,038
Franklin
New
York
Tax-Free
Income
Fund
Schedule
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)
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
$
6,900,000
$
5,590,739
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
6,900,000
5,584,851
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
16,250,000
10,640,353
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
6,000,000
4,771,786
26,587,729
Texas
0.5%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
9,100,000
7,202,994
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
8,035,778
15,238,772
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
6,900,000
5,585,761
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
6,500,000
5,433,770
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
....
17,500,000
17,382,162
22,815,932
U.S.
Territories
1.2%
Guam
0.2%
c
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2023
A,
Refunding,
5%,
10/01/28
..............................
540,000
548,638
Revenue,
2023
A,
Refunding,
5.25%,
10/01/29
............................
700,000
718,191
Revenue,
2023
A,
Refunding,
5.25%,
10/01/31
............................
775,000
784,026
Revenue,
2023
A,
Refunding,
5.375%,
10/01/33
...........................
525,000
527,277
Revenue,
2023
A,
Refunding,
5.25%,
10/01/36
............................
685,000
670,156
Revenue,
2023
A,
Refunding,
5.375%,
10/01/40
...........................
525,000
513,091
Revenue,
2023
A,
Refunding,
5.375%,
10/01/43
...........................
1,250,000
1,209,132
4,970,511
Puerto
Rico
1.0%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,050,000
1,066,363
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
145,000
147,500
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
200,000
202,997
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,005,000
1,014,650
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
2,000,000
1,912,605
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
26,245,000
25,460,453
29,804,568
Total
U.S.
Territories
....................................................................
34,775,079
Total
Municipal
Bonds
(Cost
$3,046,818,001)
...................................
2,913,987,365
Total
Long
Term
Investments
(Cost
$3,049,718,001)
.............................
2,916,887,365
a
a
a
a
a
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
See
Abbreviations
on
page
36
.
Short
Term
Investments
0.6%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.6%
New
York
0.6%
d
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2019
B-4
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.05
%
,
8/01/42
..........
$
18,500,000
$
18,500,000
Total
Municipal
Bonds
(Cost
$18,500,000)
......................................
18,500,000
Total
Short
Term
Investments
(Cost
$18,500,000
)
................................
18,500,000
a
Total
Investments
(Cost
$3,068,218,001)
99.8%
..................................
$2,935,387,365
Other
Assets,
less
Liabilities
0.2%
.............................................
4,518,860
Net
Assets
100.0%
...........................................................
$2,939,906,225
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
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
August
31,
2022,
the
aggregate
value
of
these
securities
was
$98,979,328,
representing
3.4%
of
net
assets.
c
Security
purchased
on
a
when-issued
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
August
31,
2022
(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
...................................................................
$3,068,218,001
Value
-
Unaffiliated
issuers
..................................................................
$2,935,387,365
Cash
....................................................................................
116,440
Receivables:
Capital
shares
sold
........................................................................
682,238
Interest
.................................................................................
35,897,529
Total
assets
..........................................................................
2,972,083,572
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
23,700,638
Capital
shares
redeemed
...................................................................
4,906,238
Management
fees
.........................................................................
1,143,350
Distribution
fees
..........................................................................
321,950
Transfer
agent
fees
........................................................................
928,193
Distributions
to
shareholders
.................................................................
1,027,095
Accrued
expenses
and
other
liabilities
...........................................................
149,883
Total
liabilities
.........................................................................
32,177,347
Net
assets,
at
value
.................................................................
$2,939,906,225
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,439,846,829
Total
distributable
earnings
(losses)
.............................................................
(499,940,604)
Net
assets,
at
value
.................................................................
$2,939,906,225
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2022
(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
.......................................................................
$358,416,235
Shares
outstanding
........................................................................
36,491,595
Net
asset
value
per
share
a
..................................................................
$9.82
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.20
Class
A1:
Net
assets,
at
value
.......................................................................
$2,143,110,489
Shares
outstanding
........................................................................
218,048,989
Net
asset
value
per
share
a
..................................................................
$9.83
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.21
Class
C:
Net
assets,
at
value
.......................................................................
$101,454,095
Shares
outstanding
........................................................................
10,334,550
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$9.82
Class
R6:
Net
assets,
at
value
.......................................................................
$86,934,491
Shares
outstanding
........................................................................
8,833,612
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.84
Advisor
Class:
Net
assets,
at
value
.......................................................................
$249,990,915
Shares
outstanding
........................................................................
25,418,055
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.84
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2022
(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
........................................................................
$53,179,069
Expenses:
Management
fees
(Note
3
a
)
...................................................................
7,068,251
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
464,462
    Class
A1
...............................................................................
1,144,688
    Class
C
................................................................................
365,568
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
150,202
    Class
A1
...............................................................................
924,717
    Class
C
................................................................................
45,339
    Class
R6
...............................................................................
12,589
    Advisor
Class
............................................................................
108,702
Custodian
fees
(Note
4
)
......................................................................
10,545
Reports
to
shareholders
fees
..................................................................
37,435
Registration
and
filing
fees
....................................................................
27,386
Professional
fees
...........................................................................
67,176
Trustees'
fees
and
expenses
..................................................................
15,942
Other
....................................................................................
64,535
Total
expenses
.........................................................................
10,507,537
Expense
reductions
(Note
4
)
...............................................................
(5,279)
Net
expenses
.........................................................................
10,502,258
Net
investment
income
................................................................
42,676,811
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(31,260,425)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(284,745,530)
Net
realized
and
unrealized
gain
(loss)
............................................................
(316,005,955)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(273,329,144)
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
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$42,676,811
$63,511,521
$98,045,442
Net
realized
gain
(loss)
..............................
(31,260,425)
9,482,556
10,489,531
Net
change
in
unrealized
appreciation
(depreciation)
........
(284,745,530)
(186,367,683)
88,218,919
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(273,329,144)
(113,373,606)
196,753,892
Distributions
to
shareholders:
Class
A
..........................................
(4,755,096)
(6,701,575)
(8,335,379)
Class
A1
.........................................
(30,983,790)
(47,353,274)
(74,606,389)
Class
C
..........................................
(1,212,747)
(2,145,580)
(4,659,740)
Class
R6
.........................................
(1,287,463)
(1,812,928)
(2,247,204)
Advisor
Class
.....................................
(3,777,401)
(5,302,489)
(7,487,320)
Total
distributions
to
shareholders
.......................
(42,016,497)
(63,315,846)
(97,336,032)
Capital
share
transactions:
(Note
2
)
Class
A
..........................................
(13,551,860)
62,893,246
67,323,579
Class
A1
.........................................
(140,854,638)
(131,233,087)
(202,647,193)
Class
C
..........................................
(16,719,213)
(65,737,108)
(61,212,277)
Class
R6
.........................................
(1,384,184)
12,402,469
15,710,771
Advisor
Class
.....................................
(561,759)
4,464,755
14,145,907
Total
capital
share
transactions
.........................
(173,071,654)
(117,209,725)
(166,679,213)
Net
increase
(decrease)
in
net
assets
................
(488,417,295)
(293,899,177)
(67,261,353)
Net
assets:
Beginning
of
period
..................................
3,428,323,520
3,722,222,697
3,789,484,050
End
of
period
.......................................
$2,939,906,225
$3,428,323,520
$3,722,222,697
a
For
the
period
June
1,
2021
to
February
28,
2022.
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.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
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.
Subsequent
to
May
31,
2021,
the
Fund’s
fiscal
year
end
changed
to
February
28.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's
Board,
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value. 
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
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
August
31,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
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
August
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
August
31,
2022
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
3,407,357
$34,334,881
Shares
issued
in
reinvestment
of
distributions
..........
423,737
4,264,371
Shares
redeemed
...............................
(5,144,323)
(52,151,112)
Net
increase
(decrease)
..........................
(1,313,229)
$(13,551,860)
Class
A1
Shares:
Shares
sold
...................................
1,365,551
$13,758,972
Shares
issued
in
reinvestment
of
distributions
..........
2,557,902
25,765,859
Shares
redeemed
...............................
(17,881,293)
(180,379,469)
Net
increase
(decrease)
..........................
(13,957,840)
$(140,854,638)
Class
C
Shares:
Shares
sold
...................................
370,447
$3,740,887
Shares
issued
in
reinvestment
of
distributions
..........
115,705
1,164,684
Shares
redeemed
a
..............................
(2,140,438)
(21,624,784)
Net
increase
(decrease)
..........................
(1,654,286)
$(16,719,213)
Class
R6
Shares:
Shares
sold
...................................
1,073,062
$10,750,970
Shares
issued
in
reinvestment
of
distributions
..........
116,231
1,171,916
Shares
redeemed
...............................
(1,319,551)
(13,307,070)
Net
increase
(decrease)
..........................
(130,258)
$(1,384,184)
Advisor
Class
Shares:
Shares
sold
...................................
13,175,411
$133,832,208
Shares
issued
in
reinvestment
of
distributions
..........
341,881
3,446,335
Shares
redeemed
...............................
(13,697,818)
(137,840,302)
Net
increase
(decrease)
..........................
(180,526)
$(561,759)
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
9,635,952
$109,032,424
10,225,116
$115,157,298
Shares
issued
in
reinvestment
of
distributions
..........
537,304
6,042,564
658,208
7,411,579
Shares
redeemed
...............................
(4,638,156)
(52,181,742)
(4,909,448)
(55,245,298)
Net
increase
(decrease)
..........................
5,535,100
$62,893,246
5,973,876
$67,323,579
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
or
trustees
of
the
following
subsidiaries:
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
Shares
Amount
Shares
Amount
Class
A1
Shares:
Shares
sold
...................................
2,979,287
$33,683,650
4,477,108
$50,496,809
Shares
issued
in
reinvestment
of
distributions
..........
3,540,512
39,875,109
5,464,248
61,556,416
Shares
redeemed
...............................
(18,146,391)
(204,791,846)
(27,907,561)
(314,700,418)
Net
increase
(decrease)
..........................
(11,626,592)
$(131,233,087)
(17,966,205)
$(202,647,193)
Class
C
Shares:
Shares
sold
...................................
657,608
$7,439,062
1,647,201
$18,546,080
Shares
issued
in
reinvestment
of
distributions
..........
184,968
2,084,408
390,015
4,387,765
Shares
redeemed
a
..............................
(6,627,330)
(75,260,578)
(7,479,928)
(84,146,122)
Net
increase
(decrease)
..........................
(5,784,754)
$(65,737,108)
(5,442,712)
$(61,212,277)
Class
R6
Shares:
Shares
sold
...................................
2,060,757
$23,326,093
2,467,998
$27,856,052
Shares
issued
in
reinvestment
of
distributions
..........
147,241
1,658,860
192,893
2,176,401
Shares
redeemed
...............................
(1,115,397)
(12,582,484)
(1,269,455)
(14,321,682)
Net
increase
(decrease)
..........................
1,092,601
$12,402,469
1,391,436
$15,710,771
Advisor
Class
Shares:
Shares
sold
...................................
4,206,553
$47,408,171
5,912,957
$66,693,342
Shares
issued
in
reinvestment
of
distributions
..........
429,158
4,835,354
591,822
6,673,229
Shares
redeemed
...............................
(4,249,695)
(47,778,770)
(5,253,825)
(59,220,664)
Net
increase
(decrease)
..........................
386,016
$4,464,755
1,250,954
$14,145,907
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
b
For
the
period
June
1,
2021
to
February
28,
2022.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
August
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was 0.451%
of
the
Fund’s
average daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$8,095
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
33
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
August
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$1,241,549, of
which
$516,947
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Effective
April
1,
2022,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.65%,
based
on
the
average
net
assets
of
each
class
until
June
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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
June
30,
2023.
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
August
31,
2022,
these
purchase
and
sale
transactions
aggregated
$117,394,652
and
$84,210,255,
respectively,
with
net
realized
losses
of
$2,889,511.
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
August
31,
2022,
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
February
28,
2022,
the
capital
loss
carryforwards
were
as
follows:
CDSC
retained
..............................................................................
$25,789
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$84,247,573
Long
term
................................................................................
254,545,689
Total
capital
loss
carryforwards
...............................................................
$338,793,262
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
At
August
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
August
31
,
202
2
,
aggregated
$
282
,
021
,
962
and
$
414
,
412
,
334
,
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. Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
8.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
Cost
of
investments
..........................................................................
$3,068,818,381
Unrealized
appreciation
........................................................................
$21,384,324
Unrealized
depreciation
........................................................................
(154,815,340)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(133,431,016)
5.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
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
August
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
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.
Level
1
Level
2
Level
3
Total
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
—
$
2,900,000
$
2,900,000
Municipal
Bonds
.........................
—
2,913,987,365
—
2,913,987,365
Short
Term
Investments
...................
—
18,500,000
—
18,500,000
Total
Investments
in
Securities
...........
$—
$2,932,487,365
$2,900,000
$2,935,387,365
10.
Credit
Facility
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Income
Fund
37
franklintempleton.com
Semiannual
Report
Special
Joint
Meeting
of
Shareholders
April
16,
2021
and
reconvened
on
May
14,
2021
(unaudited)
A
Special
Joint
Meeting
of
Shareholders
of
Franklin
New
York
Tax-Free
Income
was
held
virtually
on
April
16,
2021
and
reconvened
on
May
14,
2021.
The
purpose
of
the
meeting
was
to
approve
(1)
a
change
in
the
Franklin
New
York
Tax-Free
Income
Fund
classification
from
a
diversified
to
a
non-diversified
fund.
At
the
meeting
all
proposals
were
passed.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
meeting
are
as
follows:
1.
To
approve
a
change
in
the
Franklin
New
York
Tax-Free
Income
Fund
classification
from
a
diversified
to
a
non-diversified
fund:
For
%
Voted
FOR
%
FOR
of
Outstanding
Shares
121,972,558
73.17%
36.66%
Against
%
Voted
Against
%
Against
of
Outstanding
Shares
15,600,621
9.36%
4.69%
Abstain
%
Voted
Abstain
%
Abstain
of
Outstanding
Shares
29,135,375
17.48%
9.76%
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
38
franklintempleton.com
Semiannual
Report
Liquidity
Risk
Management
Program
Each
Fund
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
for
the
Franklin
Templeton
and
Legg
Mason
Funds
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
39
franklintempleton.com
Semiannual
Report
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
schedule
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
10/22
©
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
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(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  October 28, 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  October 28, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  October 28, 2022