Franklin New York Tax Free Income Fund NPORT-P Franklin New York Tax-Free Income Fund (Nov 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1115-Q3PH

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),

November

30,

2024

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25%,

12/31/53

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

$

6,700,000

$

6,884,144

Total

Corporate

Bonds

(Cost

$

6,700,000

)

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

6,884,144

Municipal

Bonds

98.3%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

5,800,000

5,103,432

Florida

2.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

18,760,000

16,820,355

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-2

,

5.5

%

,

12/01/30

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

2,770,000

2,490,452

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

3,990,000

2,891,713

b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

23,000,000

18,468,460

b

,c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

Zero

Cpn.,

5/01/52

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

15,500,000

13,919,000

54,589,980

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

11,550,000

9,822,926

Illinois

0.9%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

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

6,970,000

6,928,148

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

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

10,310,000

9,705,764

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

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

4,705,882

4,732,390

GO

,

2021

A

,

4

%

,

3/01/38

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

2,600,000

2,601,469

23,967,771

New

Jersey

0.5%

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

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

1,500,000

1,503,241

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2020

AA

,

5

%

,

6/15/50

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

3,725,000

3,938,759

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

5

%

,

6/15/50

...........

1,025,000

1,154,743

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/41

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

1,500,000

1,512,814

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/46

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

5,000,000

4,970,411

13,079,968

New

York

89.8%

Albany

Capital

Resource

Corp.

,

Albany

College

of

Pharmacy

and

Health

Sciences

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

12/01/38

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

6,505,000

6,821,389

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

D

,

4

%

,

11/01/51

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

2,000,000

1,989,921

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.75

%

,

6/01/54

....

1,200,000

1,211,852

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

5

%

,

6/01/64

.......

2,250,000

2,289,638

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25

%

,

4/01/49

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

1,700,000

1,778,386

Alfred

University

,

Revenue

,

2024

,

5.25

%

,

4/01/54

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

3,000,000

3,116,414

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)

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2023

A

,

5

%

,

11/01/48

..........

$

20,000,000

$

22,107,760

Brookhaven

Local

Development

Corp.

,

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/45

1,500,000

1,450,356

Active

Retirement

Community,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/55

8,000,000

7,347,950

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/36

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

1,600,000

1,560,807

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/41

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

1,530,000

1,427,646

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/47

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

1,160,000

1,025,559

United

Health

Services

Hospitals

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

3

%

,

4/01/45

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

7,045,000

5,878,533

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

5.25

%

,

7/01/35

.......

1,000,000

1,001,426

Catholic

Health

System

Obligated

Group

,

Revenue

,

2015

,

5

%

,

7/01/40

.........

1,000,000

1,000,240

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/50

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

2,500,000

2,102,869

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/36

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

400,000

399,919

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.5

%

,

6/15/43

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

700,000

703,138

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75

%

,

6/15/53

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

850,000

853,864

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4.75

%

,

6/15/58

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

725,000

726,203

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

5

%

,

7/01/42

......

600,000

616,810

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

5

%

,

7/01/52

......

725,000

735,616

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

5

%

,

7/01/56

......

570,000

576,616

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25

%

,

7/01/52

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

4,000,000

4,201,780

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25

%

,

7/01/57

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

1,000,000

1,047,691

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2022

,

5.25

%

,

7/01/62

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

1,500,000

1,566,639

c

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25

%

,

4/03/28

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

2,000,000

2,037,707

City

of

Long

Beach

,

GO

,

2022

B

,

BAM

Insured

,

5.25

%

,

7/15/42

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

1,010,000

1,091,545

City

of

New

Rochelle

,

Iona

College

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/45

.....

2,675,000

2,684,145

City

of

New

York

,

GO

,

2017

B

,

5

%

,

12/01/41

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

7,000,000

7,193,469

GO

,

2018

B-1

,

5

%

,

10/01/38

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

6,250,000

6,550,078

GO

,

2018

E-1

,

5

%

,

3/01/40

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

14,330,000

14,999,617

GO

,

2018

E-1

,

5

%

,

3/01/44

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

12,500,000

13,007,376

GO

,

2018

F-1

,

5

%

,

4/01/40

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

16,210,000

16,985,926

GO

,

2018

F-1

,

5

%

,

4/01/45

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

10,000,000

10,406,316

GO

,

2019

D-1

,

4

%

,

12/01/43

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

10,000,000

10,033,000

GO

,

2022

D-1

,

5.25

%

,

5/01/41

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

1,500,000

1,685,190

GO

,

2023

A-1

,

4

%

,

9/01/46

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

5,000,000

5,007,817

GO

,

2023

E-1

,

4

%

,

4/01/45

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

3,000,000

3,010,288

GO

,

2023

E-1

,

5.25

%

,

4/01/47

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

10,000,000

11,114,653

GO

,

2024

C

,

5.25

%

,

3/01/53

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

7,750,000

8,613,637

GO

,

2024

D

,

5.25

%

,

4/01/54

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

2,000,000

2,222,622

GO

,

2025

C-1

,

5.25

%

,

9/01/50

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

1,000,000

1,121,225

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/32

......

175,000

187,571

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/33

......

185,000

197,533

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/34

......

500,000

533,595

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/35

......

200,000

198,560

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/36

......

200,000

197,548

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/37

......

250,000

244,759

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/38

......

250,000

241,140

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/39

......

100,000

95,314

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/40

......

100,000

94,608

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)

Dutchess

County

Local

Development

Corp.,

(continued)

Nuvance

Health

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

7/01/31

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

$

10,550,000

$

10,768,029

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

4

%

,

7/01/44

.....

1,900,000

1,822,345

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

4

%

,

7/01/49

.....

4,425,000

4,119,820

Vassar

College

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/42

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

5,000,000

5,166,960

Vassar

College

,

Revenue

,

2017

,

Refunding

,

4

%

,

7/01/46

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

5,715,000

5,674,422

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

3/15/40

8,400,000

8,759,801

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/15/42

.........

10,000,000

10,525,899

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

5

%

,

3/15/41

.........

5,000,000

5,418,181

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

5

%

,

3/15/54

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

5,000,000

5,460,667

Genesee

County

Funding

Corp.

(The)

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

12/01/52

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

4,250,000

4,494,894

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/42

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

1,250,000

1,290,989

Hofstra

University

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/47

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

5,250,000

5,387,995

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/39

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

575,000

583,960

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/40

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

715,000

723,747

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

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

625,000

630,029

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

7/01/51

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

3,000,000

2,308,581

Hudson

Yards

Infrastructure

Corp.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/42

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

15,000,000

15,434,615

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/47

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

13,680,000

13,718,360

Long

Island

Power

Authority

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/41

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

10,250,000

10,502,338

Revenue

,

2018

,

5

%

,

9/01/39

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

5,000,000

5,299,382

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/42

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

1,500,000

1,517,708

Revenue

,

2022

A

,

Refunding

,

5

%

,

9/01/44

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

3,000,000

3,291,496

Revenue

,

2023

E

,

5

%

,

9/01/53

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

3,500,000

3,806,293

Revenue

,

2024

A

,

Refunding

,

5

%

,

9/01/54

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

8,000,000

8,758,674

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

9/01/54

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

2,500,000

2,798,335

Metropolitan

Transportation

Authority

,

Revenue

,

2015

C-1

,

Refunding

,

5

%

,

11/15/35

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

5,000,000

5,072,673

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/33

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

6,000,000

6,156,055

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/35

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

4,000,000

4,094,414

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/37

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

18,500,000

18,907,725

Revenue

,

2016

D

,

Refunding

,

5

%

,

11/15/30

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

10,305,000

10,627,391

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

11/15/51

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

2,505,000

2,564,647

Revenue

,

2017

C-1

,

Refunding

,

5

%

,

11/15/30

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

6,215,000

6,585,982

Revenue

,

2017

D

,

Refunding

,

4

%

,

11/15/42

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

20,000,000

19,754,456

Revenue

,

2017

D

,

Refunding

,

4

%

,

11/15/46

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

5,000,000

4,888,583

Revenue

,

2019

C

,

AGMC

Insured

,

4

%

,

11/15/45

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

8,000,000

7,976,601

Revenue

,

2020

A-1

,

5

%

,

11/15/48

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

17,000,000

17,802,609

Revenue

,

2020

C-1

,

4.75

%

,

11/15/45

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

2,950,000

3,052,892

Revenue

,

2020

C-1

,

5

%

,

11/15/50

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

9,150,000

9,520,086

Revenue

,

2020

D

,

5

%

,

11/15/44

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

15,000,000

15,876,090

Revenue

,

2020

D

,

4

%

,

11/15/50

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

10,000,000

9,774,118

Revenue

,

2021

A-2

,

4

%

,

11/15/42

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

5,000,000

4,995,387

Revenue

,

2024

A

,

Refunding

,

4

%

,

11/15/43

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

6,220,000

6,187,174

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

11/15/49

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

6,000,000

6,578,086

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

Zero

Cpn.,

11/15/32

.........

10,000,000

7,568,398

Dedicated

Tax

Fund

,

Revenue

,

2017

A

,

5

%

,

11/15/47

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

30,375,000

31,146,422

Dedicated

Tax

Fund

,

Revenue

,

2017

B-1

,

Refunding

,

5

%

,

11/15/42

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

5,000,000

5,179,138

Dedicated

Tax

Fund

,

Revenue

,

2017

B-1

,

Refunding

,

5

%

,

11/15/47

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

13,505,000

13,921,655

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

5

%

,

11/15/49

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

2,500,000

2,752,133

Dedicated

Tax

Fund

,

Special

Tax

,

2024

A

,

5.25

%

,

11/15/54

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

7,500,000

8,387,583

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)

Monroe

County

Industrial

Development

Corp.

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2017

,

5

%

,

12/01/46

......

$

17,000,000

$

17,213,852

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

1,500,000

1,619,854

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/32

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

4,200,000

4,513,242

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/33

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

1,815,000

1,941,969

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/34

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

2,510,000

2,679,513

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/35

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

1,100,000

1,100,778

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/46

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

8,560,000

8,097,176

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

6/01/49

..........

635,000

699,803

St.

John

Fisher

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

6/01/54

..........

1,670,000

1,815,829

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/01/50

.

2,360,000

2,398,342

b

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/01/59

.

2,345,000

2,374,990

University

of

Rochester

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

7/01/43

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

22,895,000

22,947,780

University

of

Rochester

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

7/01/43

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

21,550,000

21,599,679

University

of

Rochester

,

Revenue

,

2023

A

,

5

%

,

7/01/53

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

10,000,000

10,857,482

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

5

%

,

7/01/43

....

1,440,000

1,505,333

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

5

%

,

7/01/55

....

2,605,000

2,665,127

New

York

City

Health

and

Hospitals

Corp.

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

2/15/45

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

1,250,000

1,049,387

Revenue

,

2020

A

,

Refunding

,

4

%

,

2/15/45

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

1,800,000

1,802,343

Revenue

,

2020

A

,

Refunding

,

4

%

,

2/15/48

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

880,000

868,385

New

York

City

Housing

Development

Corp.

,

Revenue

,

2018

K

,

4

%

,

11/01/48

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

36,505,000

35,769,884

Revenue

,

2019

G-1-B

,

Refunding

,

3

%

,

11/01/44

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

9,405,000

7,962,106

Revenue

,

2019

J

,

3

%

,

11/01/44

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

4,935,000

4,206,508

Revenue

,

2020

C

,

FNMA

Insured

,

2.75

%

,

2/01/51

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

10,000,000

7,347,336

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

3

%

,

1/01/46

5,000,000

4,126,092

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/49

..

10,000,000

8,124,154

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

AA

,

4

%

,

6/15/46

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

24,290,000

24,082,483

Water

&

Sewer

System

,

Revenue

,

2017

DD

,

5

%

,

6/15/47

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

33,800,000

34,695,430

Water

&

Sewer

System

,

Revenue

,

2018

BB-1

,

5

%

,

6/15/46

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

36,375,000

37,691,571

Water

&

Sewer

System

,

Revenue

,

2018

CC-1

,

5

%

,

6/15/48

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

11,225,000

11,614,467

Water

&

Sewer

System

,

Revenue

,

2019

DD-1

,

5

%

,

6/15/49

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

19,000,000

19,845,065

Water

&

Sewer

System

,

Revenue

,

2020

AA

,

Refunding

,

5

%

,

6/15/40

...........

10,000,000

10,785,445

Water

&

Sewer

System

,

Revenue

,

2022

AA-1

,

5

%

,

6/15/48

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

8,825,000

9,484,767

Water

&

Sewer

System

,

Revenue

,

2023

AA-1

,

5.25

%

,

6/15/52

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

16,750,000

18,481,732

Water

&

Sewer

System

,

Revenue

,

2024

CC-1

,

4.25

%

,

6/15/54

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

2,500,000

2,546,216

Water

&

Sewer

System

,

Revenue

,

2025

AA-1

,

5.25

%

,

6/15/53

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

9,000,000

10,113,781

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2016

A-1

,

5

%

,

8/01/36

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

10,000,000

10,095,923

Future

Tax

Secured

,

Revenue

,

2017

E-1

,

5

%

,

2/01/33

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

6,500,000

6,751,930

Future

Tax

Secured

,

Revenue

,

2017

F-1

,

5

%

,

5/01/42

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

17,500,000

18,152,556

Future

Tax

Secured

,

Revenue

,

2018

C-3

,

4

%

,

5/01/42

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

7,410,000

7,435,366

Future

Tax

Secured

,

Revenue

,

2019

A-1

,

5

%

,

8/01/40

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

9,340,000

9,859,152

Future

Tax

Secured

,

Revenue

,

2020

B-1

,

4

%

,

11/01/41

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

7,205,000

7,256,217

Future

Tax

Secured

,

Revenue

,

2021

C-1

,

4

%

,

5/01/43

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

5,000,000

5,047,252

Future

Tax

Secured

,

Revenue

,

2023

D-1

,

5

%

,

11/01/46

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

10,000,000

10,894,821

Future

Tax

Secured

,

Revenue

,

2024

A-1

,

4

%

,

5/01/53

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

3,000,000

2,931,877

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

City

Transitional

Finance

Authority,

(continued)

Future

Tax

Secured

,

Revenue

,

2024

G-1

,

4.125

%

,

5/01/52

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

$

6,500,000

$

6,513,435

Future

Tax

Secured

,

Revenue

,

2024

G-1

,

5

%

,

5/01/52

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

4,000,000

4,374,172

Future

Tax

Secured

,

Revenue

,

2025

C-1

,

5.25

%

,

5/01/49

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

5,000,000

5,622,758

Future

Tax

Secured

,

Revenue

,

2025

D

,

5

%

,

5/01/50

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

2,375,000

2,614,138

State

of

New

York

,

Revenue

,

2018

S-3

,

5

%

,

7/15/43

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

10,000,000

10,530,907

State

of

New

York

,

Revenue

,

2019

S-1

,

5

%

,

7/15/43

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

22,230,000

23,410,206

State

of

New

York

,

Revenue

,

2020

S-1

,

4

%

,

7/15/41

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

8,465,000

8,590,384

State

of

New

York

,

Revenue

,

2020

S-1B

,

4

%

,

7/15/41

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

2,465,000

2,479,914

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

11/15/46

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

5,000,000

5,096,166

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

11/15/51

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

18,000,000

14,140,796

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

..

91,360,000

106,673,517

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2007

,

5.5

%

,

10/01/37

...........

27,000,000

32,479,682

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

3

%

,

2/15/42

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

5,000,000

4,388,239

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC-2021

,

Refunding

,

4

%

,

2/15/43

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

5,000,000

4,992,859

New

York

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/15/60

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

11,455,000

11,240,615

SFP

Transmission

Project

,

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

11/15/53

......

3,000,000

3,276,351

New

York

State

Dormitory

Authority

,

Revenue

,

2008

A-1

,

5

%

,

6/01/38

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

3,970,000

3,974,315

Revenue

,

2009

A

,

AGMC

Insured

,

5.625

%

,

10/01/29

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

300,000

300,601

Revenue

,

2009

C

,

AGMC

Insured

,

5

%

,

10/01/31

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

45,000

45,067

Revenue

,

2009

C

,

AGMC

Insured

,

5.125

%

,

10/01/36

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

60,000

60,099

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/37

1,705,000

1,532,358

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/38

2,200,000

1,960,887

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/39

1,305,000

1,148,712

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/40

1,300,000

1,143,665

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/41

2,100,000

2,092,883

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/45

5,835,000

4,949,840

Educational

Housing

Services,

Inc.

,

Revenue

,

2005

,

AMBAC

Insured

,

5.25

%

,

7/01/30

5,150,000

5,353,977

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25

%

,

7/01/26

...

6,105,000

6,189,732

Fashion

Institute

of

Technology

,

Revenue

,

2007

,

NATL

Insured

,

5.25

%

,

7/01/34

...

13,220,000

13,744,361

Fordham

University

,

Revenue

,

2020

,

4

%

,

7/01/50

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

4,500,000

4,464,613

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

5

%

,

12/01/45

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

1,000,000

931,044

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/32

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

500,000

499,479

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/33

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

4,000,000

3,980,237

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/35

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

1,100,000

1,086,583

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/36

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

2,100,000

2,065,864

b

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/37

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

2,000,000

1,957,133

Iona

College

,

Revenue

,

2021

A

,

5

%

,

7/01/46

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

925,000

955,013

Iona

College

,

Revenue

,

2021

A

,

5

%

,

7/01/51

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

1,100,000

1,127,165

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/31

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

325,000

353,212

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/32

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

300,000

328,114

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/37

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

225,000

240,246

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/42

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

275,000

288,108

Memorial

Sloan-Kettering

Cancer

Center

,

Revenue

,

2017-1

,

Refunding

,

4

%

,

7/01/47

5,000,000

4,973,350

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/01/31

.........

525,000

548,256

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)

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/01/33

.........

$

1,150,000

$

1,197,607

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/30

.........

1,800,000

1,932,332

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

9/01/45

.........

10,900,000

10,423,699

Montefiore

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

9/01/50

.........

1,370,000

1,281,429

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

11/01/47

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

500,000

551,680

New

School

(The)

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/40

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

380,000

384,243

New

School

(The)

,

Revenue

,

2015

A

,

5

%

,

7/01/45

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

13,845,000

13,894,874

New

School

(The)

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/45

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

660,000

667,370

New

School

(The)

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

7/01/47

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

4,000,000

3,961,121

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25

%

,

7/01/49

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

1,300,000

1,408,333

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25

%

,

7/01/54

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

2,900,000

3,119,114

New

York

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/43

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

3,000,000

3,110,030

New

York

University

,

Revenue

,

2018

A

,

5

%

,

7/01/48

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

5,000,000

5,266,926

New

York

University

,

Revenue

,

2019

A

,

4

%

,

7/01/45

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

3,415,000

3,415,961

New

York

University

,

Revenue

,

2019

A

,

5

%

,

7/01/49

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

50,000,000

53,019,030

Northwell

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/52

....

13,490,000

14,376,221

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

4

%

,

5/01/54

....

2,500,000

2,390,244

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

5/01/54

..

5,000,000

5,532,679

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

3

%

,

7/01/48

.......

4,000,000

3,271,833

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/50

.......

20,420,000

20,291,630

NYU

Langone

Hospitals

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/53

.......

25,280,000

24,923,365

Pace

University

,

Revenue

,

2024

A

,

5.5

%

,

5/01/49

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

500,000

550,716

Pace

University

,

Revenue

,

2024

A

,

5.5

%

,

5/01/56

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

1,000,000

1,095,311

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

5

%

,

7/01/49

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

3,500,000

3,667,850

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

5

%

,

7/01/41

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

1,000,000

1,107,101

Rochester

Institute

of

Technology

,

Revenue

,

2022

A

,

5

%

,

7/01/42

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

1,000,000

1,102,485

Rockefeller

University

(The)

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/53

.........

6,500,000

6,899,395

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/48

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

6,250,000

6,186,734

St.

Joseph's

College

,

Revenue

,

2021

,

4

%

,

7/01/40

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

225,000

194,354

St.

Joseph's

College

,

Revenue

,

2021

,

5

%

,

7/01/51

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

725,000

664,184

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

2/15/39

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

15,000

15,774

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

5

%

,

2/15/40

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

10,000

10,637

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

5

%

,

2/15/41

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

30,000

31,910

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

5

%

,

2/15/43

.........

17,050,000

17,696,964

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

5

%

,

2/15/43

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

30,000

31,910

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

4

%

,

2/15/46

.........

19,985,000

20,016,750

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B

,

Pre-Refunded

,

4

%

,

2/15/46

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

15,000

15,566

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

B-3

,

5

%

,

2/15/41

.......

9,895,000

10,299,006

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

3/15/45

10,000,000

10,532,259

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

3/15/49

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

10,000,000

11,137,672

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

3/15/52

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

8,850,000

9,839,932

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

3/15/36

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

9,800,000

10,084,280

State

of

New

York

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

3/15/41

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

10,000,000

10,314,116

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

4

%

,

3/15/46

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

25,000,000

25,002,537

State

of

New

York

Sales

Tax

,

Revenue

,

2018

C

,

Refunding

,

4

%

,

3/15/44

........

5,310,000

5,319,614

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

3/15/37

........

15,340,000

16,357,771

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

3/15/45

........

6,235,000

6,564,601

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

7/01/42

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

780,000

827,802

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

,

2017

A

,

Pre-Refunded

,

5

%

,

7/01/46

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

$

4,000,000

$

4,245,139

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

5

%

,

7/01/43

..

4,300,000

4,474,867

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

5

%

,

7/01/48

..

7,950,000

8,233,209

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

Pre-Refunded

,

5

%

,

7/01/48

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

5,975,000

6,462,756

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

3

%

,

7/01/42

..

4,165,000

3,631,954

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2019

A

,

4

%

,

7/01/43

..

1,200,000

1,199,320

Teachers

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/46

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

6,175,000

6,226,955

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

........

2,000,000

2,155,095

New

York

State

Environmental

Facilities

Corp.

,

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/15/46

17,250,000

17,899,844

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2017

E

,

5

%

,

6/15/42

........

8,355,000

8,704,537

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2017

E

,

5

%

,

6/15/47

........

4,345,000

4,504,654

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

5

%

,

6/15/43

........

8,000,000

8,425,295

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

5

%

,

6/15/48

........

18,610,000

19,397,545

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2022

B

,

5.25

%

,

9/15/52

......

5,000,000

5,543,264

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

E

,

2.45

%

,

11/01/50

......

3,000,000

2,031,194

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

4

%

,

1/01/41

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

12,000,000

12,049,661

Revenue

,

2019

B

,

3

%

,

1/01/46

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

4,200,000

3,436,477

Revenue

,

2019

B

,

BAM

Insured

,

4

%

,

1/01/50

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

20,000,000

19,828,554

Revenue

,

2019

B

,

4

%

,

1/01/53

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

15,000,000

14,778,430

Revenue

,

N

,

4

%

,

1/01/46

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

10,000,000

10,021,637

Revenue

,

P

,

Refunding

,

5.25

%

,

1/01/54

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

1,000,000

1,105,581

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

3/15/46

4,125,000

4,489,343

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

3/15/48

25,000,000

27,051,305

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/32

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

5,500,000

5,682,919

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4

%

,

10/01/30

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

12,400,000

12,448,704

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/35

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

6,305,000

6,622,101

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/40

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

11,000,000

11,443,176

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375

%

,

10/01/45

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

26,500,000

25,831,198

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625

%

,

4/01/40

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

5,000,000

5,413,149

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/41

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

2,130,000

2,008,439

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/46

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

6,000,000

5,455,379

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

4/30/53

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

19,875,000

17,539,946

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/34

...

450,000

476,917

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/35

...

400,000

422,744

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/36

...

400,000

421,716

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/37

...

350,000

367,750

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/38

...

300,000

300,340

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/39

...

400,000

398,670

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/40

...

2,555,000

2,526,909

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/42

...

910,000

889,749

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/33

...

1,200,000

1,302,762

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/34

...

2,000,000

2,166,346

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/36

...

2,000,000

2,155,009

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

12/01/39

...

4,545,000

4,564,324

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

12/01/41

...

10,300,000

10,256,267

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

12/01/42

...

9,690,000

9,583,158

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

5

%

,

12/01/42

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

6,000,000

6,299,442

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/31/54

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

12,500,000

13,473,401

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

12/31/54

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

9,000,000

6,040,077

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)

New

York

Transportation

Development

Corp.,

(continued)

JFK

NTO

LLC

,

Revenue

,

2023

,

6

%

,

6/30/54

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

$

6,500,000

$

7,095,950

JFK

NTO

LLC

,

Revenue

,

2023

,

AGMC

Insured

,

5.125

%

,

6/30/60

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

10,000,000

10,392,542

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375

%

,

6/30/60

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

15,160,000

15,863,648

JFK

NTO

LLC

,

Revenue

,

2024

,

5

%

,

6/30/60

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

13,000,000

13,355,501

JFK

NTO

LLC

,

Revenue

,

2024

,

5.5

%

,

6/30/60

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

10,500,000

11,224,660

Oneida

County

Local

Development

Corp.

,

Mohawk

Valley

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

12/01/51

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

4,000,000

3,858,575

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

B

,

6

%

,

9/01/43

..........

2,150,000

2,378,940

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

4

%

,

7/01/38

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

200,000

195,724

Le

Moyne

College

,

Revenue

,

2021

,

4

%

,

7/01/41

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

245,000

233,134

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/46

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

460,000

470,706

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/51

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

820,000

832,332

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/32

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

725,000

771,426

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/34

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

315,000

315,634

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/36

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

350,000

348,257

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/39

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

475,000

458,682

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/42

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

530,000

500,052

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/43

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

5,000,000

5,350,517

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/47

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

17,000,000

17,073,931

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

194

,

Refunding

,

5

%

,

10/15/41

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

10,000,000

10,110,803

Revenue

,

200

,

Refunding

,

5

%

,

4/15/57

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

11,040,000

11,362,278

Revenue

,

2014

,

5

%

,

9/01/34

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

2,500,000

2,644,438

Revenue

,

205th

,

Refunding

,

5

%

,

5/15/57

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

13,000,000

13,468,428

Revenue

,

211th

,

Refunding

,

5

%

,

9/01/48

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

41,730,000

43,433,999

Revenue

,

214th

,

4

%

,

9/01/38

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

5,000,000

5,015,595

Revenue

,

217th

,

4

%

,

11/01/41

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

10,000,000

10,084,819

Revenue

,

221

,

4

%

,

7/15/45

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

7,610,000

7,410,699

Revenue

,

221

,

4

%

,

7/15/50

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

15,250,000

14,628,425

Revenue

,

234

,

Refunding

,

5.5

%

,

8/01/52

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

4,000,000

4,384,746

Revenue

,

238

,

Refunding

,

5

%

,

7/15/37

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

4,000,000

4,409,056

Revenue

,

240

,

Refunding

,

5

%

,

7/15/53

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

2,500,000

2,724,751

Revenue

,

246

,

Refunding

,

5

%

,

9/01/39

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

5,000,000

5,506,177

Revenue

,

246

,

Refunding

,

5

%

,

9/01/40

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

2,000,000

2,191,413

Saratoga

County

Capital

Resource

Corp.

,

Skidmore

College

,

Revenue

,

2020

A

,

4

%

,

7/01/50

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

2,250,000

2,260,065

Schenectady

County

Capital

Resource

Corp.

,

Trustees

of

Union

College

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/47

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

6,590,000

6,745,487

Trustees

of

Union

College

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

7/01/52

.........

700,000

772,551

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/34

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

465,000

497,003

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/35

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

475,000

506,196

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/36

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

500,000

530,744

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/37

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

525,000

555,573

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/38

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

435,000

458,470

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/39

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

400,000

419,332

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/40

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

475,000

495,554

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/41

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

525,000

544,897

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

7/01/47

...........

1,820,000

1,982,616

St.

Lawrence

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

7/01/52

...........

2,500,000

2,705,794

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

4

%

,

6/01/41

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

10,000,000

10,084,505

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/36

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

2,425,000

2,453,421

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/37

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

1,250,000

1,260,582

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)

Suffolk

Tobacco

Asset

Securitization

Corp.,

(continued)

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/38

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

$

1,000,000

$

1,004,875

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/39

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

1,465,000

1,461,486

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/40

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

1,415,000

1,398,857

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/41

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

1,340,000

1,313,300

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/50

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

4,500,000

4,141,015

Revenue

,

2021

B-1

,

Refunding

,

4

%

,

6/01/50

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

4,285,000

4,250,445

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/35

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

735,000

739,458

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/36

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

750,000

751,530

Tompkins

County

Development

Corp.

,

Kendal

at

Ithaca,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

7/01/42

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

3,440,000

3,405,615

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2013

A

,

Refunding

,

Zero

Cpn.,

11/15/31

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

5,000,000

3,923,205

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/47

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

18,120,000

18,695,817

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/15/37

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

8,055,000

8,389,068

Revenue

,

2017

C-2

,

5

%

,

11/15/42

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

18,190,000

18,986,669

Revenue

,

2020

A

,

5

%

,

11/15/49

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

10,000,000

10,625,662

Revenue

,

2020

A

,

5

%

,

11/15/54

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

10,000,000

10,579,212

Revenue

,

2024

A-1

,

5.25

%

,

11/15/51

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

5,000,000

5,613,396

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2021

A-1

,

Refunding

,

5

%

,

5/15/51

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

20,000,000

21,419,474

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

Zero

Cpn.,

11/15/36

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

6,250,000

3,989,301

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2022

D-1B

,

Refunding

,

Zero

Cpn.,

11/15/39

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

1,115,000

613,130

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

B-1

,

Refunding

,

4.125

%

,

5/15/54

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

5,000,000

4,984,182

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

B-1

,

Refunding

,

5.25

%

,

5/15/54

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

19,000,000

21,138,623

Sales

Tax

,

Revenue

,

2023

A

,

4

%

,

5/15/48

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

9,175,000

9,211,454

Sales

Tax

,

Revenue

,

2024

A-1

,

5.25

%

,

5/15/64

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

10,000,000

11,033,744

Troy

Capital

Resource

Corp.

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/35

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

180,000

183,248

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/36

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

280,000

284,490

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/35

......

3,200,000

3,501,245

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/37

......

5,000,000

5,426,321

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/38

......

3,800,000

4,108,884

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

9/01/40

......

1,500,000

1,504,626

Utility

Debt

Securitization

Authority

,

Revenue

,

2017

,

5

%

,

12/15/39

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

5,750,000

6,018,309

Revenue

,

2017

,

5

%

,

12/15/40

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

10,000,000

10,456,443

Revenue

,

2017

,

5

%

,

12/15/41

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

8,500,000

8,875,390

Westchester

County

Local

Development

Corp.

,

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4.25

%

,

1/01/45

2,925,000

2,913,168

Kendal

on

Hudson

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

1/01/51

...

2,500,000

2,580,523

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

5

%

,

7/01/35

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

2,250,000

2,493,978

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

5

%

,

7/01/38

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

2,260,000

2,476,335

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5.75

%

,

11/01/49

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

1,000,000

1,131,313

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5

%

,

11/01/51

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

1,200,000

1,287,268

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

6.25

%

,

11/01/52

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

1,000,000

1,144,048

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5.75

%

,

11/01/53

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

1,000,000

1,125,448

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Western

Nassau

County

Water

Authority

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/40

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

$

1,400,000

$

1,409,336

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/45

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

2,250,000

2,265,004

Yonkers

Industrial

Development

Agency

,

Revenue

,

2022

,

5.25

%

,

5/01/51

.........

1,600,000

1,750,750

2,495,648,560

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

6,900,000

6,067,140

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

6,900,000

6,067,140

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

16,250,000

12,561,212

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

6,000,000

5,100,726

29,796,218

Texas

0.4%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

4,390,000

4,363,947

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

10,000,000

8,380,040

12,743,987

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

6,900,000

6,068,446

Wisconsin

0.5%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

6,500,000

5,486,647

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

Zero

Cpn.,

12/01/44

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

10,875,000

6,901,298

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,551,895

13,939,840

U.S.

Territories

2.4%

Guam

0.4%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

10/01/28

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

520,000

538,348

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/29

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

700,000

743,740

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/31

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

775,000

834,145

Revenue

,

2023

A

,

Refunding

,

5.375

%

,

10/01/33

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

525,000

566,480

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/36

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

685,000

739,366

Revenue

,

2023

A

,

Refunding

,

5.375

%

,

10/01/40

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

525,000

569,512

Revenue

,

2023

A

,

Refunding

,

5.375

%

,

10/01/43

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

1,250,000

1,342,090

Revenue

,

2024

A

,

5

%

,

10/01/34

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

670,000

716,369

Revenue

,

2024

A

,

5.25

%

,

10/01/41

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

1,400,000

1,512,071

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/34

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

710,000

798,827

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/35

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

500,000

562,010

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/36

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

450,000

502,708

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/37

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

455,000

506,127

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/38

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

575,000

636,589

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/40

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

520,000

570,122

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/42

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

250,000

269,781

11,408,285

Franklin

New

York

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

See

Abbreviations

on

page

14

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.0%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/34

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

$

119,118

$

119,496

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

164,300

164,969

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,050,000

1,049,369

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

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

22,313,000

22,334,108

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

26,245,000

26,363,468

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/51

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

20,000,000

4,967,594

54,999,004

Total

U.S.

Territories

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

66,407,289

Total

Municipal

Bonds

(Cost

$

2,734,809,585

)

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

2,731,168,417

Total

Long

Term

Investments

(Cost

$

2,741,509,585

)

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

2,738,052,561

a

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

New

York

0.4%

d

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

3.6

%

,

10/01/46

...........

5,400,000

5,400,000

d

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.15

%

,

11/01/31

...........

1,100,000

1,100,000

d

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

BB-1B

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.3

%

,

6/15/49

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

3,300,000

3,300,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

3.6

%

,

6/15/33

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

2,400,000

2,400,000

12,200,000

Total

Municipal

Bonds

(Cost

$

12,200,000

)

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

12,200,000

Total

Short

Term

Investments

(Cost

$

12,200,000

)

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

12,200,000

a

Total

Investments

(Cost

$

2,753,709,585

)

98.9

%

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

$2,750,252,561

Other

Assets,

less

Liabilities

1.1

%

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

28,200,862

Net

Assets

100.0%

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

$2,778,453,423

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

3

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$114,892,115,

representing

4.1%

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

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the

over-the-counter

(OTC) market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

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.

Franklin

New

York

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

14

Quarterly

Schedule

of

Investments

A

summary

of

inputs

used

as

of

November

30,

2024,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

New

York

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

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

$

—

$

—

$

6,884,144

$

6,884,144

Municipal

Bonds

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

—

2,731,168,417

—

2,731,168,417

Short

Term

Investments

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

—

12,200,000

—

12,200,000

Total

Investments

in

Securities

...........

$—

$2,743,368,417

$6,884,144

$2,750,252,561

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

FNMA

Federal

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

3. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.