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)
 
Alison Baur, 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: 3/31/24
 
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
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
A
Series
of
Franklin
New
York
Tax-Free
Trust
March
31,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
17
Notes
to
Financial
Statements
21
Shareholder
Information
28
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
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,
2024.
Fund
Overview
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 $10.29
on
September
30,
2023,
to $10.79
on
March
31,
2024.
The
Fund’s
Class
A
shares
paid
dividends
totaling 12.1480
cents
per
share
for
the
same
period.
2
The
Performance
Summary
beginning
on
page 
3
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.32%,
based
on
an
annualization
of the
March
's
2.1382 cents
per
share
monthly dividend
and
the
maximum
offering
price
of
$11.04
on
March
31,
2024.
An
investor
in
the 2024 maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
51.7% (including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of 5.22%
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.
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.
Portfolio
Composition
3/31/24
%
of
Total
Investments*
Transportation
21.48%
Special
Tax
19.15%
Education
10.15%
Utilities
9.93%
Lease
8.57%
Industrial
Dev.
Revenue
and
Pollution
Control
7.41%
Local
7.32%
Housing
6.19%
Health
Care
3.82%
Other
Revenue
Bonds
3.67%
Refunded
1.90%
State
General
Obligation
0.41%
*
Does
not
include
cash
and
cash
equivalents.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
11
.
Performance
Summary
as
of
March
31,
2024
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
3
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
3/31/24
1
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
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+6.06%
+3.67%
1-Year
+2.53%
+0.23%
5-Year
+4.26%
+0.38%
10-Year
+18.68%
+1.50%
Advisor
6-Month
+6.16%
+6.16%
1-Year
+2.78%
+2.78%
5-Year
+5.65%
+1.11%
10-Year
+21.05%
+1.93%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
2.32%
5.22%
2.60%
5.38%
Advisor
2.62%
5.90%
2.90%
6.00%
See
page
4
for
Performance
Summary
footnotes.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
4
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Portfolios
focused
on
a
single
state
are
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.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Net
expenses
are
capped
under
a
contrac-
tual
agreement,
which
cannot
be
terminated
prior
to
1/31/25
without
Board
consent.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
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.
4.
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.
5.
Distribution
Rate
is
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
fund
performance.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
12/20/23
for
the
maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
rate
of
51.7%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
7.
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.
8.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(10/1/23–3/31/24)
Share
Class
Net
Investment
Income
A
$0.121480
A1
$0.129418
C
$0.100070
R6
$0.138310
Advisor
$0.134705
Total
Annual
Operating
Expenses
8
Share
Class
A
0.87%
Advisor
0.62%
Your
Fund’s
Expenses
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
5
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
183/366
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
10/1/23
Ending
Account
Value
3/31/24
Expenses
Paid
During
Period
10/1/23–3/31/24
1
Ending
Account
Value
3/31/24
Expenses
Paid
During
Period
10/1/23–3/31/24
1
a
Annualized
Expense
Ratio
A
$1,000
$1,060.60
$4.45
$1,020.68
$4.36
0.86%
A1
$1,000
$1,060.30
$3.67
$1,021.44
$3.60
0.71%
C
$1,000
$1,058.20
$6.48
$1,018.70
$6.36
1.26%
R6
$1,000
$1,061.00
$2.81
$1,022.28
$2.75
0.55%
Advisor
$1,000
$1,061.60
$3.15
$1,021.94
$3.09
0.61%
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.29
$10.25
$11.72
$11.64
$11.70
$11.19
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.23
0.21
0.22
0.26
0.28
Net
realized
and
unrealized
gains
(losses)
0.50
0.03
(1.48)
0.08
(0.06)
0.52
Total
from
investment
operations
........
0.62
0.26
(1.27)
0.30
0.20
0.80
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.22)
(0.20)
(0.22)
(0.26)
(0.29)
Net
asset
value,
end
of
period
..........
$10.79
$10.29
$10.25
$11.72
$11.64
$11.70
Total
return
c
.......................
6.06%
2.54%
(10.91)%
2.58%
1.69%
7.19%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.86%
0.87%
0.85%
0.83%
0.84%
0.84%
Net
investment
income
...............
2.31%
2.16%
1.87%
1.86%
2.20%
2.43%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$90,885
$88,969
$98,998
$119,113
$89,211
$57,147
Portfolio
turnover
rate
................
7.12%
8.49%
8.56%
18.90%
13.94%
16.12%
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
7
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.30
$10.25
$11.72
$11.65
$11.71
$11.20
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.24
0.22
0.24
0.27
0.30
Net
realized
and
unrealized
gains
(losses)
0.49
0.05
(1.47)
0.07
(0.06)
0.51
Total
from
investment
operations
........
0.62
0.29
(1.25)
0.31
0.21
0.81
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.24)
(0.22)
(0.24)
(0.27)
(0.30)
Net
asset
value,
end
of
period
..........
$10.79
$10.30
$10.25
$11.72
$11.65
$11.71
Total
return
c
.......................
6.03%
2.80%
(10.77)%
2.65%
1.84%
7.35%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.71%
0.72%
0.70%
0.69%
0.69%
0.69%
Net
investment
income
...............
2.46%
2.31%
2.02%
2.03%
2.36%
2.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$191,030
$201,001
$248,359
$334,315
$362,113
$392,721
Portfolio
turnover
rate
................
7.12%
8.49%
8.56%
18.90%
13.94%
16.12%
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.
8
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.33
$10.28
$11.76
$11.69
$11.75
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.19
0.16
0.18
0.21
0.23
Net
realized
and
unrealized
gains
(losses)
0.50
0.04
(1.48)
0.06
(0.06)
0.53
Total
from
investment
operations
........
0.60
0.23
(1.32)
0.24
0.15
0.76
Less
distributions
from:
Net
investment
income
..............
(0.10)
(0.18)
(0.16)
(0.17)
(0.21)
(0.24)
Net
asset
value,
end
of
period
..........
$10.83
$10.33
$10.28
$11.76
$11.69
$11.75
Total
return
c
.......................
5.82%
2.12%
(11.23)%
2.08%
1.29%
6.83%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.26%
1.27%
1.24%
1.24%
1.24%
1.24%
Net
investment
income
...............
1.90%
1.74%
1.46%
1.49%
1.81%
2.03%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$12,340
$16,158
$24,087
$37,418
$61,722
$90,763
Portfolio
turnover
rate
................
7.12%
8.49%
8.56%
18.90%
13.94%
16.12%
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
9
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.33
$10.28
$11.75
$11.68
$11.74
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.26
0.24
0.26
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
0.49
0.05
(1.47)
0.07
(0.06)
0.52
Total
from
investment
operations
........
0.63
0.31
(1.23)
0.33
0.23
0.83
Less
distributions
from:
Net
investment
income
..............
(0.14)
(0.26)
(0.24)
(0.26)
(0.29)
(0.32)
Net
asset
value,
end
of
period
..........
$10.82
$10.33
$10.28
$11.75
$11.68
$11.74
Total
return
c
.......................
6.10%
2.95%
(10.60)%
2.80%
2.00%
7.50%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.55%
0.56%
0.54%
0.53%
0.53%
0.53%
Net
investment
income
...............
2.62%
2.46%
2.18%
2.17%
2.51%
2.74%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$99,298
$93,181
$85,277
$99,307
$87,638
$79,577
Portfolio
turnover
rate
................
7.12%
8.49%
8.56%
18.90%
13.94%
16.12%
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
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,
2024
(unaudited)
Year
Ended
September
30,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.33
$10.28
$11.76
$11.68
$11.74
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.26
0.24
0.25
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
0.49
0.04
(1.49)
0.08
(0.06)
0.51
Total
from
investment
operations
........
0.63
0.30
(1.25)
0.33
0.23
0.82
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.25)
(0.23)
(0.25)
(0.29)
(0.31)
Net
asset
value,
end
of
period
..........
$10.83
$10.33
$10.28
$11.76
$11.68
$11.74
Total
return
c
.......................
6.16%
2.89%
(10.73)%
2.83%
1.94%
7.44%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.61%
0.62%
0.60%
0.58%
0.59%
0.59%
Net
investment
income
...............
2.55%
2.40%
2.11%
2.12%
2.45%
2.68%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$162,890
$173,667
$226,374
$330,045
$320,209
$314,157
Portfolio
turnover
rate
................
7.12%
8.49%
8.56%
18.90%
13.94%
16.12%
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
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
4,968,000
$
4,339,195
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
850,000
718,297
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,000,000
4,652,596
9,710,088
Georgia
0.5%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
....
1,000,000
826,474
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-2
,
4.5
%
,
12/01/26
....
1,945,000
1,820,070
2,646,544
New
York
93.9%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
B
,
Refunding
,
5
%
,
11/01/39
.
3,750,000
4,107,993
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
...................
1,565,000
1,442,890
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/35
......................................
1,015,000
971,126
Buffalo
Municipal
Water
Finance
Authority
,
Revenue
,
2020
B
,
Refunding
,
AGMC
Insured
,
2.375
%
,
7/01/40
............................................
5,250,000
4,029,193
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/24
............
120,000
119,724
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/25
............
110,000
109,093
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/26
............
110,000
107,803
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/27
............
100,000
97,553
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/28
............
225,000
218,116
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/29
............
100,000
96,596
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/30
............
100,000
96,256
Academic
Leadership
Charter
School
,
Revenue
,
2021
,
4
%
,
6/15/31
............
100,000
95,685
Classical
Charter
School,
Inc.
,
Revenue
,
2023
A
,
4
%
,
6/15/33
................
1,605,000
1,611,384
Grand
Concourse
Academy
Charter
School
,
Revenue
,
2022
A
,
5
%
,
7/01/32
......
325,000
345,930
b
Chautauqua
County
Capital
Resource
Corp.
,
NRG
Energy,
Inc.
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
4.25
%
,
4/03/28
...............................
1,500,000
1,516,678
City
of
Long
Beach
,
GO
,
2020
A
,
5
%
,
9/01/26
..............................
1,370,000
1,405,106
City
of
New
York
,
GO
,
2016
A
,
Refunding
,
5
%
,
8/01/26
...................................
9,000,000
9,188,132
GO
,
2018
E-1
,
5.25
%
,
3/01/31
........................................
5,000,000
5,445,005
GO
,
2019
D-1
,
5
%
,
12/01/35
.........................................
5,015,000
5,448,525
GO
,
2020
D-1
,
BAM
Insured
,
4
%
,
3/01/41
...............................
2,500,000
2,522,524
GO
,
2024
C
,
5
%
,
3/01/42
............................................
1,000,000
1,124,347
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/30
...............................
6,310,000
6,433,687
GO
,
2018
B
,
AGMC
Insured
,
3.375
%
,
10/15/31
...........................
6,370,000
6,324,803
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/25
......
160,000
161,165
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/29
......
150,000
158,320
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
......
150,000
159,903
Culinary
Institute
of
America
(The)
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
......
200,000
214,636
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
7/01/26
.....
1,015,000
1,026,145
Gloversville
Enlarged
School
District
,
GO
,
2020
,
BAM
Insured
,
2
%
,
10/15/31
.......
2,410,000
2,091,604
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/36
.................
340,000
353,509
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/37
.................
550,000
570,206
Hofstra
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/38
.................
520,000
535,547
Franklin
New
York
Tax-Free
Trust
Schedule
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.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Long
Island
Power
Authority
,
Revenue
,
2019
A
,
4
%
,
9/01/35
........................................
$
15,700,000
$
16,406,696
Revenue
,
2019
A
,
4
%
,
9/01/38
........................................
6,775,000
6,942,791
Metropolitan
Transportation
Authority
,
Revenue
,
2010
A
,
6.668
%
,
11/15/39
....................................
4,625,000
5,100,901
Revenue
,
2017
C-2
,
Refunding
,
Zero
Cpn.,
11/15/39
.......................
15,000,000
7,858,169
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/44
..............................
5,000,000
5,429,881
Dedicated
Tax
Fund
,
Revenue
,
2012
A
,
Refunding
,
Zero
Cpn.,
11/15/32
.........
40,000,000
30,061,057
Monroe
County
Industrial
Development
Corp.
,
Nazareth
College
of
Rochester
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/26
......
980,000
1,003,058
Nazareth
College
of
Rochester
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/27
......
1,035,000
1,072,328
Rochester
City
School
District
,
Revenue
,
2013
,
5
%
,
5/01/29
..................
9,645,000
9,651,920
Rochester
City
School
District
,
Revenue
,
2015
,
5
%
,
5/01/29
..................
1,175,000
1,193,952
a
True
North
Rochester
Prep
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/01/40
.
630,000
639,763
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
4
%
,
7/01/33
...........................
750,000
751,363
b
New
York
City
Housing
Development
Corp.
,
East
124th
Street
LLC
,
Revenue
,
2008
A
,
LOC
FHLMC
,
Mandatory
Put
,
2.1
%
,
10/01/29
.............................
10,000,000
9,072,004
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/32
3,250,000
3,412,636
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/39
..
2,500,000
2,209,246
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2015
GG
,
Pre-Refunded
,
5
%
,
6/15/27
........
5,000,000
5,109,337
Water
&
Sewer
System
,
Revenue
,
2018
CC-1
,
4
%
,
6/15/37
..................
5,000,000
5,059,129
Water
&
Sewer
System
,
Revenue
,
2018
EE
,
Refunding
,
5
%
,
6/15/30
...........
5,000,000
5,143,456
Water
&
Sewer
System
,
Revenue
,
2018
FF
,
Refunding
,
5
%
,
6/15/34
............
5,000,000
5,419,884
New
York
City
Transitional
Finance
Authority
,
Building
Aid
,
Revenue
,
2018
S-1
,
Refunding
,
5
%
,
7/15/29
...................
8,215,000
8,743,874
Building
Aid
,
Revenue
,
2019
S-3
A
,
Refunding
,
5
%
,
7/15/34
..................
10,000,000
10,836,867
Future
Tax
Secured
,
Revenue
,
2016
A-1
,
5
%
,
8/01/28
......................
5,000,000
5,097,109
Future
Tax
Secured
,
Revenue
,
2016
E-1
,
5
%
,
2/01/39
......................
9,000,000
9,200,672
Future
Tax
Secured
,
Revenue
,
2018
B-1
,
4
%
,
8/01/35
......................
4,000,000
4,084,702
Future
Tax
Secured
,
Revenue
,
2020
B-1
,
4
%
,
11/01/41
.....................
7,200,000
7,233,094
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/25
................................
2,250,000
2,300,779
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
1.9
%
,
11/15/31
.............................
2,000,000
1,733,252
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
13,305,000
15,721,141
New
York
State
Dormitory
Authority
,
Revenue
,
2009
A
,
AGMC
Insured
,
5
%
,
10/01/24
...........................
35,000
35,036
Revenue
,
2011
A
,
5
%
,
10/01/24
.......................................
110,000
110,098
Revenue
,
2020
A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
10/01/34
...............
5,000
5,469
Board
of
Cooperative
Educational
Services
of
Oneida
Herkimer
&
Madison
Counties
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/15/28
...............................
1,100,000
1,148,900
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/27
570,000
546,555
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/28
665,000
630,312
Catholic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/37
1,150,000
914,623
a
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
12/01/45
...................................................
900,000
830,424
a
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/27
...................................................
1,000,000
984,930
a
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/28
...................................................
1,800,000
1,760,747
a
Garnet
Health
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
12/01/32
...................................................
1,000,000
956,414
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/27
......................
325,000
335,316
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/28
......................
275,000
286,960
Franklin
New
York
Tax-Free
Trust
Schedule
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
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/29
......................
$
275,000
$
290,254
Iona
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/30
......................
325,000
346,456
Montefiore
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/01/33
.........
1,350,000
1,400,047
New
York
Institute
of
Technology
,
Revenue
,
2024
,
5.25
%
,
7/01/49
.............
1,000,000
1,087,956
New
York
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/33
...............
12,000,000
12,753,720
New
York
University
,
Revenue
,
2019
A
,
5
%
,
7/01/42
........................
6,040,000
6,499,323
Northwell
Health
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/27
....
6,000,000
6,079,117
NYU
Langone
Hospitals
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
7/01/26
1,000,000
1,003,350
Rochester
Institute
of
Technology
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..............
1,000,000
1,077,176
St.
John's
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/31
...............
3,550,000
3,769,345
St.
Joseph's
College
,
Revenue
,
2021
,
4
%
,
7/01/35
.........................
200,000
186,291
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2016
D
,
Pre-Refunded
,
5
%
,
2/15/27
........................................................
5,000,000
5,250,089
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
A
,
4
%
,
2/15/33
.........
9,990,000
10,260,166
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
2/15/33
........................................................
10,000
10,312
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
3/15/37
........................................................
7,000,000
7,621,499
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
3/15/41
1,000,000
1,128,917
State
of
New
York
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
3/15/32
.................
2,000,000
2,075,758
State
of
New
York
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
3/15/33
.................
5,060,000
5,250,459
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/43
.................
10,000,000
10,525,088
State
University
Construction
Fund
,
Revenue
,
2005
A
,
NATL
Insured
,
5.5
%
,
5/15/24
7,790,000
7,805,660
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2018
A
,
5
%
,
7/01/33
..
1,000,000
1,076,222
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
2004
C
,
Refunding
,
4
%
,
4/01/34
......................
3,000,000
3,057,259
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2018
B
,
5
%
,
6/15/35
...................................
5,000,000
5,434,850
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/37
........................................
7,000,000
7,170,932
Revenue
,
K
,
Refunding
,
5
%
,
1/01/28
...................................
10,000,000
10,109,553
Revenue
,
K
,
Refunding
,
5
%
,
1/01/29
...................................
10,000,000
10,108,813
Revenue
,
L
,
Refunding
,
5
%
,
1/01/32
...................................
1,750,000
1,891,181
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/15/30
10,000,000
10,510,469
State
of
New
York
Sales
Tax
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
3/15/38
.........
5,120,000
5,604,910
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/30
..........................
1,310,000
1,358,639
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
3,500,000
3,631,635
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/35
.........................
4,000,000
4,247,088
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
2,000,000
2,185,581
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/34
............
1,250,000
1,236,466
Empire
State
Thruway
Partners
LLC
,
Revenue
,
2021
,
4
%
,
10/31/41
............
1,000,000
914,847
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/29
...
500,000
539,168
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/30
...
150,000
163,066
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
...
400,000
434,718
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/29
...
3,150,000
3,433,969
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/31
...
3,980,000
4,387,544
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/32
...
4,340,000
4,782,905
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/33
...
1,850,000
2,034,388
JFK
NTO
LLC
,
Revenue
,
2023
,
5.5
%
,
6/30/41
............................
850,000
934,618
JFK
NTO
LLC
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
6/30/42
................
1,080,000
1,195,680
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/29
...........................
330,000
347,824
Le
Moyne
College
,
Revenue
,
2021
,
5
%
,
7/01/30
...........................
320,000
339,846
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/26
..................
535,000
546,152
Franklin
New
York
Tax-Free
Trust
Schedule
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.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Onondaga
Civic
Development
Corp.,
(continued)
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/28
..................
$
595,000
$
621,115
Le
Moyne
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
7/01/30
..................
655,000
695,622
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/38
............................................
5,000,000
5,479,937
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
184th
,
5
%
,
9/01/28
.........................................
3,250,000
3,267,621
Revenue
,
194th
,
Refunding
,
5
%
,
10/15/28
...............................
9,085,000
9,325,449
Revenue
,
209th
,
Refunding
,
5
%
,
7/15/34
................................
15,000,000
16,280,511
Revenue
,
234th
,
Refunding
,
5.25
%
,
8/01/40
..............................
2,000,000
2,207,532
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
9/01/31
...............
100,000
107,058
Clarkson
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
9/01/33
...............
270,000
287,927
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/31
...............
460,000
492,466
Clarkson
University
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
9/01/33
...............
455,000
485,211
State
of
New
York
,
GO
,
2023
A
,
5
%
,
3/15/41
...............................
2,000,000
2,278,659
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
3.25
%
,
6/01/43
...............
5,000,000
4,459,344
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
5
%
,
6/01/27
.............................
2,230,000
2,356,088
Revenue
,
2021
A-2
,
Refunding
,
5
%
,
6/01/29
.............................
2,250,000
2,456,438
Revenue
,
2021
A-2
,
Refunding
,
5
%
,
6/01/30
.............................
1,500,000
1,660,086
Revenue
,
2021
A-2
,
Refunding
,
5
%
,
6/01/31
.............................
1,250,000
1,397,666
Syracuse
Regional
Airport
Authority
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/29
.................................
1,275,000
1,350,075
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
.................................
1,415,000
1,516,546
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/32
.................................
1,000,000
1,077,967
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2008
B-3
,
5
%
,
11/15/34
.....................................
3,480,000
3,568,540
Revenue
,
2013
A
,
Refunding
,
Zero
Cpn.,
11/15/30
.........................
14,175,000
11,083,575
Revenue
,
2018
D
,
5
%
,
11/15/33
.......................................
1,300,000
1,491,185
Troy
Capital
Resource
Corp.
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
.................................
275,000
293,643
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/30
.................................
400,000
412,284
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/31
.................................
235,000
242,104
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
.................................
350,000
358,309
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/33
......
2,000,000
2,216,089
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/35
......
1,000,000
1,103,171
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/36
......
2,000,000
2,194,476
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
2,981,519
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/26
.......................................................
2,500,000
2,614,637
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
.......................................................
1,000,000
1,122,755
Whitney
Museum
of
American
Art
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
......
5,000,000
5,751,115
Westchester
County
Local
Development
Corp.
,
New
York
Blood
Center,
Inc.
,
Revenue
,
2024
,
5
%
,
7/01/35
...................
750,000
841,655
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/25
...................................................
1,000,000
997,981
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5
%
,
11/01/47
.............................................
2,050,000
2,186,509
522,526,200
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,700,000
1,454,846
Franklin
New
York
Tax-Free
Trust
Schedule
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)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
$
1,700,000
$
1,454,846
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
2,000,000
1,973,195
4,882,887
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
3,000,000
2,576,614
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,700,000
1,453,693
Wisconsin
0.4%
a
Public
Finance
Authority
,
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
,
4.5
%
,
12/01/26
.........
1,160,000
1,065,618
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
1,570,000
1,320,545
2,386,163
U.S.
Territories
0.1%
Puerto
Rico
0.1%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/34
.....................................
230,020
230,707
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
443,610
445,302
676,009
Total
U.S.
Territories
....................................................................
676,009
Total
Municipal
Bonds
(Cost
$
558,086,603
)
.....................................
546,858,198
a
a
a
a
Short
Term
Investments
0.9%
Municipal
Bonds
0.9%
New
York
0.9%
c
City
of
New
York
,
GO
,
2015
F-6
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.55
%
,
6/01/44
700,000
700,000
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
4.5
%
,
10/01/46
.......................
900,000
900,000
c
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.5
%
,
1/01/34
1,400,000
1,400,000
c
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
4.6
%
,
6/15/49
1,900,000
1,900,000
4,900,000
Total
Municipal
Bonds
(Cost
$
4,900,000
)
.......................................
4,900,000
Total
Short
Term
Investments
(Cost
$
4,900,000
)
.................................
4,900,000
a
Total
Investments
(Cost
$
562,986,603
)
99.2
%
...................................
$551,758,198
Other
Assets,
less
Liabilities
0.8
%
.............................................
4,684,620
Net
Assets
100.0%
...........................................................
$556,442,818
Franklin
New
York
Tax-Free
Trust
Schedule
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
See
Abbreviations
on
page
27
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2024,
the
aggregate
value
of
these
securities
was
$23,034,226,
representing
4.1%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
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,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$562,986,603
Value
-
Unaffiliated
issuers
..................................................................
$551,758,198
Cash
....................................................................................
48,268
Receivables:
Capital
shares
sold
........................................................................
163,143
Interest
.................................................................................
5,703,657
Total
assets
..........................................................................
557,673,266
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
544,508
Management
fees
.........................................................................
230,744
Distribution
fees
..........................................................................
42,497
Transfer
agent
fees
........................................................................
103,200
Trustees'
fees
and
expenses
.................................................................
390
Distributions
to
shareholders
.................................................................
192,544
Accrued
expenses
and
other
liabilities
...........................................................
116,565
Total
liabilities
.........................................................................
1,230,448
Net
assets,
at
value
.................................................................
$556,442,818
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$586,107,740
Total
distributable
earnings
(losses)
.............................................................
(29,664,922)
Net
assets,
at
value
.................................................................
$556,442,818
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
March
31,
2024
(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
Class
A:
Net
assets,
at
value
.......................................................................
$90,884,959
Shares
outstanding
........................................................................
8,421,980
Net
asset
value
per
share
a
,b
..................................................................
$10.79
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
b
................................
$11.04
Class
A1:
Net
assets,
at
value
.......................................................................
$191,030,287
Shares
outstanding
........................................................................
17,698,244
Net
asset
value
per
share
a
,b
..................................................................
$10.79
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97
.75
%
)
b
................................
$11.04
Class
C:
Net
assets,
at
value
.......................................................................
$12,339,761
Shares
outstanding
........................................................................
1,139,189
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$10.83
Class
R6:
Net
assets,
at
value
.......................................................................
$99,297,548
Shares
outstanding
........................................................................
9,173,860
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.82
Advisor
Class:
Net
assets,
at
value
.......................................................................
$162,890,263
Shares
outstanding
........................................................................
15,046,146
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.83
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
March
31,
2024
(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
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$8,955,241
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,388,123
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
114,718
    Class
A1
...............................................................................
98,119
    Class
C
................................................................................
44,710
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
38,406
    Class
A1
...............................................................................
82,120
    Class
C
................................................................................
5,756
    Class
R6
...............................................................................
7,974
    Advisor
Class
............................................................................
69,840
Custodian
fees
(Note
4)
......................................................................
1,758
Reports
to
shareholders
fees
..................................................................
11,509
Registration
and
filing
fees
....................................................................
21,613
Professional
fees
...........................................................................
30,048
Trustees'
fees
and
expenses
..................................................................
3,800
Other
....................................................................................
40,987
Total
expenses
.........................................................................
1,959,481
Expense
reductions
(Note
4)
...............................................................
(3,711)
Net
expenses
.........................................................................
1,955,770
Net
investment
income
................................................................
6,999,471
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(4,271,419)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
31,007,830
Net
realized
and
unrealized
gain
(loss)
............................................................
26,736,411
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$33,735,882
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
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
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$6,999,471
$14,516,518
Net
realized
gain
(loss)
.................................................
(4,271,419)
(5,707,594)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
31,007,830
10,948,572
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
33,735,882
19,757,496
Distributions
to
shareholders:
Class
A
.............................................................
(1,052,246)
(2,022,723)
Class
A1
............................................................
(2,395,409)
(5,190,877)
Class
C
.............................................................
(129,229)
(355,208)
Class
R6
............................................................
(1,256,535)
(2,255,462)
Advisor
Class
........................................................
(2,113,618)
(4,470,933)
Total
distributions
to
shareholders
..........................................
(6,947,037)
(14,295,203)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(2,464,926)
(10,686,131)
Class
A1
............................................................
(19,302,128)
(49,815,087)
Class
C
.............................................................
(4,480,726)
(8,294,030)
Class
R6
............................................................
1,636,465
7,747,705
Advisor
Class
........................................................
(18,711,159)
(54,534,303)
Total
capital
share
transactions
............................................
(43,322,474)
(115,581,846)
Net
increase
(decrease)
in
net
assets
...................................
(16,533,629)
(110,119,553)
Net
assets:
Beginning
of
period
.....................................................
572,976,447
683,096,000
End
of
period
..........................................................
$556,442,818
$572,976,447
Franklin
New
York
Tax-Free
Trust
21
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
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).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
on
a
monthly
basis,
after
they
have
been
held
for
8
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
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,
2024, 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.
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
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
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
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
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)
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)
2.
Shares
of
Beneficial
Interest
At
March
31,
2024,
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,
2024
Year
Ended
September
30,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
939,062
$9,861,715
2,356,181
$24,914,797
Shares
issued
in
reinvestment
of
distributions
..........
81,184
867,557
153,253
1,622,179
Shares
redeemed
...............................
(1,240,664)
(13,194,198)
(3,529,042)
(37,223,107)
Net
increase
(decrease)
..........................
(220,418)
$(2,464,926)
(1,019,608)
$(10,686,131)
Class
A1
Shares:
Shares
sold
...................................
145,857
$1,523,230
444,069
$4,705,378
Shares
issued
in
reinvestment
of
distributions
..........
202,159
2,160,020
442,566
4,685,342
Shares
redeemed
...............................
(2,170,565)
(22,985,378)
(5,599,322)
(59,205,807)
Net
increase
(decrease)
..........................
(1,822,549)
$(19,302,128)
(4,712,687)
$(49,815,087)
Class
C
Shares:
Shares
sold
...................................
58,080
$622,181
146,856
$1,551,501
Shares
issued
in
reinvestment
of
distributions
..........
11,201
120,001
30,886
328,131
Shares
redeemed
a
..............................
(493,838)
(5,222,908)
(956,046)
(10,173,662)
Net
increase
(decrease)
..........................
(424,557)
$(4,480,726)
(778,304)
$(8,294,030)
Class
R6
Shares:
Shares
sold
...................................
1,023,920
$10,963,623
2,585,716
$27,449,345
Shares
issued
in
reinvestment
of
distributions
..........
91,400
979,793
174,245
1,849,890
Shares
redeemed
...............................
(965,852)
(10,306,951)
(2,033,141)
(21,551,530)
Net
increase
(decrease)
..........................
149,468
$1,636,465
726,820
$7,747,705
Advisor
Class
Shares:
Shares
sold
...................................
1,862,881
$19,963,551
5,787,500
$61,288,261
Shares
issued
in
reinvestment
of
distributions
..........
156,215
1,673,879
330,045
3,503,756
Shares
redeemed
...............................
(3,788,792)
(40,348,589)
(11,324,058)
(119,326,320)
Net
increase
(decrease)
..........................
(1,769,696)
$(18,711,159)
(5,206,513)
$(54,534,303)
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
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
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)
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
March
31,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.491%
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
rates,
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
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
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%
3.
Transactions
with
Affiliates
(continued)
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)
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. 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
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
March
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$61,751
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Advisers
has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed 0.65%
based
on
the
average
net
assets
of
each
class
until
January
31,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until January 31,
2025.
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,
2024,
these
purchase
and
sale
transactions
aggregated
$32,960,000
and
$24,810,000,
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,
2024,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$1,787
CDSC
retained
..............................................................................
$120
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(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)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
September
30,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
March
31,
2024,
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
treatments
of
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
March
31,
2024,
aggregated
$39,425,150 and
$79,133,319,
respectively. 
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York
and
U.S.
territories. 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.
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
January
31,
2025.
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,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$9,201,977
Long
term
................................................................................
5,577,902
Total
capital
loss
carryforwards
...............................................................
$14,779,879
Cost
of
investments
..........................................................................
$562,404,001
Unrealized
appreciation
........................................................................
$5,343,243
Unrealized
depreciation
........................................................................
(15,989,046)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(10,645,803)
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)
9.
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,
2024,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
10.
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.
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
28
franklintempleton.com
Semiannual
Report
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
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
schedule
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.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
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
05/24
©
2024
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
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(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. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  May 28, 2024


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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  May 28, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  May 28, 2024