# EDGAR Filing Document

**Accession Number:** 0000703112
**File Stem:** 0001133228-25-011518
**Filing Date:** 2025-10
**Character Count:** 164991
**Document Hash:** a8688339a49a2943fbc9cc16a3fa8b7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011518.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011518

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN NEW YORK TAX FREE INCOME FUND
- **CENTRAL INDEX KEY:** 0000703112

**ORGANIZATION NAME:**
- **EIN:** 942832429
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03479
- **FILM NUMBER:** 251432696

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN NEW YORK TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN NEW YORK TAX-FREE INCOME FUND (Series ID: S000006862)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018541 | CLASS A1      | FNYTX           |
| C000018543 | CLASS C       | FNYIX           |
| C000018544 | ADVISOR CLASS | FNYAX           |
| C000194381 | CLASS R6      | FKTJX           |
| C000199699 | Class A       | FNYQX           |

?xml version='1.0' encoding='ASCII'? 2025-09-1174200012800_FranklinNewYorkTax-FreeIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-03479**

**Franklin New York Tax-Free Income Fund**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: **February 28**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FNYQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $39 | 0.78% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2628968288 |
| **Total Number of Portfolio Holdings** | 446 |
| **Portfolio Turnover Rate** | 11.40% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4836img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New York Tax-Free Income Fund PAGE 1 1115-STSR-1025

21.019.610.610.49.69.08.94.33.22.90.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FNYTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $31 | 0.63% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2628968288 |
| **Total Number of Portfolio Holdings** | 446 |
| **Portfolio Turnover Rate** | 11.40% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4838img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New York Tax-Free Income Fund PAGE 1 115-STSR-1025

21.019.610.610.49.69.08.94.33.22.90.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNYIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $58 | 1.18% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2628968288 |
| **Total Number of Portfolio Holdings** | 446 |
| **Portfolio Turnover Rate** | 11.40% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4839img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New York Tax-Free Income Fund PAGE 1 215-STSR-1025

21.019.610.610.49.69.08.94.33.22.90.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $24 | 0.49% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2628968288 |
| **Total Number of Portfolio Holdings** | 446 |
| **Portfolio Turnover Rate** | 11.40% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4840img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New York Tax-Free Income Fund PAGE 1 8115-STSR-1025

21.019.610.610.49.69.08.94.33.22.90.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNYAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $26 | 0.53% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2628968288 |
| **Total Number of Portfolio Holdings** | 446 |
| **Portfolio Turnover Rate** | 11.40% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4837img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New York Tax-Free Income Fund PAGE 1 615-STSR-1025

21.019.610.610.49.69.08.94.33.22.90.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

------

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

August

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 19
Notes

to

Financial

Statements

#### 23
Changes

In

and

Disagreements

with

Accountants

#### 31
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.98

$10.02

$9.72

$10.83

$11.38

$11.09

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.17 0.31 0.30 0.27 0.19 0.28 0.29 Net

realized

and

unrealized

gains

(losses)

...........

(0.51)

(0.04)

0.30 (1.11)

(0.55)

0.29 (0.01)

Total

from

investment

operations

...........

(0.34)

0.27 0.60 (0.84)

(0.36)

0.57 0.28 Less

distributions

from:

Net

investment

income

..

(0.16)

(0.31)

(0.30)

(0.27)

(0.19)

(0.28)

(0.29)

Net

asset

value,

end

of

period

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

$9.48

$9.98

$10.02

$9.72

$10.83

$11.38

$11.09

Total

return

e

...........

(3.36)%

2.78%

6.29%

(7.77)%

(3.25)%

5.15%

2.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.78%

0.78%

g

0.75%

g

0.81%

g

0.82%

g

0.78%

g

0.78%

g

Net

investment

income

...

3.47%

3.13%

3.08%

2.74%

2.21%

2.48%

2.59%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$318,674

$351,699

$361,554

$351,002

$409,409

$367,358

$291,562

Portfolio

turnover

rate

....

11.40%

19.14%

15.99%

22.81%

11.94%

12.15%

21.27%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.98

$10.03

$9.73

$10.84

$11.39

$11.10

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.17 0.33 0.32 0.29 0.20 0.30 0.31 Net

realized

and

unrealized

gains

(losses)

...........

(0.49)

(0.05)

0.29 (1.12)

(0.55)

0.28 (0.01)

Total

from

investment

operations

...........

(0.32)

0.28 0.61 (0.83)

(0.35)

0.58 0.30 Less

distributions

from:

Net

investment

income

..

(0.17)

(0.33)

(0.31)

(0.28)

(0.20)

(0.29)

(0.30)

Net

asset

value,

end

of

period

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

$9.49

$9.98

$10.03

$9.73

$10.84

$11.39

$11.10

Total

return

e

...........

(3.19)%

2.83%

6.44%

(7.63)%

(3.13)%

5.31%

2.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.63%

0.63%

g

0.60%

g

0.66%

g

0.67%

g

0.63%

g

0.63%

g

Net

investment

income

...

3.62%

3.28%

3.23%

2.89%

2.36%

2.63%

2.74%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$1,537,393

$1,690,956

$1,891,646

$2,010,712

$2,514,275

$2,775,454

$2,902,606

Portfolio

turnover

rate

....

11.40%

19.14%

15.99%

22.81%

11.94%

12.15%

21.27%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.97

$10.02

$9.72

$10.82

$11.38

$11.08

$11.09

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.15 0.27 0.26 0.23 0.15 0.24 0.24 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

(0.05)

0.30 (1.10)

(0.56)

0.29 (0.01)

Total

from

investment

operations

...........

(0.35)

0.22 0.56 (0.87)

(0.41)

0.53 0.23 Less

distributions

from:

Net

investment

income

..

(0.14)

(0.27)

(0.26)

(0.23)

(0.15)

(0.23)

(0.24)

Net

asset

value,

end

of

period

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

$9.48

$9.97

$10.02

$9.72

$10.82

$11.38

$11.08

Total

return

e

...........

(3.46)%

2.26%

5.86%

(8.06)%

(3.62)%

4.83%

2.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.18%

1.18%

g

1.15%

g

1.21%

g

1.22%

g

1.18%

g

1.18%

g

Net

investment

income

...

3.06%

2.73%

2.67%

2.33%

1.82%

2.10%

2.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$35,853

$47,875

$64,099

$89,134

$129,772

$202,215

$257,275

Portfolio

turnover

rate

....

11.40%

19.14%

15.99%

22.81%

11.94%

12.15%

21.27%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

A

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.00

$10.04

$9.74

$10.85

$11.41

$11.11

$11.12

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.18 0.34 0.33 0.30 0.21 0.31 0.32 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

(0.04)

0.30 (1.11)

(0.55)

0.30 (0.01)

Total

from

investment

operations

...........

(0.32)

0.30 0.63 (0.81)

(0.34)

0.61 0.31 Less

distributions

from:

Net

investment

income

..

(0.18)

(0.34)

(0.33)

(0.30)

(0.22)

(0.31)

(0.32)

Net

asset

value,

end

of

period

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

$9.50

$10.00

$10.04

$9.74

$10.85

$11.41

$11.11

Total

return

e

...........

(3.22)%

3.07%

6.55%

(7.48)%

(3.10)%

5.54%

2.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.49%

0.49%

g

0.49%

g

0.51%

g

0.50%

g

0.50%

g

0.50%

g

Net

investment

income

...

3.76%

3.42%

3.34%

3.04%

2.52%

2.76%

2.87%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$129,581

$124,350

$98,748

$86,891

$97,268

$89,785

$71,991

Portfolio

turnover

rate

....

11.40%

19.14%

15.99%

22.81%

11.94%

12.15%

21.27%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

A

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.99

$10.04

$9.74

$10.84

$11.40

$11.10

$11.11

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.18 0.34 0.33 0.30 0.21 0.31 0.32 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

(0.05)

0.29 (1.11)

(0.56)

0.29 (0.02)

Total

from

investment

operations

...........

(0.32)

0.29 0.62 (0.81)

(0.35)

0.60 0.30 Less

distributions

from:

Net

investment

income

..

(0.18)

(0.34)

(0.32)

(0.29)

(0.21)

(0.30)

(0.31)

Net

asset

value,

end

of

period

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

$9.49

$9.99

$10.04

$9.74

$10.84

$11.40

$11.10

Total

return

e

...........

(3.24)%

2.93%

6.54%

(7.44)%

(3.15)%

5.50%

2.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.53%

0.53%

g

0.50%

g

0.57%

g

0.57%

g

0.53%

g

0.53%

g

Net

investment

income

...

3.72%

3.38%

3.35%

3.01%

2.46%

2.73%

2.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$607,468

$638,348

$489,421

$328,181

$277,600

$287,411

$266,050

Portfolio

turnover

rate

....

11.40%

19.14%

15.99%

22.81%

11.94%

12.15%

21.27%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.2%

#### Software

#### 0.2%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

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

$

6,700,000

$

6,720,049

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 6,700,000

####)
.......................................

#### 6,720,049

#### Municipal

#### Bonds

#### 97.8%

#### California

#### 0.2%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

5,800,000

4,861,004

#### Florida

#### 1.5%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

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

18,760,000

16,084,458

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

5.5 %

,

12/01/30

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

2,770,000

2,553,198

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

3,990,000

2,537,237

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

22,800,000

19,026,326

40,201,219

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

1,935,000

1,944,853

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

15,875,000

6,949,918

8,894,771

#### Illinois

#### 0.6%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

12/15/42

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

6,970,000

6,213,924

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

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

10,310,000

8,317,930

14,531,854

#### New

#### Jersey

#### 0.2%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

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

3,725,000

3,727,581

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

%

,

6/15/50

...........

1,025,000

1,152,419

4,880,000

#### New

#### York

#### 89.8%
Albany

Capital

Resource

Corp.

,

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/38

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

6,505,000

6,556,009

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

%

,

11/01/51

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

2,000,000

1,596,566

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.75 %

,

6/01/54

....

1,200,000

1,051,980

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

%

,

6/01/64

.......

2,250,000

2,001,628

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/49

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

1,700,000

1,639,787

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/54

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

3,000,000

2,851,260

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2023

A

,

%

,

11/01/48

..........

20,000,000

20,484,244

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

1,500,000

1,283,563

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/55

8,000,000

6,262,005

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

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

1,600,000

1,484,373

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Broome

County

Local

Development

Corp.,

(continued)

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

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

$

1,530,000

$

1,304,056

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/47

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

1,160,000

904,325

United

Health

Services

Hospitals

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

AG

Insured

,

%

,

4/01/45

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

7,045,000

5,169,368

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

5.25 %

,

7/01/35

.......

1,000,000

972,998

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

%

,

7/01/40

.........

1,000,000

946,761

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/50

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

2,500,000

1,797,829

Build

NYC

Resource

Corp.

,

West

129th

street

Transitional

Housing

Development

Fund

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

12/01/51

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

1,000,000

1,022,172

West

129th

street

Transitional

Housing

Development

Fund

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

12/01/56

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

1,000,000

1,015,573

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/36

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

400,000

386,936

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.5 %

,

6/15/43

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

700,000

636,115

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75 %

,

6/15/53

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

850,000

754,330

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75 %

,

6/15/58

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

725,000

634,855

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/42

......

600,000

578,141

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/52

......

725,000

659,518

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/56

......

570,000

512,335

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/52

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

4,000,000

3,834,423

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/57

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

1,000,000

948,201

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/62

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

1,500,000

1,407,338

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/50

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

4,500,000

4,525,764

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/55

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

4,500,000

4,513,201

d

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25 %

,

4/03/28

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

2,000,000

2,029,977

City

of

Long

Beach

,

GO

,

2022

B

,

BAM

Insured

,

5.25 %

,

7/15/42

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

1,010,000

1,035,925

City

of

New

York

,

GO

,

2017

B

,

%

,

12/01/41

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

7,000,000

7,058,890

GO

,

2018

,

%

,

3/01/40

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

14,330,000

14,565,693

GO

,

2018

,

%

,

3/01/44

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

12,500,000

12,575,264

GO

,

2018

,

%

,

4/01/40

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

16,210,000

16,484,473

GO

,

2018

,

%

,

4/01/45

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

10,000,000

10,047,728

GO

,

2019

,

%

,

12/01/43

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

10,000,000

8,857,029

GO

,

2022

,

5.25 %

,

5/01/41

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

1,500,000

1,574,280

GO

,

2023

,

%

,

9/01/46

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

5,000,000

4,399,394

GO

,

2023

,

%

,

4/01/45

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

3,000,000

2,664,622

GO

,

2024

D

,

5.5 %

,

4/01/49

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

10,000,000

10,501,494

GO

,

2024

D

,

5.25 %

,

4/01/54

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

10,500,000

10,732,751

GO

,

2025

E

,

5.25 %

,

8/01/50

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

4,500,000

4,623,250

GO

,

2025

E

,

%

,

8/01/54

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

4,500,000

4,516,762

GO

,

2025

,

5.25 %

,

2/01/53

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

1,150,000

1,179,568

b

Clinton

County

Capital

Resource

Corp.

,

Clinton-Essex-Warren-Washington

Board

of

Cooperative

Educational

Services

,

Revenue

,

144A,

2025

,

4.5 %

,

7/01/40

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

600,000

587,879

Clinton-Essex-Warren-Washington

Board

of

Cooperative

Educational

Services

,

Revenue

,

144A,

2025

,

%

,

7/01/46

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

900,000

890,171

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/32

......

175,000

189,486

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

......

185,000

198,816

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/34

......

500,000

532,821

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

......

200,000

200,125

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

......

200,000

197,070

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Dutchess

County

Local

Development

Corp.,

(continued)

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

......

$

250,000

$

242,504

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/38

......

250,000

237,222

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

......

100,000

93,554

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

......

100,000

91,993

Nuvance

Health

Obligated

Group

,

Revenue

,

2016

B

,

%

,

7/01/31

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

10,550,000

10,686,474

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/44

.....

1,900,000

1,644,393

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/49

.....

4,425,000

3,599,747

Vassar

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

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

5,000,000

5,011,959

Vassar

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/46

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

5,715,000

5,051,957

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

C

,

Refunding

,

%

,

3/15/40

8,400,000

8,548,273

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2019

A

,

%

,

3/15/42

.........

10,000,000

10,101,197

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

%

,

3/15/41

.........

5,000,000

5,105,175

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/54

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

5,000,000

5,047,164

Genesee

County

Funding

Corp.

(The)

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/52

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

6,250,000

6,066,361

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

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

1,250,000

1,252,843

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/47

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

5,250,000

5,137,439

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/39

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

575,000

535,580

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/40

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

715,000

652,928

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

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

625,000

557,284

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

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

3,000,000

1,954,514

Hudson

Yards

Infrastructure

Corp.

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/42

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

15,000,000

15,127,105

Revenue

,

2017

A

,

Refunding

,

AG

Insured

,

%

,

2/15/47

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

13,680,000

11,965,010

Long

Island

Power

Authority

,

Revenue

,

2016

B

,

Refunding

,

%

,

9/01/41

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

5,250,000

5,285,540

Revenue

,

2018

,

%

,

9/01/39

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

5,000,000

5,130,565

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/42

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

1,500,000

1,396,125

Revenue

,

2022

A

,

Refunding

,

%

,

9/01/43

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

3,170,000

3,258,793

Revenue

,

2023

E

,

%

,

9/01/53

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

3,500,000

3,507,160

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/49

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

3,500,000

3,532,785

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/54

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

8,000,000

8,040,578

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

9/01/54

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

2,500,000

2,566,801

Revenue

,

2025

,

Refunding

,

5.25 %

,

9/01/50

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

7,000,000

7,229,223

Metropolitan

Transportation

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

11/15/35

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

5,000,000

5,005,022

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/33

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

6,000,000

6,111,780

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/35

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

4,000,000

4,058,786

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/37

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

13,500,000

13,642,312

Revenue

,

2016

D

,

Refunding

,

%

,

11/15/30

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

10,305,000

10,572,326

Revenue

,

2017

,

Refunding

,

%

,

11/15/30

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

6,215,000

6,581,884

Revenue

,

2017

D

,

Refunding

,

%

,

11/15/42

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

20,000,000

17,599,510

Revenue

,

2017

D

,

Refunding

,

%

,

11/15/46

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

5,000,000

4,159,798

Revenue

,

2019

C

,

AG

Insured

,

%

,

11/15/45

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

8,000,000

6,840,268

Revenue

,

2020

,

%

,

11/15/48

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

17,000,000

16,711,989

Revenue

,

2020

,

4.75 %

,

11/15/45

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

2,950,000

2,827,897

Revenue

,

2020

,

%

,

11/15/50

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

9,150,000

8,965,632

Revenue

,

2020

D

,

%

,

11/15/44

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

15,000,000

15,018,333

Revenue

,

2020

D

,

%

,

11/15/50

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

10,000,000

8,279,451

Revenue

,

2021

,

%

,

11/15/42

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

5,000,000

4,412,277

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/43

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

6,220,000

5,425,920

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

11/15/47

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

6,000,000

6,192,910

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/15/55

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

1,250,000

1,251,787

c

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

3.46 %,

11/15/32

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

20,000,000

15,648,052

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Metropolitan

Transportation

Authority,

(continued)

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/49

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

$

29,545,000

$

29,781,333

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/50

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

10,830,000

10,898,292

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/52

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

5,000,000

5,022,414

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/48

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

3,000,000

3,029,519

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

%

,

11/15/49

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

2,500,000

2,519,998

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

5.25 %

,

11/15/54

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

7,500,000

7,686,740

Monroe

County

Industrial

Development

Corp.

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/46

......

17,000,000

16,446,138

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

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

1,500,000

1,609,360

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/32

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

4,200,000

4,469,917

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/33

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

1,815,000

1,916,096

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/34

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

2,510,000

2,629,186

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/35

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

1,100,000

1,079,922

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/46

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

8,560,000

7,040,700

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

6/01/49

..........

635,000

649,411

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

6/01/54

..........

1,670,000

1,688,915

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/50

.

2,360,000

2,167,555

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/59

.

2,345,000

2,106,480

University

of

Rochester

,

Revenue

,

2017

C

,

Refunding

,

%

,

7/01/43

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

22,895,000

20,821,198

University

of

Rochester

,

Revenue

,

2017

D

,

Refunding

,

%

,

7/01/43

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

21,550,000

19,598,027

University

of

Rochester

,

Revenue

,

2023

A

,

%

,

7/01/53

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

10,000,000

10,019,560

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/43

....

1,440,000

1,395,631

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/55

....

2,605,000

2,397,094

New

York

City

Health

and

Hospitals

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/45

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

1,250,000

925,499

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/45

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

1,800,000

1,645,088

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/48

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

880,000

754,223

New

York

City

Housing

Development

Corp.

,

Revenue

,

2016

F-1A

,

Refunding

,

3.3 %

,

11/01/46

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

485,000

372,350

Revenue

,

2018

K

,

%

,

11/01/48

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

36,505,000

31,153,316

Revenue

,

2019

G-1-B

,

Refunding

,

%

,

11/01/44

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

9,405,000

7,130,369

Revenue

,

2019

J

,

%

,

11/01/44

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

4,935,000

3,741,453

Revenue

,

2020

C

,

FNMA

Insured

,

2.75 %

,

2/01/51

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

10,000,000

6,429,880

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25 %

,

12/15/31

........

4,550,000

4,670,827

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/01/46

.

5,000,000

3,571,422

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/45

....

6,000,000

5,371,108

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/49

....

10,000,000

6,929,498

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

AA

,

%

,

6/15/46

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

24,290,000

21,249,589

Water

&

Sewer

System

,

Revenue

,

2018

,

%

,

6/15/46

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

20,500,000

20,574,764

Water

&

Sewer

System

,

Revenue

,

2019

,

%

,

6/15/49

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

19,000,000

19,054,889

Water

&

Sewer

System

,

Revenue

,

2020

AA

,

Refunding

,

%

,

6/15/40

...........

10,000,000

10,368,461

Water

&

Sewer

System

,

Revenue

,

2022

,

%

,

6/15/48

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

8,825,000

8,832,403

Water

&

Sewer

System

,

Revenue

,

2023

,

5.25 %

,

6/15/52

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

5,000,000

5,106,525

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/53

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

9,000,000

9,262,095

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

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

10,745,000

11,057,299

Water

&

Sewer

System

,

Revenue

,

2024

,

4.25 %

,

6/15/54

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

2,500,000

2,221,403

Water

&

Sewer

System

,

Revenue

,

2025

,

5.25 %

,

6/15/53

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

1,000,000

1,032,673

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

City

Municipal

Water

Finance

Authority,

(continued)

Water

&

Sewer

System

,

Revenue

,

2025

BB

,

5.25 %

,

6/15/55

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

$

25,000,000

$

25,809,400

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2017

,

%

,

2/01/33

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

6,500,000

6,676,549

Future

Tax

Secured

,

Revenue

,

2017

,

%

,

5/01/42

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

17,500,000

17,657,656

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

5/01/42

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

7,410,000

6,726,851

Future

Tax

Secured

,

Revenue

,

2019

,

%

,

8/01/40

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

9,340,000

9,545,498

Future

Tax

Secured

,

Revenue

,

2020

,

%

,

11/01/41

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

7,205,000

6,629,970

Future

Tax

Secured

,

Revenue

,

2021

,

%

,

5/01/43

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

5,000,000

4,488,016

Future

Tax

Secured

,

Revenue

,

2023

,

%

,

11/01/46

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

10,000,000

10,105,486

Future

Tax

Secured

,

Revenue

,

2024

,

%

,

5/01/41

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

6,775,000

7,068,225

Future

Tax

Secured

,

Revenue

,

2024

,

%

,

5/01/53

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

3,000,000

2,533,177

Future

Tax

Secured

,

Revenue

,

2024

,

4.125 %

,

5/01/52

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

6,500,000

5,646,679

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

5/01/50

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

4,000,000

4,036,922

Future

Tax

Secured

,

Revenue

,

2025

D

,

5.25 %

,

5/01/48

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

5,000,000

5,166,736

Future

Tax

Secured

,

Revenue

,

2025

D

,

%

,

5/01/50

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

2,375,000

2,396,923

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

11/01/50

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

4,000,000

4,038,517

Future

Tax

Secured

,

Revenue

,

2025

,

5.5 %

,

11/01/51

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

3,000,000

3,154,383

State

of

New

York

,

Revenue

,

2018

,

%

,

7/15/43

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

10,000,000

10,120,281

State

of

New

York

,

Revenue

,

2019

,

%

,

7/15/43

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

22,230,000

22,497,385

State

of

New

York

,

Revenue

,

2020

,

%

,

7/15/41

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

8,465,000

7,889,989

State

of

New

York

,

Revenue

,

2020

S-1B

,

%

,

7/15/41

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

2,465,000

2,300,744

e

State

of

New

York

Building

Aid

,

Revenue

,

2026

,

Refunding

,

%

,

7/15/43

.....

2,975,000

3,079,708

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

%

,

11/15/46

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

5,000,000

4,933,609

d

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

12/01/33

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

5,600,000

5,886,901

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

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

18,000,000

12,114,637

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

91,360,000

102,891,998

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2007

,

5.5 %

,

10/01/37

...........

27,000,000

30,750,737

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

%

,

2/15/42

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

5,000,000

3,914,377

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

%

,

2/15/43

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

5,000,000

4,551,491

New

York

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/15/60

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

11,455,000

9,511,197

SFP

Transmission

Project

,

Revenue

,

2023

A

,

AG

Insured

,

%

,

11/15/53

.........

3,000,000

3,023,693

New

York

State

Dormitory

Authority

,

Revenue

,

2008

,

%

,

6/01/38

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

3,970,000

3,976,271

Revenue

,

2009

A

,

AG

Insured

,

5.625 %

,

10/01/29

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

300,000

300,739

Revenue

,

2009

C

,

AG

Insured

,

%

,

10/01/31

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

45,000

45,082

Revenue

,

2009

C

,

AG

Insured

,

5.125 %

,

10/01/36

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

60,000

60,103

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/50

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

1,750,000

1,685,018

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/55

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

3,000,000

2,862,075

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/37

1,705,000

1,484,623

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/38

2,200,000

1,898,967

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/39

1,305,000

1,104,640

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/40

1,300,000

1,080,670

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/41

2,100,000

1,970,793

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/45

5,835,000

4,647,555

Cornell

University

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

7/01/54

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

12,350,000

12,975,126

Educational

Housing

Services,

Inc.

,

Revenue

,

2005

,

AMBAC

Insured

,

5.25 %

,

7/01/30

5,150,000

5,379,481

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25 %

,

7/01/26

...

6,105,000

6,170,526

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25 %

,

7/01/34

...

13,220,000

13,521,984

Fordham

University

,

Revenue

,

2020

,

%

,

7/01/50

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

4,500,000

3,724,276

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

State

Dormitory

Authority,

(continued)

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

%

,

12/01/45

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

$

1,000,000

$

852,380

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/32

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

500,000

501,186

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/33

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

4,000,000

3,984,388

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/35

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

1,100,000

1,068,943

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/36

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

2,100,000

2,026,154

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/37

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

2,000,000

1,891,932

Iona

College

,

Revenue

,

2021

A

,

%

,

7/01/46

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

925,000

898,619

Iona

College

,

Revenue

,

2021

A

,

%

,

7/01/51

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

2,350,000

2,227,075

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/31

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

325,000

351,896

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/32

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

300,000

325,388

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/42

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

275,000

272,208

Memorial

Sloan-Kettering

Cancer

Center

,

Revenue

,

2017-1

,

Refunding

,

%

,

7/01/47

5,000,000

4,435,757

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/31

.........

525,000

539,775

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/33

.........

1,150,000

1,173,003

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/30

.........

1,800,000

1,926,874

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/45

.........

10,900,000

9,118,877

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/50

.........

1,370,000

1,085,855

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

11/01/47

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

1,000,000

1,020,993

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

%

,

7/01/45

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

1,420,000

1,373,167

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

5.25 %

,

7/01/50

.........

11,000,000

10,653,691

New

School

(The)

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/47

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

4,000,000

3,284,440

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/49

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

2,590,000

2,607,995

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/54

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

4,100,000

4,114,222

New

York

University

,

Revenue

,

2018

A

,

%

,

7/01/48

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

5,000,000

5,034,953

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/45

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

3,415,000

3,026,584

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/49

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

25,000,000

25,001,713

New

York

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

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

4,000,000

4,104,784

Northwell

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/52

....

13,490,000

13,183,347

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/54

....

6,500,000

5,322,406

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

5/01/54

..

11,000,000

11,055,529

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/48

.......

4,000,000

2,756,592

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/50

.......

20,420,000

17,277,562

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/53

.......

25,280,000

20,692,358

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/44

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

590,000

585,697

Pace

University

,

Revenue

,

2024

A

,

5.5 %

,

5/01/49

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

725,000

723,035

Pace

University

,

Revenue

,

2024

A

,

5.5 %

,

5/01/56

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

1,000,000

985,351

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

%

,

7/01/49

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

3,500,000

3,502,266

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

%

,

7/01/41

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

1,000,000

1,037,872

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

%

,

7/01/42

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

1,000,000

1,029,679

Rockefeller

University

(The)

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/53

.........

6,500,000

6,444,664

Roswell

Park

Cancer

Institute

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

AG

Insured

,

5.5 %

,

7/01/50

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

1,000,000

1,040,804

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/48

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

6,250,000

5,131,059

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/40

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

225,000

181,802

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/51

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

725,000

591,512

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

2/15/39

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

15,000

15,582

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/40

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

10,000

10,523

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

State

Dormitory

Authority,

(continued)

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/41

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

$

30,000

$

31,570

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

%

,

2/15/43

.........

17,050,000

17,206,722

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/43

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

30,000

31,570

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

%

,

2/15/46

.........

19,985,000

17,356,359

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/46

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

15,000

15,500

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

,

%

,

2/15/41

.......

9,895,000

10,033,980

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

%

,

3/15/45

10,000,000

10,035,210

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

5.25 %

,

3/15/52

......

18,850,000

19,388,544

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/55

5,250,000

5,281,580

State

of

New

York

Sales

Tax

,

Revenue

,

2017

A

,

%

,

3/15/41

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

10,000,000

10,104,619

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/46

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

25,000,000

22,096,848

State

of

New

York

Sales

Tax

,

Revenue

,

2018

C

,

Refunding

,

%

,

3/15/44

........

5,310,000

4,786,371

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/37

........

15,340,000

15,952,457

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/45

........

6,235,000

6,330,725

State

of

New

York

Sales

Tax

,

Revenue

,

2024

B

,

Refunding

,

%

,

3/15/51

........

6,000,000

6,060,435

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

7/01/42

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

780,000

817,535

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

7/01/46

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

4,000,000

4,196,166

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

%

,

7/01/43

..

4,300,000

4,338,966

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

%

,

7/01/48

..

7,950,000

7,961,765

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

7/01/48

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

5,975,000

6,414,694

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

%

,

7/01/42

..

4,165,000

3,200,643

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

%

,

7/01/43

..

1,200,000

1,075,574

Teachers

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/46

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

6,175,000

5,318,749

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

........

10,345,000

10,041,846

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/15/46

.

11,150,000

11,216,445

New

York

City

Water

&

Sewer

System

,

Revenue

,

2017

E

,

%

,

6/15/47

..........

6,090,000

6,124,521

New

York

City

Water

&

Sewer

System

,

Revenue

,

2018

B

,

%

,

6/15/43

..........

8,000,000

8,097,240

New

York

City

Water

&

Sewer

System

,

Revenue

,

2018

B

,

%

,

6/15/48

..........

18,610,000

18,710,634

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2022

B

,

5.25 %

,

9/15/52

......

5,000,000

5,130,417

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45 %

,

11/01/50

......

3,000,000

1,817,267

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/41

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

12,000,000

11,166,389

Revenue

,

2019

B

,

%

,

1/01/46

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

4,200,000

2,960,637

Revenue

,

2019

B

,

BAM

Insured

,

%

,

1/01/50

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

20,000,000

17,240,034

Revenue

,

2019

B

,

%

,

1/01/53

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

15,000,000

12,637,204

Revenue

,

N

,

%

,

1/01/46

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

10,000,000

8,704,334

Revenue

,

P

,

Refunding

,

5.25 %

,

1/01/54

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

1,000,000

1,025,541

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/46

4,125,000

4,179,675

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/48

25,000,000

25,187,068

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

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

5,500,000

5,603,747

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/30

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

12,400,000

12,427,960

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/35

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

6,305,000

6,396,644

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/40

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

11,000,000

10,932,888

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375 %

,

10/01/45

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

26,500,000

23,018,199

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

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

9,150,000

9,430,163

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/41

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

2,130,000

1,871,070

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/46

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

6,000,000

5,017,322

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

4/30/53

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

19,875,000

15,688,860

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

12/01/34

...

$

450,000

$

467,910

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/35

...

400,000

412,611

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/36

...

400,000

409,215

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/37

...

350,000

355,538

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/38

...

300,000

270,963

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/39

...

400,000

354,908

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/40

...

2,555,000

2,232,739

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...

910,000

772,698

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/33

...

1,200,000

1,284,511

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/34

...

2,000,000

2,127,094

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/36

...

2,000,000

2,097,494

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/39

...

4,545,000

4,246,710

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/41

...

10,300,000

9,318,670

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/42

...

9,690,000

8,598,985

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

12/01/42

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

10,000,000

9,795,674

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5.25 %

,

12/31/54

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

12,500,000

12,334,286

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

12/31/60

.....

9,250,000

8,955,631

c

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

B

,

Refunding

,

AG

Insured

,

1.642 %,

12/31/54

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

9,000,000

5,334,240

JFK

NTO

LLC

,

Revenue

,

2023

,

%

,

6/30/54

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

6,500,000

6,604,765

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.125 %

,

6/30/60

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

10,000,000

9,676,287

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375 %

,

6/30/60

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

15,160,000

14,394,593

JFK

NTO

LLC

,

Revenue

,

2024

,

%

,

6/30/60

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

13,000,000

11,902,236

JFK

NTO

LLC

,

Revenue

,

2024

,

5.5 %

,

6/30/60

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

5,750,000

5,534,256

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/50

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

3,250,000

3,361,456

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

12/01/51

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

4,000,000

3,363,763

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

%

,

9/01/40

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

3,000,000

3,085,838

Revenue

,

144A,

2024

B

,

%

,

9/01/43

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

2,150,000

2,248,720

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/38

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

200,000

184,267

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/41

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

245,000

213,198

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/46

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

460,000

434,608

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/51

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

820,000

754,595

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/32

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

725,000

768,483

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/34

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

315,000

311,163

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/36

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

350,000

334,852

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/39

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

475,000

430,343

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/42

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

530,000

452,816

Syracuse

University

,

Revenue

,

2025

,

5.5 %

,

12/01/56

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

4,000,000

4,222,015

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/43

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

5,000,000

5,069,432

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/47

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

17,000,000

14,842,765

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

%

,

10/15/41

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

10,000,000

10,009,174

Revenue

,

,

Refunding

,

%

,

4/15/57

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

11,040,000

11,049,585

Revenue

,

205th

,

Refunding

,

%

,

5/15/57

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

13,000,000

13,015,152

Revenue

,

211th

,

Refunding

,

%

,

9/01/48

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

41,730,000

41,919,642

Revenue

,

214th

,

%

,

9/01/34

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

2,500,000

2,597,283

Revenue

,

214th

,

%

,

9/01/38

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

5,000,000

4,726,433

Revenue

,

217th

,

%

,

11/01/41

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

10,000,000

9,425,487

Revenue

,

,

%

,

7/15/45

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

7,610,000

6,502,309

Revenue

,

,

%

,

7/15/50

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

15,250,000

12,699,913

Revenue

,

,

Refunding

,

5.5 %

,

8/01/52

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

4,000,000

4,104,302

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Port

Authority

of

New

York

&

New

Jersey,

(continued)

Revenue

,

,

Refunding

,

%

,

7/15/37

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

$

4,000,000

$

4,200,905

Revenue

,

,

Refunding

,

%

,

7/15/54

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

2,500,000

2,533,946

Revenue

,

,

Refunding

,

%

,

9/01/39

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

5,000,000

5,155,078

Revenue

,

,

Refunding

,

%

,

9/01/40

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

2,000,000

2,046,810

Revenue

,

,

Refunding

,

5.25 %

,

10/15/51

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

5,000,000

5,196,115

Riverhead

Industrial

Development

Agency

,

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

8/01/40

1,390,000

1,388,740

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

8/01/44

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

1,855,000

1,832,701

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

8/01/48

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

2,100,000

2,064,561

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

%

,

7/01/50

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

2,250,000

1,895,702

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/47

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

6,590,000

6,601,589

Trustees

of

Union

College

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/52

.........

700,000

710,069

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/34

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

465,000

478,131

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/39

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

400,000

391,897

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/40

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

475,000

457,136

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/41

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

525,000

494,967

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/47

...........

1,820,000

1,819,596

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/52

...........

2,500,000

2,479,339

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/39

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

1,465,000

1,360,524

Revenue

,

2021

,

Refunding

,

%

,

6/01/40

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

1,415,000

1,296,252

Revenue

,

2021

,

Refunding

,

%

,

6/01/41

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

1,340,000

1,211,373

Revenue

,

2021

,

Refunding

,

%

,

6/01/50

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

4,500,000

3,646,702

Revenue

,

2021

,

Refunding

,

%

,

6/01/50

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

3,950,000

3,447,819

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

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

735,000

721,076

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

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

750,000

718,782

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/42

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

3,440,000

3,044,994

Triborough

Bridge

&

Tunnel

Authority

,

c

Revenue

,

2013

A

,

Refunding

,

3.3 %,

11/15/31

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

5,000,000

4,088,469

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/47

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

7,370,000

7,371,386

Revenue

,

2017

B

,

Refunding

,

%

,

11/15/37

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

8,055,000

8,239,241

Revenue

,

2017

,

%

,

11/15/42

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

18,190,000

18,331,624

Revenue

,

2020

A

,

%

,

11/15/49

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

10,000,000

10,047,015

Revenue

,

2020

A

,

%

,

11/15/54

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

10,000,000

9,966,216

Revenue

,

2023

,

5.25 %

,

11/15/53

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

4,500,000

4,617,598

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2021

,

Refunding

,

%

,

5/15/51

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

20,000,000

20,087,414

c

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

4.09 %,

11/15/36

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

6,250,000

3,986,441

c

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

4.61 %,

11/15/39

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

1,115,000

587,778

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

4.125 %

,

5/15/54

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

5,000,000

4,358,692

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

5.25 %

,

5/15/54

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

19,000,000

19,561,212

Real

Estate

Transfer

Tax

,

Revenue

,

2025

A

,

5.25 %

,

12/01/54

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

8,500,000

8,693,220

Sales

Tax

,

Revenue

,

2023

A

,

%

,

5/15/48

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

9,175,000

7,990,151

Sales

Tax

,

Revenue

,

2024

,

5.25 %

,

5/15/59

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

6,545,000

6,733,289

Sales

Tax

,

Revenue

,

2024

,

5.25 %

,

5/15/64

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

10,000,000

10,266,239

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Troy

Capital

Resource

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/35

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

$

180,000

$

179,516

Revenue

,

2021

,

Refunding

,

%

,

9/01/36

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

280,000

276,220

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/36

......

3,200,000

3,325,400

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/38

......

3,800,000

3,892,963

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/39

......

5,000,000

5,098,274

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/40

......

1,500,000

1,371,665

Utility

Debt

Securitization

Authority

,

Revenue

,

2017

,

%

,

12/15/39

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

5,750,000

5,892,875

Revenue

,

2017

,

%

,

12/15/40

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

10,000,000

10,224,288

Revenue

,

2017

,

%

,

12/15/41

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

8,500,000

8,666,443

Westchester

County

Local

Development

Corp.

,

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4.25 %

,

1/01/45

2,925,000

2,581,665

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

1/01/51

...

2,500,000

2,365,634

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/35

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

2,250,000

2,425,424

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/38

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

2,260,000

2,368,839

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.75 %

,

11/01/49

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

1,000,000

1,060,003

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

%

,

11/01/51

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

1,200,000

1,181,588

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

6.25 %

,

11/01/52

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

1,000,000

1,042,844

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.75 %

,

11/01/53

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

1,000,000

1,056,650

Yonkers

Industrial

Development

Agency

,

Revenue

,

2022

,

5.25 %

,

5/01/51

.........

1,600,000

1,640,654

2,361,322,107

#### South

#### Carolina

#### 0.2%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

6,000,000

4,779,324

#### Texas

#### 0.4%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

4,390,000

3,862,627

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

10,000,000

7,166,915

11,029,542

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

6,700,000

5,556,580

#### Wisconsin

#### 2.0%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

9,025,000

9,070,954

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

72,055,000

31,544,966

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

6,500,000

4,983,404

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

10,875,000

6,370,967

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,442,427

53,412,718

#### U.S.

#### Territories

#### 2.3%

#### Guam

#### 0.4%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/28

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

520,000

538,184

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/29

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

700,000

742,403

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/31

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

775,000

830,079

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/33

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

525,000

566,773

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Guam
(continued)

Antonio

B

Won

Pat

International

Airport

Authority,

(continued)

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/36

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

$

685,000

$

716,283

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/40

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

525,000

541,378

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/43

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

1,250,000

1,266,251

Revenue

,

2024

A

,

%

,

10/01/34

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

670,000

703,194

Revenue

,

2024

A

,

5.25 %

,

10/01/41

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

1,400,000

1,427,692

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/34

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

710,000

781,552

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/35

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

500,000

546,616

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/36

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

450,000

485,847

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/37

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

455,000

485,194

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/38

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

575,000

604,131

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/40

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

520,000

541,071

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/42

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

250,000

252,377

11,029,025

#### Puerto

#### Rico

#### 1.9%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

1,050,000

1,049,358

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

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

22,313,000

20,037,703

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

19,095,000

17,515,046

c

Sales

Tax

,

Revenue

,

,

5.79 %,

7/01/51

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

20,000,000

4,668,314

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

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

7,150,000

6,316,495

49,586,916

#### Total

#### U.S.

#### Territories

#### ....................................................................
60,615,941

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,734,378,703

####)
...................................

#### 2,570,085,060

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,741,078,703

####)
.............................

#### 2,576,805,109

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.0%

#### Municipal

#### Bonds

#### 1.0%

#### New

#### York

#### 1.0%
f

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

3/01/44

..........

7,300,000

7,300,000

GO

,

2020

,

Daily

VRDN

and

Put

,

%

,

10/01/46

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

1,600,000

1,600,000

f

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

1/01/34

10,200,000

10,200,000

f

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

%

,

6/15/33

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

1,600,000

1,600,000

f

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2014

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

3.85 %

,

2/01/44

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

6,000,000

6,000,000

26,700,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 26,700,000

####)
......................................

#### 26,700,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 26,700,000

####)
................................

#### 26,700,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,767,778,703

####)
99.0 #### %
..................................

#### $2,603,505,109

#### Other

#### Assets,

#### less

#### Liabilities
1.0 #### %
.............................................

#### 25,463,179

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,628,968,288
Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$73,274,806,

representing

2.8%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,767,778,703

Value

-

Unaffiliated

issuers

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

$2,603,505,109

Cash

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

509,107

Receivables:

Capital

shares

sold

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

1,332,027

Interest

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

33,990,072

Total

assets

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

2,639,336,315

Liabilities:

Payables:

Investment

securities

purchased

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

3,055,623

Capital

shares

redeemed

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

4,959,479

Management

fees

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

1,007,946

Distribution

fees

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

218,875

Transfer

agent

fees

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

267,249

Trustees'

fees

and

expenses

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

3,972

Distributions

to

shareholders

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

762,092

Accrued

expenses

and

other

liabilities

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

92,791

Total

liabilities

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

10,368,027

Net

assets,

at

value

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

$2,628,968,288

Net

assets

consist

of:

Paid-in

capital

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

$3,219,498,578

Total

distributable

earnings

(losses)

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

(590,530,290)

Net

assets,

at

value

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

$2,628,968,288

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$318,674,144

Shares

outstanding

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

33,616,285

Net

asset

value

per

share

a

,b

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

$9.48

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$9.85

#### Class

#### A1:
Net

assets,

at

value

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

$1,537,393,070

Shares

outstanding

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

162,068,675

Net

asset

value

per

share

a

,b

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

$9.49

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$9.86

#### Class

#### C:
Net

assets,

at

value

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

$35,852,795

Shares

outstanding

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

3,783,910

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$9.48

#### Class

#### R6:
Net

assets,

at

value

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

$129,580,648

Shares

outstanding

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

13,642,900

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.50

#### Advisor

#### Class:
Net

assets,

at

value

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

$607,467,631

Shares

outstanding

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

63,992,363

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.49

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$57,598,383

Expenses:

Management

fees

(Note

a)

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

6,182,650

Distribution

fees:

(Note

3c)

Class

A

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

416,212

Class

A1

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

799,896

Class

C

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

134,447

Transfer

agent

fees:

(Note

3e)

Class

A

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

94,619

Class

A1

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

454,576

Class

C

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

11,769

Class

R6

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

9,044

Advisor

Class

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

173,317

Custodian

fees

(Note

4)

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

8,106

Reports

to

shareholders

fees

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

36,932

Registration

and

filing

fees

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

15,307

Professional

fees

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

43,270

Trustees'

fees

and

expenses

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

16,495

Other

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

139,814

Total

expenses

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

8,536,454

Net

investment

income

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

49,061,929

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(14,703,511)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(127,197,516)

Net

realized

and

unrealized

gain

(loss)

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

(141,901,027)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(92,839,098)

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$49,061,929

$91,512,848

Net

realized

gain

(loss)

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

(14,703,511)

(10,118,852)

Net

change

in

unrealized

appreciation

(depreciation)

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

(127,197,516)

(2,644,926)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(92,839,098)

78,749,070

Distributions

to

shareholders:

Class

A

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

(5,691,097)

(11,024,310)

Class

A1

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

(28,526,987)

(58,481,094)

Class

C

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

(623,266)

(1,509,318)

Class

R6

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

(2,334,229)

(3,644,004)

Advisor

Class

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

(11,183,813)

(16,509,620)

Total

distributions

to

shareholders

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

(48,359,392)

(91,168,346)

Capital

share

transactions:

(Note

2)

Class

A

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

(15,530,904)

(8,145,236)

Class

A1

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

(69,722,244)

(192,084,274)

Class

C

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

(9,720,865)

(15,949,490)

Class

R6

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

11,209,870

25,945,467

Advisor

Class

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

703,711

150,412,039

Total

capital

share

transactions

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

(83,060,432)

(39,821,494)

Net

increase

(decrease)

in

net

assets

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

(224,258,922)

(52,240,770)

Net

assets:

Beginning

of

period

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

2,853,227,210

2,905,467,980

End

of

period

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

$2,628,968,288

$2,853,227,210

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

New

York

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

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,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, 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

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Income

#### Taxes
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

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

of

the

following

subsidiaries:

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

2,064,850

$19,732,923

5,280,046

$52,749,156

Shares

issued

in

reinvestment

of

distributions

..........

544,436

5,197,173

1,016,596

10,139,140

Shares

redeemed

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

(4,241,664)

(40,461,000)

(7,117,954)

(71,033,532)

Net

increase

(decrease)

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

(1,632,378)

$(15,530,904)

(821,312)

$(8,145,236)

#### Class

#### A1

#### Shares:
Shares

sold

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

1,045,667

$9,995,310

2,432,649

$24,351,967

Shares

issued

in

reinvestment

of

distributions

..........

2,498,948

23,870,867

4,945,611

49,338,818

Shares

redeemed

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

(10,838,288)

(103,588,421)

(26,607,907)

(265,775,059)

Net

increase

(decrease)

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

(7,293,673)

$(69,722,244)

(19,229,647)

$(192,084,274)

#### Class

#### C

#### Shares:
Shares

sold

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

169,450

$1,621,756

414,842

$4,143,112

Shares

issued

in

reinvestment

of

distributions

..........

62,221

594,014

144,435

1,439,298

Shares

redeemed

a

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

(1,248,258)

(11,936,635)

(2,156,557)

(21,531,900)

Net

increase

(decrease)

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

(1,016,587)

$(9,720,865)

(1,597,280)

$(15,949,490)

#### Class

#### R6

#### Shares:
Shares

sold

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

5,071,743

$48,189,335

3,835,019

$38,222,250

Shares

issued

in

reinvestment

of

distributions

..........

181,164

1,732,595

315,717

3,155,329

Shares

redeemed

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

(4,048,548)

(38,712,060)

(1,544,297)

(15,432,112)

Net

increase

(decrease)

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

1,204,359

$11,209,870

2,606,439

$25,945,467

#### Advisor

#### Class

#### Shares:
Shares

sold

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

11,256,327

$107,388,088

26,098,559

$259,967,240

Shares

issued

in

reinvestment

of

distributions

..........

1,128,564

10,787,044

1,606,201

16,039,973

Shares

redeemed

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

(12,282,465)

(117,471,421)

(12,575,275)

(125,595,174)

Net

increase

(decrease)

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

102,426

$703,711

15,129,485

$150,412,039

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

August

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.456%

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

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

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

0.25%

Class

A1

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

0.10%

Class

C

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

0.65%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$312,545

was

retained

by

Investor

Services.

f. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.65%

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2026. g. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

August

31,

2025,

these

purchase

and

sale

transactions

aggregated

$62,000,000

and

$95,905,000,

respectively.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

August

31,

2025,

there

were

no

credits

earned.

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$5,504

CDSC

retained

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

$9,594

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

August

31,

2025,

aggregated

$302,426,068 and

$402,368,140,

respectively.

7. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

New

York

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

8. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

August

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

92,676,027

Long

term

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

322,656,153

Total

capital

loss

carryforwards

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

$415,332,180

Cost

of

investments

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

$2,767,582,344

Unrealized

appreciation

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

$20,335,301

Unrealized

depreciation

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

(184,412,536)

Net

unrealized

appreciation

(depreciation)

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

$(164,077,235)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

9. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of August

31,

2025,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

10. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers assigned

to

the

Fund

within the

Fund's

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

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

$

—

$

—

$

6,720,049

$

6,720,049

Municipal

Bonds

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

—

2,570,085,060

—

2,570,085,060

Short

Term

Investments

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

—

26,700,000

—

26,700,000

Total

Investments

in

Securities

...........

$—

$2,596,785,060

$6,720,049

$2,603,505,109

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### AG
Assured

Guaranty,

Inc.

#### 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

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### NEW

#### YORK

#### TAX-FREE

#### INCOME

#### FUND
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

On

several

occasions,

both

prior

to,

and

at

the

Meeting,

the

Independent

Trustees

met

with

senior

executives

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

to

discuss

management's

perspectives

on

and

ask

questions

regarding

the

performance

of

and

long-term

business

strategies

for

the

Municipal

and

Tax-Free

Funds,

including

on

topics

such

as

the

positioning

of

the

Municipal

and

Tax-Free

Funds

within

the

broader

Franklin

Templeton

product

offering

line

up,

management's

assessment

of

the

overall

performance

of

the

Municipal

and

Tax-Free

Funds

compared

to

other

similar

suites

of

funds

in

the

marketplace,

and

the

appropriateness

of

the

Broadridge

Performance

Universe

selected

for

each

Municipal

and

Tax-Free

Fund.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

New

York

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

over

the

reporting

periods.

Management

further

explained

that

the

Fund

has

a

relatively

lower

allocation

to

high

yield

bonds

versus

some

of

the

Performance

Universe

peers,

which

adversely

impacted

the

Fund's

relative

performance.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

for

Class

A

shares

and

Class

M

shares

for

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

eight

other

New

York

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

the

above

median

Management

Rate

and

actual

total

expense

ratio

with

management

and

management

explained

that

the

Management

Rate

was

less

than

one

basis

point

above

the

median

of

its

Expense

Group.

Management

further

explained

that

the

Fund's

actual

total

expense

ratio

was

within

three

basis

points

of

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4315-SFSOI

10/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive
 officer and chief financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule
 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days
 of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure
 controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fnytif-efp18081_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fnytif-efp18081_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund** | **Franklin New York Tax-Free Income Fund** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of **Franklin New York Tax-Free Income Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin New York Tax-Free Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information
included in this report, and the financial statements on which the financial information is based, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin New York Tax-Free Income Fund.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin New York Tax-Free Income Fund | Franklin New York Tax-Free Income Fund |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.