Franklin New York Tax Free Income Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03479

Franklin New York Tax-Free Income Fund

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 5/31

Date of reporting period: 11/30/21

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

New

York

Tax-Free

Income

Fund

November

30,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

November

30,

2021,

the

U.S.

economy

continued

to

recover

from

the

COVID-19

pandemic,

benefiting

equities.

Growth

accelerated

in

2021’s

first

half

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

Inflation

increased

during

the

reporting

period

due

to

increased

demand

for

goods

amid

supply-chain

bottlenecks.

During

the

period’s

second

half,

investors

became

concerned

that

new,

swiftly

spreading

COVID-19

variants

could

hinder

the

economic

recovery,

and

growth

slowed

in

2021’s

third

quarter.

During

the

reporting

period,

the

U.S.

Federal

Reserve,

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Federal

Reserve

also

raised

its

economic

growth

and

inflation

projections

and

announced

plans

to

begin

decreasing

its

asset

purchases

in

November,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

During

the

six-month

period,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+0.56%

cumulative

total

return

as

investors

were

attracted

to

tax-

free

income

in

a

stable

interest-rate

environment.

1

Factors

contributing

to

this

investment

environment

for

municipals

included

fluctuating

demand,

the

reopening

of

businesses

and

increased

consumer

spending

that

benefited

municipal

security

issuers,

and

actions

by

the

Federal

Reserve

to

help

maintain

a

low

interest-rate

environment.

Franklin

New

York

Tax-Free

Income

Fund’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com

,

you

can

find

updated

commentary

by

our

municipal

bond

team.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate

in

value,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

to

help

them

make

the

best

decisions

for

the

long

term.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Fund,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

New

York

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

November

30,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

New

York

Tax-Free

Income

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Statement

of

Investments

9

Financial

Statements

24

Notes

to

Financial

Statements

28

Shareholder

Information

35

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

New

York

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

New

York

Tax-Free

Income

Fund

covers

the

period

ended

November

30,

2021.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal,

New

York

State

and

New

York

City

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

federal

income

taxes

and

New

York

State

personal

income

taxes.

1

As

a

non-fundamental

policy,

the

Fund

also

normally

invests

at

least

65%

of

its

total

assets

in

securities

that

pay

interest

free

from

New

York

City

personal

income

taxes.

1

The

Fund

only

buys

municipal

securities

rated,

at

the

time

of

purchase,

in

one

of

the

top

four

ratings

categories

by

one

or

more

U.S.

nationally

recognized

rating

services

(or

comparable

unrated

or

short-term

rated

securities).

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

decreased

from

$11.38

on

May

31,

2021,

to

$11.31

on

November

30,

2021.

The

Fund’s

Class

A

shares

paid

dividends

totaling

12.7641

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

6

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.09%

based

on

an

annualization

of

November’s

2.0450

cents

per

share

dividend

and

the

maximum

offering

price

of

$11.75

on

November

30,

2021.

An

investor

in

the

2021

maximum

combined

federal

and

New

York

State

and

City

personal

income

tax

bracket

of

55.58%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

4.70%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Municipal

Bond

Market

Overview

During

the

six

months

ended

November

30,

2021,

the

U.S.

and

the

rest

of

the

world

continued

to

manage

through

the

COVID-19

pandemic

that

has

caused

significant

economic

and

personal

hardship.

Daily

new

COVID-19

case

rates

rose

dramatically

throughout

the

summer

as

the

Delta

variant

caused

a

large

number

of

breakthrough

cases

(infections

of

vaccinated

individuals).

The

U.S.

Food

and

Drug

Administration

approved

booster

shots

for

most

individuals

to

further

increase

immunity.

However,

at

the

end

of

November

2021,

there

emerged

a

new

variant

to

the

disease

labeled

“Omicron,”

which

initially

appeared

in

Africa,

but

quickly

spread

to

Europe.

U.S.

health

officials

believed

that

it

was

only

a

matter

of

time

until

this

new

strain

reached

the

U.S.

Although

there

is

little

information

available

about

the

mutation,

there

are

concerns

that

it

could

be

more

resistant

to

current

vaccines.

U.S.

officials,

including

President

Biden,

have

stated

that

there

are

no

intentions

of

returning

the

U.S.

to

economic

shutdowns,

but

people’s

fears

may

influence

behavior

that

could

stall

economic

growth.

Third-quarter

2021

U.S.

gross

domestic

product

growth

disappointed

many

economists.

Employment

improved,

driving

the

unemployment

rate

to

4.2%

in

November

2021,

down

from

a

peak

of

14.8%

seen

in

April

2020.

Global

supply-chain

bottlenecks

and

rising

input

prices

continued

to

plague

the

manufacturing

sector,

limiting

output

growth

that

has

been

met

with

high

levels

of

demand

for

goods.

Inflation

still

remains

a

major

concern

for

markets

as

consumer

short-

term

inflation

expectations

continue

to

rise.

At

its

November

meeting,

the

U.S.

Federal

Reserve

(Fed)

announced

that

beginning

in

November

2021,

it

will

start

to

taper

its

purchases

of

both

U.S.

Treasuries

(USTs)

and

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

the

imposition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

14

.

Franklin

New

York

Tax-Free

Income

Fund

4

franklintempleton.com

Semiannual

Report

agency

mortgage-backed

securities

(MBS)

by

$10

billion

and

$5

billion

per

month,

respectively.

At

this

pace,

purchases

would

end

by

summer

2022.

The

removal

of

this

price-

insensitive

UST

and

MBS

buyer

may

lead,

in

our

opinion,

to

increased

volatility

in

markets,

which

could

put

pressure

on

municipal

bond

(muni)

valuations

as

they

tend

to

lag

UST

yield

curve

changes.

The

Fed

acknowledged

that

inflation

pressures

have

been

stronger

than

previously

projected,

and

that

the

risks

to

the

outlook

are

skewed

more

in

the

direction

of

higher

inflation.

Strong

demand

pushed

ratios

of

30-year

muni

bonds

versus

UST

yields

in

June

2021

to

all-time

lows.

Although

these—

and

ratios

for

other

maturities—have

since

increased,

they

remain

at

historically

rich

levels.

At

times

of

increased

UST

volatility

throughout

the

six

months

under

review,

muni

bond

valuations

suffered

declines,

partially

due

to

lower

demand,

only

to

rally

once

stability

returned

to

the

market.

Muni

issuer

fundamentals

remained

strong

as

they

have

benefited

from

direct

fiscal

support

from

the

U.S.

government

and

the

reopening

of

businesses,

leading

to

increased

consumer

spending.

In

November

2021,

the

U.S.

Congress

and

President

Biden

passed

a

$1.1

trillion

infrastructure

bill,

which

included

$550

billion

in

new

spending

with

the

remainder

set

to

fund

the

reauthorization

of

the

Highway

Trust

Fund.

The

new

spending

is

spread

out

over

a

number

of

transportation

subsectors.

Funds

will

be

available

in

increments

over

the

next

five

years

and

could

result

in

additional

muni

issuance.

This

will

take

time

as

projects

are

selected

and

plans

are

created

and

executed.

With

funding

coming

in

over

several

years,

the

impact

on

the

muni

market

is

also

expected

to

play

out

over

several

years.

For

the

six-month

period,

U.S.

fixed

income

sectors

broadly

underperformed

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

500

®

Index,

which

posted

a

+9.38%

total

return

for

the

period.

3

Investment-grade

muni

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

+0.56%

total

return,

while

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.43%

total

return,

and

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+1.94%

total

return.

3

State

Update

During

the

six-month

period,

New

York’s

economy

continued

its

relatively

slow

recovery

from

the

COVID-19-induced

economic

downturn.

New

York

City

was

hit

disproportionately

hard

by

the

pandemic,

and

as

of

June

the

state’s

economic

output,

which

generates

above-average

income

and

wealth

levels,

was

still

significantly

smaller

than

February

2020

levels.

New

York’s

unemployment

rate

began

the

period

at

7.8%

and

ended

at

6.6%,

compared

with

the

4.2%

national

rate.

Better-than-expected

revenue

collections,

new

taxes

and

federal

resources

erased

a

projected

fiscal

2022

budget

gap,

allowing

increased

school

aid,

recovery

initiatives

and

higher

Medicaid

enrollments.

New

York’s

net

tax-supported

debt

was

moderately

high

at

$3,614

per

capita

and

4.8%

of

personal

income,

compared

with

the

$1,039

and

1.9%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

affirmed

its

Aa2

rating

and

revised

the

outlook

from

stable

to

positive

on

New

York’s

general

obligation

debt.

5

Moody’s

rating

reflected

its

view

of

the

state’s

large

and

diverse

economy,

sound

fund

balance

and

liquidity,

and

moderate

leverage.

The

rating

also

recognizes

New

York’s

challenges

of

retaining

healthy

liquidity

as

budgetary

spending

grows

amid

the

phasing

out

of

federal

aid.

The

rating

also

incorporates

the

risks

associated

with

the

state-run

Metropolitan

Transit

Authority

and

uncertainties

regarding

the

recovery

of

New

York

City,

a

key

driver

of

the

state’s

economy.

Moody’s

revision

of

its

outlook

from

stable

to

positive

reflects

improved

finances

given

federal

aid

and

better-than-expected

tax

revenues.

*Does

not

include

cash

and

cash

equivalents.

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments

and

typically

use

a

buy-and-hold

Portfolio

Composition

11/30/21

%

of

Total

Investments*

Special

Tax

22.27%

Transportation

17.11%

Utilities

15.42%

Education

9.63%

Industrial

Dev.

Revenue

and

Pollution

Control

9.29%

Health

Care

6.10%

Local

5.52%

Housing

4.95%

Lease

4.71%

Other

Revenue

Bonds

2.79%

Refunded

1.19%

State

General

Obligation

1.02%

3.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

4.

Source:

Moody’s

Investors

Service,

State

government

–

US:

Medians

–

State

debt

rose

2.5%

in

2020,

spurred

by

pandemic-linked

borrowing,

6/14/21.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Franklin

New

York

Tax-Free

Income

Fund

5

franklintempleton.com

Semiannual

Report

strategy.

This

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

rather

than

trading

securities

for

capital

gains,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Manager’s

Discussion

The

combination

of

our

value-oriented

philosophy

of

investing

primarily

for

income

and

a

positive-sloping

municipal

yield

curve,

in

which

interest

rates

for

longer-term

bonds

are

higher

than

those

for

shorter-term

bonds,

led

us

to

favor

longer-term

bonds

during

the

reporting

period.

Consistent

with

our

strategy,

we

sought

to

remain

close

to

fully

invested

in

bonds

ranging

from

20

to

30

years

in

maturity

with

good

call

features.

In

line

with

our

relative

value

investment

strategy,

and

to

further

reduce

volatility,

we

avoided

derivative

securities

and

other

investment

vehicles

designed

to

leverage

the

portfolio.

During

the

period,

the

Fund

had

no

exposure

to

inverse

floaters

or

any

other

form

of

leverage.

We

believe

our

conservative,

buy-and-hold

investment

strategy

can

help

us

achieve

high,

current,

tax-

free

income

for

shareholders.

Thank

you

for

your

continued

participation

in

Franklin

New

York

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

November

30,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

November

30,

2021

Franklin

New

York

Tax-Free

Income

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

11/30/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+0.51%

-3.26%

1-Year

+2.40%

-1.44%

5-Year

+17.12%

+2.42%

10-Year

+34.30%

+2.60%

Advisor

6-Month

+0.63%

+0.63%

1-Year

+2.74%

+2.74%

5-Year

+18.47%

+3.45%

10-Year

+36.58%

+3.17%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yiel

d

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.09%

4.70%

0.68%

1.53%

Advisor

2.43%

5.47%

0.95%

2.14%

See

page

7

for

Performance

Summary

footnotes.

Franklin

New

York

Tax-Free

Income

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest-rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Puerto

Rico

municipal

bonds

have

been

impacted

by

recent

adverse

economic

and

market

changes,

which

may

cause

the

Fund’s

share

price

to

decline.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

November’s

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

11/30/21.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/24/21

for

the

maximum

combined

effective

federal

and

New

York

state

and

City

personal

income

tax

rate

of

55.58%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(6/1/21–11/30/21)

Share

Class

Net

Investment

Income

A

$0.127641

A1

$0.136328

C

$0.104459

R6

$0.144760

Advisor

$0.142109

Total

Annual

Operating

Expenses

8

Share

Class

A

0.78%

Advisor

0.53%

Your

Fund’s

Expenses

Franklin

New

York

Tax-Free

Income

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/365

to

reflect

the

one-half

year

period.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

6/1/21

Ending

Account

Value

11/30/21

Expenses

Paid

During

Period

6/1/21–11/30/21

1

Ending

Account

Value

11/30/21

Expenses

Paid

During

Period

6/1/21–11/30/21

1

a

Net

Annualized

Expense

Ratio

A

$1,000

$1,005.10

$4.00

$1,021.08

$4.03

0.80%

A1

$1,000

$1,005.80

$3.24

$1,021.84

$3.27

0.64%

C

$1,000

$1,003.00

$6.00

$1,019.08

$6.05

1.20%

R6

$1,000

$1,006.60

$2.49

$1,022.59

$2.51

0.49%

Advisor

$1,000

$1,006.30

$2.74

$1,022.34

$2.76

0.54%

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

Year

Ended

May

31,

2019

a

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............................

$11.38

$11.09

$11.10

$10.75

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.13

0.28

0.29

0.24

Net

realized

and

unrealized

gains

(losses)

........................

(0.07)

0.29

(0.01)

0.34

Total

from

investment

operations

.................................

0.06

0.57

0.28

0.58

Less

distributions

from:

Net

investment

income

.......................................

(0.13)

(0.28)

(0.29)

(0.23)

Net

asset

value,

end

of

period

...................................

$11.31

$11.38

$11.09

$11.10

Total

return

d

................................................

0.51%

5.15%

2.51%

5.46%

Ratios

to

average

net

assets

e

Expenses

f

..................................................

0.80%

0.78%

0.78%

0.78%

Net

investment

income

........................................

2.22%

2.48%

2.59%

3.09%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.................................

$425,794

$367,358

$291,562

$177,982

Portfolio

turnover

rate

.........................................

9.30%

12.15%

21.27%

19.78%

a

For

the

period

September

10,

2018

(effective

date)

to

May

31,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.39

$11.10

$11.10

$10.86

$11.20

$11.54

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.14

0.30

0.31

0.35

0.37

0.39

Net

realized

and

unrealized

gains

(losses)

(0.07)

0.28

(0.01)

0.25

(0.34)

(0.33)

Total

from

investment

operations

........

0.07

0.58

0.30

0.60

0.03

0.06

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.29)

(0.30)

(0.36)

(0.37)

(0.40)

Net

asset

value,

end

of

period

..........

$11.32

$11.39

$11.10

$11.10

$10.86

$11.20

Total

return

c

.......................

0.58%

5.31%

2.75%

5.67%

0.26%

0.52%

Ratios

to

average

net

assets

d

Expenses

.........................

0.64%

e

0.63%

e

0.63%

e

0.63%

e

0.64%

0.61%

Net

investment

income

...............

2.37%

2.63%

2.74%

3.24%

3.33%

3.45%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$2,676,009

$2,775,454

$2,902,606

$3,192,168

$3,421,773

$3,892,131

Portfolio

turnover

rate

................

9.30%

12.15%

21.27%

19.78%

10.58%

17.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.38

$11.08

$11.09

$10.85

$11.19

$11.52

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.10

0.24

0.24

0.29

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

(0.07)

0.29

(0.01)

0.25

(0.34)

(0.33)

Total

from

investment

operations

........

0.03

0.53

0.23

0.54

(0.03)

—

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.23)

(0.24)

(0.30)

(0.31)

(0.33)

Net

asset

value,

end

of

period

..........

$11.31

$11.38

$11.08

$11.09

$10.85

$11.19

Total

return

c

.......................

0.30%

4.83%

2.10%

5.10%

(0.31)%

0.04%

Ratios

to

average

net

assets

d

Expenses

.........................

1.20%

e

1.18%

e

1.18%

e

1.18%

e

1.19%

1.16%

Net

investment

income

...............

1.83%

2.10%

2.19%

2.69%

2.78%

2.90%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$142,712

$202,215

$257,275

$332,093

$506,155

$614,981

Portfolio

turnover

rate

................

9.30%

12.15%

21.27%

19.78%

10.58%

17.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

Year

Ended

May

31,

2018

a

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.41

$11.11

$11.12

$10.88

$11.15

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.14

0.31

0.32

0.36

0.33

Net

realized

and

unrealized

gains

(losses)

...........

(0.07)

0.30

(0.01)

0.25

(0.32)

Total

from

investment

operations

....................

0.07

0.61

0.31

0.61

0.01

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.31)

(0.32)

(0.37)

(0.28)

Net

asset

value,

end

of

period

......................

$11.34

$11.41

$11.11

$11.12

$10.88

Total

return

d

...................................

0.66%

5.54%

2.80%

5.80%

0.13%

Ratios

to

average

net

assets

e

Expenses

.....................................

0.49%

f

0.50%

f

0.50%

f

0.50%

f,g

0.50%

g

Net

investment

income

...........................

2.51%

2.76%

2.87%

3.37%

3.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

....................

$98,011

$89,785

$71,991

$62,689

$60,363

Portfolio

turnover

rate

............................

9.30%

12.15%

21.27%

19.78%

10.58%

a

For

the

period

August

1,

2017

(effective

date)

to

May

31,

2018.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.40

$11.10

$11.11

$10.87

$11.21

$11.55

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.14

0.31

0.32

0.36

0.38

0.40

Net

realized

and

unrealized

gains

(losses)

(0.07)

0.29

(0.02)

0.25

(0.34)

(0.33)

Total

from

investment

operations

........

0.07

0.60

0.30

0.61

0.04

0.07

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.30)

(0.31)

(0.37)

(0.38)

(0.41)

Net

asset

value,

end

of

period

..........

$11.33

$11.40

$11.10

$11.11

$10.87

$11.21

Total

return

c

.......................

0.63%

5.50%

2.76%

5.77%

0.35%

0.61%

Ratios

to

average

net

assets

d

Expenses

.........................

0.54%

e

0.53%

e

0.53%

e

0.53%

e

0.54%

0.51%

Net

investment

income

...............

2.47%

2.73%

2.84%

3.34%

3.43%

3.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$291,017

$287,411

$266,050

$220,727

$240,101

$312,544

Portfolio

turnover

rate

................

9.30%

12.15%

21.27%

19.78%

10.58%

17.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited),

November

30,

2021

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.7%

Florida

0.6%

Capital

Trust

Agency,

Inc.

,

Revenue,

2021

A-1,

3.75%,

12/01/36

...................................

$

18,760,000

$

18,802,773

Revenue,

2021

A-2,

5.5%,

12/01/30

....................................

3,020,000

3,030,630

21,833,403

Illinois

1.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2020

A,

Refunding,

5%,

6/15/50

...............................

5,160,000

6,211,124

a

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

6,970,000

7,978,445

a

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

10,310,000

11,646,513

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

10,000,000

11,699,441

GO,

2016,

5%,

11/01/34

.............................................

1,660,000

1,947,979

GO,

2017

C,

5%,

11/01/29

...........................................

7,000,000

8,412,246

GO,

2017

D,

5%,

11/01/27

...........................................

4,850,000

5,869,161

GO,

2019

B,

4%,

11/01/33

...........................................

1,250,000

1,447,341

GO,

2021

A,

5%,

3/01/33

............................................

2,500,000

3,195,756

GO,

2021

A,

4%,

3/01/39

............................................

2,700,000

3,151,283

GO,

2021

A,

4%,

3/01/41

............................................

1,000,000

1,161,646

62,720,935

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

...

1,500,000

1,703,132

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,000,000

2,517,278

Revenue,

2020

AA,

5%,

6/15/40

.......................................

2,500,000

3,137,695

Revenue,

2020

AA,

4%,

6/15/45

.......................................

5,000,000

5,706,752

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,500,000

1,762,075

14,826,932

New

York

96.3%

Albany

Capital

Resource

Corp.

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

4

%

,

11/01/46

.................................

2,000,000

2,354,819

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

16,130,000

20,553,051

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

1,500,000

1,667,871

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

8,000,000

8,862,898

Broome

County

Local

Development

Corp.

,

a

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/36

........................................................

1,600,000

1,797,942

a

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

........................................................

1,530,000

1,706,366

a

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/47

........................................................

1,160,000

1,284,008

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/45

........................................

1,545,000

1,624,276

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/50

........................................

5,500,000

5,751,968

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5.25%,

7/01/35

.......

1,000,000

1,120,025

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5%,

7/01/40

.........

1,000,000

1,101,076

D'Youville

College,

Revenue,

2020

A,

Refunding,

4%,

11/01/50

................

2,500,000

2,819,244

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/36

.........................................................

400,000

454,501

City

of

New

Rochelle

,

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/40

....................

1,250,000

1,401,628

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

....................

1,425,000

1,589,302

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

City

of

New

York

,

GO,

2002

D,

5.5%,

6/01/24

..........................................

$

145,000

$

145,632

GO,

2006

G,

AMBAC

Insured,

5%,

8/01/22

...............................

10,000

10,039

GO,

2014

J,

Refunding,

5%,

8/01/32

...................................

10,000,000

11,166,582

GO,

2015

C,

Refunding,

5%,

8/01/29

...................................

20,640,000

23,454,499

GO,

2015

C,

Refunding,

5%,

8/01/31

...................................

10,000,000

11,353,489

GO,

2015

C,

Refunding,

5%,

8/01/32

...................................

4,000,000

4,538,698

GO,

2015

C,

Refunding,

5%,

8/01/33

...................................

3,000,000

3,402,002

GO,

2015

C,

Refunding,

5%,

8/01/34

...................................

1,500,000

1,699,991

GO,

2017

B,

5%,

12/01/41

...........................................

7,000,000

8,351,271

GO,

2018

B-1,

5%,

10/01/38

.........................................

6,250,000

7,608,276

GO,

2018

E-1,

5%,

3/01/39

..........................................

16,210,000

19,902,200

GO,

2018

E-1,

5%,

3/01/40

..........................................

7,500,000

9,191,610

GO,

2018

E-1,

5%,

3/01/44

..........................................

12,500,000

15,253,449

GO,

2018

F-1,

5%,

4/01/40

..........................................

6,830,000

8,390,266

GO,

2018

F-1,

5%,

4/01/45

..........................................

10,000,000

12,208,137

GO,

2019

D-1,

4%,

12/01/43

.........................................

10,000,000

11,606,821

GO,

2019

D-1,

5%,

12/01/44

.........................................

10,000,000

12,455,507

GO,

2020

A(A-1),

5%,

8/01/43

........................................

5,000,000

6,222,880

GO,

2021

C,

4%,

8/01/41

............................................

3,000,000

3,554,245

County

of

Nassau

,

GO

,

2013

C

,

AGMC

Insured

,

5

%

,

4/01/43

...................

26,665,000

28,100,497

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/32

......

175,000

223,151

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/33

......

185,000

235,265

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/34

......

250,000

317,518

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/35

......

200,000

233,482

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/36

......

200,000

233,155

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/37

......

250,000

290,963

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/38

......

250,000

290,626

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/39

......

100,000

115,996

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/40

......

100,000

115,781

Health

QuestSystems

Obligated

Group,

Revenue,

2016

B,

5%,

7/01/31

.........

10,550,000

12,482,412

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/44

.....

1,900,000

2,198,547

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/49

.....

3,000,000

3,450,368

Vassar

College,

Revenue,

2017,

Refunding,

5%,

7/01/42

....................

5,000,000

6,064,323

Vassar

College,

Revenue,

2017,

Refunding,

4%,

7/01/46

....................

5,715,000

6,544,124

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

5/01/28

...............................

8,100,000

8,616,783

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/42

..................

1,250,000

1,518,349

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/47

..................

5,250,000

6,338,974

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.................

575,000

694,628

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.................

715,000

862,140

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.................

625,000

751,730

Hofstra

University,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.................

3,000,000

3,147,181

Hudson

Yards

Infrastructure

Corp.

,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

...............................

20,000,000

23,698,240

Revenue,

2017

A,

Refunding,

4%,

2/15/44

...............................

13,680,000

15,461,992

Revenue,

2017

A,

Refunding,

5%,

2/15/45

...............................

15,000,000

17,734,235

Long

Island

Power

Authority

,

Revenue,

2012

A,

5%,

9/01/42

........................................

500,000

517,211

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/42

............................

14,200,000

14,711,734

Revenue,

2014

A,

Refunding,

5%,

9/01/44

...............................

5,000,000

5,548,168

Revenue,

2016

B,

Refunding,

5%,

9/01/36

...............................

5,000,000

5,915,022

Revenue,

2016

B,

Refunding,

5%,

9/01/41

...............................

10,000,000

11,794,434

Revenue,

2016

B,

Refunding,

5%,

9/01/46

...............................

18,000,000

21,184,337

Revenue,

2018,

5%,

9/01/39

.........................................

5,000,000

6,266,884

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Long

Island

Power

Authority,

(continued)

Revenue,

2019

A,

4%,

9/01/37

........................................

$

19,550,000

$

22,876,452

Revenue,

2020

A,

Refunding,

5%,

9/01/38

...............................

1,500,000

1,944,959

Revenue,

2021

A,

Refunding,

4%,

9/01/41

...............................

2,030,000

2,446,164

Metropolitan

Transportation

Authority

,

Revenue,

2003

A,

AGMC

Insured,

5.5%,

11/15/23

.........................

7,460,000

8,183,402

Revenue,

2012

C,

5%,

11/15/31

.......................................

10,000,000

10,411,670

Revenue,

2012

C,

5%,

11/15/41

.......................................

10,670,000

11,099,860

Revenue,

2013

A,

5%,

11/15/38

.......................................

7,280,000

7,683,401

Revenue,

2013

D,

5%,

11/15/43

.......................................

10,000,000

10,713,777

Revenue,

2014

B,

5.25%,

11/15/35

....................................

4,000,000

4,399,583

Revenue,

2015

A-1,

5%,

11/15/45

.....................................

10,000,000

11,144,897

Revenue,

2015

C-1,

Refunding,

5%,

11/15/35

............................

5,000,000

5,693,686

Revenue,

2016

B,

Refunding,

5%,

11/15/33

..............................

6,000,000

7,007,173

Revenue,

2016

B,

Refunding,

5%,

11/15/35

..............................

4,000,000

4,667,906

Revenue,

2016

B,

Refunding,

5%,

11/15/37

..............................

18,500,000

21,558,958

Revenue,

2016

D,

Refunding,

5%,

11/15/30

..............................

10,305,000

12,079,468

Revenue,

2017

A-1,

Refunding,

5%,

11/15/51

.............................

2,505,000

2,895,499

Revenue,

2017

C-1,

Refunding,

5%,

11/15/30

............................

6,215,000

7,529,500

Revenue,

2017

D,

Refunding,

4%,

11/15/42

..............................

20,000,000

22,333,018

Revenue,

2017

D,

Refunding,

4%,

11/15/46

..............................

5,000,000

5,551,404

Revenue,

2019

C,

AGMC

Insured,

4%,

11/15/45

...........................

8,000,000

9,318,502

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

10,000,000

12,140,295

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

3,000,000

3,636,938

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

1,000,000

1,144,921

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

4,000,000

4,570,521

Dedicated

Tax

Fund,

Revenue,

2016

B-2,

Refunding,

5%,

11/15/39

............

4,775,000

5,688,495

Dedicated

Tax

Fund,

Revenue,

2017

A,

5%,

11/15/47

.......................

30,375,000

36,063,715

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/35

............

6,000,000

7,349,444

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/42

............

5,000,000

6,051,206

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/47

............

13,505,000

16,256,578

Monroe

County

Industrial

Development

Corp.

,

Rochester

General

Hospital

(The),

Revenue,

2017,

5%,

12/01/46

..............

15,000,000

17,224,930

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

.......................................................

1,100,000

1,314,083

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/46

.......................................................

8,560,000

9,851,817

b

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/50

.

1,265,000

1,479,187

b

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/59

.

1,080,000

1,255,548

University

of

Rochester,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

..........

6,350,000

6,828,274

University

of

Rochester,

Revenue,

2013

B,

Pre-Refunded,

5%,

7/01/43

.........

5,000,000

5,376,593

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

............

3,275,000

3,774,400

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/32

............

2,000,000

2,298,024

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/37

............

1,780,000

2,043,177

University

of

Rochester,

Revenue,

2017

C,

Refunding,

4%,

7/01/43

............

44,445,000

50,687,309

University

of

Rochester,

Revenue,

2020

A,

4%,

7/01/50

.....................

4,000,000

4,641,536

New

York

City

,

Water

&

Sewer

System,

Revenue,

2017

AA,

4%,

6/15/46

....................

24,290,000

27,494,002

Water

&

Sewer

System,

Revenue,

2017

DD,

5%,

6/15/47

....................

33,800,000

40,309,603

Water

&

Sewer

System,

Revenue,

2018

BB-1,

5%,

6/15/46

..................

20,875,000

25,190,345

Water

&

Sewer

System,

Revenue,

2018

CC-1,

5%,

6/15/48

..................

38,475,000

46,368,069

Water

&

Sewer

System,

Revenue,

2018

FF,

Refunding,

5%,

6/15/40

............

15,000,000

18,565,543

Water

&

Sewer

System,

Revenue,

2019

DD-1,

5%,

6/15/49

..................

27,825,000

34,537,990

Water

&

Sewer

System,

Revenue,

2019

FF-1,

4%,

6/15/49

...................

10,000,000

11,630,497

Water

&

Sewer

System,

Revenue,

2020

AA,

Refunding,

5%,

6/15/40

...........

10,000,000

12,808,559

Water

&

Sewer

System,

Revenue,

2020

BB-1,

4%,

6/15/49

..................

20,000,000

23,463,102

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

City

Health

and

Hospitals

Corp.

,

Revenue,

2020

A,

Refunding,

5%,

2/15/31

...............................

$

610,000

$

808,764

Revenue,

2020

A,

Refunding,

5%,

2/15/32

...............................

635,000

835,440

Revenue,

2020

A,

Refunding,

5%,

2/15/33

...............................

675,000

886,280

Revenue,

2020

A,

Refunding,

5%,

2/15/34

...............................

460,000

602,887

Revenue,

2020

A,

Refunding,

5%,

2/15/35

...............................

495,000

647,434

Revenue,

2020

A,

Refunding,

5%,

2/15/36

...............................

520,000

678,372

Revenue,

2020

A,

Refunding,

5%,

2/15/37

...............................

325,000

422,995

Revenue,

2020

A,

Refunding,

5%,

2/15/38

...............................

345,000

448,188

Revenue,

2020

A,

Refunding,

5%,

2/15/39

...............................

900,000

1,166,765

Revenue,

2020

A,

Refunding,

5%,

2/15/40

...............................

790,000

1,022,357

Revenue,

2020

A,

Refunding,

3%,

2/15/45

...............................

1,250,000

1,339,467

Revenue,

2020

A,

Refunding,

4%,

2/15/45

...............................

1,800,000

2,124,583

Revenue,

2020

A,

Refunding,

4%,

2/15/48

...............................

880,000

1,035,095

New

York

City

Housing

Development

Corp.

,

Revenue,

2018

K,

4%,

11/01/48

.......................................

49,905,000

54,112,675

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

...........................

9,890,000

10,191,868

Revenue,

2019

J,

3%,

11/01/44

.......................................

5,000,000

5,218,797

Revenue,

2020

C,

FNMA

Insured,

2.75%,

2/01/51

.........................

10,000,000

10,108,414

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

5,000,000

5,261,573

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/49

..

10,000,000

10,513,599

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/43

............................

5,230,000

6,454,789

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/45

............................

17,000,000

20,929,808

Building

Aid,

Revenue,

2019

S-2A,

Refunding,

5%,

7/15/34

..................

4,235,000

5,279,279

Building

Aid,

Revenue,

2019

S-3A,

Refunding,

5%,

7/15/37

..................

10,425,000

12,981,564

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/43

............................

11,800,000

13,854,682

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/44

............................

12,275,000

14,384,726

Future

Tax

Secured,

Revenue,

2013

I,

5%,

5/01/42

........................

45,000,000

47,798,361

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/38

......................

17,000,000

18,575,371

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/39

......................

24,135,000

26,360,616

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/40

......................

18,300,000

19,979,243

Future

Tax

Secured,

Revenue,

2015

A-1,

5%,

8/01/34

......................

10,115,000

11,280,723

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/34

......................

10,000,000

11,373,750

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/35

......................

10,000,000

11,366,992

Future

Tax

Secured,

Revenue,

2017

A-1,

5%,

5/01/40

......................

13,415,000

15,744,554

Future

Tax

Secured,

Revenue,

2017

C,

Refunding,

5%,

11/01/33

..............

6,500,000

7,911,261

Future

Tax

Secured,

Revenue,

2017

F-1,

5%,

5/01/42

......................

4,340,000

5,242,104

Future

Tax

Secured,

Revenue,

2018

A-3,

5%,

8/01/40

......................

3,270,000

3,989,087

Future

Tax

Secured,

Revenue,

2018

A-3,

4%,

8/01/43

......................

5,645,000

6,449,195

Future

Tax

Secured,

Revenue,

2018

B-1,

5%,

8/01/45

......................

17,500,000

21,238,669

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/42

......................

7,410,000

8,547,884

Future

Tax

Secured,

Revenue,

2019

A-1,

5%,

8/01/42

......................

5,000,000

6,198,346

Future

Tax

Secured,

Revenue,

2019

C-1,

4%,

11/01/42

.....................

7,500,000

8,764,290

Future

Tax

Secured,

Revenue,

2020

A,

4%,

5/01/44

........................

10,000,000

11,644,654

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/34

...........................

5,000,000

5,267,226

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/36

...........................

8,250,000

8,686,946

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

11/15/46

.............................

5,000,000

5,870,811

New

York

Liberty

Development

Corp.

,

Revenue,

2011

-

1WTC,

5.25%,

12/15/43

................................

50,000,000

50,134,025

Revenue,

2021

A,

Refunding,

3%,

11/15/51

..............................

18,000,000

18,719,228

7

World

Trade

Center

II

LLC,

Revenue,

2012,

1,

Refunding,

5%,

9/15/40

........

18,000,000

18,225,052

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

86,360,000

122,182,784

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

27,000,000

40,175,028

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/15/50

...........

$

20,000,000

$

23,487,082

New

York

State

Dormitory

Authority

,

Revenue,

2008

A-1,

5%,

6/01/38

......................................

4,635,000

4,653,413

Revenue,

2009

A,

AGMC

Insured,

5.625%,

10/01/29

.......................

300,000

301,330

Revenue,

2009

C,

AGMC

Insured,

5%,

10/01/31

..........................

45,000

45,174

Revenue,

2009

C,

AGMC

Insured,

5.125%,

10/01/36

.......................

60,000

60,241

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/22

...........................

395,000

396,540

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/24

...........................

710,000

712,791

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/37

1,705,000

1,881,502

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

2,200,000

2,423,862

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/39

1,305,000

1,435,236

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/40

1,300,000

1,427,577

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/41

2,100,000

2,476,702

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/45

5,835,000

6,327,234

Educational

Housing

Services,

Inc.,

Revenue,

2005,

AMBAC

Insured,

5.25%,

7/01/30

5,150,000

6,097,056

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/26

...

6,105,000

6,768,626

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/34

...

13,220,000

15,956,186

Fordham

University,

Revenue,

2020,

4%,

7/01/50

..........................

4,500,000

5,195,102

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

12/01/45

...................................................

1,000,000

1,131,275

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

12/01/32

...................................................

500,000

597,151

c

Iona

College,

Revenue,

2021

A,

5%,

7/01/46

.............................

375,000

469,423

c

Iona

College,

Revenue,

2021

A,

5%,

7/01/51

.............................

1,100,000

1,370,870

a

Iona

College,

Revenue,

2022,

5%,

7/01/31

...............................

325,000

409,106

a

Iona

College,

Revenue,

2022,

5%,

7/01/32

...............................

300,000

383,831

a

Iona

College,

Revenue,

2022,

5%,

7/01/37

...............................

225,000

284,527

a

Iona

College,

Revenue,

2022,

5%,

7/01/42

...............................

275,000

343,485

Memorial

Sloan-Kettering

Cancer

Center,

Revenue,

2017-1,

Refunding,

4%,

7/01/47

5,000,000

5,672,023

Montefiore

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/01/31

.........

1,000,000

1,225,996

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/45

.........

1,500,000

1,716,110

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/50

.........

10,770,000

12,259,434

New

School

(The),

Revenue,

2015

A,

5%,

7/01/40

.........................

5,120,000

5,844,956

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

.............

380,000

440,142

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

.............

660,000

764,458

New

School

(The),

Revenue,

2015

A,

5%,

7/01/45

.........................

8,725,000

9,949,811

New

York

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

...............

5,000,000

5,695,694

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

...............

5,000,000

6,092,914

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/40

...............

6,745,000

8,223,452

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/43

...............

3,000,000

3,652,178

New

York

University,

Revenue,

2019

A,

4%,

7/01/45

........................

3,415,000

3,979,622

New

York

University,

Revenue,

2019

A,

5%,

7/01/49

........................

50,000,000

62,915,595

Northwell

Health

Obligated

Group,

Revenue,

2009

B,

5%,

5/01/39

.............

10,000,000

10,181,871

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

....

11,000,000

12,492,666

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/27

2,025,000

2,254,290

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/30

1,000,000

1,111,592

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/32

1,000,000

1,110,501

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/34

7,250,000

8,043,240

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

3%,

7/01/48

.......

4,000,000

4,283,572

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/50

.......

35,100,000

40,849,945

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/53

.......

10,420,000

12,097,463

Rochester

Institute

of

Technology,

Revenue,

2019

A,

5%,

7/01/49

..............

3,500,000

4,335,923

Rockefeller

University

(The),

Revenue,

2019

B,

5%,

7/01/50

..................

6,500,000

8,204,005

Rockefeller

University

(The),

Revenue,

2019

C,

Refunding,

4%,

7/01/49

.........

9,250,000

10,917,917

Rockefeller

University

(The),

Revenue,

2020

A,

Refunding,

5%,

7/01/53

.........

10,000,000

12,814,499

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/29

...............

1,375,000

1,573,599

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

...............

1,675,000

1,914,413

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/31

...............

$

3,700,000

$

4,215,285

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/34

...............

2,000,000

2,274,404

St.

John's

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/48

...............

6,250,000

7,327,129

St.

Joseph's

College,

Revenue,

2021,

4%,

7/01/40

.........................

225,000

255,061

St.

Joseph's

College,

Revenue,

2021,

5%,

7/01/51

.........................

725,000

873,311

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/41

.........

4,000,000

4,730,354

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/42

.........

1,950,000

2,304,078

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/43

.........

8,450,000

9,971,555

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/37

.........

5,000,000

6,019,128

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

5,000,000

6,017,917

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/39

.........

8,940,000

10,746,438

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Pre-Refunded,

5%,

2/15/39

........................................................

5,000

6,103

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/40

........................................................

10,000

12,373

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/40

.........

9,415,000

11,481,683

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/41

........................................................

15,000

18,559

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/41

.........

12,410,000

15,110,439

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/43

........................................................

5,000

6,186

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/43

.........

4,590,000

5,577,783

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

4%,

2/15/46

.........

19,995,000

22,732,825

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

4%,

2/15/46

........................................................

5,000

5,908

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Refunding,

5%,

3/15/45

10,000,000

12,258,089

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

Refunding,

4%,

3/15/49

10,000,000

11,557,240

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/31

.................

15,685,000

17,306,751

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/44

.................

37,250,000

40,912,942

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/40

.................

12,640,000

14,591,327

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/41

.................

10,520,000

12,135,534

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/34

.................

10,000,000

11,919,628

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/35

.................

24,545,000

29,218,626

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/36

.................

31,550,000

37,508,549

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/41

.................

10,000,000

12,044,262

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/42

.................

10,000,000

12,030,788

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

4%,

3/15/46

.................

16,515,000

18,581,649

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/42

.................

6,235,000

7,677,543

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/46

.................

25,000,000

28,644,150

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/48

.................

10,000,000

11,440,630

State

of

New

York

Sales

Tax,

Revenue,

2018

C,

Refunding,

4%,

3/15/44

........

5,310,000

6,105,046

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/37

........

15,340,000

19,352,890

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

19,715,000

24,604,559

State

University

Construction

Fund,

Revenue,

2005

A,

AGMC,

FGIC

Insured,

5.5%,

5/15/22

........................................................

5,000,000

5,121,842

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/28

............

4,000,000

4,087,311

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/29

............

3,000,000

3,065,205

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/30

............

1,000,000

1,021,781

State

University

of

New

York,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

......

5,000,000

5,376,594

State

University

of

New

York,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/43

......

4,150,000

4,462,573

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/35

........

2,000,000

2,427,704

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

........

1,500,000

1,821,022

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........

2,000,000

2,427,985

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........

1,000,000

1,213,733

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........

3,750,000

4,539,188

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/46

........

4,000,000

4,931,861

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

State

University

of

New

York,

Revenue,

2018

A,

5%,

7/01/43

.................

$

4,300,000

$

5,246,741

State

University

of

New

York,

Revenue,

2018

A,

5%,

7/01/48

.................

13,925,000

16,945,618

State

University

of

New

York,

Revenue,

2019

A,

3%,

7/01/42

.................

4,165,000

4,432,024

State

University

of

New

York,

Revenue,

2019

A,

4%,

7/01/43

.................

1,200,000

1,388,441

a

Teachers

College,

Revenue,

2022,

Refunding,

4%,

7/01/46

..................

4,670,000

5,358,033

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System,

Revenue,

2013

A,

5%,

6/15/31

..........

5,000,000

5,359,930

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/15/46

28,360,000

34,614,398

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/42

........

8,355,000

10,210,349

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/47

........

12,345,000

15,063,783

State

of

New

York

State

Revolving

Fund,

Revenue,

2018

B,

5%,

6/15/48

........

7,500,000

9,263,618

State

of

New

York

State

Revolving

Fund,

Revenue,

2019

A,

5%,

2/15/49

........

5,000,000

6,336,292

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45

%

,

11/01/50

......

3,000,000

2,993,802

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/45

........................................

12,000,000

13,860,962

Revenue,

2019

B,

3%,

1/01/46

........................................

4,200,000

4,388,291

Revenue,

2019

B,

4%,

1/01/50

........................................

40,000,000

45,941,336

Revenue,

L,

Refunding,

5%,

1/01/34

...................................

2,600,000

3,183,105

Revenue,

L,

Refunding,

5%,

1/01/35

...................................

3,000,000

3,665,303

Revenue,

N,

4%,

1/01/46

............................................

10,000,000

11,601,384

Revenue,

Junior

Lien,

2016

A,

5%,

1/01/46

..............................

25,000,000

28,959,615

Highway

&

Bridge

Trust

Fund,

Revenue,

2012

A,

5%,

4/01/32

.................

11,100,000

11,275,656

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

3/15/38

15,000,000

18,092,820

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

C,

Refunding,

5%,

3/15/42

8,400,000

10,262,432

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

5%,

3/15/42

.........

10,000,000

12,372,761

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4%,

10/01/30

.........................

3,000,000

3,510,419

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

9,400,000

11,680,678

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

3,540,000

4,358,771

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4.375%,

10/01/45

.....................

26,500,000

30,680,937

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/41

............

2,130,000

2,478,524

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/46

............

6,000,000

6,895,775

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

4/30/53

.............

19,875,000

22,659,903

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

251,387

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/37

...

350,000

438,928

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/38

...

300,000

344,735

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/39

...

400,000

458,695

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/40

...

400,000

459,647

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/41

...

2,155,000

2,461,055

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/42

...

910,000

1,032,609

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/37

...

2,000,000

2,528,926

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/38

...

2,000,000

2,524,323

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/39

...

8,010,000

9,284,586

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/40

...

6,225,000

7,202,837

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/41

...

6,600,000

7,595,351

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/42

...

3,885,000

4,466,247

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

12/01/51

.....................

4,000,000

4,603,087

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/38

...........................

200,000

232,501

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/41

...........................

245,000

283,645

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/46

...........................

460,000

571,311

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/51

...........................

820,000

1,010,734

a

Le

Moyne

College,

Revenue,

2022,

Refunding,

5%,

7/01/32

..................

725,000

896,480

a

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/34

..................

315,000

357,864

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Onondaga

Civic

Development

Corp.,

(continued)

a

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/36

..................

$

350,000

$

396,709

a

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/39

..................

475,000

535,799

a

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/42

..................

530,000

594,700

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University,

Revenue,

2019,

Refunding,

5%,

12/01/45

................

5,000,000

6,362,190

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/47

................

12,000,000

14,122,804

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/49

................

5,000,000

5,874,146

Oswego

County

Industrial

Development

Agency

,

Oswego

City

School

District

,

Revenue

,

2006

,

XLCA

Insured

,

5

%

,

12/15/30

.............................

1,805,000

1,808,148

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

194,

Refunding,

5%,

10/15/41

.................................

10,000,000

11,556,413

Revenue,

200,

Refunding,

5%,

10/15/47

.................................

10,000,000

12,009,667

Revenue,

2016,

4%,

9/01/49

.........................................

11,815,000

13,735,875

Revenue,

218,

4%,

11/01/47

.........................................

8,000,000

9,240,639

Revenue,

221,

4%,

7/15/50

..........................................

12,750,000

14,661,527

Revenue,

Two

Hundred

And

Seventeen,

4%,

11/01/41

......................

10,000,000

11,819,870

Revenue,

Two

Hundred

And

Seventeen,

5%,

11/01/44

......................

5,000,000

6,328,828

Revenue,

Two

Hundred

Eleventh,

Refunding,

5%,

9/01/48

...................

25,000,000

30,661,065

Revenue,

Two

Hundred

Fifth,

Refunding,

5%,

11/15/47

......................

26,340,000

32,189,703

Revenue,

Two

Hundred

Fourteen,

4%,

9/01/38

............................

7,110,000

8,333,337

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

4

%

,

7/01/50

......................................................

2,250,000

2,607,013

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/40

............

2,600,000

3,100,122

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/47

............

6,590,000

7,820,075

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............

125,000

159,358

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/35

...............

585,000

744,589

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/36

...............

100,000

127,337

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/37

...............

120,000

152,433

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/38

...............

125,000

158,476

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/39

...............

150,000

189,760

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/40

...............

475,000

598,846

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/41

...............

125,000

157,203

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/34

...............

230,000

291,346

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/35

...............

245,000

309,845

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/36

...............

250,000

315,804

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/37

...............

265,000

333,940

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/38

...............

225,000

282,984

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/39

...............

200,000

250,998

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/40

...............

225,000

281,406

c

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/41

...............

275,000

343,095

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

4

%

,

6/01/41

.................

25,000,000

29,094,785

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue,

2021

A-2,

Refunding,

5%,

6/01/32

.............................

2,245,000

2,973,094

Revenue,

2021

A-2,

Refunding,

5%,

6/01/33

.............................

2,375,000

3,133,185

Revenue,

2021

A-2,

Refunding,

5%,

6/01/34

.............................

2,250,000

2,956,583

Revenue,

2021

A-2,

Refunding,

4%,

6/01/35

.............................

2,345,000

2,855,793

Revenue,

2021

A-2,

Refunding,

4%,

6/01/36

.............................

2,425,000

2,941,443

Revenue,

2021

A-2,

Refunding,

4%,

6/01/37

.............................

1,250,000

1,510,707

Revenue,

2021

A-2,

Refunding,

4%,

6/01/38

.............................

1,000,000

1,204,824

Revenue,

2021

A-2,

Refunding,

4%,

6/01/39

.............................

1,465,000

1,759,290

Revenue,

2021

A-2,

Refunding,

4%,

6/01/40

.............................

1,415,000

1,692,942

Revenue,

2021

A-2,

Refunding,

4%,

6/01/41

.............................

1,340,000

1,598,898

Revenue,

2021

A-2,

Refunding,

4%,

6/01/50

.............................

4,500,000

5,279,211

Revenue,

2021

B-1,

Refunding,

4%,

6/01/50

.............................

5,000,000

5,786,130

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Syracuse

Regional

Airport

Authority

,

Revenue,

2021,

Refunding,

4%,

7/01/35

.................................

$

735,000

$

867,847

Revenue,

2021,

Refunding,

4%,

7/01/36

.................................

750,000

880,020

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2013

C,

5%,

11/15/38

.......................................

5,000,000

5,313,886

Revenue,

2015

B,

5%,

11/15/45

.......................................

5,000,000

5,771,382

Revenue,

2017

A,

Refunding,

5%,

11/15/38

..............................

11,055,000

13,443,819

Revenue,

2017

A,

Refunding,

5%,

11/15/42

..............................

5,750,000

6,956,945

Revenue,

2017

A,

Refunding,

5%,

11/15/47

..............................

13,000,000

15,674,902

Revenue,

2017

B,

Refunding,

5%,

11/15/36

..............................

21,080,000

25,653,443

Revenue,

2017

B,

Refunding,

5%,

11/15/37

..............................

18,190,000

22,125,226

Revenue,

2019

A,

5%,

11/15/49

.......................................

9,000,000

11,179,687

Revenue,

2020

A,

5%,

11/15/49

.......................................

10,000,000

12,751,858

Troy

Capital

Resource

Corp.

,

Revenue,

2021,

Refunding,

4%,

9/01/33

.................................

100,000

119,334

Revenue,

2021,

Refunding,

4%,

9/01/34

.................................

160,000

190,828

Revenue,

2021,

Refunding,

4%,

9/01/35

.................................

180,000

214,516

Revenue,

2021,

Refunding,

4%,

9/01/36

.................................

280,000

333,079

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/35

......

4,500,000

5,770,456

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/36

......

5,000,000

6,400,116

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/39

......

2,500,000

3,180,922

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

4%,

9/01/40

......

1,500,000

1,770,349

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/34

.......................................................

1,000,000

1,203,630

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

.......................................................

1,250,000

1,500,210

Utility

Debt

Securitization

Authority

,

Revenue,

2015,

Refunding,

5%,

12/15/33

................................

20,000,000

23,444,004

Revenue,

2015,

Refunding,

5%,

12/15/34

................................

9,950,000

11,650,375

Revenue,

2016

A,

Refunding,

5%,

12/15/34

..............................

33,870,000

40,053,050

Revenue,

2016

B,

Refunding,

5%,

12/15/33

..............................

5,750,000

6,808,121

Revenue,

2017,

5%,

12/15/40

........................................

10,000,000

12,379,038

Revenue,

2017,

5%,

12/15/41

........................................

8,500,000

10,510,476

Western

Nassau

County

Water

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/40

............................

1,400,000

1,612,839

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/45

............................

2,250,000

2,592,063

3,497,892,129

Wisconsin

0.6%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

23,600,000

23,600,000

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,050,000

1,138,691

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

145,000

157,310

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

200,000

215,895

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,005,000

1,091,999

2,603,895

Total

U.S.

Territories

....................................................................

2,603,895

Total

Municipal

Bonds

(Cost

$3,316,478,356)

...................................

3,623,477,294

a

a

a

a

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

See

Abbreviations

on

page

34

.

Short

Term

Investments

0.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.4%

New

York

0.4%

d

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

11/01/31

...........

$

7,000,000

$

7,000,000

d

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

1/01/34

4,200,000

4,200,000

d

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2013

C-4

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

11/01/36

2,200,000

2,200,000

13,400,000

Total

Municipal

Bonds

(Cost

$13,400,000)

......................................

13,400,000

Total

Short

Term

Investments

(Cost

$13,400,000

)

................................

13,400,000

a

Total

Investments

(Cost

$3,329,878,356)

100.1%

................................

$3,636,877,294

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(3,334,724)

Net

Assets

100.0%

...........................................................

$3,633,542,570

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$28,063,161,

representing

0.8%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

November

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Franklin

New

York

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$3,329,878,356

Value

-

Unaffiliated

issuers

..................................................................

$3,636,877,294

Cash

....................................................................................

137,852

Receivables:

Investment

securities

sold

...................................................................

36,907,408

Capital

shares

sold

........................................................................

924,509

Interest

.................................................................................

39,522,989

Total

assets

..........................................................................

3,714,370,052

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

73,676,238

Capital

shares

redeemed

...................................................................

4,100,655

Management

fees

.........................................................................

1,381,134

Distribution

fees

..........................................................................

383,201

Transfer

agent

fees

........................................................................

37,992

Trustees'

fees

and

expenses

.................................................................

35,159

Distributions

to

shareholders

.................................................................

1,040,778

Accrued

expenses

and

other

liabilities

...........................................................

172,325

Total

liabilities

.........................................................................

80,827,482

Net

assets,

at

value

.................................................................

$3,633,542,570

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$3,663,907,720

Total

distributable

earnings

(losses)

.............................................................

(30,365,150)

Net

assets,

at

value

.................................................................

$3,633,542,570

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

November

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

Franklin

New

York

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$425,793,773

Shares

outstanding

........................................................................

37,632,782

Net

asset

value

per

share

a

..................................................................

$11.31

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

................................

$11.75

Class

A1:

Net

assets,

at

value

.......................................................................

$2,676,009,225

Shares

outstanding

........................................................................

236,345,420

Net

asset

value

per

share

a

..................................................................

$11.32

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

................................

$11.76

Class

C:

Net

assets,

at

value

.......................................................................

$142,711,957

Shares

outstanding

........................................................................

12,618,987

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$11.31

Class

R6:

Net

assets,

at

value

.......................................................................

$98,010,901

Shares

outstanding

........................................................................

8,645,049

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$11.34

Advisor

Class:

Net

assets,

at

value

.......................................................................

$291,016,714

Shares

outstanding

........................................................................

25,685,456

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$11.33

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

November

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Franklin

New

York

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$55,754,999

Expenses:

Management

fees

(Note

3

a

)

...................................................................

8,392,003

Distribution

fees:

(Note

3c

)

    Class

A

................................................................................

503,529

    Class

A1

...............................................................................

1,369,097

    Class

C

................................................................................

550,292

Transfer

agent

fees:

(Note

3e

)

    Class

A

................................................................................

154,315

    Class

A1

...............................................................................

1,026,663

    Class

C

................................................................................

60,952

    Class

R6

...............................................................................

12,465

    Advisor

Class

............................................................................

109,978

Custodian

fees

(Note

4

)

......................................................................

14,267

Reports

to

shareholders

fees

..................................................................

61,134

Registration

and

filing

fees

....................................................................

33,766

Professional

fees

...........................................................................

53,127

Trustees'

fees

and

expenses

..................................................................

51,572

Other

....................................................................................

75,079

Total

expenses

.........................................................................

12,468,239

Expense

reductions

(Note

4

)

...............................................................

(963)

Net

expenses

.........................................................................

12,467,276

Net

investment

income

................................................................

43,287,723

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

8,363,036

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(31,283,639)

Net

realized

and

unrealized

gain

(loss)

............................................................

(22,920,603)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$20,367,120

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

New

York

Tax-Free

Income

Fund

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$43,287,723

$98,045,442

Net

realized

gain

(loss)

.................................................

8,363,036

10,489,531

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(31,283,639)

88,218,919

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

20,367,120

196,753,892

Distributions

to

shareholders:

Class

A

.............................................................

(4,430,435)

(8,335,379)

Class

A1

............................................................

(32,179,092)

(74,606,389)

Class

C

.............................................................

(1,529,680)

(4,659,740)

Class

R6

............................................................

(1,195,487)

(2,247,204)

Advisor

Class

........................................................

(3,571,065)

(7,487,320)

Total

distributions

to

shareholders

..........................................

(42,905,759)

(97,336,032)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

61,235,033

67,323,579

Class

A1

............................................................

(82,930,702)

(202,647,193)

Class

C

.............................................................

(58,779,869)

(61,212,277)

Class

R6

............................................................

8,884,526

15,710,771

Advisor

Class

........................................................

5,449,524

14,145,907

Total

capital

share

transactions

............................................

(66,141,488)

(166,679,213)

Net

increase

(decrease)

in

net

assets

...................................

(88,680,127)

(67,261,353)

Net

assets:

Beginning

of

period

.....................................................

3,722,222,697

3,789,484,050

End

of

period

..........................................................

$3,633,542,570

$3,722,222,697

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

New

York

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers

five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

As

approved

by

the

Fund’s

Board

of

Trustees

(the

Board)

at

a

meeting

held

on

December

9,

2021,

the

Fund’s

fiscal

year-end

will

be

changed

to

February

28

effective

February

28,

2022.

This

will

result

in

the

Fund

having

a

fiscal

year

that

is

shorter

than

a

full

calendar

year

for

the

period

ended

February

28,

2022.

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE)

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's

Board,

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the

over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value. 

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

or

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

when-issued

or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

c.

Income

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

November

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

November

30,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

or

trustees

of

the

following

subsidiaries:

Six

Months

Ended

November

30,

2021

Year

Ended

May

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

...................................

7,406,937

$84,455,318

10,225,116

$115,157,298

Shares

issued

in

reinvestment

of

distributions

..........

353,441

4,011,049

658,208

7,411,579

Shares

redeemed

...............................

(2,397,320)

(27,231,334)

(4,909,448)

(55,245,298)

Net

increase

(decrease)

..........................

5,363,058

$61,235,033

5,973,876

$67,323,579

Class

A1

Shares:

Shares

sold

...................................

1,948,515

$22,188,636

4,477,108

$50,496,809

Shares

issued

in

reinvestment

of

distributions

..........

2,398,898

27,251,145

5,464,248

61,556,416

Shares

redeemed

...............................

(11,635,414)

(132,370,483)

(27,907,561)

(314,700,418)

Net

increase

(decrease)

..........................

(7,288,001)

$(82,930,702)

(17,966,205)

$(202,647,193)

Class

C

Shares:

Shares

sold

...................................

493,758

$5,610,841

1,647,201

$18,546,080

Shares

issued

in

reinvestment

of

distributions

..........

131,624

1,495,158

390,015

4,387,765

Shares

redeemed

a

..............................

(5,779,986)

(65,885,868)

(7,479,928)

(84,146,122)

Net

increase

(decrease)

..........................

(5,154,604)

$(58,779,869)

(5,442,712)

$(61,212,277)

Class

R6

Shares:

Shares

sold

...................................

1,432,773

$16,383,524

2,467,998

$27,856,052

Shares

issued

in

reinvestment

of

distributions

..........

96,757

1,100,718

192,893

2,176,401

Shares

redeemed

...............................

(755,751)

(8,599,716)

(1,269,455)

(14,321,682)

Net

increase

(decrease)

..........................

773,779

$8,884,526

1,391,436

$15,710,771

Advisor

Class

Shares:

Shares

sold

...................................

2,589,342

$29,518,071

5,912,957

$66,693,342

Shares

issued

in

reinvestment

of

distributions

..........

287,945

3,273,017

591,822

6,673,229

Shares

redeemed

...............................

(2,404,396)

(27,341,564)

(5,253,825)

(59,220,664)

Net

increase

(decrease)

..........................

472,891

$5,449,524

1,250,954

$14,145,907

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

November

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.454%

of

the

Fund’s

average

daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

and

A1

reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Class

C

....................................................................................

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$17,817

CDSC

retained

..............................................................................

$9,905

3.

Transactions

with

Affiliates

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

November

30,

2021,

the

Fund

paid

transfer

agent

fees

of

$1,364,373,

of

which

$595,923

was

retained

by

Investor

Services.

f.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

September

30,

2022.

g.

Interfund

Transactions

The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

November

30,

2021,

these

purchase

and

sale

transactions

aggregated

$74,131,108

and

$68,649,914,

respectively.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

November

30,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

May

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

November

30,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$82,631,244

Long

term

................................................................................

266,518,318

Total

capital

loss

carryforwards

...............................................................

$349,149,562

Cost

of

investments

..........................................................................

$3,330,572,443

Unrealized

appreciation

........................................................................

$309,996,795

Unrealized

depreciation

........................................................................

(3,691,944)

Net

unrealized

appreciation

(depreciation)

..........................................................

$306,304,851

3.

Transactions

with

Affiliates

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

November

30,

2021,

aggregated

$340,069,047

and

$360,147,250,

respectively.

7.

Concentration

of

Risk

The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

New

York

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Fund

to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

8.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

November

30,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

November

30,

2021,

all

of

the

Fund's

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

11.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

FGIC

Financial

Guaranty

Insurance

Co.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

10.

Fair

Value

Measurements

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Shareholder

Information

35

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Fund

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

1115

S

01/22

©

2022

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

New

York

Tax-Free

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

 Principal Accountant Fees and Services.            N/A

                      

Item 5. Audit Committee

of Listed Registrants.              N/A

Item 6.  Schedule of Investments.                           N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                     N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                                     N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.              N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

  Evaluation of Disclosure Controls and Procedures.  The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A

Item 13. Exhibits.

(a) (1) Code of Ethics

codeofethics

(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

section302

(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

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN NEW YORK TAX-FREE INCOME FUND

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date January 26, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date January 26, 2022

By S\Christopher Kings________________________

     Christopher Kings

     Chief Financial Officer, Chief Accounting Officer and Treasurer

Date January 26, 2022