Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1153-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

8

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

December

31,

2024

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investment

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.7%

Arizona

0.6%

a

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

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

$

3,250,000

$

3,315,134

Florida

1.9%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,968,000

4,362,310

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

850,000

716,038

a

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

6,000,000

4,835,804

9,914,152

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

833,049

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-2

,

4.5

%

,

12/01/26

....

1,945,000

1,878,547

2,711,596

New

York

92.3%

Albany

Capital

Resource

Corp.

,

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.5

%

,

6/01/44

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

465,000

452,886

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25

%

,

4/01/44

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

1,500,000

1,558,235

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

B

,

Refunding

,

5

%

,

11/01/39

.

3,750,000

4,039,231

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/31

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

1,565,000

1,529,090

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/35

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

1,015,000

942,822

Buffalo

Municipal

Water

Finance

Authority

,

Revenue

,

2020

B

,

Refunding

,

AGMC

Insured

,

2.375

%

,

7/01/40

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

5,250,000

3,885,973

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/25

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

110,000

109,745

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/26

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

110,000

108,626

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/27

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

100,000

100,137

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/28

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

225,000

225,228

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/29

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

100,000

99,937

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/30

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

100,000

99,714

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/31

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

100,000

99,380

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4

%

,

6/15/33

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

1,605,000

1,588,607

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

5

%

,

7/01/32

......

325,000

341,398

b

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25

%

,

4/03/28

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

1,500,000

1,515,624

City

of

Long

Beach

,

GO

,

2020

A

,

5

%

,

9/01/26

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

1,370,000

1,414,001

City

of

New

York

,

GO

,

2016

A

,

Refunding

,

5

%

,

8/01/26

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

9,000,000

9,091,669

GO

,

2018

E-1

,

5.25

%

,

3/01/31

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

5,000,000

5,313,613

GO

,

2019

D-1

,

5

%

,

12/01/35

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

5,015,000

5,296,068

GO

,

2020

D-1

,

BAM

Insured

,

4

%

,

3/01/41

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

2,500,000

2,500,078

GO

,

2024

C

,

5

%

,

3/01/42

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

1,000,000

1,095,354

GO

,

2025

C-1

,

5

%

,

9/01/44

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

1,000,000

1,088,158

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/30

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

6,310,000

6,398,078

GO

,

2018

B

,

AGMC

Insured

,

3.375

%

,

10/15/31

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

6,370,000

6,272,429

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/25

......

160,000

160,625

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/29

......

150,000

157,277

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

......

150,000

158,405

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investment

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Dutchess

County

Local

Development

Corp.,

(continued)

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......

$

200,000

$

212,384

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

7/01/26

.....

1,015,000

1,030,838

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/15/30

10,000,000

10,399,800

State

of

New

York

Sales

Tax

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

3/15/38

.........

5,120,000

5,464,226

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/37

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

550,000

553,557

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/38

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

520,000

521,744

Long

Island

Power

Authority

,

Revenue

,

2019

A

,

4

%

,

9/01/35

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

15,700,000

16,009,403

Revenue

,

2019

A

,

4

%

,

9/01/38

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

6,775,000

6,826,959

Revenue

,

2024

A

,

Refunding

,

5

%

,

9/01/44

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

1,250,000

1,365,895

Metropolitan

Transportation

Authority

,

Revenue

,

2017

C-2

,

Refunding

,

Zero

Cpn.,

11/15/39

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

15,000,000

7,739,172

Revenue

,

2024

A

,

Refunding

,

5

%

,

11/15/44

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

5,000,000

5,336,558

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

Zero

Cpn.,

11/15/32

.........

40,000,000

29,848,572

Monroe

County

Industrial

Development

Corp.

,

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/26

......

980,000

1,000,512

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/27

......

1,035,000

1,068,299

Rochester

City

School

District

,

Revenue

,

2013

,

5

%

,

5/01/29

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

9,645,000

9,706,498

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/33

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

1,000,000

1,056,026

a

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/01/40

.

630,000

641,436

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

4

%

,

7/01/33

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

750,000

744,854

New

York

City

Housing

Development

Corp.

,

8

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25

%

,

12/15/31

........

2,750,000

2,811,772

b

East

124th

Street

LLC

,

Revenue

,

2008

A

,

LOC

FHLMC

,

Mandatory

Put

,

2.1

%

,

10/01/29

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

10,000,000

9,033,244

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

1/01/32

3,250,000

3,325,079

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/39

..

2,500,000

2,212,074

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2018

CC-1

,

4

%

,

6/15/37

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

5,000,000

5,032,718

Water

&

Sewer

System

,

Revenue

,

2018

EE

,

Refunding

,

5

%

,

6/15/30

...........

5,000,000

5,086,319

Water

&

Sewer

System

,

Revenue

,

2018

FF

,

Refunding

,

5

%

,

6/15/34

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

5,000,000

5,279,192

Water

&

Sewer

System

,

Revenue

,

2024

CC-2

,

Refunding

,

5

%

,

6/15/46

.........

1,590,000

1,724,702

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2016

E-1

,

5

%

,

2/01/39

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

9,000,000

9,116,811

Future

Tax

Secured

,

Revenue

,

2018

B-1

,

4

%

,

8/01/35

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

4,000,000

4,046,394

Future

Tax

Secured

,

Revenue

,

2020

B-1

,

4

%

,

11/01/41

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

7,200,000

7,133,892

Future

Tax

Secured

,

Revenue

,

2025

C-1

,

5

%

,

5/01/41

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

2,000,000

2,216,301

Future

Tax

Secured

,

Revenue

,

2025

D

,

5

%

,

5/01/46

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

1,800,000

1,952,851

c

Future

Tax

Secured

,

Revenue

,

2025

E

,

5

%

,

11/01/47

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

1,000,000

1,080,992

State

of

New

York

,

Revenue

,

2018

S-1

,

Refunding

,

5

%

,

7/15/29

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

8,215,000

8,595,548

State

of

New

York

,

Revenue

,

2019

S-3

A

,

Refunding

,

5

%

,

7/15/34

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

10,000,000

10,534,941

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/15/25

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

2,250,000

2,279,508

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

1.9

%

,

11/15/31

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

2,000,000

1,695,973

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

..

13,305,000

15,148,979

New

York

State

Dormitory

Authority

,

Revenue

,

2020

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

10/01/34

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

5,000

5,358

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/27

570,000

572,519

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/28

665,000

668,597

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investment

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority,

(continued)

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/37

$

1,150,000

$

1,036,123

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

5

%

,

12/01/45

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

900,000

815,976

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/27

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

1,000,000

1,001,959

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/28

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

1,800,000

1,802,909

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/32

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

1,000,000

987,973

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/27

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

325,000

335,937

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/28

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

275,000

287,466

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/29

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

275,000

290,319

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/30

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

325,000

345,858

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/01/33

.........

1,350,000

1,387,733

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

11/01/44

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

500,000

544,484

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25

%

,

7/01/49

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

1,000,000

1,061,936

New

York

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/33

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

12,000,000

12,536,059

New

York

University

,

Revenue

,

2019

A

,

5

%

,

7/01/42

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

6,040,000

6,388,425

Northwell

Health

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/27

....

6,000,000

6,027,918

c

Northwell

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/01/43

....

1,500,000

1,620,344

Pace

University

,

Revenue

,

2024

A

,

5.25

%

,

5/01/43

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

400,000

431,379

Pace

University

,

Revenue

,

2024

A

,

5.25

%

,

5/01/44

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

450,000

483,768

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

1,000,000

1,059,427

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/31

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

3,550,000

3,675,022

St.

Joseph's

College

,

Revenue

,

2021

,

4

%

,

7/01/35

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

200,000

178,191

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

4

%

,

2/15/33

.........

9,990,000

10,134,434

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

2/15/33

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

10,000

10,210

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

3/15/37

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

7,000,000

7,446,854

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

3/15/41

1,000,000

1,099,875

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

3/15/32

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

2,000,000

2,048,995

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

3/15/33

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

5,060,000

5,179,742

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

5

%

,

3/15/43

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

10,000,000

10,323,034

State

of

New

York

Sales

Tax

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

3/15/49

........

4,000,000

4,310,103

State

University

of

New

York

Dormitory

Facilities

,

Revenue

,

2018

A

,

5

%

,

7/01/33

..

1,000,000

1,047,581

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

........

500,000

528,342

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

4

%

,

4/01/34

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

3,000,000

3,047,940

New

York

State

Environmental

Facilities

Corp.

,

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

5

%

,

6/15/35

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

5,000,000

5,298,571

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

4

%

,

1/01/37

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

7,000,000

7,092,787

Revenue

,

L

,

Refunding

,

5

%

,

1/01/32

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

1,750,000

1,843,001

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/30

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

1,310,000

1,347,402

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/32

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

3,500,000

3,592,513

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/35

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

4,000,000

4,150,619

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625

%

,

4/01/40

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

2,000,000

2,125,674

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/34

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

1,250,000

1,208,007

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/41

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

1,000,000

913,881

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/29

...

500,000

525,447

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/30

...

150,000

158,202

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

...

400,000

420,099

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/29

...

3,150,000

3,378,802

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/31

...

3,980,000

4,299,453

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investment

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/32

...

$

4,340,000

$

4,671,342

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/33

...

1,850,000

1,985,941

JFK

NTO

LLC

,

Revenue

,

2023

,

5.5

%

,

6/30/41

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

850,000

908,336

JFK

NTO

LLC

,

Revenue

,

2023

,

AGMC

Insured

,

5.5

%

,

6/30/42

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

1,080,000

1,163,556

JFK

NTO

LLC

,

Revenue

,

2024

,

5.25

%

,

6/30/43

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

1,880,000

1,987,707

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/29

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

330,000

345,176

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/30

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

320,000

336,634

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/26

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

535,000

542,959

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/28

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

595,000

617,019

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/30

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

655,000

689,049

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/38

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

5,000,000

5,365,846

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

194th

,

Refunding

,

5

%

,

10/15/28

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

9,085,000

9,213,009

Revenue

,

209th

,

Refunding

,

5

%

,

7/15/34

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

15,000,000

15,761,538

Revenue

,

234th

,

Refunding

,

5.25

%

,

8/01/40

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

2,000,000

2,156,590

Revenue

,

244

,

Refunding

,

5

%

,

7/15/44

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

600,000

661,384

Revenue

,

246

,

Refunding

,

5

%

,

9/01/39

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

1,600,000

1,723,084

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/33

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

270,000

283,624

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/33

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

455,000

477,960

State

of

New

York

,

GO

,

2023

A

,

5

%

,

3/15/41

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

2,000,000

2,230,568

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

3.25

%

,

6/01/43

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

5,000,000

4,479,277

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/27

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

2,230,000

2,305,132

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/30

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

1,500,000

1,600,024

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/31

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

1,250,000

1,343,266

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/34

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

2,250,000

2,393,187

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/29

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

1,275,000

1,326,163

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

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

1,415,000

1,482,143

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/32

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

1,000,000

1,048,595

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2008

B-3

,

5

%

,

11/15/34

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

3,480,000

3,527,021

Revenue

,

2013

A

,

Refunding

,

Zero

Cpn.,

11/15/30

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

14,175,000

11,461,642

Revenue

,

2018

D

,

5

%

,

11/15/33

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

1,300,000

1,434,052

Revenue

,

2024

A-1

,

5

%

,

11/15/45

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

2,000,000

2,171,158

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

B-1

,

Refunding

,

5

%

,

5/15/45

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

1,000,000

1,083,619

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/33

......

2,000,000

2,162,951

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/35

......

1,000,000

1,079,689

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/36

......

2,000,000

2,151,619

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

2,903,036

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/01/26

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

2,500,000

2,590,130

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

1,000,000

1,099,892

Whitney

Museum

of

American

Art

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......

5,000,000

5,570,273

Westchester

County

Local

Development

Corp.

,

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

5

%

,

7/01/35

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

750,000

815,820

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/25

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

1,000,000

1,000,521

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investment

See

Notes

to

Schedule

of

Investments.

6

See

Abbreviations

on

page

9.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Westchester

County

Local

Development

Corp.,

(continued)

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5

%

,

11/01/47

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

$

2,050,000

$

2,164,597

486,868,788

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,700,000

1,464,003

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,700,000

1,464,003

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/25

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

2,000,000

1,991,362

4,919,368

Texas

0.5%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

2,935,000

2,576,790

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

1,464,237

Wisconsin

0.5%

a

Public

Finance

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

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

2,650,000

2,633,741

U.S.

Territories

0.2%

Guam

0.2%

Antonio

B.

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5

%

,

10/01/32

..

750,000

785,258

Total

Municipal

Bonds

(Cost

$

528,998,617

)

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

515,189,064

a

a

a

a

Short

Term

Investments

1.4%

Municipal

Bonds

1.4%

New

York

1.4%

d

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

BB-1B

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

4

%

,

6/15/49

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

300,000

300,000

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

4

%

,

6/15/33

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

7,000,000

7,000,000

7,300,000

Total

Municipal

Bonds

(Cost

$

7,300,000

)

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

7,300,000

Total

Short

Term

Investments

(Cost

$

7,300,000

)

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

7,300,000

a

Total

Investments

(Cost

$

536,298,617

)

99.1

%

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

$522,489,064

Other

Assets,

less

Liabilities

0.9

%

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

5,030,885

Net

Assets

100.0%

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

$527,519,949

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

December

31,

2024,

the

aggregate

value

of

these

securities

was

$26,958,958,

representing

5.1%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investment

7

c

Security

purchased

on

a

when-issued

basis.

d

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

1.

Organization

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.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the 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. 

3. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Franklin

New

York

Tax-Free

Trust

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

December

31,

2024,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

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

SPA

Standby

Purchase

Agreement

3. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.