N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number_811-04787
 
_Franklin New York Tax-Free Trust
(Exact name of registrant as specified in charter)
 
_One Franklin Parkway, San Mateo, CA  94403-1906
(Address of principal executive offices) (Zip code)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: _650 312-2000
 
Date of fiscal year end: _9/30
 
Date of reporting period: 3/31/21
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
SEMIANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
A
Series
of
Franklin
New
York
Tax-Free
Trust
March
31,
2021
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Not
part
of
the
semiannual
report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
March
31,
2021,
the
U.S.
economy
continued
to
recover
from
the
effects
of
the
novel
coronavirus
(COVID-19)
pandemic.
U.S.
gross
domestic
product
(GDP)
reported
in
2020’s
third
and
fourth
quarters
showed
a
substantial
recovery
from
the
contraction
experienced
in
2020’s
first
half,
based
on
increased
business
and
residential
investment
and
consumer
spending.
The
U.S.
economy
also
showed
signs
of
strength
during
2021’s
first
quarter
as
federal
assistance
programs,
the
acceleration
of
COVID-19
vaccinations
and
robust
corporate
earnings
boosted
U.S.
equity
markets.
Before
the
reporting
period,
the
U.S.
Federal
Reserve,
in
its
efforts
to
support
U.S.
economic
activity,
lowered
the
federal
funds
rate
twice
in
March
2020
and
implemented
broad
quantitative
easing
measures
to
support
credit
markets.
During
the
reporting
period,
the
Federal
Reserve
held
its
key
rate
unchanged
at
0.25%,
but
it
continued
quantitative
easing
and
adjusted
its
policy
in
August
2020
to
allow
more
flexibility
to
keep
interest
rates
low,
while
maintaining
a
2%
average
inflation
target.
During
the
six-month
period,
municipal
bonds
posted
modest
positive
total
returns
as
investors
were
attracted
to
tax-free
income
in
a
low
interest-rate
environment.
Factors
contributing
to
this
positive
investment
environment
for
municipals
included
relatively
low
inflation,
interest-rate
stability
and
recent
actions
by
the
Federal
Reserve
to
support
the
municipal
bond
market.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund’s
semiannual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton.com
,
you
can
find
updated
commentary
by
our
municipal
bond
experts.
Municipal
bonds
provide
tax-free
income
and
diversification
from
equities.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
may
know,
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
to
help
them
make
the
best
decisions
for
the
long
term.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
professional
when
you
have
questions
about
your
Franklin
tax-free
investment.
Sincerely,
Rupert
H.
Johnson,
Jr.
Chairman
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
March
31,
2021,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
3
Performance
Summary
6
Your
Fund’s
Expenses
8
Financial
Highlights
and
Statement
of
Investments
9
Financial
Statements
18
Notes
to
Financial
Statements
22
Shareholder
Information
29
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
covers
the
period
ended
March
31,
2021.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal
income
taxes
and
New
York
State
and
New
York
City
personal
income
taxes
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
federal
income
taxes
and
New
York
State
personal
income
taxes.
1
As
a
non-fundamental
policy,
the
Fund
also
normally
invests
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
New
York
City
personal
income
taxes.
1
The
Fund
maintains
a
dollar-weighted
average
portfolio
maturity
(the
time
at
which
the
debt
must
be
repaid)
of
three
to
10
years,
and
only
buys
securities
rated,
at
the
time
of
purchase,
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
(or
comparable
unrated
or
short-term
rated
securities).
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
increased
from
$11.64
on
September
30,
2020
to
$11.70
on
March
31,
2021.
The
Fund’s
Class
A
shares
paid
dividends
totaling
$11.5677
cents
per
share
for
the
same
period.
2
The
Performance
Summary
beginning
on
page
6
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.02%,
based
on
an
annualization
of
March’s
2.0144
cents
per
share
monthly
dividend
and
the
maximum
offering
price
of
$11.97
on
March
31,
2021.
An
investor
in
the
2021
maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
53.50%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
4.34%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Municipal
Bond
Market
Overview
During
the
six-month
period
ended
March
31,
2021,
technical
conditions
in
the
municipal
(muni)
bond
market
and
strong
U.S.
federal
government
support
continued
to
improve
valuations
in
the
sector.
Ratios
of
muni
bond
yields
versus
duration-matched
U.S.
Treasuries
(USTs)
continued
to
strengthen
in
the
final
quarter
of
2020
and
into
2021.
Although
these
ratios
moved
higher
in
February
2021
as
UST
yields
rose
sharply,
they
more
than
recovered
in
March
2021,
moving
to
all-time
bests
by
the
end
of
the
month.
As
Credit
Quality
Composition
*
3/31/21
Ratings
%
of
Total
Investments
AAA
12.24%
AA
65.25%
A
14.93%
BBB
0.91%
Refunded
6.35%
Not
Rated
0.07%
Cash
&
Cash
Equivalents
0.25%
*
Ratings
shown
are
assigned
by
one
or
more
Nationally
Recognized
Statistical
Rating
Organizations
(NRSRO),
such
as
Standard
&
Poor's,
Moody's
and
Fitch.
When
ratings
from
multiple
agencies
are
available,
the
highest
is
used,
consistent
with
the
portfolio
investment
process.
Ratings
reflect
an
NRSRO
’
s
opinion
of
an
issuer's
creditworthiness
and
typically
range
from
AAA
(highest)
to
D
(lowest).
The
Refunded
category
consists
of
refunded
bonds
secured
by
U.S.
government
or
other
high-
quality
securities.
The
Not
Rated
category
consists
of
ratable
securities
that
have
not
been
rated
by
an
NRSRO.
The
Not
Applicable
category
consists
of
third-party
ETFs
and
securities
that
only
have
a
short-term
rating
and
are
not
cash
equivalents.
Cash
includes
equivalents,
which
may
be
rated.
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
the
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
impo-
sition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
estimated
tax-basis
net
investment
income
distributions
for
the
period
shown.
A
portion
or
all
of
the
distribution
may
be
reclassified
as
return
of
capital
or
short-term
or
long-term
capital
gains
once
final
tax
designations
are
known.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
14
.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
UST
yields
rose
sharply
in
the
first
quarter
of
2021,
muni
bond
absolute
returns
were
hindered
given
the
longer-
duration
profile
of
the
sector.
The
muni
bond
market
has
experienced
strong
inflows
into
the
market
throughout
most
of
the
review
period.
In
February
2021,
there
were
modest
outflows
as
UST
yields
increased
rapidly,
but
these
flows
were
reversed
in
March
2021,
adding
to
the
already-strong
technical
conditions
in
the
sector.
Starting
in
the
fall
of
2020,
new
novel
coronavirus
(COVID-19)
cases
and
hospitalizations
increased
to
all-time
highs
as
the
virus
spread
to
areas
in
the
U.S.
that
had
not
seen
large
numbers
of
infections,
causing
some
states
to
slow
or
abandon
their
reopening
plans.
This
was
tempered
by
the
emergency
approval
of
COVID-19
vaccines
from
multiple
pharmaceutical
manufacturers
by
the
U.S.
Food
and
Drug
Administration
in
December
2020
with
plans
to
provide
mass
inoculations
in
the
first
half
of
2021.
As
the
vaccination
program
progressed
during
the
first
quarter
of
2021,
case
rates
and
hospitalizations
dropped
significantly,
allowing
the
resumption
of
the
reopening
process
including
a
return
to
in-person
schooling.
State
and
local
muni
bond
issuers
projected
severe
budget
deficits
for
2020
going
forward
as
they
anticipated
tax
receipts
and
usage
fees
falling
and
outlays
for
social
programs
such
as
health
care
and
unemployment
benefits
strongly
rising.
By
the
end
of
2020,
many
of
these
deficit
projection
fears
were
unfounded
as
consumer
spending
recovered
more
quickly
than
anticipated,
leading
to
higher
sales
tax
collections.
A
strong
U.S.
housing
market
also
provided
additional
support.
In
March
2021,
the
U.S.
federal
government
passed
a
$1.9
trillion
additional
fiscal
spending
bill,
providing
large
one-time
cash
payments
to
individuals
and
continuation
of
enhanced
unemployment
benefits.
Included
in
this
package
was
$350
billion
worth
of
grants
to
state
and
local
governments
intended
to
support
budgets
and
improve
the
credit
profile
of
the
muni
sector
as
a
whole.
During
the
six-month
period
ending
in
March
2021,
revenue
bonds
outperformed
general
obligation
securities
and
lower-
quality
investment-grade
issues
outperformed
their
higher-
rated
counterparts.
Within
the
revenue
bond
segments,
leasing
and
transportation
bonds
were
the
best
performers,
while
resource
recovery
had
modest
positive
returns
but
lagged
other
revenue
segments.
The
Investment
Company
Institute
(ICI)
reported
net
inflows
of
approximately
$5
billion
into
muni
bond
retail
vehicles
in
March
2021.
For
the
six-month
period,
muni
bond
retail
vehicles
saw
approximately
$46
billion
of
net
inflows,
according
to
the
ICI.
For
the
six-month
period,
U.S.
fixed
income
sectors
broadly
underperformed
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
+19.07%
total
return
for
the
period.
1
Investment-grade
muni
bonds,
as
measured
by
the
Bloomberg
Barclays
Municipal
Bond
Index,
posted
a
+1.46%
total
return,
while
USTs,
as
measured
by
the
Bloomberg
Barclays
U.S.
Treasury
Index,
posted
a
-5.05%
total
return,
and
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
Barclays
U.S.
Corporate
Bond
Index,
posted
a
-1.74%
total
return.
3
State
Update
During
the
six-month
period,
New
York’s
strong
economy,
which
generates
above-average
income
and
wealth
levels,
contracted
amid
the
COVID-19
pandemic.
New
York’s
unemployment
rate
began
the
period
at
9.7%
and
ended
at
8.5%,
compared
with
the
6.0%
national
rate.
4
By
period-end,
New
York’s
fiscal
year
(FY)
2021
budget
was
estimated
to
be
in
a
better
position
than
the
prior
year’s
budget
at
the
start
of
the
pandemic,
as
FY
2021
revenue
declines
were
less
than
expected
and
the
state
received
considerable
federal
aid.
The
governor’s
amended
2021
executive
budget
financial
plan
restored
potential
aid
to
localities
and
maintained
reserve
balances
without
having
to
borrow
for
operations.
New
York’s
net
tax-supported
debt
was
moderately
high
at
$3,314
per
capita
and
4.6%
of
personal
income,
compared
with
the
2.0%
and
$1,071
national
medians,
respectively.
5
Independent
credit
rating
agency
Moody’s
Investors
Service
affirmed
its
Aa2
rating
with
a
stable
outlook
on
New
York’s
general
obligation
debt.
6
Moody’s
rating
reflected
its
view
of
the
state’s
large
and
diverse
economy,
moderate
leverage
and
budget
management
tools.
The
rating
also
recognizes
New
York’s
high
cost
of
living,
economic
reliance
on
New
York
City
and
growing
health
care
and
education
costs
amid
uncertain
federal
funding.
Moody’s
stable
outlook
reflects
the
state’s
ability
to
match
spending
with
less
revenue
until
the
pandemic
is
under
control.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
4.
Source:
Bureau
of
Labor
Statistics.
5.
Source:
Moody’s
Investors
Service,
State
government
–
U.S.:
Medians
–
State
debt
declined
in
2019,
but
likely
to
grow
in
coming
years
,
5/12/20.
6.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
Investment
Strategy
We
select
securities
that
we
believe
will
provide
the
best
balance
between
risk
and
return
within
the
Fund’s
range
of
allowable
investments
and
typically
use
a
buy-and-hold
strategy.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
rather
than
trading
securities
for
capital
gains,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
the
Fund
meet
its
goal.
Manager’s
Discussion
Consistent
with
our
strategy,
we
typically
look
to
construct
a
portfolio
that
maintains
a
dollar-weighted
average
maturity
of
three
to
10
years.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
Thank
you
for
your
continued
participation
in
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
March
31,
2021,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
3/31/21
%
of
Total
Investments
Special
Tax
23.60%
Utilities
15.01%
Transportation
13.22%
Lease
11.61%
Local
11.04%
Refunded
6.35%
Education
5.49%
Health
Care
4.83%
Other
Revenue
Bonds
3.26%
Industrial
Dev.
Revenue
and
Pollution
Control
2.71%
Housing
2.63%
Cash
&
Cash
Equivalents
0.25%
Performance
Summary
as
of
March
31,
2021
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
6
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
3/31/21
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
–
A
3
6-Month
+1.51%
-0.77%
1-Year
+2.90%
+0.58%
5-Year
+10.99%
+1.64%
10-Year
+40.24%
+3.20%
Advisor
6-Month
+1.63%
+1.63%
1-Year
+3.14%
+3.14%
5-Year
+12.05%
+2.30%
10-Year
+42.24%
+3.59%
Share
Class
Distribution
Rate
4
Taxable
Equivalent
Distribution
Rate
5
30-Day
Standardized
Yield
6
Taxable
Equivalent
30-Day
Standardized
Yield
5
A
2.02%
4.34%
0.56%
1.20%
Advisor
2.33%
5.01%
0.81%
1.74%
See
page
7
for
Performance
Summary
footnotes.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest
rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
thereby
increasing
market
risk.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
4.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
March
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
3/31/21.
5.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/17/20
for
the
maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
rate
of
53.50%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
6.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
7.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(10/1/20–3/31/21)
Share
Class
Net
Investment
Income
A
$0.115677
A1
$0.124468
C
$0.092257
R6
$0.133595
Advisor
$0.130313
Total
Annual
Operating
Expenses
7
Share
Class
A
0.84%
Advisor
0.59%
Your
Fund’s
Expenses
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
8
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/365
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
10/1/20
Ending
Account
Value
3/31/21
Expenses
Paid
During
Period
10/1/20–3/31/21
1
Ending
Account
Value
3/31/21
Expenses
Paid
During
Period
10/1/20–3/31/21
1
a
Net
Annualized
Expense
Ratio
A
$1,000
$1,015.10
$4.21
$1,020.75
$4.22
0.84%
A1
$1,000
$1,015.85
$3.46
$1,021.50
$3.47
0.69%
C
$1,000
$1,013.03
$6.20
$1,018.77
$6.22
1.24%
R6
$1,000
$1,016.59
$2.67
$1,022.29
$2.68
0.53%
Advisor
$1,000
$1,016.31
$2.95
$1,022.00
$2.96
0.59%
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
Year
Ended
September
30,
2018
a
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$11.64
$11.70
$11.19
$11.26
Income
from
investment
operations
b
:
Net
investment
income
c
......................................
0.12
0.26
0.28
0.02
Net
realized
and
unrealized
gains
(losses)
........................
0.06
(0.06)
0.52
(0.07)
Total
from
investment
operations
.................................
0.18
0.20
0.80
(0.05)
Less
distributions
from:
Net
investment
income
.......................................
(0.12)
(0.26)
(0.29)
(0.02)
Net
asset
value,
end
of
period
...................................
$11.70
$11.64
$11.70
$11.19
Total
return
d
................................................
1.51%
1.69%
7.19%
(0.46)%
Ratios
to
average
net
assets
e
Expenses
f
..................................................
0.84%
0.84%
0.84%
0.83%
Net
investment
income
........................................
1.99%
2.20%
2.43%
2.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$99,708
$89,211
$57,147
$145
Portfolio
turnover
rate
.........................................
8.67%
13.94%
16.12%
11.15%
a
For
the
period
September
10,
2018
(effective
date)
to
September
30,
2018.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
2020
2019
2018
2017
2016
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.65
$11.71
$11.20
$11.63
$11.94
$11.75
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.27
0.30
0.30
0.30
0.30
Net
realized
and
unrealized
gains
(losses)
0.05
(0.06)
0.51
(0.43)
(0.31)
0.19
Total
from
investment
operations
........
0.18
0.21
0.81
(0.13)
(0.01)
0.49
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.27)
(0.30)
(0.30)
(0.30)
(0.30)
Net
asset
value,
end
of
period
..........
$11.71
$11.65
$11.71
$11.20
$11.63
$11.94
Total
return
c
.......................
1.59%
1.84%
7.35%
(1.15)%
(0.08)%
4.24%
Ratios
to
average
net
assets
d
Expenses
.........................
0.69%
e
0.69%
e
0.69%
e
0.68%
e
0.65%
0.65%
Net
investment
income
...............
2.14%
2.36%
2.58%
2.62%
2.56%
2.54%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$351,864
$362,113
$392,721
$440,120
$497,363
$574,905
Portfolio
turnover
rate
................
8.67%
13.94%
16.12%
11.15%
9.30%
3.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
2020
2019
2018
2017
2016
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.69
$11.75
$11.23
$11.67
$11.98
$11.79
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.21
0.23
0.24
0.23
0.24
Net
realized
and
unrealized
gains
(losses)
0.06
(0.06)
0.53
(0.45)
(0.31)
0.19
Total
from
investment
operations
........
0.15
0.15
0.76
(0.21)
(0.08)
0.43
Less
distributions
from:
Net
investment
income
..............
(0.09)
(0.21)
(0.24)
(0.23)
(0.23)
(0.24)
Net
asset
value,
end
of
period
..........
$11.75
$11.69
$11.75
$11.23
$11.67
$11.98
Total
return
c
.......................
1.30%
1.29%
6.83%
(1.78)%
(0.55)%
3.57%
Ratios
to
average
net
assets
d
Expenses
.........................
1.24%
e
1.24%
e
1.24%
e
1.23%
e
1.20%
1.20%
Net
investment
income
...............
1.59%
1.81%
2.03%
2.07%
2.01%
1.99%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$54,043
$61,722
$90,763
$124,250
$157,323
$192,805
Portfolio
turnover
rate
................
8.67%
13.94%
16.12%
11.15%
9.30%
3.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
Year
Ended
September
30,
2017
a
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$11.68
$11.74
$11.23
$11.66
$11.69
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.13
0.29
0.31
0.32
0.05
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.06)
0.52
(0.44)
(0.03)
Total
from
investment
operations
....................
0.19
0.23
0.83
(0.12)
0.02
Less
distributions
from:
Net
investment
income
..........................
(0.13)
(0.29)
(0.32)
(0.31)
(0.05)
Net
asset
value,
end
of
period
......................
$11.74
$11.68
$11.74
$11.23
$11.66
Total
return
d
...................................
1.66%
2.00%
7.50%
(1.01)%
0.19%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
......
0.53%
0.53%
0.53%
0.52%
1.57%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.53%
f
0.53%
f
0.53%
f
0.51%
f
0.51%
Net
investment
income
...........................
2.29%
2.51%
2.74%
2.79%
2.70%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$92,765
$87,638
$79,577
$69,281
$5
Portfolio
turnover
rate
............................
8.67%
13.94%
16.12%
11.15%
9.30%
a
For
the
period
August
1,
2017
(effective
date)
to
September
30,
2017.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
2020
2019
2018
2017
2016
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.68
$11.74
$11.23
$11.66
$11.97
$11.78
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.29
0.31
0.31
0.31
0.32
Net
realized
and
unrealized
gains
(losses)
0.06
(0.06)
0.51
(0.43)
(0.31)
0.18
Total
from
investment
operations
........
0.19
0.23
0.82
(0.12)
—
0.50
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.29)
(0.31)
(0.31)
(0.31)
(0.31)
Net
asset
value,
end
of
period
..........
$11.74
$11.68
$11.74
$11.23
$11.66
$11.97
Total
return
c
.......................
1.63%
1.94%
7.44%
(1.05)%
0.02%
4.31%
Ratios
to
average
net
assets
d
Expenses
.........................
0.59%
e
0.59%
e
0.59%
e
0.58%
e
0.55%
0.55%
Net
investment
income
...............
2.23%
2.45%
2.68%
2.72%
2.66%
2.64%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$312,620
$320,209
$314,157
$327,215
$440,149
$425,166
Portfolio
turnover
rate
................
8.67%
13.94%
16.12%
11.15%
9.30%
3.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Statement
of
Investments
(unaudited),
March
31,
2021
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.6%
New
York
98.6%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
B
,
Refunding
,
5
%
,
11/01/38
.
$
3,750,000
$
4,843,938
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020A
,
Refunding
,
4
%
,
11/01/35
......................................
1,015,000
1,132,867
Buffalo
Municipal
Water
Finance
Authority
,
Revenue
,
2020
B
,
Refunding
,
AGMC
Insured
,
2.375
%
,
7/01/40
............................................
5,250,000
5,350,694
City
of
New
York
,
GO,
2012D-1,
5%,
10/01/24
..........................................
5,000,000
5,116,793
GO,
2015A,
Refunding,
5%,
8/01/26
....................................
10,000,000
11,488,220
GO,
2016A,
Refunding,
5%,
8/01/26
....................................
9,000,000
10,708,885
GO,
2018
E-1,
5.25%,
3/01/31
........................................
5,000,000
6,304,633
GO,
2019
-
D1,
5%,
12/01/35
.........................................
5,015,000
6,249,420
GO,
2020
D-1,
4%,
3/01/36
..........................................
2,500,000
2,920,206
City
of
Yonkers
,
GO
,
2011A
,
AGMC
Insured
,
5
%
,
10/01/24
....................
1,000,000
1,024,094
County
of
Allegany
,
GO
,
2014
,
Refunding
,
BAM
Insured
,
5
%
,
9/15/26
............
1,245,000
1,435,742
County
of
Nassau
,
GO
,
2019
B
,
AGMC
Insured
,
5
%
,
4/01/44
...................
5,000,000
6,233,220
County
of
Onondaga
,
GO,
2020,
2%,
10/15/38
.............................................
1,805,000
1,768,696
GO,
2020,
2%,
10/15/39
.............................................
2,515,000
2,471,878
GO,
2020,
2%,
10/15/40
.............................................
2,605,000
2,544,141
County
of
Suffolk
,
GO,
2014,
Refunding,
AGMC
Insured,
5%,
2/01/23
.........................
5,045,000
5,464,933
GO,
2018
B,
AGMC
Insured,
4%,
10/15/30
...............................
6,310,000
7,269,957
GO,
2018
B,
AGMC
Insured,
3.375%,
10/15/31
...........................
6,370,000
6,855,607
GO,
2020-II,
2%,
8/19/21
............................................
640,000
644,189
County
of
Ulster
,
GO,
2012,
Refunding,
5%,
11/15/24
....................................
2,600,000
2,677,371
GO,
2012,
Refunding,
5%,
11/15/28
....................................
2,995,000
3,082,245
Gloversville
Enlarged
School
District
,
GO,
2020,
BAM
Insured,
2%,
10/15/27
..................................
2,230,000
2,360,926
GO,
2020,
BAM
Insured,
2%,
10/15/28
..................................
2,260,000
2,385,008
GO,
2020,
BAM
Insured,
2%,
10/15/31
..................................
2,410,000
2,484,175
Grand
Island
Central
School
District
,
GO,
2016,
4%,
12/01/29
.............................................
3,915,000
4,582,392
GO,
2016,
4%,
12/01/30
.............................................
3,650,000
4,268,011
Haverstraw-Stony
Point
Central
School
District
,
GO,
2015,
5%,
10/15/25
.............................................
850,000
952,591
GO,
2015,
AGMC
Insured,
5%,
10/15/31
................................
600,000
672,418
Long
Island
Power
Authority
,
Revenue,
2012B,
5%,
9/01/26
........................................
5,000,000
5,325,974
Revenue,
2019
A,
4%,
9/01/35
........................................
15,700,000
18,306,544
Revenue,
2019
A,
4%,
9/01/38
........................................
6,775,000
7,792,169
Revenue,
2020
A,
Refunding,
5%,
9/01/35
...............................
1,000,000
1,304,676
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/22
.........................
8,765,000
9,477,643
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
10,000,000
11,282,361
Revenue,
2013E,
Pre-Refunded,
BAM
Insured,
5%,
11/15/27
.................
8,900,000
10,021,953
Revenue,
2017
C-2,
Refunding,
Zero
Cpn
.,
11/15/39
.......................
15,000,000
8,407,755
Dedicated
Tax
Fund,
Revenue,
2012A,
Refunding,
Zero
Cpn
.,
11/15/32
.........
70,000,000
54,570,033
Monroe
County
Industrial
Development
Corp.
,
Rochester
City
School
District,
Revenue,
2013,
5%,
5/01/26
..................
5,000,000
5,470,435
Rochester
City
School
District,
Revenue,
2013,
5%,
5/01/29
..................
9,645,000
10,518,864
Rochester
City
School
District,
Revenue,
2015,
5%,
5/01/29
..................
1,175,000
1,368,507
University
of
Rochester,
Revenue,
2013A,
Pre-Refunded,
5%,
7/01/25
..........
5,445,000
6,035,026
University
of
Rochester,
Revenue,
2013A,
Pre-Refunded,
5%,
7/01/27
..........
6,220,000
6,894,006
University
of
Rochester,
Revenue,
2020A,
5%,
7/01/31
......................
500,000
670,083
University
of
Rochester,
Revenue,
2020A,
5%,
7/01/32
......................
600,000
814,589
Franklin
New
York
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Monroe
County
Industrial
Development
Corp.,
(continued)
University
of
Rochester,
Revenue,
2020A,
5%,
7/01/33
......................
$
460,000
$
630,704
Nassau
County
Interim
Finance
Authority
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/32
10,000,000
13,533,083
New
York
City
,
Water
&
Sewer
System,
Revenue,
2012
EE,
5%,
6/15/28
....................
8,000,000
8,453,259
Water
&
Sewer
System,
Revenue,
2014
DD,
5%,
6/15/23
....................
6,000,000
6,627,497
Water
&
Sewer
System,
Revenue,
2015
GG,
Refunding,
5%,
6/15/27
...........
10,000,000
11,839,628
Water
&
Sewer
System,
Revenue,
2015DD,
Refunding,
5%,
6/15/29
...........
7,790,000
8,909,954
Water
&
Sewer
System,
Revenue,
2018
CC-1,
4%,
6/15/37
..................
5,000,000
5,721,947
Water
&
Sewer
System,
Revenue,
2018
EE,
Refunding,
5%,
6/15/30
...........
5,000,000
5,995,117
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/34
............
5,000,000
6,251,999
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/29
...............................
4,510,000
5,790,755
Revenue,
2020
A,
Refunding,
5%,
2/15/30
...............................
2,500,000
3,257,828
a
New
York
City
Housing
Development
Corp.
,
East
124th
Street
LLC
,
Revenue
,
2008
A
,
LOC
FHLMC
,
Mandatory
Put
,
2.1
%
,
10/01/29
.............................
20,000,000
21,260,954
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021A,
Refunding,
AGMC
Insured,
5%,
1/01/31
1,250,000
1,645,475
Queens
Ballpark
Co.
LLC,
Revenue,
2021A,
Refunding,
AGMC
Insured,
4%,
1/01/32
2,000,000
2,411,866
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/39
..
2,500,000
2,648,736
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2012
S-1A,
5%,
7/15/26
...........................
9,020,000
9,137,142
Building
Aid,
Revenue,
2018S-1,
Refunding,
5%,
7/15/29
....................
8,215,000
10,246,400
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/34
..................
10,000,000
12,466,724
Future
Tax
Secured,
Revenue,
13,
5%,
11/01/22
..........................
6,800,000
7,319,950
Future
Tax
Secured,
Revenue,
2012E-1,
5%,
2/01/23
.......................
5,000,000
5,199,605
Future
Tax
Secured,
Revenue,
2016
A-1,
5%,
8/01/28
......................
5,000,000
5,916,434
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
10,970,000
12,942,417
Future
Tax
Secured,
Revenue,
2018
B-1,
4%,
8/01/35
......................
4,000,000
4,596,134
Future
Tax
Secured,
Revenue,
2019
C-1,
4%,
11/01/42
.....................
11,105,000
12,669,764
New
York
Convention
Center
Development
Corp.
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/25
........................................................
2,250,000
2,623,964
New
York
Liberty
Development
Corp.
,
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
.....................................
13,305,000
18,728,222
New
York
Municipal
Bond
Bank
Agency
,
Revenue
,
2009C1
,
AGMC
Insured
,
5
%
,
2/15/22
.........................................................
425,000
426,214
New
York
State
Dormitory
Authority
,
Revenue,
2009A,
AGMC
Insured,
5%,
10/01/24
...........................
135,000
135,453
Revenue,
2010A,
AGMC
Insured,
5%,
10/01/23
...........................
860,000
862,929
Revenue,
2011A,
Pre-Refunded,
5%,
10/01/24
............................
6,710,000
6,871,669
Revenue,
2011A,
5%,
10/01/24
.......................................
345,000
352,904
Revenue,
2012A,
AGMC
Insured,
5%,
10/01/23
...........................
6,425,000
6,874,268
Revenue,
2020
A,
AGMC
Insured,
5%,
10/01/34
...........................
2,255,000
2,814,481
Board
of
Cooperative
Educational
Services
of
Oneida
Herkimer
&
Madison
Counties,
Revenue,
2016,
Refunding,
5%,
8/15/28
...............................
1,100,000
1,312,071
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,150,000
1,296,126
City
of
New
York,
Revenue,
2010A,
3.375%,
5/15/21
.......................
1,980,000
1,984,681
City
of
New
York,
Revenue,
2010A,
3.5%,
5/15/22
.........................
2,000,000
2,004,879
City
of
New
York,
Revenue,
2010A,
3.625%,
5/15/23
.......................
2,000,000
2,004,973
City
of
New
York,
Revenue,
2010A,
3.75%,
5/15/24
........................
2,000,000
2,005,022
City
University
of
New
York
(The),
Revenue,
2005
A,
NATL
Insured,
5.5%,
7/01/22
.
9,240,000
9,854,007
Fashion
Institute
of
Technology,
Revenue,
2007,
NATL
Insured,
ETM,
5.25%,
7/01/22
1,250,000
1,326,612
Icahn
School
of
Medicine
at
Mount
Sinai,
Revenue,
2010-A,
5%,
7/01/21
........
3,000,000
3,009,834
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/34
.........
300,000
350,156
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/34
.........
375,000
437,210
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/35
.........
300,000
349,451
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/35
.........
300,000
349,034
Franklin
New
York
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
1998,
NATL
Insured,
5.5%,
7/01/23
........................................................
$
9,450,000
$
10,089,534
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
2012-1,
Pre-Refunded,
5%,
7/01/23
........................................................
1,250,000
1,295,036
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/33
...............
12,000,000
14,781,065
New
York
University,
Revenue,
2019A,
5%,
7/01/37
........................
6,040,000
7,636,181
Northwell
Health
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
5/01/27
.....
6,000,000
6,988,123
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/26
1,000,000
1,131,023
Rochester
Institute
of
Technology,
Revenue,
2012,
Pre-Refunded,
4%,
7/01/26
....
4,000,000
4,191,045
Rochester
Institute
of
Technology,
Revenue,
2019A,
5%,
7/01/39
..............
1,000,000
1,242,797
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/35
.........................
200,000
217,127
State
of
New
York
Personal
Income
Tax,
Revenue,
2014A,
5%,
2/15/25
.........
5,000,000
5,660,578
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
D,
Refunding,
5%,
2/15/27
10,000,000
12,277,211
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
4%,
2/15/33
.........
9,995,000
11,452,037
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
4%,
2/15/33
........................................................
5,000
5,940
State
of
New
York
Personal
Income
Tax,
Revenue,
2018A,
Refunding,
5.25%,
3/15/37
........................................................
7,000,000
8,867,094
State
of
New
York
Personal
Income
Tax,
Revenue,
2021
A,
Refunding,
5%,
3/15/33
7,500,000
9,839,837
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/32
.................
7,000,000
8,546,971
State
of
New
York
Sales
Tax,
Revenue,
2018A,
5%,
3/15/42
..................
10,000,000
12,135,739
State
of
New
York
Tax
Commissioner
of
Taxation
&
Finance,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/22
............................................
10,000,000
10,624,412
State
University
Construction
Fund,
Revenue,
2005
A,
NATL
Insured,
5.5%,
5/15/24
7,790,000
9,046,469
State
University
Construction
Fund,
Revenue,
2012A,
5%,
5/15/26
.............
8,000,000
8,424,816
State
University
of
New
York,
Revenue,
2017
A,
Refunding,
5%,
7/01/29
........
1,000,000
1,235,202
State
University
of
New
York,
Revenue,
2018
A,
5%,
7/01/33
.................
1,000,000
1,236,074
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund,
Revenue,
2018
B,
5%,
6/15/35
........
5,000,000
6,300,799
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
8/15/37
........
4,105,000
5,269,851
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
8/15/38
........
2,955,000
3,780,408
State
of
New
York
State
Revolving
Fund,
Revenue,
2019
A,
5%,
8/15/39
........
2,920,000
3,723,554
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/37
........................................
7,000,000
8,089,153
Revenue,
I,
Pre-Refunded,
5%,
1/01/25
.................................
5,000,000
5,182,052
Revenue,
K,
Refunding,
5%,
1/01/28
...................................
10,000,000
11,592,070
Revenue,
K,
Refunding,
5%,
1/01/29
...................................
10,000,000
11,580,011
Revenue,
L,
Refunding,
5%,
1/01/32
...................................
1,750,000
2,171,961
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/30
10,000,000
12,246,454
State
of
New
York
Sales
Tax,
Revenue,
2019
A,
Refunding,
5%,
3/15/38
.........
5,120,000
6,446,018
New
York
Transportation
Development
Corp.
,
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/34
............
500,000
580,408
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
1,000,000
1,133,767
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/29
...
500,000
619,497
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/30
...
150,000
189,172
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
...
400,000
498,433
JFK
International
Air
Terminal
LLC,
Revenue,
2020C,
Refunding,
5%,
12/01/30
...
900,000
1,144,997
JFK
International
Air
Terminal
LLC,
Revenue,
2020C,
Refunding,
5%,
12/01/31
...
1,100,000
1,390,399
Niagara
Falls
Public
Water
Authority
,
Revenue
,
2013A
,
BAM
Insured
,
5
%
,
7/15/29
...
7,060,000
7,775,149
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/38
............................................
7,095,000
8,976,424
Onondaga
County
Water
Authority
,
Revenue
,
2019
A
,
3
%
,
9/15/44
..............
5,000,000
5,264,860
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
184th,
5%,
9/01/25
.........................................
2,655,000
3,057,799
Revenue,
184th,
5%,
9/01/28
.........................................
3,250,000
3,726,422
Franklin
New
York
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey,
(continued)
Revenue,
194th,
Refunding,
5%,
10/15/28
...............................
$
9,085,000
$
10,792,469
Revenue,
209th,
Refunding,
5%,
7/15/34
................................
15,000,000
18,770,712
Revenue,
223,
Refunding,
5%,
7/15/25
.................................
1,800,000
2,123,580
State
of
New
York
,
GO
,
2011E
,
Pre-Refunded
,
3.25
%
,
12/15/26
................
10,520,000
10,750,723
Suffolk
County
Economic
Development
Corp.
,
Catholic
Health
Services
of
Long
Island
Obligated
Group,
Revenue,
2011,
Pre-
Refunded,
5%,
7/01/28
............................................
1,755,000
1,775,018
Catholic
Health
Services
of
Long
Island
Obligated
Group,
Revenue,
2011,
5%,
7/01/28
........................................................
10,245,000
10,355,415
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
3.25
%
,
6/01/43
...............
17,100,000
18,209,864
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2008B-3,
5%,
11/15/34
......................................
3,480,000
4,116,668
Revenue,
2013A,
Refunding,
Zero
Cpn
.,
11/15/30
.........................
14,175,000
11,676,716
Revenue,
2018D,
5%,
11/15/33
.......................................
1,300,000
1,702,989
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Juilliard
School
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/33
..............
2,700,000
3,434,733
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
12/01/26
.......................................................
2,500,000
3,047,821
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
.......................................................
1,000,000
1,296,979
Whitney
Museum
of
American
Art,
Revenue,
2021,
Refunding,
5%,
7/01/31
......
10,000,000
13,469,499
Utility
Debt
Securitization
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/15/26
.....
5,000,000
5,837,851
898,026,406
U.S.
Territories
0.0%
†
Puerto
Rico
0.0%
†
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
2007
N
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/36
.............................................
400,000
498,199
Total
Municipal
Bonds
(Cost
$839,501,980)
.....................................
898,524,605
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
New
York
0.5%
b
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.06
%
,
1/01/34
4,800,000
4,800,000
Total
Municipal
Bonds
(Cost
$4,800,000)
.......................................
4,800,000
Total
Short
Term
Investments
(Cost
$4,800,000
)
.................................
4,800,000
a
Total
Investments
(Cost
$844,301,980)
99.1%
...................................
$903,324,605
Other
Assets,
less
Liabilities
0.9%
.............................................
7,674,444
Net
Assets
100.0%
...........................................................
$910,999,049
See
Abbreviations
on
page
28
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
March
31,
2021
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$844,301,980
Value
-
Unaffiliated
issuers
..................................................................
$903,324,605
Cash
....................................................................................
132,127
Receivables:
Capital
shares
sold
........................................................................
830,962
Interest
.................................................................................
8,916,854
Total
assets
..........................................................................
913,204,548
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
1,255,400
Management
fees
.........................................................................
362,899
Distribution
fees
..........................................................................
81,625
Transfer
agent
fees
........................................................................
116,876
Trustees'
fees
and
expenses
.................................................................
7,483
Distributions
to
shareholders
.................................................................
273,622
Accrued
expenses
and
other
liabilities
...........................................................
107,594
Total
liabilities
.........................................................................
2,205,499
Net
assets,
at
value
.................................................................
$910,999,049
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$865,542,508
Total
distributable
earnings
(losses)
.............................................................
45,456,541
Net
assets,
at
value
.................................................................
$910,999,049
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
March
31,
2021
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$99,707,705
Shares
outstanding
........................................................................
8,520,329
Net
asset
value
per
share
a
..................................................................
$11.70
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
................................
$11.97
Class
A1:
Net
assets,
at
value
.......................................................................
$351,863,995
Shares
outstanding
........................................................................
30,060,256
Net
asset
value
per
share
a
..................................................................
$11.71
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
................................
$11.98
Class
C:
Net
assets,
at
value
.......................................................................
$54,042,548
Shares
outstanding
........................................................................
4,600,428
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$11.75
Class
R6:
Net
assets,
at
value
.......................................................................
$92,765,235
Shares
outstanding
........................................................................
7,902,827
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.74
Advisor
Class:
Net
assets,
at
value
.......................................................................
$312,619,566
Shares
outstanding
........................................................................
26,626,799
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$11.74
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
March
31,
2021
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$12,957,072
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,191,006
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
117,237
Class
A1
...............................................................................
179,134
Class
C
................................................................................
189,312
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
37,329
Class
A1
...............................................................................
142,631
Class
C
................................................................................
23,289
Class
R6
...............................................................................
10,693
Advisor
Class
............................................................................
125,829
Custodian
fees
(Note
4
)
......................................................................
2,675
Reports
to
shareholders
......................................................................
19,659
Registration
and
filing
fees
....................................................................
25,748
Professional
fees
...........................................................................
50,413
Trustees'
fees
and
expenses
..................................................................
22,007
Other
....................................................................................
22,546
Total
expenses
.........................................................................
3,159,508
Expense
reductions
(Note
4
)
...............................................................
(2,745)
Net
expenses
.........................................................................
3,156,763
Net
investment
income
................................................................
9,800,309
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
261,223
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
4,341,436
Net
realized
and
unrealized
gain
(loss)
............................................................
4,602,659
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$14,402,968
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Franklin
New
York
Intermediate-Term
Tax-
Free
Income
Fund
Six
Months
Ended
March
31,
2021
(unaudited)
Year
Ended
September
30,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$9,800,309
$21,829,095
Net
realized
gain
(loss)
.................................................
261,223
(2,535,363)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
4,341,436
(3,889,769)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
14,402,968
15,403,963
Distributions
to
shareholders:
Class
A
.............................................................
(925,136)
(1,617,304)
Class
A1
............................................................
(3,807,943)
(8,843,011)
Class
C
.............................................................
(460,319)
(1,408,046)
Class
R6
............................................................
(1,027,043)
(2,119,777)
Advisor
Class
........................................................
(3,505,458)
(7,765,068)
Total
distributions
to
shareholders
..........................................
(9,725,899)
(21,753,206)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
10,113,651
32,591,702
Class
A1
............................................................
(12,165,772)
(28,361,467)
Class
C
.............................................................
(8,022,055)
(28,633,872)
Class
R6
............................................................
4,716,970
8,926,026
Advisor
Class
........................................................
(9,214,193)
8,356,020
Total
capital
share
transactions
............................................
(14,571,399)
(7,121,591)
Net
increase
(decrease)
in
net
assets
...................................
(9,894,330)
(13,470,834)
Net
assets:
Beginning
of
period
.....................................................
920,893,379
934,364,213
End
of
period
..........................................................
$910,999,049
$920,893,379
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
22
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
New
York
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
one
fund, Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(Fund)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
offers
five
classes
of
shares:
Class  A,
Class
A1,
Class  C,
Class
R6,
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
after
they
have
been
held
for
10
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the
Fund's
significant
accounting
policies.
a.
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
Trust'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.
b.
Income
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
March
31,
2021,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
c.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
net
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
d.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Trust
are
insured
by
either
a
new
issue
insurance
policy,
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
March
31,
2021,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
Six
Months
Ended
March
31,
2021
Year
Ended
September
30,
2020
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
1,451,242
$17,066,944
3,968,856
$46,367,226
Shares
issued
in
reinvestment
of
distributions
..........
58,782
690,084
113,802
1,327,058
Shares
redeemed
...............................
(652,107)
(7,643,377)
(1,303,735)
(15,102,582)
Net
increase
(decrease)
..........................
857,917
$10,113,651
2,778,923
$32,591,702
Class
A1
Shares:
Shares
sold
...................................
369,120
$4,331,128
1,135,441
$13,224,770
Shares
issued
in
reinvestment
of
distributions
..........
295,346
3,468,137
688,944
8,037,452
Shares
redeemed
...............................
(1,698,751)
(19,965,037)
(4,280,540)
(49,623,689)
Net
increase
(decrease)
..........................
(1,034,285)
$(12,165,772)
(2,456,155)
$(28,361,467)
Class
C
Shares:
Shares
sold
...................................
134,635
$1,598,370
515,200
$6,044,876
Shares
issued
in
reinvestment
of
distributions
..........
35,798
421,809
97,524
1,142,099
Shares
redeemed
a
..............................
(851,016)
(10,042,234)
(3,057,479)
(35,820,847)
Net
increase
(decrease)
..........................
(680,583)
$(8,022,055)
(2,444,755)
$(28,633,872)
Class
R6
Shares:
Shares
sold
...................................
834,263
$9,837,372
2,217,906
$25,955,962
Shares
issued
in
reinvestment
of
distributions
..........
81,090
955,017
169,256
1,980,553
Shares
redeemed
...............................
(516,933)
(6,075,419)
(1,662,388)
(19,010,489)
Net
increase
(decrease)
..........................
398,420
$4,716,970
724,774
$8,926,026
Advisor
Class
Shares:
Shares
sold
...................................
2,285,419
$26,971,529
6,007,910
$70,127,813
Shares
issued
in
reinvestment
of
distributions
..........
226,891
2,672,354
511,563
5,986,161
Shares
redeemed
...............................
(3,298,523)
(38,858,076)
(5,863,852)
(67,757,954)
Net
increase
(decrease)
..........................
(786,213)
$(9,214,193)
655,621
$8,356,020
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Distributors,
Inc.
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
March
31,
2021,
the
annualized
gross
effective
investment
management
fee
rate
was
0.478%
of
the
Fund’s
average
daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rate,
is
February
1
through
January
31.
 The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
have
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$2,356
CDSC
retained
..............................................................................
$3,875
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
March
31,
2021,
the
Fund
paid
transfer
agent
fees
of
$339,771,
of
which $125,846
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
January
31,
2022.
g.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
March
31,
2021,
these
purchase
and
sale
transactions
aggregated
$13,740,000
and
$15,610,000,
respectively.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
March
31,
2021,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
September
30,
2020,
the
capital
loss
carryforwards
were
as
follows:
At
March
31,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
bond
discounts.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$12,142,110
Long
term
................................................................................
2,440,139
Total
capital
loss
carryforwards
...............................................................
$14,582,249
Cost
of
investments
..........................................................................
$843,636,746
Unrealized
appreciation
........................................................................
$60,992,954
Unrealized
depreciation
........................................................................
(1,305,095)
Net
unrealized
appreciation
(depreciation)
..........................................................
$59,687,859
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
March
31,
2021,
aggregated
$78,565,467
and
$97,857,549,
respectively.
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York.
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.
8. Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
4,
2022.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
March
31,
2021,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
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
March
31,
2021,
all
of
the
Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
11.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
amendments
in
the
ASU
provides
optional
temporary
financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021.
The
ASU
is
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022. Management
has
reviewed
the
requirements
and
believes
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
ETM
Escrowed
to
Maturity
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
29
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
NEW
YORK
INTERMEDIATE-TERM
TAX-FREE
INCOME
FUND
(Fund)
At
a
meeting
held
on
February
23,
2021
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
New
York
Tax-Free
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
telephonic
contract
renewal
meeting
at
which
the
Independent
Trustees
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters
and,
in
some
cases,
requested
additional
information
from
the
Manager
relating
to
the
contract.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-
party
servicing
arrangements,
which
included
discussion
of
the
changing
distribution
landscape
for
the
Fund.
The
Board
noted
management’s
continuing
efforts
and
expenditures
in
establishing
effective
business
continuity
plans
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
such
as
cybersecurity
in
the
current
work-from-home
environment
and
liquidity
risk
management.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
enhancing
services
and
controlling
costs,
as
reflected
in
its
outsourcing
of
certain
administrative
functions,
and
growth
opportunities,
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
30
franklintempleton.com
Semiannual
Report
as
evidenced
by
its
recent
acquisition
of
the
Legg
Mason
companies.
The
Board
also
noted
FT’s
attention
focused
on
expanding
the
distribution
opportunities
for
all
funds
in
the
FT
family
of
funds.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2020.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
New
York
intermediate
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-
and
three-year
periods
was
slightly
below
the
median
of
its
Performance
Universe.
The
Board
considered
that
the
income-oriented
investment
objective
of
the
Fund
is
the
primary
focus
for
the
Fund’s
portfolio
management
team
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
the
Fund’s
peers
on
an
annualized
income
return
basis
is
consistent
with
investor
expectations
and
the
Fund’s
investment
goals.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A,
Class
V
or
Investor
Class
shares
for
each
other
fund
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
seven
other
New
York
intermediate
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
equal
to
the
median
of
its
Expense
Group,
but
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2020,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
further
noted
management’s
representation
that
the
profitability
analysis
excluded
the
impact
of
the
recent
acquisition
of
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
31
franklintempleton.com
Semiannual
Report
the
Legg
Mason
companies
and
that
management
expects
to
incorporate
the
legacy
Legg
Mason
companies
into
the
profitability
analysis
beginning
next
year.
Additionally,
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
certain
operations,
which
effort
has
required
considerable
up
front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
32
franklintempleton.com
Semiannual
Report
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1153
S
05/21
©
2021
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Templeton
Distributors,
Inc.
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
Principal Accountant Fees and Services.             N/A
 
 
Item 5. Audit Committee
 
of Listed Registrants.              N/A
 
 
Item 6. Schedule of Investments.                            N/A
 
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                     N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                                     N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.              N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
 
 
 
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b)
 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics.
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
 
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
FRANKLIN NEW YORK TAX-FREE TRUST
 
 
By __S\Matthew T. Hinkle    __
      Matthew T. Hinkle  
      Chief Executive Officer – Finance and Administration
Date  May 26, 2021
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By __S\Matthew T. Hinkle    __
     Matthew T. Hinkle  
     Chief Executive Officer – Finance and Administration
Date  May 26, 2021
 
 
 
By _S\Robert G. Kubilis _____
   
Robert G. Kubilis
    Chief Financial Officer and Chief Accounting Officer
Date  May 26, 2021