Franklin New York Tax Free Income Fund NPORT-P Franklin New York Tax-Free Income Fund (Aug 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1115-Q1PH

1

Statement

of

Investments

(unaudited)

Franklin

New

York

Tax-Free

Income

Fund

2

Notes

to

Statement

of

Investments

11

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited),

August

31,

2021

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.8%

Illinois

1.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2020

A,

Refunding,

5%,

6/15/50

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

$

5,160,000

$

6,331,238

a

Revenue,

2022

A,

Refunding,

4%,

12/15/42

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

6,970,000

8,039,811

a

Revenue,

2022

A,

Refunding,

4%,

12/15/47

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

10,310,000

11,766,524

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

10,000,000

11,886,409

GO,

2016,

5%,

11/01/34

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

1,660,000

1,938,985

GO,

2017

C,

5%,

11/01/29

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

7,000,000

8,492,191

GO,

2017

D,

5%,

11/01/27

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

4,850,000

5,975,013

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,459,265

GO,

2021

A,

5%,

3/01/33

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

2,500,000

3,229,265

GO,

2021

A,

4%,

3/01/39

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

2,700,000

3,157,344

GO,

2021

A,

4%,

3/01/41

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

1,000,000

1,162,708

63,438,753

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

...

1,500,000

1,734,925

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/39

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

2,000,000

2,570,191

Revenue,

2020

AA,

5%,

6/15/40

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

2,500,000

3,198,621

Revenue,

2020

AA,

4%,

6/15/45

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

5,000,000

5,812,272

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

1,500,000

1,798,694

15,114,703

New

York

96.5%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

16,130,000

20,621,144

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

1,500,000

1,697,538

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

8,000,000

9,001,068

Broome

County

Local

Development

Corp.

,

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/45

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

1,545,000

1,632,600

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/50

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

5,500,000

5,783,996

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5.25%,

7/01/35

.......

1,000,000

1,158,271

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5%,

7/01/40

.........

1,000,000

1,148,121

D'Youville

College,

Revenue,

2020

A,

Refunding,

4%,

11/01/50

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

2,500,000

2,857,654

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/36

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

400,000

458,231

City

of

New

Rochelle

,

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/40

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

1,250,000

1,391,752

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

1,425,000

1,578,017

City

of

New

York

,

GO,

2002

D,

5.5%,

6/01/24

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

145,000

145,634

GO,

2006

G,

AMBAC

Insured,

5%,

8/01/22

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

10,000

10,040

GO,

2014

J,

Refunding,

5%,

8/01/32

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

10,000,000

11,322,656

GO,

2015

C,

Refunding,

5%,

8/01/29

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

20,640,000

23,826,566

GO,

2015

C,

Refunding,

5%,

8/01/31

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

10,000,000

11,529,144

GO,

2015

C,

Refunding,

5%,

8/01/32

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

4,000,000

4,610,186

GO,

2015

C,

Refunding,

5%,

8/01/33

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

3,000,000

3,457,639

GO,

2015

C,

Refunding,

5%,

8/01/34

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

1,500,000

1,728,820

GO,

2017

B,

5%,

12/01/41

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

7,000,000

8,502,750

GO,

2018

B-1,

5%,

10/01/38

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

6,250,000

7,671,067

GO,

2018

E-1,

5%,

3/01/39

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

16,210,000

19,985,630

GO,

2018

E-1,

5%,

3/01/40

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

7,500,000

9,242,074

GO,

2018

E-1,

5%,

3/01/44

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

12,500,000

15,306,791

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

City

of

New

York,

(continued)

GO,

2018

F-1,

5%,

4/01/40

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

$

6,830,000

$

8,435,894

GO,

2018

F-1,

5%,

4/01/45

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

10,000,000

12,249,213

GO,

2019

D-1,

4%,

12/01/43

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

10,000,000

11,616,982

GO,

2019

D-1,

5%,

12/01/44

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

10,000,000

12,491,783

GO,

2020

A(A-1),

5%,

8/01/43

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

5,000,000

6,286,164

GO,

2021

C,

4%,

8/01/41

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

3,000,000

3,562,847

County

of

Nassau

,

GO

,

2013

C

,

AGMC

Insured

,

5

%

,

4/01/43

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

26,665,000

28,412,229

Dutchess

County

Local

Development

Corp.

,

Health

QuestSystems

Obligated

Group,

Revenue,

2016

B,

5%,

7/01/31

.........

10,550,000

12,634,293

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/44

.....

1,900,000

2,200,164

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/49

.....

3,000,000

3,453,600

Vassar

College,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

5,000,000

6,108,446

Vassar

College,

Revenue,

2017,

Refunding,

4%,

7/01/46

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

5,715,000

6,576,822

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

5/01/28

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

8,100,000

8,722,696

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

1,250,000

1,526,320

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/47

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

5,250,000

6,377,470

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

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

575,000

703,241

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

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

715,000

872,340

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

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

625,000

760,265

Hofstra

University,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

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

3,000,000

3,213,701

Hudson

Yards

Infrastructure

Corp.

,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

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

20,000,000

23,862,350

Revenue,

2017

A,

Refunding,

4%,

2/15/44

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

13,680,000

15,338,041

Revenue,

2017

A,

Refunding,

5%,

2/15/45

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

15,000,000

17,852,277

Revenue,

Senior

Lien,

2012

A,

5.25%,

2/15/47

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

32,285,000

32,410,372

Long

Island

Power

Authority

,

Revenue,

2012

A,

5%,

9/01/42

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

14,700,000

15,387,666

Revenue,

2014

A,

Refunding,

5%,

9/01/44

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

5,000,000

5,617,113

Revenue,

2016

B,

Refunding,

5%,

9/01/36

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

5,000,000

6,004,917

Revenue,

2016

B,

Refunding,

5%,

9/01/41

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

10,000,000

11,971,930

Revenue,

2016

B,

Refunding,

5%,

9/01/46

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

18,000,000

21,500,894

Revenue,

2018,

5%,

9/01/39

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

5,000,000

6,315,329

Revenue,

2019

A,

4%,

9/01/37

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

19,550,000

23,029,268

Revenue,

2020

A,

Refunding,

5%,

9/01/38

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

1,500,000

1,959,261

Metropolitan

Transportation

Authority

,

Revenue,

2003

A,

AGMC

Insured,

5.5%,

11/15/23

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

7,460,000

8,284,186

Revenue,

2012

C,

5%,

11/15/31

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

10,000,000

10,513,913

Revenue,

2012

C,

5%,

11/15/41

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

10,670,000

11,207,762

Revenue,

2013

A,

5%,

11/15/38

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

7,280,000

7,757,185

Revenue,

2013

D,

5%,

11/15/43

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

10,000,000

10,812,858

Revenue,

2014

B,

5.25%,

11/15/35

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

4,000,000

4,451,005

Revenue,

2015

A-1,

5%,

11/15/45

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

10,000,000

11,282,998

Revenue,

2015

C-1,

Refunding,

5%,

11/15/35

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

5,000,000

5,771,662

Revenue,

2016

B,

Refunding,

5%,

11/15/33

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

6,000,000

7,159,786

Revenue,

2016

B,

Refunding,

5%,

11/15/35

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

4,000,000

4,763,256

Revenue,

2016

B,

Refunding,

5%,

11/15/37

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

18,500,000

21,931,911

Revenue,

2016

D,

Refunding,

5%,

11/15/30

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

10,305,000

12,362,934

Revenue,

2017

A-1,

Refunding,

5%,

11/15/51

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

2,505,000

2,955,403

Revenue,

2017

C-1,

Refunding,

5%,

11/15/30

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

6,215,000

7,699,752

Revenue,

2017

D,

Refunding,

4%,

11/15/42

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

20,000,000

22,952,716

Revenue,

2017

D,

Refunding,

4%,

11/15/46

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

5,000,000

5,706,489

Revenue,

2019

C,

AGMC

Insured,

4%,

11/15/45

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

8,000,000

9,390,273

Revenue,

2020

A-1,

5%,

11/15/48

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

10,000,000

12,316,078

Revenue,

2020

C-1,

5%,

11/15/50

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

3,000,000

3,669,896

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2021

A-1,

4%,

11/15/46

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

$

5,000,000

$

5,781,574

Dedicated

Tax

Fund,

Revenue,

2016

B-2,

Refunding,

5%,

11/15/39

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

4,775,000

5,731,312

Dedicated

Tax

Fund,

Revenue,

2017

A,

5%,

11/15/47

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

30,375,000

36,461,269

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/35

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

6,000,000

7,436,682

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/42

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

5,000,000

6,120,222

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/47

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

13,505,000

16,438,616

Monroe

County

Industrial

Development

Corp.

,

Rochester

General

Hospital

(The),

Revenue,

2017,

5%,

12/01/46

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

15,000,000

17,290,926

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,100,000

1,319,881

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/46

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

8,560,000

9,846,297

b

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/50

.

1,265,000

1,490,063

b

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/59

.

1,080,000

1,264,893

University

of

Rochester,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

..........

6,350,000

6,915,222

University

of

Rochester,

Revenue,

2013

B,

Pre-Refunded,

5%,

7/01/43

.........

5,000,000

5,445,057

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

3,275,000

3,818,460

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/32

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

2,000,000

2,323,932

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/37

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

1,780,000

2,054,297

University

of

Rochester,

Revenue,

2017

C,

Refunding,

4%,

7/01/43

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

44,445,000

50,958,397

University

of

Rochester,

Revenue,

2020

A,

4%,

7/01/50

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

16,500,000

19,300,862

New

York

City

,

Water

&

Sewer

System,

Revenue,

2017

AA,

4%,

6/15/46

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

24,290,000

27,635,794

Water

&

Sewer

System,

Revenue,

2017

DD,

5%,

6/15/47

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

33,800,000

40,923,151

Water

&

Sewer

System,

Revenue,

2018

BB-1,

5%,

6/15/46

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

20,875,000

25,367,225

Water

&

Sewer

System,

Revenue,

2018

CC-1,

5%,

6/15/48

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

38,475,000

46,676,054

Water

&

Sewer

System,

Revenue,

2018

FF,

Refunding,

5%,

6/15/40

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

15,000,000

18,843,111

Water

&

Sewer

System,

Revenue,

2019

DD-1,

5%,

6/15/49

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

27,825,000

34,878,003

Water

&

Sewer

System,

Revenue,

2019

FF-1,

4%,

6/15/49

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

10,000,000

11,693,156

Water

&

Sewer

System,

Revenue,

2020

AA,

Refunding,

5%,

6/15/40

...........

10,000,000

12,956,744

Water

&

Sewer

System,

Revenue,

2020

BB-1,

4%,

6/15/49

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

20,000,000

23,589,162

New

York

City

Health

and

Hospitals

Corp.

,

Revenue,

2020

A,

Refunding,

5%,

2/15/31

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

610,000

821,935

Revenue,

2020

A,

Refunding,

5%,

2/15/32

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

635,000

847,325

Revenue,

2020

A,

Refunding,

5%,

2/15/33

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

675,000

897,528

Revenue,

2020

A,

Refunding,

5%,

2/15/34

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

460,000

609,437

Revenue,

2020

A,

Refunding,

5%,

2/15/35

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

495,000

653,972

Revenue,

2020

A,

Refunding,

5%,

2/15/36

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

520,000

684,244

Revenue,

2020

A,

Refunding,

5%,

2/15/37

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

325,000

426,299

Revenue,

2020

A,

Refunding,

5%,

2/15/38

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

345,000

451,360

Revenue,

2020

A,

Refunding,

5%,

2/15/39

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

900,000

1,174,279

Revenue,

2020

A,

Refunding,

5%,

2/15/40

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

790,000

1,028,399

Revenue,

2020

A,

Refunding,

3%,

2/15/45

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

1,250,000

1,340,560

Revenue,

2020

A,

Refunding,

4%,

2/15/45

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

1,800,000

2,130,952

Revenue,

2020

A,

Refunding,

4%,

2/15/48

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

880,000

1,038,535

New

York

City

Housing

Development

Corp.

,

Revenue,

2018

K,

4%,

11/01/48

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

49,905,000

54,336,369

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

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

12,295,000

12,885,858

Revenue,

2019

J,

3%,

11/01/44

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

5,000,000

5,245,006

Revenue,

2020

C,

FNMA

Insured,

2.75%,

2/01/51

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

10,000,000

10,236,014

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

5,000,000

5,346,437

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/49

..

10,000,000

10,673,811

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/43

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

5,230,000

6,514,982

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/45

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

17,000,000

21,121,862

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

City

Transitional

Finance

Authority,

(continued)

Building

Aid,

Revenue,

2019

S-2A,

Refunding,

5%,

7/15/34

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

$

4,235,000

$

5,347,233

Building

Aid,

Revenue,

2019

S-3A,

Refunding,

5%,

7/15/37

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

10,425,000

13,132,836

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/43

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

11,800,000

13,947,752

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/44

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

12,275,000

14,479,374

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/46

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

5,000,000

5,873,183

Future

Tax

Secured,

Revenue,

2013

I,

5%,

5/01/42

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

45,000,000

48,334,225

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/38

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

17,000,000

18,838,502

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/39

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

24,135,000

26,726,643

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/40

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

18,300,000

20,246,401

Future

Tax

Secured,

Revenue,

2015

A-1,

5%,

8/01/34

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

10,115,000

11,468,652

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/34

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

10,000,000

11,532,826

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/35

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

10,000,000

11,518,108

Future

Tax

Secured,

Revenue,

2017

A-1,

5%,

5/01/40

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

13,415,000

15,961,289

Future

Tax

Secured,

Revenue,

2017

C,

Refunding,

5%,

11/01/33

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

6,500,000

7,981,383

Future

Tax

Secured,

Revenue,

2017

F-1,

5%,

5/01/42

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

4,340,000

5,275,449

Future

Tax

Secured,

Revenue,

2018

A-3,

5%,

8/01/40

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

3,270,000

4,024,586

Future

Tax

Secured,

Revenue,

2018

A-3,

4%,

8/01/43

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

5,645,000

6,480,198

Future

Tax

Secured,

Revenue,

2018

B-1,

5%,

8/01/45

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

17,500,000

21,375,977

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/42

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

7,410,000

8,586,712

Future

Tax

Secured,

Revenue,

2019

A-1,

5%,

8/01/42

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

5,000,000

6,231,480

Future

Tax

Secured,

Revenue,

2019

C-1,

4%,

11/01/42

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

7,500,000

8,847,909

Future

Tax

Secured,

Revenue,

2020

A,

4%,

5/01/44

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

10,000,000

11,751,639

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/34

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

5,000,000

5,332,569

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/36

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

8,250,000

8,792,659

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

11/15/46

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

5,000,000

5,970,214

New

York

Liberty

Development

Corp.

,

Revenue,

2011

-

1WTC,

5.25%,

12/15/43

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

50,000,000

50,698,050

a

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

18,000,000

18,622,388

7

World

Trade

Center

II

LLC,

Revenue,

2012,

1,

Refunding,

5%,

9/15/40

........

18,000,000

18,440,534

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

86,360,000

124,166,465

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

27,000,000

40,758,176

New

York

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/15/50

...........

30,000,000

35,393,556

New

York

State

Dormitory

Authority

,

Revenue,

2008

A-1,

5%,

6/01/38

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

4,635,000

4,653,521

Revenue,

2009

A,

AGMC

Insured,

5.625%,

10/01/29

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

300,000

301,360

Revenue,

2009

C,

AGMC

Insured,

5%,

10/01/31

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

45,000

45,173

Revenue,

2009

C,

AGMC

Insured,

5.125%,

10/01/36

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

60,000

60,237

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/21

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

265,000

266,057

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/22

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

395,000

396,571

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/24

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

710,000

712,855

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/37

1,705,000

1,968,609

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

2,200,000

2,532,699

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/39

1,305,000

1,498,824

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/40

1,300,000

1,489,101

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/41

2,100,000

2,600,727

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/45

5,835,000

6,618,492

Educational

Housing

Services,

Inc.,

Revenue,

2005,

AMBAC

Insured,

5.25%,

7/01/30

5,150,000

6,175,345

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/26

...

6,105,000

6,849,300

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/34

...

13,220,000

16,085,063

Fordham

University,

Revenue,

2020,

4%,

7/01/50

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

4,500,000

5,219,127

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

12/01/45

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

1,000,000

1,142,812

b

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

12/01/32

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

500,000

605,657

Memorial

Sloan-Kettering

Cancer

Center,

Revenue,

2017-1,

Refunding,

4%,

7/01/47

5,000,000

5,689,984

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

Montefiore

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/01/31

.........

$

1,000,000

$

1,239,023

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/45

.........

1,500,000

1,715,850

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/50

.........

10,770,000

12,262,882

New

School

(The),

Revenue,

2015

A,

Refunding,

5%,

7/01/40

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

5,500,000

6,307,965

New

School

(The),

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

9,385,000

10,701,375

New

York

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

5,000,000

5,777,356

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

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

5,000,000

6,145,504

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/40

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

6,745,000

8,288,721

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/43

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

3,000,000

3,678,835

New

York

University,

Revenue,

2019

A,

4%,

7/01/45

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

3,415,000

3,994,280

New

York

University,

Revenue,

2019

A,

5%,

7/01/49

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

50,000,000

63,298,530

Northwell

Health

Obligated

Group,

Revenue,

2009

B,

5%,

5/01/39

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

10,000,000

10,295,416

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

....

11,000,000

12,666,376

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/27

2,025,000

2,282,463

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/30

1,000,000

1,124,428

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/32

1,000,000

1,122,622

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/34

7,250,000

8,125,949

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

3%,

7/01/48

.......

4,000,000

4,289,384

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/50

.......

35,100,000

40,996,063

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/53

.......

10,420,000

12,144,517

Rochester

Institute

of

Technology,

Revenue,

2019

A,

5%,

7/01/49

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

3,500,000

4,360,376

Rockefeller

University

(The),

Revenue,

2019

B,

5%,

7/01/50

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

6,500,000

8,255,930

Rockefeller

University

(The),

Revenue,

2019

C,

Refunding,

4%,

7/01/49

.........

9,250,000

10,966,238

Rockefeller

University

(The),

Revenue,

2020

A,

Refunding,

5%,

7/01/53

.........

10,000,000

12,893,588

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/29

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

1,375,000

1,595,696

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

1,675,000

1,939,834

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/31

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

3,700,000

4,268,377

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/34

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

2,000,000

2,298,410

St.

John's

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/48

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

6,250,000

7,460,065

St.

Joseph's

College,

Revenue,

2021,

4%,

7/01/40

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

225,000

252,255

St.

Joseph's

College,

Revenue,

2021,

5%,

7/01/51

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

725,000

865,235

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/41

.........

4,000,000

4,806,616

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/42

.........

1,950,000

2,340,077

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/43

.........

8,450,000

10,126,709

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/37

.........

5,000,000

6,071,152

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

5,000,000

6,061,373

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/39

.........

8,940,000

10,835,369

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Pre-Refunded,

5%,

2/15/39

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

5,000

6,185

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/40

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

10,000

12,583

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/40

.........

9,415,000

11,577,034

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/41

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

15,000

18,874

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/41

.........

12,410,000

15,239,062

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/43

.........

4,590,000

5,623,011

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/43

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

5,000

6,291

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

4%,

2/15/46

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

5,000

5,999

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

4%,

2/15/46

.........

19,995,000

22,812,687

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Refunding,

5%,

3/15/45

10,000,000

12,359,699

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

Refunding,

4%,

3/15/49

10,000,000

11,535,115

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/31

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

15,685,000

17,560,917

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/44

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

37,250,000

41,393,869

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/40

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

12,640,000

14,805,908

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/41

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

$

10,520,000

$

12,308,888

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/34

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

10,000,000

12,181,989

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/35

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

24,545,000

29,859,827

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/36

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

31,550,000

38,346,678

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/41

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

10,000,000

12,148,672

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/42

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

10,000,000

12,132,291

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

4%,

3/15/46

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

16,515,000

18,648,644

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/42

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

6,235,000

7,721,085

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/46

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

25,000,000

28,700,560

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/48

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

10,000,000

11,465,031

State

of

New

York

Sales

Tax,

Revenue,

2018

C,

Refunding,

4%,

3/15/44

........

5,310,000

6,113,739

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/37

........

15,340,000

19,405,830

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

19,715,000

24,701,748

State

University

Construction

Fund,

Revenue,

2005

A,

AGMC,

FGIC

Insured,

5.5%,

5/15/22

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

5,000,000

5,191,241

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/28

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

4,000,000

4,136,624

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/29

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

3,000,000

3,102,468

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/30

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

1,000,000

1,034,156

State

University

of

New

York,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

......

5,000,000

5,445,057

State

University

of

New

York,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/43

......

4,150,000

4,519,397

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/35

........

2,000,000

2,452,552

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

........

1,500,000

1,838,243

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........

2,000,000

2,449,677

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........

1,000,000

1,224,012

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........

3,750,000

4,571,850

State

University

of

New

York,

Revenue,

2017

A,

Refunding,

5%,

7/01/46

........

4,000,000

4,849,580

State

University

of

New

York,

Revenue,

2018

A,

5%,

7/01/43

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

4,300,000

5,278,083

State

University

of

New

York,

Revenue,

2018

A,

5%,

7/01/48

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

13,925,000

17,049,308

State

University

of

New

York,

Revenue,

2019

A,

3%,

7/01/42

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

4,165,000

4,438,075

State

University

of

New

York,

Revenue,

2019

A,

4%,

7/01/43

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

1,200,000

1,383,893

State

University

of

New

York,

Revenue,

2019

A,

4%,

7/01/49

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

4,250,000

4,862,676

a

Teachers

College,

Revenue,

2022,

Refunding,

4%,

7/01/46

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

4,670,000

5,350,163

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System,

Revenue,

2013

A,

5%,

6/15/31

..........

5,000,000

5,423,381

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/15/46

28,360,000

34,765,860

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/42

........

8,355,000

10,235,587

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/47

........

12,345,000

15,139,364

State

of

New

York

State

Revolving

Fund,

Revenue,

2018

B,

5%,

6/15/48

........

7,500,000

9,325,388

State

of

New

York

State

Revolving

Fund,

Revenue,

2019

A,

5%,

2/15/49

........

5,000,000

6,375,446

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45

%

,

11/01/50

......

3,000,000

2,973,723

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/45

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

12,000,000

14,034,691

Revenue,

2019

B,

3%,

1/01/46

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

4,200,000

4,426,456

Revenue,

2019

B,

4%,

1/01/50

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

40,000,000

46,568,980

Revenue,

L,

Refunding,

5%,

1/01/34

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

2,600,000

3,217,463

Revenue,

L,

Refunding,

5%,

1/01/35

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

3,000,000

3,702,451

Revenue,

N,

4%,

1/01/46

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

10,000,000

11,723,988

Revenue,

Junior

Lien,

2016

A,

5%,

1/01/46

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

25,000,000

29,186,622

Highway

&

Bridge

Trust

Fund,

Revenue,

2012

A,

5%,

4/01/32

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

11,100,000

11,398,747

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

3/15/38

15,000,000

18,222,457

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

C,

Refunding,

5%,

3/15/42

8,400,000

10,320,330

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

5%,

3/15/42

.........

10,000,000

12,451,333

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4%,

10/01/30

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

3,000,000

3,601,744

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

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

9,400,000

11,966,402

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

$

3,540,000

$

4,447,899

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4.375%,

10/01/45

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

26,500,000

31,486,102

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/41

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

2,130,000

2,504,895

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/46

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

6,000,000

6,957,788

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

4/30/53

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

10,750,000

12,407,746

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

256,886

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/37

...

350,000

448,502

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/38

...

300,000

349,285

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/39

...

400,000

464,453

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/40

...

400,000

463,754

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/41

...

2,155,000

2,489,505

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/42

...

910,000

1,048,180

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/37

...

2,000,000

2,568,790

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/38

...

2,000,000

2,562,278

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/39

...

8,010,000

9,403,710

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/40

...

6,225,000

7,291,359

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/41

...

4,800,000

5,588,833

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/42

...

3,885,000

4,520,878

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University,

Revenue,

2019,

Refunding,

5%,

12/01/45

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

11,650,000

14,896,366

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/47

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

12,000,000

14,158,052

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/49

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

5,000,000

5,889,144

Oswego

County

Industrial

Development

Agency

,

Oswego

City

School

District

,

Revenue

,

2006

,

XLCA

Insured

,

5

%

,

12/15/30

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

1,805,000

1,828,805

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

194,

Refunding,

5%,

10/15/41

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

10,000,000

11,726,287

Revenue,

200,

Refunding,

5%,

10/15/47

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

10,000,000

12,054,241

Revenue,

2016,

4%,

9/01/49

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

11,815,000

13,741,537

Revenue,

218,

4%,

11/01/47

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

8,000,000

9,233,551

Revenue,

221,

4%,

7/15/50

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

12,750,000

14,776,463

Revenue,

223,

Refunding,

5%,

7/15/56

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

4,500,000

5,694,169

Revenue,

Two

Hundred

And

Seventeen,

4%,

11/01/41

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

10,000,000

11,812,507

Revenue,

Two

Hundred

And

Seventeen,

5%,

11/01/44

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

5,000,000

6,324,304

Revenue,

Two

Hundred

Eleventh,

Refunding,

5%,

9/01/48

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

25,000,000

30,702,175

Revenue,

Two

Hundred

Fifth,

Refunding,

5%,

11/15/47

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

26,340,000

32,256,486

Revenue,

Two

Hundred

Fourteen,

4%,

9/01/38

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

7,110,000

8,356,328

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

4

%

,

7/01/50

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

2,250,000

2,616,046

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/40

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

2,600,000

3,124,318

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/47

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

6,590,000

7,876,336

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/34

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

125,000

162,968

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/35

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

585,000

761,203

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/36

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

100,000

130,032

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/37

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

120,000

155,523

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/38

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

125,000

161,565

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/39

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

150,000

193,331

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/40

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

475,000

610,254

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/41

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

125,000

160,124

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/34

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

230,000

292,091

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/35

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

245,000

310,547

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/36

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

250,000

316,169

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/37

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

265,000

334,059

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/38

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

225,000

282,887

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/39

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

200,000

250,764

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

St.

Lawrence

County

Industrial

Development

Agency,

(continued)

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/40

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

$

225,000

$

281,228

a

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/41

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

275,000

342,743

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

4

%

,

6/01/41

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

25,000,000

29,239,823

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

1996

B,

Pre-Refunded,

5.2%,

1/01/27

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

20,110,000

20,450,213

Revenue,

2013

C,

5%,

11/15/38

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

5,000,000

5,377,187

Revenue,

2015

B,

5%,

11/15/45

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

5,000,000

5,855,419

Revenue,

2017

A,

Refunding,

5%,

11/15/38

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

11,055,000

13,575,049

Revenue,

2017

A,

Refunding,

5%,

11/15/42

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

5,750,000

7,011,847

Revenue,

2017

A,

Refunding,

5%,

11/15/47

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

13,000,000

15,836,869

Revenue,

2017

B,

Refunding,

5%,

11/15/36

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

21,080,000

25,916,081

Revenue,

2017

B,

Refunding,

5%,

11/15/37

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

18,190,000

22,362,682

Revenue,

2019

A,

5%,

11/15/49

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

9,000,000

11,244,948

Revenue,

2020

A,

5%,

11/15/49

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

10,000,000

12,867,390

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax,

Revenue,

Senior

Lien,

2021

A-1,

Refunding,

5%,

5/15/51

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

5,000,000

6,433,668

Troy

Capital

Resource

Corp.

,

Revenue,

2021,

Refunding,

4%,

9/01/33

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

100,000

120,595

Revenue,

2021,

Refunding,

4%,

9/01/34

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

160,000

192,568

Revenue,

2021,

Refunding,

4%,

9/01/35

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

180,000

216,408

Revenue,

2021,

Refunding,

4%,

9/01/36

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

280,000

335,641

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/35

......

4,500,000

5,829,962

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/36

......

5,000,000

6,459,087

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/39

......

2,500,000

3,203,451

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

4%,

9/01/40

......

1,500,000

1,779,170

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/34

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

1,000,000

1,206,309

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,250,000

1,504,616

Utility

Debt

Securitization

Authority

,

Revenue,

2015,

Refunding,

5%,

12/15/33

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

20,000,000

23,805,006

Revenue,

2015,

Refunding,

5%,

12/15/34

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

9,950,000

11,824,346

Revenue,

2016

A,

Refunding,

5%,

12/15/34

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

33,870,000

40,809,204

Revenue,

2016

B,

Refunding,

5%,

12/15/33

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

5,750,000

6,937,099

Revenue,

2017,

5%,

12/15/40

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

10,000,000

12,503,768

Revenue,

2017,

5%,

12/15/41

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

8,500,000

10,613,025

Western

Nassau

County

Water

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/40

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

1,400,000

1,636,894

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/45

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

2,250,000

2,630,723

3,572,822,365

Tennessee

0.2%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

4,000,000

5,344,984

U.S.

Territories

0.0%

†

Puerto

Rico

0.0%

†

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,050,000

1,144,565

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2007

N

,

Refunding

,

AGMC

Insured

,

5.25

%

,

7/01/34

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

145,000

162,341

1,306,906

Total

U.S.

Territories

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

1,306,906

Total

Municipal

Bonds

(Cost

$3,323,134,169)

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

3,658,027,711

a

a

a

a

Franklin

New

York

Tax-Free

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

See

Abbreviations

on

page

12

.

c

Short

Term

Investments

0.8%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.8%

New

York

0.8%

d

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/31

...........

$

4,200,000

$

4,200,000

d

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/34

12,970,000

12,970,000

d

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2003

A-4

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/29

...........

5,000,000

5,000,000

d

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2001

C

,

Refunding

,

LOC

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/32

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

6,720,000

6,720,000

28,890,000

Total

Municipal

Bonds

(Cost

$28,890,000)

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

28,890,000

Total

Short

Term

Investments

(Cost

$28,890,000

)

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

28,890,000

a

Total

Investments

(Cost

$3,352,024,169)

99.6%

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

$3,686,917,711

Other

Assets,

less

Liabilities

0.4%

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

16,709,691

Net

Assets

100.0%

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

$3,703,627,402

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

purchased

on

a

when-issued

basis.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2021,

the

aggregate

value

of

these

securities

was

$4,503,425,

representing

0.1%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Income

Fund

11

Quarterly

Statement

of

Investments

Notes

to

Statement

of

Investments

(unaudited)

1.

Organization

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

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

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

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,

book

values,

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. 

3.

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.

In

addition,

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. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

12

Quarterly

Statement

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At August

31,

2021,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure. 

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.