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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03479

Franklin New York Tax-Free Income Fund

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/23

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

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

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

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

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

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

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

section906

SIGNATURES

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

FRANKLIN NEW YORK TAX-FREE INCOME FUND

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  October 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