false 0000703112 N-1A N-CSRS 0000703112 tsr:C000199699Member 2026-03-01 2026-08-31 0000703112 tsr:C000199699Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274045_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274049_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274046_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409043993_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274048_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409044002_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274047_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274053_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274054_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274052_8439Member 2026-08-31 0000703112 tsr:C000199699Member tsr:bench202409274051_8439Member 2026-08-31 0000703112 2026-03-01 2026-08-31 tsr:Years iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000703112 tsr:C000018541Member 2026-03-01 2026-08-31 0000703112 tsr:C000018541Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274045_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274049_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274046_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409043993_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274048_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409044002_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274047_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274053_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274054_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274052_8438Member 2026-08-31 0000703112 tsr:C000018541Member tsr:bench202409274051_8438Member 2026-08-31 0000703112 tsr:C000018543Member 2026-03-01 2026-08-31 0000703112 tsr:C000018543Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274045_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274049_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274046_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409043993_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274048_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409044002_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274047_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274053_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274054_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274052_8440Member 2026-08-31 0000703112 tsr:C000018543Member tsr:bench202409274051_8440Member 2026-08-31 0000703112 tsr:C000194381Member 2026-03-01 2026-08-31 0000703112 tsr:C000194381Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274045_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274049_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274046_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409043993_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274048_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409044002_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274047_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274053_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274054_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274052_8441Member 2026-08-31 0000703112 tsr:C000194381Member tsr:bench202409274051_8441Member 2026-08-31 0000703112 tsr:C000018544Member 2026-03-01 2026-08-31 0000703112 tsr:C000018544Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274045_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274049_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274046_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409043993_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274048_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409044002_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274047_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274053_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274054_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274052_8437Member 2026-08-31 0000703112 tsr:C000018544Member tsr:bench202409274051_8437Member 2026-08-31
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

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

Franklin Templeton

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: February 28

 

Date of reporting period: August 31, 2026

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS

 

(a) The Report to Shareholders is filed herewith

Franklin New York Tax-Free Income Fund
image
Class A   [FNYQX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A
$40
0.80%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$2,537,045,488
Total Number of Portfolio Holdings
454
Portfolio Turnover Rate
2.45%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin New York Tax-Free Income Fund  PAGE 1  1115-STSR-1026
20.420.010.19.99.89.39.14.63.32.80.7
 
Franklin New York Tax-Free Income Fund
image
Class A1   [FNYTX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A1
$32
0.64%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$2,537,045,488
Total Number of Portfolio Holdings
454
Portfolio Turnover Rate
2.45%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin New York Tax-Free Income Fund  PAGE 1  115-STSR-1026
20.420.010.19.99.89.39.14.63.32.80.7
 
Franklin New York Tax-Free Income Fund
image
Class C   [FNYIX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class C
$60
1.20%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$2,537,045,488
Total Number of Portfolio Holdings
454
Portfolio Turnover Rate
2.45%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin New York Tax-Free Income Fund  PAGE 1  215-STSR-1026
20.420.010.19.99.89.39.14.63.32.80.7
 
Franklin New York Tax-Free Income Fund
image
Class R6   [FKTJX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class R6
$24
0.49%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$2,537,045,488
Total Number of Portfolio Holdings
454
Portfolio Turnover Rate
2.45%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin New York Tax-Free Income Fund  PAGE 1  8115-STSR-1026
20.420.010.19.99.89.39.14.63.32.80.7
 
Franklin New York Tax-Free Income Fund
image
Advisor Class   [FNYAX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Advisor Class
$27
0.54%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$2,537,045,488
Total Number of Portfolio Holdings
454
Portfolio Turnover Rate
2.45%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin New York Tax-Free Income Fund  PAGE 1  615-STSR-1026
20.420.010.19.99.89.39.14.63.32.80.7
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
August
31, 2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
19
Notes
to
Financial
Statements
23
Changes
In
and
Disagreements
with
Accountants
31
Results
of
Meeting(s)
of
Shareholders
31
Remuneration
Paid
to
Directors,
Officers
and
Others
31
Board
Approval
of
Management
and
Subadvisory
Agreements
31
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
2026
2025
2024
a
2023
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$10.00
$9.98
$10.02
$9.72
$10.83
$11.38
$11.09
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.17
0.33
0.31
0.30
0.27
0.19
0.28
Net
realized
and
unrealized
gains
(losses)
...........
(0.36)
0.02
(0.04)
0.30
(1.11)
(0.55)
0.29
Total
from
investment
operations
...........
(0.19)
0.35
0.27
0.60
(0.84)
(0.36)
0.57
Less
distributions
from:
Net
investment
income
..
(0.17)
(0.33)
(0.31)
(0.30)
(0.27)
(0.19)
(0.28)
Net
asset
value,
end
of
period
..............
$9.64
$10.00
$9.98
$10.02
$9.72
$10.83
$11.38
Total
return
e
...........
(1.88)%
3.63%
2.78%
6.29%
(7.77)%
(3.25)%
5.15%
Ratios
to
average
net
assets
f
Expenses
.............
0.80%
0.80%
0.78%
g
0.75%
g
0.81%
g
0.82%
g
0.78%
g
Net
investment
income
...
3.47%
3.44%
3.13%
3.08%
2.74%
2.21%
2.48%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$324,283
$338,951
$351,699
$361,554
$351,002
$409,409
$367,358
Portfolio
turnover
rate
....
2.45%
14.51%
19.14%
15.99%
22.81%
11.94%
12.15%
a
For
the
year
ended
February
29.
b
For
the
period
June
1,
2021
to
February
28,
2022.
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
3
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
2026
2025
2024
a
2023
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$10.01
$9.98
$10.03
$9.73
$10.84
$11.39
$11.10
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.18
0.35
0.33
0.32
0.29
0.20
0.30
Net
realized
and
unrealized
gains
(losses)
...........
(0.36)
0.02
(0.05)
0.29
(1.12)
(0.55)
0.28
Total
from
investment
operations
...........
(0.18)
0.37
0.28
0.61
(0.83)
(0.35)
0.58
Less
distributions
from:
Net
investment
income
..
(0.18)
(0.34)
(0.33)
(0.31)
(0.28)
(0.20)
(0.29)
Net
asset
value,
end
of
period
..............
$9.65
$10.01
$9.98
$10.03
$9.73
$10.84
$11.39
Total
return
e
...........
(1.80)%
3.89%
2.83%
6.44%
(7.63)%
(3.13)%
5.31%
Ratios
to
average
net
assets
f
Expenses
.............
0.64%
0.65%
0.63%
g
0.60%
g
0.66%
g
0.67%
g
0.63%
g
Net
investment
income
...
3.61%
3.59%
3.28%
3.23%
2.89%
2.36%
2.63%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$1,420,965
$1,539,847
$1,690,956
$1,891,646
$2,010,712
$2,514,275
$2,775,454
Portfolio
turnover
rate
....
2.45%
14.51%
19.14%
15.99%
22.81%
11.94%
12.15%
a
For
the
year
ended
February
29.
b
For
the
period
June
1,
2021
to
February
28,
2022.
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
2026
2025
2024
a
2023
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$10.00
$9.97
$10.02
$9.72
$10.82
$11.38
$11.08
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.15
0.29
0.27
0.26
0.23
0.15
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.36)
0.03
(0.05)
0.30
(1.10)
(0.56)
0.29
Total
from
investment
operations
...........
(0.21)
0.32
0.22
0.56
(0.87)
(0.41)
0.53
Less
distributions
from:
Net
investment
income
..
(0.15)
(0.29)
(0.27)
(0.26)
(0.23)
(0.15)
(0.23)
Net
asset
value,
end
of
period
..............
$9.64
$10.00
$9.97
$10.02
$9.72
$10.82
$11.38
Total
return
e
...........
(2.07)%
3.33%
2.26%
5.86%
(8.06)%
(3.62)%
4.83%
Ratios
to
average
net
assets
f
Expenses
.............
1.20%
1.20%
1.18%
g
1.15%
g
1.21%
g
1.22%
g
1.18%
g
Net
investment
income
...
3.06%
3.04%
2.73%
2.67%
2.33%
1.82%
2.10%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$23,683
$28,569
$47,875
$64,099
$89,134
$129,772
$202,215
Portfolio
turnover
rate
....
2.45%
14.51%
19.14%
15.99%
22.81%
11.94%
12.15%
a
For
the
year
ended
February
29.
b
For
the
period
June
1,
2021
to
February
28,
2022.
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
5
a
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
2026
2025
2024
a
2023
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$10.02
$10.00
$10.04
$9.74
$10.85
$11.41
$11.11
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.19
0.36
0.34
0.33
0.30
0.21
0.31
Net
realized
and
unrealized
gains
(losses)
...........
(0.36)
0.02
(0.04)
0.30
(1.11)
(0.55)
0.30
Total
from
investment
operations
...........
(0.17)
0.38
0.30
0.63
(0.81)
(0.34)
0.61
Less
distributions
from:
Net
investment
income
..
(0.19)
(0.36)
(0.34)
(0.33)
(0.30)
(0.22)
(0.31)
Net
asset
value,
end
of
period
..............
$9.66
$10.02
$10.00
$10.04
$9.74
$10.85
$11.41
Total
return
e
...........
(1.72)%
3.94%
3.07%
6.55%
(7.48)%
(3.10)%
5.54%
Ratios
to
average
net
assets
f
Expenses
.............
0.49%
0.50%
0.49%
g
0.49%
g
0.51%
g
0.50%
g
0.50%
g
Net
investment
income
...
3.76%
3.74%
3.42%
3.34%
3.04%
2.52%
2.76%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$149,538
$145,803
$124,350
$98,748
$86,891
$97,268
$89,785
Portfolio
turnover
rate
....
2.45%
14.51%
19.14%
15.99%
22.81%
11.94%
12.15%
a
For
the
year
ended
February
29.
b
For
the
period
June
1,
2021
to
February
28,
2022.
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%.
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
2026
2025
2024
a
2023
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$10.02
$9.99
$10.04
$9.74
$10.84
$11.40
$11.10
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.18
0.36
0.34
0.33
0.30
0.21
0.31
Net
realized
and
unrealized
gains
(losses)
...........
(0.35)
0.02
(0.05)
0.29
(1.11)
(0.56)
0.29
Total
from
investment
operations
...........
(0.17)
0.38
0.29
0.62
(0.81)
(0.35)
0.60
Less
distributions
from:
Net
investment
income
..
(0.19)
(0.35)
(0.34)
(0.32)
(0.29)
(0.21)
(0.30)
Net
asset
value,
end
of
period
..............
$9.66
$10.02
$9.99
$10.04
$9.74
$10.84
$11.40
Total
return
e
...........
(1.75)%
3.99%
2.93%
6.54%
(7.44)%
(3.15)%
5.50%
Ratios
to
average
net
assets
f
Expenses
.............
0.54%
0.55%
0.53%
g
0.50%
g
0.57%
g
0.57%
g
0.53%
g
Net
investment
income
...
3.71%
3.69%
3.38%
3.35%
3.01%
2.46%
2.73%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$618,576
$634,117
$638,348
$489,421
$328,181
$277,600
$287,411
Portfolio
turnover
rate
....
2.45%
14.51%
19.14%
15.99%
22.81%
11.94%
12.15%
a
For
the
year
ended
February
29.
b
For
the
period
June
1,
2021
to
February
28,
2022.
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%.
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
August
31,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
6,700,000
$
6,839,810
Total
Corporate
Bonds
(Cost
$
6,700,000
)
.......................................
6,839,810
Municipal
Bonds
98.1%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
5,800,000
4,826,684
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
18,760,000
16,581,649
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-2
,
5.5
%
,
12/01/30
..............................................
2,770,000
2,549,891
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
3,990,000
2,724,049
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
6.56
%,
3/01/29
...........................................
22,600,000
19,282,499
41,138,088
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,935,000
1,980,491
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.7
%,
12/01/45
...................
15,875,000
7,881,742
9,862,233
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
...........................................
6,970,000
6,413,726
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
10,310,000
8,524,540
14,938,266
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
.......................................
1,025,000
1,116,510
New
York
89.5%
Albany
Capital
Resource
Corp.
,
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/38
.................................................
6,505,000
6,570,985
Albany
Medical
Center
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/01/50
..................................................
4,000,000
4,124,772
Albany
Medical
Center
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
5/01/55
...................................................
4,670,000
4,857,507
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
D
,
4
%
,
11/01/51
.......................................................
2,000,000
1,718,157
KIPP
Capital
Region
Public
Charter
Schools
,
Revenue
,
2024
,
4.75
%
,
6/01/54
....
1,200,000
1,077,881
KIPP
Capital
Region
Public
Charter
Schools
,
Revenue
,
2024
,
5
%
,
6/01/64
.......
2,250,000
2,051,333
Allegany
County
Capital
Resource
Corp.
,
Alfred
University
,
Revenue
,
2024
,
5.25
%
,
4/01/49
..........................
1,700,000
1,659,004
Alfred
University
,
Revenue
,
2024
,
5.25
%
,
4/01/54
..........................
3,000,000
2,870,983
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2023
A
,
5
%
,
11/01/48
.............................
20,000,000
20,846,664
Revenue,
Senior
Lien
,
2025
,
Refunding
,
5.25
%
,
11/01/55
....................
6,000,000
6,284,912
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
1,500,000
1,358,811
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.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Brookhaven
Local
Development
Corp.,
(continued)
Active
Retirement
Community,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
$
8,000,000
$
6,576,429
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
1,600,000
1,557,970
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
........................................................
1,530,000
1,388,141
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/47
........................................................
1,160,000
995,935
United
Health
Services
Hospitals
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
AG
Insured
,
3
%
,
4/01/45
..............................................
7,230,000
5,419,862
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group
,
Revenue
,
2015
,
5.25
%
,
7/01/35
.......
1,000,000
995,345
Catholic
Health
System
Obligated
Group
,
Revenue
,
2015
,
5
%
,
7/01/40
.........
1,000,000
940,728
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/50
..............
2,500,000
1,837,128
Build
NYC
Resource
Corp.
,
487
West
129th
street
Transitional
Housing
Development
Fund
Corp.
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
12/01/51
..............................
1,000,000
1,033,673
487
West
129th
street
Transitional
Housing
Development
Fund
Corp.
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
12/01/56
..............................
1,000,000
1,027,535
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/36
............
400,000
373,169
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.5
%
,
6/15/43
...............
830,000
736,871
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/53
..............
850,000
728,062
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/58
..............
725,000
610,295
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/42
......
1,200,000
1,162,060
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/52
......
725,000
665,129
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/56
......
570,000
515,960
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/52
............
4,000,000
4,011,948
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/57
............
1,000,000
1,000,852
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/62
............
1,500,000
1,492,357
South
Bronx
Classical
Charter
School
V
,
Revenue
,
2026
A
,
5.5
%
,
6/15/65
.......
2,000,000
1,949,349
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/50
......................
4,500,000
4,626,790
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
4,925,000
5,025,360
d
Chautauqua
County
Capital
Resource
Corp.
,
NRG
Energy,
Inc.
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
4.25
%
,
4/03/28
...............................
2,000,000
2,025,666
City
of
Long
Beach
,
GO
,
2022
B
,
BAM
Insured
,
5.25
%
,
7/15/42
.................
1,010,000
1,041,626
City
of
New
York
,
GO
,
2018
E-1
,
5
%
,
3/01/40
..........................................
6,830,000
6,959,546
GO
,
2018
E-1
,
5
%
,
3/01/44
..........................................
12,500,000
12,671,404
GO
,
2018
F-1
,
5
%
,
4/01/40
..........................................
16,210,000
16,530,334
GO
,
2018
F-1
,
5
%
,
4/01/45
..........................................
10,000,000
10,126,868
GO
,
2019
D-1
,
4
%
,
12/01/43
.........................................
10,000,000
9,058,754
GO
,
2022
D-1
,
5.25
%
,
5/01/41
........................................
1,500,000
1,572,526
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
5,000,000
4,533,538
GO
,
2023
E-1
,
4
%
,
4/01/45
..........................................
3,000,000
2,712,621
GO
,
2024
D
,
5.5
%
,
4/01/49
..........................................
10,000,000
10,461,912
GO
,
2024
D
,
5.25
%
,
4/01/54
.........................................
10,500,000
10,725,849
GO
,
2025
E
,
5.25
%
,
8/01/50
.........................................
4,500,000
4,623,378
GO
,
2025
E
,
5
%
,
8/01/54
............................................
4,500,000
4,513,240
GO
,
2025
G-1
,
5.25
%
,
2/01/53
........................................
6,150,000
6,307,204
GO
,
2026
D
,
5.25
%
,
10/01/55
........................................
8,000,000
8,192,265
GO
,
2027
A
,
5
%
,
8/01/52
............................................
2,500,000
2,512,298
b
Clinton
County
Capital
Resource
Corp.
,
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
4.5
%
,
7/01/40
.................................
600,000
601,227
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
5
%
,
7/01/46
...................................
900,000
914,291
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
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/32
......
$
175,000
$
185,495
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
......
185,000
195,526
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/34
......
500,000
525,358
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
......
200,000
199,268
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
......
200,000
196,898
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
......
250,000
242,937
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/38
......
250,000
239,012
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
......
100,000
94,248
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
......
100,000
92,281
Nuvance
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
7/01/31
.............
10,550,000
10,555,562
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
.....
1,900,000
1,680,020
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/49
.....
4,425,000
3,711,332
Vassar
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/42
....................
5,000,000
5,025,249
Vassar
College
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/46
....................
5,715,000
5,224,794
Empire
State
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
3/15/40
8,400,000
8,498,704
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2019
A
,
5
%
,
3/15/42
.........
10,000,000
10,215,331
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
5
%
,
3/15/41
.........
5,000,000
5,178,915
Genesee
County
Funding
Corp.
(The)
,
Monroe
Sustainable
Energy
Partners
LLC
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
.....
2,500,000
2,556,489
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/52
.......................................................
6,250,000
6,206,752
Hempstead
Town
Local
Development
Corp.
,
Adelphi
University
,
Revenue
,
2026
A
,
5
%
,
10/01/56
........................
1,250,000
1,158,286
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/42
..................
1,250,000
1,257,416
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/47
..................
5,250,000
5,267,896
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/39
.................
575,000
541,015
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.................
3,000,000
2,081,915
Hudson
Yards
Infrastructure
Corp.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
...............................
15,000,000
15,077,974
Revenue
,
2017
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/47
.....................
13,680,000
12,292,293
Long
Island
Power
Authority
,
Revenue
,
2018
,
5
%
,
9/01/39
.........................................
5,000,000
5,126,072
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/43
...............................
3,170,000
3,304,261
Revenue
,
2023
E
,
5
%
,
9/01/53
........................................
3,500,000
3,567,821
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/01/49
...............................
3,500,000
3,579,551
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/01/54
...............................
8,000,000
8,064,944
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
9/01/54
.............................
2,500,000
2,566,286
Revenue
,
2025
,
Refunding
,
5.25
%
,
9/01/50
..............................
7,000,000
7,254,501
Metropolitan
Transportation
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
..............................
6,000,000
6,020,499
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/35
..............................
4,000,000
4,011,552
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/37
..............................
6,000,000
6,014,055
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/30
..............................
10,305,000
10,348,479
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/30
............................
6,215,000
6,417,517
Revenue
,
2017
D
,
Refunding
,
4
%
,
11/15/42
..............................
20,000,000
17,921,420
Revenue
,
2017
D
,
Refunding
,
4
%
,
11/15/46
..............................
5,000,000
4,368,668
Revenue
,
2019
C
,
AG
Insured
,
4
%
,
11/15/45
.............................
8,000,000
7,124,281
Revenue
,
2020
A-1
,
5
%
,
11/15/48
.....................................
17,000,000
17,085,433
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
2,950,000
2,938,583
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
9,150,000
9,174,231
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
15,000,000
15,221,870
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
10,000,000
8,656,807
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
5,000,000
4,505,074
Revenue
,
2024
A
,
Refunding
,
4
%
,
11/15/43
..............................
6,220,000
5,575,344
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
6,000,000
6,321,381
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.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/15/55
............................
$
1,250,000
$
1,270,142
Revenue
,
2025
B
,
Refunding
,
5
%
,
11/15/43
..............................
1,335,000
1,383,334
c
Dedicated
Tax
Fund
,
Revenue
,
2012
A
,
Refunding
,
3.45
%,
11/15/32
............
20,000,000
16,198,868
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/49
............
29,545,000
30,228,908
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/50
............
10,830,000
11,049,265
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/52
............
5,000,000
5,074,096
Dedicated
Tax
Fund
,
Revenue
,
2024
B-2
,
Refunding
,
5
%
,
11/15/48
............
3,000,000
3,081,449
Dedicated
Tax
Fund
,
Special
Tax
,
2024
A
,
5
%
,
11/15/49
.....................
2,500,000
2,557,870
Dedicated
Tax
Fund
,
Special
Tax
,
2024
A
,
5.25
%
,
11/15/54
...................
7,500,000
7,743,490
Monroe
County
Industrial
Development
Corp.
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
......
17,000,000
16,357,204
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
.......................................................
1,500,000
1,574,155
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/32
.......................................................
4,200,000
4,387,633
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/33
.......................................................
1,815,000
1,887,834
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/34
.......................................................
2,510,000
2,596,311
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/35
.......................................................
1,100,000
1,070,259
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/46
.......................................................
8,560,000
7,172,516
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/49
..........
635,000
656,819
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/54
..........
1,670,000
1,700,420
b
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/50
.
2,360,000
2,246,807
b
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/59
.
2,345,000
2,187,380
University
of
Rochester
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
7/01/43
............
12,570,000
11,590,717
University
of
Rochester
,
Revenue
,
2017
D
,
Refunding
,
4
%
,
7/01/43
............
14,050,000
12,955,415
University
of
Rochester
,
Revenue
,
2023
A
,
5
%
,
7/01/53
.....................
10,000,000
10,208,147
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
5
%
,
7/01/43
....
1,440,000
1,238,875
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
5
%
,
7/01/55
....
2,605,000
2,082,695
New
York
City
Health
and
Hospitals
Corp.
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
2/15/45
...............................
1,250,000
970,330
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/45
...............................
1,800,000
1,681,924
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/48
...............................
880,000
791,933
New
York
City
Housing
Development
Corp.
,
Revenue
,
2016
C-1-A
,
3.15
%
,
11/01/36
.................................
300,000
269,242
Revenue
,
2016
C-1-A
,
3.45
%
,
5/01/50
..................................
750,000
576,958
Revenue
,
2016
F-1A
,
Refunding
,
3.3
%
,
11/01/46
..........................
485,000
391,434
Revenue
,
2018
K
,
4
%
,
11/01/48
.......................................
36,505,000
31,826,786
Revenue
,
2019
A-3A
,
Refunding
,
3.95
%
,
11/01/49
.........................
75,000
65,803
Revenue
,
2019
G-1-B
,
Refunding
,
3
%
,
11/01/44
...........................
9,405,000
7,343,907
Revenue
,
2019
J
,
3
%
,
11/01/44
.......................................
4,935,000
3,853,501
Revenue
,
2020
C
,
FNMA
Insured
,
2.75
%
,
2/01/51
.........................
10,000,000
6,604,541
Revenue
,
2021
C-1
,
Refunding
,
2.5
%
,
11/01/51
...........................
220,000
136,838
Revenue
,
2021
C-1
,
Refunding
,
2.6
%
,
11/01/56
...........................
100,000
60,522
Revenue
,
2021
G
,
Refunding
,
FHA
Insured
,
2.15
%
,
11/01/36
.................
560,000
450,329
Revenue
,
2022
A
,
3.3
%
,
11/01/47
.....................................
100,000
78,360
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
F
,
Refunding
,
5.25
%
,
12/15/31
........
4,550,000
4,663,458
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AG
Insured
,
3
%
,
1/01/46
.
5,000,000
3,793,959
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
3/01/45
....
6,000,000
5,427,970
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
3/01/49
....
10,000,000
7,075,148
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
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
AA
,
4
%
,
6/15/46
....................
$
10,000,000
$
8,965,802
Water
&
Sewer
System
,
Revenue
,
2020
AA
,
Refunding
,
5
%
,
6/15/40
...........
10,000,000
10,413,314
Water
&
Sewer
System
,
Revenue
,
2022
AA-1
,
5
%
,
6/15/48
..................
8,825,000
9,030,665
Water
&
Sewer
System
,
Revenue
,
2023
AA-1
,
5.25
%
,
6/15/52
................
5,000,000
5,114,976
Water
&
Sewer
System
,
Revenue
,
2024
AA-1
,
5.25
%
,
6/15/53
................
9,000,000
9,246,280
Water
&
Sewer
System
,
Revenue
,
2024
BB-1
,
5.25
%
,
6/15/54
................
10,745,000
11,029,773
Water
&
Sewer
System
,
Revenue
,
2024
CC-1
,
4.25
%
,
6/15/54
................
2,500,000
2,237,730
Water
&
Sewer
System
,
Revenue
,
2025
AA-1
,
5
%
,
6/15/51
..................
7,155,000
7,230,568
Water
&
Sewer
System
,
Revenue
,
2025
AA-1
,
5.25
%
,
6/15/53
................
1,000,000
1,027,688
Water
&
Sewer
System
,
Revenue
,
2025
BB
,
5.25
%
,
6/15/55
..................
25,000,000
25,674,857
Water
&
Sewer
System
,
Revenue
,
2026
AA-1
,
5
%
,
6/15/55
..................
11,500,000
11,645,714
Water
&
Sewer
System
,
Revenue,
Sub.
Lien
,
2018
BB-1
,
5
%
,
6/15/46
..........
15,500,000
15,599,220
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2021
C-1
,
4
%
,
5/01/43
......................
5,000,000
4,553,963
Future
Tax
Secured
,
Revenue
,
2024
A-1
,
5
%
,
5/01/41
......................
6,775,000
7,029,025
Future
Tax
Secured
,
Revenue
,
2024
A-1
,
4
%
,
5/01/53
......................
3,000,000
2,579,967
Future
Tax
Secured
,
Revenue
,
2024
G-1
,
4.125
%
,
5/01/52
...................
6,500,000
5,711,016
Future
Tax
Secured
,
Revenue
,
2025
C-1
,
5
%
,
5/01/50
......................
4,000,000
4,033,160
Future
Tax
Secured
,
Revenue
,
2025
H-1
,
5
%
,
11/01/50
.....................
4,000,000
4,029,427
Future
Tax
Secured
,
Revenue
,
2025
H-1
,
5.5
%
,
11/01/51
....................
3,000,000
3,152,545
Future
Tax
Secured
,
Revenue
,
2026
F-1
,
5
%
,
2/01/50
......................
5,000,000
5,037,615
Future
Tax
Secured
,
Revenue
,
2026
I
,
5.5
%
,
11/01/54
......................
2,750,000
2,897,309
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2017
E-1
,
5
%
,
2/01/33
..............
6,500,000
6,553,398
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2017
F-1
,
5
%
,
5/01/42
..............
17,500,000
17,615,230
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2019
A-1
,
5
%
,
8/01/40
..............
9,340,000
9,521,011
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2020
B-1
,
4
%
,
11/01/41
.............
7,205,000
6,649,657
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2023
D-1
,
5
%
,
11/01/46
.............
10,000,000
10,277,252
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2025
D
,
5.25
%
,
5/01/48
.............
5,000,000
5,162,700
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2025
D
,
5
%
,
5/01/50
...............
2,375,000
2,396,282
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2026
B
,
5.25
%
,
5/01/55
.............
7,500,000
7,686,928
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2027
B-1
,
5.5
%
,
11/01/54
............
6,250,000
6,584,793
State
of
New
York
,
Revenue
,
2018
S-3
,
5
%
,
7/15/43
........................
10,000,000
10,176,933
State
of
New
York
,
Revenue
,
2019
S-1
,
5
%
,
7/15/43
........................
17,000,000
17,300,786
State
of
New
York
,
Revenue
,
2020
S-1
,
4
%
,
7/15/41
........................
8,465,000
7,895,700
State
of
New
York
,
Revenue
,
2020
S-1B
,
4
%
,
7/15/41
......................
2,465,000
2,302,294
State
of
New
York
Building
Aid
,
Revenue
,
2026
S-2
,
Refunding
,
5
%
,
7/15/43
.....
2,975,000
3,148,042
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
11/15/46
.......................................................
5,000,000
5,023,818
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2026
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
1,000,000
1,055,884
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2026
A
,
Refunding
,
5
%
,
11/15/45
.......................................................
1,000,000
1,051,658
d
New
York
Energy
Finance
Development
Corp.
,
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
12/01/33
........................................................
11,240,000
11,484,974
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
18,000,000
12,207,276
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
91,360,000
101,684,950
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
27,000,000
30,569,521
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
3
%
,
2/15/42
........................................................
5,000,000
3,984,744
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
4
%
,
2/15/43
........................................................
5,000,000
4,553,500
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/60
..............................
11,455,000
9,805,774
SFP
Transmission
Project
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
11/15/53
.........
3,000,000
3,055,151
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)
New
York
State
Dormitory
Authority
,
Revenue
,
2008
A-1
,
5
%
,
6/01/38
......................................
$
3,970,000
$
3,976,320
Revenue
,
2009
A
,
AG
Insured
,
5.625
%
,
10/01/29
..........................
245,000
245,631
Revenue
,
2009
C
,
AG
Insured
,
5
%
,
10/01/31
.............................
45,000
45,083
Revenue
,
2009
C
,
AG
Insured
,
5.125
%
,
10/01/36
..........................
60,000
60,105
Barnard
College
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/50
..................
1,750,000
1,767,085
Barnard
College
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/55
..................
3,000,000
3,002,729
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/37
1,705,000
1,501,320
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
2,200,000
1,904,820
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/39
1,305,000
1,112,393
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/40
1,300,000
1,090,340
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/41
2,100,000
1,955,548
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/45
5,835,000
4,645,218
Cornell
University
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
7/01/54
...............
12,350,000
13,011,950
Educational
Housing
Services,
Inc.
,
Revenue
,
2005
,
AMBAC
Insured
,
5.25
%
,
7/01/30
4,225,000
4,325,537
Fashion
Institute
of
Technology
,
Revenue
,
2007
,
NATL
Insured
,
5.25
%
,
7/01/34
...
13,290,000
13,905,347
Fordham
University
,
Revenue
,
2020
,
4
%
,
7/01/50
..........................
4,500,000
3,937,857
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
12/01/45
...................................................
1,000,000
857,025
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/32
...................................................
500,000
487,944
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/33
...................................................
4,000,000
3,873,705
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/35
...................................................
1,100,000
1,040,027
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/36
...................................................
2,100,000
1,958,372
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/37
...................................................
2,000,000
1,836,243
Iona
College
,
Revenue
,
2021
A
,
5
%
,
7/01/46
.............................
925,000
915,042
Iona
College
,
Revenue
,
2021
A
,
5
%
,
7/01/51
.............................
2,350,000
2,256,574
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/31
......................
325,000
344,399
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/32
......................
300,000
319,393
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/42
......................
275,000
275,439
Memorial
Sloan-Kettering
Cancer
Center
,
Revenue
,
2017-1
,
Refunding
,
4
%
,
7/01/47
5,000,000
4,402,052
Montefiore
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/01/31
.........
525,000
536,927
Montefiore
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/01/33
.........
1,150,000
1,168,883
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
.........
1,800,000
1,877,168
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/45
.........
10,900,000
9,439,474
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/50
.........
1,370,000
1,101,283
Montefiore
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
11/01/47
.................
1,000,000
1,028,837
Mount
Sinai
Hospital
Obligated
Group
,
Revenue
,
2025
,
5
%
,
7/01/45
............
1,420,000
1,409,553
Mount
Sinai
Hospital
Obligated
Group
,
Revenue
,
2025
,
5.25
%
,
7/01/50
.........
11,000,000
10,883,007
New
School
(The)
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/47
................
4,000,000
3,303,008
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/49
.............
3,890,000
3,900,526
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/54
.............
4,100,000
4,042,898
New
York
University
,
Revenue
,
2018
A
,
5
%
,
7/01/48
........................
5,000,000
5,044,606
New
York
University
,
Revenue
,
2019
A
,
5
%
,
7/01/49
........................
25,000,000
25,709,755
New
York
University
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.............
4,000,000
4,131,628
Northwell
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/52
....
13,490,000
13,312,334
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
4
%
,
5/01/54
....
6,500,000
5,420,436
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
5/01/54
..
11,000,000
11,122,587
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
7/01/48
.......
4,000,000
2,915,152
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.......
20,420,000
17,661,554
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/53
.......
25,280,000
21,362,990
Orchard
Park
CCRC,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.125
%
,
11/15/55
..
1,600,000
1,579,363
Pace
University
,
Revenue
,
2024
A
,
5.25
%
,
5/01/44
.........................
590,000
598,233
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)
New
York
State
Dormitory
Authority,
(continued)
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/49
..........................
$
1,775,000
$
1,804,104
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/56
..........................
1,000,000
1,006,044
Rochester
Institute
of
Technology
,
Revenue
,
2022
A
,
5
%
,
7/01/41
..............
1,000,000
1,041,021
Rochester
Institute
of
Technology
,
Revenue
,
2022
A
,
5
%
,
7/01/42
..............
1,000,000
1,039,874
Roswell
Park
Cancer
Institute
Corp.
Obligated
Group
,
Revenue
,
2025
A
,
AG
Insured
,
5.5
%
,
7/01/50
...................................................
1,000,000
1,057,088
St.
John's
University
,
Revenue
,
2021
A
,
4
%
,
7/01/48
.......................
5,945,000
5,119,029
St.
John's
University
,
Revenue
,
2021
A
,
Pre-Refunded
,
4
%
,
7/01/48
............
305,000
319,867
St.
Joseph's
College
,
Revenue
,
2021
,
4
%
,
7/01/40
.........................
225,000
183,159
St.
Joseph's
College
,
Revenue
,
2021
,
5
%
,
7/01/51
.........................
725,000
593,027
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
2/15/39
........................................................
15,000
15,161
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/40
........................................................
10,000
10,225
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/41
........................................................
30,000
30,674
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
5
%
,
2/15/43
.........
12,050,000
12,188,529
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/43
........................................................
30,000
30,674
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
4
%
,
2/15/46
.........
10,000,000
8,864,594
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
4
%
,
2/15/46
........................................................
15,000
15,196
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B-3
,
5
%
,
2/15/41
.......
9,895,000
10,017,120
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A
,
5.25
%
,
3/15/52
......
18,850,000
19,368,379
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/52
10,000,000
10,068,596
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/55
5,250,000
5,283,522
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2026
A
,
Refunding
,
5.25
%
,
3/15/56
........................................................
7,500,000
7,737,556
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
4
%
,
3/15/46
.................
25,000,000
22,615,738
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
6,235,000
6,345,830
State
of
New
York
Sales
Tax
,
Revenue
,
2024
A
,
5
%
,
3/15/55
.................
5,000,000
5,043,616
State
of
New
York
Sales
Tax
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
3/15/51
........
6,000,000
6,089,378
State
of
New
York
Sales
Tax
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
3/15/55
.........
7,500,000
7,593,359
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
7/01/42
....................................................
780,000
795,609
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
7/01/46
....................................................
4,000,000
4,081,713
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
5
%
,
7/01/43
..
4,300,000
4,379,270
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
....................................................
5,975,000
6,231,026
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2019
A
,
3
%
,
7/01/42
..
4,165,000
3,329,184
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2019
A
,
4
%
,
7/01/43
..
1,200,000
1,112,838
Teachers
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/46
..................
6,175,000
5,593,432
White
Plains
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
........
10,345,000
10,448,785
New
York
State
Environmental
Facilities
Corp.
,
Morgan
State
University
Student
Housing
,
Revenue
,
2022
B
,
5.25
%
,
9/15/52
.....
5,000,000
5,217,998
New
York
City
Water
&
Sewer
System
,
Revenue
,
2017
E
,
5
%
,
6/15/47
..........
6,090,000
6,129,605
New
York
City
Water
&
Sewer
System
,
Revenue
,
2018
B
,
5
%
,
6/15/43
..........
8,000,000
8,139,048
New
York
City
Water
&
Sewer
System
,
Revenue
,
2018
B
,
5
%
,
6/15/48
..........
18,610,000
18,885,752
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
1,910,402
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/41
........................................
12,000,000
11,095,302
Revenue
,
2019
B
,
3
%
,
1/01/46
........................................
4,200,000
3,045,173
Revenue
,
2019
B
,
BAM
Insured
,
4
%
,
1/01/50
.............................
20,000,000
17,655,120
Revenue
,
2019
B
,
4
%
,
1/01/53
........................................
15,000,000
12,951,517
Revenue
,
2026
A
,
Refunding
,
5
%
,
1/01/51
...............................
1,000,000
1,016,175
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)
New
York
State
Thruway
Authority,
(continued)
Revenue
,
N
,
4
%
,
1/01/46
............................................
$
10,000,000
$
8,943,973
Revenue
,
P
,
Refunding
,
5.25
%
,
1/01/54
.................................
1,000,000
1,029,535
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
3/15/46
4,125,000
4,250,158
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
3/15/48
25,000,000
25,529,622
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,500,000
5,601,658
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
4
%
,
10/01/30
.........................
12,400,000
12,561,268
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/35
.........................
6,305,000
6,537,643
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
11,000,000
11,168,189
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
4.375
%
,
10/01/45
.....................
26,500,000
24,702,836
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
9,150,000
9,639,536
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/41
............
2,130,000
1,961,034
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/46
............
6,000,000
5,301,417
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
4/30/53
.............
19,875,000
16,880,543
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/34
...
450,000
467,609
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/35
...
400,000
413,766
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/36
...
400,000
411,929
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/37
...
350,000
358,708
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/38
...
300,000
279,607
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/39
...
400,000
366,293
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/40
...
2,555,000
2,302,657
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/42
...
910,000
802,393
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/33
...
1,200,000
1,276,634
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/34
...
2,000,000
2,119,982
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/36
...
2,000,000
2,100,920
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/39
...
4,545,000
4,319,818
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/41
...
10,300,000
9,564,450
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/42
...
9,690,000
8,938,339
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/42
.............
10,000,000
10,161,862
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5.25
%
,
12/31/54
.......................................................
12,500,000
12,602,931
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
12/31/60
.....
9,250,000
9,272,906
c
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
B
,
Refunding
,
AG
Insured
,
1.642
%,
12/31/54
.......................................................
9,000,000
5,787,196
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
6,500,000
6,672,699
JFK
NTO
LLC
,
Revenue
,
2023
,
AG
Insured
,
5.125
%
,
6/30/60
.................
10,000,000
9,831,393
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
15,160,000
15,003,978
JFK
NTO
LLC
,
Revenue
,
2024
,
5
%
,
6/30/60
..............................
13,000,000
12,425,235
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
5,750,000
5,778,314
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/50
..............................
3,250,000
3,428,315
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
12/01/51
........................
4,000,000
3,394,569
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
...................................
3,000,000
2,982,948
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
...................................
2,150,000
2,280,331
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/38
...........................
200,000
187,702
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/41
...........................
245,000
215,805
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/46
...........................
460,000
447,211
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/51
...........................
820,000
769,101
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/32
..................
725,000
759,306
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/34
..................
315,000
312,080
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/36
..................
350,000
338,808
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/39
..................
475,000
438,544
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/42
..................
530,000
462,086
Syracuse
University
,
Revenue
,
2025
,
5.5
%
,
12/01/56
.......................
4,000,000
4,250,292
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)
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/43
................
$
5,000,000
$
5,144,508
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/47
................
17,000,000
15,594,023
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
200
,
Refunding
,
5
%
,
4/15/57
.................................
11,040,000
11,057,379
Revenue
,
205th
,
Refunding
,
5
%
,
5/15/57
................................
13,000,000
13,039,541
Revenue
,
211th
,
Refunding
,
5
%
,
9/01/48
................................
16,730,000
17,023,339
Revenue
,
214th
,
5
%
,
9/01/34
.........................................
2,500,000
2,590,192
Revenue
,
214th
,
4
%
,
9/01/38
.........................................
5,000,000
4,748,360
Revenue
,
221
,
4
%
,
7/15/45
..........................................
7,610,000
6,817,137
Revenue
,
221
,
4
%
,
7/15/50
..........................................
15,250,000
13,167,664
Revenue
,
234
,
Refunding
,
5.5
%
,
8/01/52
................................
4,000,000
4,135,218
Revenue
,
238
,
Refunding
,
5
%
,
7/15/37
.................................
4,000,000
4,239,563
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
2,500,000
2,548,003
Revenue
,
246
,
Refunding
,
5
%
,
9/01/39
.................................
5,000,000
5,227,666
Revenue
,
246
,
Refunding
,
5
%
,
9/01/40
.................................
2,000,000
2,083,307
Revenue
,
250
,
Refunding
,
5.25
%
,
10/15/51
..............................
5,000,000
5,262,900
Revenue
,
251st
,
Refunding
,
5
%
,
8/15/51
................................
1,500,000
1,546,842
Riverhead
Industrial
Development
Agency
,
Riverhead
Charter
School
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5
%
,
8/01/40
1,390,000
1,388,884
Riverhead
Charter
School
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
8/01/44
........................................................
1,855,000
1,856,578
Riverhead
Charter
School
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.375
%
,
8/01/48
........................................................
2,100,000
2,093,722
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
1,940,200
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/52
......................................
700,000
708,170
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/34
...............
465,000
470,781
St.
Lawrence
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/47
...........
1,820,000
1,826,145
St.
Lawrence
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/52
...........
2,500,000
2,442,689
Suffolk
County
Economic
Development
Corp.
,
Peconic
Landing
at
Southold,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
12/01/34
..............................
1,000,000
1,026,424
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/50
.............................
4,500,000
3,833,655
Revenue
,
2021
B-1
,
Refunding
,
4
%
,
6/01/50
.............................
3,690,000
3,077,213
Syracuse
Regional
Airport
Authority
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
.................................
735,000
722,130
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
.................................
750,000
728,936
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
3,199,501
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/47
..............................
7,370,000
7,413,110
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/37
..............................
8,055,000
8,139,433
Revenue
,
2017
C-2
,
5
%
,
11/15/42
.....................................
18,190,000
18,439,761
Revenue
,
2020
A
,
5
%
,
11/15/49
.......................................
10,000,000
10,163,964
Revenue
,
2020
A
,
5
%
,
11/15/54
.......................................
10,000,000
10,128,291
Revenue
,
2023
B-1
,
5.25
%
,
11/15/53
...................................
4,500,000
4,639,716
Revenue
,
2026
A-1
,
5.25
%
,
11/15/54
...................................
1,000,000
1,033,762
c
Revenue,
Sub.
Lien
,
2013
A
,
Refunding
,
3.47
%,
11/15/31
....................
5,000,000
4,185,323
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2021
A-1
,
Refunding
,
5
%
,
5/15/51
....................................
20,000,000
20,352,934
c
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
D-1B
,
Refunding
,
4.03
%,
11/15/36
...............................
6,250,000
4,176,537
c
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
D-1B
,
Refunding
,
4.51
%,
11/15/39
...............................
1,115,000
622,323
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)
Triborough
Bridge
&
Tunnel
Authority,
(continued)
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2024
B-1
,
Refunding
,
4.125
%
,
5/15/54
................................
$
5,000,000
$
4,399,667
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2024
B-1
,
Refunding
,
5.25
%
,
5/15/54
.................................
19,000,000
19,492,028
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2026
A-1
,
Refunding
,
5
%
,
11/15/56
...................................
8,000,000
8,102,974
Real
Estate
Transfer
Tax
,
Revenue
,
2025
A
,
5.25
%
,
12/01/54
.................
8,500,000
8,717,071
Sales
Tax
,
Revenue
,
2023
A
,
4
%
,
5/15/48
...............................
9,175,000
8,353,998
Sales
Tax
,
Revenue
,
2024
A-1
,
5.25
%
,
5/15/59
...........................
6,545,000
6,658,112
Sales
Tax
,
Revenue
,
2024
A-1
,
5.25
%
,
5/15/64
...........................
10,000,000
10,128,757
Troy
Capital
Resource
Corp.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
.................................
180,000
180,401
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
.................................
280,000
279,030
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/36
......
3,200,000
3,309,740
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/38
......
3,800,000
3,911,918
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/39
......
5,000,000
5,103,290
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/40
......
1,500,000
1,380,339
Utility
Debt
Securitization
Authority
,
Revenue
,
2017
,
5
%
,
12/15/39
........................................
5,750,000
5,834,819
Revenue
,
2017
,
5
%
,
12/15/40
........................................
10,000,000
10,136,628
Revenue
,
2017
,
5
%
,
12/15/41
........................................
8,500,000
8,613,479
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4.25
%
,
1/01/45
2,925,000
2,760,228
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
1/01/51
...
2,500,000
2,499,936
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/35
...................
2,250,000
2,401,396
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/38
...................
3,225,000
3,368,492
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5.75
%
,
11/01/49
..........................................
1,000,000
1,055,948
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5
%
,
11/01/51
.............................................
1,200,000
1,188,232
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
6.25
%
,
11/01/52
.......................................................
1,000,000
1,028,432
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5.75
%
,
11/01/53
..........................................
1,000,000
1,047,562
Yonkers
Industrial
Development
Agency
,
Revenue
,
2022
,
5.25
%
,
5/01/51
.........
1,600,000
1,643,577
2,270,567,538
South
Carolina
0.2%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
5,900,000
5,127,868
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
4,390,000
4,038,767
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
7,522,611
11,561,378
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
6,700,000
5,733,217
Wisconsin
2.3%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
9,025,000
9,229,931
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
6,500,000
5,295,999
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
72,055,000
35,890,069
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)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
$
10,875,000
$
6,940,510
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,484,535
58,841,044
U.S.
Territories
2.6%
Guam
0.4%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/28
..............................
480,000
491,534
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/29
............................
700,000
730,393
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/31
............................
775,000
820,746
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/33
...........................
525,000
565,960
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/36
............................
685,000
724,608
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/40
...........................
525,000
543,750
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/43
...........................
1,250,000
1,281,397
Revenue
,
2024
A
,
5
%
,
10/01/34
.......................................
670,000
708,326
Revenue
,
2024
A
,
5.25
%
,
10/01/41
....................................
1,560,000
1,596,659
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/34
..............................
710,000
757,645
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/35
..............................
500,000
532,789
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/36
..............................
450,000
477,486
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/37
..............................
455,000
477,449
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/38
..............................
575,000
600,025
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/40
..............................
520,000
533,745
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/42
..............................
250,000
255,448
11,097,960
Puerto
Rico
2.2%
Municipality
of
San
Juan
Puerto
Rico
,
GO
,
2026
A
,
5.25
%
,
7/01/39
..........................................
300,000
318,040
GO
,
2026
A
,
5.25
%
,
7/01/40
..........................................
340,000
357,404
GO
,
2026
A
,
5
%
,
7/01/51
............................................
1,500,000
1,516,869
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,050,000
1,056,131
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
22,313,000
21,114,424
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
19,095,000
18,531,413
c
Sales
Tax
,
Revenue
,
A-1
,
5.54
%,
7/01/51
................................
20,000,000
5,241,660
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
7,150,000
6,751,298
54,887,239
Total
U.S.
Territories
....................................................................
65,985,199
Total
Municipal
Bonds
(Cost
$
2,598,856,650
)
...................................
2,489,698,025
Total
Long
Term
Investments
(Cost
$
2,605,556,650
)
.............................
2,496,537,835
a
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
New
York
0.6%
e
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
6/15/50
........................................
10,000,000
10,000,000
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.05
%
,
6/15/49
.................................
2,000,000
2,000,000
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
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
(continued)
e
New
York
City
Municipal
Water
Finance
Authority,
(continued)
Water
&
Sewer
System
,
Revenue
,
BB-1
A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.05
%
,
6/15/49
......................................
$
2,600,000
$
2,600,000
e
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2014
D-3
,
SPA
Mizuho
Bank
Ltd.
,
Daily
VRDN
and
Put
,
2.98
%
,
2/01/44
.........
300,000
300,000
14,900,000
Total
Municipal
Bonds
(Cost
$
14,900,000
)
......................................
14,900,000
Total
Short
Term
Investments
(Cost
$
14,900,000
)
................................
14,900,000
a
Total
Investments
(Cost
$
2,620,456,650
)
99.0
%
..................................
$2,511,437,835
Other
Assets,
less
Liabilities
1.0
%
.............................................
25,607,653
Net
Assets
100.0%
...........................................................
$2,537,045,488
See
Abbreviations
on
page
30
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
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,
2026,
the
aggregate
value
of
these
securities
was
$75,377,588,
representing
3.0%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
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,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,620,456,650
Value
-
Unaffiliated
issuers
..................................................................
$2,511,437,835
Cash
....................................................................................
89,284
Receivables:
Capital
shares
sold
........................................................................
1,023,189
Interest
.................................................................................
32,354,533
Total
assets
..........................................................................
2,544,904,841
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
134,730
Capital
shares
redeemed
...................................................................
4,873,207
Management
fees
.........................................................................
986,827
Distribution
fees
..........................................................................
205,115
Transfer
agent
fees
........................................................................
500,492
Trustees'
fees
and
expenses
.................................................................
1,548
Distributions
to
shareholders
.................................................................
937,079
Accrued
expenses
and
other
liabilities
...........................................................
220,355
Total
liabilities
.........................................................................
7,859,353
Net
assets,
at
value
.................................................................
$2,537,045,488
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,079,721,127
Total
distributable
earnings
(losses)
.............................................................
(542,675,639)
Net
assets,
at
value
.................................................................
$2,537,045,488
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
New
York
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$324,282,756
Shares
outstanding
........................................................................
33,627,676
Net
asset
value
per
share
a
,b
..................................................................
$9.64
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$10.02
Class
A1:
Net
assets,
at
value
.......................................................................
$1,420,964,925
Shares
outstanding
........................................................................
147,253,915
Net
asset
value
per
share
a
,b
..................................................................
$9.65
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$10.03
Class
C:
Net
assets,
at
value
.......................................................................
$23,683,226
Shares
outstanding
........................................................................
2,457,049
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$9.64
Class
R6:
Net
assets,
at
value
.......................................................................
$149,538,234
Shares
outstanding
........................................................................
15,476,921
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.66
Advisor
Class:
Net
assets,
at
value
.......................................................................
$618,576,347
Shares
outstanding
........................................................................
64,056,866
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.66
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Franklin
New
York
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$55,969,832
Expenses:
Management
fees
(Note
3
a
)
...................................................................
5,977,658
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
418,626
    Class
A1
...............................................................................
745,101
    Class
C
................................................................................
86,352
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
117,519
    Class
A1
...............................................................................
523,102
    Class
C
................................................................................
9,336
    Class
R6
...............................................................................
11,921
    Advisor
Class
............................................................................
221,221
Custodian
fees
.............................................................................
8,227
Reports
to
shareholders
fees
..................................................................
40,289
Registration
and
filing
fees
....................................................................
57,774
Professional
fees
...........................................................................
39,909
Trustees'
fees
and
expenses
..................................................................
14,942
Other
....................................................................................
100,841
Total
expenses
.........................................................................
8,372,818
Net
investment
income
................................................................
47,597,014
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(2,471,402)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(92,644,308)
Net
realized
and
unrealized
gain
(loss)
............................................................
(95,115,710)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(47,518,696)
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.
22
Franklin
New
York
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$47,597,014
$96,356,156
Net
realized
gain
(loss)
.................................................
(2,471,402)
(19,679,511)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(92,644,308)
20,701,571
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(47,518,696)
97,378,216
Distributions
to
shareholders:
Class
A
.............................................................
(5,908,092)
(11,159,778)
Class
A1
............................................................
(27,383,564)
(55,422,062)
Class
C
.............................................................
(415,580)
(1,104,121)
Class
R6
............................................................
(2,824,538)
(4,838,683)
Advisor
Class
........................................................
(11,897,657)
(22,249,284)
Total
distributions
to
shareholders
..........................................
(48,429,431)
(94,773,928)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(2,498,206)
(12,925,180)
Class
A1
............................................................
(64,632,300)
(150,916,437)
Class
C
.............................................................
(3,937,197)
(18,850,456)
Class
R6
............................................................
9,173,555
20,123,905
Advisor
Class
........................................................
7,601,945
(5,977,512)
Total
capital
share
transactions
............................................
(54,292,203)
(168,545,680)
Net
increase
(decrease)
in
net
assets
...................................
(150,240,330)
(165,941,392)
Net
assets:
Beginning
of
period
.....................................................
2,687,285,818
2,853,227,210
End
of
period
..........................................................
$2,537,045,488
$2,687,285,818
Franklin
New
York
Tax-Free
Income
Fund
23
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,
2026, 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).
The
Fund's federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
24
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
(including
interest
income
from
payment-in-kind
securities,
if
any)
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)
25
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
August
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Six
Months
Ended
August
31,
2026
Year
Ended
February
28,
2026
Shares
Amount
Shares
Amount
Class
A
Shares:
1620987
–
Shares
sold
a
...................................
2,006,278
$19,727,742
5,536,566
$53,887,830
Shares
issued
in
reinvestment
of
distributions
..........
555,262
5,438,839
1,055,531
10,242,777
Shares
redeemed
...............................
(2,813,982)
(27,664,787)
(7,960,642)
(77,055,787)
Net
increase
(decrease)
..........................
(252,442)
$(2,498,206)
(1,368,545)
$(12,925,180)
Class
A1
Shares:
22108433
–
Shares
sold
...................................
761,692
$7,505,127
2,407,597
$23,419,121
Shares
issued
in
reinvestment
of
distributions
..........
2,345,675
22,992,104
4,799,278
46,593,616
Shares
redeemed
...............................
(9,668,308)
(95,129,531)
(22,754,367)
(220,929,174)
Net
increase
(decrease)
..........................
(6,560,941)
$(64,632,300)
(15,547,492)
$(150,916,437)
Class
C
Shares:
2343449
–
Shares
sold
...................................
208,207
$2,042,475
272,594
$2,635,253
Shares
issued
in
reinvestment
of
distributions
..........
40,400
395,593
108,775
1,053,250
Shares
redeemed
a
..............................
(648,486)
(6,375,265)
(2,324,938)
(22,538,959)
Net
increase
(decrease)
..........................
(399,879)
$(3,937,197)
(1,943,569)
$(18,850,456)
Class
R6
Shares:
(3038380)
–
Shares
sold
...................................
2,611,013
$25,614,349
7,237,003
$69,553,285
Shares
issued
in
reinvestment
of
distributions
..........
189,220
1,857,003
355,770
3,459,545
Shares
redeemed
...............................
(1,869,032)
(18,297,797)
(5,485,594)
(52,888,925)
Net
increase
(decrease)
..........................
931,201
$9,173,555
2,107,179
$20,123,905
Advisor
Class
Shares:
(166929)
–
Shares
sold
...................................
5,697,633
$56,129,883
16,423,703
$158,361,754
Shares
issued
in
reinvestment
of
distributions
..........
1,171,448
11,491,297
2,213,485
21,515,480
Shares
redeemed
...............................
(6,108,529)
(60,019,235)
(19,230,811)
(185,854,746)
Net
increase
(decrease)
..........................
760,552
$7,601,945
(593,623)
$(5,977,512)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
August
31,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.455%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the Fund's shares
for
the
period:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. 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
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
August
31,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$342,196
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
interest
expense,
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,
2027.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
June
30,
2027.
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,
2026,
these
purchase
and
sale
transactions
aggregated
$53,785,000
and
$39,460,000,
respectively.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2026,
the
capital
loss
carryforwards
were
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$5,499
CDSC
retained
..............................................................................
$9,338
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
98,020,176
Long
term
................................................................................
337,004,784
Total
capital
loss
carryforwards
...............................................................
$435,024,960
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
At
August
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
bond
discounts
and
premiums.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
August
31,
2026,
aggregated
$62,570,270 and
$100,473,958,
respectively. 
6.
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.
7.
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
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
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
may,
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,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
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.)
Cost
of
investments
..........................................................................
$2,619,470,746
Unrealized
appreciation
........................................................................
$28,428,815
Unrealized
depreciation
........................................................................
(136,461,726)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(108,032,911)
4.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
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,
2026,
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.
9.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
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.
Level
1
Level
2
Level
3
Total
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
6,839,810
$
6,839,810
Municipal
Bonds
.........................
—
2,489,698,025
—
2,489,698,025
Short
Term
Investments
...................
—
14,900,000
—
14,900,000
Total
Investments
in
Securities
...........
$—
$2,504,598,025
$6,839,810
$2,511,437,835
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
8.
Fair
Value
Measurements
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Abbreviations
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Income
Fund
31
franklintempleton.com
Semiannual
Report
FRANKLIN
NEW
YORK
TAX-FREE
INCOME
FUND
(Fund)
(unaudited)
At
an
in-person
meeting
held
on
April
14,
2026
(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
to
consider
the
renewal
of
the
Management
Agreement.
In
considering
the
continuance
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
also
considered
prior
to
and
at
the
Meeting.
On
several
occasions,
both
prior
to,
and
at
the
Meeting,
the
Independent
Trustees
met
with
senior
executives
of
Franklin
Templeton,
Inc.
(FTI),
the
Manager’s
parent,
to
discuss
management’s
perspectives
on
and
ask
questions
regarding
the
performance
of
and
long-term
business
strategies
for
the
Municipal
and
Tax-Free
Funds,
including
on
topics
such
as
the
positioning
of
the
Municipal
and
Tax-Free
Funds
within
the
broader
Franklin
Templeton
product
offering
line
up,
management’s
assessment
of
the
overall
performance
of
the
Municipal
and
Tax-Free
Funds
compared
to
other
similar
suites
of
funds
in
the
marketplace,
and
the
appropriateness
of
the
Broadridge
Performance
Universe
selected
for
each
Municipal
and
Tax-Free
Fund.
The
Board
further
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
New
York
Tax-Free
Income
Fund
32
franklintempleton.com
Semiannual
Report
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,
through
the
exercise
of
its
business
judgment,
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
the
information
it
received
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
FT’s
regular
updates
to
the
Board
on
strategic
initiatives,
ongoing
attention
to
the
service
level
quality
of
third-party
service
providers,
ongoing
efforts
to
modernize
its
mutual
fund
lineup,
mutual
fund
to
ETF
conversions,
integration
of
private
market
investments
into
existing
mutual
funds,
creation
of
additional
blockchain-compatible
money
market
funds,
and
sharpening
of
its
active,
income-oriented
offerings,
along
with
the
impact
on
FT
of
team
integrations
and
staff
reductions.
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
FTI,
FTI’s
continued
growth
of
its
global,
multi-asset
franchise,
and
its
commitment
to
the
mutual
fund
business.
The
Board
further
noted
FTI’s
continued
reassessment
of
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
FTI’s
focus
on
technology-driven
transformation,
expansion
of
its
private
market
investment
capabilities
and
global
alternatives
platform,
and
leveraging
of
artificial
intelligence
(AI),
blockchain
and
digital
wealth
platforms.
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.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2025.
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.
This
year,
in
addition
to
providing
Class
A
performance
(and
expense)
data,
Broadridge
included
Advisor
Class
performance
data
for
the
Fund
to
align
with
the
performance
reporting
provided
at
Board
meetings
throughout
the
year.
Going
forward,
Broadridge
will
provide
the
Board
solely
with
the
Fund’s
Advisor
Class
performance
information.
Franklin
New
York
Tax-Free
Income
Fund
33
franklintempleton.com
Semiannual
Report
The
Performance
Universe
for
the
Fund
included
the
Fund,
the
Fund’s
Advisor
Class
shares
and
all
retail
and
institutional
New
York
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
the
Fund’s
performance
with
management
and
management
explained
that
the
Fund’s
underweight
allocation
to
credit
risk
until
2021
detracted
from
the
Fund’s
relative
performance
versus
the
Performance
Universe
over
the
reporting
periods.
Management
further
explained
that
the
Fund
has
a
relatively
lower
allocation
to
high
yield
bonds
versus
some
of
the
Performance
Universe
peers,
which
adversely
impacted
the
Fund’s
relative
performance.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including,
among
others,
tightening
the
Fund
portfolio’s
relative
duration
constraint
and
a
credit
migration
so
that
credit
risk
is
more
in
line
with
the
Performance
Universe
peers.
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
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
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
A
shares
for
the
Fund
and
for
each
of
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
an
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
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
of
its
Expense
Group.
The
Board
discussed
the
above
median
Management
Rate
and
actual
total
expense
ratio
with
management
and
management
explained
that
the
Management
Rate
was
less
than
one
basis
point
above
the
median
of
its
Expense
Group.
Management
further
explained
that
the
Fund’s
actual
total
expense
ratio
was
within
three
basis
points
of
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
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,
2025,
being
the
most
recent
fiscal
year-end
for
FTI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
Franklin
New
York
Tax-Free
Income
Fund
34
franklintempleton.com
Semiannual
Report
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
an
independent
registered
public
accounting
firm
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.
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
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
continuance
of
the
Management
Agreement
for
an
additional
one-year
period.
4315-SFSOI
10/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. 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 16. CONTROLS AND PROCEDURES.

 

(a) The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “principal executive officer” and “principal financial officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

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/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: October 27, 2026  

 

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/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: October 27, 2026  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: October 27, 2026  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

XBRL SCHEMA FILE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: R5.htm

IDEA: R6.htm

IDEA: R7.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: fnytfif-efp27774_ncsrs_htm.xml