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)

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

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/22

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

Semiannual

Report

and

Shareholder

Letter

Franklin

New

York

Tax-Free

Income

Fund

August

31,

2022

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

August

31,

2022,

the

U.S.

economy

contracted

in

2022’s

first

and

second

quarters

amid

declines

in

inventory

investment

and

federal

government

spending.

Consumer

spending

slowly

expanded,

helped

by

the

reopening

of

businesses,

widespread

vaccinations,

and

federal

assistance

programs.

Inflation

increased

during

the

six-month

period,

influenced

by

pandemic-related

supply-

chain

issues,

higher

energy

prices,

Russia’s

invasion

of

Ukraine

and

broader

price

pressures.

To

combat

high

inflation,

the

U.S.

Federal

Reserve

ended

monthly

asset

purchases

in

March

2022

and

raised

the

federal

funds

rate

by

0.25%

in

March,

0.50%

in

May,

and

by

0.75%

in

both

June

and

July,

for

a

total

of

2.25%,

increasing

the

rate

from

0.25%

to

2.50%

during

the

period.

The

Federal

Reserve

also

stated

its

intention

to

continue

reducing

its

U.S.

Treasury,

government

agency

debt

and

agency

mortgage-

backed

securities

holdings,

and

it

anticipated

that

ongoing

federal

funds

rate

increases

would

be

appropriate.

During

the

six-month

period

ended

August

31,

2022,

municipal

bonds,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

cumulative

total

return,

influenced

by

high

levels

of

fixed

income

market

volatility,

tighter

monetary

policy

and

risk-off

sentiment

that

led

to

outflows

from

municipals.

1

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

budget

surpluses

for

2022

as

federal

government

transfers

boosted

revenues.

Franklin

New

York

Tax-Free

Income

Fund’s

semiannual

report

includes

more

detail

about

municipal

bond

market

conditions

and

a

discussion

from

the

portfolio

managers.

In

addition,

on

our

website,

franklintempleton.com

,

you

can

find

updated

commentary

by

our

municipal

bond

team.

Municipal

bonds

provide

tax-free

income

and

diversification

from

equities.

Despite

periods

of

volatility,

municipal

bonds

historically

have

had

a

solid

long-term

record

of

performance,

driven

mostly

by

their

compounding

tax-free

income

component.

As

you

know,

all

securities

markets

fluctuate

in

value,

as

do

mutual

fund

share

prices.

As

always,

we

recommend

investors

consult

their

financial

professionals

for

up-to-date

advice

on

their

holdings.

In

a

constantly

changing

market

environment,

we

remain

committed

to

our

disciplined

strategy

as

we

manage

the

Fund,

keeping

in

mind

the

trust

you

have

placed

in

us.

We

appreciate

your

confidence

in

us

and

encourage

you

to

contact

us

or

your

financial

professional

when

you

have

questions

about

your

Franklin

tax-free

investment.

Sincerely,

Rupert

H.

Johnson,

Jr.

Chairman

Franklin

New

York

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

This

letter

reflects

our

analysis

and

opinions

as

of

August

31,

2022,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

New

York

Tax-Free

Income

Fund

3

Performance

Summary

5

Your

Fund’s

Expenses

7

Financial

Highlights

and

Schedule

of

Investments

8

Financial

Statements

24

Notes

to

Financial

Statements

28

Special

Meeting

of

Shareholders

37

Shareholder

Information

38

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

New

York

Tax-Free

Income

Fund

This

semiannual

report

for

Franklin

New

York

Tax-Free

Income

Fund

covers

the

period

ended

August

31,

2022.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

income

exempt

from

federal,

New

York

State

and

New

York

City

personal

income

taxes

as

is

consistent

with

prudent

investment

management

and

the

preservation

of

shareholders’

capital

by

normally

investing

at

least

80%

of

its

total

assets

in

securities

that

pay

interest

free

from

federal

income

taxes

and

New

York

State

personal

income

taxes.

1

As

a

non-fundamental

policy,

the

Fund

also

normally

invests

at

least

65%

of

its

total

assets

in

securities

that

pay

interest

free

from

New

York

City

personal

income

taxes.

1

The

Fund

only

buys

municipal

securities

rated,

at

the

time

of

purchase,

in

one

of

the

top

four

ratings

categories

by

one

or

more

U.S.

nationally

recognized

rating

services

(or

comparable

unrated

or

short-term

rated

securities).

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value,

decreased

from

$10.83

on

February

28,

2022,

to

$9.82

on

August

31,

2022.

The

Fund’s

Class

A

shares

paid

dividends

totaling

13.0580

cents

per

share

for

the

reporting

period.

2

The

Performance

Summary

beginning

on

page

5

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

2.60%

based

on

an

annualization

of

August’s

2.2097

cents

per

share

dividend

and

the

maximum

offering

price

of

$10.20

on

August

31,

2022.

An

investor

in

the

2022

maximum

combined

federal

and

New

York

State

and

City

personal

income

tax

bracket

of

55.58%

(including

3.80%

Medicare

tax)

would

need

to

earn

a

distribution

rate

of

5.85%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Municipal

Bond

Market

Overview

During

the

six

months

ending

August

31,

2022,

multi-decade

high

inflation

continued

throughout

much

of

the

period

as

a

strong

U.S.

job

market

and

ample

consumer

savings

pushed

demand

beyond

the

ability

of

businesses

to

increase

supply.

In

response,

the

U.S.

Federal

Reserve

(Fed)

began

increasing

short-term

interest

rates

at

a

pace

not

seen

since

the

1980s,

leading

U.S.

Treasury

(UST)

yields

to

move

much

higher

over

the

period.

Recessionary

concerns

began

to

emerge

as

the

market

debated

whether

the

Fed

could

engineer

a

soft

landing

that

would

bring

inflation

down

without

causing

a

severe

economic

contraction.

The

municipal

bond

(muni)

market

saw

one

of

its

worst

starts

to

a

new

year

in

2022.

High

levels

of

fixed

income

market

volatility,

a

general

risk-off

shift

in

sentiment,

and

poor

performance

caused

significant

year-to-date

outflows

from

muni

retail

vehicles,

leading

market

technical

conditions

to

worsen.

So

far

this

year,

net

issuance

has

been

limited

and

lags

well

behind

the

same

period

in

2021.

Fundamentals

remained

strong,

however,

with

many

issuers

reporting

surpluses

for

2022

as

federal

government

transfers

bolstered

revenues.

For

the

six-month

period,

U.S.

fixed

income

sectors

saw

mixed

performance

relative

to

equities,

as

measured

by

the

Standard

&

Poor’s

®

500

Index,

which

posted

a

-8.84%

total

return

for

the

period.

3

Investment-grade

munis,

as

measured

by

the

Bloomberg

Municipal

Bond

Index,

posted

a

-5.72%

total

return,

and

USTs,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

-7.63%

total

return.

3

In

contrast,

investment-grade

corporate

bonds,

as

measured

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

-9.41%

total

return.

3

1.

For

investors

subject

to

alternative

minimum

tax,

a

small

portion

of

Fund

dividends

may

be

taxable.

Distributions

of

capital

gains

are

generally

taxable.

To

avoid

the

impo-

sition

of

28%

backup

withholding

on

all

Fund

distributions

and

redemption

proceeds,

U.S.

investors

must

be

properly

certified

on

Form

W-9

and

non-U.S.

investors

on

Form

W-8BEN.

2.

The

distribution

amount

is

the

sum

of

all

estimated

tax-basis

net

investment

income

distributions

for

the

period

shown.

A

portion

or

all

of

the

distribution

may

be

reclassified

as

return

of

capital

or

short-term

or

long-term

capital

gains

once

final

tax

designations

are

known.

Assumes

shares

were

purchased

and

held

for

the

entire

accrual

period.

Since

dividends

accrue

daily,

your

actual

distributions

will

vary

depending

on

the

date

you

purchased

your

shares

and

any

account

activity.

All

Fund

distributions

will

vary

depending

upon

current

market

conditions,

and

past

distributions

are

not

indicative

of

future

trends.

3.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

13

.

Franklin

New

York

Tax-Free

Income

Fund

4

franklintempleton.com

Semiannual

Report

State

Update

During

the

six-month

period,

New

York’s

economy

continued

its

relatively

uneven

recovery

from

the

COVID-19-induced

economic

downturn.

New

York

City

was

hit

disproportionately

hard

by

the

pandemic,

and

the

state’s

economic

output

was

still

smaller

than

February

2020

levels.

New

York’s

unemployment

rate

began

the

period

at

4.9%

and

ended

at

4.7%,

compared

with

the

3.7%

national

rate.

Strong

financial

management,

federal

stimulus

aid

and

substantial

tax

collections

increased

New

York’s

resources

enough

to

project

budget

surpluses.

New

York’s

net

tax-supported

debt

was

moderately

high

at

$3,871

per

capita

and

5.1%

of

personal

income,

compared

with

the

$1,179

and

2.1%

national

medians,

respectively.

4

Independent

credit

rating

agency

Moody’s

Investors

Service

upgraded

its

rating

to

Aa1

from

Aa2

and

revised

the

outlook

to

stable

from

positive

on

New

York’s

general

obligation

debt

in

April

2022.

5

Moody’s

rating

reflected

its

view

of

the

state’s

large

and

diverse

economy,

sound

fund

balance

and

liquidity,

and

moderate

leverage.

The

rating

also

incorporates

the

risks

associated

with

the

state-run

Metropolitan

Transit

Authority

and

uncertainties

regarding

the

recovery

of

New

York

City,

key

to

the

state’s

economy.

Moody’s

revision

of

its

outlook

to

stable

from

positive

reflects

the

resources

and

budget

management

tools

available

to

the

state

to

align

spending.

*Does

not

include

cash

and

cash

equivalents.

Investment

Strategy

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments

and

typically

invest

with

a

long-term

time

horizon.

This

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Manager’s

Discussion

The

combination

of

our

value-oriented

philosophy

of

investing

primarily

for

income

and

a

positive-sloping

municipal

yield

curve,

in

which

interest

rates

for

longer-term

bonds

are

higher

than

those

for

shorter-term

bonds,

led

us

to

favor

longer-term

bonds

during

the

reporting

period.

Consistent

with

our

strategy,

we

sought

to

remain

close

to

fully

invested

in

bonds

ranging

from

20

to

30

years

in

maturity

with

good

call

features.

In

line

with

our

relative

value

investment

strategy,

and

to

further

reduce

volatility,

we

avoided

derivative

securities

and

other

investment

vehicles

designed

to

leverage

the

portfolio.

During

the

period,

the

Fund

had

no

exposure

to

inverse

floaters

or

any

other

form

of

leverage.

We

believe

our

conservative,

buy-and-hold

investment

strategy

can

help

us

achieve

high,

current,

tax-

free

income

for

shareholders.

Thank

you

for

your

continued

participation

in

Franklin

New

York

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2022,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/22

%

of

Total

Investments*

Special

Tax

21.28%

Transportation

17.46%

Utilities

14.55%

Education

9.85%

Housing

8.36%

Industrial

Dev.

Revenue

and

Pollution

Control

7.76%

Health

Care

6.42%

Local

6.33%

Lease

3.28%

Other

Revenue

Bonds

2.91%

Refunded

1.35%

State

General

Obligation

0.45%

4.

Source:

Moody’s

Investors

Service,

States

–

U.S.:

Debt,

pension

and

OPEB

liabilities

all

up

in

fiscal

2021

,

9/7/22.

5.

This

does

not

indicate

Moody’s

rating

of

the

Fund.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Performance

Summary

as

of

August

31,

2022

Franklin

New

York

Tax-Free

Income

Fund

5

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/22

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

-8.14%

-11.59%

1-Year

-11.78%

-15.09%

5-Year

+0.65%

-0.63%

10-Year

+10.89%

+0.65%

Advisor

6-Month

-7.93%

-7.93%

1-Year

-11.46%

-11.46%

5-Year

+1.85%

+0.37%

10-Year

+12.83%

+1.21%

Share

Class

Distribution

Rate

5

Taxable

Equivalent

Distribution

Rate

6

30-Day

Standardized

Yield

7

Taxable

Equivalent

30-Day

Standardized

Yield

6

A

2.60%

5.85%

2.74%

6.17%

Advisor

2.95%

6.64%

3.10%

6.98%

See

page

6

for

Performance

Summary

footnotes.

Franklin

New

York

Tax-Free

Income

Fund

Performance

Summary

6

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Because

municipal

bonds

are

sensitive

to

interest-rate

movements,

the

Fund’s

yield

and

share

price

will

fluctuate

with

market

conditions.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Because

the

Fund

invests

principally

in

a

single

state,

it

is

subject

to

greater

risk

of

adverse

economic

and

regulatory

changes

in

that

state

than

a

geographically

diversified

fund.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

The

Fund

may

invest

a

significant

part

of

its

assets

in

municipal

securities

that

finance

similar

types

of

projects,

such

as

utilities,

hospitals,

higher

education

and

transportation.

A

change

that

affects

one

project

would

likely

affect

all

similar

projects,

thereby

increasing

market

risk.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

environmental,

social

and

governance

(ESG)

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

August’s

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

8/31/22.

6.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

6/20/22

for

the

maximum

combined

effective

federal

and

New

York

state

and

City

personal

income

tax

rate

of

55.58%,

based

on

the

federal

income

tax

rate

of

37.00%

plus

3.80%

Medicare

tax.

7.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

8.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(3/1/22–8/31/22)

Share

Class

Net

Investment

Income

A

$0.130580

A1

$0.138222

C

$0.110178

R6

$0.146026

Advisor

$0.143324

Total

Annual

Operating

Expenses

8

Share

Class

A

0.82%

Advisor

0.57%

Your

Fund’s

Expenses

Franklin

New

York

Tax-Free

Income

Fund

7

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements,

for

Class

R6.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/22

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

Ending

Account

Value

8/31/22

Expenses

Paid

During

Period

3/1/22–8/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$918.60

$3.85

$1,021.19

$4.06

0.80%

A1

$1,000

$919.30

$3.12

$1,021.95

$3.29

0.65%

C

$1,000

$917.60

$5.78

$1,019.18

$6.09

1.20%

R6

$1,000

$920.10

$2.38

$1,022.72

$2.51

0.49%

Advisor

$1,000

$920.70

$2.64

$1,022.45

$2.78

0.55%

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

Year

Ended

May

31,

2019

b

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.83

$11.38

$11.09

$11.10

$10.75

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.13

0.19

0.28

0.29

0.24

Net

realized

and

unrealized

gains

(losses)

...........

(1.01)

(0.55)

0.29

(0.01)

0.34

Total

from

investment

operations

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

(0.88)

(0.36)

0.57

0.28

0.58

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.19)

(0.28)

(0.29)

(0.23)

Net

asset

value,

end

of

period

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

$9.82

$10.83

$11.38

$11.09

$11.10

Total

return

e

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

(8.14)%

(3.25)%

5.15%

2.51%

5.46%

Ratios

to

average

net

assets

f

Expenses

g

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

0.80%

0.82%

0.78%

0.78%

0.78%

Net

investment

income

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

2.60%

2.21%

2.48%

2.59%

3.09%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$358,416

$409,409

$367,358

$291,562

$177,982

Portfolio

turnover

rate

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

9.14%

11.94%

12.15%

21.27%

19.78%

a

For

the

period

June

1,

2021

to

February

28,

2022.

b

For

the

period

September

10,

2018

(effective

date)

to

May

31,

2019.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.84

$11.39

$11.10

$11.10

$10.86

$11.20

$11.54

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.14

0.20

0.30

0.31

0.35

0.37

0.39

Net

realized

and

unrealized

gains

(losses)

(1.01)

(0.55)

0.28

(0.01)

0.25

(0.34)

(0.33)

Total

from

investment

operations

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

(0.87)

(0.35)

0.58

0.30

0.60

0.03

0.06

Less

distributions

from:

Net

investment

income

..

(0.14)

(0.20)

(0.29)

(0.30)

(0.36)

(0.37)

(0.40)

Net

asset

value,

end

of

period

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

$9.83

$10.84

$11.39

$11.10

$11.10

$10.86

$11.20

Total

return

d

...........

(8.07)%

(3.13)%

5.31%

2.75%

5.67%

0.26%

0.52%

Ratios

to

average

net

assets

e

Expenses

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

0.65%

f

0.67%

f

0.63%

f

0.63%

f

0.63%

f

0.64%

0.61%

Net

investment

income

...

2.75%

2.36%

2.63%

2.74%

3.24%

3.33%

3.45%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$2,143,110

$2,514,275

$2,775,454

$2,902,606

$3,192,168

$3,421,773

$3,892,131

Portfolio

turnover

rate

....

9.14%

11.94%

12.15%

21.27%

19.78%

10.58%

17.44%

a

For

the

period

June

1,

2021

to

February

28,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.82

$11.38

$11.08

$11.09

$10.85

$11.19

$11.52

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.11

0.15

0.24

0.24

0.29

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

(1.00)

(0.56)

0.29

(0.01)

0.25

(0.34)

(0.33)

Total

from

investment

operations

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

(0.89)

(0.41)

0.53

0.23

0.54

(0.03)

—

Less

distributions

from:

Net

investment

income

..

(0.11)

(0.15)

(0.23)

(0.24)

(0.30)

(0.31)

(0.33)

Net

asset

value,

end

of

period

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

$9.82

$10.82

$11.38

$11.08

$11.09

$10.85

$11.19

Total

return

d

...........

(8.24)%

(3.62)%

4.83%

2.10%

5.10%

(0.31)%

0.04%

Ratios

to

average

net

assets

e

Expenses

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

1.20%

f

1.22%

f

1.18%

f

1.18%

f

1.18%

f

1.19%

1.16%

Net

investment

income

...

2.20%

1.82%

2.10%

2.19%

2.69%

2.78%

2.90%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$101,454

$129,772

$202,215

$257,275

$332,093

$506,155

$614,981

Portfolio

turnover

rate

....

9.14%

11.94%

12.15%

21.27%

19.78%

10.58%

17.44%

a

For

the

period

June

1,

2021

to

February

28,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

Year

Ended

May

31,

2018

b

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.85

$11.41

$11.11

$11.12

$10.88

$11.15

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.15

0.21

0.31

0.32

0.36

0.33

Net

realized

and

unrealized

gains

(losses)

(1.01)

(0.55)

0.30

(0.01)

0.25

(0.32)

Total

from

investment

operations

........

(0.86)

(0.34)

0.61

0.31

0.61

0.01

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.22)

(0.31)

(0.32)

(0.37)

(0.28)

Net

asset

value,

end

of

period

..........

$9.84

$10.85

$11.41

$11.11

$11.12

$10.88

Total

return

e

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

(7.99)%

(3.10)%

5.54%

2.80%

5.80%

0.13%

Ratios

to

average

net

assets

f

Expenses

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

0.49%

g

0.50%

g

0.50%

g

0.50%

g

0.50%

g,h

0.50%

h

Net

investment

income

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

2.90%

2.52%

2.76%

2.87%

3.37%

3.47%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$86,934

$97,268

$89,785

$71,991

$62,689

$60,363

Portfolio

turnover

rate

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

9.14%

11.94%

12.15%

21.27%

19.78%

10.58%

a

For

the

period

June

1,

2021

to

February

28,

2022.

b

For

the

period

August

1,

2017

(effective

date)

to

May

31,

2018.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.84

$11.40

$11.10

$11.11

$10.87

$11.21

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.15

0.21

0.31

0.32

0.36

0.38

0.40

Net

realized

and

unrealized

gains

(losses)

(1.01)

(0.56)

0.29

(0.02)

0.25

(0.34)

(0.33)

Total

from

investment

operations

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

(0.86)

(0.35)

0.60

0.30

0.61

0.04

0.07

Less

distributions

from:

Net

investment

income

..

(0.14)

(0.21)

(0.30)

(0.31)

(0.37)

(0.38)

(0.41)

Net

asset

value,

end

of

period

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

$9.84

$10.84

$11.40

$11.10

$11.11

$10.87

$11.21

Total

return

d

...........

(7.93)%

(3.15)%

5.50%

2.76%

5.77%

0.35%

0.61%

Ratios

to

average

net

assets

e

Expenses

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

0.55%

f

0.57%

f

0.53%

f

0.53%

f

0.53%

f

0.54%

0.51%

Net

investment

income

...

2.85%

2.46%

2.73%

2.84%

3.34%

3.43%

3.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$249,991

$277,600

$287,411

$266,050

$220,727

$240,101

$312,544

Portfolio

turnover

rate

....

9.14%

11.94%

12.15%

21.27%

19.78%

10.58%

17.44%

a

For

the

period

June

1,

2021

to

February

28,

2022.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

August

31,

2022

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.1%

Software

0.1%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

2,900,000

$

2,900,000

Total

Corporate

Bonds

(Cost

$2,900,000)

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

2,900,000

Municipal

Bonds

99.1%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

5,800,000

5,019,850

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

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

18,760,000

16,494,542

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-2,

5.5%,

12/01/30

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

3,020,000

2,697,736

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

3,990,000

2,822,526

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

15,500,000

13,167,250

35,182,054

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

11,550,000

9,327,754

Illinois

1.1%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2020

A,

Refunding,

5%,

6/15/50

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

5,160,000

5,267,784

Revenue,

2022

A,

Refunding,

4%,

12/15/42

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

6,970,000

6,367,146

Revenue,

2022

A,

Refunding,

4%,

6/15/52

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

10,310,000

8,965,272

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

5,000,000

4,981,918

GO,

2016,

5%,

11/01/34

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

1,660,000

1,720,878

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,222,392

GO,

2021

A,

5%,

3/01/33

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

2,500,000

2,684,558

GO,

2021

A,

4%,

3/01/39

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

2,700,000

2,525,878

33,735,826

Kentucky

0.2%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

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

7,600,000

5,203,357

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

...

1,500,000

1,357,525

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/40

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

1,250,000

1,315,167

Revenue,

2020

AA,

4%,

6/15/45

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

5,000,000

4,602,561

Revenue,

2021

A,

Refunding,

5%,

6/15/31

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

2,000,000

2,221,415

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,250,000

1,364,095

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

1,500,000

1,465,450

12,326,213

New

York

92.1%

Albany

Capital

Resource

Corp.

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

4

%

,

11/01/51

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

2,000,000

1,839,004

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

16,130,000

17,701,385

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

1,500,000

1,374,505

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

8,000,000

7,014,767

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/36

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

$

1,600,000

$

1,428,248

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

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

1,530,000

1,306,191

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/47

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

1,160,000

946,123

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/45

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

7,045,000

5,280,574

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5.25%,

7/01/35

.......

1,000,000

1,014,343

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5%,

7/01/40

.........

1,000,000

936,023

D'Youville

College,

Revenue,

2020

A,

Refunding,

4%,

11/01/50

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

2,500,000

2,300,156

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School,

Revenue,

2021,

4%,

6/15/36

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

400,000

370,972

Grand

Concourse

Acadmey

Charter

School,

Revenue,

2022

A,

5%,

7/01/42

......

600,000

609,192

Grand

Concourse

Acadmey

Charter

School,

Revenue,

2022

A,

5%,

7/01/52

......

725,000

727,597

Grand

Concourse

Acadmey

Charter

School,

Revenue,

2022

A,

5%,

7/01/56

......

570,000

562,337

City

of

Long

Beach

,

GO

,

2022

B

,

BAM

Insured

,

5.25

%

,

7/15/42

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

1,010,000

1,073,966

City

of

New

Rochelle

,

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/40

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

1,250,000

1,281,696

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

1,425,000

1,451,661

City

of

New

York

,

GO,

2002

D,

5.5%,

6/01/24

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

145,000

145,440

GO,

2014

J,

Refunding,

5%,

8/01/32

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

10,000,000

10,431,155

GO,

2015

C,

Refunding,

5%,

8/01/29

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

20,640,000

21,741,241

GO,

2015

C,

Refunding,

5%,

8/01/31

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

10,000,000

10,509,594

GO,

2015

C,

Refunding,

5%,

8/01/32

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

4,000,000

4,199,057

GO,

2015

C,

Refunding,

5%,

8/01/33

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

3,000,000

3,145,713

GO,

2015

C,

Refunding,

5%,

8/01/34

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

1,500,000

1,571,069

GO,

2017

B,

5%,

12/01/41

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

7,000,000

7,473,883

GO,

2018

B-1,

5%,

10/01/38

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

6,250,000

6,727,444

GO,

2018

E-1,

5%,

3/01/39

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

16,210,000

17,336,212

GO,

2018

E-1,

5%,

3/01/40

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

7,500,000

8,007,561

GO,

2018

E-1,

5%,

3/01/44

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

12,500,000

13,259,363

GO,

2018

F-1,

5%,

4/01/40

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

6,830,000

7,298,347

GO,

2018

F-1,

5%,

4/01/45

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

10,000,000

10,603,818

GO,

2019

D-1,

4%,

12/01/43

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

10,000,000

9,614,894

GO,

2019

D-1,

5%,

12/01/44

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

10,000,000

10,680,558

GO,

2021

C,

4%,

8/01/41

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

3,000,000

2,923,085

GO,

2022

D-1,

5.25%,

5/01/41

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

1,500,000

1,668,756

c

GO,

2023

A-1,

4%,

9/01/46

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

5,000,000

4,781,599

County

of

Nassau

,

GO

,

2013

C

,

AGMC

Insured

,

5

%

,

4/01/43

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

26,665,000

27,000,448

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/32

......

175,000

188,376

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/33

......

185,000

198,213

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/34

......

250,000

266,554

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/35

......

200,000

193,540

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/36

......

200,000

192,512

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/37

......

250,000

238,952

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/38

......

250,000

237,258

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/39

......

100,000

94,298

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/40

......

100,000

93,666

Health

Quest

Systems

Obligated

Group,

Revenue,

2016

B,

5%,

7/01/31

.........

10,550,000

11,033,834

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/44

.....

1,900,000

1,697,050

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/49

.....

4,425,000

3,867,394

Vassar

College,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

5,000,000

5,237,004

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Dutchess

County

Local

Development

Corp.,

(continued)

Vassar

College,

Revenue,

2017,

Refunding,

4%,

7/01/46

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

$

5,715,000

$

5,363,791

Genesee

County

Funding

Corp.

(The)

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

12/01/52

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

4,250,000

4,370,727

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

1,250,000

1,308,691

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/47

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

5,250,000

5,479,980

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

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

575,000

545,006

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

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

715,000

673,045

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

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

625,000

584,307

Hofstra

University,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

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

3,000,000

2,085,434

Hudson

Yards

Infrastructure

Corp.

,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

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

20,000,000

21,148,638

Revenue,

2017

A,

Refunding,

5%,

2/15/45

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

15,000,000

15,825,801

Revenue,

2017

A,

Refunding,

AGMC

Insured,

4%,

2/15/47

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

13,680,000

13,115,503

Long

Island

Power

Authority

,

Revenue,

2012

A,

Refunding,

5%,

9/01/42

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

500,000

500,304

Revenue,

2014

A,

Refunding,

5%,

9/01/44

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

5,000,000

5,177,044

Revenue,

2016

B,

Refunding,

5%,

9/01/36

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

5,000,000

5,398,381

Revenue,

2016

B,

Refunding,

5%,

9/01/41

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

10,000,000

10,734,188

Revenue,

2016

B,

Refunding,

5%,

9/01/46

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

18,000,000

19,209,679

Revenue,

2018,

5%,

9/01/39

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

5,000,000

5,443,229

Revenue,

2019

A,

4%,

9/01/37

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

19,550,000

19,590,551

Revenue,

2020

A,

Refunding,

5%,

9/01/38

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

1,500,000

1,655,592

Revenue,

2021

A,

Refunding,

4%,

9/01/41

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

2,030,000

1,902,924

Revenue,

2022

A,

Refunding,

5%,

9/01/44

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

3,000,000

3,256,491

Metropolitan

Transportation

Authority

,

Revenue,

2003

A,

AGMC

Insured,

5.5%,

11/15/23

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

7,460,000

7,745,580

Revenue,

2012

C,

Refunding,

5%,

11/15/31

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

10,000,000

10,050,212

Revenue,

2012

C,

5%,

11/15/41

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

10,670,000

10,711,833

Revenue,

2013

A,

5%,

11/15/38

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

7,280,000

7,329,832

Revenue,

2013

D,

5%,

11/15/43

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

10,000,000

10,096,042

Revenue,

2014

B,

5.25%,

11/15/35

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

4,000,000

4,112,479

Revenue,

2015

A-1,

5%,

11/15/45

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

10,000,000

10,190,913

Revenue,

2015

C-1,

Refunding,

5%,

11/15/35

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

5,000,000

5,179,631

Revenue,

2016

B,

Refunding,

5%,

11/15/33

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

6,000,000

6,259,544

Revenue,

2016

B,

Refunding,

5%,

11/15/35

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

4,000,000

4,162,005

Revenue,

2016

B,

Refunding,

5%,

11/15/37

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

18,500,000

19,176,712

Revenue,

2016

D,

Refunding,

5%,

11/15/30

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

10,305,000

10,842,354

Revenue,

2017

A-1,

Refunding,

5%,

11/15/51

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

2,505,000

2,595,343

Revenue,

2017

C-1,

Refunding,

5%,

11/15/30

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

6,215,000

6,607,807

Revenue,

2017

D,

Refunding,

4%,

11/15/42

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

20,000,000

18,340,072

Revenue,

2017

D,

Refunding,

4%,

11/15/46

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

5,000,000

4,474,434

Revenue,

2019

C,

AGMC

Insured,

4%,

11/15/45

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

8,000,000

7,674,007

Revenue,

2020

A-1,

5%,

11/15/48

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

10,000,000

10,233,953

Revenue,

2020

C-1,

5%,

11/15/50

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

3,000,000

3,065,116

Revenue,

2021

A-2,

4%,

11/15/42

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

5,000,000

4,651,800

Dedicated

Tax

Fund,

Revenue,

2016

B-2,

Refunding,

5%,

11/15/39

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

4,775,000

5,107,854

Dedicated

Tax

Fund,

Revenue,

2017

A,

5%,

11/15/47

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

30,375,000

32,261,045

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/35

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

6,000,000

6,563,604

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/42

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

5,000,000

5,362,584

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/47

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

13,505,000

14,394,138

Monroe

County

Industrial

Development

Corp.

,

Rochester

General

Hospital

(The),

Revenue,

2017,

5%,

12/01/46

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

17,000,000

17,284,130

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,100,000

1,033,086

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Monroe

County

Industrial

Development

Corp.,

(continued)

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/46

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

$

8,560,000

$

7,328,499

b

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/59

.

2,345,000

2,308,662

University

of

Rochester,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

..........

6,350,000

6,491,101

University

of

Rochester,

Revenue,

2013

B,

Pre-Refunded,

5%,

7/01/43

.........

5,000,000

5,111,104

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

3,275,000

3,464,571

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/32

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

2,000,000

2,105,176

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/37

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

1,780,000

1,864,236

University

of

Rochester,

Revenue,

2017

C,

Refunding,

4%,

7/01/43

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

22,895,000

21,848,344

University

of

Rochester,

Revenue,

2017

D,

Refunding,

4%,

7/01/43

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

21,550,000

20,564,831

New

York

City

Health

and

Hospitals

Corp.

,

Revenue,

2020

A,

Refunding,

5%,

2/15/31

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

610,000

703,421

Revenue,

2020

A,

Refunding,

5%,

2/15/32

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

635,000

714,081

Revenue,

2020

A,

Refunding,

5%,

2/15/33

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

675,000

752,102

Revenue,

2020

A,

Refunding,

5%,

2/15/34

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

460,000

508,216

Revenue,

2020

A,

Refunding,

5%,

2/15/35

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

495,000

542,981

Revenue,

2020

A,

Refunding,

5%,

2/15/36

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

520,000

567,056

Revenue,

2020

A,

Refunding,

5%,

2/15/37

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

325,000

352,998

Revenue,

2020

A,

Refunding,

5%,

2/15/38

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

345,000

372,314

Revenue,

2020

A,

Refunding,

5%,

2/15/39

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

900,000

968,955

Revenue,

2020

A,

Refunding,

5%,

2/15/40

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

790,000

848,467

Revenue,

2020

A,

Refunding,

3%,

2/15/45

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

1,250,000

980,005

Revenue,

2020

A,

Refunding,

4%,

2/15/45

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

1,800,000

1,723,009

Revenue,

2020

A,

Refunding,

4%,

2/15/48

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

880,000

816,149

New

York

City

Housing

Development

Corp.

,

Revenue,

2018

K,

4%,

11/01/48

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

46,525,000

42,216,306

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

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

9,890,000

7,946,724

Revenue,

2019

J,

3%,

11/01/44

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

5,000,000

4,017,555

Revenue,

2020

C,

FNMA

Insured,

2.75%,

2/01/51

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

10,000,000

7,029,267

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

5,000,000

3,733,172

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/49

..

10,000,000

7,414,129

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2017

AA,

4%,

6/15/46

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

24,290,000

23,347,237

Water

&

Sewer

System,

Revenue,

2017

DD,

5%,

6/15/47

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

33,800,000

35,760,390

Water

&

Sewer

System,

Revenue,

2018

BB-1,

5%,

6/15/46

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

20,875,000

22,109,788

Water

&

Sewer

System,

Revenue,

2018

CC-1,

5%,

6/15/48

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

38,475,000

40,678,175

Water

&

Sewer

System,

Revenue,

2018

FF,

Refunding,

5%,

6/15/40

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

15,000,000

16,249,537

Water

&

Sewer

System,

Revenue,

2019

DD-1,

5%,

6/15/49

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

27,825,000

29,733,013

Water

&

Sewer

System,

Revenue,

2020

AA,

Refunding,

5%,

6/15/40

...........

10,000,000

10,895,829

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/43

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

5,230,000

5,597,652

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/45

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

17,000,000

18,147,560

Building

Aid,

Revenue,

2019

S-2A,

Refunding,

5%,

7/15/34

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

4,235,000

4,658,702

Building

Aid,

Revenue,

2019

S-3A,

Refunding,

5%,

7/15/37

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

10,425,000

11,283,070

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/41

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

8,465,000

8,186,095

Building

Aid,

Revenue,

2020

S-1B,

4%,

7/15/41

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

2,465,000

2,383,783

Future

Tax

Secured,

Revenue,

2013

I,

5%,

5/01/42

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

45,000,000

45,615,834

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/38

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

17,000,000

17,493,134

Future

Tax

Secured,

Revenue,

2015

A-1,

5%,

8/01/34

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

5,115,000

5,321,912

Future

Tax

Secured,

Revenue,

2015

B,

5%,

8/01/34

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

5,000,000

5,202,260

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/34

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

10,000,000

10,507,202

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/35

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

10,000,000

10,504,811

Future

Tax

Secured,

Revenue,

2017

A-1,

5%,

5/01/40

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

13,415,000

14,165,592

Future

Tax

Secured,

Revenue,

2017

C,

Refunding,

5%,

11/01/33

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

6,500,000

7,054,622

Future

Tax

Secured,

Revenue,

2017

F-1,

5%,

5/01/42

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

4,340,000

4,619,173

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

City

Transitional

Finance

Authority,

(continued)

Future

Tax

Secured,

Revenue,

2018

A-3,

5%,

8/01/40

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

$

3,270,000

$

3,506,237

Future

Tax

Secured,

Revenue,

2018

A-3,

4%,

8/01/43

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

5,645,000

5,399,633

Future

Tax

Secured,

Revenue,

2018

B-1,

5%,

8/01/45

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

17,500,000

18,554,433

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/42

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

7,410,000

7,133,490

Future

Tax

Secured,

Revenue,

2019

A-1,

5%,

8/01/42

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

5,000,000

5,391,193

Future

Tax

Secured,

Revenue,

2020

B-1,

4%,

11/01/41

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

7,205,000

6,966,023

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/34

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

5,000,000

5,049,624

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

11/15/46

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

5,000,000

5,187,883

New

York

Liberty

Development

Corp.

,

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

18,000,000

12,830,879

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

86,360,000

96,621,485

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

27,000,000

30,993,484

Port

Authority

of

New

York

&

New

Jersey,

Revenue,

2021,

Refunding,

3%,

2/15/42

.

5,000,000

4,129,430

New

York

State

Dormitory

Authority

,

Revenue,

2008

A-1,

5%,

6/01/38

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

3,970,000

3,979,086

Revenue,

2009

A,

AGMC

Insured,

5.625%,

10/01/29

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

300,000

300,836

Revenue,

2009

C,

AGMC

Insured,

5%,

10/01/31

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

45,000

45,101

Revenue,

2009

C,

AGMC

Insured,

5.125%,

10/01/36

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

60,000

60,143

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/22

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

395,000

395,894

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/24

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

710,000

711,625

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/37

1,705,000

1,450,761

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

2,200,000

1,843,147

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/39

1,305,000

1,081,946

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/40

1,300,000

1,066,591

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/41

2,100,000

1,953,546

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/45

5,835,000

4,563,821

Educational

Housing

Services,

Inc.,

Revenue,

2005,

AMBAC

Insured,

5.25%,

7/01/30

5,150,000

5,445,089

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/26

...

6,105,000

6,374,474

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/34

...

13,220,000

13,686,665

Fordham

University,

Revenue,

2020,

4%,

7/01/50

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

4,500,000

4,080,183

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

12/01/45

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

1,000,000

996,005

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

12/01/32

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

500,000

510,431

Iona

College,

Revenue,

2021

A,

5%,

7/01/46

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

375,000

390,714

Iona

College,

Revenue,

2021

A,

5%,

7/01/51

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

1,100,000

1,141,034

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/31

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

325,000

356,735

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/32

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

300,000

328,904

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/37

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

225,000

240,886

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/42

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

275,000

290,007

Memorial

Sloan-Kettering

Cancer

Center,

Revenue,

2017-1,

Refunding,

4%,

7/01/47

5,000,000

4,755,623

Montefiore

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/01/30

.........

1,070,000

1,106,840

Montefiore

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/01/31

.........

525,000

541,481

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

.........

1,800,000

1,878,933

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/45

.........

10,900,000

9,249,632

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/50

.........

1,370,000

1,124,876

New

School

(The),

Revenue,

2015

A,

5%,

7/01/40

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

5,120,000

5,234,692

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

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

380,000

406,274

New

School

(The),

Revenue,

2015

A,

5%,

7/01/45

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

8,725,000

8,862,660

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

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

660,000

705,633

New

School

(The),

Revenue,

2022

A,

Refunding,

4%,

7/01/47

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

4,000,000

3,504,420

New

York

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

5,000,000

5,233,857

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

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

5,000,000

5,403,919

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/40

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

6,745,000

7,265,064

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/43

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

3,000,000

3,216,526

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

New

York

University,

Revenue,

2019

A,

4%,

7/01/45

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

$

3,415,000

$

3,231,733

New

York

University,

Revenue,

2019

A,

5%,

7/01/49

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

50,000,000

53,943,520

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

....

11,000,000

11,450,498

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/27

2,025,000

2,108,147

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/30

1,000,000

1,037,013

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/32

1,000,000

1,034,152

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/34

7,250,000

7,476,266

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

3%,

7/01/48

.......

4,000,000

2,909,406

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/50

.......

20,420,000

18,714,709

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/53

.......

25,280,000

23,090,959

Rochester

Institute

of

Technology,

Revenue,

2019

A,

5%,

7/01/49

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

3,500,000

3,691,654

Rockefeller

University

(The),

Revenue,

2019

B,

5%,

7/01/50

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

6,500,000

6,979,864

Rockefeller

University

(The),

Revenue,

2020

A,

Refunding,

5%,

7/01/53

.........

10,000,000

10,761,322

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/29

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

1,375,000

1,442,752

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

1,675,000

1,754,193

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/31

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

3,700,000

3,866,106

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/34

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

2,000,000

2,070,907

St.

John's

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/48

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

6,250,000

5,673,733

St.

Joseph's

College,

Revenue,

2021,

4%,

7/01/40

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

225,000

209,441

St.

Joseph's

College,

Revenue,

2021,

5%,

7/01/51

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

725,000

746,586

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/41

.........

4,000,000

4,256,827

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/42

.........

1,950,000

2,072,970

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/43

.........

8,450,000

8,950,705

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/37

.........

5,000,000

5,353,807

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

5,000,000

5,342,481

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/39

.........

8,940,000

9,531,691

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Pre-Refunded,

5%,

2/15/39

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

5,000

5,539

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/40

.........

9,415,000

10,073,644

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/40

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

10,000

11,190

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/41

.........

12,410,000

13,246,918

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/41

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

15,000

16,785

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/43

.........

4,590,000

4,881,732

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/43

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

5,000

5,595

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

4%,

2/15/46

.........

19,995,000

18,998,085

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

4%,

2/15/46

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

5,000

5,356

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Refunding,

5%,

3/15/45

10,000,000

10,770,901

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/44

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

37,250,000

38,288,977

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/40

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

12,640,000

13,376,794

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/41

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

10,520,000

11,117,540

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/34

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

10,000,000

10,709,197

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/35

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

24,545,000

26,199,274

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/36

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

31,550,000

33,565,704

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/41

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

10,000,000

10,665,258

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/42

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

10,000,000

10,640,251

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/42

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

6,235,000

6,659,096

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/46

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

25,000,000

23,822,028

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/48

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

10,000,000

9,474,026

State

of

New

York

Sales

Tax,

Revenue,

2018

C,

Refunding,

4%,

3/15/44

........

5,310,000

5,090,383

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/37

........

15,340,000

16,652,751

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/35

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

2,000,000

2,157,973

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

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

$

1,500,000

$

1,614,817

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

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

2,000,000

2,148,858

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

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

1,000,000

1,071,984

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

5%,

7/01/42

..

2,970,000

3,156,460

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Pre-Refunded,

5%,

7/01/42

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

780,000

870,659

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Pre-Refunded,

5%,

7/01/46

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

4,000,000

4,464,921

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2018

A,

5%,

7/01/43

..

4,300,000

4,687,634

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2018

A,

5%,

7/01/48

..

7,950,000

8,651,129

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2018

A,

Pre-Refunded,

5%,

7/01/48

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

5,975,000

6,788,918

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2019

A,

3%,

7/01/42

..

4,165,000

3,367,547

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2019

A,

4%,

7/01/43

..

1,200,000

1,153,109

Teachers

College,

Revenue,

2022,

Refunding,

4%,

7/01/46

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

6,175,000

5,596,776

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System,

Revenue,

2013

A,

5%,

6/15/31

..........

5,000,000

5,101,052

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/15/46

28,360,000

30,268,668

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/42

........

8,355,000

8,958,660

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/47

........

12,345,000

13,169,220

State

of

New

York

State

Revolving

Fund,

Revenue,

2018

B,

5%,

6/15/48

........

7,500,000

8,140,383

State

of

New

York

State

Revolving

Fund,

Revenue,

2019

A,

5%,

2/15/49

........

5,000,000

5,429,456

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45

%

,

11/01/50

......

3,000,000

1,957,692

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/41

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

12,000,000

11,499,604

Revenue,

2019

B,

3%,

1/01/46

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

4,200,000

3,231,708

Revenue,

2019

B,

4%,

1/01/50

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

20,000,000

18,551,920

Revenue,

2019

B,

4%,

1/01/53

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

15,000,000

13,770,582

Revenue,

L,

Refunding,

5%,

1/01/34

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

2,600,000

2,833,587

Revenue,

L,

Refunding,

5%,

1/01/35

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

3,000,000

3,257,758

Revenue,

N,

4%,

1/01/46

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

10,000,000

9,463,195

Revenue,

Junior

Lien,

2016

A,

5%,

1/01/46

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

25,000,000

26,080,203

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

3/15/38

15,000,000

16,156,632

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

C,

Refunding,

5%,

3/15/42

8,400,000

9,016,232

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

5%,

3/15/42

.........

10,000,000

10,774,536

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4%,

10/01/30

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

12,400,000

12,233,162

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

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

3,805,000

3,967,555

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

5,000,000

5,150,153

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4.375%,

10/01/45

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

26,500,000

24,589,520

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/41

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

2,130,000

1,926,743

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/46

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

6,000,000

5,231,419

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

4/30/53

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

19,875,000

16,847,070

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

209,079

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/37

...

350,000

365,142

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/38

...

300,000

277,543

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/39

...

400,000

367,324

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/40

...

2,555,000

2,328,305

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/42

...

910,000

813,902

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/34

...

2,000,000

2,142,344

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/36

...

2,000,000

2,132,203

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/39

...

8,010,000

7,518,165

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/40

...

$

6,225,000

$

5,824,681

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/41

...

10,300,000

9,559,985

JFK

International

Air

Terminal

LLC,

Revenue,

2022,

5%,

12/01/42

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

6,000,000

6,212,638

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

12/01/51

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

4,000,000

3,574,949

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/38

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

200,000

189,806

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/41

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

245,000

227,934

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/46

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

460,000

477,911

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/51

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

820,000

848,774

Le

Moyne

College,

Revenue,

2022,

Refunding,

5%,

7/01/32

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

725,000

784,347

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/34

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

315,000

306,637

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/36

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

350,000

336,896

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/39

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

475,000

447,915

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/42

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

530,000

489,397

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University,

Revenue,

2019,

Refunding,

5%,

12/01/45

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

5,000,000

5,490,000

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/47

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

17,000,000

15,974,172

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

194,

Refunding,

5%,

10/15/41

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

10,000,000

10,594,690

Revenue,

200,

Refunding,

5%,

10/15/47

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

10,000,000

10,580,652

Revenue,

218,

4%,

11/01/47

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

2,500,000

2,254,751

Revenue,

221,

4%,

7/15/45

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

5,500,000

4,999,203

Revenue,

221,

4%,

7/15/50

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

12,750,000

11,434,812

Revenue,

Two

Hundred

And

Seventeen,

4%,

11/01/41

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

10,000,000

9,751,206

Revenue,

Two

Hundred

And

Seventeen,

5%,

11/01/44

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

5,000,000

5,351,521

Revenue,

Two

Hundred

Eleventh,

Refunding,

5%,

9/01/48

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

25,000,000

26,372,073

Revenue,

Two

Hundred

Fifth,

Refunding,

5%,

11/15/47

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

26,340,000

27,980,729

Revenue,

Two

Hundred

Fourteenth,

4%,

9/01/38

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

7,110,000

6,832,161

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

4

%

,

7/01/50

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

2,250,000

2,066,956

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/40

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

2,600,000

2,690,710

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/47

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

6,590,000

6,769,431

Trustees

of

Union

College,

Revenue,

2022,

Refunding,

5.25%,

7/01/52

.........

700,000

753,792

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/34

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

125,000

134,770

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/35

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

585,000

628,999

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/36

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

100,000

107,273

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/37

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

120,000

128,350

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/38

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

125,000

133,184

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/39

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

150,000

159,425

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/40

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

475,000

503,562

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/41

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

125,000

132,193

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/34

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

230,000

247,976

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/35

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

245,000

263,427

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/36

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

250,000

268,184

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/37

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

265,000

283,440

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/38

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

225,000

239,732

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/39

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

200,000

212,566

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/40

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

225,000

238,530

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/41

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

275,000

290,825

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

4

%

,

6/01/41

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

25,000,000

25,082,285

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue,

2021

A-2,

Refunding,

5%,

6/01/32

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

2,245,000

2,459,228

Revenue,

2021

A-2,

Refunding,

5%,

6/01/33

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

2,375,000

2,590,216

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Suffolk

Tobacco

Asset

Securitization

Corp.,

(continued)

Revenue,

2021

A-2,

Refunding,

5%,

6/01/34

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

$

2,250,000

$

2,444,614

Revenue,

2021

A-2,

Refunding,

4%,

6/01/35

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

2,345,000

2,355,624

Revenue,

2021

A-2,

Refunding,

4%,

6/01/36

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

2,425,000

2,431,752

Revenue,

2021

A-2,

Refunding,

4%,

6/01/37

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

1,250,000

1,247,659

Revenue,

2021

A-2,

Refunding,

4%,

6/01/38

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

1,000,000

993,601

Revenue,

2021

A-2,

Refunding,

4%,

6/01/39

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

1,465,000

1,449,075

Revenue,

2021

A-2,

Refunding,

4%,

6/01/40

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

1,415,000

1,393,257

Revenue,

2021

A-2,

Refunding,

4%,

6/01/41

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

1,340,000

1,315,519

Revenue,

2021

A-2,

Refunding,

4%,

6/01/50

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

4,500,000

4,072,420

Revenue,

2021

B-1,

Refunding,

4%,

6/01/50

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

5,000,000

4,744,258

Syracuse

Regional

Airport

Authority

,

Revenue,

2021,

Refunding,

4%,

7/01/35

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

735,000

708,451

Revenue,

2021,

Refunding,

4%,

7/01/36

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

750,000

718,158

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

7/01/42

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

3,440,000

3,276,554

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2013

C,

5%,

11/15/38

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

5,000,000

5,071,484

Revenue,

2015

B,

5%,

11/15/45

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

5,000,000

5,250,073

Revenue,

2017

A,

Refunding,

5%,

11/15/38

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

3,000,000

3,247,297

Revenue,

2017

A,

Refunding,

5%,

11/15/42

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

5,750,000

6,182,085

Revenue,

2017

A,

Refunding,

5%,

11/15/47

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

13,000,000

13,830,808

Revenue,

2017

B,

Refunding,

5%,

11/15/36

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

21,080,000

22,909,010

Revenue,

2017

B,

Refunding,

5%,

11/15/37

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

18,190,000

19,725,071

Revenue,

2017

B,

Refunding,

5%,

11/15/38

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

8,055,000

8,718,992

Revenue,

2019

A,

5%,

11/15/49

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

9,000,000

9,653,855

Revenue,

2020

A,

5%,

11/15/49

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

10,000,000

10,633,422

Troy

Capital

Resource

Corp.

,

Revenue,

2021,

Refunding,

4%,

9/01/33

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

100,000

100,254

Revenue,

2021,

Refunding,

4%,

9/01/34

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

160,000

158,063

Revenue,

2021,

Refunding,

4%,

9/01/35

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

180,000

175,251

Revenue,

2021,

Refunding,

4%,

9/01/36

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

280,000

267,103

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/35

......

4,500,000

4,860,859

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/37

......

5,000,000

5,375,236

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/39

......

2,500,000

2,673,938

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

4%,

9/01/40

......

1,500,000

1,378,596

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/34

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

1,000,000

1,010,159

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,250,000

1,255,194

Utility

Debt

Securitization

Authority

,

Revenue,

2015,

Refunding,

5%,

12/15/33

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

20,000,000

21,365,206

Revenue,

2015,

Refunding,

5%,

12/15/34

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

9,950,000

10,587,309

Revenue,

2016

A,

Refunding,

5%,

12/15/34

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

21,750,000

23,283,814

Revenue,

2016

B,

Refunding,

5%,

12/15/33

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

5,750,000

6,166,143

Revenue,

2017,

5%,

12/15/40

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

10,000,000

10,918,936

Revenue,

2017,

5%,

12/15/41

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

8,500,000

9,266,530

c

Westchester

County

Local

Development

Corp.

,

Kendal

on

Hudson

Obligated

Group,

Revenue,

2022

B,

Refunding,

4.25%,

1/01/45

2,925,000

2,687,054

Kendal

on

Hudson

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

1/01/51

...

2,500,000

2,534,305

Western

Nassau

County

Water

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/40

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

1,400,000

1,492,244

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/45

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

2,250,000

2,398,249

2,708,189,038

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

$

6,900,000

$

5,590,739

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

6,900,000

5,584,851

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

16,250,000

10,640,353

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

6,000,000

4,771,786

26,587,729

Texas

0.5%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

9,100,000

7,202,994

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

10,000,000

8,035,778

15,238,772

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

6,900,000

5,585,761

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

6,500,000

5,433,770

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

17,500,000

17,382,162

22,815,932

U.S.

Territories

1.2%

Guam

0.2%

c

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5%,

10/01/28

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

540,000

548,638

Revenue,

2023

A,

Refunding,

5.25%,

10/01/29

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

700,000

718,191

Revenue,

2023

A,

Refunding,

5.25%,

10/01/31

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

775,000

784,026

Revenue,

2023

A,

Refunding,

5.375%,

10/01/33

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

525,000

527,277

Revenue,

2023

A,

Refunding,

5.25%,

10/01/36

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

685,000

670,156

Revenue,

2023

A,

Refunding,

5.375%,

10/01/40

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

525,000

513,091

Revenue,

2023

A,

Refunding,

5.375%,

10/01/43

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

1,250,000

1,209,132

4,970,511

Puerto

Rico

1.0%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,050,000

1,066,363

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

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

145,000

147,500

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

200,000

202,997

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

1,005,000

1,014,650

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

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

2,000,000

1,912,605

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

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

26,245,000

25,460,453

29,804,568

Total

U.S.

Territories

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

34,775,079

Total

Municipal

Bonds

(Cost

$3,046,818,001)

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

2,913,987,365

Total

Long

Term

Investments

(Cost

$3,049,718,001)

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

2,916,887,365

a

a

a

a

a

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

See

Abbreviations

on

page

36

.

Short

Term

Investments

0.6%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.6%

New

York

0.6%

d

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2019

B-4

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

8/01/42

..........

$

18,500,000

$

18,500,000

Total

Municipal

Bonds

(Cost

$18,500,000)

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

18,500,000

Total

Short

Term

Investments

(Cost

$18,500,000

)

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

18,500,000

a

Total

Investments

(Cost

$3,068,218,001)

99.8%

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

$2,935,387,365

Other

Assets,

less

Liabilities

0.2%

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

4,518,860

Net

Assets

100.0%

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

$2,939,906,225

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

11

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2022,

the

aggregate

value

of

these

securities

was

$98,979,328,

representing

3.4%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Franklin

New

York

Tax-Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$3,068,218,001

Value

-

Unaffiliated

issuers

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

$2,935,387,365

Cash

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

116,440

Receivables:

Capital

shares

sold

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

682,238

Interest

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

35,897,529

Total

assets

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

2,972,083,572

Liabilities:

Payables:

Investment

securities

purchased

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

23,700,638

Capital

shares

redeemed

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

4,906,238

Management

fees

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

1,143,350

Distribution

fees

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

321,950

Transfer

agent

fees

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

928,193

Distributions

to

shareholders

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

1,027,095

Accrued

expenses

and

other

liabilities

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

149,883

Total

liabilities

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

32,177,347

Net

assets,

at

value

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

$2,939,906,225

Net

assets

consist

of:

Paid-in

capital

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

$3,439,846,829

Total

distributable

earnings

(losses)

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

(499,940,604)

Net

assets,

at

value

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

$2,939,906,225

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

Franklin

New

York

Tax-Free

Income

Fund

Class

A:

Net

assets,

at

value

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

$358,416,235

Shares

outstanding

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

36,491,595

Net

asset

value

per

share

a

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

$9.82

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$10.20

Class

A1:

Net

assets,

at

value

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

$2,143,110,489

Shares

outstanding

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

218,048,989

Net

asset

value

per

share

a

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

$9.83

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$10.21

Class

C:

Net

assets,

at

value

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

$101,454,095

Shares

outstanding

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

10,334,550

Net

asset

value

and

maximum

offering

price

per

share

a

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

$9.82

Class

R6:

Net

assets,

at

value

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

$86,934,491

Shares

outstanding

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

8,833,612

Net

asset

value

and

maximum

offering

price

per

share

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

$9.84

Advisor

Class:

Net

assets,

at

value

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

$249,990,915

Shares

outstanding

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

25,418,055

Net

asset

value

and

maximum

offering

price

per

share

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

$9.84

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

August

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Franklin

New

York

Tax-Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

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

$53,179,069

Expenses:

Management

fees

(Note

3

a

)

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

7,068,251

Distribution

fees:

(Note

3c

)

    Class

A

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

464,462

    Class

A1

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

1,144,688

    Class

C

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

365,568

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

150,202

    Class

A1

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

924,717

    Class

C

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

45,339

    Class

R6

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

12,589

    Advisor

Class

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

108,702

Custodian

fees

(Note

4

)

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

10,545

Reports

to

shareholders

fees

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

37,435

Registration

and

filing

fees

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

27,386

Professional

fees

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

67,176

Trustees'

fees

and

expenses

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

15,942

Other

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

64,535

Total

expenses

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

10,507,537

Expense

reductions

(Note

4

)

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

(5,279)

Net

expenses

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

10,502,258

Net

investment

income

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

42,676,811

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(31,260,425)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(284,745,530)

Net

realized

and

unrealized

gain

(loss)

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

(316,005,955)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(273,329,144)

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

New

York

Tax-Free

Income

Fund

Six

Months

Ended

August

31,

2022

(unaudited)

Year

Ended

February

28,

2022

a

Year

Ended

May

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$42,676,811

$63,511,521

$98,045,442

Net

realized

gain

(loss)

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

(31,260,425)

9,482,556

10,489,531

Net

change

in

unrealized

appreciation

(depreciation)

........

(284,745,530)

(186,367,683)

88,218,919

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(273,329,144)

(113,373,606)

196,753,892

Distributions

to

shareholders:

Class

A

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

(4,755,096)

(6,701,575)

(8,335,379)

Class

A1

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

(30,983,790)

(47,353,274)

(74,606,389)

Class

C

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

(1,212,747)

(2,145,580)

(4,659,740)

Class

R6

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

(1,287,463)

(1,812,928)

(2,247,204)

Advisor

Class

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

(3,777,401)

(5,302,489)

(7,487,320)

Total

distributions

to

shareholders

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

(42,016,497)

(63,315,846)

(97,336,032)

Capital

share

transactions:

(Note

2

)

Class

A

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

(13,551,860)

62,893,246

67,323,579

Class

A1

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

(140,854,638)

(131,233,087)

(202,647,193)

Class

C

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

(16,719,213)

(65,737,108)

(61,212,277)

Class

R6

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

(1,384,184)

12,402,469

15,710,771

Advisor

Class

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

(561,759)

4,464,755

14,145,907

Total

capital

share

transactions

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

(173,071,654)

(117,209,725)

(166,679,213)

Net

increase

(decrease)

in

net

assets

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

(488,417,295)

(293,899,177)

(67,261,353)

Net

assets:

Beginning

of

period

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

3,428,323,520

3,722,222,697

3,789,484,050

End

of

period

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

$2,939,906,225

$3,428,323,520

$3,722,222,697

a

For

the

period

June

1,

2021

to

February

28,

2022.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

New

York

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers

five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Subsequent

to

May

31,

2021,

the

Fund’s

fiscal

year

end

changed

to

February

28.

The

following

summarizes

the 

Fund

's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's

Board,

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the

over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value. 

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued

Basis

The

Fund

purchases

securities

on

a

when-issued

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

c.

Income

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2022,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Income

Taxes

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2022,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

August

31,

2022

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

3,407,357

$34,334,881

Shares

issued

in

reinvestment

of

distributions

..........

423,737

4,264,371

Shares

redeemed

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

(5,144,323)

(52,151,112)

Net

increase

(decrease)

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

(1,313,229)

$(13,551,860)

Class

A1

Shares:

Shares

sold

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

1,365,551

$13,758,972

Shares

issued

in

reinvestment

of

distributions

..........

2,557,902

25,765,859

Shares

redeemed

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

(17,881,293)

(180,379,469)

Net

increase

(decrease)

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

(13,957,840)

$(140,854,638)

Class

C

Shares:

Shares

sold

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

370,447

$3,740,887

Shares

issued

in

reinvestment

of

distributions

..........

115,705

1,164,684

Shares

redeemed

a

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

(2,140,438)

(21,624,784)

Net

increase

(decrease)

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

(1,654,286)

$(16,719,213)

Class

R6

Shares:

Shares

sold

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

1,073,062

$10,750,970

Shares

issued

in

reinvestment

of

distributions

..........

116,231

1,171,916

Shares

redeemed

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

(1,319,551)

(13,307,070)

Net

increase

(decrease)

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

(130,258)

$(1,384,184)

Advisor

Class

Shares:

Shares

sold

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

13,175,411

$133,832,208

Shares

issued

in

reinvestment

of

distributions

..........

341,881

3,446,335

Shares

redeemed

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

(13,697,818)

(137,840,302)

Net

increase

(decrease)

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

(180,526)

$(561,759)

Year

Ended

February

28,

2022

b

Year

Ended

May

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

9,635,952

$109,032,424

10,225,116

$115,157,298

Shares

issued

in

reinvestment

of

distributions

..........

537,304

6,042,564

658,208

7,411,579

Shares

redeemed

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

(4,638,156)

(52,181,742)

(4,909,448)

(55,245,298)

Net

increase

(decrease)

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

5,535,100

$62,893,246

5,973,876

$67,323,579

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

or

trustees

of

the

following

subsidiaries:

Year

Ended

February

28,

2022

b

Year

Ended

May

31,

2021

Shares

Amount

Shares

Amount

Class

A1

Shares:

Shares

sold

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

2,979,287

$33,683,650

4,477,108

$50,496,809

Shares

issued

in

reinvestment

of

distributions

..........

3,540,512

39,875,109

5,464,248

61,556,416

Shares

redeemed

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

(18,146,391)

(204,791,846)

(27,907,561)

(314,700,418)

Net

increase

(decrease)

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

(11,626,592)

$(131,233,087)

(17,966,205)

$(202,647,193)

Class

C

Shares:

Shares

sold

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

657,608

$7,439,062

1,647,201

$18,546,080

Shares

issued

in

reinvestment

of

distributions

..........

184,968

2,084,408

390,015

4,387,765

Shares

redeemed

a

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

(6,627,330)

(75,260,578)

(7,479,928)

(84,146,122)

Net

increase

(decrease)

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

(5,784,754)

$(65,737,108)

(5,442,712)

$(61,212,277)

Class

R6

Shares:

Shares

sold

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

2,060,757

$23,326,093

2,467,998

$27,856,052

Shares

issued

in

reinvestment

of

distributions

..........

147,241

1,658,860

192,893

2,176,401

Shares

redeemed

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

(1,115,397)

(12,582,484)

(1,269,455)

(14,321,682)

Net

increase

(decrease)

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

1,092,601

$12,402,469

1,391,436

$15,710,771

Advisor

Class

Shares:

Shares

sold

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

4,206,553

$47,408,171

5,912,957

$66,693,342

Shares

issued

in

reinvestment

of

distributions

..........

429,158

4,835,354

591,822

6,673,229

Shares

redeemed

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

(4,249,695)

(47,778,770)

(5,253,825)

(59,220,664)

Net

increase

(decrease)

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

386,016

$4,464,755

1,250,954

$14,145,907

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

b

For

the

period

June

1,

2021

to

February

28,

2022.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

August

31,

2022,

the

annualized

gross

effective

investment

management

fee

rate

was 0.451%

of

the

Fund’s

average daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

and

A1

reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

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

0.25%

Class

A1

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

0.10%

Class

C

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

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$8,095

3.

Transactions

with

Affiliates

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

August

31,

2022,

the

Fund

paid

transfer

agent

fees

of

$1,241,549, of

which

$516,947

was

retained

by

Investor

Services.

f.

Waiver

and

Expense

Reimbursements

Effective

April

1,

2022,

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.65%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2023.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2023.

g.

Interfund

Transactions

The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

August

31,

2022,

these

purchase

and

sale

transactions

aggregated

$117,394,652

and

$84,210,255,

respectively,

with

net

realized

losses

of

$2,889,511.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

August

31,

2022,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

February

28,

2022,

the

capital

loss

carryforwards

were

as

follows:

CDSC

retained

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

$25,789

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$84,247,573

Long

term

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

254,545,689

Total

capital

loss

carryforwards

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

$338,793,262

3.

Transactions

with

Affiliates

(continued)

d.

Sales

Charges/Underwriting

Agreements

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

At

August

31,

2022,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31

,

202

2

,

aggregated

$

282

,

021

,

962

and

$

414

,

412

,

334

,

respectively.

7.

Concentration

of

Risk

The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

New

York

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

8.

Geopolitical

Risk 

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

3,

2023.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

Cost

of

investments

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

$3,068,818,381

Unrealized

appreciation

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

$21,384,324

Unrealized

depreciation

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

(154,815,340)

Net

unrealized

appreciation

(depreciation)

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

$(133,431,016)

5.

Income

Taxes

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

August

31,

2022,

the Fund

did

not

use

the

Global

Credit

Facility.

11.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

August

31,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Level

1

Level

2

Level

3

Total

Franklin

New

York

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

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

$

—

$

—

$

2,900,000

$

2,900,000

Municipal

Bonds

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

—

2,913,987,365

—

2,913,987,365

Short

Term

Investments

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

—

18,500,000

—

18,500,000

Total

Investments

in

Securities

...........

$—

$2,932,487,365

$2,900,000

$2,935,387,365

10.

Credit

Facility

(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

Franklin

New

York

Tax-Free

Income

Fund

37

franklintempleton.com

Semiannual

Report

Special

Joint

Meeting

of

Shareholders

April

16,

2021

and

reconvened

on

May

14,

2021

(unaudited)

A

Special

Joint

Meeting

of

Shareholders

of

Franklin

New

York

Tax-Free

Income

was

held

virtually

on

April

16,

2021

and

reconvened

on

May

14,

2021.

The

purpose

of

the

meeting

was

to

approve

(1)

a

change

in

the

Franklin

New

York

Tax-Free

Income

Fund

classification

from

a

diversified

to

a

non-diversified

fund.

At

the

meeting

all

proposals

were

passed.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

meeting

are

as

follows:

1.

To

approve

a

change

in

the

Franklin

New

York

Tax-Free

Income

Fund

classification

from

a

diversified

to

a

non-diversified

fund:

For

%

Voted

FOR

%

FOR

of

Outstanding

Shares

121,972,558

73.17%

36.66%

Against

%

Voted

Against

%

Against

of

Outstanding

Shares

15,600,621

9.36%

4.69%

Abstain

%

Voted

Abstain

%

Abstain

of

Outstanding

Shares

29,135,375

17.48%

9.76%

Franklin

New

York

Tax-Free

Income

Fund

Shareholder

Information

38

franklintempleton.com

Semiannual

Report

Liquidity

Risk

Management

Program

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

for

the

Franklin

Templeton

and

Legg

Mason

Funds

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Franklin

New

York

Tax-Free

Income

Fund

Shareholder

Information

39

franklintempleton.com

Semiannual

Report

Quarterly

Schedule

of

Investments

The

Fund

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

1115

S

10/22

©

2022

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

New

York

Tax-Free

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4.

 Principal Accountant Fees and Services.            N/A

                      

Item 5. Audit Committee

of Listed Registrants.              N/A

Item 6.  Schedule of Investments.                           N/A

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

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

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

Affiliated Purchasers.              N/A

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

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

Item 11. Controls and Procedures.

(a)

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

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

(b)

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

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

Item 13. Exhibits.

(a)(1) Code of Ethics

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

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

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  October 28, 2022

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

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  October 28, 2022

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  October 28, 2022