Franklin New York Tax Free Income Fund NPORT-P Franklin New York Tax-Free Income Fund (May 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1115-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

New

York

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

13

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

May

31,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.2%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

5,800,000

$

5,212,892

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

18,760,000

17,104,993

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-2,

5.5%,

12/01/30

.....

3,020,000

2,741,707

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

3,990,000

2,985,285

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

15,500,000

13,167,250

35,999,235

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

11,550,000

9,672,513

Illinois

1.1%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2020

A,

Refunding,

5%,

6/15/50

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

5,160,000

5,415,164

Revenue,

2022

A,

Refunding,

4%,

12/15/42

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

6,970,000

6,807,737

Revenue,

2022

A,

Refunding,

4%,

6/15/52

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

10,310,000

9,694,590

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

5,000,000

5,102,814

GO,

2016,

5%,

11/01/34

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

1,660,000

1,717,290

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,227,948

GO,

2021

A,

5%,

3/01/33

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

2,500,000

2,677,682

GO,

2021

A,

4%,

3/01/39

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

2,700,000

2,578,989

35,222,214

Kentucky

0.2%

a,b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

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

7,600,000

5,966,836

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

...

1,500,000

1,472,342

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/40

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

1,250,000

1,372,572

Revenue,

2020

AA,

4%,

6/15/45

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

5,000,000

4,974,011

Revenue,

2021

A,

Refunding,

5%,

6/15/31

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

2,000,000

2,241,465

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,250,000

1,394,293

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

1,500,000

1,520,542

12,975,225

New

York

92.7%

Albany

Capital

Resource

Corp.

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

4

%

,

11/01/46

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

2,000,000

1,999,708

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

16,130,000

18,457,728

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

1,500,000

1,517,447

Active

Retirement

Community,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

8,000,000

8,042,369

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/36

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

1,600,000

1,536,559

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

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

1,530,000

1,427,098

Good

Shepherd

Village

at

Endwell

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/47

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

1,160,000

1,041,079

United

Health

Services

Hospitals

Obligated

Group,

Revenue,

2020,

Refunding,

AGMC

Insured,

3%,

4/01/45

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

7,045,000

5,797,356

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5.25%,

7/01/35

.......

$

1,000,000

$

1,030,796

Catholic

Health

System

Obligated

Group,

Revenue,

2015,

5%,

7/01/40

.........

1,000,000

1,004,189

D'Youville

College,

Revenue,

2020

A,

Refunding,

4%,

11/01/50

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

2,500,000

2,499,373

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/36

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

400,000

387,480

City

of

New

Rochelle

,

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/40

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

1,250,000

1,299,801

Iona

College,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

1,425,000

1,472,350

City

of

New

York

,

GO,

2002

D,

5.5%,

6/01/24

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

145,000

145,495

GO,

2006

G,

AMBAC

Insured,

5%,

8/01/22

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

10,000

10,033

GO,

2014

J,

Refunding,

5%,

8/01/32

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

10,000,000

10,558,518

GO,

2015

C,

Refunding,

5%,

8/01/29

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

20,640,000

22,058,604

GO,

2015

C,

Refunding,

5%,

8/01/31

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

10,000,000

10,663,251

GO,

2015

C,

Refunding,

5%,

8/01/32

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

4,000,000

4,259,966

GO,

2015

C,

Refunding,

5%,

8/01/33

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

3,000,000

3,193,376

GO,

2015

C,

Refunding,

5%,

8/01/34

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

1,500,000

1,595,889

GO,

2017

B,

5%,

12/01/41

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

7,000,000

7,600,380

GO,

2018

B-1,

5%,

10/01/38

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

6,250,000

6,834,587

GO,

2018

E-1,

5%,

3/01/39

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

16,210,000

17,856,732

GO,

2018

E-1,

5%,

3/01/40

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

7,500,000

8,252,618

GO,

2018

E-1,

5%,

3/01/44

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

12,500,000

13,660,400

GO,

2018

F-1,

5%,

4/01/40

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

6,830,000

7,524,502

GO,

2018

F-1,

5%,

4/01/45

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

10,000,000

10,925,162

GO,

2019

D-1,

4%,

12/01/43

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

10,000,000

10,322,978

GO,

2019

D-1,

5%,

12/01/44

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

10,000,000

11,037,930

GO,

2021

C,

4%,

8/01/41

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

3,000,000

3,124,835

GO,

2022

D-1,

5.25%,

5/01/41

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

1,500,000

1,769,034

County

of

Nassau

,

GO

,

2013

C

,

AGMC

Insured

,

5

%

,

4/01/43

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

26,665,000

27,313,802

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/32

......

175,000

192,244

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/33

......

185,000

202,750

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

5%,

7/01/34

......

250,000

273,592

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/35

......

200,000

201,010

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/36

......

200,000

200,448

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/37

......

250,000

250,035

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/38

......

250,000

248,443

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/39

......

100,000

99,042

Culinary

Institute

of

America

(The),

Revenue,

2021,

Refunding,

4%,

7/01/40

......

100,000

98,722

Health

Quest

Systems

Obligated

Group,

Revenue,

2016

B,

5%,

7/01/31

.........

10,550,000

11,188,968

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/44

.....

1,900,000

1,881,526

Nuvance

Health

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

7/01/49

.....

3,000,000

2,947,147

Vassar

College,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

5,000,000

5,433,823

Vassar

College,

Revenue,

2017,

Refunding,

4%,

7/01/46

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

5,715,000

5,756,496

Genesee

County

Funding

Corp.

(The)

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

12/01/52

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

4,250,000

4,585,680

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/42

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

1,250,000

1,344,465

Hofstra

University,

Revenue,

2017,

Refunding,

5%,

7/01/47

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

5,250,000

5,627,584

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

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

575,000

583,386

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

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

715,000

724,201

Hofstra

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

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

625,000

632,053

Hofstra

University,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

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

3,000,000

2,392,334

Hudson

Yards

Infrastructure

Corp.

,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

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

20,000,000

21,425,164

Revenue,

2017

A,

Refunding,

5%,

2/15/45

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

15,000,000

16,010,825

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Hudson

Yards

Infrastructure

Corp.,

(continued)

b

Revenue,

2017

A,

Refunding,

AGMC

Insured,

4%,

2/15/47

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

$

13,680,000

$

13,834,904

Long

Island

Power

Authority

,

Revenue,

2012

A,

5%,

9/01/42

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

500,000

504,171

Revenue,

2014

A,

Refunding,

5%,

9/01/44

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

5,000,000

5,209,322

Revenue,

2016

B,

Refunding,

5%,

9/01/36

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

5,000,000

5,457,634

Revenue,

2016

B,

Refunding,

5%,

9/01/41

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

10,000,000

10,869,188

Revenue,

2016

B,

Refunding,

5%,

9/01/46

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

18,000,000

19,482,010

Revenue,

2018,

5%,

9/01/39

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

5,000,000

5,587,279

Revenue,

2019

A,

4%,

9/01/37

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

19,550,000

20,206,821

Revenue,

2020

A,

Refunding,

5%,

9/01/38

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

1,500,000

1,687,010

Revenue,

2021

A,

Refunding,

4%,

9/01/41

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

2,030,000

2,109,313

Metropolitan

Transportation

Authority

,

Revenue,

2003

A,

AGMC

Insured,

5.5%,

11/15/23

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

7,460,000

7,813,226

Revenue,

2012

C,

Refunding,

5%,

11/15/31

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

10,000,000

10,155,677

Revenue,

2012

C,

5%,

11/15/41

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

10,670,000

10,784,789

Revenue,

2013

A,

5%,

11/15/38

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

7,280,000

7,440,664

Revenue,

2013

D,

5%,

11/15/43

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

10,000,000

10,299,419

Revenue,

2014

B,

5.25%,

11/15/35

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

4,000,000

4,170,108

Revenue,

2015

A-1,

5%,

11/15/45

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

10,000,000

10,247,695

Revenue,

2015

C-1,

Refunding,

5%,

11/15/35

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

5,000,000

5,220,176

Revenue,

2016

B,

Refunding,

5%,

11/15/33

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

6,000,000

6,362,265

Revenue,

2016

B,

Refunding,

5%,

11/15/35

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

4,000,000

4,208,246

Revenue,

2016

B,

Refunding,

5%,

11/15/37

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

18,500,000

19,404,572

Revenue,

2016

D,

Refunding,

5%,

11/15/30

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

10,305,000

11,079,776

Revenue,

2017

A-1,

Refunding,

5%,

11/15/51

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

2,505,000

2,652,195

Revenue,

2017

C-1,

Refunding,

5%,

11/15/30

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

6,215,000

6,698,608

Revenue,

2017

D,

Refunding,

4%,

11/15/42

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

20,000,000

19,838,008

Revenue,

2017

D,

Refunding,

4%,

11/15/46

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

5,000,000

4,877,301

Revenue,

2019

C,

AGMC

Insured,

4%,

11/15/45

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

8,000,000

7,866,166

Revenue,

2020

A-1,

5%,

11/15/48

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

10,000,000

10,643,528

Revenue,

2020

A-1,

4%,

11/15/53

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

1,000,000

959,046

Revenue,

2020

C-1,

5%,

11/15/50

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

3,000,000

3,187,701

Revenue,

2021

A-1,

4%,

11/15/48

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

4,000,000

3,881,750

Dedicated

Tax

Fund,

Revenue,

2016

B-2,

Refunding,

5%,

11/15/39

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

4,775,000

5,036,873

Dedicated

Tax

Fund,

Revenue,

2017

A,

5%,

11/15/47

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

30,375,000

32,045,455

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/35

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

6,000,000

6,410,957

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/42

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

5,000,000

5,299,276

Dedicated

Tax

Fund,

Revenue,

2017

B-1,

Refunding,

5%,

11/15/47

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

13,505,000

14,279,244

Monroe

County

Industrial

Development

Corp.

,

Rochester

General

Hospital

(The),

Revenue,

2017,

5%,

12/01/46

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

15,000,000

15,686,708

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,100,000

1,100,000

Rochester

Regional

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/46

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

8,560,000

8,172,450

a

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/50

.

1,265,000

1,304,538

a

True

North

Rochester

Prep

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/01/59

.

1,080,000

1,107,150

University

of

Rochester,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/38

..........

6,350,000

6,584,093

University

of

Rochester,

Revenue,

2013

B,

Pre-Refunded,

5%,

7/01/43

.........

5,000,000

5,184,325

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

3,275,000

3,516,710

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/32

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

2,000,000

2,135,953

University

of

Rochester,

Revenue,

2015

A,

Refunding,

5%,

7/01/37

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

1,780,000

1,890,693

University

of

Rochester,

Revenue,

2017

C,

Refunding,

4%,

7/01/43

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

22,895,000

23,050,469

University

of

Rochester,

Revenue,

2017

D,

Refunding,

4%,

7/01/43

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

21,550,000

21,696,335

New

York

City

Health

and

Hospitals

Corp.

,

Revenue,

2020

A,

Refunding,

5%,

2/15/31

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

610,000

705,907

Revenue,

2020

A,

Refunding,

5%,

2/15/32

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

635,000

717,655

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

City

Health

and

Hospitals

Corp.,

(continued)

Revenue,

2020

A,

Refunding,

5%,

2/15/33

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

$

675,000

$

761,070

Revenue,

2020

A,

Refunding,

5%,

2/15/34

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

460,000

517,508

Revenue,

2020

A,

Refunding,

5%,

2/15/35

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

495,000

555,962

Revenue,

2020

A,

Refunding,

5%,

2/15/36

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

520,000

583,301

Revenue,

2020

A,

Refunding,

5%,

2/15/37

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

325,000

363,930

Revenue,

2020

A,

Refunding,

5%,

2/15/38

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

345,000

385,636

Revenue,

2020

A,

Refunding,

5%,

2/15/39

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

900,000

1,004,190

Revenue,

2020

A,

Refunding,

5%,

2/15/40

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

790,000

880,050

Revenue,

2020

A,

Refunding,

3%,

2/15/45

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

1,250,000

1,101,602

Revenue,

2020

A,

Refunding,

4%,

2/15/45

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

1,800,000

1,829,754

Revenue,

2020

A,

Refunding,

4%,

2/15/48

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

880,000

891,219

New

York

City

Housing

Development

Corp.

,

Revenue,

2018

K,

4%,

11/01/48

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

46,525,000

46,602,464

Revenue,

2019

G-1-B,

Refunding,

3%,

11/01/44

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

9,890,000

8,558,436

Revenue,

2019

J,

3%,

11/01/44

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

5,000,000

4,313,298

Revenue,

2020

C,

FNMA

Insured,

2.75%,

2/01/51

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

10,000,000

7,716,231

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

5,000,000

4,220,234

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/49

..

10,000,000

7,893,573

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2017

AA,

4%,

6/15/46

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

24,290,000

24,763,609

Water

&

Sewer

System,

Revenue,

2017

DD,

5%,

6/15/47

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

33,800,000

36,658,341

Water

&

Sewer

System,

Revenue,

2018

BB-1,

5%,

6/15/46

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

20,875,000

22,761,012

Water

&

Sewer

System,

Revenue,

2018

CC-1,

5%,

6/15/48

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

38,475,000

41,885,520

Water

&

Sewer

System,

Revenue,

2018

FF,

Refunding,

5%,

6/15/40

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

15,000,000

16,583,399

Water

&

Sewer

System,

Revenue,

2019

DD-1,

5%,

6/15/49

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

27,825,000

30,460,890

Water

&

Sewer

System,

Revenue,

2020

AA,

Refunding,

5%,

6/15/40

...........

10,000,000

11,282,012

New

York

City

Transitional

Finance

Authority

,

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/43

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

5,230,000

5,727,637

Building

Aid,

Revenue,

2019

S-1,

5%,

7/15/45

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

17,000,000

18,584,249

Building

Aid,

Revenue,

2019

S-2A,

Refunding,

5%,

7/15/34

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

4,235,000

4,741,894

Building

Aid,

Revenue,

2019

S-3A,

Refunding,

5%,

7/15/37

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

10,425,000

11,534,595

Building

Aid,

Revenue,

2020

S-1,

4%,

7/15/43

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

11,800,000

12,070,633

Future

Tax

Secured,

Revenue,

2013

I,

5%,

5/01/42

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

45,000,000

45,981,176

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/38

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

17,000,000

17,662,942

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/39

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

24,135,000

25,056,146

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/40

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

18,300,000

18,989,337

Future

Tax

Secured,

Revenue,

2015

A-1,

5%,

8/01/34

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

5,115,000

5,382,938

Future

Tax

Secured,

Revenue,

2015

B,

5%,

8/01/34

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

5,000,000

5,261,914

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/34

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

10,000,000

10,623,303

Future

Tax

Secured,

Revenue,

2015

E-1,

5%,

2/01/35

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

10,000,000

10,610,028

Future

Tax

Secured,

Revenue,

2017

A-1,

5%,

5/01/40

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

13,415,000

14,402,364

Future

Tax

Secured,

Revenue,

2017

C,

Refunding,

5%,

11/01/33

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

6,500,000

7,182,380

Future

Tax

Secured,

Revenue,

2017

F-1,

5%,

5/01/42

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

4,340,000

4,717,483

Future

Tax

Secured,

Revenue,

2018

A-3,

5%,

8/01/40

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

3,270,000

3,580,487

Future

Tax

Secured,

Revenue,

2018

A-3,

4%,

8/01/43

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

5,645,000

5,792,920

Future

Tax

Secured,

Revenue,

2018

B-1,

5%,

8/01/45

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

17,500,000

18,992,185

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/42

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

7,410,000

7,634,753

Future

Tax

Secured,

Revenue,

2019

A-1,

5%,

8/01/42

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

5,000,000

5,500,066

Future

Tax

Secured,

Revenue,

2020

B-1,

4%,

11/01/41

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

7,205,000

7,475,878

Future

Tax

Secured,

Revenue,

F-1,

5%,

2/01/34

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

5,000,000

5,087,930

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

11/15/46

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

5,000,000

5,328,575

New

York

Liberty

Development

Corp.

,

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

18,000,000

14,629,099

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

86,360,000

102,070,343

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Liberty

Development

Corp.,

(continued)

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

$

27,000,000

$

33,010,027

Port

Authority

of

New

York

&

New

Jersey,

Revenue,

2021,

Refunding,

3%,

2/15/42

.

5,000,000

4,354,270

New

York

State

Dormitory

Authority

,

Revenue,

2008

A-1,

5%,

6/01/38

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

3,970,000

3,982,602

Revenue,

2009

A,

AGMC

Insured,

5.625%,

10/01/29

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

300,000

301,103

Revenue,

2009

C,

AGMC

Insured,

5%,

10/01/31

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

45,000

45,141

Revenue,

2009

C,

AGMC

Insured,

5.125%,

10/01/36

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

60,000

60,196

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/22

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

395,000

396,205

Revenue,

2010

A,

AGMC

Insured,

5%,

10/01/24

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

710,000

712,254

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/37

1,705,000

1,526,163

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

2,200,000

1,954,631

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/39

1,305,000

1,150,845

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/40

1,300,000

1,138,451

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/41

2,100,000

2,108,461

Catholic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/45

5,835,000

4,882,869

Educational

Housing

Services,

Inc.,

Revenue,

2005,

AMBAC

Insured,

5.25%,

7/01/30

5,150,000

5,518,987

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/26

...

6,105,000

6,464,291

Fashion

Institute

of

Technology,

Revenue,

2007,

NATL

Insured,

5.25%,

7/01/34

...

13,220,000

14,087,461

Fordham

University,

Revenue,

2020,

4%,

7/01/50

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

4,500,000

4,453,904

a

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

12/01/45

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

1,000,000

1,023,589

a

Garnet

Health

Medical

Center

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

12/01/32

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

500,000

533,053

Iona

College,

Revenue,

2021

A,

5%,

7/01/46

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

375,000

403,876

Iona

College,

Revenue,

2021

A,

5%,

7/01/51

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

1,100,000

1,178,371

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/31

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

325,000

360,308

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/32

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

300,000

334,660

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/37

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

225,000

248,664

Iona

College,

Revenue,

2022,

Refunding,

5%,

7/01/42

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

275,000

300,761

Memorial

Sloan-Kettering

Cancer

Center,

Revenue,

2017-1,

Refunding,

4%,

7/01/47

5,000,000

5,049,326

Montefiore

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/01/31

.........

1,525,000

1,631,559

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

.........

1,800,000

1,935,691

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/45

.........

10,900,000

10,216,246

Montefiore

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

9/01/50

.........

1,370,000

1,262,795

New

School

(The),

Revenue,

2015

A,

5%,

7/01/40

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

5,120,000

5,323,983

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

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

380,000

412,993

New

School

(The),

Revenue,

2015

A,

5%,

7/01/45

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

8,725,000

9,007,232

New

School

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

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

660,000

717,304

New

School

(The),

Revenue,

2022

A,

Refunding,

4%,

7/01/47

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

4,000,000

3,892,201

New

York

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/45

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

5,000,000

5,326,146

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

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

5,000,000

5,516,736

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/40

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

6,745,000

7,419,366

New

York

University,

Revenue,

2017

A,

Refunding,

5%,

7/01/43

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

3,000,000

3,285,014

New

York

University,

Revenue,

2019

A,

4%,

7/01/45

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

3,415,000

3,485,744

New

York

University,

Revenue,

2019

A,

5%,

7/01/49

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

50,000,000

56,002,600

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

....

11,000,000

11,522,342

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/27

2,025,000

2,126,912

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/30

1,000,000

1,036,031

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/32

1,000,000

1,031,211

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/34

7,250,000

7,459,861

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

3%,

7/01/48

.......

4,000,000

3,229,428

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/50

.......

45,520,000

45,890,469

Rochester

Institute

of

Technology,

Revenue,

2019

A,

5%,

7/01/49

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

3,500,000

3,845,454

Rockefeller

University

(The),

Revenue,

2019

B,

5%,

7/01/50

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

6,500,000

7,252,738

Rockefeller

University

(The),

Revenue,

2020

A,

Refunding,

5%,

7/01/53

.........

10,000,000

11,237,075

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/29

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

1,375,000

1,459,530

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

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)

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/30

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

$

1,675,000

$

1,774,614

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/31

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

3,700,000

3,914,184

St.

John's

University,

Revenue,

2015

A,

Refunding,

5%,

7/01/34

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

2,000,000

2,102,177

St.

John's

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/48

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

6,250,000

6,194,054

St.

Joseph's

College,

Revenue,

2021,

4%,

7/01/40

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

225,000

222,692

St.

Joseph's

College,

Revenue,

2021,

5%,

7/01/51

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

725,000

771,327

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/41

.........

4,000,000

4,352,992

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/42

.........

1,950,000

2,118,853

State

of

New

York

Personal

Income

Tax,

Revenue,

2016

A,

5%,

2/15/43

.........

8,450,000

9,167,724

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/37

.........

5,000,000

5,419,861

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

2/15/38

5,000,000

5,411,877

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

5%,

2/15/39

.........

8,940,000

9,658,015

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Pre-Refunded,

5%,

2/15/39

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

5,000

5,639

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/40

.........

9,415,000

10,211,211

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/40

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

10,000

11,384

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/41

.........

12,410,000

13,440,529

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/41

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

15,000

17,076

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

5%,

2/15/43

.........

4,590,000

4,957,509

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

5%,

2/15/43

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

5,000

5,692

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

4%,

2/15/46

.........

19,995,000

20,426,998

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Pre-Refunded,

4%,

2/15/46

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

5,000

5,447

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Refunding,

5%,

3/15/45

10,000,000

10,972,501

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/31

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

15,685,000

16,441,386

State

of

New

York

Sales

Tax,

Revenue,

2014

A,

5%,

3/15/44

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

37,250,000

38,773,082

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/40

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

12,640,000

13,475,111

State

of

New

York

Sales

Tax,

Revenue,

2015

B,

5%,

3/15/41

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

10,520,000

11,204,833

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/34

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

10,000,000

10,883,992

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/35

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

24,545,000

26,694,055

State

of

New

York

Sales

Tax,

Revenue,

2016

A,

5%,

3/15/36

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

31,550,000

34,245,957

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/41

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

10,000,000

10,921,812

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/42

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

10,000,000

10,895,052

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/42

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

6,235,000

6,816,835

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/46

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

25,000,000

25,398,372

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

4%,

3/15/48

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

10,000,000

10,156,739

State

of

New

York

Sales

Tax,

Revenue,

2018

C,

Refunding,

4%,

3/15/44

........

5,310,000

5,398,439

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/37

........

15,340,000

17,031,411

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/35

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

2,000,000

2,186,850

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

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

1,500,000

1,635,927

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

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

2,000,000

2,178,503

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

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

1,000,000

1,088,023

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

3,750,000

4,064,369

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2017

A,

Pre-Refunded,

5%,

7/01/46

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

4,000,000

4,543,463

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2018

A,

5%,

7/01/43

..

4,300,000

4,820,088

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2018

A,

Refunding,

5%,

7/01/48

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

13,925,000

15,572,293

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2019

A,

3%,

7/01/42

..

$

4,165,000

$

3,691,896

State

University

of

New

York

Dormitory

Facilities,

Revenue,

2019

A,

4%,

7/01/43

..

1,200,000

1,224,391

Teachers

College,

Revenue,

2022,

Refunding,

4%,

7/01/46

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

4,670,000

4,712,154

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System,

Revenue,

2013

A,

5%,

6/15/31

..........

5,000,000

5,170,206

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/15/46

28,360,000

30,991,510

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/42

........

8,355,000

9,176,236

State

of

New

York

State

Revolving

Fund,

Revenue,

2017

E,

5%,

6/15/47

........

12,345,000

13,482,389

State

of

New

York

State

Revolving

Fund,

Revenue,

2018

B,

5%,

6/15/48

........

7,500,000

8,302,490

State

of

New

York

State

Revolving

Fund,

Revenue,

2019

A,

5%,

2/15/49

........

5,000,000

5,616,282

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45

%

,

11/01/50

......

3,000,000

2,161,047

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/41

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

12,000,000

12,322,746

Revenue,

2019

B,

3%,

1/01/46

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

4,200,000

3,539,304

Revenue,

2019

B,

4%,

1/01/50

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

35,000,000

35,661,440

Revenue,

L,

Refunding,

5%,

1/01/34

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

2,600,000

2,883,823

Revenue,

L,

Refunding,

5%,

1/01/35

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

3,000,000

3,320,234

Revenue,

N,

4%,

1/01/46

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

10,000,000

10,229,210

Revenue,

Junior

Lien,

2016

A,

5%,

1/01/46

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

25,000,000

26,533,288

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

A,

Refunding,

5%,

3/15/38

15,000,000

16,480,029

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

C,

Refunding,

5%,

3/15/42

8,400,000

9,272,028

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

A,

5%,

3/15/42

.........

10,000,000

11,029,991

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4%,

10/01/30

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

12,400,000

12,363,612

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

8,540,000

8,852,081

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4.375%,

10/01/45

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

26,500,000

25,577,368

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/41

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

2,130,000

2,084,516

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

10/31/46

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

6,000,000

5,711,261

Empire

State

Thruway

Partners

LLC,

Revenue,

2021,

4%,

4/30/53

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

19,875,000

18,421,766

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

213,869

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/37

...

350,000

374,020

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/38

...

300,000

294,562

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/39

...

400,000

391,215

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/40

...

2,555,000

2,489,555

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

4%,

12/01/42

...

910,000

876,836

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/34

...

2,000,000

2,166,628

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/36

...

2,000,000

2,159,606

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/39

...

8,010,000

7,991,824

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/40

...

6,225,000

6,176,306

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

4%,

12/01/42

...

10,300,000

10,160,153

JFK

International

Air

Terminal

LLC,

Revenue,

2022,

5%,

12/01/42

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

5,000,000

5,354,931

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

12/01/51

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

4,000,000

3,969,936

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/38

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

200,000

199,692

Le

Moyne

College,

Revenue,

2021,

4%,

7/01/41

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

245,000

242,374

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/46

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

460,000

495,785

Le

Moyne

College,

Revenue,

2021,

5%,

7/01/51

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

820,000

879,711

Le

Moyne

College,

Revenue,

2022,

Refunding,

5%,

7/01/32

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

725,000

802,920

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/34

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

315,000

316,829

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/36

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

350,000

351,050

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/39

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

475,000

472,765

Le

Moyne

College,

Revenue,

2022,

Refunding,

4%,

7/01/42

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

530,000

522,171

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University,

Revenue,

2019,

Refunding,

5%,

12/01/45

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

5,000,000

5,590,482

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Onondaga

County

Trust

for

Cultural

Resources,

(continued)

Syracuse

University,

Revenue,

2019,

Refunding,

4%,

12/01/47

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

$

17,000,000

$

17,215,361

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

194,

Refunding,

5%,

10/15/41

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

10,000,000

10,632,192

Revenue,

200,

Refunding,

5%,

10/15/47

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

10,000,000

10,883,320

Revenue,

2016,

4%,

9/01/49

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

11,815,000

12,145,320

Revenue,

218,

4%,

11/01/47

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

2,500,000

2,498,273

Revenue,

221,

4%,

7/15/45

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

5,500,000

5,495,867

Revenue,

221,

4%,

7/15/50

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

12,750,000

12,682,727

Revenue,

Two

Hundred

And

Seventeen,

4%,

11/01/41

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

10,000,000

10,349,433

Revenue,

Two

Hundred

And

Seventeen,

5%,

11/01/44

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

5,000,000

5,473,256

Revenue,

Two

Hundred

Eleventh,

Refunding,

5%,

9/01/48

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

25,000,000

27,819,278

Revenue,

Two

Hundred

Fifth,

Refunding,

5%,

11/15/47

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

26,340,000

28,854,495

Revenue,

Two

Hundred

Fourteen,

4%,

9/01/38

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

7,110,000

7,197,725

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

4

%

,

7/01/50

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

2,250,000

2,245,672

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/40

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

2,600,000

2,750,061

Trustees

of

Union

College,

Revenue,

2017,

Refunding,

5%,

1/01/47

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

6,590,000

6,921,036

c

Trustees

of

Union

College,

Revenue,

2022,

Refunding,

5.25%,

7/01/52

.........

700,000

785,016

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/34

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

125,000

138,795

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/35

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

585,000

648,621

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/36

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

100,000

110,731

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/37

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

120,000

132,732

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/38

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

125,000

137,900

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/39

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

150,000

165,168

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/40

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

475,000

522,157

Clarkson

University,

Revenue,

2021

A,

Refunding,

5%,

9/01/41

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

125,000

137,198

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/34

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

230,000

255,384

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/35

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

245,000

271,645

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/36

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

250,000

276,826

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/37

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

265,000

293,116

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/38

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

225,000

248,221

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/39

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

200,000

220,224

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/40

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

225,000

247,338

Clarkson

University,

Revenue,

2021

B,

Refunding,

5%,

9/01/41

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

275,000

301,835

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

4

%

,

6/01/41

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

25,000,000

25,601,262

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue,

2021

A-2,

Refunding,

5%,

6/01/32

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

2,245,000

2,509,367

Revenue,

2021

A-2,

Refunding,

5%,

6/01/33

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

2,375,000

2,647,510

Revenue,

2021

A-2,

Refunding,

5%,

6/01/34

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

2,250,000

2,497,428

Revenue,

2021

A-2,

Refunding,

4%,

6/01/35

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

2,345,000

2,397,048

Revenue,

2021

A-2,

Refunding,

4%,

6/01/36

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

2,425,000

2,474,399

Revenue,

2021

A-2,

Refunding,

4%,

6/01/37

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

1,250,000

1,274,012

Revenue,

2021

A-2,

Refunding,

4%,

6/01/38

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

1,000,000

1,016,681

Revenue,

2021

A-2,

Refunding,

4%,

6/01/39

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

1,465,000

1,486,864

Revenue,

2021

A-2,

Refunding,

4%,

6/01/40

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

1,415,000

1,432,590

Revenue,

2021

A-2,

Refunding,

4%,

6/01/41

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

1,340,000

1,354,548

Revenue,

2021

A-2,

Refunding,

4%,

6/01/50

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

4,500,000

4,516,894

Revenue,

2021

B-1,

Refunding,

4%,

6/01/50

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

5,000,000

5,005,244

Syracuse

Regional

Airport

Authority

,

Revenue,

2021,

Refunding,

4%,

7/01/35

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

735,000

738,711

Revenue,

2021,

Refunding,

4%,

7/01/36

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

750,000

752,249

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

7/01/42

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

$

3,440,000

$

3,451,254

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2013

C,

5%,

11/15/38

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

5,000,000

5,131,585

Revenue,

2015

B,

5%,

11/15/45

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

5,000,000

5,351,637

Revenue,

2017

A,

Refunding,

5%,

11/15/38

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

3,000,000

3,279,558

Revenue,

2017

A,

Refunding,

5%,

11/15/42

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

5,750,000

6,251,096

Revenue,

2017

A,

Refunding,

5%,

11/15/47

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

13,000,000

14,073,518

Revenue,

2017

B,

Refunding,

5%,

11/15/36

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

21,080,000

23,121,284

Revenue,

2017

B,

Refunding,

5%,

11/15/37

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

18,190,000

19,907,029

Revenue,

2017

B,

Refunding,

5%,

11/15/38

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

8,055,000

8,805,614

Revenue,

2019

A,

5%,

11/15/49

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

9,000,000

9,938,639

Revenue,

2020

A,

5%,

11/15/49

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

10,000,000

11,222,754

Troy

Capital

Resource

Corp.

,

Revenue,

2021,

Refunding,

4%,

9/01/33

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

100,000

103,055

Revenue,

2021,

Refunding,

4%,

9/01/34

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

160,000

163,419

Revenue,

2021,

Refunding,

4%,

9/01/35

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

180,000

182,319

Revenue,

2021,

Refunding,

4%,

9/01/36

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

280,000

282,078

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/35

......

4,500,000

5,008,394

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/36

......

5,000,000

5,558,252

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/39

......

2,500,000

2,738,695

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

4%,

9/01/40

......

1,500,000

1,494,046

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

1,046,855

Lincoln

Center

for

the

Performing

Arts,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/35

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

1,250,000

1,299,328

Utility

Debt

Securitization

Authority

,

Revenue,

2015,

Refunding,

5%,

12/15/33

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

20,000,000

21,780,204

Revenue,

2015,

Refunding,

5%,

12/15/34

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

9,950,000

10,825,063

Revenue,

2016

A,

Refunding,

5%,

12/15/34

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

33,870,000

37,375,460

Revenue,

2016

B,

Refunding,

5%,

12/15/33

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

5,750,000

6,349,785

Revenue,

2017,

5%,

12/15/40

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

10,000,000

11,196,800

Revenue,

2017,

5%,

12/15/41

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

8,500,000

9,507,689

c

Westchester

County

Local

Development

Corp.

,

Kendal

on

Hudson

Obligated

Group,

Revenue,

2022

B,

Refunding,

4.25%,

1/01/45

2,925,000

2,783,288

Kendal

on

Hudson

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

1/01/51

...

2,500,000

2,588,399

Western

Nassau

County

Water

Authority

,

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/40

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

1,400,000

1,514,907

Revenue,

2015

A,

Pre-Refunded,

5%,

4/01/45

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

2,250,000

2,434,673

2,876,908,221

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

6,900,000

5,795,409

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

6,900,000

5,789,176

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

6,000,000

4,965,037

16,549,622

Texas

0.5%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

9,100,000

7,716,446

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

10,000,000

8,497,396

16,213,842

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

See

Abbreviations

on

page

14

.

c

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

$

6,900,000

$

5,790,943

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

6,500,000

5,419,159

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

17,500,000

17,387,419

22,806,578

U.S.

Territories

0.2%

Puerto

Rico

0.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,050,000

1,095,216

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

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

145,000

153,962

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

200,000

212,656

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

1,005,000

1,045,524

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,900,000

1,936,510

4,443,868

Total

U.S.

Territories

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

4,443,868

Total

Municipal

Bonds

(Cost

$3,094,010,990)

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

3,047,761,989

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

New

York

1.0%

d

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.6

%

,

11/01/31

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

6,000,000

6,000,000

d

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.52

%

,

1/01/34

12,200,000

12,200,000

d

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-1

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

6/15/50

.

5,900,000

5,900,000

d

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2019

B-4

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

8/01/42

..........

7,000,000

7,000,000

31,100,000

Total

Municipal

Bonds

(Cost

$31,100,000)

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

31,100,000

Total

Short

Term

Investments

(Cost

$31,100,000

)

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

31,100,000

a

Total

Investments

(Cost

$3,125,110,990)

99.2%

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

$3,078,861,989

Other

Assets,

less

Liabilities

0.8%

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

24,336,497

Net

Assets

100.0%

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

$3,103,198,486

a

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

May

31,

2022,

the

aggregate

value

of

these

securities

was

$91,332,023,

representing

2.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Security

purchased

on

a

when-issued

basis.

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

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

13

Quarterly

Schedule

of

Investments

Notes

to

Schedule

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. 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 May

31,

2022,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

14

Quarterly

Schedule

of

Investments

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

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.