Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1153-Q3PH

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),

June

30,

2025

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.0%

Arizona

0.7%

a

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

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

$

3,250,000

$

3,367,683

Florida

2.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,968,000

4,254,923

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

850,000

730,462

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.32

%,

3/01/29

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

6,000,000

4,961,334

9,946,719

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

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

985,000

990,240

b

Revenue

,

2025

A-2

,

Refunding

,

4.24

%,

12/01/45

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

230,000

98,583

1,088,823

New

York

92.3%

Albany

Capital

Resource

Corp.

,

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.5

%

,

6/01/44

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

465,000

426,619

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25

%

,

4/01/44

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

1,500,000

1,501,968

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

B

,

Refunding

,

5

%

,

11/01/39

.

3,750,000

3,929,415

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/31

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

1,565,000

1,529,113

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/35

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

1,015,000

922,667

Buffalo

Municipal

Water

Finance

Authority

,

Revenue

,

2020

B

,

Refunding

,

AG

Insured

,

2.375

%

,

7/01/40

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

5,250,000

3,688,945

Build

NYC

Resource

Corp.

,

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/26

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

110,000

109,351

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/27

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

100,000

100,699

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/28

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

225,000

226,998

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/29

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

100,000

100,636

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/30

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

100,000

100,364

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

4

%

,

6/15/31

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

100,000

100,091

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

4

%

,

6/15/33

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

1,580,000

1,567,408

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

5

%

,

7/01/32

......

325,000

340,688

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5

%

,

7/01/45

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

1,000,000

1,037,508

c

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25

%

,

4/03/28

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

1,500,000

1,511,411

City

of

Long

Beach

,

GO

,

2020

A

,

5

%

,

9/01/26

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

1,370,000

1,405,557

City

of

New

York

,

GO

,

2018

E-1

,

5.25

%

,

3/01/31

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

5,000,000

5,274,660

GO

,

2019

D-1

,

5

%

,

12/01/35

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

5,015,000

5,216,434

GO

,

2020

D-1

,

BAM

Insured

,

4

%

,

3/01/41

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

2,500,000

2,350,256

GO

,

2024

C

,

5

%

,

3/01/42

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

1,000,000

1,045,544

GO

,

2025

C-1

,

5

%

,

9/01/44

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

1,000,000

1,033,368

GO

,

2025

E

,

5.25

%

,

8/01/50

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

1,900,000

1,975,548

GO

,

2025

E

,

5

%

,

8/01/54

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

1,500,000

1,519,414

GO

,

2025

G-1

,

5.25

%

,

2/01/53

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

250,000

259,788

a

Clinton

County

Capital

Resource

Corp.

,

Clinton-Essex-Warren-Washington

Board

of

Cooperative

Educational

Services

,

Revenue

,

144A,

2025

,

4.5

%

,

7/01/40

........

500,000

490,114

County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

4

%

,

10/15/30

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

6,310,000

6,387,276

GO

,

2018

B

,

AG

Insured

,

3.375

%

,

10/15/31

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

6,370,000

6,372,136

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

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/25

......

$

160,000

$

160,000

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/29

......

150,000

158,489

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

......

150,000

159,738

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......

200,000

214,214

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

7/01/26

.....

1,015,000

1,030,481

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/15/30

5,000,000

5,176,993

State

of

New

York

Sales

Tax

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

3/15/38

.........

5,120,000

5,338,163

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/37

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

550,000

539,548

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/38

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

520,000

506,465

Long

Island

Power

Authority

,

Revenue

,

2019

A

,

4

%

,

9/01/35

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

15,700,000

15,674,159

Revenue

,

2019

A

,

4

%

,

9/01/38

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

6,775,000

6,464,410

Revenue

,

2024

A

,

Refunding

,

5

%

,

9/01/44

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

1,250,000

1,296,465

Metropolitan

Transportation

Authority

,

b

Revenue

,

2017

C-2

,

Refunding

,

4.84

%,

11/15/39

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

15,000,000

7,601,520

Revenue

,

2024

A

,

Refunding

,

5

%

,

11/15/44

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

5,000,000

5,067,709

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

11/15/55

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

750,000

765,000

b

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

3.62

%,

11/15/32

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

30,000,000

23,083,407

Monroe

County

Industrial

Development

Corp.

,

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/26

......

980,000

998,202

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/27

......

1,035,000

1,069,405

Rochester

City

School

District

,

Revenue

,

2013

,

5

%

,

5/01/29

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

9,645,000

9,660,160

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/32

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

1,000,000

1,063,190

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/33

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

1,000,000

1,056,259

a

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/01/40

.

630,000

623,795

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

4

%

,

7/01/33

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

750,000

740,265

New

York

City

Housing

Development

Corp.

,

8

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25

%

,

12/15/31

........

2,750,000

2,816,662

c

East

124th

Street

LLC

,

Revenue

,

2008

A

,

LOC

FHLMC

,

Mandatory

Put

,

2.1

%

,

10/01/29

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

5,000,000

4,736,881

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

4

%

,

1/01/32

.

3,250,000

3,331,720

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

3

%

,

3/01/39

....

2,500,000

2,082,700

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2018

CC-1

,

4

%

,

6/15/37

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

5,000,000

4,944,820

Water

&

Sewer

System

,

Revenue

,

2018

EE

,

Refunding

,

5

%

,

6/15/30

...........

5,000,000

5,048,226

Water

&

Sewer

System

,

Revenue

,

2018

FF

,

Refunding

,

5

%

,

6/15/34

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

5,000,000

5,241,925

Water

&

Sewer

System

,

Revenue

,

2024

CC-2

,

Refunding

,

5

%

,

6/15/46

.........

1,590,000

1,638,387

Water

&

Sewer

System

,

Revenue

,

2025

BB

,

5.25

%

,

6/15/55

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

5,500,000

5,724,796

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2016

E-1

,

5

%

,

2/01/39

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

9,000,000

9,041,484

Future

Tax

Secured

,

Revenue

,

2018

B-1

,

4

%

,

8/01/35

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

4,000,000

4,005,801

Future

Tax

Secured

,

Revenue

,

2020

B-1

,

4

%

,

11/01/41

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

7,200,000

6,735,655

Future

Tax

Secured

,

Revenue

,

2025

C-1

,

5

%

,

5/01/41

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

2,000,000

2,119,188

Future

Tax

Secured

,

Revenue

,

2025

D

,

5

%

,

5/01/46

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

1,800,000

1,853,807

Future

Tax

Secured

,

Revenue

,

2025

E

,

5

%

,

11/01/47

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

1,000,000

1,024,868

State

of

New

York

,

Revenue

,

2018

S-1

,

Refunding

,

5

%

,

7/15/29

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

8,215,000

8,591,056

State

of

New

York

,

Revenue

,

2019

S-3

A

,

Refunding

,

5

%

,

7/15/34

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

10,000,000

10,419,884

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/15/25

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

2,250,000

2,263,274

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

1.9

%

,

11/15/31

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

$

2,000,000

$

1,737,136

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

..

13,305,000

14,935,684

New

York

State

Dormitory

Authority

,

Revenue

,

2020

A

,

Pre-Refunded

,

AG

Insured

,

5

%

,

10/01/34

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

5,000

5,358

Revenue

,

2025

A

,

AG

Insured

,

5

%

,

10/01/39

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

1,000,000

1,074,080

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

7/01/50

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

1,250,000

1,212,067

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/27

570,000

571,611

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/28

665,000

666,835

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/37

1,150,000

1,012,881

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

5

%

,

12/01/45

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

900,000

776,921

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/27

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

1,000,000

1,007,144

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/28

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

1,800,000

1,811,468

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

12/01/32

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

1,000,000

1,000,659

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/27

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

325,000

335,850

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/28

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

275,000

288,082

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/29

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

275,000

291,300

Iona

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/30

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

325,000

347,020

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/01/33

.........

1,350,000

1,375,330

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

11/01/44

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

500,000

520,323

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25

%

,

7/01/49

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

1,000,000

1,023,473

New

York

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/33

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

12,000,000

12,450,032

New

York

University

,

Revenue

,

2019

A

,

5

%

,

7/01/42

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

6,040,000

6,191,039

New

York

University

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

7/01/55

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

1,000,000

1,032,988

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

4

%

,

5/01/54

....

1,000,000

828,359

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

5/01/54

..

1,000,000

1,018,415

Northwell

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/01/43

....

1,500,000

1,531,227

Pace

University

,

Revenue

,

2024

A

,

5.25

%

,

5/01/43

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

875,000

882,244

Pace

University

,

Revenue

,

2024

A

,

5.25

%

,

5/01/44

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

450,000

451,547

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

1,000,000

1,027,170

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/31

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

3,550,000

3,649,282

St.

Joseph's

College

,

Revenue

,

2021

,

4

%

,

7/01/35

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

200,000

178,108

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

4

%

,

2/15/33

.........

9,990,000

10,035,651

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

2/15/33

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

10,000

10,216

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

3/15/37

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

7,000,000

7,290,079

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

3/15/42

1,000,000

1,046,445

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

3/15/32

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

2,000,000

2,044,004

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

3/15/33

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

5,060,000

5,165,292

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

5

%

,

3/15/43

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

10,000,000

10,117,427

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

5

%

,

3/15/48

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

4,000,000

4,073,220

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

........

2,000,000

2,015,283

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

4

%

,

4/01/34

..

3,000,000

3,005,357

d

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

2004

B

,

4

%

,

5/15/32

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

2,000,000

2,013,693

New

York

State

Environmental

Facilities

Corp.

,

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

5

%

,

6/15/35

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

5,000,000

5,204,907

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

4

%

,

1/01/37

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

7,000,000

6,976,758

Revenue

,

L

,

Refunding

,

5

%

,

1/01/32

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

1,750,000

1,828,174

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/30

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

1,310,000

1,338,683

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

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/32

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

$

3,500,000

$

3,565,575

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/35

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

4,000,000

4,067,959

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625

%

,

4/01/40

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

3,500,000

3,599,049

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/34

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

1,250,000

1,216,940

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

4

%

,

10/31/41

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

1,000,000

882,044

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/29

...

500,000

529,992

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/30

...

150,000

160,328

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

...

400,000

423,282

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/29

...

3,150,000

3,377,579

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/31

...

3,065,000

3,308,769

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/32

...

5,255,000

5,645,770

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/33

...

1,850,000

1,977,403

JFK

NTO

LLC

,

Revenue

,

2023

,

5.5

%

,

6/30/41

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

935,000

968,752

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.5

%

,

6/30/42

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

1,080,000

1,126,852

JFK

NTO

LLC

,

Revenue

,

2024

,

5.25

%

,

6/30/43

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

1,880,000

1,893,270

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/29

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

330,000

345,284

Le

Moyne

College

,

Revenue

,

2021

,

5

%

,

7/01/30

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

320,000

337,179

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/26

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

535,000

542,001

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/28

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

595,000

617,958

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

7/01/30

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

655,000

690,162

Syracuse

University

,

Revenue

,

2025

,

5.25

%

,

12/01/45

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

1,000,000

1,062,027

Onondaga

County

Trust

for

Cultural

Resources

,

Syracuse

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/38

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

5,000,000

5,211,211

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

209th

,

Refunding

,

5

%

,

7/15/34

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

15,000,000

15,695,924

Revenue

,

234th

,

Refunding

,

5.25

%

,

8/01/40

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

2,000,000

2,097,917

Revenue

,

244

,

Refunding

,

5

%

,

7/15/44

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

600,000

626,603

Revenue

,

246

,

Refunding

,

5

%

,

9/01/39

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

1,600,000

1,651,859

e

Riverhead

Industrial

Development

Agency

,

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

4.5

%

,

8/01/35

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

975,000

980,960

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5

%

,

8/01/40

500,000

502,551

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/33

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

270,000

280,702

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

9/01/33

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

455,000

473,035

State

of

New

York

,

GO

,

2023

A

,

5

%

,

3/15/41

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

2,000,000

2,144,984

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

3.25

%

,

6/01/43

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

5,000,000

4,148,028

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/27

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

2,230,000

2,288,908

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/30

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

1,500,000

1,579,884

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/31

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

1,250,000

1,323,834

Revenue

,

2021

A-2

,

Refunding

,

5

%

,

6/01/34

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

2,250,000

2,355,421

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/29

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

1,275,000

1,332,607

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

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

1,415,000

1,488,986

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/32

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

1,000,000

1,049,760

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2008

B-3

,

5

%

,

11/15/34

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

3,480,000

3,500,505

b

Revenue

,

2013

A

,

Refunding

,

3.3

%,

11/15/30

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

14,175,000

11,904,161

Revenue

,

2018

D

,

5

%

,

11/15/33

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

1,300,000

1,423,885

Revenue

,

2024

A-1

,

5

%

,

11/15/45

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

2,000,000

2,072,832

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

B-1

,

Refunding

,

5

%

,

5/15/45

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

1,000,000

1,029,558

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

B-1

,

Refunding

,

5.25

%

,

5/15/54

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

5,000,000

5,168,466

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Triborough

Bridge

&

Tunnel

Authority,

(continued)

Real

Estate

Transfer

Tax

,

Revenue

,

2025

A

,

5.25

%

,

12/01/54

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

$

1,500,000

$

1,549,165

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/33

......

2,000,000

2,125,546

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/36

......

3,000,000

3,132,425

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

2,884,636

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/01/26

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

2,500,000

2,577,553

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

1,000,000

1,097,254

Westchester

County

Local

Development

Corp.

,

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

5

%

,

7/01/35

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

750,000

807,661

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/25

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

1,000,000

997,561

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5

%

,

11/01/47

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

2,050,000

2,089,405

465,923,931

South

Carolina

0.4%

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/25

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

2,000,000

1,994,977

Texas

0.5%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

2,935,000

2,482,276

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

1,408,142

Wisconsin

1.5%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

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

4,585,000

4,611,906

b

Revenue

,

2025

A-2

,

Refunding

,

3.94

%,

12/01/45

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

1,050,000

477,362

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

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

2,650,000

2,631,776

7,721,044

U.S.

Territories

0.1%

Guam

0.1%

Antonio

B.

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5

%

,

10/01/32

..

750,000

785,393

Total

Municipal

Bonds

(Cost

$

510,727,280

)

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

494,718,988

a

a

a

a

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

Investments

7

See

Abbreviations

on

page

9.

Short

Term

Investments

1.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.5%

New

York

1.5%

f

City

of

New

York

,

GO

,

2014

I-3

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.6

%

,

3/01/44

$

7,700,000

$

7,700,000

Total

Municipal

Bonds

(Cost

$

7,700,000

)

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

7,700,000

Total

Short

Term

Investments

(Cost

$

7,700,000

)

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

7,700,000

a

Total

Investments

(Cost

$

518,427,280

)

99.5

%

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

$502,418,988

Other

Assets,

less

Liabilities

0.5

%

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

2,290,399

Net

Assets

100.0%

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

$504,709,387

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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$23,286,751,

representing

4.6%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Security

purchased

on

a

when-issued

basis.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

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

June

30,

2025,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

Abbreviations

Selected

Portfolio

AG

Assured

Guaranty,

Inc.

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.