UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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: 8/31/23
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
Franklin
New
York
Tax-Free
Income
Fund
August
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
23
Notes
to
Financial
Statements
27
Shareholder
Information
34
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
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,
2023.
Fund
Overview
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 $9.72
on
February
28,
2023,
to $9.71
on
August
31,
2023.
The
Fund’s
Class
A
shares
paid
dividends
totaling 14.7678
cents
per
share
for
the
same
period.
2
The
Performance
Summary
beginning
on
page
3
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.98%,
based
on
an
annualization
of the
August
's
2.5019 cents
per
share
monthly dividend
and
the
maximum
offering
price
of
$10.09
on
August
31,
2023.
An
investor
in
the 2023 maximum
combined
effective
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 6.71%
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
.
*Does
not
include
cash
and
cash
equivalents.
Thank
you
for
your
continued
participation
in
Franklin
New
York
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Portfolio
Composition
8/31/23
%
of
Total
Investments*
Special
Tax
19.51%
Transportation
18.26%
Utilities
13.08%
Education
11.27%
Industrial
Dev.
Revenue
and
Pollution
Control
8.86%
Housing
8.54%
Health
Care
7.71%
Local
4.84%
Lease
3.47%
Other
Revenue
Bonds
3.38%
Refunded
0.60%
State
General
Obligation
0.48%
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.
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
11
.
Performance
Summary
as
of
August
31,
2023
Franklin
New
York
Tax-Free
Income
Fund
3
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
8/31/23
1
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
2
Average
Annual
Total
Return
3
–
A
4,5
6-Month
+1.40%
-2.40%
1-Year
+1.81%
-2.01%
5-Year
+2.59%
-0.25%
10-Year
+19.77%
+1.43%
Advisor
6-Month
+1.42%
+1.42%
1-Year
+1.96%
+1.96%
5-Year
+3.87%
+0.76%
10-Year
+21.90%
+2.00%
Share
Class
Distribution
Rate
6
Taxable
Equivalent
Distribution
Rate
7
30-Day
Standardized
Yield
8
Taxable
Equivalent
30-Day
Standardized
Yield
7
A
2.98%
6.71%
3.41%
7.68%
Advisor
3.34%
7.52%
3.79%
8.53%
See
page
4
for
Performance
Summary
footnotes.
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
4
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Portfolios
focused
on
a
single
state
are
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.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Net
expenses
are
capped
under
a
contrac-
tual
agreement,
which
cannot
be
terminated
prior
to
6/30/24
without
Board
consent.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
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.
4.
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.
5.
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%.
6.
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
8/31/23.
7.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/22/23
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.
8.
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.
9.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(3/1/23–8/31/23)
Share
Class
Net
Investment
Income
A
$0.147678
A1
$0.155131
C
$0.127867
R6
$0.161081
Advisor
$0.160094
Total
Annual
Operating
Expenses
9
Share
Class
A
0.79%
Advisor
0.55%
Your
Fund’s
Expenses
Franklin
New
York
Tax-Free
Income
Fund
5
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
184/366
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
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,014.00
$3.85
$1,021.31
$3.87
0.76%
A1
$1,000
$1,013.70
$3.09
$1,022.07
$3.10
0.61%
C
$1,000
$1,011.00
$5.87
$1,019.30
$5.90
1.16%
R6
$1,000
$1,015.40
$2.48
$1,022.67
$2.49
0.49%
Advisor
$1,000
$1,014.20
$2.58
$1,022.57
$2.59
0.51%
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
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
.....
$9.72
$10.83
$11.38
$11.09
$11.10
$10.75
Income
from
investment
operations
c
:
Net
investment
income
d
.............
0.15
0.27
0.19
0.28
0.29
0.24
Net
realized
and
unrealized
gains
(losses)
(0.01)
(1.11)
(0.55)
0.29
(0.01)
0.34
Total
from
investment
operations
........
0.14
(0.84)
(0.36)
0.57
0.28
0.58
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.27)
(0.19)
(0.28)
(0.29)
(0.23)
Net
asset
value,
end
of
period
..........
$9.71
$9.72
$10.83
$11.38
$11.09
$11.10
Total
return
e
.......................
1.40%
(7.77)%
(3.25)%
5.15%
2.51%
5.46%
Ratios
to
average
net
assets
f
Expenses
g
........................
0.76%
0.81%
0.82%
0.78%
0.78%
0.78%
Net
investment
income
...............
3.00%
2.74%
2.21%
2.48%
2.59%
3.09%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$354,475
$351,002
$409,409
$367,358
$291,562
$177,982
Portfolio
turnover
rate
................
5.31%
22.81%
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
7
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$9.73
$10.84
$11.39
$11.10
$11.10
$10.86
$11.20
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.16
0.29
0.20
0.30
0.31
0.35
0.37
Net
realized
and
unrealized
gains
(losses)
(0.02)
(1.12)
(0.55)
0.28
(0.01)
0.25
(0.34)
Total
from
investment
operations
.............
0.14
(0.83)
(0.35)
0.58
0.30
0.60
0.03
Less
distributions
from:
Net
investment
income
..
(0.16)
(0.28)
(0.20)
(0.29)
(0.30)
(0.36)
(0.37)
Net
asset
value,
end
of
period
................
$9.71
$9.73
$10.84
$11.39
$11.10
$11.10
$10.86
Total
return
d
...........
1.37%
(7.63)%
(3.13)%
5.31%
2.75%
5.67%
0.26%
Ratios
to
average
net
assets
e
Expenses
.............
0.61%
f
0.66%
f
0.67%
f
0.63%
f
0.63%
f
0.63%
f
0.64%
Net
investment
income
...
3.15%
2.89%
2.36%
2.63%
2.74%
3.24%
3.33%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
...............
$1,931,127
$2,010,712
$2,514,275
$2,775,454
$2,902,606
$3,192,168
$3,421,773
Portfolio
turnover
rate
....
5.31%
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
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.
8
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$9.72
$10.82
$11.38
$11.08
$11.09
$10.85
$11.19
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.13
0.23
0.15
0.24
0.24
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
(0.02)
(1.10)
(0.56)
0.29
(0.01)
0.25
(0.34)
Total
from
investment
operations
.............
0.11
(0.87)
(0.41)
0.53
0.23
0.54
(0.03)
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.23)
(0.15)
(0.23)
(0.24)
(0.30)
(0.31)
Net
asset
value,
end
of
period
................
$9.70
$9.72
$10.82
$11.38
$11.08
$11.09
$10.85
Total
return
d
...........
1.10%
(8.06)%
(3.62)%
4.83%
2.10%
5.10%
(0.31)%
Ratios
to
average
net
assets
e
Expenses
.............
1.16%
f
1.21%
f
1.22%
f
1.18%
f
1.18%
f
1.18%
f
1.19%
Net
investment
income
...
2.60%
2.33%
1.82%
2.10%
2.19%
2.69%
2.78%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
...............
$78,222
$89,134
$129,772
$202,215
$257,275
$332,093
$506,155
Portfolio
turnover
rate
....
5.31%
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
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
9
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
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
..............
$9.74
$10.85
$11.41
$11.11
$11.12
$10.88
$11.15
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.16
0.30
0.21
0.31
0.32
0.36
0.33
Net
realized
and
unrealized
gains
(losses)
(0.01)
(1.11)
(0.55)
0.30
(0.01)
0.25
(0.32)
Total
from
investment
operations
.............
0.15
(0.81)
(0.34)
0.61
0.31
0.61
0.01
Less
distributions
from:
Net
investment
income
..
(0.16)
(0.30)
(0.22)
(0.31)
(0.32)
(0.37)
(0.28)
Net
asset
value,
end
of
period
................
$9.73
$9.74
$10.85
$11.41
$11.11
$11.12
$10.88
Total
return
e
...........
1.54%
(7.48)%
(3.10)%
5.54%
2.80%
5.80%
0.13%
Ratios
to
average
net
assets
f
Expenses
.............
0.49%
g
0.51%
g
0.50%
g
0.50%
g
0.50%
g
0.50%
g,h
0.50%
h
Net
investment
income
...
3.26%
3.04%
2.52%
2.76%
2.87%
3.37%
3.47%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
...............
$87,281
$86,891
$97,268
$89,785
$71,991
$62,689
$60,363
Portfolio
turnover
rate
....
5.31%
22.81%
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.
10
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$9.74
$10.84
$11.40
$11.10
$11.11
$10.87
$11.21
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.16
0.30
0.21
0.31
0.32
0.36
0.38
Net
realized
and
unrealized
gains
(losses)
(0.02)
(1.11)
(0.56)
0.29
(0.02)
0.25
(0.34)
Total
from
investment
operations
.............
0.14
(0.81)
(0.35)
0.60
0.30
0.61
0.04
Less
distributions
from:
Net
investment
income
..
(0.16)
(0.29)
(0.21)
(0.30)
(0.31)
(0.37)
(0.38)
Net
asset
value,
end
of
period
................
$9.72
$9.74
$10.84
$11.40
$11.10
$11.11
$10.87
Total
return
d
...........
1.42%
(7.44)%
(3.15)%
5.50%
2.76%
5.77%
0.35%
Ratios
to
average
net
assets
e
Expenses
.............
0.51%
f
0.57%
f
0.57%
f
0.53%
f
0.53%
f
0.53%
f
0.54%
Net
investment
income
...
3.25%
3.01%
2.46%
2.73%
2.84%
3.34%
3.43%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
...............
$352,508
$328,181
$277,600
$287,411
$266,050
$220,727
$240,101
Portfolio
turnover
rate
....
5.31%
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
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,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
6,700,000
$
6,529,789
Total
Corporate
Bonds
(Cost
$6,700,000)
.......................................
6,529,789
Municipal
Bonds
98.1%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
5,800,000
4,744,826
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
15,359,975
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-2,
5.5%,
12/01/30
..............................................
2,770,000
2,423,275
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
3,990,000
2,612,378
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
15,500,000
12,729,375
33,125,003
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
9,117,681
Illinois
1.2%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/15/50
...............................
5,160,000
5,175,713
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
6,970,000
6,405,367
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
10,310,000
8,790,464
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
5,000,000
4,856,468
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,256,166
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,077,707
GO,
2021
A,
5%,
3/01/31
............................................
650,000
710,679
GO,
2021
A,
5%,
3/01/32
............................................
500,000
545,193
GO,
2021
A,
5%,
3/01/34
............................................
2,000,000
2,148,912
GO,
2021
A,
4%,
3/01/39
............................................
2,700,000
2,567,735
33,534,404
Kentucky
0.2%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
7,600,000
4,953,249
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
...
1,500,000
1,408,093
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
5%,
6/15/50
.......................................
4,750,000
4,922,065
Revenue,
2022
A,
4%,
6/15/41
........................................
1,500,000
1,450,905
Revenue,
2022
BB,
4%,
6/15/46
.......................................
5,000,000
4,692,332
12,473,395
New
York
89.9%
Albany
Capital
Resource
Corp.
,
Albany
College
of
Pharmacy
and
Health
Sciences,
Revenue,
2022
A,
Refunding,
5.25%,
12/01/38
.................................................
6,505,000
6,723,324
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
D,
4%,
11/01/51
.......................................................
2,000,000
1,725,044
Battery
Park
City
Authority
,
Revenue,
Senior
Lien,
2019
A,
5%,
11/01/49
.............................
16,130,000
16,977,473
Revenue,
Senior
Lien,
2023
A,
5%,
11/01/53
.............................
10,000,000
10,680,600
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.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
$
1,500,000
$
1,242,320
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
8,000,000
6,149,561
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/36
........................................................
1,600,000
1,365,288
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
........................................................
1,530,000
1,203,400
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/47
........................................................
1,160,000
845,569
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/45
........................................
7,045,000
5,231,343
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5.25%,
7/01/35
.......
1,000,000
861,457
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5%,
7/01/40
.........
1,000,000
803,141
D'Youville
College,
Revenue,
2020
A,
Refunding,
4%,
11/01/50
................
2,500,000
2,078,248
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/36
............
400,000
365,410
Classical
Charter
School,
Inc.,
Revenue,
2023
A,
4.5%,
6/15/43
...............
700,000
653,358
Classical
Charter
School,
Inc.,
Revenue,
2023
A,
4.75%,
6/15/53
..............
850,000
786,237
Classical
Charter
School,
Inc.,
Revenue,
2023
A,
4.75%,
6/15/58
..............
725,000
661,867
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/42
......
600,000
594,908
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/52
......
725,000
692,214
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/56
......
570,000
534,218
KIPP
NYC
Public
Charter
Schools,
Revenue,
2022,
5.25%,
7/01/52
............
4,000,000
4,025,634
KIPP
NYC
Public
Charter
Schools,
Revenue,
2022,
5.25%,
7/01/62
............
1,500,000
1,499,788
c
Chautauqua
County
Capital
Resource
Corp.
,
NRG
Energy,
Inc.
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
4.25
%
,
4/03/28
...............................
2,000,000
1,971,270
City
of
Long
Beach
,
GO
,
2022
B
,
BAM
Insured
,
5.25
%
,
7/15/42
.................
1,010,000
1,050,610
City
of
New
Rochelle
,
Iona
College
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/45
.....
2,675,000
2,681,015
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
75,000
75,119
GO,
2015
C,
Refunding,
5%,
8/01/29
...................................
10,000,000
10,199,426
GO,
2015
C,
Refunding,
5%,
8/01/31
...................................
10,000,000
10,211,848
GO,
2015
C,
Refunding,
5%,
8/01/32
...................................
4,000,000
4,083,634
GO,
2015
C,
Refunding,
5%,
8/01/33
...................................
3,000,000
3,062,311
GO,
2015
C,
Refunding,
5%,
8/01/34
...................................
1,500,000
1,530,121
GO,
2017
B,
5%,
12/01/41
...........................................
7,000,000
7,200,563
GO,
2018
B-1,
5%,
10/01/38
.........................................
6,250,000
6,553,158
GO,
2018
E-1,
5%,
3/01/40
..........................................
7,500,000
7,831,165
GO,
2018
E-1,
5%,
3/01/44
..........................................
22,500,000
23,366,590
GO,
2018
F-1,
5%,
4/01/40
..........................................
23,040,000
24,074,031
GO,
2019
D-1,
4%,
12/01/43
.........................................
10,000,000
9,655,261
GO,
2022
D-1,
5.25%,
5/01/41
........................................
1,500,000
1,647,673
GO,
2023
A-1,
4%,
9/01/46
..........................................
5,000,000
4,773,189
GO,
2023
E-1,
4%,
4/01/45
..........................................
3,000,000
2,876,022
GO,
2023
E-1,
5.25%,
4/01/47
........................................
10,000,000
10,880,150
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/32
......
175,000
184,737
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/33
......
185,000
194,801
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/34
......
500,000
526,211
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/35
......
200,000
190,329
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/36
......
200,000
187,081
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/37
......
250,000
228,906
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/38
......
250,000
224,640
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/39
......
100,000
88,948
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/40
......
100,000
87,901
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
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Dutchess
County
Local
Development
Corp.,
(continued)
Nuvance
Health
Obligated
Group,
Revenue,
2016
B,
5%,
7/01/31
.............
$
10,550,000
$
10,753,514
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/44
.....
1,900,000
1,646,280
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/49
.....
4,425,000
3,693,142
Vassar
College,
Revenue,
2017,
Refunding,
5%,
7/01/42
....................
5,000,000
5,151,810
Vassar
College,
Revenue,
2017,
Refunding,
4%,
7/01/46
....................
5,715,000
5,404,545
Genesee
County
Funding
Corp.
(The)
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/52
............................
4,250,000
4,318,833
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/42
..................
1,250,000
1,288,918
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/47
..................
5,250,000
5,386,652
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.................
575,000
541,689
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.................
715,000
666,697
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.................
625,000
577,097
Hofstra
University,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.................
3,000,000
2,044,355
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
...............................
20,000,000
20,695,766
Revenue,
2017
A,
Refunding,
5%,
2/15/45
...............................
15,000,000
15,465,389
Revenue,
2017
A,
Refunding,
AGMC
Insured,
4%,
2/15/47
...................
13,680,000
12,696,030
Long
Island
Power
Authority
,
Revenue,
2016
B,
Refunding,
5%,
9/01/41
...............................
15,250,000
15,739,601
Revenue,
2018,
5%,
9/01/39
.........................................
5,000,000
5,261,042
Revenue,
2019
A,
4%,
9/01/37
........................................
19,550,000
19,561,443
Revenue,
2020
A,
Refunding,
5%,
9/01/38
...............................
1,500,000
1,623,436
Revenue,
2021
A,
Refunding,
4%,
9/01/41
...............................
2,030,000
1,969,506
Revenue,
2022
A,
Refunding,
5%,
9/01/44
...............................
3,000,000
3,219,291
Revenue,
2023
E,
5%,
9/01/53
........................................
3,500,000
3,723,451
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
7,460,000
7,492,353
Revenue,
2013
A,
5%,
11/15/38
.......................................
7,280,000
7,280,024
Revenue,
2013
D,
5%,
11/15/43
.......................................
10,000,000
9,957,334
Revenue,
2014
B,
5.25%,
11/15/35
....................................
4,000,000
4,023,071
Revenue,
2015
C-1,
Refunding,
5%,
11/15/35
............................
5,000,000
5,076,372
Revenue,
2016
B,
Refunding,
5%,
11/15/33
..............................
6,000,000
6,176,376
Revenue,
2016
B,
Refunding,
5%,
11/15/35
..............................
4,000,000
4,100,689
Revenue,
2016
B,
Refunding,
5%,
11/15/37
..............................
18,500,000
18,842,816
Revenue,
2016
D,
Refunding,
5%,
11/15/30
..............................
10,305,000
10,632,895
Revenue,
2017
A-1,
Refunding,
5%,
11/15/51
.............................
2,505,000
2,510,340
Revenue,
2017
C-1,
Refunding,
5%,
11/15/30
............................
6,215,000
6,565,409
Revenue,
2017
D,
Refunding,
4%,
11/15/42
..............................
20,000,000
18,589,074
Revenue,
2017
D,
Refunding,
4%,
11/15/46
..............................
5,000,000
4,550,145
Revenue,
2019
C,
AGMC
Insured,
4%,
11/15/45
...........................
8,000,000
7,586,567
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
10,000,000
10,132,761
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
2,950,000
2,949,972
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
3,000,000
3,035,509
Revenue,
2020
D,
4%,
11/15/50
.......................................
10,000,000
8,926,481
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
5,000,000
4,647,269
Dedicated
Tax
Fund,
Revenue,
2012
A,
Refunding,
Zero
Cpn.,
11/15/32
.........
10,000,000
7,034,128
Dedicated
Tax
Fund,
Revenue,
2016
B-2,
Refunding,
5%,
11/15/39
............
4,775,000
4,959,914
Dedicated
Tax
Fund,
Revenue,
2017
A,
5%,
11/15/47
.......................
30,375,000
31,348,336
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/35
............
6,000,000
6,396,533
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/42
............
5,000,000
5,218,772
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/47
............
13,505,000
14,016,383
Monroe
County
Industrial
Development
Corp.
,
Rochester
Regional
Health
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
......
17,000,000
16,359,086
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
.......................................................
1,500,000
1,563,934
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)
Monroe
County
Industrial
Development
Corp.,
(continued)
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
.......................................................
$
4,200,000
$
4,374,725
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/33
.......................................................
1,000,000
1,040,567
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
.......................................................
2,510,000
2,600,908
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
1,100,000
1,040,253
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/46
.......................................................
8,560,000
7,129,578
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/50
.
2,360,000
2,232,919
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/59
.
2,345,000
2,172,465
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
............
3,275,000
3,367,571
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/32
............
2,000,000
2,050,470
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/37
............
1,780,000
1,812,933
University
of
Rochester,
Revenue,
2017
C,
Refunding,
4%,
7/01/43
............
22,895,000
21,891,842
University
of
Rochester,
Revenue,
2017
D,
Refunding,
4%,
7/01/43
............
21,550,000
20,605,774
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School,
Revenue,
2023
A,
5%,
7/01/43
....
1,440,000
1,438,929
Roosevelt
Children's
Academy
Charter
School,
Revenue,
2023
A,
5%,
7/01/55
....
2,605,000
2,473,615
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/31
...............................
610,000
688,207
Revenue,
2020
A,
Refunding,
5%,
2/15/32
...............................
635,000
714,587
Revenue,
2020
A,
Refunding,
5%,
2/15/33
...............................
675,000
755,654
Revenue,
2020
A,
Refunding,
5%,
2/15/34
...............................
460,000
512,866
Revenue,
2020
A,
Refunding,
5%,
2/15/35
...............................
495,000
546,564
Revenue,
2020
A,
Refunding,
5%,
2/15/36
...............................
520,000
568,358
Revenue,
2020
A,
Refunding,
5%,
2/15/37
...............................
325,000
350,137
Revenue,
2020
A,
Refunding,
5%,
2/15/38
...............................
345,000
367,404
Revenue,
2020
A,
Refunding,
5%,
2/15/39
...............................
900,000
951,506
Revenue,
2020
A,
Refunding,
5%,
2/15/40
...............................
790,000
829,962
Revenue,
2020
A,
Refunding,
3%,
2/15/45
...............................
1,250,000
938,279
Revenue,
2020
A,
Refunding,
4%,
2/15/45
...............................
1,800,000
1,679,795
Revenue,
2020
A,
Refunding,
4%,
2/15/48
...............................
880,000
794,587
New
York
City
Housing
Development
Corp.
,
Revenue,
2018
K,
4%,
11/01/48
.......................................
36,505,000
32,842,205
Revenue,
2019
G-1-B,
Refunding,
3%,
11/01/44
...........................
9,405,000
7,122,285
Revenue,
2019
J,
3%,
11/01/44
.......................................
4,945,000
3,744,784
Revenue,
2020
C,
FNMA
Insured,
2.75%,
2/01/51
.........................
10,000,000
6,701,347
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
5,000,000
3,696,077
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/49
..
10,000,000
7,126,437
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2017
AA,
4%,
6/15/46
....................
24,290,000
23,348,629
Water
&
Sewer
System,
Revenue,
2017
DD,
5%,
6/15/47
....................
33,800,000
34,930,809
Water
&
Sewer
System,
Revenue,
2018
BB-1,
5%,
6/15/46
..................
20,875,000
21,515,491
Water
&
Sewer
System,
Revenue,
2018
CC-1,
5%,
6/15/48
..................
26,725,000
27,481,999
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/40
............
15,000,000
15,827,406
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5%,
6/15/49
..................
19,000,000
19,828,828
Water
&
Sewer
System,
Revenue,
2020
AA,
Refunding,
5%,
6/15/40
...........
10,000,000
10,636,712
Water
&
Sewer
System,
Revenue,
2022
AA-1,
5%,
6/15/48
..................
8,825,000
9,294,863
Water
&
Sewer
System,
Revenue,
2023
AA-1,
5.25%,
6/15/52
................
16,750,000
18,105,397
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2018
S-3,
5%,
7/15/43
............................
10,000,000
10,408,000
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/43
............................
22,230,000
23,146,936
Building
Aid,
Revenue,
2019
S-2A,
Refunding,
5%,
7/15/34
..................
4,235,000
4,566,103
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)
New
York
City
Transitional
Finance
Authority,
(continued)
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/41
............................
$
8,465,000
$
8,189,291
Building
Aid,
Revenue,
2020
S-1B,
4%,
7/15/41
...........................
2,465,000
2,384,714
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/34
......................
10,000,000
10,198,047
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
13,415,000
13,775,921
Future
Tax
Secured,
Revenue,
2017
C,
Refunding,
5%,
11/01/33
..............
6,500,000
6,869,010
Future
Tax
Secured,
Revenue,
2018
A-3,
5%,
8/01/40
......................
3,270,000
3,394,509
Future
Tax
Secured,
Revenue,
2018
B-1,
5%,
8/01/45
......................
17,500,000
18,052,496
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/42
......................
7,410,000
7,238,508
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/40
......................
4,340,000
4,565,456
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/42
......................
5,000,000
5,240,981
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/41
.....................
7,205,000
7,087,042
Future
Tax
Secured,
Revenue,
2021
C-1,
4%,
5/01/43
......................
5,000,000
4,862,313
Future
Tax
Secured,
Revenue,
2023
D-1,
5%,
11/01/46
.....................
10,000,000
10,639,110
Future
Tax
Secured,
Revenue,
2024
A-1,
4%,
5/01/53
......................
3,000,000
2,803,968
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
5,078,794
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
18,000,000
12,777,903
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
91,360,000
102,413,034
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
27,000,000
30,231,114
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
1WTC
2021,
Refunding,
3%,
2/15/42
........................................................
5,000,000
3,832,367
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/60
...........
11,455,000
10,638,371
New
York
State
Dormitory
Authority
,
Revenue,
2008
A-1,
5%,
6/01/38
......................................
3,970,000
3,975,284
Revenue,
2009
A,
AGMC
Insured,
5.625%,
10/01/29
.......................
300,000
300,522
Revenue,
2009
C,
AGMC
Insured,
5%,
10/01/31
..........................
45,000
45,057
Revenue,
2009
C,
AGMC
Insured,
5.125%,
10/01/36
.......................
60,000
60,085
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/24
...........................
710,000
710,868
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,705,000
1,257,696
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
2,200,000
1,618,467
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/39
1,305,000
934,909
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/40
1,300,000
924,675
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/41
2,100,000
1,674,017
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/45
5,835,000
4,076,443
Educational
Housing
Services,
Inc.,
Revenue,
2005,
AMBAC
Insured,
5.25%,
7/01/30
5,150,000
5,322,300
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/26
...
6,105,000
6,192,886
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/34
...
13,220,000
13,697,107
Fordham
University,
Revenue,
2020,
4%,
7/01/50
..........................
4,500,000
4,096,092
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
1,000,000
917,532
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
500,000
498,007
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/33
...................................................
4,000,000
3,977,579
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/35
...................................................
1,100,000
1,077,086
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/36
...................................................
2,100,000
2,049,547
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/37
...................................................
2,000,000
1,921,742
Iona
College,
Revenue,
2021
A,
5%,
7/01/46
.............................
925,000
928,323
Iona
College,
Revenue,
2021
A,
5%,
7/01/51
.............................
1,100,000
1,095,742
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/31
......................
325,000
346,515
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
......................
300,000
320,982
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/37
......................
225,000
233,203
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)
New
York
State
Dormitory
Authority,
(continued)
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/42
......................
$
275,000
$
278,506
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2017-1,
Refunding,
4%,
7/01/47
5,000,000
4,725,284
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/30
.........
1,070,000
1,068,762
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/31
.........
525,000
524,850
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
.........
1,800,000
1,798,104
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/45
.........
10,900,000
9,191,035
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
.........
1,370,000
1,118,970
New
School
(The),
Revenue,
2015
A,
5%,
7/01/40
.........................
5,120,000
5,169,358
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
.............
380,000
391,308
New
School
(The),
Revenue,
2015
A,
5%,
7/01/45
.........................
8,725,000
8,778,680
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
.............
660,000
679,640
New
School
(The),
Revenue,
2022
A,
Refunding,
4%,
7/01/47
................
4,000,000
3,517,806
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
...............
5,000,000
5,248,542
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/40
...............
6,745,000
7,060,003
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/43
...............
3,000,000
3,125,126
New
York
University,
Revenue,
2018
A,
5%,
7/01/48
........................
5,000,000
5,214,849
New
York
University,
Revenue,
2019
A,
4%,
7/01/45
........................
3,415,000
3,270,640
New
York
University,
Revenue,
2019
A,
5%,
7/01/49
........................
50,000,000
52,500,350
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
....
11,000,000
11,150,814
Northwell
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
5/01/52
....
13,490,000
13,877,119
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/27
2,025,000
2,051,255
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/30
1,000,000
1,012,488
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/32
1,000,000
1,012,016
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/34
7,250,000
7,333,750
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
3%,
7/01/48
.......
4,000,000
2,940,280
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
.......
20,420,000
18,427,804
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/53
.......
25,280,000
22,536,341
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/49
..............
3,500,000
3,629,540
Rochester
Institute
of
Technology,
Revenue,
2022
A,
5%,
7/01/41
..............
1,000,000
1,075,855
Rochester
Institute
of
Technology,
Revenue,
2022
A,
5%,
7/01/42
..............
1,000,000
1,072,913
Rockefeller
University
(The),
Revenue,
2020
A,
Refunding,
5%,
7/01/53
.........
16,500,000
17,475,353
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/29
...............
1,375,000
1,406,646
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
...............
1,675,000
1,714,016
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/31
...............
3,700,000
3,783,049
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/34
...............
2,000,000
2,043,151
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/48
...............
6,250,000
5,574,498
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/40
.........................
225,000
201,784
St.
Joseph's
College,
Revenue,
2021,
5%,
7/01/51
.........................
725,000
710,484
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/42
.........
1,950,000
2,017,937
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/43
.........
8,450,000
8,734,861
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/37
.........
5,000,000
5,209,528
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
5,000,000
5,200,904
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/39
.........
8,930,000
9,272,733
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
........................................................
15,000
15,951
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/40
.........
9,415,000
9,829,380
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/40
........................................................
10,000
10,741
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/41
........................................................
15,000
16,112
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/43
.........
17,075,000
17,739,094
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/43
........................................................
5,000
5,371
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
4%,
2/15/46
.........
19,995,000
19,030,449
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
4%,
2/15/46
........................................................
5,000
5,186
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
State
Dormitory
Authority,
(continued)
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5%,
3/15/45
$
10,000,000
$
10,457,943
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/34
.................
10,000,000
10,433,767
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/35
.................
14,745,000
15,332,942
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/36
.................
41,350,000
42,854,545
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/41
.................
10,000,000
10,369,759
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/42
.................
10,000,000
10,352,520
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/46
.................
25,000,000
23,784,115
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
4%,
3/15/44
........
5,310,000
5,097,169
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/37
........
15,340,000
16,280,768
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/45
........
6,235,000
6,503,210
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/35
........................................................
2,000,000
2,112,061
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........................................................
1,500,000
1,581,698
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
2,000,000
2,100,223
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
1,000,000
1,048,251
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
5%,
7/01/42
..
2,970,000
3,078,411
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/42
....................................................
780,000
834,398
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/46
....................................................
4,000,000
4,293,914
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/43
..
4,300,000
4,464,595
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/48
..
7,950,000
8,196,613
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
Pre-Refunded,
5%,
7/01/48
....................................................
5,975,000
6,529,097
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
3%,
7/01/42
..
4,165,000
3,252,235
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
4%,
7/01/43
..
1,200,000
1,106,618
Teachers
College,
Revenue,
2022,
Refunding,
4%,
7/01/46
..................
6,175,000
5,665,548
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
A,
Refunding,
5%,
6/15/46
28,360,000
29,491,864
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/42
........
8,355,000
8,755,260
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/47
........
12,345,000
12,818,232
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/48
........
7,500,000
7,916,323
State
of
New
York
State
Revolving
Fund,
Revenue,
2022
B,
5.25%,
9/15/52
......
5,000,000
5,427,181
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
1,766,938
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/41
........................................
12,000,000
11,443,331
Revenue,
2019
B,
3%,
1/01/46
........................................
4,200,000
3,098,521
Revenue,
2019
B,
4%,
1/01/50
........................................
20,000,000
18,316,042
Revenue,
2019
B,
4%,
1/01/53
........................................
15,000,000
13,576,492
Revenue,
L,
Refunding,
5%,
1/01/35
...................................
3,000,000
3,206,114
Revenue,
N,
4%,
1/01/46
............................................
10,000,000
9,491,635
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/46
..............................
25,000,000
25,425,463
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
5%,
3/15/46
4,125,000
4,376,194
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
5%,
3/15/48
25,000,000
26,432,137
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
C,
Refunding,
5%,
3/15/42
8,400,000
8,706,398
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
5%,
3/15/42
.........
10,000,000
10,507,065
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
5%,
3/15/41
.........
5,000,000
5,307,330
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/32
..........................
5,500,000
5,668,615
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
12,400,000
12,234,218
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
6,305,000
6,510,597
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
11,000,000
11,118,462
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
Transportation
Development
Corp.,
(continued)
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4.375%,
10/01/45
.....................
$
26,500,000
$
24,991,649
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
2,130,000
1,871,118
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
6,000,000
5,041,838
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
19,875,000
16,107,584
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
207,693
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/37
...
350,000
361,200
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/38
...
300,000
282,777
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/39
...
400,000
374,477
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/40
...
2,555,000
2,368,685
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/42
...
910,000
826,647
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/33
...
1,200,000
1,299,012
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/34
...
2,000,000
2,155,907
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/36
...
2,000,000
2,118,927
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/39
...
4,545,000
4,315,110
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/41
...
10,300,000
9,604,541
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/42
...
9,690,000
8,940,875
JFK
International
Air
Terminal
LLC,
Revenue,
2022,
5%,
12/01/42
.............
6,000,000
6,137,773
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
3,389,588
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/38
...........................
200,000
182,462
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/41
...........................
245,000
216,089
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/46
...........................
460,000
456,688
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/51
...........................
820,000
801,208
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
..................
725,000
765,339
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/34
..................
315,000
305,662
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/36
..................
350,000
329,975
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/39
..................
475,000
428,290
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/42
..................
530,000
461,710
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University,
Revenue,
2019,
Refunding,
5%,
12/01/45
................
5,000,000
5,306,667
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/47
................
17,000,000
16,081,736
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
194,
Refunding,
5%,
10/15/41
.................................
10,000,000
10,220,231
Revenue,
200,
Refunding,
5%,
4/15/57
.................................
11,040,000
11,299,003
Revenue,
2014,
5%,
9/01/34
.........................................
2,500,000
2,661,625
Revenue,
205th,
Refunding,
5%,
5/15/57
................................
13,000,000
13,369,985
Revenue,
211th,
Refunding,
5%,
9/01/48
................................
41,730,000
43,275,721
Revenue,
214th,
4%,
9/01/38
.........................................
5,000,000
4,854,223
Revenue,
217th,
4%,
11/01/41
........................................
10,000,000
9,874,045
Revenue,
221,
4%,
7/15/45
..........................................
7,610,000
7,102,307
Revenue,
221,
4%,
7/15/50
..........................................
15,250,000
13,854,682
Revenue,
234,
Refunding,
5.5%,
8/01/52
................................
4,000,000
4,324,934
Revenue,
238,
Refunding,
5%,
7/15/37
.................................
4,000,000
4,357,313
Revenue,
240,
Refunding,
5%,
7/15/53
.................................
2,500,000
2,657,841
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
2,058,914
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/40
............
2,600,000
2,689,864
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/47
............
6,590,000
6,763,616
Trustees
of
Union
College,
Revenue,
2022,
Refunding,
5.25%,
7/01/52
.........
700,000
752,310
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/34
...............
465,000
490,561
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/35
...............
475,000
496,101
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/36
...............
500,000
517,342
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/37
...............
525,000
538,309
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)
St.
Lawrence
County
Industrial
Development
Agency,
(continued)
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/38
...............
$
435,000
$
443,751
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/39
...............
400,000
406,316
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/40
...............
475,000
480,686
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/41
...............
525,000
529,530
St.
Lawrence
University,
Revenue,
2022,
Refunding,
5.25%,
7/01/47
...........
1,820,000
1,942,515
St.
Lawrence
University,
Revenue,
2022,
Refunding,
5.25%,
7/01/52
...........
2,500,000
2,647,150
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
4
%
,
6/01/41
.................
25,000,000
24,644,680
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/32
.............................
2,245,000
2,426,238
Revenue,
2021
A-2,
Refunding,
5%,
6/01/33
.............................
2,375,000
2,555,016
Revenue,
2021
A-2,
Refunding,
5%,
6/01/34
.............................
2,250,000
2,415,567
Revenue,
2021
A-2,
Refunding,
4%,
6/01/35
.............................
2,345,000
2,339,137
Revenue,
2021
A-2,
Refunding,
4%,
6/01/36
.............................
2,425,000
2,384,396
Revenue,
2021
A-2,
Refunding,
4%,
6/01/37
.............................
1,250,000
1,212,477
Revenue,
2021
A-2,
Refunding,
4%,
6/01/38
.............................
1,000,000
960,253
Revenue,
2021
A-2,
Refunding,
4%,
6/01/39
.............................
1,465,000
1,394,822
Revenue,
2021
A-2,
Refunding,
4%,
6/01/40
.............................
1,415,000
1,335,242
Revenue,
2021
A-2,
Refunding,
4%,
6/01/41
.............................
1,340,000
1,250,758
Revenue,
2021
A-2,
Refunding,
4%,
6/01/50
.............................
4,500,000
3,942,275
Revenue,
2021
B-1,
Refunding,
4%,
6/01/50
.............................
4,685,000
4,491,449
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
4%,
7/01/35
.................................
735,000
696,231
Revenue,
2021,
Refunding,
4%,
7/01/36
.................................
750,000
698,804
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
2,846,559
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
11/15/31
.........................
5,000,000
3,612,402
Revenue,
2015
B,
5%,
11/15/45
.......................................
5,000,000
5,089,165
Revenue,
2017
A,
Refunding,
5%,
11/15/38
..............................
3,000,000
3,123,356
Revenue,
2017
A,
Refunding,
5%,
11/15/42
..............................
5,750,000
5,951,344
Revenue,
2017
A,
Refunding,
5%,
11/15/47
..............................
13,000,000
13,343,981
Revenue,
2017
B,
Refunding,
5%,
11/15/36
..............................
21,080,000
22,070,853
Revenue,
2017
B,
Refunding,
5%,
11/15/38
..............................
8,055,000
8,386,211
Revenue,
2017
C-2,
5%,
11/15/42
.....................................
18,190,000
18,942,077
Revenue,
2020
A,
5%,
11/15/54
.......................................
10,000,000
10,434,652
Revenue,
2021
A,
5%,
11/15/51
.......................................
10,000,000
10,483,547
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2021
A-1,
Refunding,
5%,
5/15/51
....................................
20,000,000
21,034,112
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2022
D-1B,
Refunding,
Zero
Cpn.,
11/15/36
............................
6,250,000
3,534,303
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2022
D-1B,
Refunding,
Zero
Cpn.,
11/15/39
............................
1,115,000
527,129
Sales
Tax,
Revenue,
2023
A,
4%,
5/15/48
...............................
9,175,000
8,740,484
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
4%,
9/01/33
.................................
100,000
99,845
Revenue,
2021,
Refunding,
4%,
9/01/34
.................................
160,000
158,827
Revenue,
2021,
Refunding,
4%,
9/01/35
.................................
180,000
176,367
Revenue,
2021,
Refunding,
4%,
9/01/36
.................................
280,000
267,648
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
3,200,000
3,408,245
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/37
......
5,000,000
5,237,968
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/38
......
3,800,000
3,962,541
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
4%,
9/01/40
......
1,500,000
1,365,090
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
1,039,697
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)
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The),
(continued)
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
$
1,250,000
$
1,284,829
Utility
Debt
Securitization
Authority
,
Revenue,
2017,
5%,
12/15/39
........................................
5,750,000
6,124,912
Revenue,
2017,
5%,
12/15/40
........................................
10,000,000
10,632,480
Revenue,
2017,
5%,
12/15/41
........................................
8,500,000
9,019,993
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
4.25%,
1/01/45
2,925,000
2,452,897
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
1/01/51
...
2,500,000
2,324,143
Western
Nassau
County
Water
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/40
............................
1,400,000
1,435,729
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/45
............................
2,250,000
2,307,423
Yonkers
Industrial
Development
Agency
,
Revenue
,
2022
,
5.25
%
,
5/01/51
.........
1,600,000
1,714,112
2,520,842,916
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
6,900,000
5,437,987
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
6,900,000
5,421,838
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn.,
6/01/52
16,250,000
10,153,935
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
6,000,000
4,499,218
25,512,978
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
4,390,000
4,424,678
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
9,000,000
6,356,741
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
7,387,067
18,168,486
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
5,437,385
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
6,500,000
5,031,011
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
17,500,000
17,508,925
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,500,000
1,446,668
23,986,604
U.S.
Territories
2.1%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2023
A,
Refunding,
5%,
10/01/28
..............................
540,000
542,322
Revenue,
2023
A,
Refunding,
5.25%,
10/01/29
............................
700,000
710,070
Revenue,
2023
A,
Refunding,
5.25%,
10/01/31
............................
775,000
782,885
Revenue,
2023
A,
Refunding,
5.375%,
10/01/33
...........................
525,000
531,177
Revenue,
2023
A,
Refunding,
5.25%,
10/01/36
............................
685,000
669,140
Revenue,
2023
A,
Refunding,
5.375%,
10/01/40
...........................
525,000
501,678
Revenue,
2023
A,
Refunding,
5.375%,
10/01/43
...........................
1,250,000
1,189,493
4,926,765
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
See
Abbreviations
on
page
33
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
1.9%
HTA
TRRB
Custodial
Trust
,
Revenue,
2007
N,
5.25%,
7/01/34
.....................................
$
145,000
$
146,006
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
200,000
201,557
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,050,000
1,032,191
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
94,516
93,216
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
61,423
39,541
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
105,069
66,588
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
22,313,000
20,917,982
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
26,245,000
25,468,293
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/51
.............................
20,000,000
4,133,750
52,099,124
Total
U.S.
Territories
....................................................................
57,025,889
Total
Municipal
Bonds
(Cost
$2,892,858,161)
...................................
2,748,922,816
Total
Long
Term
Investments
(Cost
$2,899,558,161)
.............................
2,755,452,605
a
a
a
a
a
Short
Term
Investments
0.7%
Municipal
Bonds
0.7%
New
York
0.7%
d
City
of
New
York
,
GO,
2006
I-4,
LOC
TD
Bank
NA,
Daily
VRDN
and
Put,
3.9%,
4/01/36
...........
2,800,000
2,800,000
GO,
2020
B-3,
Daily
VRDN
and
Put,
4.26%,
10/01/46
.......................
300,000
300,000
d
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.95
%
,
1/01/34
9,360,000
9,360,000
d
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
BB-1A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.9
%
,
6/15/49
...
8,400,000
8,400,000
20,860,000
Total
Municipal
Bonds
(Cost
$20,860,000)
......................................
20,860,000
Total
Short
Term
Investments
(Cost
$20,860,000
)
................................
20,860,000
a
Total
Investments
(Cost
$2,920,418,161)
99.0%
..................................
$2,776,312,605
Other
Assets,
less
Liabilities
1.0%
.............................................
27,300,240
Net
Assets
100.0%
...........................................................
$2,803,612,845
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
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,
2023,
the
aggregate
value
of
these
securities
was
$107,518,497,
representing
3.8%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
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
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,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,920,418,161
Value
-
Unaffiliated
issuers
..................................................................
$2,776,312,605
Cash
....................................................................................
83,909
Receivables:
Investment
securities
sold
...................................................................
770
Capital
shares
sold
........................................................................
610,583
Interest
.................................................................................
34,726,450
Total
assets
..........................................................................
2,811,734,317
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
4,372,897
Management
fees
.........................................................................
1,079,663
Distribution
fees
..........................................................................
284,139
Transfer
agent
fees
........................................................................
880,641
Trustees'
fees
and
expenses
.................................................................
1,571
Distributions
to
shareholders
.................................................................
1,031,734
Accrued
expenses
and
other
liabilities
...........................................................
470,827
Total
liabilities
.........................................................................
8,121,472
Net
assets,
at
value
.................................................................
$2,803,612,845
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,336,341,109
Total
distributable
earnings
(losses)
.............................................................
(532,728,264)
Net
assets,
at
value
.................................................................
$2,803,612,845
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Franklin
New
York
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$354,475,188
Shares
outstanding
........................................................................
36,513,323
Net
asset
value
per
share
a
..................................................................
$9.71
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.09
Class
A1:
Net
assets,
at
value
.......................................................................
$1,931,126,747
Shares
outstanding
........................................................................
198,785,362
Net
asset
value
per
share
a
..................................................................
$9.71
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.09
Class
C:
Net
assets,
at
value
.......................................................................
$78,221,958
Shares
outstanding
........................................................................
8,061,289
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$9.70
Class
R6:
Net
assets,
at
value
.......................................................................
$87,280,555
Shares
outstanding
........................................................................
8,972,871
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.73
Advisor
Class:
Net
assets,
at
value
.......................................................................
$352,508,397
Shares
outstanding
........................................................................
36,261,466
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.72
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,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Franklin
New
York
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$54,371,598
Expenses:
Management
fees
(Note
3
a
)
...................................................................
6,573,612
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
451,030
Class
A1
...............................................................................
1,004,758
Class
C
................................................................................
276,225
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
74,166
Class
A1
...............................................................................
415,532
Class
C
................................................................................
17,752
Class
R6
...............................................................................
9,567
Advisor
Class
............................................................................
70,974
Custodian
fees
(Note
4
)
......................................................................
8,277
Reports
to
shareholders
fees
..................................................................
47,828
Registration
and
filing
fees
....................................................................
47,566
Professional
fees
...........................................................................
42,878
Trustees'
fees
and
expenses
..................................................................
16,527
Other
....................................................................................
65,268
Total
expenses
.........................................................................
9,121,960
Expense
reductions
(Note
4
)
...............................................................
(8,147)
Net
expenses
.........................................................................
9,113,813
Net
investment
income
................................................................
45,257,785
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(7,347,449)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
2,943,299
Net
realized
and
unrealized
gain
(loss)
............................................................
(4,404,150)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$40,853,635
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
New
York
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$45,257,785
$85,857,167
Net
realized
gain
(loss)
.................................................
(7,347,449)
(45,196,972)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
2,943,299
(298,963,749)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
40,853,635
(258,303,554)
Distributions
to
shareholders:
Class
A
.............................................................
(5,376,608)
(9,711,902)
Class
A1
............................................................
(31,425,061)
(61,506,353)
Class
C
.............................................................
(1,095,455)
(2,362,234)
Class
R6
............................................................
(1,460,919)
(2,628,692)
Advisor
Class
........................................................
(5,620,946)
(8,412,889)
Total
distributions
to
shareholders
..........................................
(44,978,989)
(84,622,070)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
4,200,473
(17,317,208)
Class
A1
............................................................
(77,305,835)
(250,930,997)
Class
C
.............................................................
(10,936,494)
(27,966,780)
Class
R6
............................................................
555,031
(643,331)
Advisor
Class
........................................................
25,305,748
77,379,696
Total
capital
share
transactions
............................................
(58,181,077)
(219,478,620)
Net
increase
(decrease)
in
net
assets
...................................
(62,306,431)
(562,404,244)
Net
assets:
Beginning
of
period
.....................................................
2,865,919,276
3,428,323,520
End
of
period
..........................................................
$2,803,612,845
$2,865,919,276
Franklin
New
York
Tax-Free
Income
Fund
27
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
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.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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.
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
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
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,
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.
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
taxable
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,
2023, the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
c.
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.
d.
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.
e.
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.
f.
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)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
August
31,
2023,
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,
2023
Year
Ended
February
28,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,472,875
$24,443,158
8,105,380
$79,926,466
Shares
issued
in
reinvestment
of
distributions
..........
493,539
4,865,498
888,573
8,731,625
Shares
redeemed
...............................
(2,546,929)
(25,108,183)
(10,704,939)
(105,975,299)
Net
increase
(decrease)
..........................
419,485
$4,200,473
(1,710,986)
$(17,317,208)
Class
A1
Shares:
Shares
sold
...................................
1,196,318
$11,826,871
3,520,001
$34,638,639
Shares
issued
in
reinvestment
of
distributions
..........
2,660,782
26,242,787
5,204,230
51,212,277
Shares
redeemed
...............................
(11,691,989)
(115,375,493)
(34,110,809)
(336,781,913)
Net
increase
(decrease)
..........................
(7,834,889)
$(77,305,835)
(25,386,578)
$(250,930,997)
Class
C
Shares:
Shares
sold
...................................
243,048
$2,396,924
705,449
$6,987,972
Shares
issued
in
reinvestment
of
distributions
..........
106,596
1,050,396
230,755
2,269,361
Shares
redeemed
a
..............................
(1,457,934)
(14,383,814)
(3,755,462)
(37,224,113)
Net
increase
(decrease)
..........................
(1,108,290)
$(10,936,494)
(2,819,258)
$(27,966,780)
Class
R6
Shares:
Shares
sold
...................................
948,756
$9,357,561
2,812,622
$27,516,366
Shares
issued
in
reinvestment
of
distributions
..........
128,994
1,274,404
241,368
2,376,792
Shares
redeemed
...............................
(1,022,329)
(10,076,934)
(3,100,411)
(30,536,489)
Net
increase
(decrease)
..........................
55,421
$555,031
(46,421)
$(643,331)
Advisor
Class
Shares:
Shares
sold
...................................
7,227,745
$71,114,112
34,614,337
$337,028,315
Shares
issued
in
reinvestment
of
distributions
..........
538,865
5,318,238
790,318
7,773,153
Shares
redeemed
...............................
(5,205,974)
(51,126,602)
(27,302,406)
(267,421,772)
Net
increase
(decrease)
..........................
2,560,636
$25,305,748
8,102,249
$77,379,696
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
30
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:
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,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 0.454%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class A and
A1 reimbursement
distribution
plan,
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:
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
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%
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
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:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
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,
2023,
the
Fund
paid
transfer
agent
fees
of
$587,991,
of
which
$376,687
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
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,
2024.
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,
2024.
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,
2023,
these
purchase
and
sale
transactions
aggregated
$78,645,053
and
$81,175,007,
respectively,
with
a
net
realized
gains
of
$7.
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,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$7,839
CDSC
retained
..............................................................................
$18,198
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
August
31,
2023,
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,
2023,
aggregated
$150,298,916
and
$211,451,070,
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.
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
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the Statement
of
Operations.
During
the
period
ended
August
31,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$92,011,601
Long
term
................................................................................
291,978,672
Total
capital
loss
carryforwards
...............................................................
$383,990,273
Cost
of
investments
..........................................................................
$2,920,743,127
Unrealized
appreciation
........................................................................
$20,883,440
Unrealized
depreciation
........................................................................
(165,313,962)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(144,430,522)
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
9.
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,
2023,
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.
10.
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
—
$
6,529,789
$
6,529,789
Municipal
Bonds
.........................
—
2,748,922,816
—
2,748,922,816
Short
Term
Investments
...................
—
20,860,000
—
20,860,000
Total
Investments
in
Securities
...........
$—
$2,769,782,816
$6,529,789
$2,776,312,605
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
Shareholder
Information
34
franklintempleton.com
Semiannual
Report
BOARD
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
FRANKLIN
NEW
YORK
TAX-FREE
INCOME
FUND
(Fund)
At
an
in-person
meeting
held
on
April
18,
2023
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
35
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
New
York
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-
,
three,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
each
period
was
positive.
After
consideration
of
the
above,
the
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A
shares
and
Class
M
shares
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
New
York
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
slightly
above
the
median
of
its
Expense
Group,
but
its
actual
total
expense
ratio
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
noted
that
the
Fund’s
Management
Rate
was
less
than
one
basis
point
higher
than
the
median
Management
Rate
of
its
Expense
Group.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
36
franklintempleton.com
Semiannual
Report
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that,
given
the
Fund’s
decline
in
assets
over
the
past
three
calendar
years,
the
Fund
is
not
expected
to
experience
additional
economies
of
scale
in
the
foreseeable
future.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
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
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
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.
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
37
franklintempleton.com
Semiannual
Report
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
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
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.
Quarterly
Schedule
of
Investments
The
Trust,
on
behalf
of
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.
1115
S
10/23
©
2023
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
Franklin
New
York
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services. N/A
Item 5. Audit Committee
of Listed Registrants. N/A
Item 6. Schedule of Investments. N/A
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Exhibits.
(a)(1) Code of Ethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN NEW YORK TAX-FREE INCOME FUND
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date October 30, 2023
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 30, 2023
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date October 30, 2023