N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 2/28
 
Date of reporting period: 2/28/23
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
Annual
Report
and
Shareholder
Letter
Franklin
New
York
Tax-Free
Income
Fund
February
28,
2023
Sign
up
for
electronic
delivery
at
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franklintempleton.com
Annual
Report
1
Shareholder
Letter
Dear
Shareholder:
During
the
12
months
ended
February
28,
2023,
the
U.S.
economy
showed
mixed
results
as
it
continued
to
recover
from
the
COVID-19
pandemic
amid
declining
unemployment,
rising
wages
and
higher
personal
consumption.
Although
U.S.
gross
domestic
product
contracted
in
2022’s
first
and
second
quarters
given
declines
in
inventory
and
business
investment,
it
grew
in
the
remainder
of
the
year
as
the
trade
deficit
narrowed
and
consumer
spending
continued
to
expand.
Inflation
rose
through
June
2022,
largely
due
to
pandemic-related
supply-chain
issues
and
higher
energy
prices
exacerbated
by
Russia’s
invasion
of
Ukraine.
However,
inflation
eased
later
in
the
period
due
to
intervention
by
the
U.S.
Federal
Reserve
(Fed)
and
falling
commodity
prices.
To
combat
high
inflation,
the
Fed
ended
monthly
asset
purchases
in
March
2022
and
raised
the
federal
funds
rate
at
every
meeting
during
the
12-month
reporting
period,
increasing
it
by
a
total
of
4.50%
(from
a
range
of
0.00%–
0.25%
to
4.50%–4.75%
by
period-end).
The
Fed
also
stated
its
intention
to
continue
reducing
its
U.S.
Treasury,
government
agency
debt
and
agency
mortgage-backed
securities
holdings,
and
it
anticipated
ongoing
federal
funds
rate
increases
would
be
appropriate
to
return
inflation
to
its
2%
goal.
During
the
12-month
period,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.10%
total
return,
influenced
by
fixed
income
market
volatility
and
tighter
monetary
policy,
resulting
in
net
outflows
from
municipals,
though
demand
has
been
strong
so
far
in
2023.
1
Despite
mixed
signs
from
the
U.S.
economy,
municipal
bond
fundamentals
remained
strong
due
to
prudent
fiscal
management
and
many
issuers
reporting
budget
surpluses
for
2022
in
addition
to
federal
government
transfers.
Franklin
New
York
Tax-Free
Income
Fund’s
annual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton.com
,
you
can
find
updated
commentary
by
our
municipal
bond
team.
Municipal
bonds
provide
tax-free
income
and
often
diversification
from
other
types
of
investments.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
know,
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
for
up-to-date
advice
on
their
holdings.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
professional
when
you
have
questions
about
your
Franklin
Templeton
tax-free
investment.
Sincerely,
Gregory
E.
Johnson
Chairman
Franklin
New
York
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
February
28,
2023,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Franklin
New
York
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
8
Financial
Highlights
and
Schedule
of
Investments
9
Financial
Statements
25
Notes
to
Financial
Statements
29
Report
of
Independent
Registered
Public
Accounting
Firm
38
Tax
Information
39
Board
Members
and
Officers
40
Shareholder
Information
45
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
New
York
Tax-Free
Income
Fund
This
annual
report
for
Franklin
New
York
Tax-Free
Income
Fund
covers
the
fiscal
year
ended
February
28,
2023.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal,
New
York
State
and
New
York
City
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
federal
income
taxes
and
New
York
State
personal
income
taxes.
1
As
a
non-fundamental
policy,
the
Fund
also
normally
invests
at
least
65%
of
its
total
assets
in
securities
that
pay
interest
free
from
New
York
City
personal
income
taxes.
1
The
Fund
only
buys
municipal
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
(or
comparable
unrated
or
short-term
rated
securities).
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
decreased
from
$10.83
on
February
28,
2022,
to
$9.72
on
February
28,
2023.
The
Fund’s
Class
A
shares
paid
dividends
totaling
26.7598
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
5
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.55%
based
on
an
annualization
of
February’s
2.1487
cents
per
share
dividend
and
the
maximum
offering
price
of
$10.10
on
February
28,
2023.
An
investor
in
the
2023
maximum
combined
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
55.58%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
5.74%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Municipal
Bond
Market
Overview
During
the
12
months
ending
February
28,
2023,
the
U.S.
Federal
Reserve
(Fed)
continued
to
battle
surging
inflation,
which
started
to
come
down
from
its
peak
of
9.1%
year-
over-year
in
June
2022.
After
hiking
the
federal
funds
rate
by
75
basis
points
(bps)
at
each
of
its
meetings
from
May
through
November
2022,
the
Fed
decreased
the
size
of
its
increases
to
50
bps
in
December
and
25
bps
in
February
2023.
Despite
investor
optimism
late
in
2022
that
peak
hawkishness
had
been
reached,
a
surprisingly
resilient
labor
market
in
early
2023
dampened
confidence
that
inflation
would
quickly
return
to
the
Fed’s
2%
target.
The
municipal
bond
(muni)
market
witnessed
a
very
challenging
year
in
2022
as
the
Fed’s
monetary
policy
tightening
put
downward
pressure
on
this
long-duration
sector.
High
levels
of
volatility
resulted
in
significant
outflows
from
muni
retail
vehicles
until
the
end
of
2022.
The
first
two
months
of
2023
saw
a
reversal
of
this
trend,
with
strong
investor
demand
meeting
reduced
supply
and
leading
to
positive
absolute
returns
year-to-date.
Credit
fundamentals
remained
strong,
as
many
issuers
benefited
from
federal
aid
received
during
the
COVID-19
crisis
and
from
the
subsequent
economic
recovery.
For
the
12-month
period,
U.S.
fixed
income
sectors
saw
mixed
performance
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
-7.72%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.10%
total
return,
while
U.S.
Treasuries,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-10.08%
total
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Investment
Grade
Index,
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
the
impo-
sition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
net
investment
income
distributions
for
the
period
shown.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
14
.
Franklin
New
York
Tax-Free
Income
Fund
4
franklintempleton.com
Annual
Report
posted
a
-10.43%
total
return.
3
State
Update
New
York’s
economy,
which
generates
above-average
income
and
wealth
levels,
slowed
during
the
12-month
period,
although
growth
rebounded
in
the
third
quarter
of
2022.
New
York
City,
the
state’s
economic
engine,
struggled
as
office
occupancy
remained
below
pre-COVID-19
levels.
New
York’s
unemployment
rate
began
the
period
at
4.7%
and
ended
at
4.2%,
compared
with
the
3.6%
national
rate.
Strong
financial
management,
federal
stimulus
aid
and
substantial
tax
collections
increased
New
York’s
resources
enough
to
project
budget
surpluses.
New
York’s
net
tax-
supported
debt
was
moderately
high
at
$3,871
per
capita
and
5.1%
of
personal
income,
compared
with
the
$1,179
and
2.1%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
upgraded
its
rating
to
Aa1
from
Aa2
and
revised
the
outlook
to
stable
from
positive
on
New
York’s
general
obligation
debt
in
April
2022.
5
Moody’s
rating
reflected
its
view
of
the
state’s
large
and
diverse
economy,
sound
fund
balance
and
liquidity,
and
moderate
leverage.
The
rating
also
incorporates
the
risks
associated
with
the
state-run
Metropolitan
Transit
Authority
and
uncertainties
regarding
the
recovery
of
New
York
City,
key
to
the
state’s
economy.
Moody’s
revision
of
its
outlook
to
stable
from
positive
reflects
the
resources
and
budget
management
tools
available
to
the
state
to
align
spending.
*Does
not
include
cash
and
cash
equivalents.
Investment
Strategy
We
select
securities
that
we
believe
will
provide
the
best
balance
between
risk
and
return
within
the
Fund’s
range
of
allowable
investments
and
typically
invest
with
a
long-term
time
horizon.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
the
Fund
meet
its
goal.
Manager’s
Discussion
The
combination
of
our
value-oriented
philosophy
of
investing
primarily
for
income
and
a
positive-sloping
municipal
yield
curve,
in
which
interest
rates
for
longer-term
bonds
are
higher
than
those
for
shorter-term
bonds,
led
us
to
favor
longer-term
bonds
during
the
reporting
period.
Consistent
with
our
strategy,
we
sought
to
remain
close
to
fully
invested
in
bonds
ranging
from
20
to
30
years
in
maturity
with
good
call
features.
In
line
with
our
relative
value
investment
strategy,
and
to
further
reduce
volatility,
we
avoided
derivative
securities
and
other
investment
vehicles
designed
to
leverage
the
portfolio.
During
the
period,
the
Fund
had
no
exposure
to
inverse
floaters
or
any
other
form
of
leverage.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
Thank
you
for
your
continued
participation
in
Franklin
New
York
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
2/28/23
%
of
Total
Investments*
Special
Tax
19.23%
Transportation
17.45%
Utilities
14.30%
Education
10.64%
Industrial
Dev.
Revenue
and
Pollution
Control
8.62%
Housing
8.36%
Health
Care
7.57%
Local
6.09%
Lease
3.34%
Other
Revenue
Bonds
2.94%
Refunded
1.00%
State
General
Obligation
0.46%
4.
Source:
Moody’s
Investors
Service,
States
–
U.S.:
Debt,
pension
and
OPEB
liabilities
all
up
in
fiscal
2021
,
9/7/22.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
February
28,
2023
Franklin
New
York
Tax-Free
Income
Fund
5
franklintempleton.com
Annual
Report
The
performance
tables
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A
:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4,5
1-Year
-7.77%
-11.23%
5-Year
+2.33%
-0.30%
10-Year
+9.59%
+0.54%
Advisor
1-Year
-7.44%
-7.44%
5-Year
+3.73%
+0.73%
10-Year
+11.58%
+1.10%
Share
Class
Distribution
Rate
6
Taxable
Equivalent
Distribution
Rate
7
30-Day
Standardized
Yield
8
Taxable
Equivalent
30-Day
Standardized
Yield
7
A
2.55%
5.74%
2.97%
6.69%
Advisor
2.88%
6.48%
3.33%
7.50%
See
page
7
for
Performance
Summary
footnotes.
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
6
franklintempleton.com
Annual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(2/28/13–2/28/23)
Advisor
Class
(2/28/13–2/28/23)
Franklin
New
York
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest-rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
thereby
increasing
market
risk.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Net
expenses
are
capped
under
a
contrac-
tual
agreement,
which
cannot
be
terminated
prior
to
6/30/23
without
Board
consent.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
6.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
February’s
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
2/28/23.
7.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/20/22
for
the
maximum
combined
effective
federal
and
New
York
state
and
City
personal
income
tax
rate
of
55.58%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
8.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
9.
Source:
FactSet.
The
Bloomberg
New
York
Municipal
Bond
Index
is
the
New
York
component
of
the
Bloomberg
Municipal
Bond
Index,
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more.
10.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(3/1/22–2/28/23)
Share
Class
Net
Investment
Income
A
$0.267598
A1
$0.282420
C
$0.228028
R6
$0.297672
Advisor
$0.292329
Total
Annual
Operating
Expenses
10
Share
Class
A
0.82%
Advisor
0.57%
Your
Fund’s
Expenses
Franklin
New
York
Tax-Free
Income
Fund
8
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements,
for
Class
R6.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
9/1/22
Ending
Account
Value
2/28/23
Expenses
Paid
During
Period
9/1/22–2/28/23
1,2
Ending
Account
Value
2/28/23
Expenses
Paid
During
Period
9/1/22–2/28/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,004.00
$4.12
$1,020.68
$4.16
0.83%
A1
$1,000
$1,004.80
$3.37
$1,021.43
$3.40
0.68%
C
$1,000
$1,002.00
$6.10
$1,018.70
$6.15
1.23%
R6
$1,000
$1,005.50
$2.61
$1,022.20
$2.63
0.52%
Advisor
$1,000
$1,005.30
$2.90
$1,021.91
$2.92
0.58%
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2019
b
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.83
$11.38
$11.09
$11.10
$10.75
Income
from
investment
operations
c
:
Net
investment
income
d
.........................
0.27
0.19
0.28
0.29
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(1.11)
(0.55)
0.29
(0.01)
0.34
Total
from
investment
operations
....................
(0.84)
(0.36)
0.57
0.28
0.58
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.19)
(0.28)
(0.29)
(0.23)
Net
asset
value,
end
of
year
.......................
$9.72
$10.83
$11.38
$11.09
$11.10
Total
return
e
...................................
(7.77)%
(3.25)%
5.15%
2.51%
5.46%
Ratios
to
average
net
assets
f
Expenses
g
....................................
0.81%
0.82%
0.78%
0.78%
0.78%
Net
investment
income
...........................
2.74%
2.21%
2.48%
2.59%
3.09%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$351,002
$409,409
$367,358
$291,562
$177,982
Portfolio
turnover
rate
............................
22.81%
11.94%
12.15%
21.27%
19.78%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
May
31,
2019.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$10.84
$11.39
$11.10
$11.10
$10.86
$11.20
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.29
0.20
0.30
0.31
0.35
0.37
Net
realized
and
unrealized
gains
(losses)
(1.12)
(0.55)
0.28
(0.01)
0.25
(0.34)
Total
from
investment
operations
........
(0.83)
(0.35)
0.58
0.30
0.60
0.03
Less
distributions
from:
Net
investment
income
..............
(0.28)
(0.20)
(0.29)
(0.30)
(0.36)
(0.37)
Net
asset
value,
end
of
year
...........
$9.73
$10.84
$11.39
$11.10
$11.10
$10.86
Total
return
d
.......................
(7.63)%
(3.13)%
5.31%
2.75%
5.67%
0.26%
Ratios
to
average
net
assets
e
Expenses
.........................
0.66%
f
0.67%
f
0.63%
f
0.63%
f
0.63%
f
0.64%
Net
investment
income
...............
2.89%
2.36%
2.63%
2.74%
3.24%
3.33%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$2,010,712
$2,514,275
$2,775,454
$2,902,606
$3,192,168
$3,421,773
Portfolio
turnover
rate
................
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$10.82
$11.38
$11.08
$11.09
$10.85
$11.19
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.23
0.15
0.24
0.24
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
(1.10)
(0.56)
0.29
(0.01)
0.25
(0.34)
Total
from
investment
operations
........
(0.87)
(0.41)
0.53
0.23
0.54
(0.03)
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.15)
(0.23)
(0.24)
(0.30)
(0.31)
Net
asset
value,
end
of
year
...........
$9.72
$10.82
$11.38
$11.08
$11.09
$10.85
Total
return
d
.......................
(8.06)%
(3.62)%
4.83%
2.10%
5.10%
(0.31)%
Ratios
to
average
net
assets
e
Expenses
.........................
1.21%
f
1.22%
f
1.18%
f
1.18%
f
1.18%
f
1.19%
Net
investment
income
...............
2.33%
1.82%
2.10%
2.19%
2.69%
2.78%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$89,134
$129,772
$202,215
$257,275
$332,093
$506,155
Portfolio
turnover
rate
................
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2018
b
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$10.85
$11.41
$11.11
$11.12
$10.88
$11.15
Income
from
investment
operations
c
:
Net
investment
income
d
.............
0.30
0.21
0.31
0.32
0.36
0.33
Net
realized
and
unrealized
gains
(losses)
(1.11)
(0.55)
0.30
(0.01)
0.25
(0.32)
Total
from
investment
operations
........
(0.81)
(0.34)
0.61
0.31
0.61
0.01
Less
distributions
from:
Net
investment
income
..............
(0.30)
(0.22)
(0.31)
(0.32)
(0.37)
(0.28)
Net
asset
value,
end
of
year
...........
$9.74
$10.85
$11.41
$11.11
$11.12
$10.88
Total
return
e
.......................
(7.48)%
(3.10)%
5.54%
2.80%
5.80%
0.13%
Ratios
to
average
net
assets
f
Expenses
.........................
0.51%
g
0.50%
g
0.50%
g
0.50%
g
0.50%
g,h
0.50%
h
Net
investment
income
...............
3.04%
2.52%
2.76%
2.87%
3.37%
3.47%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$86,891
$97,268
$89,785
$71,991
$62,689
$60,363
Portfolio
turnover
rate
................
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
For
the
period
August
1,
2017
(effective
date)
to
May
31,
2018.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$10.84
$11.40
$11.10
$11.11
$10.87
$11.21
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.30
0.21
0.31
0.32
0.36
0.38
Net
realized
and
unrealized
gains
(losses)
(1.11)
(0.56)
0.29
(0.02)
0.25
(0.34)
Total
from
investment
operations
........
(0.81)
(0.35)
0.60
0.30
0.61
0.04
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.21)
(0.30)
(0.31)
(0.37)
(0.38)
Net
asset
value,
end
of
year
...........
$9.74
$10.84
$11.40
$11.10
$11.11
$10.87
Total
return
d
.......................
(7.44)%
(3.15)%
5.50%
2.76%
5.77%
0.35%
Ratios
to
average
net
assets
e
Expenses
.........................
0.57%
f
0.57%
f
0.53%
f
0.53%
f
0.53%
f
0.54%
Net
investment
income
...............
3.01%
2.46%
2.73%
2.84%
3.34%
3.43%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.........
$328,181
$277,600
$287,411
$266,050
$220,727
$240,101
Portfolio
turnover
rate
................
22.81%
11.94%
12.15%
21.27%
19.78%
10.58%
a
For
the
period
June
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments,
February
28,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
6,700,000
$
6,581,572
Total
Corporate
Bonds
(Cost
$6,700,000)
.......................................
6,581,572
Municipal
Bonds
98.6%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
5,800,000
4,830,337
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
18,760,000
15,620,934
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-2,
5.5%,
12/01/30
..............................................
3,020,000
2,677,358
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
3,990,000
2,689,796
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
15,500,000
12,593,750
33,581,838
Georgia
0.3%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
11,550,000
9,264,289
Illinois
1.1%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/15/50
...............................
5,160,000
5,039,446
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
6,970,000
6,005,615
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
10,310,000
8,269,791
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
5,000,000
4,918,881
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,228,543
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,062,660
GO,
2021
A,
5%,
3/01/31
............................................
650,000
694,589
GO,
2021
A,
5%,
3/01/32
............................................
500,000
532,167
GO,
2021
A,
5%,
3/01/34
............................................
2,000,000
2,111,757
GO,
2021
A,
4%,
3/01/39
............................................
2,700,000
2,503,247
32,366,696
Kentucky
0.2%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn.,
5/01/52
....................................
7,600,000
4,970,465
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
...
1,500,000
1,359,416
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/45
.......................................
5,000,000
4,584,718
Revenue,
2020
AA,
5%,
6/15/50
.......................................
4,750,000
4,895,879
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,500,000
1,500,128
12,340,141
New
York
90.8%
Albany
Capital
Resource
Corp.
,
Albany
College
of
Pharmacy
and
Health
Sciences,
Revenue,
2022
A,
Refunding,
5.25%,
12/01/38
.................................................
6,505,000
6,724,831
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
D,
4%,
11/01/51
.......................................................
2,000,000
1,737,897
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
11/01/49
..........
16,130,000
17,326,452
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
1,500,000
1,232,377
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
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
$
6,218,492
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/36
........................................................
1,600,000
1,331,124
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
........................................................
1,530,000
1,189,601
Good
Shepherd
Village
at
Endwell
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/47
........................................................
1,160,000
843,797
United
Health
Services
Hospitals
Obligated
Group,
Revenue,
2020,
Refunding,
AGMC
Insured,
3%,
4/01/45
........................................
7,045,000
5,269,999
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5.25%,
7/01/35
.......
1,000,000
874,173
Catholic
Health
System
Obligated
Group,
Revenue,
2015,
5%,
7/01/40
.........
1,000,000
820,924
D'Youville
College,
Revenue,
2020
A,
Refunding,
4%,
11/01/50
................
2,500,000
2,214,076
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/36
............
400,000
370,740
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/42
......
600,000
605,497
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/52
......
725,000
718,994
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/56
......
570,000
552,979
KIPP
NYC
Public
Charter
Schools,
Revenue,
2022,
5.25%,
7/01/52
............
4,000,000
4,081,327
City
of
Long
Beach
,
GO
,
2022
B
,
BAM
Insured
,
5.25
%
,
7/15/42
.................
1,010,000
1,066,154
City
of
New
Rochelle
,
Iona
College
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/45
.....
2,675,000
2,699,531
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
145,000
145,349
GO,
2015
C,
Refunding,
5%,
8/01/29
...................................
20,640,000
21,339,395
GO,
2015
C,
Refunding,
5%,
8/01/31
...................................
10,000,000
10,333,204
GO,
2015
C,
Refunding,
5%,
8/01/32
...................................
4,000,000
4,125,760
GO,
2015
C,
Refunding,
5%,
8/01/33
...................................
3,000,000
3,088,692
GO,
2015
C,
Refunding,
5%,
8/01/34
...................................
1,500,000
1,541,539
GO,
2017
B,
5%,
12/01/41
...........................................
7,000,000
7,257,268
GO,
2018
B-1,
5%,
10/01/38
.........................................
6,250,000
6,678,739
GO,
2018
E-1,
5%,
3/01/40
..........................................
7,500,000
7,956,812
GO,
2018
E-1,
5%,
3/01/44
..........................................
22,500,000
23,717,678
GO,
2018
F-1,
5%,
4/01/40
..........................................
23,040,000
24,463,967
GO,
2019
D-1,
4%,
12/01/43
.........................................
10,000,000
9,612,368
GO,
2019
D-1,
5%,
12/01/44
.........................................
10,000,000
10,613,406
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
2,912,483
GO,
2022
D-1,
5.25%,
5/01/41
........................................
1,500,000
1,674,630
GO,
2023
A-1,
4%,
9/01/46
..........................................
5,000,000
4,739,046
County
of
Nassau
,
GO
,
2013
C
,
AGMC
Insured
,
5
%
,
4/01/43
...................
26,665,000
26,695,955
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/32
......
175,000
187,010
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/33
......
185,000
196,871
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/34
......
250,000
265,506
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/35
......
200,000
191,348
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/36
......
200,000
188,277
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/37
......
250,000
231,643
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/38
......
250,000
228,951
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/39
......
100,000
90,759
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
4%,
7/01/40
......
100,000
89,615
Nuvance
Health
Obligated
Group,
Revenue,
2016
B,
5%,
7/01/31
.............
10,550,000
10,887,384
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/44
.....
1,900,000
1,652,268
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
7/01/49
.....
4,425,000
3,722,859
Vassar
College,
Revenue,
2017,
Refunding,
5%,
7/01/42
....................
5,000,000
5,211,093
Vassar
College,
Revenue,
2017,
Refunding,
4%,
7/01/46
....................
5,715,000
5,263,453
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
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)
Genesee
County
Funding
Corp.
(The)
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/52
............................
$
4,250,000
$
4,296,834
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/42
..................
1,250,000
1,287,705
Hofstra
University,
Revenue,
2017,
Refunding,
5%,
7/01/47
..................
5,250,000
5,371,121
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.................
575,000
559,906
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.................
715,000
689,341
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.................
625,000
596,981
Hofstra
University,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.................
3,000,000
2,162,676
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
...............................
20,000,000
20,843,770
Revenue,
2017
A,
Refunding,
5%,
2/15/45
...............................
15,000,000
15,577,692
Revenue,
2017
A,
Refunding,
AGMC
Insured,
4%,
2/15/47
...................
13,680,000
12,615,930
Long
Island
Power
Authority
,
Revenue,
2016
B,
Refunding,
5%,
9/01/41
...............................
15,250,000
15,743,859
Revenue,
2016
B,
Refunding,
5%,
9/01/46
...............................
18,000,000
18,435,305
Revenue,
2018,
5%,
9/01/39
.........................................
5,000,000
5,350,491
Revenue,
2019
A,
4%,
9/01/37
........................................
19,550,000
19,730,183
Revenue,
2020
A,
Refunding,
5%,
9/01/38
...............................
1,500,000
1,639,943
Revenue,
2021
A,
Refunding,
4%,
9/01/41
...............................
2,030,000
2,019,820
Revenue,
2022
A,
Refunding,
5%,
9/01/44
...............................
3,000,000
3,222,683
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
7,460,000
7,575,723
Revenue,
2013
A,
5%,
11/15/38
.......................................
7,280,000
7,259,177
Revenue,
2013
D,
5%,
11/15/43
.......................................
10,000,000
9,954,528
Revenue,
2014
B,
5.25%,
11/15/35
....................................
4,000,000
4,027,461
Revenue,
2015
A-1,
5%,
11/15/45
.....................................
10,000,000
9,950,113
Revenue,
2015
C-1,
Refunding,
5%,
11/15/35
............................
5,000,000
5,047,124
Revenue,
2016
B,
Refunding,
5%,
11/15/33
..............................
6,000,000
6,127,074
Revenue,
2016
B,
Refunding,
5%,
11/15/35
..............................
4,000,000
4,071,028
Revenue,
2016
B,
Refunding,
5%,
11/15/37
..............................
18,500,000
18,765,455
Revenue,
2016
D,
Refunding,
5%,
11/15/30
..............................
10,305,000
10,576,410
Revenue,
2017
A-1,
Refunding,
5%,
11/15/51
.............................
2,505,000
2,486,101
Revenue,
2017
C-1,
Refunding,
5%,
11/15/30
............................
6,215,000
6,440,354
Revenue,
2017
D,
Refunding,
4%,
11/15/42
..............................
20,000,000
17,857,186
Revenue,
2017
D,
Refunding,
4%,
11/15/46
..............................
5,000,000
4,346,714
Revenue,
2019
C,
AGMC
Insured,
4%,
11/15/45
...........................
8,000,000
7,477,031
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
10,000,000
10,084,799
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
2,950,000
2,899,101
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
3,000,000
3,019,614
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
5,000,000
4,465,953
Dedicated
Tax
Fund,
Revenue,
2012
A,
Refunding,
Zero
Cpn.,
11/15/32
.........
10,000,000
6,817,518
Dedicated
Tax
Fund,
Revenue,
2016
B-2,
Refunding,
5%,
11/15/39
............
4,775,000
4,959,977
Dedicated
Tax
Fund,
Revenue,
2017
A,
5%,
11/15/47
.......................
30,375,000
31,557,900
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/35
............
6,000,000
6,462,275
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/42
............
5,000,000
5,280,089
Dedicated
Tax
Fund,
Revenue,
2017
B-1,
Refunding,
5%,
11/15/47
............
13,505,000
14,113,130
Monroe
County
Industrial
Development
Corp.
,
Rochester
General
Hospital
(The),
Revenue,
2017,
5%,
12/01/46
..............
17,000,000
16,597,367
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
.......................................................
1,500,000
1,620,618
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
.......................................................
4,200,000
4,527,028
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/33
.......................................................
1,000,000
1,074,395
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
.......................................................
2,510,000
2,675,578
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Monroe
County
Industrial
Development
Corp.,
(continued)
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
$
1,100,000
$
1,050,284
Rochester
Regional
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/46
.......................................................
8,560,000
7,194,563
b
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/59
.
2,345,000
2,269,090
University
of
Rochester,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/38
..........
6,350,000
6,389,101
University
of
Rochester,
Revenue,
2013
B,
Pre-Refunded,
5%,
7/01/43
.........
5,000,000
5,030,788
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
............
3,275,000
3,399,509
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/32
............
2,000,000
2,070,120
University
of
Rochester,
Revenue,
2015
A,
Refunding,
5%,
7/01/37
............
1,780,000
1,830,727
University
of
Rochester,
Revenue,
2017
C,
Refunding,
4%,
7/01/43
............
22,895,000
21,507,169
University
of
Rochester,
Revenue,
2017
D,
Refunding,
4%,
7/01/43
............
21,550,000
20,243,699
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/31
...............................
610,000
700,962
Revenue,
2020
A,
Refunding,
5%,
2/15/32
...............................
635,000
720,628
Revenue,
2020
A,
Refunding,
5%,
2/15/33
...............................
675,000
765,193
Revenue,
2020
A,
Refunding,
5%,
2/15/34
...............................
460,000
519,405
Revenue,
2020
A,
Refunding,
5%,
2/15/35
...............................
495,000
553,985
Revenue,
2020
A,
Refunding,
5%,
2/15/36
...............................
520,000
575,525
Revenue,
2020
A,
Refunding,
5%,
2/15/37
...............................
325,000
355,148
Revenue,
2020
A,
Refunding,
5%,
2/15/38
...............................
345,000
374,398
Revenue,
2020
A,
Refunding,
5%,
2/15/39
...............................
900,000
970,070
Revenue,
2020
A,
Refunding,
5%,
2/15/40
...............................
790,000
844,715
Revenue,
2020
A,
Refunding,
3%,
2/15/45
...............................
1,250,000
957,487
Revenue,
2020
A,
Refunding,
4%,
2/15/45
...............................
1,800,000
1,678,705
Revenue,
2020
A,
Refunding,
4%,
2/15/48
...............................
880,000
810,426
New
York
City
Housing
Development
Corp.
,
Revenue,
2018
K,
4%,
11/01/48
.......................................
36,505,000
31,795,504
Revenue,
2019
G-1-B,
Refunding,
3%,
11/01/44
...........................
9,405,000
7,128,697
Revenue,
2019
J,
3%,
11/01/44
.......................................
4,970,000
3,767,105
Revenue,
2020
C,
FNMA
Insured,
2.75%,
2/01/51
.........................
10,000,000
6,735,499
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
5,000,000
3,692,430
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/49
..
10,000,000
7,346,971
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2017
AA,
4%,
6/15/46
....................
24,290,000
23,348,602
Water
&
Sewer
System,
Revenue,
2017
DD,
5%,
6/15/47
....................
33,800,000
34,950,833
Water
&
Sewer
System,
Revenue,
2018
BB-1,
5%,
6/15/46
..................
20,875,000
21,886,515
Water
&
Sewer
System,
Revenue,
2018
CC-1,
5%,
6/15/48
..................
38,475,000
40,194,582
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/40
............
15,000,000
16,027,676
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5%,
6/15/49
..................
19,000,000
20,108,040
Water
&
Sewer
System,
Revenue,
2020
AA,
Refunding,
5%,
6/15/40
...........
10,000,000
10,851,189
Water
&
Sewer
System,
Revenue,
2022
AA-1,
5%,
6/15/48
..................
8,825,000
9,424,240
Water
&
Sewer
System,
Revenue,
2023
AA-1,
5.25%,
6/15/52
................
5,000,000
5,525,605
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2018
S-3,
5%,
7/15/43
............................
10,000,000
10,560,707
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/43
............................
5,230,000
5,523,250
Building
Aid,
Revenue,
2019
S-1,
5%,
7/15/45
............................
17,000,000
17,890,749
Building
Aid,
Revenue,
2019
S-2A,
Refunding,
5%,
7/15/34
..................
4,235,000
4,659,317
Building
Aid,
Revenue,
2020
S-1,
4%,
7/15/41
............................
8,465,000
8,178,619
Building
Aid,
Revenue,
2020
S-1B,
4%,
7/15/41
...........................
2,465,000
2,381,606
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/34
......................
10,000,000
10,282,534
Future
Tax
Secured,
Revenue,
2015
E-1,
5%,
2/01/35
......................
10,000,000
10,263,849
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
13,415,000
13,938,070
Future
Tax
Secured,
Revenue,
2017
C,
Refunding,
5%,
11/01/33
..............
6,500,000
6,980,513
Future
Tax
Secured,
Revenue,
2018
A-3,
5%,
8/01/40
......................
3,270,000
3,455,829
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Transitional
Finance
Authority,
(continued)
Future
Tax
Secured,
Revenue,
2018
A-3,
4%,
8/01/43
......................
$
5,645,000
$
5,473,237
Future
Tax
Secured,
Revenue,
2018
B-1,
5%,
8/01/45
......................
17,500,000
18,310,812
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/42
......................
7,410,000
7,207,418
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/40
......................
4,340,000
4,621,969
Future
Tax
Secured,
Revenue,
2019
A-1,
5%,
8/01/42
......................
5,000,000
5,293,729
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/41
.....................
7,205,000
7,040,294
Future
Tax
Secured,
Revenue,
2023
D-1,
5%,
11/01/46
.....................
10,000,000
10,799,647
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
5,095,371
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
18,000,000
12,467,506
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
91,360,000
102,591,442
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
27,000,000
30,653,656
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
2021,
Refunding,
3%,
2/15/42
.
5,000,000
3,941,102
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/60
...........
11,455,000
10,555,620
New
York
State
Dormitory
Authority
,
Revenue,
2008
A-1,
5%,
6/01/38
......................................
3,970,000
3,976,435
Revenue,
2009
A,
AGMC
Insured,
5.625%,
10/01/29
.......................
300,000
300,623
Revenue,
2009
C,
AGMC
Insured,
5%,
10/01/31
..........................
45,000
45,069
Revenue,
2009
C,
AGMC
Insured,
5.125%,
10/01/36
.......................
60,000
60,103
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/24
...........................
710,000
711,086
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
............................
10,000
10,780
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,705,000
1,275,861
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
2,200,000
1,617,445
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/39
1,305,000
940,474
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/40
1,300,000
932,603
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/41
2,100,000
1,712,787
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/45
5,835,000
4,012,625
Educational
Housing
Services,
Inc.,
Revenue,
2005,
AMBAC
Insured,
5.25%,
7/01/30
5,150,000
5,414,350
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/26
...
6,105,000
6,251,408
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
5.25%,
7/01/34
...
13,220,000
13,863,300
Fordham
University,
Revenue,
2020,
4%,
7/01/50
..........................
4,500,000
4,095,170
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
1,000,000
951,938
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
500,000
502,655
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/33
...................................................
4,000,000
4,013,631
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/35
...................................................
1,100,000
1,087,498
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/36
...................................................
2,100,000
2,047,998
b
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/37
...................................................
2,000,000
1,933,876
Iona
College,
Revenue,
2021
A,
5%,
7/01/46
.............................
375,000
383,857
Iona
College,
Revenue,
2021
A,
5%,
7/01/51
.............................
1,100,000
1,120,120
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/31
......................
325,000
355,187
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
......................
300,000
329,491
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/37
......................
225,000
238,053
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/42
......................
275,000
284,753
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2017-1,
Refunding,
4%,
7/01/47
5,000,000
4,655,886
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/30
.........
1,070,000
1,098,463
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/31
.........
525,000
538,347
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
.........
1,800,000
1,844,772
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/45
.........
10,900,000
9,178,193
Montefiore
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
.........
1,370,000
1,112,932
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
New
School
(The),
Revenue,
2015
A,
5%,
7/01/40
.........................
$
5,120,000
$
5,206,857
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
.............
380,000
396,097
New
School
(The),
Revenue,
2015
A,
5%,
7/01/45
.........................
8,725,000
8,830,020
New
School
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
.............
660,000
687,958
New
School
(The),
Revenue,
2022
A,
Refunding,
4%,
7/01/47
................
4,000,000
3,476,698
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
...............
5,000,000
5,402,947
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/40
...............
6,745,000
7,255,979
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/43
...............
3,000,000
3,211,146
New
York
University,
Revenue,
2018
A,
5%,
7/01/48
........................
5,000,000
5,299,883
New
York
University,
Revenue,
2019
A,
4%,
7/01/45
........................
3,415,000
3,265,047
New
York
University,
Revenue,
2019
A,
5%,
7/01/49
........................
50,000,000
53,051,750
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
....
11,000,000
11,276,814
Northwell
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
5/01/52
....
13,490,000
13,854,411
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/27
2,025,000
2,072,863
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/30
1,000,000
1,025,572
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/32
1,000,000
1,025,308
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/34
7,250,000
7,424,812
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
3%,
7/01/48
.......
4,000,000
2,994,178
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
.......
20,420,000
18,517,219
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/53
.......
25,280,000
22,777,725
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/49
..............
3,500,000
3,699,542
Rochester
Institute
of
Technology,
Revenue,
2022
A,
5%,
7/01/41
..............
1,000,000
1,093,706
Rochester
Institute
of
Technology,
Revenue,
2022
A,
5%,
7/01/42
..............
1,000,000
1,091,925
Rockefeller
University
(The),
Revenue,
2020
A,
Refunding,
5%,
7/01/53
.........
16,500,000
17,485,999
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/29
...............
1,375,000
1,429,025
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/30
...............
1,675,000
1,740,914
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/31
...............
3,700,000
3,845,407
St.
John's
University,
Revenue,
2015
A,
Refunding,
5%,
7/01/34
...............
2,000,000
2,071,377
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/48
...............
6,250,000
5,782,684
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/40
.........................
225,000
202,121
St.
Joseph's
College,
Revenue,
2021,
5%,
7/01/51
.........................
725,000
723,769
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/41
.........
4,000,000
4,162,714
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/42
.........
1,950,000
2,028,041
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
A,
5%,
2/15/43
.........
8,450,000
8,777,074
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/37
.........
5,000,000
5,267,827
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
5,000,000
5,257,450
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
5%,
2/15/39
.........
8,930,000
9,371,955
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
5%,
2/15/39
........................................................
5,000
5,390
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/40
.........
9,415,000
9,934,682
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/40
........................................................
10,000
10,893
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/41
........................................................
15,000
16,339
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
5%,
2/15/43
.........
17,075,000
17,911,288
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
5%,
2/15/43
........................................................
5,000
5,446
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
4%,
2/15/46
.........
19,995,000
18,974,409
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Pre-Refunded,
4%,
2/15/46
........................................................
5,000
5,239
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5%,
3/15/45
10,000,000
10,543,964
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/34
.................
10,000,000
10,636,986
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/35
.................
14,745,000
15,633,450
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/36
.................
41,350,000
43,770,509
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/41
.................
10,000,000
10,499,477
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/42
.................
10,000,000
10,479,704
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/46
.................
$
25,000,000
$
23,616,955
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
4%,
3/15/48
.................
10,000,000
9,386,138
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
4%,
3/15/44
........
5,310,000
5,047,972
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/37
........
15,340,000
16,607,681
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/45
........
6,235,000
6,621,996
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/35
........................................................
2,000,000
2,159,593
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........................................................
1,500,000
1,608,168
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
2,000,000
2,130,256
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
1,000,000
1,063,026
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
5%,
7/01/42
..
2,970,000
3,130,468
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/42
....................................................
780,000
847,557
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Pre-Refunded,
5%,
7/01/46
....................................................
4,000,000
4,354,954
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/43
..
4,300,000
4,541,619
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/48
..
7,950,000
8,360,098
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
Pre-Refunded,
5%,
7/01/48
....................................................
5,975,000
6,645,104
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
3%,
7/01/42
..
4,165,000
3,282,006
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2019
A,
4%,
7/01/43
..
1,200,000
1,126,163
Teachers
College,
Revenue,
2022,
Refunding,
4%,
7/01/46
..................
6,175,000
5,669,863
New
York
State
Environmental
Facilities
Corp.
,
New
York
City
Water
&
Sewer
System,
Revenue,
2013
A,
5%,
6/15/31
..........
5,000,000
5,025,293
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
A,
Refunding,
5%,
6/15/46
28,360,000
30,080,043
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/42
........
8,355,000
8,928,669
State
of
New
York
State
Revolving
Fund,
Revenue,
2017
E,
5%,
6/15/47
........
12,345,000
13,061,633
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/48
........
7,500,000
7,961,170
State
of
New
York
State
Revolving
Fund,
Revenue,
2022
B,
5.25%,
9/15/52
......
5,000,000
5,577,890
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
1,861,296
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/41
........................................
12,000,000
11,441,010
Revenue,
2019
B,
3%,
1/01/46
........................................
4,200,000
3,180,263
Revenue,
2019
B,
4%,
1/01/50
........................................
20,000,000
18,311,072
Revenue,
2019
B,
4%,
1/01/53
........................................
15,000,000
13,647,489
Revenue,
L,
Refunding,
5%,
1/01/35
...................................
3,000,000
3,253,767
Revenue,
N,
4%,
1/01/46
............................................
10,000,000
9,391,627
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/46
..............................
25,000,000
25,471,538
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
5%,
3/15/48
25,000,000
26,971,312
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
C,
Refunding,
5%,
3/15/42
8,400,000
8,902,837
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
5%,
3/15/42
.........
10,000,000
10,620,097
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
5%,
3/15/41
.........
5,000,000
5,404,469
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/32
..........................
5,500,000
5,676,572
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
12,400,000
12,084,997
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
6,305,000
6,472,754
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
11,000,000
10,986,782
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4.375%,
10/01/45
.....................
26,500,000
24,105,553
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
2,130,000
1,883,495
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
6,000,000
5,095,787
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
19,875,000
16,317,717
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
207,336
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Transportation
Development
Corp.,
(continued)
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/37
...
$
350,000
$
361,185
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/38
...
300,000
274,900
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/39
...
400,000
361,987
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/40
...
2,555,000
2,282,820
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
4%,
12/01/42
...
910,000
797,731
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/33
...
1,200,000
1,305,179
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/34
...
2,000,000
2,159,590
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/36
...
2,000,000
2,124,543
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/39
...
8,010,000
7,467,016
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/40
...
6,225,000
5,735,551
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
4%,
12/01/41
...
10,300,000
9,327,079
JFK
International
Air
Terminal
LLC,
Revenue,
2022,
5%,
12/01/42
.............
6,000,000
6,092,612
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
3,589,300
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/38
...........................
200,000
186,463
Le
Moyne
College,
Revenue,
2021,
4%,
7/01/41
...........................
245,000
220,792
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/46
...........................
460,000
464,219
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/51
...........................
820,000
822,114
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/32
..................
725,000
778,474
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/34
..................
315,000
308,453
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/36
..................
350,000
332,842
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/39
..................
475,000
438,191
Le
Moyne
College,
Revenue,
2022,
Refunding,
4%,
7/01/42
..................
530,000
472,098
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University,
Revenue,
2019,
Refunding,
5%,
12/01/45
................
5,000,000
5,360,701
Syracuse
University,
Revenue,
2019,
Refunding,
4%,
12/01/47
................
17,000,000
15,821,412
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
194,
Refunding,
5%,
10/15/41
.................................
10,000,000
10,222,094
Revenue,
200,
Refunding,
5%,
4/15/57
.................................
11,040,000
11,446,998
Revenue,
2014,
5%,
9/01/34
.........................................
2,500,000
2,706,952
Revenue,
218,
4%,
11/01/47
.........................................
2,500,000
2,271,868
Revenue,
221,
4%,
7/15/45
..........................................
5,500,000
5,042,522
Revenue,
221,
4%,
7/15/50
..........................................
12,750,000
11,500,221
Revenue,
234,
Refunding,
5.5%,
8/01/52
................................
4,000,000
4,315,514
Revenue,
Two
Hundred
And
Seventeen,
4%,
11/01/41
......................
10,000,000
9,633,109
Revenue,
Two
Hundred
And
Seventeen,
5%,
11/01/44
......................
5,000,000
5,346,811
Revenue,
Two
Hundred
Eleventh,
Refunding,
5%,
9/01/48
...................
36,730,000
38,828,697
Revenue,
Two
Hundred
Fifth,
Refunding,
5%,
5/15/57
......................
13,000,000
13,546,533
Revenue,
Two
Hundred
Fourteenth,
4%,
9/01/38
..........................
7,110,000
6,917,128
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
2,051,456
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/40
............
2,600,000
2,698,337
Trustees
of
Union
College,
Revenue,
2017,
Refunding,
5%,
1/01/47
............
6,590,000
6,774,983
Trustees
of
Union
College,
Revenue,
2022,
Refunding,
5.25%,
7/01/52
.........
700,000
752,074
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............
125,000
134,195
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/35
...............
585,000
622,270
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............
100,000
105,455
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/37
...............
120,000
125,663
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/38
...............
125,000
130,174
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/39
...............
150,000
155,744
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/40
...............
475,000
491,436
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/41
...............
125,000
129,219
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/34
...............
230,000
246,919
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
St.
Lawrence
County
Industrial
Development
Agency,
(continued)
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/35
...............
$
245,000
$
260,609
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/36
...............
250,000
263,637
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/37
...............
265,000
277,507
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/38
...............
225,000
234,313
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/39
...............
200,000
207,659
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/40
...............
225,000
232,785
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/41
...............
275,000
284,282
St.
Lawrence
University,
Revenue,
2022,
Refunding,
5.25%,
7/01/47
...........
1,820,000
1,963,619
St.
Lawrence
University,
Revenue,
2022,
Refunding,
5.25%,
7/01/52
...........
2,500,000
2,676,043
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
4
%
,
6/01/41
.................
25,000,000
25,285,450
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/32
.............................
2,245,000
2,438,066
Revenue,
2021
A-2,
Refunding,
5%,
6/01/33
.............................
2,375,000
2,566,831
Revenue,
2021
A-2,
Refunding,
5%,
6/01/34
.............................
2,250,000
2,416,120
Revenue,
2021
A-2,
Refunding,
4%,
6/01/35
.............................
2,345,000
2,313,888
Revenue,
2021
A-2,
Refunding,
4%,
6/01/36
.............................
2,425,000
2,362,103
Revenue,
2021
A-2,
Refunding,
4%,
6/01/37
.............................
1,250,000
1,206,262
Revenue,
2021
A-2,
Refunding,
4%,
6/01/38
.............................
1,000,000
959,285
Revenue,
2021
A-2,
Refunding,
4%,
6/01/39
.............................
1,465,000
1,393,266
Revenue,
2021
A-2,
Refunding,
4%,
6/01/40
.............................
1,415,000
1,332,004
Revenue,
2021
A-2,
Refunding,
4%,
6/01/41
.............................
1,340,000
1,247,532
Revenue,
2021
A-2,
Refunding,
4%,
6/01/50
.............................
4,500,000
3,924,779
Revenue,
2021
B-1,
Refunding,
4%,
6/01/50
.............................
5,000,000
4,854,178
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
4%,
7/01/35
.................................
735,000
701,858
Revenue,
2021,
Refunding,
4%,
7/01/36
.................................
750,000
704,612
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
2,914,094
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2015
B,
5%,
11/15/45
.......................................
5,000,000
5,127,586
Revenue,
2017
A,
Refunding,
5%,
11/15/38
..............................
3,000,000
3,181,460
Revenue,
2017
A,
Refunding,
5%,
11/15/42
..............................
5,750,000
6,040,708
Revenue,
2017
A,
Refunding,
5%,
11/15/47
..............................
13,000,000
13,534,630
Revenue,
2017
B,
Refunding,
5%,
11/15/36
..............................
21,080,000
22,465,919
Revenue,
2017
B,
Refunding,
5%,
11/15/38
..............................
8,055,000
8,542,219
Revenue,
2017
C-2,
5%,
11/15/42
.....................................
18,190,000
19,218,104
Revenue,
2020
A,
5%,
11/15/54
.......................................
10,000,000
10,616,666
Revenue,
2021
A,
5%,
11/15/51
.......................................
10,000,000
10,670,638
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2021
A-1,
Refunding,
5%,
5/15/51
....................................
20,000,000
21,355,680
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2022
D-1B,
Refunding,
Zero
Cpn.,
11/15/36
............................
6,250,000
3,484,217
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2022
D-1B,
Refunding,
Zero
Cpn.,
11/15/39
............................
1,115,000
519,626
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
4%,
9/01/33
.................................
100,000
101,145
Revenue,
2021,
Refunding,
4%,
9/01/34
.................................
160,000
160,396
Revenue,
2021,
Refunding,
4%,
9/01/35
.................................
180,000
176,797
Revenue,
2021,
Refunding,
4%,
9/01/36
.................................
280,000
271,211
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
4,500,000
4,811,774
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/37
......
5,000,000
5,268,069
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/39
......
2,500,000
2,610,533
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
4%,
9/01/40
......
1,500,000
1,367,476
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/34
.......................................................
1,000,000
1,026,071
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The),
(continued)
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/35
.......................................................
$
1,250,000
$
1,266,280
Utility
Debt
Securitization
Authority
,
Revenue,
2016
A,
Refunding,
5%,
12/15/34
..............................
21,750,000
22,912,929
Revenue,
2017,
5%,
12/15/39
........................................
5,750,000
6,199,362
Revenue,
2017,
5%,
12/15/40
........................................
10,000,000
10,757,775
Revenue,
2017,
5%,
12/15/41
........................................
8,500,000
9,127,783
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
4.25%,
1/01/45
2,925,000
2,443,209
Kendal
on
Hudson
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
1/01/51
...
2,500,000
2,321,084
Western
Nassau
County
Water
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/40
............................
1,400,000
1,452,061
Revenue,
2015
A,
Pre-Refunded,
5%,
4/01/45
............................
2,250,000
2,333,669
Yonkers
Industrial
Development
Agency
,
Revenue
,
2022
,
5.25
%
,
5/01/51
.........
1,600,000
1,730,295
2,603,135,607
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
6,900,000
5,524,205
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
6,900,000
5,507,274
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn.,
6/01/52
16,250,000
10,177,329
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
6,000,000
4,583,392
25,792,200
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
4,390,000
4,512,651
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
9,000,000
6,675,653
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
7,315,963
18,504,267
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
6,900,000
5,524,444
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
6,500,000
5,150,301
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
17,500,000
17,500,000
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,500,000
1,484,224
24,134,525
U.S.
Territories
1.8%
Guam
0.2%
c
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2023
A,
Refunding,
5%,
10/01/28
..............................
540,000
547,331
Revenue,
2023
A,
Refunding,
5.25%,
10/01/29
............................
700,000
719,744
Revenue,
2023
A,
Refunding,
5.25%,
10/01/31
............................
775,000
794,781
Revenue,
2023
A,
Refunding,
5.375%,
10/01/33
...........................
525,000
539,316
Revenue,
2023
A,
Refunding,
5.25%,
10/01/36
............................
685,000
677,387
Revenue,
2023
A,
Refunding,
5.375%,
10/01/40
...........................
525,000
513,973
Revenue,
2023
A,
Refunding,
5.375%,
10/01/43
...........................
1,250,000
1,219,986
5,012,518
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
See
Abbreviations
on
page
37
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
1.6%
HTA
TRRB
Custodial
Trust
,
Revenue,
2007
N,
5.25%,
7/01/34
.....................................
$
145,000
$
146,154
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
200,000
201,782
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,050,000
1,052,724
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
94,516
87,664
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
61,423
38,389
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
105,069
58,331
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
22,313,000
20,000,974
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
26,245,000
24,350,111
45,936,129
Total
U.S.
Territories
....................................................................
50,948,647
Total
Municipal
Bonds
(Cost
$2,972,323,883)
...................................
2,825,393,456
Total
Long
Term
Investments
(Cost
$2,979,023,883)
.............................
2,831,975,028
a
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
New
York
0.3%
d
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.4
%
,
1/01/34
4,000,000
4,000,000
d
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2007
CC-2
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
2.5
%
,
6/15/38
............................
5,800,000
5,800,000
9,800,000
Total
Municipal
Bonds
(Cost
$9,800,000)
.......................................
9,800,000
Total
Short
Term
Investments
(Cost
$9,800,000
)
.................................
9,800,000
a
Total
Investments
(Cost
$2,988,823,883)
99.1%
..................................
$2,841,775,028
Other
Assets,
less
Liabilities
0.9%
.............................................
24,144,248
Net
Assets
100.0%
...........................................................
$2,865,919,276
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2023,
the
aggregate
value
of
these
securities
was
$106,260,497,
representing
3.7%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,988,823,883
Value
-
Unaffiliated
issuers
..................................................................
$2,841,775,028
Cash
....................................................................................
69,160
Receivables:
Capital
shares
sold
........................................................................
1,137,625
Interest
.................................................................................
34,847,568
Total
assets
..........................................................................
2,877,829,381
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
5,016,295
Capital
shares
redeemed
...................................................................
3,085,364
Management
fees
.........................................................................
1,114,099
Distribution
fees
..........................................................................
271,151
Transfer
agent
fees
........................................................................
1,284,073
Trustees'
fees
and
expenses
.................................................................
3,815
Distributions
to
shareholders
.................................................................
930,014
Accrued
expenses
and
other
liabilities
...........................................................
205,294
Total
liabilities
.........................................................................
11,910,105
Net
assets,
at
value
.................................................................
$2,865,919,276
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,394,522,186
Total
distributable
earnings
(losses)
.............................................................
(528,602,910)
Net
assets,
at
value
.................................................................
$2,865,919,276
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
28,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
New
York
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$351,001,703
Shares
outstanding
........................................................................
36,093,838
Net
asset
value
per
share
a
..................................................................
$9.72
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.10
Class
A1:
Net
assets,
at
value
.......................................................................
$2,010,712,033
Shares
outstanding
........................................................................
206,620,251
Net
asset
value
per
share
a
..................................................................
$9.73
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$10.11
Class
C:
Net
assets,
at
value
.......................................................................
$89,133,834
Shares
outstanding
........................................................................
9,169,579
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$9.72
Class
R6:
Net
assets,
at
value
.......................................................................
$86,891,022
Shares
outstanding
........................................................................
8,917,450
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.74
Advisor
Class:
Net
assets,
at
value
.......................................................................
$328,180,684
Shares
outstanding
........................................................................
33,700,830
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$9.74
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
year
ended
February
28,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
Franklin
New
York
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$106,361,993
Expenses:
Management
fees
(Note
3
a
)
...................................................................
13,622,096
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
898,140
    Class
A1
...............................................................................
2,160,350
    Class
C
................................................................................
669,704
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
292,940
    Class
A1
...............................................................................
1,761,555
    Class
C
................................................................................
83,915
    Class
R6
...............................................................................
24,209
    Advisor
Class
............................................................................
230,911
Custodian
fees
(Note
4
)
......................................................................
14,642
Registration
and
filing
fees
....................................................................
66,867
Professional
fees
...........................................................................
96,399
Trustees'
fees
and
expenses
..................................................................
37,508
Other
....................................................................................
562,746
Total
expenses
.........................................................................
20,521,982
Expense
reductions
(Note
4
)
...............................................................
(17,156)
Net
expenses
.........................................................................
20,504,826
Net
investment
income
................................................................
85,857,167
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(45,196,972)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(298,963,749)
Net
realized
and
unrealized
gain
(loss)
............................................................
(344,160,721)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(258,303,554)
Franklin
New
York
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Franklin
New
York
Tax-Free
Income
Fund
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
May
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$85,857,167
$63,511,521
$98,045,442
Net
realized
gain
(loss)
..............................
(45,196,972)
9,482,556
10,489,531
Net
change
in
unrealized
appreciation
(depreciation)
........
(298,963,749)
(186,367,683)
88,218,919
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(258,303,554)
(113,373,606)
196,753,892
Distributions
to
shareholders:
Class
A
..........................................
(9,711,902)
(6,701,575)
(8,335,379)
Class
A1
.........................................
(61,506,353)
(47,353,274)
(74,606,389)
Class
C
..........................................
(2,362,234)
(2,145,580)
(4,659,740)
Class
R6
.........................................
(2,628,692)
(1,812,928)
(2,247,204)
Advisor
Class
.....................................
(8,412,889)
(5,302,489)
(7,487,320)
Total
distributions
to
shareholders
.......................
(84,622,070)
(63,315,846)
(97,336,032)
Capital
share
transactions:
(Note
2
)
Class
A
..........................................
(17,317,208)
62,893,246
67,323,579
Class
A1
.........................................
(250,930,997)
(131,233,087)
(202,647,193)
Class
C
..........................................
(27,966,780)
(65,737,108)
(61,212,277)
Class
R6
.........................................
(643,331)
12,402,469
15,710,771
Advisor
Class
.....................................
77,379,696
4,464,755
14,145,907
Total
capital
share
transactions
.........................
(219,478,620)
(117,209,725)
(166,679,213)
Net
increase
(decrease)
in
net
assets
................
(562,404,244)
(293,899,177)
(67,261,353)
Net
assets:
Beginning
of
year
....................................
3,428,323,520
3,722,222,697
3,789,484,050
End
of
year
........................................
$2,865,919,276
$3,428,323,520
$3,722,222,697
a
For
the
period
June
1,
2021
to
February
28,
2022.
Franklin
New
York
Tax-Free
Income
Fund
29
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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.
Subsequent
to
May
31,
2021,
the
Fund's
fiscal
year
end
changed
to
February
28.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
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.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
February
28,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Year
Ended
February
28,
2023
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
8,105,380
$79,926,466
Shares
issued
in
reinvestment
of
distributions
..........
888,573
8,731,625
Shares
redeemed
...............................
(10,704,939)
(105,975,299)
Net
increase
(decrease)
..........................
(1,710,986)
$(17,317,208)
Class
A1
Shares:
Shares
sold
...................................
3,520,001
$34,638,639
Shares
issued
in
reinvestment
of
distributions
..........
5,204,230
51,212,277
Shares
redeemed
...............................
(34,110,809)
(336,781,913)
Net
increase
(decrease)
..........................
(25,386,578)
$(250,930,997)
Class
C
Shares:
Shares
sold
...................................
705,449
$6,987,972
Shares
issued
in
reinvestment
of
distributions
..........
230,755
2,269,361
Shares
redeemed
a
..............................
(3,755,462)
(37,224,113)
Net
increase
(decrease)
..........................
(2,819,258)
$(27,966,780)
Class
R6
Shares:
Shares
sold
...................................
2,812,622
$27,516,366
Shares
issued
in
reinvestment
of
distributions
..........
241,368
2,376,792
Shares
redeemed
...............................
(3,100,411)
(30,536,489)
Net
increase
(decrease)
..........................
(46,421)
$(643,331)
Advisor
Class
Shares:
Shares
sold
...................................
34,614,337
$337,028,315
Shares
issued
in
reinvestment
of
distributions
..........
790,318
7,773,153
Shares
redeemed
...............................
(27,302,406)
(267,421,772)
Net
increase
(decrease)
..........................
8,102,249
$77,379,696
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
9,635,952
$109,032,424
10,225,116
$115,157,298
Shares
issued
in
reinvestment
of
distributions
..........
537,304
6,042,564
658,208
7,411,579
Shares
redeemed
...............................
(4,638,156)
(52,181,742)
(4,909,448)
(55,245,298)
Net
increase
(decrease)
..........................
5,535,100
$62,893,246
5,973,876
$67,323,579
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
or
trustees
of
the
following
subsidiaries:
Year
Ended
February
28,
2022
b
Year
Ended
May
31,
2021
Shares
Amount
Shares
Amount
Class
A1
Shares:
Shares
sold
...................................
2,979,287
$33,683,650
4,477,108
$50,496,809
Shares
issued
in
reinvestment
of
distributions
..........
3,540,512
39,875,109
5,464,248
61,556,416
Shares
redeemed
...............................
(18,146,391)
(204,791,846)
(27,907,561)
(314,700,418)
Net
increase
(decrease)
..........................
(11,626,592)
$(131,233,087)
(17,966,205)
$(202,647,193)
Class
C
Shares:
Shares
sold
...................................
657,608
$7,439,062
1,647,201
$18,546,080
Shares
issued
in
reinvestment
of
distributions
..........
184,968
2,084,408
390,015
4,387,765
Shares
redeemed
a
..............................
(6,627,330)
(75,260,578)
(7,479,928)
(84,146,122)
Net
increase
(decrease)
..........................
(5,784,754)
$(65,737,108)
(5,442,712)
$(61,212,277)
Class
R6
Shares:
Shares
sold
...................................
2,060,757
$23,326,093
2,467,998
$27,856,052
Shares
issued
in
reinvestment
of
distributions
..........
147,241
1,658,860
192,893
2,176,401
Shares
redeemed
...............................
(1,115,397)
(12,582,484)
(1,269,455)
(14,321,682)
Net
increase
(decrease)
..........................
1,092,601
$12,402,469
1,391,436
$15,710,771
Advisor
Class
Shares:
Shares
sold
...................................
4,206,553
$47,408,171
5,912,957
$66,693,342
Shares
issued
in
reinvestment
of
distributions
..........
429,158
4,835,354
591,822
6,673,229
Shares
redeemed
...............................
(4,249,695)
(47,778,770)
(5,253,825)
(59,220,664)
Net
increase
(decrease)
..........................
386,016
$4,464,755
1,250,954
$14,145,907
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
b
For
the
period
June
1,
2021
to
February
28,
2022.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
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
year
ended
February
28,
2023,
the
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
year:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$15,521
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
34
franklintempleton.com
Annual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
February
28,
2023,
the
Fund
paid
transfer
agent
fees
of
$2,393,530,
of
which
$915,903
was
 retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Effective
April
1,
2022,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.65%,
based
on
the
average
net
assets
of
each
class
until
June
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
June
30,
2023.
g.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
year
ended
February
28,
2023,
these
purchase
and
sale
transactions
aggregated
$246,679,616
and
$198,946,489,
respectively,
with
net
realized
losses
of
$4,076,931.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
year
ended
February
28,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
February
28,
2023,
the
capital
loss
carryforwards
were
as
follows:
CDSC
retained
..............................................................................
$84,473
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$92,011,601
Long
term
................................................................................
291,978,672
Total
capital
loss
carryforwards
...............................................................
$383,990,273
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
35
franklintempleton.com
Annual
Report
The
tax
character
of
distributions
paid
du
ring
the
years
ended
February
28
,
2023
and
2022
,
was
as
follows:
At
February
28,
2023,
the
cost
of
investments
,
net
unrealized
appreciation
(depreciation)
and
undistributed
tax
exempt
income
for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
February
28
,
202
3
,
aggregated
$
676
,
395
,
318
and
$
853
,
205
,
420
,
respectively.
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York
and
U.S.
territories. Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
8.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$277,519
$—
Tax
exempt
income
........................................................
84,344,551
63,315,846
$84,622,070
$63,315,846
2021
Distributions
paid
from:
Tax
exempt
income
........................................................
$97,336,032
Cost
of
investments
..........................................................................
$2,989,278,237
Unrealized
appreciation
........................................................................
$24,216,284
Unrealized
depreciation
........................................................................
(171,719,493)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(147,503,209)
Distributable
earnings:
Undistributed
tax
exempt
income
.................................................................
$3,904,276
5.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
36
franklintempleton.com
Annual
Report
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the Statement
of
Operations.
During
the
year
ended
February
28,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period. 
Level
1
Level
2
Level
3
Total
Franklin
New
York
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
—
$
6,581,572
$
6,581,572
Municipal
Bonds
.........................
—
2,825,393,456
—
2,825,393,456
Short
Term
Investments
...................
—
9,800,000
—
9,800,000
Total
Investments
in
Securities
...........
$—
$2,835,193,456
$6,581,572
$2,841,775,028
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Financial
Statements
37
franklintempleton.com
Annual
Report
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FNMA
Federal
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Income
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
38
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Franklin
New
York
Tax-Free
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
New
York
Tax-Free
Income
Fund
(the
“Fund”)
as
of
February
28,
2023,
the
related
statements
of
operations
for
the
year
ended
February
28,
2023,
the
statement
of
changes
in
net
assets
for
the
year
ended
February
28,
2023,
the
period
June
1,
2021
through
February
28,
2022
and
year
ended
May
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2023,
the
results
of
its
operations
for
the
year
ended
February
28,
2023,
the
changes
in
its
net
assets
for
the
year
ended
February
28,2023,
the
period
June
1,
2021
through
February
28,
2022
and
year
ended
May
31,
2021,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2023
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
April
18,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
New
York
Tax-Free
Income
Fund
39
franklintempleton.com
Annual
Report
Tax
Information
(unaudited)
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
period.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
period
ended
February
28,
2023:
Pursuant
to:
Amount
Reported
Exempt-Interest
Dividends
Distributed
§852(b)(5)(A)
$84,344,551
Franklin
New
York
Tax-Free
Income
Fund
Board
Members
and
Officers
40
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1982
118
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2017
118
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
118
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
New
York
Tax-Free
Income
Fund
41
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1998
and
Lead
Independent
Trustee
since
2019
118
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
118
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
118
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Income
Fund
42
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
110
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016),
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Vice
President
since
January
2023
and
Trustee
since
2013
129
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Trustee
Since
1983
118
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ben
Barber
(1969)
Vice
President
Since
2020
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Advisers,
Inc.;
Director,
Municipal
Bonds;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Co-Head
of
Municipal
Bonds,
Goldman
Sachs
Asset
Management
(1999-2020).
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Income
Fund
43
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Sonal
Desai,
Ph.D.
(1963)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
and
Executive
Vice
President,
Franklin
Advisers,
Inc.;
Executive
Vice
President,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
and
Co-Secretary
Vice
President
since
2009
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Income
Fund
44
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007
to
2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Lori
A.
Weber
(1964)
Vice
President
and
Co-Secretary
Vice
President
since
2011
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Income
Fund
Shareholder
Information
45
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1115
A
04/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
and
Shareholder
Letter
Franklin
New
York
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
 Principal Accountant Fees and Services.           
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $43,840 for the fiscal year ended February 28, 2023 and $45,461 for the fiscal year ended February 28, 2022.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended February 28, 2023, and $0 for the fiscal year ended February 28, 2022. The services for which these fees were paid included global access to tax platform International Tax View.
 
(d)      All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended February 28, 2023 and $1,607 for the fiscal year ended February 28, 2022. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $245,711 for the fiscal year ended February 28, 2023 and $73,743 for the fiscal year ended February 28, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, benchmarking services in connection with the ICI TA survey, professional fees in connection with SOC 1 Reports,
 
fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge and professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy.
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
        (i)     pre-approval of all audit and audit related services;
 
        (ii)    pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
        (iii)   pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
        (iv)    establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $315,711 for the fiscal year ended February 28, 2023 and $75,350 for the fiscal year ended February 28, 2022.
 
(h)
The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
(i) N/A
 
 
(j) N/A
                  
 
Item 5. Audit Committee
of Listed Registrants.              N/A
 
 
Item 6.  Schedule of Investments.                           N/A
 
 
Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                     N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                                     N/A
 
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.              N/A
 
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
  Evaluation of Disclosure Controls and Procedures.  The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b)
 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
FRANKLIN NEW YORK TAX-FREE INCOME FUND
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  April 26, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  April 26, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  April 26, 2023