NPORT-EX 2 FNYTFIF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1115-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
New
York
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
14
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2025
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
$
6,718,046
Total
Corporate
Bonds
(Cost
$
6,700,000
)
.......................................
6,718,046
Municipal
Bonds
98.1%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
5,800,000
4,853,117
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
16,007,503
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-2
,
5.5
%
,
12/01/30
..............................................
2,770,000
2,500,617
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
3,990,000
2,602,552
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
22,900,000
18,849,730
b,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
15,500,000
13,965,500
53,925,902
Georgia
0.4%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
11,550,000
9,362,260
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
...........................................
6,970,000
6,227,982
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
10,310,000
8,334,094
14,562,076
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/50
......................
3,725,000
3,728,587
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
...........
1,025,000
1,133,239
4,861,826
New
York
90.3%
Albany
Capital
Resource
Corp.
,
Albany
College
of
Pharmacy
and
Health
Sciences
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/38
.................................................
6,505,000
6,547,942
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
D
,
4
%
,
11/01/51
.......................................................
2,000,000
1,623,819
KIPP
Capital
Region
Public
Charter
Schools
,
Revenue
,
2024
,
4.75
%
,
6/01/54
....
1,200,000
1,097,472
KIPP
Capital
Region
Public
Charter
Schools
,
Revenue
,
2024
,
5
%
,
6/01/64
.......
2,250,000
2,096,134
Allegany
County
Capital
Resource
Corp.
,
Alfred
University
,
Revenue
,
2024
,
5.25
%
,
4/01/49
..........................
1,700,000
1,664,744
Alfred
University
,
Revenue
,
2024
,
5.25
%
,
4/01/54
..........................
3,000,000
2,891,034
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2023
A
,
5
%
,
11/01/48
..........
20,000,000
20,606,724
Brookhaven
Local
Development
Corp.
,
Active
Retirement
Community,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
1,500,000
1,299,386
Active
Retirement
Community,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
8,000,000
6,372,667
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
1,600,000
1,479,876
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)
Broome
County
Local
Development
Corp.,
(continued)
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
........................................................
$
1,530,000
$
1,313,333
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/47
........................................................
1,160,000
922,859
United
Health
Services
Hospitals
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
3
%
,
4/01/45
........................................
7,045,000
5,165,354
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
Catholic
Health
System
Obligated
Group
,
Revenue
,
2015
,
5.25
%
,
7/01/35
.......
1,000,000
980,802
Catholic
Health
System
Obligated
Group
,
Revenue
,
2015
,
5
%
,
7/01/40
.........
1,000,000
958,051
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/50
..............
2,500,000
1,841,661
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/36
............
400,000
383,441
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.5
%
,
6/15/43
...............
700,000
642,815
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/53
..............
850,000
764,943
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4.75
%
,
6/15/58
..............
725,000
644,252
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/42
......
600,000
583,027
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/52
......
725,000
668,609
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/56
......
570,000
519,610
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/52
............
4,000,000
3,977,682
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/57
............
1,000,000
987,205
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2022
,
5.25
%
,
7/01/62
............
1,500,000
1,467,943
e
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/50
......................
4,500,000
4,576,417
e
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
4,500,000
4,547,154
d
Chautauqua
County
Capital
Resource
Corp.
,
NRG
Energy,
Inc.
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
4.25
%
,
4/03/28
...............................
2,000,000
1,998,473
City
of
Long
Beach
,
GO
,
2022
B
,
BAM
Insured
,
5.25
%
,
7/15/42
.................
1,010,000
1,039,925
City
of
New
Rochelle
,
Iona
College
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/45
.....
2,675,000
2,636,671
City
of
New
York
,
GO
,
2017
B
,
5
%
,
12/01/41
...........................................
7,000,000
7,061,408
GO
,
2018
B-1
,
5
%
,
10/01/38
.........................................
6,250,000
6,369,816
GO
,
2018
E-1
,
5
%
,
3/01/40
..........................................
14,330,000
14,561,779
GO
,
2018
E-1
,
5
%
,
3/01/44
..........................................
12,500,000
12,604,238
GO
,
2018
F-1
,
5
%
,
4/01/40
..........................................
16,210,000
16,479,809
GO
,
2018
F-1
,
5
%
,
4/01/45
..........................................
10,000,000
10,074,139
GO
,
2019
D-1
,
4
%
,
12/01/43
.........................................
10,000,000
8,947,531
GO
,
2022
D-1
,
5.25
%
,
5/01/41
........................................
1,500,000
1,587,921
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
5,000,000
4,434,283
GO
,
2023
E-1
,
4
%
,
4/01/45
..........................................
3,000,000
2,684,779
GO
,
2024
D
,
5.5
%
,
4/01/49
..........................................
10,000,000
10,620,164
GO
,
2024
D
,
5.25
%
,
4/01/54
.........................................
10,500,000
10,849,767
GO
,
2025
E
,
5.25
%
,
8/01/50
.........................................
4,500,000
4,679,570
GO
,
2025
E
,
5
%
,
8/01/54
............................................
4,500,000
4,567,905
GO
,
2025
G-1
,
5.25
%
,
2/01/53
........................................
1,150,000
1,193,940
b
Clinton
County
Capital
Resource
Corp.
,
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
4.5
%
,
7/01/40
.................................
600,000
584,200
Clinton-Essex-Warren-Washington
Board
of
Cooperative
Educational
Services
,
Revenue
,
144A,
2025
,
5
%
,
7/01/46
...................................
900,000
870,017
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/32
......
175,000
184,902
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
......
185,000
194,246
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/34
......
500,000
523,537
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
......
200,000
197,381
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
......
200,000
194,773
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
......
250,000
240,067
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/38
......
250,000
235,223
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)
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
......
$
100,000
$
92,903
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
......
100,000
91,706
Nuvance
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
7/01/31
.............
10,550,000
10,682,330
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
.....
1,900,000
1,680,839
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/49
.....
4,425,000
3,724,349
Vassar
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/42
....................
5,000,000
5,011,581
Vassar
College
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/46
....................
5,715,000
5,089,355
Empire
State
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
3/15/40
8,400,000
8,489,614
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2019
A
,
5
%
,
3/15/42
.........
10,000,000
10,123,819
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
5
%
,
3/15/41
.........
5,000,000
5,127,087
State
of
New
York
Sales
Tax
,
Revenue
,
2024
A
,
5
%
,
3/15/54
.................
5,000,000
5,084,307
Genesee
County
Funding
Corp.
(The)
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
12/01/52
............................
6,250,000
6,215,168
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/42
..................
1,250,000
1,253,588
Hofstra
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/47
..................
5,250,000
5,154,996
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/39
.................
575,000
557,431
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.................
715,000
681,798
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.................
625,000
585,388
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.................
3,000,000
2,021,755
Hudson
Yards
Infrastructure
Corp.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
...............................
15,000,000
15,076,034
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/47
...................
13,680,000
12,215,624
Long
Island
Power
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/41
...............................
10,250,000
10,302,417
Revenue
,
2018
,
5
%
,
9/01/39
.........................................
5,000,000
5,135,814
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/42
...............................
1,500,000
1,410,478
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/43
...............................
3,170,000
3,289,139
Revenue
,
2023
E
,
5
%
,
9/01/53
........................................
3,500,000
3,542,004
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/01/49
...............................
3,500,000
3,553,756
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/01/54
...............................
8,000,000
8,104,368
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
9/01/54
.............................
2,500,000
2,588,229
Metropolitan
Transportation
Authority
,
Revenue
,
2015
C-1
,
Refunding
,
5
%
,
11/15/35
............................
5,000,000
5,004,508
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
..............................
6,000,000
6,105,850
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/35
..............................
4,000,000
4,054,968
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/37
..............................
18,500,000
18,664,343
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/30
..............................
10,305,000
10,535,426
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
11/15/51
.............................
2,505,000
2,473,854
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/30
............................
6,215,000
6,444,549
Revenue
,
2017
D
,
Refunding
,
4
%
,
11/15/42
..............................
20,000,000
17,701,934
Revenue
,
2017
D
,
Refunding
,
4
%
,
11/15/46
..............................
5,000,000
4,230,195
Revenue
,
2019
C
,
AGMC
Insured
,
4
%
,
11/15/45
...........................
8,000,000
6,965,174
Revenue
,
2020
A-1
,
5
%
,
11/15/48
.....................................
17,000,000
16,950,406
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
2,950,000
2,895,171
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
9,150,000
9,084,776
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
15,000,000
15,042,024
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
10,000,000
8,345,384
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
5,000,000
4,457,094
Revenue
,
2024
A
,
Refunding
,
4
%
,
11/15/43
..............................
6,220,000
5,495,909
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
6,000,000
6,308,654
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/15/55
............................
1,250,000
1,277,835
c
Dedicated
Tax
Fund
,
Revenue
,
2012
A
,
Refunding
,
3.78
%,
11/15/32
............
20,000,000
15,167,368
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/49
............
14,545,000
14,879,934
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/50
............
25,830,000
26,395,783
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)
Metropolitan
Transportation
Authority,
(continued)
Dedicated
Tax
Fund
,
Revenue
,
2024
B-1
,
Refunding
,
5
%
,
11/15/52
............
$
5,000,000
$
5,098,511
Dedicated
Tax
Fund
,
Revenue
,
2024
B-2
,
Refunding
,
5
%
,
11/15/48
............
3,000,000
3,072,329
Dedicated
Tax
Fund
,
Special
Tax
,
2024
A
,
5
%
,
11/15/49
.....................
2,500,000
2,557,569
Dedicated
Tax
Fund
,
Special
Tax
,
2024
A
,
5.25
%
,
11/15/54
...................
7,500,000
7,804,682
Monroe
County
Industrial
Development
Corp.
,
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
......
17,000,000
16,823,353
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
.......................................................
1,500,000
1,593,614
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/32
.......................................................
4,200,000
4,437,305
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/33
.......................................................
1,815,000
1,906,190
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/34
.......................................................
2,510,000
2,621,089
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/35
.......................................................
1,100,000
1,068,750
Rochester
Regional
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/46
.......................................................
8,560,000
7,319,086
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/49
..........
635,000
653,561
St.
John
Fisher
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
6/01/54
..........
1,670,000
1,700,905
b
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/50
.
2,360,000
2,200,757
b
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/59
.
2,345,000
2,137,651
University
of
Rochester
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
7/01/43
............
22,895,000
20,373,006
University
of
Rochester
,
Revenue
,
2017
D
,
Refunding
,
4
%
,
7/01/43
............
21,550,000
19,176,164
University
of
Rochester
,
Revenue
,
2023
A
,
5
%
,
7/01/53
.....................
10,000,000
10,151,412
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
5
%
,
7/01/43
....
1,440,000
1,415,795
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
5
%
,
7/01/55
....
2,605,000
2,438,517
New
York
City
Health
and
Hospitals
Corp.
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
2/15/45
...............................
1,250,000
928,859
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/45
...............................
1,800,000
1,649,581
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/48
...............................
880,000
759,216
New
York
City
Housing
Development
Corp.
,
Revenue
,
2018
K
,
4
%
,
11/01/48
.......................................
36,505,000
31,649,254
Revenue
,
2019
G-1-B
,
Refunding
,
3
%
,
11/01/44
...........................
9,405,000
7,204,085
Revenue
,
2019
J
,
3
%
,
11/01/44
.......................................
4,935,000
3,780,134
Revenue
,
2020
C
,
FNMA
Insured
,
2.75
%
,
2/01/51
.........................
10,000,000
6,474,812
8
Spruce
NY
Owner
LLC
,
Revenue
,
2024
,
F
,
Refunding
,
5.25
%
,
12/15/31
........
3,000,000
3,050,299
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
3
%
,
1/01/46
5,000,000
3,594,771
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
..
6,000,000
5,401,364
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/49
..
10,000,000
7,044,706
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
AA
,
4
%
,
6/15/46
....................
24,290,000
21,120,915
Water
&
Sewer
System
,
Revenue
,
2018
BB-1
,
5
%
,
6/15/46
..................
36,375,000
36,758,869
Water
&
Sewer
System
,
Revenue
,
2018
CC-1
,
5
%
,
6/15/48
..................
11,225,000
11,325,835
Water
&
Sewer
System
,
Revenue
,
2019
DD-1
,
5
%
,
6/15/49
..................
19,000,000
19,113,331
Water
&
Sewer
System
,
Revenue
,
2020
AA
,
Refunding
,
5
%
,
6/15/40
...........
10,000,000
10,301,223
Water
&
Sewer
System
,
Revenue
,
2022
AA-1
,
5
%
,
6/15/48
..................
8,825,000
8,961,558
Water
&
Sewer
System
,
Revenue
,
2023
AA-1
,
5.25
%
,
6/15/52
................
5,000,000
5,160,179
Water
&
Sewer
System
,
Revenue
,
2024
AA-1
,
5.25
%
,
6/15/53
................
9,000,000
9,356,856
Water
&
Sewer
System
,
Revenue
,
2024
BB-1
,
5.25
%
,
6/15/54
................
10,745,000
11,162,047
Water
&
Sewer
System
,
Revenue
,
2024
CC-1
,
4.25
%
,
6/15/54
................
2,500,000
2,226,448
Water
&
Sewer
System
,
Revenue
,
2025
AA-1
,
5.25
%
,
6/15/53
................
1,000,000
1,041,052
Water
&
Sewer
System
,
Revenue
,
2025
BB
,
5.25
%
,
6/15/55
..................
25,000,000
26,021,823
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
,
Future
Tax
Secured
,
Revenue
,
2016
A-1
,
Refunding
,
5
%
,
8/01/36
..............
$
10,000,000
$
10,031,771
Future
Tax
Secured
,
Revenue
,
2017
E-1
,
5
%
,
2/01/33
......................
6,500,000
6,639,517
Future
Tax
Secured
,
Revenue
,
2017
F-1
,
5
%
,
5/01/42
......................
17,500,000
17,631,126
Future
Tax
Secured
,
Revenue
,
2018
C-3
,
4
%
,
5/01/42
......................
7,410,000
6,825,195
Future
Tax
Secured
,
Revenue
,
2019
A-1
,
5
%
,
8/01/40
......................
9,340,000
9,538,597
Future
Tax
Secured
,
Revenue
,
2020
B-1
,
4
%
,
11/01/41
.....................
7,205,000
6,730,289
Future
Tax
Secured
,
Revenue
,
2021
C-1
,
4
%
,
5/01/43
......................
5,000,000
4,570,678
Future
Tax
Secured
,
Revenue
,
2023
D-1
,
5
%
,
11/01/46
.....................
10,000,000
10,163,497
Future
Tax
Secured
,
Revenue
,
2024
A-1
,
4
%
,
5/01/53
......................
3,000,000
2,578,160
Future
Tax
Secured
,
Revenue
,
2024
G-1
,
4.125
%
,
5/01/52
...................
6,500,000
5,726,939
Future
Tax
Secured
,
Revenue
,
2025
C-1
,
5
%
,
5/01/50
......................
4,000,000
4,072,030
Future
Tax
Secured
,
Revenue
,
2025
D
,
5.25
%
,
5/01/48
.....................
5,000,000
5,225,978
Future
Tax
Secured
,
Revenue
,
2025
D
,
5
%
,
5/01/50
........................
2,375,000
2,417,768
Future
Tax
Secured
,
Revenue
,
2025
E
,
5
%
,
11/01/53
.......................
5,000,000
5,078,469
Future
Tax
Secured
,
Revenue
,
2025
H-1
,
5
%
,
11/01/50
.....................
4,000,000
4,075,043
Future
Tax
Secured
,
Revenue
,
2025
H-1
,
5.5
%
,
11/01/51
....................
3,000,000
3,191,792
State
of
New
York
,
Revenue
,
2018
S-3
,
5
%
,
7/15/43
........................
10,000,000
10,116,821
State
of
New
York
,
Revenue
,
2019
S-1
,
5
%
,
7/15/43
........................
22,230,000
22,483,255
State
of
New
York
,
Revenue
,
2020
S-1
,
4
%
,
7/15/41
........................
8,465,000
7,925,973
State
of
New
York
,
Revenue
,
2020
S-1B
,
4
%
,
7/15/41
......................
2,465,000
2,282,428
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
11/15/46
.............................
5,000,000
4,746,258
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
18,000,000
12,141,832
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
91,360,000
101,994,085
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
27,000,000
30,512,014
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
3
%
,
2/15/42
........................................................
5,000,000
3,855,111
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
4
%
,
2/15/43
........................................................
5,000,000
4,508,865
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/60
..............................
11,455,000
9,571,863
SFP
Transmission
Project
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
11/15/53
......
3,000,000
3,034,730
New
York
State
Dormitory
Authority
,
Revenue
,
2008
A-1
,
5
%
,
6/01/38
......................................
3,970,000
3,974,809
Revenue
,
2009
A
,
AGMC
Insured
,
5.625
%
,
10/01/29
.......................
300,000
300,638
Revenue
,
2009
C
,
AGMC
Insured
,
5
%
,
10/01/31
..........................
45,000
45,066
Revenue
,
2009
C
,
AGMC
Insured
,
5.125
%
,
10/01/36
.......................
60,000
60,081
Barnard
College
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/50
..................
1,750,000
1,705,263
Barnard
College
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/55
..................
3,000,000
2,907,608
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/37
1,705,000
1,500,670
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
2,200,000
1,906,155
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/39
1,305,000
1,117,131
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/40
1,300,000
1,103,027
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/41
2,100,000
1,999,543
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/45
5,835,000
4,748,020
Cornell
University
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
7/01/54
...............
12,350,000
13,117,844
Educational
Housing
Services,
Inc.
,
Revenue
,
2005
,
AMBAC
Insured
,
5.25
%
,
7/01/30
5,150,000
5,278,894
Fashion
Institute
of
Technology
,
Revenue
,
2007
,
NATL
Insured
,
5.25
%
,
7/01/26
...
6,105,000
6,157,616
Fashion
Institute
of
Technology
,
Revenue
,
2007
,
NATL
Insured
,
5.25
%
,
7/01/34
...
13,220,000
13,367,994
Fordham
University
,
Revenue
,
2020
,
4
%
,
7/01/50
..........................
4,500,000
3,775,315
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
12/01/45
...................................................
1,000,000
862,373
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/32
...................................................
500,000
496,617
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)
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/33
...................................................
$
4,000,000
$
3,944,648
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/35
...................................................
1,100,000
1,064,252
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/36
...................................................
2,100,000
2,007,500
b
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/37
...................................................
2,000,000
1,878,271
Iona
College
,
Revenue
,
2021
A
,
5
%
,
7/01/46
.............................
925,000
910,751
Iona
College
,
Revenue
,
2021
A
,
5
%
,
7/01/51
.............................
2,350,000
2,258,626
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/31
......................
325,000
346,511
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/32
......................
300,000
320,800
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/42
......................
275,000
274,597
Memorial
Sloan-Kettering
Cancer
Center
,
Revenue
,
2017-1
,
Refunding
,
4
%
,
7/01/47
5,000,000
4,454,098
Montefiore
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/01/31
.........
525,000
536,548
Montefiore
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/01/33
.........
1,150,000
1,167,309
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
.........
1,800,000
1,904,306
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/45
.........
10,900,000
9,267,858
Montefiore
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/50
.........
1,370,000
1,102,421
Montefiore
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
11/01/47
.................
1,000,000
1,029,081
New
School
(The)
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/40
.............
380,000
380,554
New
School
(The)
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/45
.............
660,000
660,962
New
School
(The)
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/47
................
4,000,000
3,383,727
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/49
.............
2,590,000
2,648,979
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/54
.............
4,100,000
4,173,262
New
York
University
,
Revenue
,
2018
A
,
5
%
,
7/01/48
........................
5,000,000
5,053,452
New
York
University
,
Revenue
,
2019
A
,
4
%
,
7/01/45
........................
3,415,000
3,071,908
New
York
University
,
Revenue
,
2019
A
,
5
%
,
7/01/49
........................
37,000,000
37,057,294
e
New
York
University
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.............
4,000,000
4,134,680
Northwell
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/52
....
13,490,000
13,503,173
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
4
%
,
5/01/54
....
6,500,000
5,414,371
Northwell
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
5/01/54
..
11,000,000
11,154,265
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
7/01/48
.......
4,000,000
2,798,784
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.......
20,420,000
17,257,256
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/53
.......
25,280,000
21,117,532
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/49
..........................
500,000
509,309
Pace
University
,
Revenue
,
2024
A
,
5.5
%
,
5/01/56
..........................
1,000,000
1,010,939
Rochester
Institute
of
Technology
,
Revenue
,
2019
A
,
5
%
,
7/01/49
..............
3,500,000
3,491,841
Rochester
Institute
of
Technology
,
Revenue
,
2022
A
,
5
%
,
7/01/41
..............
1,000,000
1,036,753
Rochester
Institute
of
Technology
,
Revenue
,
2022
A
,
5
%
,
7/01/42
..............
1,000,000
1,030,077
Rockefeller
University
(The)
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/53
.........
6,500,000
6,598,301
St.
John's
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/48
...............
6,250,000
5,249,430
St.
Joseph's
College
,
Revenue
,
2021
,
4
%
,
7/01/40
.........................
225,000
181,783
St.
Joseph's
College
,
Revenue
,
2021
,
5
%
,
7/01/51
.........................
725,000
598,956
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
2/15/39
........................................................
15,000
15,503
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/40
........................................................
10,000
10,435
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/41
........................................................
30,000
31,306
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
5
%
,
2/15/43
.........
17,050,000
17,263,560
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
5
%
,
2/15/43
........................................................
30,000
31,306
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
4
%
,
2/15/46
.........
19,985,000
17,344,708
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Pre-Refunded
,
4
%
,
2/15/46
........................................................
15,000
15,335
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
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B-3
,
5
%
,
2/15/41
.......
$
9,895,000
$
10,050,107
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/15/45
10,000,000
10,051,729
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A
,
5.25
%
,
3/15/52
......
18,850,000
19,579,580
State
of
New
York
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
3/15/41
.................
10,000,000
10,115,781
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
4
%
,
3/15/46
.................
25,000,000
22,121,393
State
of
New
York
Sales
Tax
,
Revenue
,
2018
C
,
Refunding
,
4
%
,
3/15/44
........
5,310,000
4,758,730
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/37
........
15,340,000
15,758,440
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
6,235,000
6,282,321
State
of
New
York
Sales
Tax
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
3/15/51
........
6,000,000
6,127,278
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
7/01/42
....................................................
780,000
814,576
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
7/01/46
....................................................
4,000,000
4,181,446
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
5
%
,
7/01/43
..
4,300,000
4,343,884
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
5
%
,
7/01/48
..
7,950,000
7,989,668
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
....................................................
5,975,000
6,357,404
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2019
A
,
3
%
,
7/01/42
..
4,165,000
3,185,609
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2019
A
,
4
%
,
7/01/43
..
1,200,000
1,075,980
Teachers
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/46
..................
6,175,000
5,277,467
White
Plains
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
........
10,345,000
10,362,957
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/15/46
17,250,000
17,368,621
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2018
B
,
5
%
,
6/15/43
........
8,000,000
8,115,248
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2018
B
,
5
%
,
6/15/48
........
18,610,000
18,754,291
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2022
B
,
5.25
%
,
9/15/52
......
5,000,000
5,223,428
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
E
,
2.45
%
,
11/01/50
......
3,000,000
1,768,969
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/41
........................................
12,000,000
11,172,629
Revenue
,
2019
B
,
3
%
,
1/01/46
........................................
4,200,000
3,014,603
Revenue
,
2019
B
,
BAM
Insured
,
4
%
,
1/01/50
.............................
20,000,000
17,367,128
Revenue
,
2019
B
,
4
%
,
1/01/53
........................................
15,000,000
12,785,864
Revenue
,
N
,
4
%
,
1/01/46
............................................
10,000,000
8,807,043
Revenue
,
P
,
Refunding
,
5.25
%
,
1/01/54
.................................
1,000,000
1,038,329
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
3/15/46
4,125,000
4,196,120
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
3/15/48
25,000,000
25,336,220
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,500,000
5,554,590
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
4
%
,
10/01/30
.........................
12,400,000
12,148,686
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/35
.........................
6,305,000
6,348,536
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
11,000,000
10,883,200
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
4.375
%
,
10/01/45
.....................
26,500,000
23,500,296
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
9,150,000
9,384,307
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/41
............
2,130,000
1,856,100
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/46
............
6,000,000
5,008,200
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
4/30/53
.............
19,875,000
15,645,077
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/34
...
450,000
465,216
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/35
...
400,000
410,235
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/36
...
400,000
409,007
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/37
...
350,000
356,442
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/38
...
300,000
276,844
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/39
...
400,000
363,551
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/40
...
2,555,000
2,298,017
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/42
...
910,000
790,028
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/33
...
1,200,000
1,275,511
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/34
...
2,000,000
2,115,746
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
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/36
...
$
2,000,000
$
2,093,540
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/39
...
4,545,000
4,220,294
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/41
...
10,300,000
9,322,771
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
12/01/42
...
9,690,000
8,628,567
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/41
.............
4,000,000
4,024,439
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/42
.............
6,000,000
6,006,489
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/31/54
.......................................................
12,500,000
12,544,123
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
12/31/60
.....
4,500,000
4,521,929
c
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
B
,
Refunding
,
AGMC
Insured
,
1.642
%,
12/31/54
.......................................................
9,000,000
5,531,677
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
6,500,000
6,818,679
JFK
NTO
LLC
,
Revenue
,
2023
,
AGMC
Insured
,
5.125
%
,
6/30/60
..............
10,000,000
9,905,609
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
15,160,000
15,091,870
JFK
NTO
LLC
,
Revenue
,
2024
,
5
%
,
6/30/60
..............................
13,000,000
12,197,797
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
10,500,000
10,517,521
Oneida
County
Local
Development
Corp.
,
Mohawk
Valley
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
12/01/51
.....................
4,000,000
3,413,111
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
...................................
3,000,000
3,003,624
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
...................................
2,150,000
2,265,379
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/38
...........................
200,000
182,193
Le
Moyne
College
,
Revenue
,
2021
,
4
%
,
7/01/41
...........................
245,000
212,694
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/46
...........................
460,000
436,988
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/51
...........................
820,000
758,634
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/32
..................
725,000
756,584
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/34
..................
315,000
305,433
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/36
..................
350,000
330,051
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/39
..................
475,000
426,439
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/42
..................
530,000
453,047
Syracuse
University
,
Revenue
,
2025
,
5.5
%
,
12/01/56
.......................
4,000,000
4,245,262
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/43
................
5,000,000
5,085,071
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/47
................
17,000,000
14,949,486
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
194
,
Refunding
,
5
%
,
10/15/41
.................................
10,000,000
10,010,605
Revenue
,
200
,
Refunding
,
5
%
,
4/15/57
.................................
11,040,000
11,064,047
Revenue
,
205th
,
Refunding
,
5
%
,
5/15/57
................................
13,000,000
13,037,284
Revenue
,
211th
,
Refunding
,
5
%
,
9/01/48
................................
41,730,000
42,106,601
Revenue
,
214th
,
5
%
,
9/01/34
.........................................
2,500,000
2,586,576
Revenue
,
214th
,
4
%
,
9/01/38
.........................................
5,000,000
4,701,162
Revenue
,
217th
,
4
%
,
11/01/41
........................................
10,000,000
9,392,035
Revenue
,
221
,
4
%
,
7/15/45
..........................................
7,610,000
6,621,886
Revenue
,
221
,
4
%
,
7/15/50
..........................................
15,250,000
12,788,552
Revenue
,
234
,
Refunding
,
5.5
%
,
8/01/52
................................
4,000,000
4,121,160
Revenue
,
238
,
Refunding
,
5
%
,
7/15/37
.................................
4,000,000
4,170,603
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
2,500,000
2,552,719
Revenue
,
246
,
Refunding
,
5
%
,
9/01/39
.................................
5,000,000
5,138,125
Revenue
,
246
,
Refunding
,
5
%
,
9/01/40
.................................
2,000,000
2,049,535
Saratoga
County
Capital
Resource
Corp.
,
Skidmore
College
,
Revenue
,
2020
A
,
4
%
,
7/01/50
......................................................
2,250,000
1,903,188
Schenectady
County
Capital
Resource
Corp.
,
Trustees
of
Union
College
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
............
6,590,000
6,608,031
Trustees
of
Union
College
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/52
.........
700,000
720,435
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)
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/34
...............
$
465,000
$
480,923
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/35
...............
475,000
488,755
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/36
...............
500,000
511,438
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/37
...............
525,000
534,003
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/38
...............
435,000
438,964
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/39
...............
400,000
400,640
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/40
...............
475,000
469,663
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/41
...............
525,000
511,199
St.
Lawrence
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/47
...........
1,820,000
1,828,617
St.
Lawrence
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
7/01/52
...........
2,500,000
2,503,887
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/36
.............................
2,425,000
2,362,868
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/37
.............................
1,250,000
1,205,904
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/38
.............................
1,000,000
955,892
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/39
.............................
1,465,000
1,379,063
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/40
.............................
1,415,000
1,316,447
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/41
.............................
1,340,000
1,234,173
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/50
.............................
4,500,000
3,802,215
Revenue
,
2021
B-1
,
Refunding
,
4
%
,
6/01/50
.............................
4,285,000
3,869,387
Syracuse
Regional
Airport
Authority
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/35
.................................
735,000
714,502
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/36
.................................
750,000
720,440
Tompkins
County
Development
Corp.
,
Kendal
at
Ithaca,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
7/01/42
.............................................
3,440,000
3,088,306
Triborough
Bridge
&
Tunnel
Authority
,
c
Revenue
,
2013
A
,
Refunding
,
3.79
%,
11/15/31
............................
5,000,000
3,931,574
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/47
..............................
18,120,000
18,120,259
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/37
..............................
8,055,000
8,190,267
Revenue
,
2017
C-2
,
5
%
,
11/15/42
.....................................
18,190,000
18,274,760
Revenue
,
2020
A
,
5
%
,
11/15/49
.......................................
10,000,000
10,060,404
Revenue
,
2020
A
,
5
%
,
11/15/54
.......................................
10,000,000
10,029,380
Revenue
,
2023
B-1
,
5.25
%
,
11/15/53
...................................
4,500,000
4,653,198
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2021
A-1
,
Refunding
,
5
%
,
5/15/51
....................................
20,000,000
20,200,000
c
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
D-1B
,
Refunding
,
4.28
%,
11/15/36
...............................
6,250,000
3,866,347
c
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
D-1B
,
Refunding
,
4.71
%,
11/15/39
...............................
1,115,000
572,962
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2024
B-1
,
Refunding
,
4.125
%
,
5/15/54
................................
5,000,000
4,285,748
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2024
B-1
,
Refunding
,
5.25
%
,
5/15/54
.................................
19,000,000
19,626,802
Real
Estate
Transfer
Tax
,
Revenue
,
2025
A
,
5.25
%
,
12/01/54
.................
8,500,000
8,805,835
Sales
Tax
,
Revenue
,
2023
A
,
4
%
,
5/15/48
...............................
9,175,000
8,022,775
Sales
Tax
,
Revenue
,
2024
A-1
,
5.25
%
,
5/15/59
...........................
6,545,000
6,789,256
Sales
Tax
,
Revenue
,
2024
A-1
,
5.25
%
,
5/15/64
...........................
10,000,000
10,336,319
Troy
Capital
Resource
Corp.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
.................................
180,000
178,667
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
.................................
280,000
275,040
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/36
......
3,200,000
3,325,554
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/38
......
3,800,000
3,912,186
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/39
......
5,000,000
5,123,326
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/40
......
1,500,000
1,348,387
Utility
Debt
Securitization
Authority
,
Revenue
,
2017
,
5
%
,
12/15/39
........................................
5,750,000
5,858,158
Revenue
,
2017
,
5
%
,
12/15/40
........................................
10,000,000
10,162,885
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)
Utility
Debt
Securitization
Authority,
(continued)
Revenue
,
2017
,
5
%
,
12/15/41
........................................
$
8,500,000
$
8,611,529
Westchester
County
Local
Development
Corp.
,
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4.25
%
,
1/01/45
2,925,000
2,628,592
Kendal
on
Hudson
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
1/01/51
...
2,500,000
2,422,398
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/35
...................
2,250,000
2,408,113
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/38
...................
2,260,000
2,365,164
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.75
%
,
11/01/49
..........................................
1,000,000
1,069,707
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5
%
,
11/01/51
.............................................
1,200,000
1,201,922
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
6.25
%
,
11/01/52
.......................................................
1,000,000
1,068,051
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.75
%
,
11/01/53
..........................................
1,000,000
1,065,054
Yonkers
Industrial
Development
Agency
,
Revenue
,
2022
,
5.25
%
,
5/01/51
.........
1,600,000
1,649,183
2,406,589,330
South
Carolina
1.1%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
6,900,000
5,777,017
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
6,900,000
5,777,017
b,c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
16,250,000
11,580,322
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
6,000,000
4,782,211
27,916,567
Texas
0.4%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
4,390,000
3,957,215
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
10,000,000
7,330,187
11,287,402
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
6,700,000
5,527,887
Wisconsin
0.5%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
6,500,000
5,060,819
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
10,875,000
6,345,715
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,474,630
12,881,164
U.S.
Territories
2.3%
Guam
0.4%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
10/01/28
..............................
520,000
532,363
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/29
............................
700,000
729,994
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/31
............................
775,000
817,838
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/33
...........................
525,000
560,066
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/36
............................
685,000
713,717
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/40
...........................
525,000
541,549
Revenue
,
2023
A
,
Refunding
,
5.375
%
,
10/01/43
...........................
1,250,000
1,272,495
Revenue
,
2024
A
,
5
%
,
10/01/34
.......................................
670,000
695,326
Revenue
,
2024
A
,
5.25
%
,
10/01/41
....................................
1,400,000
1,430,050
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
15
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Guam
(continued)
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/34
..............................
$
710,000
$
772,956
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/35
..............................
500,000
544,896
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/36
..............................
450,000
485,583
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/37
..............................
455,000
487,007
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/38
..............................
575,000
609,586
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/40
..............................
520,000
542,892
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/42
..............................
250,000
255,033
10,991,351
Puerto
Rico
1.9%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,050,000
1,037,058
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
22,313,000
20,434,131
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
26,245,000
24,658,637
c
Sales
Tax
,
Revenue
,
A-1
,
5.69
%,
7/01/51
................................
20,000,000
4,721,510
50,851,336
Total
U.S.
Territories
....................................................................
61,842,687
Total
Municipal
Bonds
(Cost
$
2,777,991,543
)
...................................
2,613,610,218
Total
Long
Term
Investments
(Cost
$
2,784,691,543
)
.............................
2,620,328,264
a
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
New
York
1.1%
f
City
of
New
York
,
GO
,
2014
I-3
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.9
%
,
3/01/44
28,800,000
28,800,000
f
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3
%
,
6/15/33
.....................
200,000
200,000
29,000,000
Total
Municipal
Bonds
(Cost
$
29,000,000
)
......................................
29,000,000
Total
Short
Term
Investments
(Cost
$
29,000,000
)
................................
29,000,000
a
Total
Investments
(Cost
$
2,813,691,543
)
99.4
%
..................................
$2,649,328,264
Other
Assets,
less
Liabilities
0.6
%
.............................................
15,108,018
Net
Assets
100.0%
...........................................................
$2,664,436,282
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$113,974,119,
representing
4.3%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
Franklin
New
York
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
New
York
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
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)
15
Quarterly
Schedule
of
Investments
A
summary
of
inputs
used
as
of
May
31,
2025,
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
........................
$
—
$
—
$
6,718,046
$
6,718,046
Municipal
Bonds
.........................
—
2,613,610,218
—
2,613,610,218
Short
Term
Investments
...................
—
29,000,000
—
29,000,000
Total
Investments
in
Securities
...........
$—
$2,642,610,218
$6,718,046
$2,649,328,264
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
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.