# EDGAR Filing Document

**Accession Number:** 0000703112
**File Stem:** 0001133228-26-007460
**Filing Date:** 2026-4
**Character Count:** 199761
**Document Hash:** 8f35cb16c979ce3ec0f2b5b40a9bf731
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007460.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007460

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03479
- **FILM NUMBER:** 26923967

**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'? 2026-03-1874200012800_FranklinNewYorkTax-FreeIncomeFund_ClassA_TSRAnnual

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: **February 28, 2026**

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) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $81 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin New York Tax-Free Income Fund returned 3.63%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 4.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with 10 years or less to maturity |
| ↓ | Selection in AA rated bonds |
| ↓ | Selection in A rated bonds |

---

Franklin New York Tax-Free Income Fund PAGE 1 1115-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6708img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.63 | 0.71 | 1.57 |
| **Class A (with sales charge)**  | -0.25 | -0.05 | 1.18 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index**  | 4.65 | 1.47 | 2.29 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2687285818 |
| **Total Number of Portfolio Holdings** | 450 |
| **Total Management Fee Paid** | $12319831 |
| **Portfolio Turnover Rate** | 14.51% |

---

Franklin New York Tax-Free Income Fund PAGE 2 1115-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6708img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Tax-Free Income Fund PAGE 3 1115-ATSR-0426

962596839711995010918108451076399261055010843112371000010025102761070011713118371175911159117641211212713100001002110247106461159511653116091100611651119811253820.019.710.59.99.69.59.54.53.23.10.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FNYTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $66 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin New York Tax-Free Income Fund returned 3.89%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 4.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with 10 years or less to maturity |
| ↓ | Selection in AA rated bonds |
| ↓ | Selection in A rated bonds |

---

Franklin New York Tax-Free Income Fund PAGE 1 115-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6706img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.89 | 0.86 | 1.70 |
| **Class A1 (with sales charge)**  | -0.02 | 0.09 | 1.31 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index**  | 4.65 | 1.47 | 2.29 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2687285818 |
| **Total Number of Portfolio Holdings** | 450 |
| **Total Management Fee Paid** | $12319831 |
| **Portfolio Turnover Rate** | 14.51% |

---

Franklin New York Tax-Free Income Fund PAGE 2 115-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6706img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Tax-Free Income Fund PAGE 3 115-ATSR-0426

9625968497139978109641090710841100141065910960113871000010025102761070011713118371175911159117641211212713100001002110247106461159511653116091100611651119811253820.019.710.59.99.69.59.54.53.23.10.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNYIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $122 | 1.20% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin New York Tax-Free Income Fund returned 3.33%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 4.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with 10 years or less to maturity |
| ↓ | Selection in AA rated bonds |
| ↓ | Selection in A rated bonds |

---

Franklin New York Tax-Free Income Fund PAGE 1 215-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6710img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.33 | 0.33 | 1.15 |
| **Class C (with sales charge)**  | 2.33 | 0.33 | 1.15 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index**  | 4.65 | 1.47 | 2.29 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2687285818 |
| **Total Number of Portfolio Holdings** | 450 |
| **Total Management Fee Paid** | $12319831 |
| **Portfolio Turnover Rate** | 14.51% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6710img004.jpg)

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

Franklin New York Tax-Free Income Fund PAGE 2 215-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Tax-Free Income Fund PAGE 3 215-ATSR-0426

1000010014997810203111411102310896100181060510845112061000010025102761070011713118371175911159117641211212713100001002110247106461159511653116091100611651119811253820.019.710.59.99.69.59.54.53.23.10.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $51 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin New York Tax-Free Income Fund returned 3.94%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 4.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with 10 years or less to maturity |
| ↓ | Selection in AA rated bonds |
| ↓ | Selection in A rated bonds |

---

Franklin New York Tax-Free Income Fund PAGE 1 8115-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6711img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.94 | 1.01 | 1.81 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index**  | 4.65 | 1.47 | 2.29 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2687285818 |
| **Total Number of Portfolio Holdings** | 450 |
| **Total Management Fee Paid** | $12319831 |
| **Portfolio Turnover Rate** | 14.51% |

---

Franklin New York Tax-Free Income Fund PAGE 2 8115-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6711img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Tax-Free Income Fund PAGE 3 8115-ATSR-0426

10000100611007810375114041136111310104641114911491119441000010025102761070011713118371175911159117641211212713100001002110247106461159511653116091100611651119811253820.019.710.59.99.69.59.54.53.23.10.5 ------

---

| | |
|:---|:---|
| **Franklin New York Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNYAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $56 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin New York Tax-Free Income Fund returned 3.99%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 4.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with 10 years or less to maturity |
| ↓ | Selection in AA rated bonds |
| ↓ | Selection in A rated bonds |

---

Franklin New York Tax-Free Income Fund PAGE 1 615-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6704img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.99 | 0.96 | 1.80 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index**  | 4.65 | 1.47 | 2.29 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2687285818 |
| **Total Number of Portfolio Holdings** | 450 |
| **Total Management Fee Paid** | $12319831 |
| **Portfolio Turnover Rate** | 14.51% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6704img004.jpg)

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

Franklin New York Tax-Free Income Fund PAGE 2 615-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Tax-Free Income Fund PAGE 3 615-ATSR-0426

10000100801011010404114431139611328104841117011497119561000010025102761070011713118371175911159117641211212713100001002110247106461159511653116091100611651119811253820.019.710.59.99.69.59.54.53.23.10.5 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending February 28, 2025 and February 28, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $47,132 in February 28, 2025 and $42,511 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in February 28, 2025 and $0 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $9,750 in February 28, 2025 and $9,750 in February 28, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 28, 2025 and $0 in February 28, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,326 in February 28, 2025 and $1,690,011 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

February

28,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 19
Notes

to

Financial

Statements

#### 23
Report

of

Independent

Registered

Public

Accounting

Firm

#### 31
Tax

Information

#### 32
Changes

In

and

Disagreements

with

Accountants

#### 33
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$9.98

$10.02

$9.72

$10.83

$11.38

$11.09

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.33 0.31 0.30 0.27 0.19 0.28 Net

realized

and

unrealized

gains

(losses)

0.02 (0.04)

0.30 (1.11)

(0.55)

0.29 Total

from

investment

operations

........

0.35 0.27 0.60 (0.84)

(0.36)

0.57 Less

distributions

from:

Net

investment

income

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

(0.33)

(0.31)

(0.30)

(0.27)

(0.19)

(0.28)

Net

asset

value,

end

of

year

...........

$10.00

$9.98

$10.02

$9.72

$10.83

$11.38

Total

return

e

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

3.63%

2.78%

6.29%

(7.77)%

(3.25)%

5.15%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.80%

0.78%

g

0.75%

g

0.81%

g

0.82%

g

0.78%

g

Net

investment

income

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

3.44%

3.13%

3.08%

2.74%

2.21%

2.48%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$338,951

$351,699

$361,554

$351,002

$409,409

$367,358

Portfolio

turnover

rate

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

14.51%

19.14%

15.99%

22.81%

11.94%

12.15%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$9.98

$10.03

$9.73

$10.84

$11.39

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.35 0.33 0.32 0.29 0.20 0.30 Net

realized

and

unrealized

gains

(losses)

0.02 (0.05)

0.29 (1.12)

(0.55)

0.28 Total

from

investment

operations

........

0.37 0.28 0.61 (0.83)

(0.35)

0.58 Less

distributions

from:

Net

investment

income

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

(0.34)

(0.33)

(0.31)

(0.28)

(0.20)

(0.29)

Net

asset

value,

end

of

year

...........

$10.01

$9.98

$10.03

$9.73

$10.84

$11.39

Total

return

e

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

3.89%

2.83%

6.44%

(7.63)%

(3.13)%

5.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.65%

0.63%

g

0.60%

g

0.66%

g

0.67%

g

0.63%

g

Net

investment

income

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

3.59%

3.28%

3.23%

2.89%

2.36%

2.63%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$1,539,847

$1,690,956

$1,891,646

$2,010,712

$2,514,275

$2,775,454

Portfolio

turnover

rate

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

14.51%

19.14%

15.99%

22.81%

11.94%

12.15%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$9.97

$10.02

$9.72

$10.82

$11.38

$11.08

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.29 0.27 0.26 0.23 0.15 0.24 Net

realized

and

unrealized

gains

(losses)

0.03 (0.05)

0.30 (1.10)

(0.56)

0.29 Total

from

investment

operations

........

0.32 0.22 0.56 (0.87)

(0.41)

0.53 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.27)

(0.26)

(0.23)

(0.15)

(0.23)

Net

asset

value,

end

of

year

...........

$10.00

$9.97

$10.02

$9.72

$10.82

$11.38

Total

return

e

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

3.33%

2.26%

5.86%

(8.06)%

(3.62)%

4.83%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.20%

1.18%

g

1.15%

g

1.21%

g

1.22%

g

1.18%

g

Net

investment

income

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

3.04%

2.73%

2.67%

2.33%

1.82%

2.10%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$28,569

$47,875

$64,099

$89,134

$129,772

$202,215

Portfolio

turnover

rate

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

14.51%

19.14%

15.99%

22.81%

11.94%

12.15%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$10.00

$10.04

$9.74

$10.85

$11.41

$11.11

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.36 0.34 0.33 0.30 0.21 0.31 Net

realized

and

unrealized

gains

(losses)

0.02 (0.04)

0.30 (1.11)

(0.55)

0.30 Total

from

investment

operations

........

0.38 0.30 0.63 (0.81)

(0.34)

0.61 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.34)

(0.33)

(0.30)

(0.22)

(0.31)

Net

asset

value,

end

of

year

...........

$10.02

$10.00

$10.04

$9.74

$10.85

$11.41

Total

return

e

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

3.94%

3.07%

6.55%

(7.48)%

(3.10)%

5.54%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.50%

0.49%

g

0.49%

g

0.51%

g

0.50%

g

0.50%

g

Net

investment

income

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

3.74%

3.42%

3.34%

3.04%

2.52%

2.76%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$145,803

$124,350

$98,748

$86,891

$97,268

$89,785

Portfolio

turnover

rate

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

14.51%

19.14%

15.99%

22.81%

11.94%

12.15%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$9.99

$10.04

$9.74

$10.84

$11.40

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.36 0.34 0.33 0.30 0.21 0.31 Net

realized

and

unrealized

gains

(losses)

0.02 (0.05)

0.29 (1.11)

(0.56)

0.29 Total

from

investment

operations

........

0.38 0.29 0.62 (0.81)

(0.35)

0.60 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.34)

(0.32)

(0.29)

(0.21)

(0.30)

Net

asset

value,

end

of

year

...........

$10.02

$9.99

$10.04

$9.74

$10.84

$11.40

Total

return

e

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

3.99%

2.93%

6.54%

(7.44)%

(3.15)%

5.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.55%

0.53%

g

0.50%

g

0.57%

g

0.57%

g

0.53%

g

Net

investment

income

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

3.69%

3.38%

3.35%

3.01%

2.46%

2.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$634,117

$638,348

$489,421

$328,181

$277,600

$287,411

Portfolio

turnover

rate

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

14.51%

19.14%

15.99%

22.81%

11.94%

12.15%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments,

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

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

$

6,700,000

$

7,090,824

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 6,700,000

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

#### 7,090,824

#### Municipal

#### Bonds

#### 97.7%

#### California

#### 0.2%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

5,800,000

4,887,245

#### Florida

#### 1.6%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

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

18,760,000

17,278,664

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

5.5 %

,

12/01/30

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

2,770,000

2,623,951

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

3,990,000

2,834,494

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

22,800,000

19,530,653

42,267,762

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

1,935,000

2,070,507

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

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

15,875,000

7,957,058

10,027,565

#### 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

6,887,316

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

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

10,310,000

8,900,928

15,788,244

#### New

#### Jersey

#### 0.2%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

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

3,725,000

3,821,431

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

%

,

6/15/50

...........

1,025,000

1,162,049

4,983,480

#### New

#### York

#### 89.3%
Albany

Capital

Resource

Corp.

,

Revenue

,

2025

A

,

5.25 %

,

5/01/50

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

4,000,000

4,272,008

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/38

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

6,505,000

6,879,882

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

%

,

11/01/51

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

2,000,000

1,803,429

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.75 %

,

6/01/54

....

1,200,000

1,145,208

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

%

,

6/01/64

.......

2,250,000

2,189,809

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/49

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

1,700,000

1,724,639

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/54

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

3,000,000

3,020,507

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2023

A

,

%

,

11/01/48

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

20,000,000

21,233,116

d

Revenue,

Senior

Lien

,

2025

,

Refunding

,

5.25 %

,

11/01/55

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

6,000,000

6,481,879

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

1,500,000

1,396,217

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/55

8,000,000

6,850,157

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

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

$

1,600,000

$

1,617,253

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

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

1,530,000

1,485,893

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/47

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

1,160,000

1,017,142

United

Health

Services

Hospitals

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

AG

Insured

,

%

,

4/01/45

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

7,045,000

5,748,627

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

5.25 %

,

7/01/35

.......

1,000,000

999,997

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

%

,

7/01/40

.........

1,000,000

967,818

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/50

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

2,500,000

1,892,181

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

1,066,547

West

129th

street

Transitional

Housing

Development

Fund

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

12/01/56

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

1,000,000

1,061,866

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/36

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

400,000

395,052

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.5 %

,

6/15/43

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

700,000

669,943

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75 %

,

6/15/53

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

850,000

769,101

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75 %

,

6/15/58

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

725,000

647,177

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/42

......

1,200,000

1,222,345

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/52

......

725,000

704,341

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/56

......

570,000

548,410

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/52

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

4,000,000

4,053,538

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/57

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

1,000,000

1,009,543

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25 %

,

7/01/62

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

1,500,000

1,510,279

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/50

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

4,500,000

4,760,156

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/55

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

4,925,000

5,163,287

e

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25 %

,

4/03/28

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

2,000,000

2,050,683

City

of

Long

Beach

,

GO

,

2022

B

,

BAM

Insured

,

5.25 %

,

7/15/42

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

1,010,000

1,079,827

City

of

New

York

,

GO

,

2018

,

%

,

3/01/40

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

14,330,000

14,884,057

GO

,

2018

,

%

,

3/01/44

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

12,500,000

12,846,625

GO

,

2018

,

%

,

4/01/40

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

16,210,000

16,858,552

GO

,

2018

,

%

,

4/01/45

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

10,000,000

10,266,397

GO

,

2019

,

%

,

12/01/43

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

10,000,000

9,887,067

GO

,

2022

,

5.25 %

,

5/01/41

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

1,500,000

1,661,545

GO

,

2023

,

%

,

9/01/46

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

5,000,000

4,828,948

GO

,

2023

,

%

,

4/01/45

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

3,000,000

2,946,032

GO

,

2024

D

,

5.5 %

,

4/01/49

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

10,000,000

10,819,375

GO

,

2024

D

,

5.25 %

,

4/01/54

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

10,500,000

11,053,705

GO

,

2025

E

,

5.25 %

,

8/01/50

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

4,500,000

4,791,085

GO

,

2025

E

,

%

,

8/01/54

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

4,500,000

4,661,926

GO

,

2025

,

5.25 %

,

2/01/53

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

1,150,000

1,219,936

GO

,

2026

D

,

5.25 %

,

10/01/55

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

8,000,000

8,476,422

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

628,602

Clinton-Essex-Warren-Washington

Board

of

Cooperative

Educational

Services

,

Revenue

,

144A,

2025

,

%

,

7/01/46

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

900,000

937,005

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/32

......

175,000

192,846

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

......

185,000

203,215

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/34

......

500,000

546,463

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

,

%

,

7/01/35

......

$

200,000

$

206,745

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

......

200,000

205,272

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

......

250,000

255,002

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/38

......

250,000

253,370

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

......

100,000

100,997

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

......

100,000

100,286

Nuvance

Health

Obligated

Group

,

Revenue

,

2016

B

,

%

,

7/01/31

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

10,550,000

10,609,432

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/44

.....

1,900,000

1,800,504

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/49

.....

4,425,000

3,983,541

Vassar

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

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

5,000,000

5,083,276

Vassar

College

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/46

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

5,715,000

5,546,358

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

C

,

Refunding

,

%

,

3/15/40

8,400,000

8,652,024

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2019

A

,

%

,

3/15/42

.........

10,000,000

10,507,709

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

%

,

3/15/41

.........

5,000,000

5,436,547

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/54

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

5,000,000

5,205,874

Genesee

County

Funding

Corp.

(The)

,

Monroe

Sustainable

Energy

Partners

LLC

,

Revenue

,

2025

A

,

5.5 %

,

12/01/55

.....

2,500,000

2,613,323

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/52

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

6,250,000

6,323,994

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

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

1,250,000

1,273,812

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/47

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

5,250,000

5,301,903

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/39

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

575,000

585,646

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/40

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

715,000

722,757

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

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

625,000

628,730

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

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

3,000,000

2,206,549

Hudson

Yards

Infrastructure

Corp.

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/42

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

15,000,000

15,262,450

Revenue

,

2017

A

,

Refunding

,

AG

Insured

,

%

,

2/15/47

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

13,680,000

13,037,824

Long

Island

Power

Authority

,

Revenue

,

2018

,

%

,

9/01/39

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

5,000,000

5,267,103

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/42

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

1,500,000

1,528,072

Revenue

,

2022

A

,

Refunding

,

%

,

9/01/43

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

3,170,000

3,420,962

Revenue

,

2023

E

,

%

,

9/01/53

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

3,500,000

3,667,394

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/49

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

3,500,000

3,724,756

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/54

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

8,000,000

8,411,552

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

9/01/54

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

2,500,000

2,662,692

d

Revenue

,

2025

,

Refunding

,

5.25 %

,

9/01/50

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

7,000,000

7,631,844

Metropolitan

Transportation

Authority

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/33

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

6,000,000

6,090,397

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/35

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

4,000,000

4,054,827

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/37

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

13,500,000

13,657,973

Revenue

,

2016

D

,

Refunding

,

%

,

11/15/30

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

10,305,000

10,480,084

Revenue

,

2017

,

Refunding

,

%

,

11/15/30

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

6,215,000

6,555,358

Revenue

,

2017

D

,

Refunding

,

%

,

11/15/42

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

20,000,000

19,878,208

Revenue

,

2017

D

,

Refunding

,

%

,

11/15/46

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

5,000,000

4,573,598

Revenue

,

2019

C

,

AG

Insured

,

%

,

11/15/45

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

8,000,000

7,675,581

Revenue

,

2020

,

%

,

11/15/48

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

17,000,000

17,401,967

Revenue

,

2020

,

4.75 %

,

11/15/45

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

2,950,000

2,985,988

Revenue

,

2020

,

%

,

11/15/50

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

9,150,000

9,334,869

Revenue

,

2020

D

,

%

,

11/15/44

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

15,000,000

15,682,551

Revenue

,

2020

D

,

%

,

11/15/50

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

10,000,000

8,988,672

Revenue

,

2021

,

%

,

11/15/42

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

5,000,000

4,957,562

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/43

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

6,220,000

6,088,459

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

11/15/47

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

6,000,000

6,494,646

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Metropolitan

Transportation

Authority,

(continued)

d

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/15/55

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

$

1,250,000

$

1,310,487

Revenue

,

2025

B

,

Refunding

,

%

,

11/15/43

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

1,335,000

1,461,679

c

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

2.67 %,

11/15/32

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

20,000,000

16,753,398

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/49

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

29,545,000

31,099,720

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/50

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

10,830,000

11,362,301

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/52

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

5,000,000

5,218,547

Dedicated

Tax

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/48

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

3,000,000

3,167,382

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

%

,

11/15/49

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

2,500,000

2,631,555

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

5.25 %

,

11/15/54

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

7,500,000

7,970,329

Monroe

County

Industrial

Development

Corp.

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/46

......

17,000,000

17,005,885

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

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

1,500,000

1,631,766

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/32

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

4,200,000

4,548,865

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/33

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

1,815,000

1,957,182

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/34

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

2,510,000

2,693,403

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/35

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

1,100,000

1,119,829

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/46

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

8,560,000

7,592,056

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

6/01/49

..........

635,000

674,276

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

6/01/54

..........

1,670,000

1,750,020

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/50

.

2,360,000

2,318,918

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/59

.

2,345,000

2,267,205

University

of

Rochester

,

Revenue

,

2017

C

,

Refunding

,

%

,

7/01/43

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

12,570,000

12,577,868

University

of

Rochester

,

Revenue

,

2017

D

,

Refunding

,

%

,

7/01/43

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

21,550,000

21,563,488

University

of

Rochester

,

Revenue

,

2023

A

,

%

,

7/01/53

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

10,000,000

10,408,298

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/43

....

1,440,000

1,417,248

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/55

....

2,605,000

2,394,087

New

York

City

Health

and

Hospitals

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/45

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

1,250,000

1,030,360

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/45

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

1,800,000

1,782,612

Revenue

,

2020

A

,

Refunding

,

%

,

2/15/48

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

880,000

836,157

New

York

City

Housing

Development

Corp.

,

Revenue

,

2016

C-1-A

,

3.45 %

,

5/01/50

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

750,000

610,523

Revenue

,

2016

F-1A

,

Refunding

,

3.3 %

,

11/01/46

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

485,000

412,441

Revenue

,

2018

K

,

%

,

11/01/48

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

36,505,000

33,613,808

Revenue

,

2019

G-1-B

,

Refunding

,

%

,

11/01/44

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

9,405,000

8,110,945

Revenue

,

2019

J

,

%

,

11/01/44

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

4,935,000

4,255,983

Revenue

,

2020

C

,

FNMA

Insured

,

2.75 %

,

2/01/51

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

10,000,000

6,989,679

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25 %

,

12/15/31

........

4,550,000

4,736,611

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/01/46

.

5,000,000

3,986,152

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/45

....

6,000,000

5,899,217

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/49

....

10,000,000

7,518,865

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

AA

,

%

,

6/15/46

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

10,000,000

9,652,405

Water

&

Sewer

System

,

Revenue

,

2020

AA

,

Refunding

,

%

,

6/15/40

...........

10,000,000

10,793,131

Water

&

Sewer

System

,

Revenue

,

2022

,

%

,

6/15/48

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

8,825,000

9,211,658

Water

&

Sewer

System

,

Revenue

,

2023

,

5.25 %

,

6/15/52

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

5,000,000

5,281,766

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/53

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

9,000,000

9,521,853

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

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

10,745,000

11,356,190

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

,

2024

,

4.25 %

,

6/15/54

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

$

2,500,000

$

2,409,768

Water

&

Sewer

System

,

Revenue

,

2025

,

%

,

6/15/51

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

7,155,000

7,509,253

Water

&

Sewer

System

,

Revenue

,

2025

,

5.25 %

,

6/15/53

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

1,000,000

1,064,124

d

Water

&

Sewer

System

,

Revenue

,

2025

BB

,

5.25 %

,

6/15/55

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

25,000,000

26,646,675

d

Water

&

Sewer

System

,

Revenue

,

2026

,

%

,

6/15/55

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

11,500,000

12,044,799

Water

&

Sewer

System

,

Revenue,

Sub.

Lien

,

2018

,

%

,

6/15/46

..........

15,500,000

15,737,017

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

5/01/42

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

7,410,000

7,415,016

Future

Tax

Secured

,

Revenue

,

2021

,

%

,

5/01/43

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

5,000,000

4,977,441

Future

Tax

Secured

,

Revenue

,

2024

,

%

,

5/01/41

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

6,775,000

7,482,401

Future

Tax

Secured

,

Revenue

,

2024

,

%

,

5/01/53

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

3,000,000

2,685,911

Future

Tax

Secured

,

Revenue

,

2024

,

4.125 %

,

5/01/52

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

6,500,000

6,098,746

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

5/01/50

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

4,000,000

4,191,140

Future

Tax

Secured

,

Revenue

,

2025

,

%

,

11/01/50

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

4,000,000

4,198,972

Future

Tax

Secured

,

Revenue

,

2025

,

5.5 %

,

11/01/51

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

3,000,000

3,270,057

Future

Tax

Secured

,

Revenue

,

2026

,

%

,

2/01/50

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

5,000,000

5,265,191

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2017

,

%

,

2/01/33

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

6,500,000

6,651,934

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2017

,

%

,

5/01/42

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

17,500,000

17,862,670

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2019

,

%

,

8/01/40

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

9,340,000

9,794,173

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2020

,

%

,

11/01/41

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

7,205,000

7,265,116

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2023

,

%

,

11/01/46

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

10,000,000

10,546,158

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2025

D

,

5.25 %

,

5/01/48

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

5,000,000

5,361,257

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2025

D

,

%

,

5/01/50

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

2,375,000

2,486,741

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2026

B

,

5.25 %

,

5/01/55

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

7,500,000

7,998,081

State

of

New

York

,

Revenue

,

2018

,

%

,

7/15/43

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

10,000,000

10,359,737

State

of

New

York

,

Revenue

,

2019

,

%

,

7/15/43

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

17,000,000

17,611,553

State

of

New

York

,

Revenue

,

2020

,

%

,

7/15/41

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

8,465,000

8,538,272

State

of

New

York

,

Revenue

,

2020

S-1B

,

%

,

7/15/41

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

2,465,000

2,479,307

State

of

New

York

Building

Aid

,

Revenue

,

2026

,

Refunding

,

%

,

7/15/43

.....

2,975,000

3,343,987

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

%

,

11/15/46

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

5,000,000

5,021,263

e

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

12/01/33

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

5,600,000

6,013,079

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

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

18,000,000

13,315,075

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

91,360,000

109,600,344

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2007

,

5.5 %

,

10/01/37

...........

27,000,000

33,290,544

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

%

,

2/15/42

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

5,000,000

4,454,344

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

%

,

2/15/43

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

5,000,000

5,004,229

New

York

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/15/60

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

11,455,000

10,584,594

SFP

Transmission

Project

,

Revenue

,

2023

A

,

AG

Insured

,

%

,

11/15/53

.........

3,000,000

3,160,176

New

York

State

Dormitory

Authority

,

Revenue

,

2008

,

%

,

6/01/38

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

3,970,000

3,977,253

Revenue

,

2009

A

,

AG

Insured

,

5.625 %

,

10/01/29

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

245,000

245,673

Revenue

,

2009

C

,

AG

Insured

,

%

,

10/01/31

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

45,000

45,093

Revenue

,

2009

C

,

AG

Insured

,

5.125 %

,

10/01/36

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

60,000

60,118

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/50

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

1,750,000

1,825,787

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/55

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

3,000,000

3,098,656

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/37

1,705,000

1,515,394

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/38

2,200,000

1,930,874

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/39

1,305,000

1,131,537

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/40

1,300,000

1,117,238

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/41

2,100,000

2,014,877

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

State

Dormitory

Authority,

(continued)

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/45

$

5,835,000

$

4,809,196

Cornell

University

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

7/01/54

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

12,350,000

13,486,627

Educational

Housing

Services,

Inc.

,

Revenue

,

2005

,

AMBAC

Insured

,

5.25 %

,

7/01/30

5,150,000

5,423,891

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25 %

,

7/01/26

...

6,105,000

6,134,783

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25 %

,

7/01/34

...

13,290,000

14,558,012

Fordham

University

,

Revenue

,

2020

,

%

,

7/01/50

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

4,500,000

4,034,634

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

%

,

12/01/45

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

1,000,000

920,135

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/32

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

500,000

501,138

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/33

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

4,000,000

4,005,596

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/35

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

1,100,000

1,093,827

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/36

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

2,100,000

2,066,315

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/37

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

2,000,000

1,946,271

Iona

College

,

Revenue

,

2021

A

,

%

,

7/01/46

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

925,000

939,124

Iona

College

,

Revenue

,

2021

A

,

%

,

7/01/51

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

2,350,000

2,361,821

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/31

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

325,000

357,461

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/32

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

300,000

333,627

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/42

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

275,000

287,256

Memorial

Sloan-Kettering

Cancer

Center

,

Revenue

,

2017-1

,

Refunding

,

%

,

7/01/47

5,000,000

4,762,669

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/31

.........

525,000

547,841

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/33

.........

1,150,000

1,193,528

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/30

.........

1,800,000

1,933,258

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/45

.........

10,900,000

9,693,298

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/50

.........

1,370,000

1,183,696

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

11/01/47

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

1,000,000

1,051,545

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

%

,

7/01/45

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

1,420,000

1,457,506

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

5.25 %

,

7/01/50

.........

11,000,000

11,099,625

New

School

(The)

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/47

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

4,000,000

3,647,572

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/49

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

2,590,000

2,672,876

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/54

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

4,100,000

4,192,720

New

York

University

,

Revenue

,

2018

A

,

%

,

7/01/48

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

5,000,000

5,121,028

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/45

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

3,415,000

3,387,588

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/49

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

25,000,000

25,774,938

New

York

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

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

4,000,000

4,248,766

Northwell

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/52

....

13,490,000

13,747,068

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/54

....

6,500,000

5,833,231

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

5/01/54

..

11,000,000

11,454,423

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/48

.......

4,000,000

3,082,453

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/50

.......

20,420,000

18,606,555

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/53

.......

25,280,000

22,454,730

Orchard

Park

CCRC,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.125 %

,

11/15/55

..

1,600,000

1,625,310

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/44

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

590,000

624,901

Pace

University

,

Revenue

,

2024

A

,

5.5 %

,

5/01/49

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

1,775,000

1,860,567

Pace

University

,

Revenue

,

2024

A

,

5.5 %

,

5/01/56

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

1,000,000

1,038,503

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

%

,

7/01/41

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

1,000,000

1,095,313

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

%

,

7/01/42

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

1,000,000

1,086,920

Rockefeller

University

(The)

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/53

.........

6,500,000

6,724,490

Roswell

Park

Cancer

Institute

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

AG

Insured

,

5.5 %

,

7/01/50

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

1,000,000

1,089,960

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/48

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

6,250,000

5,586,884

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/40

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

225,000

198,517

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

State

Dormitory

Authority,

(continued)

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/51

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

$

725,000

$

624,381

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

2/15/39

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

15,000

15,396

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/40

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

10,000

10,401

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/41

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

30,000

31,203

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

%

,

2/15/43

.........

12,050,000

12,308,864

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/43

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

30,000

31,203

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

%

,

2/15/46

.........

19,985,000

19,166,157

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

%

,

2/15/46

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

15,000

15,388

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

,

%

,

2/15/41

.......

9,895,000

10,159,960

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

5.25 %

,

3/15/52

......

18,850,000

19,989,827

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/52

10,000,000

10,443,677

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/55

5,250,000

5,467,499

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/46

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

25,000,000

24,142,490

State

of

New

York

Sales

Tax

,

Revenue

,

2018

C

,

Refunding

,

%

,

3/15/44

........

5,310,000

5,272,152

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/45

........

6,235,000

6,483,750

State

of

New

York

Sales

Tax

,

Revenue

,

2024

B

,

Refunding

,

%

,

3/15/51

........

6,000,000

6,302,371

State

of

New

York

Sales

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/55

.........

7,500,000

7,854,288

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

7/01/42

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

780,000

809,190

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

7/01/46

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

4,000,000

4,152,373

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

%

,

7/01/43

..

4,300,000

4,480,356

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

%

,

7/01/48

..

7,950,000

8,149,568

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

7/01/48

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

5,975,000

6,363,278

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

%

,

7/01/42

..

4,165,000

3,699,615

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

%

,

7/01/43

..

1,200,000

1,202,255

Teachers

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/46

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

6,175,000

5,927,529

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

........

10,345,000

10,538,502

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System

,

Revenue

,

2017

E

,

%

,

6/15/47

..........

6,090,000

6,170,576

New

York

City

Water

&

Sewer

System

,

Revenue

,

2018

B

,

%

,

6/15/43

..........

8,000,000

8,284,009

New

York

City

Water

&

Sewer

System

,

Revenue

,

2018

B

,

%

,

6/15/48

..........

18,610,000

19,118,537

New

York

City

Water

&

Sewer

System

,

Revenue,

Sub.

Lien

,

2017

A

,

Refunding

,

%

,

6/15/46

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

11,150,000

11,312,081

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2022

B

,

5.25 %

,

9/15/52

......

5,000,000

5,339,635

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45 %

,

11/01/50

......

3,000,000

2,000,036

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/41

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

12,000,000

12,142,223

Revenue

,

2019

B

,

%

,

1/01/46

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

4,200,000

3,308,264

Revenue

,

2019

B

,

BAM

Insured

,

%

,

1/01/50

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

20,000,000

18,559,468

Revenue

,

2019

B

,

%

,

1/01/53

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

15,000,000

13,481,800

Revenue

,

2026

A

,

Refunding

,

%

,

1/01/51

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

1,000,000

1,053,544

Revenue

,

N

,

%

,

1/01/46

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

10,000,000

9,635,744

Revenue

,

P

,

Refunding

,

5.25 %

,

1/01/54

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

1,000,000

1,067,139

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/46

4,125,000

4,363,400

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/48

25,000,000

26,192,918

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

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

5,500,000

5,692,337

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/30

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

12,400,000

12,730,899

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/35

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

6,305,000

6,692,331

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Transportation

Development

Corp.,

(continued)

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/40

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

$

11,000,000

$

11,389,521

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375 %

,

10/01/45

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

26,500,000

25,572,328

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

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

9,150,000

9,797,598

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/41

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

2,130,000

2,104,584

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/46

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

6,000,000

5,454,427

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

4/30/53

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

19,875,000

17,119,156

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/34

...

450,000

485,137

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/35

...

400,000

429,222

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/36

...

400,000

426,992

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/37

...

350,000

371,826

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/38

...

300,000

301,182

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/39

...

400,000

400,008

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/40

...

2,555,000

2,544,588

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...

910,000

882,877

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/33

...

1,200,000

1,321,774

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/34

...

2,000,000

2,194,950

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/36

...

2,000,000

2,172,378

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/39

...

4,545,000

4,576,390

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/41

...

10,300,000

10,306,712

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/42

...

9,690,000

9,607,586

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

12/01/42

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

10,000,000

10,573,436

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5.25 %

,

12/31/54

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

12,500,000

12,841,310

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

12/31/60

.....

9,250,000

9,489,485

c

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

B

,

Refunding

,

AG

Insured

,

1.642 %,

12/31/54

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

9,000,000

6,078,917

JFK

NTO

LLC

,

Revenue

,

2023

,

%

,

6/30/54

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

6,500,000

6,823,481

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.125 %

,

6/30/60

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

10,000,000

10,098,787

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375 %

,

6/30/60

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

15,160,000

15,224,580

JFK

NTO

LLC

,

Revenue

,

2024

,

%

,

6/30/60

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

13,000,000

12,726,490

JFK

NTO

LLC

,

Revenue

,

2024

,

5.5 %

,

6/30/60

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

5,750,000

5,877,964

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/50

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

3,250,000

3,513,571

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

12/01/51

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

4,000,000

3,617,295

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

%

,

9/01/40

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

3,000,000

3,102,890

Revenue

,

144A,

2024

B

,

%

,

9/01/43

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

2,150,000

2,350,598

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/38

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

200,000

200,773

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/41

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

245,000

236,434

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/46

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

460,000

463,999

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/51

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

820,000

814,096

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/32

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

725,000

787,367

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/34

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

315,000

323,750

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/36

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

350,000

355,302

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/39

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

475,000

474,944

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/42

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

530,000

503,083

Syracuse

University

,

Revenue

,

2025

,

5.5 %

,

12/01/56

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

4,000,000

4,401,086

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/43

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

5,000,000

5,287,779

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/47

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

17,000,000

16,296,724

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

%

,

4/15/57

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

11,040,000

11,153,099

Revenue

,

205th

,

Refunding

,

%

,

5/15/57

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

13,000,000

13,200,350

Revenue

,

211th

,

Refunding

,

%

,

9/01/48

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

16,730,000

17,204,787

Revenue

,

214th

,

%

,

9/01/34

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

2,500,000

2,673,429

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

,

214th

,

%

,

9/01/38

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

$

5,000,000

$

5,051,415

Revenue

,

,

%

,

7/15/45

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

7,610,000

7,384,727

Revenue

,

,

%

,

7/15/50

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

15,250,000

14,069,691

Revenue

,

,

Refunding

,

5.5 %

,

8/01/52

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

4,000,000

4,230,899

Revenue

,

,

Refunding

,

%

,

7/15/37

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

4,000,000

4,464,221

Revenue

,

,

Refunding

,

%

,

7/15/54

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

2,500,000

2,628,975

Revenue

,

,

Refunding

,

%

,

9/01/39

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

5,000,000

5,558,460

Revenue

,

,

Refunding

,

%

,

9/01/40

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

2,000,000

2,209,876

Revenue

,

,

Refunding

,

5.25 %

,

10/15/51

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

5,000,000

5,419,867

d

Revenue

,

251st

,

Refunding

,

%

,

8/15/51

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

1,500,000

1,594,229

Riverhead

Industrial

Development

Agency

,

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

8/01/40

1,390,000

1,480,292

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

8/01/44

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

1,855,000

1,939,079

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

8/01/48

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

2,100,000

2,159,058

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

%

,

7/01/50

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

2,250,000

2,062,075

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/47

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

6,590,000

6,628,396

Trustees

of

Union

College

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/52

.........

700,000

728,200

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/34

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

465,000

487,984

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/39

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

400,000

409,140

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/40

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

475,000

481,418

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/41

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

525,000

527,160

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/47

...........

1,820,000

1,866,120

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

7/01/52

...........

2,500,000

2,538,778

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/50

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

4,500,000

3,817,026

Revenue

,

2021

,

Refunding

,

%

,

6/01/50

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

3,950,000

3,623,993

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

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

735,000

751,836

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

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

750,000

759,185

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

%

,

7/01/42

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

3,440,000

3,413,311

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/47

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

7,370,000

7,474,025

Revenue

,

2017

B

,

Refunding

,

%

,

11/15/37

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

8,055,000

8,294,293

Revenue

,

2017

,

%

,

11/15/42

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

18,190,000

18,802,545

Revenue

,

2020

A

,

%

,

11/15/49

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

10,000,000

10,431,864

Revenue

,

2020

A

,

%

,

11/15/54

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

10,000,000

10,357,231

Revenue

,

2023

,

5.25 %

,

11/15/53

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

4,500,000

4,776,306

c

Revenue,

Sub.

Lien

,

2013

A

,

Refunding

,

2.8 %,

11/15/31

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

5,000,000

4,269,739

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2021

,

Refunding

,

%

,

5/15/51

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

20,000,000

20,761,772

c

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

3.32 %,

11/15/36

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

6,250,000

4,402,719

c

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

3.71 %,

11/15/39

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

1,115,000

676,990

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

4.125 %

,

5/15/54

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

5,000,000

4,607,611

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

5.25 %

,

5/15/54

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

19,000,000

20,157,427

Real

Estate

Transfer

Tax

,

Revenue

,

2025

A

,

5.25 %

,

12/01/54

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

8,500,000

9,073,405

Sales

Tax

,

Revenue

,

2023

A

,

%

,

5/15/48

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

9,175,000

8,681,238

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Triborough

Bridge

&

Tunnel

Authority,

(continued)

Sales

Tax

,

Revenue

,

2024

,

5.25 %

,

5/15/59

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

$

6,545,000

$

6,896,273

Sales

Tax

,

Revenue

,

2024

,

5.25 %

,

5/15/64

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

10,000,000

10,508,653

Troy

Capital

Resource

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/35

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

180,000

185,730

Revenue

,

2021

,

Refunding

,

%

,

9/01/36

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

280,000

287,781

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/36

......

3,200,000

3,452,751

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/38

......

3,800,000

4,057,512

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/39

......

5,000,000

5,313,721

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/40

......

1,500,000

1,509,629

Utility

Debt

Securitization

Authority

,

Revenue

,

2017

,

%

,

12/15/39

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

5,750,000

5,981,933

Revenue

,

2017

,

%

,

12/15/40

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

10,000,000

10,372,977

Revenue

,

2017

,

%

,

12/15/41

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

8,500,000

8,790,262

Westchester

County

Local

Development

Corp.

,

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4.25 %

,

1/01/45

2,925,000

2,864,472

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

1/01/51

...

2,500,000

2,520,647

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/35

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

2,250,000

2,519,841

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/38

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

2,475,000

2,715,106

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.75 %

,

11/01/49

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

1,000,000

1,088,388

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

%

,

11/01/51

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

1,200,000

1,227,504

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

6.25 %

,

11/01/52

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

1,000,000

1,030,582

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.75 %

,

11/01/53

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

1,000,000

1,079,421

Yonkers

Industrial

Development

Agency

,

Revenue

,

2022

,

5.25 %

,

5/01/51

.........

1,600,000

1,685,548

2,398,885,449

#### South

#### Carolina

#### 0.2%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

5,900,000

5,442,143

#### Texas

#### 0.4%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

4,390,000

4,207,571

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

10,000,000

7,705,230

11,912,801

#### 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

5,973,842

#### Wisconsin

#### 2.2%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

9,025,000

9,649,090

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

6,500,000

5,459,471

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

72,055,000

36,236,683

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

10,875,000

7,308,691

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,514,564

60,168,499

#### U.S.

#### Territories

#### 2.4%

#### Guam

#### 0.4%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

%

,

10/01/28

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

480,000

498,960

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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 %

,

10/01/29

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

$

700,000

$

747,524

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/31

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

775,000

851,690

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/33

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

525,000

593,601

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/36

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

685,000

761,744

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/40

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

525,000

573,814

Revenue

,

2023

A

,

Refunding

,

5.375 %

,

10/01/43

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

1,250,000

1,329,398

Revenue

,

2024

A

,

%

,

10/01/34

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

670,000

747,430

Revenue

,

2024

A

,

5.25 %

,

10/01/41

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

1,400,000

1,512,623

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/34

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

710,000

803,323

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/35

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

500,000

565,482

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/36

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

450,000

506,722

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/37

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

455,000

506,734

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/38

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

575,000

637,652

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/40

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

520,000

568,757

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/42

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

250,000

269,033

11,474,487

#### Puerto

#### Rico

#### 2.0%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

1,050,000

1,077,599

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

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

22,313,000

21,757,915

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

19,095,000

18,742,287

c

Sales

Tax

,

Revenue

,

,

5.41 %,

7/01/51

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

20,000,000

5,262,148

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

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

7,150,000

6,927,723

53,767,672

#### Total

#### U.S.

#### Territories

#### ....................................................................
65,242,159

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,642,344,520

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

#### 2,625,579,189

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,649,044,520

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

#### 2,632,670,013

#### 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

,

1.95 %

,

3/01/44

..........

8,000,000

8,000,000

GO

,

2015

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

6/01/44

2,400,000

2,400,000

GO

,

2020

,

Daily

VRDN

and

Put

,

%

,

10/01/46

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

1,700,000

1,700,000

f

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

11/01/31

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

3,450,000

3,450,000

f

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/01/34

500,000

500,000

f

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue,

Sub.

Lien

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

%

,

6/15/33

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

6,700,000

6,700,000

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

f

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2014

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

1.9 %

,

2/01/44

..........

$

4,200,000

$

4,200,000

26,950,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 26,950,000

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

#### 26,950,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 26,950,000

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

#### 26,950,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,675,994,520

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

#### $2,659,620,013

#### Other

#### Assets,

#### less

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

#### 27,665,805

#### Net

#### Assets

#### 100.0%

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

#### $2,687,285,818
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$77,907,588,

representing

2.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

The

maturity

date

shown

represents

the

mandatory

put

date.

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

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,675,994,520

Value

-

Unaffiliated

issuers

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

$2,659,620,013

Cash

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

387,942

Receivables:

Capital

shares

sold

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

1,065,968

Interest

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

32,297,057

Total

assets

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

2,693,370,980

Liabilities:

Payables:

Investment

securities

purchased

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

48,783

Capital

shares

redeemed

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

3,612,699

Management

fees

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

1,022,479

Distribution

fees

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

196,128

Transfer

agent

fees

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

410,832

Trustees'

fees

and

expenses

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

561

Distributions

to

shareholders

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

614,530

Accrued

expenses

and

other

liabilities

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

179,150

Total

liabilities

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

6,085,162

Net

assets,

at

value

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

$2,687,285,818

Net

assets

consist

of:

Paid-in

capital

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

$3,134,013,330

Total

distributable

earnings

(losses)

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

(446,727,512)

Net

assets,

at

value

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

$2,687,285,818

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

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

$338,950,661

Shares

outstanding

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

33,880,118

Net

asset

value

per

share

a

,b

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

$10.00

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$10.39

#### Class

#### A1:
Net

assets,

at

value

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

$1,539,846,507

Shares

outstanding

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

153,814,856

Net

asset

value

per

share

a

,b

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

$10.01

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$10.40

#### Class

#### C:
Net

assets,

at

value

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

$28,568,982

Shares

outstanding

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

2,856,928

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.00

#### Class

#### R6:
Net

assets,

at

value

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

$145,802,725

Shares

outstanding

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

14,545,720

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.02

#### Advisor

#### Class:
Net

assets,

at

value

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

$634,116,943

Shares

outstanding

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

63,296,314

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.02

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

year

ended

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$113,657,835

Expenses:

Management

fees

(Note

a)

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

12,319,831

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

824,947

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

1,570,450

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

240,945

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

236,262

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

1,122,385

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

26,029

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

24,439

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

440,193

Custodian

fees

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

14,934

Reports

to

shareholders

fees

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

73,103

Registration

and

filing

fees

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

34,592

Professional

fees

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

80,442

Trustees'

fees

and

expenses

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

27,988

Other

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

265,139

Total

expenses

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

17,301,679

Net

investment

income

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

96,356,156

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(19,679,511)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

20,701,571

Net

realized

and

unrealized

gain

(loss)

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

1,022,060

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$97,378,216

Franklin

New

York

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$96,356,156

$91,512,848

Net

realized

gain

(loss)

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

(19,679,511)

(10,118,852)

Net

change

in

unrealized

appreciation

(depreciation)

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

20,701,571

(2,644,926)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

97,378,216

78,749,070

Distributions

to

shareholders:

Class

A

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

(11,159,778)

(11,024,310)

Class

A1

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

(55,422,062)

(58,481,094)

Class

C

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

(1,104,121)

(1,509,318)

Class

R6

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

(4,838,683)

(3,644,004)

Advisor

Class

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

(22,249,284)

(16,509,620)

Total

distributions

to

shareholders

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

(94,773,928)

(91,168,346)

Capital

share

transactions:

(Note

2)

Class

A

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

(12,925,180)

(8,145,236)

Class

A1

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

(150,916,437)

(192,084,274)

Class

C

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

(18,850,456)

(15,949,490)

Class

R6

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

20,123,905

25,945,467

Advisor

Class

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

(5,977,512)

150,412,039

Total

capital

share

transactions

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

(168,545,680)

(39,821,494)

Net

increase

(decrease)

in

net

assets

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

(165,941,392)

(52,240,770)

Net

assets:

Beginning

of

year

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

2,853,227,210

2,905,467,980

End

of

year

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

$2,687,285,818

$2,853,227,210

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

New

York

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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

franklintempleton.com

Annual

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

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
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:

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

5,536,566

$53,887,830

5,280,046

$52,749,156

Shares

issued

in

reinvestment

of

distributions

..........

1,055,531

10,242,777

1,016,596

10,139,140

Shares

redeemed

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

(7,960,642)

(77,055,787)

(7,117,954)

(71,033,532)

Net

increase

(decrease)

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

(1,368,545)

$(12,925,180)

(821,312)

$(8,145,236)

#### Class

#### A1

#### Shares:
Shares

sold

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

2,407,597

$23,419,121

2,432,649

$24,351,967

Shares

issued

in

reinvestment

of

distributions

..........

4,799,278

46,593,616

4,945,611

49,338,818

Shares

redeemed

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

(22,754,367)

(220,929,174)

(26,607,907)

(265,775,059)

Net

increase

(decrease)

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

(15,547,492)

$(150,916,437)

(19,229,647)

$(192,084,274)

#### Class

#### C

#### Shares:
Shares

sold

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

272,594

$2,635,253

414,842

$4,143,112

Shares

issued

in

reinvestment

of

distributions

..........

108,775

1,053,250

144,435

1,439,298

Shares

redeemed

a

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

(2,324,938)

(22,538,959)

(2,156,557)

(21,531,900)

Net

increase

(decrease)

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

(1,943,569)

$(18,850,456)

(1,597,280)

$(15,949,490)

#### Class

#### R6

#### Shares:
Shares

sold

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

7,237,003

$69,553,285

3,835,019

$38,222,250

Shares

issued

in

reinvestment

of

distributions

..........

355,770

3,459,545

315,717

3,155,329

Shares

redeemed

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

(5,485,594)

(52,888,925)

(1,544,297)

(15,432,112)

Net

increase

(decrease)

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

2,107,179

$20,123,905

2,606,439

$25,945,467

#### Advisor

#### Class

#### Shares:
Shares

sold

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

16,423,703

$158,361,754

26,098,559

$259,967,240

Shares

issued

in

reinvestment

of

distributions

..........

2,213,485

21,515,480

1,606,201

16,039,973

Shares

redeemed

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

(19,230,811)

(185,854,746)

(12,575,275)

(125,595,174)

Net

increase

(decrease)

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

(593,623)

$(5,977,512)

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

franklintempleton.com

Annual

Report

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

year

ended

February

28,

2026,

the

gross

effective

investment

management

fee

rate

was 0.459%

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

year:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

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

0.25%

Class

A1

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

0.10%

Class

C

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

0.65%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

February

28,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$603,262

was

retained

by

Investor

Services.

f. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.65%

based

on

the

average

net

assets

of

each

class

until

June

30,

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

year

ended

February

28,

2026,

these

purchase

and

sale

transactions

aggregated

$103,050,000

and

$142,175,000,

respectively.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2026,

the

capital

loss

carryforwards

were

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$12,461

CDSC

retained

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

$35,137

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

98,020,176

Long

term

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

337,004,784

Total

capital

loss

carryforwards

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

$435,024,960

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

The

tax

character

of

distributions

paid

during

the

years

ended

February

28,

2026

and

2025,

was

as

follows:

At

February

28,

2026,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

February

28,

2026,

aggregated

$383,535,660 and

$566,969,927,

respectively.

6. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within

New

York

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

New

York

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

7. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

year

ended

February

28,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

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

$714,358

$2,112,309

Tax

exempt

income

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

94,059,570

89,056,037

$94,773,928

$91,168,346

Cost

of

investments

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

$2,675,008,616

Unrealized

appreciation

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

$66,301,221

Unrealized

depreciation

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

(81,689,824)

Net

unrealized

appreciation

(depreciation)

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

$(15,388,603)

Distributable

earnings:

Undistributed

tax

exempt

income

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

$4,300,572

4. #### Income

#### Taxes
(continued)

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

8. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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 February

28,

2026,

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 year.

9. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### New

#### York

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

—

$

7,090,824

$

7,090,824

Municipal

Bonds

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

—

2,625,579,189

—

2,625,579,189

Short

Term

Investments

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

—

26,950,000

—

26,950,000

Total

Investments

in

Securities

...........

$—

$2,652,529,189

$7,090,824

$2,659,620,013

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

#### LOC
Letter

of

Credit

#### NATL
National

Reinsurance

Corp.

#### SPA
Standby

Purchase

Agreement

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

New

York

Tax-Free

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

New

York

Tax-Free

Income

Fund

(the

"Fund")

as

of

February

28,

2026,

the

related

statement

of

operations

for

the

year

ended

February

28,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

February

28,

2026,

the

period

June

1,

2021

to

February

28,

2022

and

the

year

ended

May

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

28,

2026,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

February

28,

2026,

the

period

June

1,

2021

to

February

28,

2022

and

the

year

ended

May

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026

by

correspondence

with

the

custodian,

private

placement

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

April

17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

New

York

Tax-Free

Income

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

February

28,

2026:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$94,059,570

Section

163(j)

Interest

Earned

§163(j)

$714,358

Franklin

New

York

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### 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

Not

applicable.

4315-AFSOI

04/26©

2026

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&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) Code of Ethics attached hereto.](fnytfif-efp23705_ex99code.htm)

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.](fnytfif-efp23705_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.](fnytfif-efp23705_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**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

Date: April 30, 2026

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

---

| | |
|:---|:---|
| Date: | April 30, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

Date: April 30, 2026

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: April 30, 2026 |
| /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: April 30, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## 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 **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 **February 28, 2026** (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.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief 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: April 30, 2026 | Date: April 30, 2026 |

---

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.