Franklin New York Tax-Free Income Fund

Statement of Investments, August 31, 2019 (unaudited)

		Principal Amount	Value
	Municipal Bonds 97.2%
	New York 96.6%
	Amherst Development Corp. Student Housing Facility Revenue,
	University of Buffalo Foundation Facility, Student Housing Corp., Greiner and Hadley Projects at Suny Buffalo, Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/40	$3,000,000	$3,130,290
	University of Buffalo Foundation Facility, Student Housing Corp., Greiner and Hadley Projects at Suny Buffalo, Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/45	3,800,000	3,965,034
	Battery Park City Authority Revenue, Senior, Sustainability, Series A, 5.00%, 11/01/49	16,130,000	20,713,823
	Buffalo and Erie County Industrial Land Development Corp. Revenue,
	Buffalo State College Foundation Housing Corp. Project, Series A, 5.375%, 10/01/41	2,035,000	2,168,944
	Obligated Group, Catholic Health System Inc. Project, 5.25%, 7/01/35	1,000,000	1,189,640
	Obligated Group, Catholic Health System Inc. Project, 5.00%, 7/01/40	1,000,000	1,163,220
	City of New Rochelle Corp. for Local Development Revenue,
	Iona College Project, Refunding, Series A, 5.00%, 7/01/40	1,250,000	1,421,600
	Iona College Project, Refunding, Series A, 5.00%, 7/01/45	1,425,000	1,615,166
	Dutchess County Local Development Corp. Revenue,
	Health Quest Systems Inc. Project, Series B, 5.00%, 7/01/31	10,550,000	12,838,506
	Nuvance Health Issue, Series B, 4.00%, 7/01/44	800,000	911,072
	Nuvance Health Issue, Series B, 4.00%, 7/01/49	2,250,000	2,531,003
	Vassar College Project, Refunding, 5.00%, 7/01/42	5,000,000	6,092,250
	Vassar College Project, Refunding, 4.00%, 7/01/46	5,715,000	6,366,796
	Erie County IDA School Facility Revenue, City School District of the City of Buffalo Project, Refunding, Series A, 5.00%, 5/01/28	8,100,000	9,185,724
	Hempstead Town Local Development Corp. Revenue,
	Hofstra University Project, Refunding, 5.00%, 7/01/42	1,250,000	1,504,963
	Hofstra University Project, Refunding, 5.00%, 7/01/47	5,250,000	6,314,438
	Hudson Yards Infrastructure Corp. Revenue,
	Second Indenture, Refunding, Fiscal 2017, Series A, 5.00%, 2/15/42	20,000,000	24,419,200
	Second Indenture, Refunding, Fiscal 2017, Series A, 4.00%, 2/15/44	4,385,000	4,940,886
	Second Indenture, Refunding, Fiscal 2017, Series A, 5.00%, 2/15/45	15,000,000	18,231,900
	Senior, Fiscal 2012, Series A, 5.25%, 2/15/47	33,455,000	35,381,339
	Senior, Fiscal 2012, Series A, Pre-Refunded, 5.25%, 2/15/47	1,545,000	1,641,176
	Long Island Power Authority Electric System Revenue,
	General, 5.00%, 9/01/39	5,000,000	6,271,550
	General, Refunding, Series A, 5.00%, 9/01/42	22,000,000	24,192,080
	General, Refunding, Series A, 5.00%, 9/01/44	5,000,000	5,750,950
	General, Refunding, Series B, 5.00%, 9/01/36	5,000,000	6,076,550
	General, Refunding, Series B, 5.00%, 9/01/41	10,000,000	12,025,200
	General, Refunding, Series B, 5.00%, 9/01/46	18,000,000	21,498,840
	Monroe County IDC Revenue,
	The Rochester General Hospital Projects, 5.00%, 12/01/46	15,000,000	17,577,750
	University of Rochester Project, Refunding, Series A, 5.00%, 7/01/30	3,275,000	3,973,623
	University of Rochester Project, Refunding, Series A, 5.00%, 7/01/32	2,000,000	2,412,480
	University of Rochester Project, Refunding, Series A, 5.00%, 7/01/37	1,780,000	2,115,744
	University of Rochester Project, Refunding, Series C, 4.00%, 7/01/43	17,570,000	19,740,949
	University of Rochester Project, Refunding, Series D, 4.00%, 7/01/43	17,550,000	19,718,478
	University of Rochester Project, Series A, Pre-Refunded, 5.00%, 7/01/38	6,350,000	7,334,441
	University of Rochester Project, Series B, Pre-Refunded, 5.00%, 7/01/43	5,000,000	5,775,150

Quarterly Statement of Investments  |  See Notes to Statement of Investments.  |  1

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	MTA Dedicated Tax Fund Revenue,
	Build America Bonds, Series B, Pre-Refunded, 5.00%, 11/15/34	$63,750,000	$64,260,000
	Green Bonds, Climate Bond Certified, Refunding, Series B, Subseries B-2, 5.00%, 11/15/39	4,775,000	5,814,470
	Green Bonds, Climate Bond Certified, Series A, 5.00%, 11/15/47	30,375,000	36,881,629
	Green Bonds, Climate Bond Certified, Series B, Subseries B-1, 5.00%, 11/15/35	6,000,000	7,551,000
	Green Bonds, Climate Bond Certified, Series B, Subseries B-1, 5.00%, 11/15/42	5,000,000	6,178,900
	Green Bonds, Climate Bond Certified, Series B, Subseries B-1, 5.00%, 11/15/47	13,505,000	16,571,175
	MTA Revenue,
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series A, Subseries A-1, 5.00%, 11/15/41	6,000,000	7,148,340
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series A, Subseries A-1, 5.00%, 11/15/51	2,505,000	2,960,309
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series A, Subseries A-2, 5.00%, 11/15/45	10,000,000	12,311,100
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series B, 4.00%, 11/15/50	7,525,000	8,443,652
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series C, Subseries C-1, 5.00%, 11/15/31	10,305,000	13,064,576
	Transportation, Green Bonds, Climate Bond Certified, Refunding, Series C, Subseries C-1, 4.00%, 11/15/37	8,500,000	9,712,100
	Transportation, Refunding, Series B, 5.00%, 11/15/34	10,210,000	12,483,052
	Transportation, Refunding, Series B, 5.00%, 11/15/37	5,000,000	6,067,900
	Transportation, Refunding, Series C, Subseries C-1, 5.00%, 11/15/39	2,440,000	2,949,179
	Transportation, Refunding, Series D, 5.00%, 11/15/31	6,215,000	7,661,355
	Transportation, Refunding, Series D, 4.00%, 11/15/42	20,000,000	22,460,800
	Transportation, Refunding, Series D, Subseries D-1, 5.00%, 11/15/34	5,000,000	5,966,450
	Transportation, Refunding, Series D, Subseries D-1, 5.00%, 11/15/35	5,000,000	5,953,700
	Transportation, Series A, AGMC Insured, 5.50%, 11/15/23	7,460,000	8,768,260
	Transportation, Series A, Subseries A-1, 5.00%, 11/15/45	10,000,000	11,596,400
	Transportation, Series B, 5.00%, 11/15/38	11,320,000	12,655,873
	Transportation, Series B, 5.00%, 11/15/43	10,670,000	11,891,928
	Transportation, Series C, 5.00%, 11/15/38	10,000,000	11,180,100
	Transportation, Series C, 5.00%, 11/15/42	10,000,000	11,150,000
	Transportation, Series C, Pre-Refunded, 5.00%, 11/15/47	16,125,000	18,220,121
	Transportation, Series D, Pre-Refunded, 5.25%, 11/15/40	21,500,000	22,616,280
	Nassau County GO,
	General Improvement, Series C, AGMC Insured, 5.00%, 4/01/43	26,665,000	29,546,420
	General Improvement, Series C, Assured Guaranty, Pre-Refunded, 5.00%, 10/01/30	5,735,000	5,752,205
	General Improvement, Series C, Assured Guaranty, Pre-Refunded, 5.00%, 10/01/31	6,025,000	6,043,075
	General Improvement, Series C, Assured Guaranty, Pre-Refunded, 5.125%, 10/01/35	27,210,000	27,294,351
	General Improvement, Series C, Assured Guaranty, Pre-Refunded, 5.25%, 10/01/39	28,190,000	28,279,926
	Sewer and Storm Water Resources District, Series D, Assured Guaranty, Pre-Refunded, 5.25%, 10/01/39	7,620,000	7,644,308
	New York City Educational Construction Fund Revenue, Series A, 5.75%, 4/01/41	20,000,000	21,433,600
	New York City GO,
	Citysavers, Series B, zero cpn., 12/01/19	1,107,250	1,104,128
	Citysavers, Series B, zero cpn., 6/01/20	10,000,000	9,912,400
	Fiscal 2002, Series D, 5.50%, 6/01/24	145,000	145,473
	Fiscal 2010, Refunding, Series C, 5.00%, 8/01/25	7,575,000	7,596,665
	Fiscal 2010, Refunding, Series C, 5.00%, 8/01/26	2,190,000	2,196,263

  |  2

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York City GO, (continued)
	Fiscal 2014, Refunding, Series J, 5.00%, 8/01/32	$10,000,000	$11,788,300
	Fiscal 2015, Refunding, Series C, 5.00%, 8/01/29	20,640,000	24,724,450
	Fiscal 2015, Refunding, Series C, 5.00%, 8/01/31	10,000,000	11,946,800
	Fiscal 2015, Refunding, Series C, 5.00%, 8/01/32	4,000,000	4,755,840
	Fiscal 2015, Refunding, Series C, 5.00%, 8/01/33	3,000,000	3,554,670
	Fiscal 2015, Refunding, Series C, 5.00%, 8/01/34	1,500,000	1,772,745
	Fiscal 2017, Refunding, Series B, Subseries B-1, 5.00%, 12/01/41	7,000,000	8,472,240
	Fiscal 2018, Series B, Subseries B-1, 5.00%, 10/01/38	6,250,000	7,768,562
	Fiscal 2018, Series F, Subseries F-1, 5.00%, 4/01/40	6,830,000	8,505,604
	Fiscal 2018, Series F, Subseries F-1, 5.00%, 4/01/45	10,000,000	12,328,900
	Fiscal 2019, Series D, Subseries D-1, 4.00%, 12/01/43	10,000,000	11,501,700
	Fiscal 2019, Series D, Subseries D-1, 5.00%, 12/01/44	10,000,000	12,518,100
	Fiscal 2020, Series A, Subseries A-1, 5.00%, 8/01/43	5,000,000	6,321,850
	Refunding, Series G, AMBAC Insured, 5.00%, 8/01/22	10,000	10,029
	Series E, Subseries E-1, 5.00%, 3/01/39	16,210,000	20,216,301
	Series E, Subseries E-1, 5.00%, 3/01/44	12,500,000	15,427,000
	Series E-1, 5.00%, 3/01/40	7,500,000	9,325,425
	New York City HDC,
	MFHR, Series A-1, 4.80%, 11/01/35	5,610,000	5,639,284
	MFHR, Sustainable Neighborhood, Series K, 4.00%, 11/01/48	49,905,000	53,972,257
	New York City IDAR, Pilot, Yankee Stadium Project, Series A, Assured Guaranty, 7.00%, 3/01/49	19,000,000	19,092,910
	New York City Municipal Water Finance Authority Water and Sewer System Revenue,
	Second General Resolution, Fiscal 2011, Series EE, Pre-Refunded, 5.375%, 6/15/43	25,900,000	27,344,702
	Second General Resolution, Fiscal 2013, Series BB, 5.00%, 6/15/47	15,000,000	16,700,700
	Second General Resolution, Fiscal 2017, Refunding, Series AA, 4.00%, 6/15/46	24,290,000	27,265,039
	Second General Resolution, Fiscal 2017, Refunding, Series DD, 5.00%, 6/15/47	33,800,000	41,051,114
	Second General Resolution, Fiscal 2018, Refunding, Series FF, 5.00%, 6/15/40	15,000,000	18,738,000
	Second General Resolution, Fiscal 2018, Series BB, Subseries BB-1, 5.00%, 6/15/46	20,875,000	25,447,042
	Second General Resolution, Fiscal 2018, Series CC, Subseries CC-1, 5.00%, 6/15/48	38,475,000	46,797,142
	Second General Resolution, Fiscal 2019, Series DD-1, 5.00%, 6/15/49	27,825,000	34,380,570
	Second General Resolution, Fiscal 2019, Subordinate, Series FF, Subseries FF-1, 4.00%, 6/15/49	10,000,000	11,487,200
	Second General Resolution, Fiscal 2020, Refunding, Series AA, 4.00%, 6/15/40	5,000,000	5,872,050
	Second General Resolution, Fiscal 2020, Refunding, Series AA, 5.00%, 6/15/40	8,000,000	10,302,240
	Second General Resolution, Fiscal 2020, Series BB, Subseries BB-1, 4.00%, 6/15/49	20,000,000	23,109,400
	Second General Resolution, Series EE, 5.375%, 6/15/43	13,250,000	13,955,297
	Second General Resolution, Fiscal 2020, Series BB, Subseries BB -1, 5.00%, 6/15/49	40,000,000	50,829,200
	New York City Transitional Finance Authority Building Aid Revenue,
	Fiscal 2019, Refunding, Series S-1, Subseries S-2A, 5.00%, 7/15/45	17,000,000	21,088,500
	Fiscal 2019, Refunding, Series S-2, Subseries S-2A, 5.00%, 7/15/34	4,235,000	5,393,908
	Fiscal 2019, Refunding, Series S-3, Subseries S-3A, 5.00%, 7/15/37	10,425,000	13,149,052
	Fiscal 2019, Series S-1, Subseries S-2A, 5.00%, 7/15/43	5,230,000	6,508,892
	New York City Transitional Finance Authority Revenue,
	Future Tax Secured, Subordinate, Fiscal 2010, Series A, Subseries A-1, 5.00%, 5/01/34	740,000	742,028
	Future Tax Secured, Subordinate, Fiscal 2010, Series A, Subseries A-1, 5.00%, 5/01/38	20,000,000	20,053,400
	Future Tax Secured, Subordinate, Fiscal 2011, Series C, 5.00%, 11/01/39	17,250,000	17,978,640
	Future Tax Secured, Subordinate, Fiscal 2012, Series E, Subseries E-1, 5.00%, 2/01/37	10,000,000	10,862,600
	Future Tax Secured, Subordinate, Fiscal 2013, Series F, Subseries F-1, 5.00%, 2/01/34	5,000,000	5,633,350

  |  3

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York City Transitional Finance Authority Revenue, (continued)
	Future Tax Secured, Subordinate, Fiscal 2013, Series F, Subseries F-1, 5.00%, 2/01/36	$8,250,000	$9,271,102
	Future Tax Secured, Subordinate, Fiscal 2013, Series I, 5.00%, 5/01/42	45,000,000	50,672,250
	Future Tax Secured, Subordinate, Fiscal 2014, Series D, Subseries D-1, 5.00%, 2/01/38	17,000,000	19,570,400
	Future Tax Secured, Subordinate, Fiscal 2014, Series D, Subseries D-1, 5.00%, 2/01/39	24,135,000	27,747,527
	Future Tax Secured, Subordinate, Fiscal 2014, Series D, Subseries D-1, 5.00%, 2/01/40	18,300,000	21,028,713
	Future Tax Secured, Subordinate, Fiscal 2015, Series A, Subseries A-1, 5.00%, 8/01/34	5,115,000	5,999,230
	Future Tax Secured, Subordinate, Fiscal 2015, Series B, Subseries B-1, 5.00%, 8/01/34	5,000,000	5,864,350
	Future Tax Secured, Subordinate, Fiscal 2015, Series E, Subseries E-1, 5.00%, 2/01/34	10,000,000	11,859,700
	Future Tax Secured, Subordinate, Fiscal 2015, Series E, Subseries E-1, 5.00%, 2/01/35	10,000,000	11,835,200
	Future Tax Secured, Subordinate, Fiscal 2017, Refunding, Series C, 5.00%, 11/01/33	6,500,000	8,089,640
	Future Tax Secured, Subordinate, Fiscal 2017, Series A, Subseries A-1, 5.00%, 5/01/40	13,415,000	16,152,733
	Future Tax Secured, Subordinate, Fiscal 2017, Series F, Subseries F-1, 5.00%, 5/01/42	4,340,000	5,287,943
	Future Tax Secured, Subordinate, Fiscal 2018, Series A, Subseries A-3, 5.00%, 8/01/40	3,270,000	4,016,868
	Future Tax Secured, Subordinate, Fiscal 2018, Series A, Subseries A-3, 4.00%, 8/01/43	5,645,000	6,400,922
	Future Tax Secured, Subordinate, Fiscal 2018, Series B, Subseries B-1, 5.00%, 8/01/45	17,500,000	21,232,225
	Future Tax Secured, Subordinate, Fiscal 2018, Series C, Subseries C-3, 4.00%, 5/01/42	7,410,000	8,500,678
	Future Tax Secured, Subordinate, Fiscal 2019, Series A, Subseries A-1, 5.00%, 8/01/42	5,000,000	6,225,200
	Future Tax Secured, Subordinate, Fiscal 2019, Series C, Subseries C-1, 4.00%, 11/01/42	7,500,000	8,696,250
	Future Tax Secured, Subordinate, Fiscal 2020, Subseries A-3, 4.00%, 5/01/43	10,000,000	11,574,000
	New York Convention Center Development Corp. Revenue, Hotel Unit Fee Secured, senior lien, Series A, 5.00%, 11/15/46	5,000,000	6,004,650
	New York Liberty Development Corp. Liberty Revenue,
	One World Trade Center, Secured by Port Authority Bonds, 5.25%, 12/15/43	50,000,000	54,688,000
	Seven World Trade Center Project, Refunding, 5.00%, 9/15/40	18,000,000	19,717,740
	New York Liberty Development Corp. Revenue,
	Goldman Sachs Headquarters Issue, 5.50%, 10/01/37	27,000,000	39,186,450
	Goldman Sachs Headquarters Issue, Second Tranche, 5.25%, 10/01/35	86,360,000	120,220,892
	Second Priority Liberty, Bank of America Tower at One Bryant Park Project, Class 2, Pre-Refunded, 5.625%, 7/15/47	17,500,000	17,800,825
	New York State Dormitory Authority Revenue,
	State Supported Debt, Mental Health Services Facilities Improvement, Series A, 5.00%, 8/15/22	5,735,000	5,946,794
	State Supported Debt, Mental Health Services Facilities Improvement, Series A, Pre-Refunded, 5.00%, 8/15/22	5,000	5,194
	New York State Dormitory Authority Revenues,
	Lease, Third General Resolution, State University Educational Facilities Issue, Refunding, Series A, 5.00%, 5/15/28	4,000,000	4,413,840
	Non-State Supported Debt, Catholic Health System Obligated Group, Refunding, Series A, 4.00%, 7/01/45	2,875,000	3,213,560
	Non-State Supported Debt, Columbia University, Series A-2, 5.00%, 10/01/46	10,000,000	15,944,400
	Non-State Supported Debt, Educational Housing Services, CUNY Student Housing Project, AMBAC Insured, 5.25%, 7/01/30	5,150,000	6,552,448
	Non-State Supported Debt, Fashion Institute of Technology Student Housing Corp., NATL Insured, 5.25%, 7/01/34	13,220,000	17,503,148
	Non-State Supported Debt, Health Quest Systems, Series A, Assured Guaranty, 5.25%, 7/01/27	1,265,000	1,269,491
	Non-State Supported Debt, Memorial Sloan Kettering Cancer Center, Refunding, Series 1, 4.00%, 7/01/47	5,000,000	5,636,500
	Non-State Supported Debt, The New School, AGMC Insured, Pre-Refunded, 5.50%, 7/01/43	13,000,000	13,486,980
	Non-State Supported Debt, The New School, Pre-Refunded, 5.50%, 7/01/40	10,000,000	10,374,600

  |  4

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York State Dormitory Authority Revenues, (continued)
	Non-State Supported Debt, The New School, Refunding, Series A, 5.00%, 7/01/40	$5,500,000	$6,450,510
	Non-State Supported Debt, The New School, Refunding, Series A, 5.00%, 7/01/45	8,500,000	9,879,210
	Non-State Supported Debt, New York University, Refunding, Series A, 5.00%, 7/01/38	5,000,000	6,232,800
	Non-State Supported Debt, New York University, Refunding, Series A, 5.00%, 7/01/40	6,745,000	8,360,562
	Non-State Supported Debt, New York University, Refunding, Series A, 5.00%, 7/01/43	3,000,000	3,693,420
	Non-State Supported Debt, New York University, Refunding, Series A, 5.00%, 7/01/45	5,000,000	5,901,650
	Non-State Supported Debt, New York University, Series A, 5.00%, 7/01/37	7,000,000	7,741,580
	Non-State Supported Debt, New York University, Series A, 5.00%, 7/01/42	10,000,000	11,019,000
	Non-State Supported Debt, New York University, Series A, 4.00%, 7/01/45	3,415,000	3,961,400
	Non-State Supported Debt, New York University, Series A, 5.00%, 7/01/49	50,000,000	63,449,500
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series A, 5.00%, 5/01/22	2,300,000	2,322,218
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series A, 5.00%, 5/01/36	11,000,000	13,050,510
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series E, 5.00%, 5/01/21	3,090,000	3,119,911
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series E, 5.00%, 5/01/23	2,150,000	2,170,769
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Refunding, Series E, 5.50%, 5/01/33	3,000,000	3,008,430
	Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Series B, 5.00%, 5/01/39	10,000,000	10,811,700
	Non-State Supported Debt, NYU Hospitals Center, Refunding, 5.00%, 7/01/27	2,025,000	2,382,818
	Non-State Supported Debt, NYU Hospitals Center, Refunding, 5.00%, 7/01/30	1,000,000	1,172,610
	Non-State Supported Debt, NYU Hospitals Center, Refunding, 5.00%, 7/01/32	1,000,000	1,168,880
	Non-State Supported Debt, NYU Hospitals Center, Refunding, 5.00%, 7/01/34	7,250,000	8,439,797
	Non-State Supported Debt, NYU Hospitals Center, Series A, Pre-Refunded, 6.00%, 7/01/40	4,500,000	4,687,020
	Non-State Supported Debt, Residential Institutions for Children, 5.00%, 6/01/38	5,000,000	5,013,550
	Non-State Supported Debt, School Districts, Bond Financing Program, Series A, 5.00%, 10/01/21	4,450,000	4,819,217
	Non-State Supported Debt, School Districts, Bond Financing Program, Series A, 5.00%, 10/01/22	9,000,000	10,082,160
	Non-State Supported Debt, School Districts, Bond Financing Program, Series A, 5.00%, 10/01/23	4,150,000	4,807,236
	Non-State Supported Debt, School Districts, Financing Program, Refunding, Series A, AGMC Insured, 5.00%, 10/01/21	265,000	275,952
	Non-State Supported Debt, School Districts, Financing Program, Refunding, Series A, AGMC Insured, 5.00%, 10/01/22	395,000	411,021
	Non-State Supported Debt, School Districts, Financing Program, Refunding, Series A, AGMC Insured, 5.00%, 10/01/24	710,000	738,407
	Non-State Supported Debt, School Districts, Financing Program, Refunding, Series C, Assured Guaranty, 5.00%, 10/01/31	45,000	45,125
	Non-State Supported Debt, School Districts, Financing Program, Refunding, Series C, Assured Guaranty, 5.125%, 10/01/36	60,000	60,175
	Non-State Supported Debt, School Districts, Financing Program, Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/21	4,735,000	4,943,245
	Non-State Supported Debt, School Districts, Financing Program, Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/22	6,750,000	7,046,865
	Non-State Supported Debt, School Districts, Financing Program, Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/24	12,020,000	12,548,640
	Non-State Supported Debt, School Districts, Financing Program, Series A, Assured Guaranty, 5.625%, 10/01/29	300,000	300,990

  |  5

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York State Dormitory Authority Revenues, (continued)
	Non-State Supported Debt, School Districts, Financing Program, Series A, Assured Guaranty, Pre-Refunded, 5.625%, 10/01/29	$2,700,000	$2,709,477
	Non-State Supported Debt, School Districts, Financing Program, Series C, Assured Guaranty, Pre-Refunded, 5.00%, 10/01/31	3,955,000	3,967,023
	Non-State Supported Debt, School Districts, Financing Program, Series C, Assured Guaranty, Pre-Refunded, 5.125%, 10/01/36	4,940,000	4,955,512
	Non-State Supported Debt, St. John’s University, Refunding, Series A, 5.00%, 7/01/29	1,375,000	1,649,780
	Non-State Supported Debt, St. John’s University, Refunding, Series A, 5.00%, 7/01/30	1,675,000	2,004,154
	Non-State Supported Debt, St. John’s University, Refunding, Series A, 5.00%, 7/01/31	3,700,000	4,415,469
	Non-State Supported Debt, St. John’s University, Refunding, Series A, 5.00%, 7/01/34	2,000,000	2,367,640
	Non-State Supported Debt, State University of New York Dormitory Facilities, Refunding, Series A, 5.00%, 7/01/38	5,000,000	5,657,900
	Non-State Supported Debt, State University of New York Dormitory Facilities, Refunding, Series A, 5.00%, 7/01/43	4,150,000	4,683,358
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/35	2,000,000	2,494,040
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/36	1,500,000	1,864,635
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/37	2,000,000	2,477,360
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/38	1,000,000	1,234,970
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/42	3,750,000	4,593,563
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/43	4,300,000	5,339,783
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/46	4,000,000	4,870,720
	Non-State Supported Debt, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/48	13,925,000	17,166,740
	Non-State Supported Debt, Student Housing Corp., NATL Insured, 5.25%, 7/01/26	6,105,000	7,341,690
	Non-State Supported Debt, University of Rochester, Series A, 5.125%, 7/01/39	1,485,000	1,489,128
	Non-State Supported Debt, Vassar College, 5.00%, 7/01/49	11,000,000	11,325,820
	Secondarily Insured, State University Educational Facilities, Third General Resolution, Refunding, Series A, Assured Guaranty, 5.50%, 5/15/22	5,000,000	5,573,650
	State Supported Debt, Lease, State University Dormitory Facilities Issue, Refunding, Series A, 5.00%, 7/01/37	25,000,000	27,443,250
	State Supported Debt, Lease, State University Dormitory Facilities Issue, Refunding, Series A, 5.00%, 7/01/42	15,000,000	16,462,650
	Third General Resolution, State University Educational Facilities Issue, Refunding, Series A, 5.00%, 5/15/29	3,000,000	3,307,860
	Third General Resolution, State University Educational Facilities Issue, Refunding, Series A, 5.00%, 5/15/30	1,000,000	1,102,060
	New York State Dormitory Authority Sales Tax Revenue,
	Bid Group 2, Refunding, Series E, 5.00%, 3/15/37	15,340,000	19,483,794
	Bid Group 4, Refunding, Series A, 4.00%, 3/15/46	25,000,000	28,261,750
	Bid Group 4, Refunding, Series C, 4.00%, 3/15/44	5,310,000	6,023,186
	Bid Group 4, Refunding, Series E, 5.00%, 3/15/44	19,715,000	24,542,415
	Bid Group C, Series A, 5.00%, 3/15/41	10,000,000	12,210,100
	Group C, Series A, 5.00%, 3/15/42	10,000,000	12,191,900

  |  6

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York State Dormitory Authority Sales Tax Revenue, (continued)
	Series A, 5.00%, 3/15/34	$10,000,000	$12,363,700
	Series A, 5.00%, 3/15/35	24,545,000	30,250,485
	Series A, 5.00%, 3/15/36	31,550,000	38,793,249
	Series A, 5.00%, 3/15/42	6,235,000	7,713,817
	Series A, 4.00%, 3/15/46	16,515,000	18,462,614
	Series B, 5.00%, 3/15/40	12,640,000	15,016,194
	Series B, 5.00%, 3/15/41	10,520,000	12,486,398
	State Supported Debt, Series A, 5.00%, 3/15/31	15,685,000	18,284,475
	State Supported Debt, Series A, 5.00%, 3/15/43	16,675,000	18,754,039
	State Supported Debt, Series A, 5.00%, 3/15/44	37,250,000	42,693,342
	State Supported Debt, Series A, 4.00%, 3/15/48	10,000,000	11,276,100
	New York State Dormitory Authority State Personal Income Tax Revenue,
	General Purpose, Bidding Group 3, Refunding, Series B, 5.00%, 2/15/40	9,425,000	11,591,336
	General Purpose, Bidding Group 3, Refunding, Series B, 5.00%, 2/15/41	12,425,000	15,241,872
	General Purpose, Bidding Group 3, Refunding, Series B, 5.00%, 2/15/43	4,595,000	5,618,950
	General Purpose, Bidding Group 3, Refunding, Series B, 4.00%, 2/15/46	20,000,000	22,511,200
	General Purpose, Refunding, Series A, 5.00%, 3/15/36	5,000,000	6,414,800
	General Purpose, Refunding, Series A, 5.00%, 2/15/37	5,000,000	6,126,400
	General Purpose, Refunding, Series A, 5.00%, 2/15/38	5,000,000	6,111,050
	General Purpose, Refunding, Series A, 5.00%, 2/15/39	8,945,000	10,909,859
	General Purpose, Refunding, Series A, 5.00%, 3/15/45	10,000,000	12,423,800
	General Purpose, Series A, 5.00%, 2/15/41	4,000,000	4,829,000
	General Purpose, Series A, 5.00%, 2/15/42	1,950,000	2,350,901
	General Purpose, Series A, 5.00%, 2/15/43	8,450,000	10,166,533
	General Purpose, Series A, 5.00%, 3/15/44	5,000,000	6,271,050
	General Purpose, Series A, 4.00%, 3/15/49	10,000,000	11,393,200
	General Purpose, Series B, 5.00%, 3/15/37	6,915,000	7,534,930
	General Purpose, Series C, 5.00%, 3/15/34	10,000,000	10,564,200
	New York State Environmental Facilities Corp. Revenue, State Revolving Funds, 2010 Master Financing Program, Green Bonds, Series A, 5.00%, 2/15/49	5,000,000	6,379,200
	New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revenue,
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, SRF, Subordinated, Series B, 5.00%, 6/15/48	7,500,000	9,361,200
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, SRF, Subordinated, Series E, 5.00%, 6/15/42	8,355,000	10,320,430
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, Subordinated SRF, Refunding, Serie, 5.00%, 6/15/46	28,360,000	34,801,123
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, Subordinated SRF, Series A, 5.00%, 6/15/31	5,000,000	5,726,950
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, Subordinated SRF, Series A, 5.125%, 6/15/38	35,000,000	35,099,750
	Revolving Funds, New York City Municipal Water Finance Authority Projects-Second Resolution, Subordinated SRF, Series E, 5.00%, 6/15/47	12,345,000	15,132,624
	New York State GO, Series A, 5.00%, 2/15/39	6,000,000	6,016,980
	New York State Power Authority Revenue, Series A, NATL Insured, 5.00%, 11/15/47	10,000,000	10,028,300
	New York State Thruway Authority General Junior Indebtedness Obligations Revenue, junior lien, Series A, 5.00%, 1/01/46	25,000,000	29,611,000

  |  7

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	New York State Thruway Authority General Revenue,
	Refunding, Series I, 5.00%, 1/01/37	$21,250,000	$23,058,162
	Refunding, Series L, 5.00%, 1/01/34	2,600,000	3,295,188
	Refunding, Series L, 5.00%, 1/01/35	3,000,000	3,790,620
	Series I, 5.00%, 1/01/42	45,000,000	48,733,650
	New York State Thruway Authority Second General Highway and Bridge Trust Fund Revenue,
	Refunding, Series A, 5.00%, 4/01/29	10,000,000	10,953,900
	Series A, 5.00%, 4/01/27	27,000,000	29,618,730
	Series A, 5.00%, 4/01/28	11,600,000	12,715,804
	Series A, 5.00%, 4/01/30	9,000,000	9,856,080
	Series A, 5.00%, 4/01/31	10,250,000	11,222,212
	Series A, 5.00%, 4/01/32	11,100,000	12,138,072
	New York State Urban Development Corp. Revenue,
	State Personal Income Tax, General Purpose, Bidding Group 1, Series A, 5.00%, 3/15/42	10,000,000	12,527,100
	State Personal Income Tax, General Purpose, Refunding, Series A, 5.00%, 3/15/38	15,000,000	18,388,650
	State Personal Income Tax, General Purpose, Refunding, Series C, 5.00%, 3/15/42	8,400,000	10,305,456
	Oswego County IDA Civic Facility Revenue, Oswego School District Public Library Project, XLCA Insured, 5.00%, 12/15/30	1,805,000	1,824,729
	Port Authority of New York and New Jersey Revenue,
	Consolidated, One Hundred Sixty-First Series, 5.00%, 10/15/34	25,000,000	25,114,000
	Consolidated, One Hundred Sixty-First Series, 5.00%, 10/15/35	29,000,000	29,132,240
	Consolidated, One Hundred Sixty-First Series, 5.00%, 10/15/39	25,000,000	25,114,000
	Consolidated, Refunding, Two Hundred Eleventh Series, 5.00%, 9/01/48	25,000,000	31,122,250
	Consolidated, Refunding, Two Hundred Fifth Series, 5.00%, 11/15/47	26,340,000	32,476,957
	Consolidated, Refunding, Two Hundred Fourteenth Series, 4.00%, 9/01/37	2,500,000	2,927,800
	Consolidated, Refunding, Two Hundred Fourteenth Series, 4.00%, 9/01/38	2,110,000	2,460,070
	Consolidated, Refunding, Two Hundred Fourteenth Series, 4.00%, 9/01/39	2,500,000	2,904,425
	Consolidated, Refunding, Two Hundred Fourteenth Series, 4.00%, 9/01/43	3,000,000	3,446,730
	Consolidated, Refunding, Two Hundred Third Series, 5.00%, 10/15/47	10,000,000	12,177,200
	Schenectady County Capital Resource Corp. Revenue,
	Union College Project, Refunding, 5.00%, 1/01/40	2,600,000	3,121,196
	Union College Project, Refunding, 5.00%, 1/01/47	6,590,000	7,880,520
	Suffolk County Water Authority Revenue, Water System, Series A, 4.00%, 6/01/41	25,000,000	28,779,000
	Triborough Bridge and Tunnel Authority Revenue,
	General, MTA Bridges and Tunnels, Series A, 5.00%, 11/15/49	9,000,000	11,351,520
	General Purpose, Series B, NATL Insured, Pre-Refunded, 5.20%, 1/01/27	5,110,000	5,619,365
	General Purpose, Series B, Pre-Refunded, 5.20%, 1/01/27	15,000,000	16,495,200
	General Purpose, Series B, Pre-Refunded, 5.50%, 1/01/30	32,185,000	35,559,919
	MTA Bridges and Tunnels, General, Refunding, Series B, 5.00%, 11/15/36	21,080,000	26,219,726
	MTA Bridges and Tunnels, General, Refunding, Series B, 5.00%, 11/15/37	18,190,000	22,562,512
	MTA Bridges and Tunnels, General, Refunding, Series B, 5.00%, 11/15/38	8,055,000	9,963,068
	MTA Bridges and Tunnels, General, Series A, 5.00%, 11/15/38	3,000,000	3,710,640
	MTA Bridges and Tunnels, General, Series A, 5.00%, 11/15/42	5,750,000	7,047,373
	MTA Bridges and Tunnels, General, Series A, 5.00%, 11/15/47	13,000,000	15,826,200
	MTA Bridges and Tunnels, General, Series B, 5.00%, 11/15/45	5,000,000	5,953,850
	MTA Bridges and Tunnels, General, Series C, 5.00%, 11/15/38	5,000,000	5,639,900
	Troy Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute Project, Series A, 5.125%, 9/01/40	42,500,000	44,078,875

  |  8

Franklin New York Tax-Free Income Fund
Statement of Investments (unaudited)

		Principal Amount	Value
	Municipal Bonds (continued)
	New York (continued)
	Utility Debt Securitization Authority Revenue,
	Restructuring, 5.00%, 12/15/41	$8,500,000	$10,672,430
	Restructuring, Refunding, 5.00%, 12/15/33	20,000,000	24,489,000
	Restructuring, Refunding, 5.00%, 12/15/34	9,950,000	12,154,223
	Restructuring, Refunding, 5.00%, 12/15/40	10,000,000	12,576,000
	Restructuring, Refunding, Series A, 5.00%, 12/15/34	33,870,000	41,722,082
	Restructuring, Refunding, Series B, 5.00%, 12/15/33	5,750,000	7,101,135
	Western Nassau County Water Authority Water System Revenue,
	Series A, 5.00%, 4/01/40	1,400,000	1,632,764
	Series A, 5.00%, 4/01/45	2,250,000	2,609,888
			3,892,011,411
	U.S. Territories 0.6%
	Puerto Rico 0.6%
a	Puerto Rico Electric Power Authority Power Revenue, Series WW-RSA-1, 5.25%, 7/01/33	32,250,000	25,880,625
	Total Municipal Bonds before Short Term Investments (Cost $3,611,212,953)		3,917,892,036
	Short Term Investments 2.0%
	Municipal Bonds 2.0%
	New York 2.0%
b	MTA Dedicated Tax Fund Revenue, Refunding, Subseries A-1, LOC Toronto Dominion Bank, Daily VRDN and Put, 1.39%, 11/01/31	44,005,000	44,005,000
b	Syracuse IDA Civic Facility Revenue,
	Syracuse University Project, Series A-1, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.35%, 7/01/37	3,000,000	3,000,000
	Syracuse University Project, Series A-2, LOC JPMorgan Chase Bank, Daily VRDN and Put, 1.35%, 12/01/37	3,200,000	3,200,000
b	Triborough Bridge and Tunnel Authority Revenue,
	General, MTA Bridges and Tunnels, Refunding, Series C, LOC State Street Bank B&T Co., Daily VRDN and Put, 1.32%, 1/01/32	5,500,000	5,500,000
	General, MTA Bridges and Tunnels, Refunding, Series F, LOC Citibank, Daily VRDN and Put, 1.30%, 11/01/32	22,200,000	22,200,000
	Total Short Term Investments (Cost $77,905,000)		77,905,000
	Total Investments (Cost $3,689,117,953) 99.2%		3,995,797,036
	Other Assets, less Liabilities 0.8%		33,743,445
	Net Assets 100.0%		$4,029,540,481

See Abbreviations on page 11.

^aDefaulted security or security for which income has been deemed uncollectible.

^bVariable 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.

  |  9

Franklin New York Tax-Free Income Fund

Notes to Statement of Investments (unaudited)

1.  ORGANIZATION

Franklin New York Tax-Free Income Fund (Fund) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). 

2.  FINANCIAL INSTRUMENT VALUATION

The Fund’s investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund’s Board of Trustees (the Board), the Fund’s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Fund’s pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. 

3.  CONCENTRATION OF RISK

The Fund invests a large percentage of its total assets in obligations of issuers within New York and U.S. territories. Such concentration may subject the Fund to risks associated with industrial or regional matters, and economic, political or legal developments occurring within New York and U.S. territories. Investing in Puerto Rico securities may expose the Fund to heightened risks due to recent adverse economic and market changes, credit downgrades and ongoing restructuring discussions. In addition, investments in these securities are sensitive to interest rate changes and credit risk of the issuer and may subject the Fund to increased market volatility. The market for these investments may be limited, which may make them difficult to buy or sell. 

  |  10

Franklin New York Tax-Free Income Fund

Notes to Statement of Investments (unaudited)

4.  FAIR VALUE MEASUREMENTS

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:

•	Level 1 – quoted prices in active markets for identical financial instruments
•	Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

At August 31, 2019, all of the Fund’s investments in financial instruments carried at fair value were valued using Level 2 inputs. 

5.  SUBSEQUENT EVENTS

The Fund has evaluated subsequent events through the issuance of the Statement of Investments and determined that no events have occurred that require disclosure. 

Abbreviations

Selected Portfolio
AGMC	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
GO	General Obligation
HDC	Housing Development Corp.
IDA	Industrial Development Authority/Agency
IDAR	Industrial Development Authority Revenue
IDC	Industrial Development Corp.
LOC	Letter of Credit
MFHR	Multi-Family Housing Revenue
MTA	Metropolitan Transit Authority
NATL	National Public Financial Guarantee Corp.
SRF	State Revolving Fund
XLCA	XL Capital Assurance

For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

  |  11