N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
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: 9/30/22
 
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.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
A
Series
of
Franklin
New
York
Tax-Free
Trust
September
30,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Shareholder
Letter
Dear
Shareholder:
U.S.
economic
performance
was
mixed
during
the
12
months
ended
September
30,
2022.
Gross
domestic
product
grew
in
2021’s
last
quarter
amid
an
ongoing
pandemic
recovery,
but
it
contracted
in
2022’s
first
half
due
to
declines
in
inventory
investment
and
federal
government
spending.
Consumer
spending
slowly
expanded,
helped
by
the
reopening
of
businesses,
widespread
vaccinations,
and
federal
assistance
programs.
Inflation
increased
during
the
12-month
period,
influenced
by
pandemic-related
supply-
chain
issues,
higher
energy
prices,
Russia’s
invasion
of
Ukraine
and
broader
price
pressures.
To
combat
high
inflation,
the
U.S.
Federal
Reserve
began
decreasing
its
monthly
asset
purchases
in
November
2021
and
ended
them
in
March
2022.
The
Federal
Reserve
also
raised
the
federal
funds
rate
by
0.25%
in
March,
0.50%
in
May,
and
0.75%
in
each
of
June,
July
and
September,
for
a
total
of
3.00%,
increasing
the
rate
from
0.25%
to
3.25%
during
the
period.
Additionally,
the
Federal
Reserve
stated
its
intention
to
continue
reducing
its
U.S.
Treasury,
government
agency
debt
and
agency
mortgage-backed
securities
holdings,
and
anticipated
future
federal
funds
rate
increases
would
be
appropriate.
During
the
12-month
period
ended
September
30,
2022,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-11.50%
cumulative
total
return,
influenced
by
high
levels
of
fixed
income
market
volatility,
tighter
monetary
policy
and
risk-off
sentiment
that
led
to
outflows
from
municipals.
1
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
budget
surpluses
for
2022
as
federal
government
transfers
boosted
revenues.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund’s
annual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton.
com
,
you
can
find
updated
commentary
by
our
municipal
bond
team.
Municipal
bonds
provide
tax-free
income
and
diversification
from
equities.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
know,
all
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
for
up-to-date
advice
on
their
holdings.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
professional
when
you
have
questions
about
your
Franklin
tax-free
investment.
Sincerely,
Rupert
H.
Johnson,
Jr.
Chairman
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
September
30,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Annual
Report
2
Contents
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
8
Financial
Highlights
and
Schedule
of
Investments
9
Financial
Statements
20
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
32
Tax
Information
33
Board
Members
and
Officers
34
Shareholder
Information
39
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
This
annual
report
for
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
covers
the
fiscal
year
ended
September
30,
2022.
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,
decreased
from
$11.72
on
September
30,
2021,
to
$10.25
on
September
30,
2022.
The
Fund’s
Class
A
shares
paid
dividends
totaling
20.4276
cents
per
share
for
the
same
period.
2
The
Performance
Summary
beginning
on
page
5
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
1.97%,
based
on
an
annualization
of
September’s
1.7204
cents
per
share
monthly
dividend
and
the
maximum
offering
price
of
$10.49
on
September
30,
2022.
An
investor
in
the
2022
maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
bracket
of
55.58%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
4.43%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-
free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Municipal
Bond
Market
Overview
During
the
12
months
ending
September
30,
2022,
multi-
decade
high
inflation
persisted
throughout
much
of
the
period
as
a
strong
U.S.
job
market
and
ample
consumer
savings
pushed
demand
beyond
the
ability
of
businesses
to
increase
supply.
In
response,
the
U.S.
Federal
Reserve
(Fed)
increased
short-term
interest
rates
at
a
rapid
pace
beginning
in
March
2022,
leading
U.S.
Treasury
(UST)
yields
to
rise
sharply.
Recessionary
concerns
grew
as
the
market
lowered
its
confidence
in
the
Fed’s
ability
to
engineer
a
soft
landing
that
would
bring
inflation
down
without
causing
a
severe
economic
contraction.
The
municipal
bond
(muni)
market
saw
one
of
its
worst
starts
to
a
new
year
in
2022.
High
levels
of
fixed
income
market
volatility,
a
general
risk-off
shift
in
sentiment,
and
ongoing
poor
performance
pushed
year-to-date
outflows
from
muni
retail
vehicles
ever
higher,
leading
market
technical
conditions
to
deteriorate.
Higher
all-in
issuance
costs
reduced
net
muni
issuance,
which
has
been
falling
well
short
of
historical
norms.
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
surpluses
for
2022
as
federal
government
transfers
bolstered
revenues.
For
the
12-month
period,
U.S.
fixed
income
sectors
saw
mixed
performance
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
-15.47%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-11.50%
total
return,
and
USTs,
as
measured
by
the
Bloomberg
U.S.
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
net
investment
income
distributions
for
the
period
shown.
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.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
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
14
.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
4
franklintempleton.com
Annual
Report
Treasury
Index,
posted
a
-12.94%
total
return.
3
In
contrast,
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-18.53%
total
return.
3
State
Update
During
the
12-month
period,
New
York’s
large
and
diverse
economy,
which
generates
above-average
income
and
wealth
levels,
has
turned
sharply
towards
recovery
since
the
initial
wave
of
the
COVID-19
pandemic.
New
York’s
unemployment
rate
began
the
period
at
7.1%
and
ended
at
4.3%,
compared
with
the
3.5%
national
rate.
The
state
enacted
its
2023
balanced
budget
and
as
a
result
of
better-than-expected
tax
revenues,
new
taxes
and
federal
resources,
erased
a
projected
fiscal
2022
budget
gap,
allowing
increased
school
aid,
recovery
initiatives
and
higher
Medicaid
enrollments.
New
York’s
net
tax-supported
debt
was
moderately
high
at
$3,871
per
capita
and
5.1%
of
personal
income,
compared
with
the
$1,179
and
2.1%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
upgraded
its
rating
to
Aa1
and
revised
the
outlook
to
stable
on
New
York’s
general
obligation
debt.
5
Moody’s
rating
reflected
the
resources
and
budget
management
tools
available
to
the
state
to
align
spending
and
revenue.
According
to
Moody’s,
credit
challenges
facing
New
York
are
sustained
reliance
on
significant
non-recurring
budget
solutions,
and
a
material
increase
in
the
state’s
long-term
liability
or
weakness
in
the
economic
recovery
of
the
New
York
City
metropolitan
area.
Moody’s
stable
outlook
reflects
a
significant
increase
in
resources
combined
with
agile
financial
management
that
has
resulted
in
balanced
or
nearly-balanced
budgets
projected
through
the
state’s
five-year
financial
plan.
Investment
Strategy
We
select
securities
that
we
believe
will
provide
the
best
balance
between
risk
and
return
within
the
Fund’s
range
of
allowable
investments
and
typically
use
a
buy-and-hold
strategy.
This
means
we
generally
hold
securities
in
the
Fund’s
portfolio
for
income
purposes,
rather
than
trading
securities
for
capital
gains,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
the
Fund
meet
its
goal.
*Does
not
include
cash
and
cash
equivalents.
Manager’s
Discussion
Consistent
with
our
strategy,
we
typically
look
to
construct
a
portfolio
that
maintains
a
dollar-weighted
average
maturity
of
three
to
10
years.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
Thank
you
for
your
continued
participation
in
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
September
30,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Portfolio
Composition
9/30/22
%
of
Total
Investments
*
**
Transportation
19.17%
Special
Tax
16.10%
Utilities
10.80%
Local
9.99%
Education
9.73%
Lease
8.59%
Refunded
7.54%
Housing
6.24%
Health
Care
4.21%
Industrial
Dev.
Revenue
and
Pollution
Control
4.17%
Other
Revenue
Bonds
2.77%
State
General
Obligation
0.69%
4.
Source:
Moody’s
Investors
Service,
States
–
U
.S.:
Debt,
pension
and
OPEB
liabilities
all
up
in
fiscal
2021
,
9/7/22.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
September
30,
2022
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
5
franklintempleton.com
Annual
Report
The
performance
tables
and
graphs
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
9/30/22
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
1-Year
-10.91%
-12.91%
5-Year
-1.62%
-0.78%
10-Year
+9.28%
+0.66%
Advisor
1-Year
-10.73%
-10.73%
5-Year
-0.53%
-0.11%
10-Year
+11.03%
+1.05%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
1.97%
4.43%
2.56%
5.30%
Advisor
2.27%
5.11%
2.87%
5.94%
See
page
7
for
Performance
Summary
footnotes.
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
6
franklintempleton.com
Annual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(9/30/12–9/30/22)
Advisor
Class
(9/30/12–9/30/22)
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest
rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
there-
by
increasing
market
risk.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
The
total
annual
operating
expenses
are
sourced
from
the
Fund's
prospectus
available
at
the
time
of
publication.
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
based
on
an
annualization
of
the
respective
class’s
September
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
9/30/22.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/20/22
for
the
maximum
combined
effective
federal
and
New
York
State
and
City
personal
income
tax
rate
of
55.58%,
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.
Source:
Morningstar.
The
Bloomberg
New
York
Municipal
Bond
Index
is
the
New
York
component
of
the
Bloomberg
Municipal
Bond
Index,
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more.
9.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(10/1/21–9/30/22)
Share
Class
Net
Investment
Income
A
$0.204276
A1
$0.221044
C
$0.159428
R6
$0.238995
Advisor
$0.232145
Total
Annual
Operating
Expenses
9
Share
Class
A
0.83%
Advisor
0.58%
Your
Fund’s
Expenses
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
8
franklintempleton.com
Annual
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
183/365
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
4/1/22
Ending
Account
Value
9/30/22
Expenses
Paid
During
Period
4/1/22–9/30/22
1
Ending
Account
Value
9/30/22
Expenses
Paid
During
Period
4/1/22–9/30/22
1
a
Net
Annualized
Expense
Ratio
A
$1,000
$945.20
$4.23
$1,020.72
$4.40
0.87%
A1
$1,000
$945.10
$3.50
$1,021.47
$3.64
0.72%
C
$1,000
$942.60
$6.16
$1,018.73
$6.40
1.27%
R6
$1,000
$946.00
$2.67
$1,022.33
$2.77
0.55%
Advisor
$1,000
$945.70
$3.00
$1,021.99
$3.12
0.61%
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Year
Ended
September
30,
Year
Ended
September
30,
2018
a
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.72
$11.64
$11.70
$11.19
$11.26
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.21
0.22
0.26
0.28
0.02
Net
realized
and
unrealized
gains
(losses)
...........
(1.48)
0.08
(0.06)
0.52
(0.07)
Total
from
investment
operations
....................
(1.27)
0.30
0.20
0.80
(0.05)
Less
distributions
from:
Net
investment
income
..........................
(0.20)
(0.22)
(0.26)
(0.29)
(0.02)
Net
asset
value,
end
of
year
.......................
$10.25
$11.72
$11.64
$11.70
$11.19
Total
return
d
...................................
(10.91)%
2.58%
1.69%
7.19%
(0.46)%
Ratios
to
average
net
assets
e
Expenses
f
.....................................
0.85%
0.83%
0.84%
0.84%
0.83%
Net
investment
income
...........................
1.87%
1.86%
2.20%
2.43%
2.47%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$98,998
$119,113
$89,211
$57,147
$145
Portfolio
turnover
rate
............................
8.56%
18.90%
13.94%
16.12%
11.15%
a
For
the
period
September
10,
2018
(effective
date)
to
September
30,
2018.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
September
30,
2022
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.72
$11.65
$11.71
$11.20
$11.63
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.22
0.24
0.27
0.30
0.30
Net
realized
and
unrealized
gains
(losses)
...........
(1.47)
0.07
(0.06)
0.51
(0.43)
Total
from
investment
operations
....................
(1.25)
0.31
0.21
0.81
(0.13)
Less
distributions
from:
Net
investment
income
..........................
(0.22)
(0.24)
(0.27)
(0.30)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.25
$11.72
$11.65
$11.71
$11.20
Total
return
c
...................................
(10.77)%
2.65%
1.84%
7.35%
(1.15)%
Ratios
to
average
net
assets
Expenses
d
....................................
0.70%
0.69%
0.69%
0.69%
0.68%
Net
investment
income
...........................
2.02%
2.03%
2.36%
2.58%
2.62%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$248,359
$334,315
$362,113
$392,721
$440,120
Portfolio
turnover
rate
............................
8.56%
18.90%
13.94%
16.12%
11.15%
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.
d
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.
Annual
Report
11
a
Year
Ended
September
30,
2022
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.76
$11.69
$11.75
$11.23
$11.67
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.16
0.18
0.21
0.23
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(1.48)
0.06
(0.06)
0.53
(0.45)
Total
from
investment
operations
....................
(1.32)
0.24
0.15
0.76
(0.21)
Less
distributions
from:
Net
investment
income
..........................
(0.16)
(0.17)
(0.21)
(0.24)
(0.23)
Net
asset
value,
end
of
year
.......................
$10.28
$11.76
$11.69
$11.75
$11.23
Total
return
c
...................................
(11.23)%
2.08%
1.29%
6.83%
(1.78)%
Ratios
to
average
net
assets
Expenses
d
....................................
1.24%
1.24%
1.24%
1.24%
1.23%
Net
investment
income
...........................
1.46%
1.49%
1.81%
2.03%
2.07%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$24,087
$37,418
$61,722
$90,763
$124,250
Portfolio
turnover
rate
............................
8.56%
18.90%
13.94%
16.12%
11.15%
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.
d
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
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
September
30,
2022
2021
2020
2019
2018
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.75
$11.68
$11.74
$11.23
$11.66
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.24
0.26
0.29
0.31
0.32
Net
realized
and
unrealized
gains
(losses)
...........
(1.47)
0.07
(0.06)
0.52
(0.44)
Total
from
investment
operations
....................
(1.23)
0.33
0.23
0.83
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.24)
(0.26)
(0.29)
(0.32)
(0.31)
Net
asset
value,
end
of
year
.......................
$10.28
$11.75
$11.68
$11.74
$11.23
Total
return
....................................
(10.60)%
2.80%
2.00%
7.50%
(1.01)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.54%
0.53%
0.53%
0.53%
0.52%
Expenses
net
of
waiver
and
payments
by
affiliates
c
......
0.54%
0.53%
0.53%
0.53%
0.51%
Net
investment
income
...........................
2.18%
2.17%
2.51%
2.74%
2.79%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$85,277
$99,307
$87,638
$79,577
$69,281
Portfolio
turnover
rate
............................
8.56%
18.90%
13.94%
16.12%
11.15%
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
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.
Annual
Report
13
a
Year
Ended
September
30,
2022
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.76
$11.68
$11.74
$11.23
$11.66
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.24
0.25
0.29
0.31
0.31
Net
realized
and
unrealized
gains
(losses)
...........
(1.49)
0.08
(0.06)
0.51
(0.43)
Total
from
investment
operations
....................
(1.25)
0.33
0.23
0.82
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.23)
(0.25)
(0.29)
(0.31)
(0.31)
Net
asset
value,
end
of
year
.......................
$10.28
$11.76
$11.68
$11.74
$11.23
Total
return
....................................
(10.73)%
2.83%
1.94%
7.44%
(1.05)%
Ratios
to
average
net
assets
Expenses
c
.....................................
0.60%
0.58%
0.59%
0.59%
0.58%
Net
investment
income
...........................
2.11%
2.12%
2.45%
2.68%
2.72%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$226,374
$330,045
$320,209
$314,157
$327,215
Portfolio
turnover
rate
............................
8.56%
18.90%
13.94%
16.12%
11.15%
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
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments,
September
30,
2022
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Annual
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
97.8%
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
$
4,968,000
$
4,154,888
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1
T,
5.05%,
7/01/34
..........
850,000
726,031
4,880,919
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC,
Revenue,
144A,
2021
A-1,
3.5%,
12/01/36
....
1,000,000
752,606
AHPC
Terraces
at
Fieldstone
LLC,
Revenue,
144A,
2021
A-2,
4.5%,
12/01/26
....
1,945,000
1,749,683
2,502,289
Illinois
0.7%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
4,000,000
3,814,625
GO,
2021
A,
5%,
3/01/28
............................................
750,000
767,794
4,582,419
New
York
93.5%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
B
,
Refunding
,
5
%
,
11/01/38
.
3,750,000
4,039,645
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
...................
1,565,000
1,397,663
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/35
......................................
1,015,000
946,511
Buffalo
Municipal
Water
Finance
Authority
,
Revenue
,
2020
B
,
Refunding
,
AGMC
Insured
,
2.375
%
,
7/01/40
............................................
5,250,000
3,657,319
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/23
............
100,000
99,652
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/24
............
120,000
119,108
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/25
............
110,000
108,369
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/26
............
110,000
107,533
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/27
............
100,000
97,030
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/28
............
100,000
96,375
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/29
............
100,000
95,498
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/30
............
100,000
94,388
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/31
............
100,000
92,958
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/32
......
325,000
329,124
New
York
Law
School,
Revenue,
2016,
Refunding,
5%,
7/01/23
...............
1,165,000
1,170,485
City
of
Long
Beach
,
GO
,
2020
A
,
5
%
,
9/01/26
..............................
1,370,000
1,408,101
City
of
New
York
,
GO,
2015
A,
Refunding,
5%,
8/01/26
...................................
10,000,000
10,296,347
GO,
2016
A,
Refunding,
5%,
8/01/26
...................................
9,000,000
9,396,539
GO,
2018
E-1,
5.25%,
3/01/31
........................................
5,000,000
5,435,990
GO,
2019
D-1,
5%,
12/01/35
.........................................
5,015,000
5,255,924
GO,
2020
D-1,
BAM
Insured,
4%,
3/01/41
...............................
2,500,000
2,325,555
County
of
Allegany
,
GO
,
2014
,
Refunding
,
BAM
Insured
,
5
%
,
9/15/26
............
1,245,000
1,285,181
County
of
Suffolk
,
GO,
2014,
Refunding,
AGMC
Insured,
5%,
2/01/23
.........................
5,045,000
5,072,978
GO,
2018
B,
AGMC
Insured,
4%,
10/15/30
...............................
6,310,000
6,416,330
GO,
2018
B,
AGMC
Insured,
3.375%,
10/15/31
...........................
6,370,000
6,015,693
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/23
......
175,000
176,334
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/25
......
160,000
163,027
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/29
......
150,000
154,456
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/30
......
150,000
154,306
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/31
......
200,000
204,954
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
5%,
7/01/26
.....
1,015,000
1,044,315
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Gloversville
Enlarged
School
District
,
GO,
2020,
BAM
Insured,
2%,
10/15/27
..................................
$
2,230,000
$
2,011,291
GO,
2020,
BAM
Insured,
2%,
10/15/28
..................................
2,260,000
1,996,065
GO,
2020,
BAM
Insured,
2%,
10/15/31
..................................
2,410,000
1,984,483
Grand
Island
Central
School
District
,
GO,
2016,
4%,
12/01/29
.............................................
3,915,000
4,022,142
GO,
2016,
4%,
12/01/30
.............................................
3,650,000
3,737,557
Haverstraw-Stony
Point
Central
School
District
,
GO,
2015,
5%,
10/15/25
.............................................
850,000
866,131
GO,
2015,
AGMC
Insured,
5%,
10/15/31
................................
600,000
611,386
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/25
.................
1,000,000
1,030,667
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/26
.................
800,000
832,105
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/27
.................
750,000
786,967
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/28
.................
845,000
894,017
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
.................
340,000
315,746
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/37
.................
550,000
506,586
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/38
.................
520,000
475,098
Long
Island
Power
Authority
,
Revenue,
2012
B,
5%,
9/01/26
........................................
5,000,000
5,007,069
Revenue,
2019
A,
4%,
9/01/35
........................................
15,700,000
15,028,536
Revenue,
2019
A,
4%,
9/01/38
........................................
6,775,000
6,209,919
Revenue,
2020
A,
Refunding,
5%,
9/01/35
...............................
1,000,000
1,064,266
Revenue,
2021
A,
Refunding,
5%,
9/01/30
...............................
3,000,000
3,333,979
Metropolitan
Transportation
Authority
,
Revenue,
2003
A,
AGMC
Insured,
5.5%,
11/15/23
.........................
10,000,000
10,263,534
Revenue,
2013
E,
Pre-Refunded,
BAM
Insured,
5%,
11/15/27
................
8,900,000
9,081,858
Revenue,
2017
C-1,
Refunding,
5%,
11/15/26
............................
5,000,000
5,189,256
Revenue,
2017
C-2,
Refunding,
Zero
Cpn.,
11/15/39
.......................
15,000,000
6,153,347
Dedicated
Tax
Fund,
Revenue,
2012
A,
Refunding,
Zero
Cpn.,
11/15/32
.........
50,000,000
32,250,510
Monroe
County
Industrial
Development
Corp.
,
Nazareth
College
of
Rochester,
Revenue,
2017
A,
Refunding,
5%,
10/01/26
......
980,000
1,011,404
Nazareth
College
of
Rochester,
Revenue,
2017
A,
Refunding,
5%,
10/01/27
......
1,035,000
1,072,651
Rochester
City
School
District,
Revenue,
2013,
5%,
5/01/26
..................
5,000,000
5,051,495
Rochester
City
School
District,
Revenue,
2013,
5%,
5/01/29
..................
9,645,000
9,741,027
Rochester
City
School
District,
Revenue,
2015,
5%,
5/01/29
..................
1,175,000
1,220,764
University
of
Rochester,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/27
..........
6,220,000
6,306,669
New
York
City
Health
and
Hospitals
Corp.
,
Revenue,
2020
A,
Refunding,
5%,
2/15/29
...............................
4,510,000
4,887,594
Revenue,
2020
A,
Refunding,
5%,
2/15/30
...............................
2,500,000
2,733,743
b
New
York
City
Housing
Development
Corp.
,
East
124th
Street
LLC
,
Revenue
,
2008
A
,
LOC
FHLMC
,
Mandatory
Put
,
2.1
%
,
10/01/29
.............................
20,000,000
17,360,494
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/31
1,250,000
1,336,462
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/01/32
2,000,000
2,007,762
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/39
..
2,500,000
1,884,492
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2015
DD,
Refunding,
5%,
6/15/29
...........
7,790,000
8,005,623
Water
&
Sewer
System,
Revenue,
2015
GG,
Pre-Refunded,
5%,
6/15/27
........
10,000,000
10,472,310
Water
&
Sewer
System,
Revenue,
2018
CC-1,
4%,
6/15/37
..................
5,000,000
4,800,496
Water
&
Sewer
System,
Revenue,
2018
EE,
Refunding,
5%,
6/15/30
...........
5,000,000
5,257,673
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/34
............
5,000,000
5,307,193
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2018
S-1,
Refunding,
5%,
7/15/29
...................
8,215,000
8,784,898
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/34
..................
10,000,000
10,598,660
Future
Tax
Secured,
Revenue,
2016
A-1,
5%,
8/01/28
......................
5,000,000
5,188,829
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Transitional
Finance
Authority,
(continued)
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
$
10,970,000
$
11,202,000
Future
Tax
Secured,
Revenue,
2018
B-1,
4%,
8/01/35
......................
4,000,000
3,901,893
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/41
.....................
7,200,000
6,685,654
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/25
................................
2,250,000
2,343,557
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
1.9%,
11/15/31
.............................
2,000,000
1,544,899
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
13,305,000
13,807,951
New
York
State
Dormitory
Authority
,
Revenue,
2009
A,
AGMC
Insured,
5%,
10/01/24
...........................
105,000
105,152
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/23
...........................
860,000
861,171
Revenue,
2011
A,
5%,
10/01/24
.......................................
110,000
110,141
Revenue,
2012
A,
Refunding,
AGMC
Insured,
5%,
10/01/23
..................
6,425,000
6,433,751
Revenue,
2020
A,
AGMC
Insured,
5%,
10/01/34
...........................
2,250,000
2,417,649
Revenue,
2020
A,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/34
...............
5,000
5,455
Board
of
Cooperative
Educational
Services
of
Oneida
Herkimer
&
Madison
Counties,
Revenue,
2016,
Refunding,
5%,
8/15/28
...............................
1,100,000
1,166,912
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/27
570,000
538,628
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/28
665,000
623,948
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,150,000
900,597
City
of
New
York,
Revenue,
2010
A,
3.625%,
5/15/23
.......................
1,615,000
1,615,646
City
of
New
York,
Revenue,
2010
A,
3.75%,
5/15/24
........................
1,620,000
1,620,699
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
900,000
798,127
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
1,000,000
981,552
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/23
......................
275,000
277,297
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/24
......................
285,000
289,742
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/25
......................
300,000
307,235
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/26
......................
325,000
334,841
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/27
......................
325,000
336,316
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/28
......................
275,000
285,497
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/29
......................
275,000
286,091
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/30
......................
325,000
337,769
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/34
.........
300,000
288,493
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/34
.........
375,000
359,030
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/35
.........
300,000
286,245
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/35
.........
300,000
285,409
Memorial
Sloan-Kettering
Cancer
Center,
Revenue,
1998,
NATL
Insured,
5.5%,
7/01/23
........................................................
3,340,000
3,397,194
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/30
.........
1,350,000
1,331,104
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/33
...............
12,000,000
12,837,083
New
York
University,
Revenue,
2019
A,
5%,
7/01/42
........................
6,040,000
6,302,976
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/27
....
6,000,000
6,160,168
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/26
1,000,000
1,022,752
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/39
..............
1,000,000
1,035,494
St.
John's
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/25
...............
750,000
774,778
St.
John's
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/26
...............
700,000
728,835
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/29
...............
500,000
497,834
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/30
...............
950,000
939,686
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/31
...............
2,250,000
2,212,249
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/35
.........................
200,000
181,005
State
of
New
York
Personal
Income
Tax,
Revenue,
2014
A,
Pre-Refunded,
5%,
2/15/25
........................................................
5,000,000
5,120,715
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
D,
Pre-Refunded,
5%,
2/15/27
........................................................
10,000,000
10,638,431
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
4%,
2/15/33
.........
$
9,995,000
$
9,919,746
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
4%,
2/15/33
........................................................
5,000
5,138
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5.25%,
3/15/37
........................................................
7,000,000
7,439,733
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/32
.................
7,000,000
7,325,891
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/42
.................
10,000,000
10,322,106
State
University
Construction
Fund,
Revenue,
2005
A,
NATL
Insured,
5.5%,
5/15/24
7,790,000
8,075,111
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/29
........................................................
1,000,000
1,060,326
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/33
..
1,000,000
1,061,128
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2018
B
,
5
%
,
6/15/35
...................................
5,000,000
5,342,523
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/37
........................................
7,000,000
6,611,961
Revenue,
K,
Refunding,
5%,
1/01/28
...................................
10,000,000
10,283,073
Revenue,
K,
Refunding,
5%,
1/01/29
...................................
10,000,000
10,274,388
Revenue,
L,
Refunding,
5%,
1/01/32
...................................
1,750,000
1,864,903
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/30
10,000,000
10,621,242
State
of
New
York
Sales
Tax,
Revenue,
2019
A,
Refunding,
5%,
3/15/38
.........
5,120,000
5,365,544
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/30
..........................
1,310,000
1,302,732
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
4,000,000
3,851,595
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/34
............
750,000
665,777
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
1,000,000
826,741
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/29
...
500,000
512,215
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/30
...
150,000
153,016
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
...
400,000
404,839
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/24
...
1,000,000
1,025,241
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/27
...
875,000
904,795
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/28
...
1,865,000
1,937,216
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/29
...
3,150,000
3,240,502
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/30
...
5,135,000
5,358,475
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/31
...
2,350,000
2,421,594
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/32
...
2,365,000
2,421,236
Niagara
Falls
Public
Water
Authority
,
Revenue
,
2013
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
7/15/29
......................................................
7,060,000
7,163,493
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/29
...........................
330,000
339,804
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/30
...........................
320,000
328,766
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/26
..................
535,000
548,029
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/28
..................
595,000
612,211
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/30
..................
655,000
672,943
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/38
............................................
5,000,000
5,296,626
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
184th,
5%,
9/01/25
.........................................
2,655,000
2,736,081
Revenue,
184th,
5%,
9/01/28
.........................................
3,250,000
3,345,605
Revenue,
194th,
Refunding,
5%,
10/15/28
...............................
9,085,000
9,536,424
Revenue,
209th,
Refunding,
5%,
7/15/34
................................
15,000,000
15,970,012
Revenue,
223,
Refunding,
5%,
7/15/25
.................................
1,800,000
1,854,953
Revenue,
Two
Hundred
Thirty
Fourth,
Refunding,
5.25%,
8/01/40
..............
2,000,000
2,074,929
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/31
...............
100,000
103,984
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/33
...............
270,000
276,726
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
St.
Lawrence
County
Industrial
Development
Agency,
(continued)
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/30
...............
$
225,000
$
235,098
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/31
...............
200,000
207,969
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/32
...............
200,000
206,228
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/33
...............
230,000
235,730
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
3.25
%
,
6/01/43
...............
5,000,000
3,942,226
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/28
.............................
2,200,000
2,285,047
Revenue,
2021
A-2,
Refunding,
5%,
6/01/29
.............................
2,250,000
2,349,098
Revenue,
2021
A-2,
Refunding,
5%,
6/01/30
.............................
1,500,000
1,564,716
Revenue,
2021
A-2,
Refunding,
5%,
6/01/31
.............................
1,250,000
1,300,704
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
5%,
7/01/29
.................................
1,275,000
1,328,695
Revenue,
2021,
Refunding,
5%,
7/01/30
.................................
1,415,000
1,473,423
Revenue,
2021,
Refunding,
5%,
7/01/31
.................................
1,000,000
1,037,138
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2008
B-3,
5%,
11/15/34
.....................................
3,480,000
3,600,818
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
11/15/30
.........................
14,175,000
10,063,738
Revenue,
2018
D,
5%,
11/15/33
.......................................
1,300,000
1,417,758
Revenue,
2021
A,
5%,
11/01/25
.......................................
2,500,000
2,618,398
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
5%,
9/01/28
.................................
275,000
289,269
Revenue,
2021,
Refunding,
4%,
9/01/30
.................................
400,000
395,624
Revenue,
2021,
Refunding,
4%,
9/01/31
.................................
235,000
228,574
Revenue,
2021,
Refunding,
4%,
9/01/32
.................................
350,000
334,166
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/33
......
3,000,000
3,132,338
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/36
......
2,000,000
2,069,138
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
2,915,586
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
12/01/26
.......................................................
2,500,000
2,658,438
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
.......................................................
1,000,000
1,085,969
Whitney
Museum
of
American
Art,
Revenue,
2021,
Refunding,
5%,
7/01/31
......
5,000,000
5,445,988
Utility
Debt
Securitization
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/15/26
.....
5,000,000
5,182,839
Westchester
County
Local
Development
Corp.
,
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/25
..................
1,000,000
1,006,896
638,531,075
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,700,000
1,284,596
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,700,000
1,283,272
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
2,000,000
1,894,910
4,462,778
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/24
175,000
176,374
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/25
170,000
171,677
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/26
225,000
227,059
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/27
200,000
201,951
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
3,000,000
2,389,649
3,166,710
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
See
Abbreviations
on
page
31
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
1,700,000
$
1,283,055
Wisconsin
1.0%
a
Public
Finance
Authority
,
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
4.5%,
12/01/26
.........
1,160,000
1,039,294
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,570,000
1,177,960
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
....
4,500,000
4,477,780
6,695,034
U.S.
Territories
0.2%
Puerto
Rico
0.2%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
NATL
Insured,
5.25%,
7/01/32
.................
880,000
866,493
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
280,000
274,796
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
540,000
528,784
1,670,073
Total
U.S.
Territories
....................................................................
1,670,073
Total
Municipal
Bonds
(Cost
$720,959,159)
.....................................
667,774,352
a
a
a
a
Short
Term
Investments
1.6%
Municipal
Bonds
1.6%
New
York
1.6%
c
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.9
%
,
1/01/34
11,000,000
11,000,000
Total
Municipal
Bonds
(Cost
$11,000,000)
......................................
11,000,000
Total
Short
Term
Investments
(Cost
$11,000,000
)
................................
11,000,000
a
Total
Investments
(Cost
$731,959,159)
99.4%
...................................
$678,774,352
Other
Assets,
less
Liabilities
0.6%
.............................................
4,321,648
Net
Assets
100.0%
...........................................................
$683,096,000
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
September
30,
2022,
the
aggregate
value
of
these
securities
was
$18,555,243,
representing
2.7%
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
September
30,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$731,959,159
Value
-
Unaffiliated
issuers
..................................................................
$678,774,352
Cash
....................................................................................
14,292
Receivables:
Capital
shares
sold
........................................................................
215,358
Interest
.................................................................................
7,676,236
Total
assets
..........................................................................
686,680,238
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
2,888,652
Management
fees
.........................................................................
284,850
Distribution
fees
..........................................................................
55,333
Transfer
agent
fees
........................................................................
145,715
Trustees'
fees
and
expenses
.................................................................
1,154
Distributions
to
shareholders
.................................................................
134,117
Accrued
expenses
and
other
liabilities
...........................................................
74,417
Total
liabilities
.........................................................................
3,584,238
Net
assets,
at
value
.................................................................
$683,096,000
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$744,577,943
Total
distributable
earnings
(losses)
.............................................................
(61,481,943)
Net
assets,
at
value
.................................................................
$683,096,000
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
September
30,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$98,998,305
Shares
outstanding
........................................................................
9,662,006
Net
asset
value
per
share
a
..................................................................
$10.25
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$10.49
Class
A1:
Net
assets,
at
value
.......................................................................
$248,358,840
Shares
outstanding
........................................................................
24,233,480
Net
asset
value
per
share
a
..................................................................
$10.25
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$10.49
Class
C:
Net
assets,
at
value
.......................................................................
$24,087,096
Shares
outstanding
........................................................................
2,342,050
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$10.28
Class
R6:
Net
assets,
at
value
.......................................................................
$85,277,495
Shares
outstanding
........................................................................
8,297,572
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.28
Advisor
Class:
Net
assets,
at
value
.......................................................................
$226,374,264
Shares
outstanding
........................................................................
22,022,355
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.28
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
September
30,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Franklin
New
York
Intermediate-
Term
Tax-Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$22,193,945
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,892,107
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
278,450
    Class
A1
...............................................................................
294,965
    Class
C
................................................................................
199,215
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
95,986
    Class
A1
...............................................................................
251,581
    Class
C
................................................................................
25,638
    Class
R6
...............................................................................
23,481
    Advisor
Class
............................................................................
245,005
Custodian
fees
(Note
4
)
......................................................................
4,133
Reports
to
shareholders
fees
..................................................................
19,491
Registration
and
filing
fees
....................................................................
45,334
Professional
fees
...........................................................................
53,169
Other
....................................................................................
181,472
Total
expenses
.........................................................................
5,610,027
Expense
reductions
(Note
4
)
...............................................................
(6,853)
Net
expenses
.........................................................................
5,603,174
Net
investment
income
................................................................
16,590,771
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
1,932,602
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(110,264,674)
Net
realized
and
unrealized
gain
(loss)
............................................................
(108,332,072)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(91,741,301)
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
Franklin
New
York
Intermediate-Term
Tax-
Free
Income
Fund
Year
Ended
September
30,
2022
Year
Ended
September
30,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$16,590,771
$18,668,040
Net
realized
gain
(loss)
.................................................
1,932,602
3,253,373
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(110,264,674)
2,398,678
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(91,741,301)
24,320,091
Distributions
to
shareholders:
Class
A
.............................................................
(2,037,114)
(1,868,037)
Class
A1
............................................................
(5,825,567)
(7,123,159)
Class
C
.............................................................
(433,136)
(793,479)
Class
R6
............................................................
(1,987,512)
(2,010,857)
Advisor
Class
........................................................
(5,946,037)
(6,756,043)
Total
distributions
to
shareholders
..........................................
(16,229,366)
(18,551,575)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(5,351,137)
29,606,882
Class
A1
............................................................
(47,380,846)
(30,354,732)
Class
C
.............................................................
(9,349,947)
(24,903,409)
Class
R6
............................................................
(1,582,202)
11,178,453
Advisor
Class
........................................................
(65,467,482)
8,009,192
Total
capital
share
transactions
............................................
(129,131,614)
(6,463,614)
Net
increase
(decrease)
in
net
assets
...................................
(237,102,281)
(695,098)
Net
assets:
Beginning
of
year
.......................................................
920,198,281
920,893,379
End
of
year
...........................................................
$683,096,000
$920,198,281
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
24
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
New
York
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
one
fund, Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(Fund)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
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
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-
based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
September
30,
2022,
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
25
franklintempleton.com
Annual
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
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
net
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
d.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Trust
are
insured
by
either
a
new
issue
insurance
policy,
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
September
3
0
,
2022,
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:
Year
Ended
September
30,
2022
Year
Ended
September
30,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,017,532
$22,310,416
4,255,047
$50,255,657
Shares
issued
in
reinvestment
of
distributions
..........
140,877
1,552,994
117,679
1,386,158
Shares
redeemed
...............................
(2,661,875)
(29,214,547)
(1,869,666)
(22,034,933)
Net
increase
(decrease)
..........................
(503,466)
$(5,351,137)
2,503,060
$29,606,882
Class
A1
Shares:
Shares
sold
...................................
835,073
$9,110,274
542,540
$6,382,165
Shares
issued
in
reinvestment
of
distributions
..........
480,777
5,311,762
550,724
6,487,889
Shares
redeemed
...............................
(5,606,468)
(61,802,882)
(3,663,707)
(43,224,786)
Net
increase
(decrease)
..........................
(4,290,618)
$(47,380,846)
(2,570,443)
$(30,354,732)
Class
C
Shares:
Shares
sold
...................................
135,514
$1,500,530
239,034
$2,838,814
Shares
issued
in
reinvestment
of
distributions
..........
36,267
402,732
61,755
729,883
Shares
redeemed
a
..............................
(1,011,039)
(11,253,209)
(2,400,492)
(28,472,106)
Net
increase
(decrease)
..........................
(839,258)
$(9,349,947)
(2,099,703)
$(24,903,409)
Class
R6
Shares:
Shares
sold
...................................
1,368,956
$15,170,262
1,985,068
$23,496,968
Shares
issued
in
reinvestment
of
distributions
..........
165,109
1,827,271
157,707
1,863,342
Shares
redeemed
...............................
(1,685,734)
(18,579,735)
(1,197,941)
(14,181,857)
Net
increase
(decrease)
..........................
(151,669)
$(1,582,202)
944,834
$11,178,453
Advisor
Class
Shares:
Shares
sold
...................................
6,101,716
$66,695,089
5,254,301
$62,253,788
Shares
issued
in
reinvestment
of
distributions
..........
400,790
4,449,713
432,931
5,116,135
Shares
redeemed
...............................
(12,554,877)
(136,612,284)
(5,025,518)
(59,360,731)
Net
increase
(decrease)
..........................
(6,052,371)
$(65,467,482)
661,714
$8,009,192
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
27
franklintempleton.com
Annual
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
year
ended
September
30,
2022,
the
gross
effective
investment
management
fee
rate
was
0.477%
of
the
Fund’s
average
daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rate,
is
February
1
through
January
31.
 The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$2,436
3.
Transactions
with
Affiliates
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
September
30,
2022,
the
Fund
paid
transfer
agent
fees
of
$641,691,
of
which
$230,777
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Effective
April
1,
2022,
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,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
January
31,
2023.
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
year
ended
September
30,
2022,
these
purchase
and
sale
transactions
aggregated
$52,455,469
and
$35,880,000,
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
year
ended
September
30,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
September
30,
2022,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended September
30,
2022,
the
Fund
utilized
$2,012,313
of
capital
loss
carryforwards.
CDSC
retained
..............................................................................
$11,208
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$9,201,977
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
The
tax
character
of
distributions
paid
during
the
years
ended
September
30,
2022
and
2021
,
was
as
follows:
At
September
30,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
tax
exempt
income
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
bond
discounts.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
year
ended
September
30,
2022,
aggregated
$67,826,455 and
$167,314,236,
respectively. 
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York.
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.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
2022
2021
Distributions
paid
from:
Tax
exempt
income
........................................................
$16,229,366
$18,551,575
Cost
of
investments
..........................................................................
$731,355,355
Unrealized
appreciation
........................................................................
$1,073,539
Unrealized
depreciation
........................................................................
(53,654,542)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(52,581,003)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$414,228
Undistributed
tax
exempt
income
.................................................................
146,322
Total
distributable
earnings
.....................................................................
$560,550
5.
Income
Taxes
(continued)
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
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
year
ended
September
30,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
11.
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
September
30,
2022,
all
of
the
Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
Franklin
New
York
Tax-Free
Trust
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(continued)
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
.
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
Franklin
New
York
Tax-Free
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
32
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Franklin
New
York
Tax-Free
Trust
and
Shareholders
of
Franklin
New
York
Intermediate-Term
Tax-
Free
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(the
"Fund")
as
of
September
30,
2022,
the
related
statement
of
operations
for
the
year
ended
September
30,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
September
30,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2022
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2022
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
November
15,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
New
York
Tax-Free
Trust
Tax
Information
(unaudited)
33
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
fiscal
year
ended
September
30,
2022:
Pursuant
to:
Amount
Reported
Exempt-Interest
Dividends
Distributed
§852(b)(5)(A)
$16,229,366
Franklin
New
York
Tax-Free
Trust
Board
Members
and
Officers
34
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Fund,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1986
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2017
100
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
120
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
New
York
Tax-Free
Trust
35
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
2005
and
Lead
Independent
Trustee
since
2019
120
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
120
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
120
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Trust
36
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
100
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016),
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2007
131
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board
and
Trustee
Since
2013
120
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ben
Barber
(1969)
Vice
President
Since
2020
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Advisers,
Inc.;
Director,
Municipal
Bonds;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Co-Head
of
Municipal
Bonds,
Goldman
Sachs
Asset
Management
(1999-2020).
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Trust
37
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Sonal
Desai,
Ph.D.
(1963)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
and
Executive
Vice
President,
Franklin
Advisers,
Inc.;
Executive
Vice
President,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
and
Co-Secretary
Vice
President
since
2009
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Trust
38
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007
to
2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Lori
A.
Weber
(1964)
Vice
President
and
Co-Secretary
Vice
President
since
2011
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
39
franklintempleton.com
Annual
Report
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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.
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
40
franklintempleton.com
Annual
Report
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
A
11/22
©
2022
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.
Annual
Report
and
Shareholder
Letter
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.
 
(a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $35,001 for the fiscal year ended September 30, 2022 and $34,731 for the fiscal year ended September 30, 2021.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.
 
 
(d)      All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $92 for the fiscal year ended September 30, 2022 and $480 for the fiscal year ended September 30, 2021. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process and professional fees in connection with SOC 1 Reports.
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $258,207 for the fiscal year ended September 30, 2022 and $37,812 for the fiscal year ended September 30, 2021. The services for which these fees were paid included benchmarking services in connection with the ICI TA Survey, assets under management certification, professional fees in connection with SOC 1 Reports, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge, and professional fees in connection with SOC 1 Reports and professional fees in connection with determining the feasibility of a U.S. direct lending structure.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $258,299 for the fiscal year ended September 30, 2022 and $38,292 for the fiscal year ended September 30, 2021.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
(i) N/A
 
 
(j) N/A
 
 
 
Item 5. Audit Committee
 
of Listed Registrants.              N/A
 
Item 6. Schedule of Investments.                            N/A


 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                     N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                                     N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.              N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
 Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, 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 Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, 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\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  November 30, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  November 30, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  November 30, 2022