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: 9/30/23
 
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,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
Franklin
New
York
Tax-Free
Trust
1
franklintempleton.com
Annual
Report
SHAREHOLDER
LETTER
Dear
Shareholder,
We
are
pleased
to
provide
the
annual
report
of
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
for
the
12-month
reporting
period
ended
September
30,
2023.
Please
read
on
for
a
detailed
look
at
prevailing
economic
and
market
conditions
during
the
Fund’s
reporting
period
and
to
learn
how
those
conditions
have
affected
Fund
performance.
As
always,
we
remain
committed
to
providing
you
with
excellent
service
and
a
full
spectrum
of
investment
choices.
We
also
remain
committed
to
supplementing
the
support
you
receive
from
your
financial
advisor.
One
way
we
accomplish
this
is
through
our
website,
www.franklintempleton.com
.
Here
you
can
gain
immediate
access
to
market
and
investment
information,
including:
•
Fund
prices
and
performance.
•
Market
insights
and
commentaries
from
our
portfolio
Managers,
and
•
A
host
of
educational
resources.
We
look
forward
to
helping
you
meet
your
financial
goals.
Sincerely,
Gregory
E.
Johnson
Chairman
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
franklintempleton.com
Annual
Report
2
Contents
Fund
Overview
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
31
Tax
Information
32
Board
Members
and
Officers
33
Shareholder
Information
38
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
Fund
Overview
Q.
What
is
the
Fund’s
investment
strategy?
A.
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
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.
Q.
What
were
the
overall
market
conditions
during
the
Fund’s
reporting
period?
A.
During
the
12
months
ending
September
30,
2023,
the
U.S.
Federal
Reserve
(Fed)
continued
to
tighten
monetary
policy
as
it
tried
to
get
inflation
under
control
without
tipping
the
economy
into
recession.
After
several
outsized
hikes
of
75
basis
points
(bps),
the
Fed
slowed
the
pace
of
tightening
to
50
bps
in
December
2022,
followed
by
multiple
25-bp
increases
in
early
2023.
The
Fed
opted
for
one
more
25-bp
hike
between
two
pauses
in
June
and
September,
which
took
the
Fed
funds
rate
to
its
highest
level
in
more
than
22
years.
Statements
accompanying
September’s
pause
indicated
that
one
more
hike
was
still
likely
this
year,
while
Fed
Chair
Jerome
Powell
suggested
he
was
hesitant
to
call
an
end
to
the
central
bank’s
tightening
cycle
until
a
more
sustained
return
of
inflation
to
its
target
was
evident.
Meanwhile,
the
U.S.
economy
remained
resilient,
with
real
gross
domestic
product
(GDP)
increasing
at
an
annualized
rate
of
2.0%
in
the
first,
and
2.1%
in
the
second
quarter
of
2023
that
was
underpinned
by
rising
consumer
spending
and
business
investment.
The
municipal
(muni)
bond
market
witnessed
a
challenging
year
in
2022,
primarily
driven
by
the
aforementioned
monetary
policy
tightening.
High
levels
of
uncertainty
led
to
significant
outflows
from
muni
bond
retail
vehicles.
However,
2023
has
seen
investor
interest
return
as
flows
into
the
asset
class
so
far
this
year
have
been
underwhelming
but
positive.
Meanwhile,
issuance
has
picked
up
somewhat,
though
year-
to-date
in
2023
new
supply
in
the
market
remained
around
6%
below
what
it
was
for
the
same
period
in
2022.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
The
past
12
months
witnessed
high
levels
of
uncertainty.
However,
market
volatility
was
largely
interest-rate
driven.
Credit
fundamentals
have
remained
stable,
with
robust
balance
sheets
that
were
supported
by
significant
“rainy-day”
funds
which,
in
turn,
were
bolstered
by
federal
COVID-19
aid,
increased
during
the
post-pandemic
recovery,
and
maintained
with
conservative
budgeting
and
fiscal
discipline.
Considering
our
view
of
the
fundamental
strength
in
the
muni
market,
the
Fund
is
consequently
tilted
towards
lower-rated
investment-grade
issuers.
Over
the
period,
we
looked
for
opportunities
that
had
the
potential
to
improve
the
overall
yield
of
the
portfolio
and
used
our
rigorous
bottom-up
research
process
to
help
us
identify
credits
that
represented
good
relative
value,
in
our
view.
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value, increased
from $10.25
on
September
30,
2022,
to $10.29
on
September
30,
2023.
The
Fund’s
Class
A
shares
paid
dividends
totaling 22.4988
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
2.26%,
based
on
an
annualization
of the
September
's
1.9854 cents
per
share
monthly dividend
and
the
maximum
offering
price
of
$10.53
on
September
30,
2023.
An
investor
in
the 2023 maximum
combined
effective
federal
and New
York
State
and
City
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.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
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
personal
income
tax
bracket
of
55.58% (including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of 5.09%
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.
Q.
What
were
the
leading
contributors
to
performance?
A.
The
Fund
outperformed
its
benchmark
over
the
12
months
under
review,
supported
primarily
by
its
security
selection
among
rating
categories
and
its
tilt
toward
lower-
rated
muni
bonds.
The
Fund’s
selection
in
A,
AA
and
AAA
rated
securities
boosted
relative
returns
over
the
period,
as
did
its
overweight
allocations
to
A
and
BBB
rated
issuers.
Q.
What
were
the
leading
detractors
from
performance?
A.
Negative
performance
over
the
period
came
from
the
Fund’s
overweight
to
muni
bonds
with
20
years
to
maturity.
Overall,
yield
curve
positioning
had
a
neutral
impact
on
relative
returns.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
There
were
no
significant
changes
to
the
Fund’s
overall
strategy.
However,
as
we
gained
more
clarity
around
the
Fed’s
monetary
tightening
path
and
became
more
comfortable
that
muni
fundamentals
were
generally
robust
in
the
face
of
tighter
financing
conditions
and
slowing
economic
activity,
the
Fund
increased
its
underweight
to
higher-rated
muni
bonds,
while
adding
to
its
holdings
of
A
and
BBB
rated
issues.
The
Franklin
Templeton
Fixed
Income
research
team
conducts
an
in-depth
analysis
of
potential
investment
opportunities
and
is
therefore
able
to
find
what
they
deem
to
be
attractively
priced
securities
from
muni
issuers
with
solid
underlying
credit
fundamentals
that
could
weather
a
period
of
below-trend
growth.
Additionally,
as
the
Fed
moved
closer
to
the
end
of
its
hiking
cycle
and
therefore
its
terminal
policy
rate,
the
Fund
lengthened
its
duration
over
the
review
period.
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,
2023,
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
9/30/23
%
of
Total
Investments*
Transportation
20.11%
Special
Tax
18.15%
Education
10.43%
Utilities
9.16%
Lease
8.52%
Local
7.70%
Housing
7.42%
Industrial
Dev.
Revenue
and
Pollution
Control
6.31%
Refunded
4.58%
Health
Care
3.52%
Other
Revenue
Bonds
3.28%
State
General
Obligation
0.82%
*
Does
not
include
cash
and
cash
equivalents.
Performance
Summary
as
of
September
30,
2023
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
9/30/23
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
+2.54%
+0.24%
5-Year
+2.15%
-0.03%
10-Year
+14.34%
+1.12%
Advisor
1-Year
+2.89%
+2.89%
5-Year
+3.43%
+0.68%
10-Year
+16.56%
+1.54%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
2.26%
5.09%
3.12%
6.46%
Advisor
2.56%
5.76%
3.43%
7.10%
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
(9/30/13–9/30/23)
Advisor
Class
(9/30/13–9/30/23)
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Portfolios
focused
on
a
single
state
are
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Net
expenses
are
capped
under
a
contrac-
tual
agreement,
which
cannot
be
terminated
prior
to
1/31/24
without
Board
consent.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
September
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
9/30/23.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/22/23
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:
FactSet.
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
(10/1/22–9/30/23)
Share
Class
Net
Investment
Income
A
$0.224988
A1
$0.240819
C
$0.182267
R6
$0.257581
Advisor
$0.251398
Total
Annual
Operating
Expenses
9
Share
Class
A
0.85%
Advisor
0.60%
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
4/1/23
Ending
Account
Value
9/30/23
Expenses
Paid
During
Period
4/1/23–9/30/23
1
Ending
Account
Value
9/30/23
Expenses
Paid
During
Period
4/1/23–9/30/23
1
a
Net
Annualized
Expense
Ratio
A
$1,000
$966.80
$4.17
$1,020.83
$4.29
0.85%
A1
$1,000
$968.40
$3.43
$1,021.58
$3.52
0.70%
C
$1,000
$965.00
$6.12
$1,018.84
$6.29
1.24%
R6
$1,000
$969.30
$2.69
$1,022.34
$2.76
0.55%
Advisor
$1,000
$968.10
$2.93
$1,022.09
$3.01
0.59%
Franklin
New
York
Tax-Free
Trust
Financial
Highlights
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$11.72
$11.64
$11.70
$11.19
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.23
0.21
0.22
0.26
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.03
(1.48)
0.08
(0.06)
0.52
Total
from
investment
operations
....................
0.26
(1.27)
0.30
0.20
0.80
Less
distributions
from:
Net
investment
income
..........................
(0.22)
(0.20)
(0.22)
(0.26)
(0.29)
Net
asset
value,
end
of
year
.......................
$10.29
$10.25
$11.72
$11.64
$11.70
Total
return
c
...................................
2.54%
(10.91)%
2.58%
1.69%
7.19%
Ratios
to
average
net
assets
Expenses
d
....................................
0.87%
0.85%
0.83%
0.84%
0.84%
Net
investment
income
...........................
2.16%
1.87%
1.86%
2.20%
2.43%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$88,969
$98,998
$119,113
$89,211
$57,147
Portfolio
turnover
rate
............................
8.49%
8.56%
18.90%
13.94%
16.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
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.
10
a
Year
Ended
September
30,
2023
2022
2021
2020
2019
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$11.72
$11.65
$11.71
$11.20
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.24
0.22
0.24
0.27
0.30
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(1.47)
0.07
(0.06)
0.51
Total
from
investment
operations
....................
0.29
(1.25)
0.31
0.21
0.81
Less
distributions
from:
Net
investment
income
..........................
(0.24)
(0.22)
(0.24)
(0.27)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.30
$10.25
$11.72
$11.65
$11.71
Total
return
c
...................................
2.80%
(10.77)%
2.65%
1.84%
7.35%
Ratios
to
average
net
assets
Expenses
d
....................................
0.72%
0.70%
0.69%
0.69%
0.69%
Net
investment
income
...........................
2.31%
2.02%
2.03%
2.36%
2.58%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$201,001
$248,359
$334,315
$362,113
$392,721
Portfolio
turnover
rate
............................
8.49%
8.56%
18.90%
13.94%
16.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
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,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.28
$11.76
$11.69
$11.75
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.19
0.16
0.18
0.21
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.04
(1.48)
0.06
(0.06)
0.53
Total
from
investment
operations
....................
0.23
(1.32)
0.24
0.15
0.76
Less
distributions
from:
Net
investment
income
..........................
(0.18)
(0.16)
(0.17)
(0.21)
(0.24)
Net
asset
value,
end
of
year
.......................
$10.33
$10.28
$11.76
$11.69
$11.75
Total
return
c
...................................
2.12%
(11.23)%
2.08%
1.29%
6.83%
Ratios
to
average
net
assets
Expenses
d
....................................
1.27%
1.24%
1.24%
1.24%
1.24%
Net
investment
income
...........................
1.74%
1.46%
1.49%
1.81%
2.03%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$16,158
$24,087
$37,418
$61,722
$90,763
Portfolio
turnover
rate
............................
8.49%
8.56%
18.90%
13.94%
16.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
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,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.28
$11.75
$11.68
$11.74
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.26
0.24
0.26
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(1.47)
0.07
(0.06)
0.52
Total
from
investment
operations
....................
0.31
(1.23)
0.33
0.23
0.83
Less
distributions
from:
Net
investment
income
..........................
(0.26)
(0.24)
(0.26)
(0.29)
(0.32)
Net
asset
value,
end
of
year
.......................
$10.33
$10.28
$11.75
$11.68
$11.74
Total
return
....................................
2.95%
(10.60)%
2.80%
2.00%
7.50%
Ratios
to
average
net
assets
Expenses
c
.....................................
0.56%
0.54%
0.53%
0.53%
0.53%
Net
investment
income
...........................
2.46%
2.18%
2.17%
2.51%
2.74%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$93,181
$85,277
$99,307
$87,638
$79,577
Portfolio
turnover
rate
............................
8.49%
8.56%
18.90%
13.94%
16.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
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,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.28
$11.76
$11.68
$11.74
$11.23
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.26
0.24
0.25
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
...........
0.04
(1.49)
0.08
(0.06)
0.51
Total
from
investment
operations
....................
0.30
(1.25)
0.33
0.23
0.82
Less
distributions
from:
Net
investment
income
..........................
(0.25)
(0.23)
(0.25)
(0.29)
(0.31)
Net
asset
value,
end
of
year
.......................
$10.33
$10.28
$11.76
$11.68
$11.74
Total
return
....................................
2.89%
(10.73)%
2.83%
1.94%
7.44%
Ratios
to
average
net
assets
Expenses
c
.....................................
0.62%
0.60%
0.58%
0.59%
0.59%
Net
investment
income
...........................
2.40%
2.11%
2.12%
2.45%
2.68%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$173,667
$226,374
$330,045
$320,209
$314,157
Portfolio
turnover
rate
............................
8.49%
8.56%
18.90%
13.94%
16.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
New
York
Tax-Free
Trust
Schedule
of
Investments,
September
30,
2023
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
98.1%
Florida
0.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
$
4,968,000
$
3,937,106
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1
T,
5.05%,
7/01/34
..........
850,000
695,077
4,632,183
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
763,958
AHPC
Terraces
at
Fieldstone
LLC,
Revenue,
144A,
2021
A-2,
4.5%,
12/01/26
....
1,945,000
1,751,102
2,515,060
Illinois
0.8%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
4,000,000
3,800,996
GO,
2021
A,
5%,
3/01/28
............................................
750,000
777,902
4,578,898
New
York
93.2%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
B
,
Refunding
,
5
%
,
11/01/39
.
3,750,000
3,934,112
Broome
County
Local
Development
Corp.
,
Good
Shepherd
Village
at
Endwell
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
...................
1,565,000
1,394,738
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/35
......................................
1,015,000
934,937
Buffalo
Municipal
Water
Finance
Authority
,
Revenue
,
2020
B
,
Refunding
,
AGMC
Insured
,
2.375
%
,
7/01/40
............................................
5,250,000
3,525,323
Build
NYC
Resource
Corp.
,
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/24
............
120,000
118,995
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/25
............
110,000
107,864
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/26
............
110,000
106,801
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/27
............
100,000
96,405
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/28
............
225,000
215,570
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/29
............
100,000
94,844
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/30
............
100,000
93,784
Academic
Leadership
Charter
School,
Revenue,
2021,
4%,
6/15/31
............
100,000
92,648
Classical
Charter
School,
Inc.,
Revenue,
2023
A,
4%,
6/15/33
................
1,605,000
1,496,462
Grand
Concourse
Acadmey
Charter
School,
Revenue,
2022
A,
5%,
7/01/32
......
325,000
330,927
b
Chautauqua
County
Capital
Resource
Corp.
,
NRG
Energy,
Inc.
,
Revenue
,
2020
,
Refunding
,
Mandatory
Put
,
4.25
%
,
4/03/28
...............................
1,500,000
1,448,035
City
of
Long
Beach
,
GO
,
2020
A
,
5
%
,
9/01/26
..............................
1,370,000
1,387,216
City
of
New
York
,
GO,
2016
A,
Refunding,
5%,
8/01/26
...................................
9,000,000
9,172,984
GO,
2018
E-1,
5.25%,
3/01/31
........................................
5,000,000
5,277,600
GO,
2019
D-1,
5%,
12/01/35
.........................................
5,015,000
5,226,798
GO,
2020
D-1,
BAM
Insured,
4%,
3/01/41
...............................
2,500,000
2,303,699
County
of
Allegany
,
GO
,
2014
,
Refunding
,
BAM
Insured
,
5
%
,
9/15/26
............
1,245,000
1,257,415
County
of
Suffolk
,
GO,
2018
B,
AGMC
Insured,
4%,
10/15/30
...............................
6,310,000
6,287,371
GO,
2018
B,
AGMC
Insured,
3.375%,
10/15/31
...........................
6,370,000
6,018,264
Dutchess
County
Local
Development
Corp.
,
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/25
......
160,000
160,275
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/29
......
150,000
152,825
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/30
......
150,000
152,945
Culinary
Institute
of
America
(The),
Revenue,
2021,
Refunding,
5%,
7/01/31
......
200,000
203,990
Nuvance
Health
Obligated
Group,
Revenue,
2019
B,
Refunding,
5%,
7/01/26
.....
1,015,000
1,013,868
Gloversville
Enlarged
School
District
,
GO,
2020,
BAM
Insured,
2%,
10/15/27
..................................
2,230,000
2,019,755
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,
(continued)
GO,
2020,
BAM
Insured,
2%,
10/15/28
..................................
$
2,260,000
$
2,006,054
GO,
2020,
BAM
Insured,
2%,
10/15/31
..................................
2,410,000
2,014,291
Hempstead
Town
Local
Development
Corp.
,
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/25
.................
1,000,000
1,014,578
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/26
.................
800,000
817,814
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/27
.................
750,000
775,505
Hofstra
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/28
.................
845,000
883,438
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
.................
340,000
322,128
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/37
.................
550,000
516,254
Hofstra
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/38
.................
520,000
481,577
Long
Island
Power
Authority
,
Revenue,
2019
A,
4%,
9/01/35
........................................
15,700,000
15,568,480
Revenue,
2019
A,
4%,
9/01/38
........................................
6,775,000
6,336,158
Metropolitan
Transportation
Authority
,
Revenue,
2017
C-1,
Refunding,
5%,
11/15/26
............................
5,000,000
5,119,228
Revenue,
2017
C-2,
Refunding,
Zero
Cpn.,
11/15/39
.......................
15,000,000
6,316,410
Dedicated
Tax
Fund,
Revenue,
2012
A,
Refunding,
Zero
Cpn.,
11/15/32
.........
40,000,000
26,848,704
Monroe
County
Industrial
Development
Corp.
,
Nazareth
College
of
Rochester,
Revenue,
2017
A,
Refunding,
5%,
10/01/26
......
980,000
991,019
Nazareth
College
of
Rochester,
Revenue,
2017
A,
Refunding,
5%,
10/01/27
......
1,035,000
1,052,570
Rochester
City
School
District,
Revenue,
2013,
5%,
5/01/29
..................
9,645,000
9,650,904
Rochester
City
School
District,
Revenue,
2015,
5%,
5/01/29
..................
1,175,000
1,193,234
a
True
North
Rochester
Prep
Charter
School,
Revenue,
144A,
2020
A,
5%,
6/01/40
.
630,000
597,032
Nassau
County
Local
Economic
Assistance
Corp.
,
Roosevelt
Children's
Academy
Charter
School
,
Revenue
,
2023
A
,
4
%
,
7/01/33
...........................
750,000
702,416
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
17,383,388
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/01/32
3,250,000
3,221,182
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/39
..
2,500,000
1,908,647
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2015
GG,
Pre-Refunded,
5%,
6/15/27
........
10,000,000
10,208,805
Water
&
Sewer
System,
Revenue,
2018
CC-1,
4%,
6/15/37
..................
5,000,000
4,822,103
Water
&
Sewer
System,
Revenue,
2018
EE,
Refunding,
5%,
6/15/30
...........
5,000,000
5,099,483
Water
&
Sewer
System,
Revenue,
2018
FF,
Refunding,
5%,
6/15/34
............
5,000,000
5,254,432
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2018
S-1,
Refunding,
5%,
7/15/29
...................
8,215,000
8,546,563
Building
Aid,
Revenue,
2019
S-3A,
Refunding,
5%,
7/15/34
..................
10,000,000
10,489,184
Future
Tax
Secured,
Revenue,
2016
A-1,
5%,
8/01/28
......................
5,000,000
5,087,430
Future
Tax
Secured,
Revenue,
2017
A-1,
5%,
5/01/40
......................
10,970,000
11,061,146
Future
Tax
Secured,
Revenue,
2018
B-1,
4%,
8/01/35
......................
4,000,000
3,964,939
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/41
.....................
7,200,000
6,621,394
New
York
Convention
Center
Development
Corp.
,
New
York
City
Hotel
Unit
Fee
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/25
................................
2,250,000
2,289,688
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
1.9%,
11/15/31
.............................
2,000,000
1,614,908
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
13,305,000
14,480,277
New
York
State
Dormitory
Authority
,
Revenue,
2009
A,
AGMC
Insured,
5%,
10/01/24
...........................
70,000
70,063
Revenue,
2010
A,
AGMC
Insured,
5%,
10/01/23
...........................
860,000
860,000
Revenue,
2011
A,
5%,
10/01/24
.......................................
110,000
110,081
Revenue,
2020
A,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/34
...............
5,000
5,342
Revenue,
A,
AGMC
Insured,
5%,
10/01/23
...............................
630,000
630,000
Board
of
Cooperative
Educational
Services
of
Oneida
Herkimer
&
Madison
Counties,
Revenue,
2016,
Refunding,
5%,
8/15/28
...............................
1,100,000
1,136,684
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/27
570,000
532,188
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
State
Dormitory
Authority,
(continued)
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/28
$
665,000
$
612,137
Catholic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/37
1,150,000
852,637
City
of
New
York,
Revenue,
2010
A,
3.75%,
5/15/24
........................
1,620,000
1,619,538
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2015,
Refunding,
5%,
12/01/45
...................................................
900,000
777,892
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/27
...................................................
1,000,000
970,871
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/28
...................................................
1,800,000
1,738,515
a
Garnet
Health
Medical
Center
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
12/01/32
...................................................
1,000,000
954,541
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/24
......................
285,000
285,670
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/25
......................
300,000
302,411
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/26
......................
325,000
328,535
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/27
......................
325,000
330,621
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/28
......................
275,000
281,173
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/29
......................
275,000
281,852
Iona
College,
Revenue,
2022,
Refunding,
5%,
7/01/30
......................
325,000
333,461
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/34
.........
300,000
302,095
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/34
.........
375,000
377,410
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
2/01/35
.........
300,000
301,254
Maimonides
Medical
Center,
Revenue,
2020,
FHA
Insured,
4%,
8/01/35
.........
300,000
300,810
Montefiore
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/01/30
.........
1,350,000
1,354,126
New
York
University,
Revenue,
2017
A,
Refunding,
5%,
7/01/33
...............
12,000,000
12,560,263
New
York
University,
Revenue,
2019
A,
5%,
7/01/42
........................
6,040,000
6,186,813
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/27
....
6,000,000
6,055,059
NYU
Langone
Hospitals
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/26
1,000,000
1,006,316
Rochester
Institute
of
Technology,
Revenue,
2019
A,
5%,
7/01/39
..............
1,000,000
1,029,952
St.
John's
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/25
...............
750,000
760,303
St.
John's
University,
Revenue,
2021
A,
Refunding,
5%,
7/01/26
...............
700,000
716,682
St.
John's
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/31
...............
3,550,000
3,573,677
St.
Joseph's
College,
Revenue,
2021,
4%,
7/01/35
.........................
200,000
183,455
State
of
New
York
Personal
Income
Tax,
Revenue,
2014
A,
Pre-Refunded,
5%,
2/15/25
........................................................
5,000,000
5,019,740
State
of
New
York
Personal
Income
Tax,
Revenue,
2016
D,
Pre-Refunded,
5%,
2/15/27
........................................................
10,000,000
10,379,901
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
4%,
2/15/33
.........
9,990,000
10,024,151
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Pre-Refunded,
4%,
2/15/33
........................................................
10,000
10,131
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Refunding,
5.25%,
3/15/37
........................................................
7,000,000
7,353,224
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/32
.................
2,000,000
2,051,392
State
of
New
York
Sales
Tax,
Revenue,
2016
A,
5%,
3/15/33
.................
5,060,000
5,187,191
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/43
.................
10,000,000
10,162,994
State
University
Construction
Fund,
Revenue,
2005
A,
NATL
Insured,
5.5%,
5/15/24
7,790,000
7,867,134
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2017
A,
Refunding,
5%,
7/01/29
........................................................
1,000,000
1,040,341
State
University
of
New
York
Dormitory
Facilities,
Revenue,
2018
A,
5%,
7/01/33
..
1,000,000
1,057,690
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
2004
C
,
Refunding
,
4
%
,
4/01/34
......................
3,000,000
2,844,407
New
York
State
Environmental
Facilities
Corp.
,
State
of
New
York
State
Revolving
Fund
,
Revenue
,
2018
B
,
5
%
,
6/15/35
...................................
5,000,000
5,286,190
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/37
........................................
7,000,000
6,647,160
Revenue,
K,
Refunding,
5%,
1/01/28
...................................
10,000,000
10,116,660
Revenue,
K,
Refunding,
5%,
1/01/29
...................................
10,000,000
10,115,447
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
Thruway
Authority,
(continued)
Revenue,
L,
Refunding,
5%,
1/01/32
...................................
$
1,750,000
$
1,836,431
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
A,
Refunding,
5%,
3/15/30
10,000,000
10,415,489
State
of
New
York
Sales
Tax,
Revenue,
2019
A,
Refunding,
5%,
3/15/38
.........
5,120,000
5,332,890
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/30
..........................
1,310,000
1,323,795
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/32
..........................
3,500,000
3,530,375
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
4,000,000
4,020,727
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/34
............
750,000
707,315
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/41
............
1,000,000
858,056
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/29
...
500,000
512,902
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/30
...
150,000
154,101
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
...
400,000
410,885
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/24
...
1,000,000
1,010,443
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/27
...
875,000
905,777
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/28
...
1,865,000
1,943,507
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/29
...
3,150,000
3,293,305
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/31
...
3,980,000
4,180,098
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/32
...
4,340,000
4,544,049
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/33
...
1,850,000
1,936,060
Onondaga
Civic
Development
Corp.
,
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/29
...........................
330,000
337,384
Le
Moyne
College,
Revenue,
2021,
5%,
7/01/30
...........................
320,000
326,839
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/26
..................
535,000
540,958
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/28
..................
595,000
607,591
Le
Moyne
College,
Revenue,
2022,
Refunding,
5%,
7/01/30
..................
655,000
669,000
Onondaga
County
Trust
for
Cultural
Resources
,
Syracuse
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/38
............................................
5,000,000
5,239,637
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
184th,
5%,
9/01/25
.........................................
2,655,000
2,686,532
Revenue,
184th,
5%,
9/01/28
.........................................
3,250,000
3,279,314
Revenue,
194th,
Refunding,
5%,
10/15/28
...............................
9,085,000
9,272,892
Revenue,
209th,
Refunding,
5%,
7/15/34
................................
15,000,000
15,747,144
Revenue,
234th,
Refunding,
5.25%,
8/01/40
..............................
2,000,000
2,090,010
St.
Lawrence
County
Industrial
Development
Agency
,
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/31
...............
100,000
102,297
Clarkson
University,
Revenue,
2021
A,
Refunding,
5%,
9/01/33
...............
270,000
275,227
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/31
...............
460,000
470,566
Clarkson
University,
Revenue,
2021
B,
Refunding,
5%,
9/01/33
...............
455,000
463,809
c
State
of
New
York
,
GO
,
2023
A
,
5
%
,
3/15/41
...............................
2,000,000
2,116,654
Suffolk
County
Water
Authority
,
Revenue
,
2018
A
,
3.25
%
,
6/01/43
...............
5,000,000
3,929,996
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue,
2021
A-2,
Refunding,
5%,
6/01/27
.............................
2,230,000
2,312,052
Revenue,
2021
A-2,
Refunding,
5%,
6/01/29
.............................
2,250,000
2,375,340
Revenue,
2021
A-2,
Refunding,
5%,
6/01/30
.............................
1,500,000
1,591,378
Revenue,
2021
A-2,
Refunding,
5%,
6/01/31
.............................
1,250,000
1,327,817
Syracuse
Regional
Airport
Authority
,
Revenue,
2021,
Refunding,
5%,
7/01/29
.................................
1,275,000
1,298,368
Revenue,
2021,
Refunding,
5%,
7/01/30
.................................
1,415,000
1,444,421
Revenue,
2021,
Refunding,
5%,
7/01/31
.................................
1,000,000
1,023,214
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2008
B-3,
5%,
11/15/34
.....................................
3,480,000
3,548,614
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
11/15/30
.........................
14,175,000
10,307,601
Revenue,
2018
D,
5%,
11/15/33
.......................................
1,300,000
1,395,773
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)
Troy
Capital
Resource
Corp.
,
Revenue,
2021,
Refunding,
5%,
9/01/28
.................................
$
275,000
$
286,288
Revenue,
2021,
Refunding,
4%,
9/01/30
.................................
400,000
389,842
Revenue,
2021,
Refunding,
4%,
9/01/31
.................................
235,000
227,420
Revenue,
2021,
Refunding,
4%,
9/01/32
.................................
350,000
334,734
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/34
......
2,000,000
2,080,317
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/35
......
1,000,000
1,035,892
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/36
......
2,000,000
2,054,401
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
2,893,516
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
12/01/26
.......................................................
2,500,000
2,588,961
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
.......................................................
1,000,000
1,079,808
Whitney
Museum
of
American
Art,
Revenue,
2021,
Refunding,
5%,
7/01/31
......
5,000,000
5,526,569
Westchester
County
Local
Development
Corp.
,
Westchester
County
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/25
..................
1,000,000
987,502
533,955,876
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,700,000
1,297,087
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,700,000
1,293,281
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
2,000,000
1,935,325
4,525,693
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/24
175,000
174,383
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/25
170,000
168,897
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/26
225,000
223,174
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/27
200,000
198,379
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
3,000,000
2,325,931
3,090,764
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
1,296,707
Wisconsin
1.2%
a
Public
Finance
Authority
,
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
4.5%,
12/01/26
.........
1,160,000
1,041,085
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,570,000
1,197,264
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
4,500,000
4,502,295
6,740,644
U.S.
Territories
0.2%
Puerto
Rico
0.2%
HTA
TRRB
Custodial
Trust
,
Revenue,
2007
N,
5.25%,
7/01/34
.....................................
280,000
280,873
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
540,000
542,147
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
82,761
79,243
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
53,783
34,757
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Highway
&
Transportation
Authority,
(continued)
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
$
92,001
$
57,156
994,176
Total
U.S.
Territories
....................................................................
994,176
Total
Municipal
Bonds
(Cost
$604,566,236)
.....................................
562,330,001
a
a
a
a
Short
Term
Investments
1.4%
Municipal
Bonds
1.4%
New
York
1.4%
d
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.15
%
,
1/01/34
8,000,000
8,000,000
d
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
4.25
%
,
6/15/33
...................
200,000
200,000
8,200,000
Total
Municipal
Bonds
(Cost
$8,200,000)
.......................................
8,200,000
Total
Short
Term
Investments
(Cost
$8,200,000
)
.................................
8,200,000
a
Total
Investments
(Cost
$612,766,236)
99.5%
...................................
$570,530,001
Other
Assets,
less
Liabilities
0.5%
.............................................
2,446,446
Net
Assets
100.0%
...........................................................
$572,976,447
See
Abbreviations
on
page
30
.
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,
2023,
the
aggregate
value
of
these
securities
was
$21,844,682,
representing
3.8%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
d
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,
2023
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
...................................................................
$612,766,236
Value
-
Unaffiliated
issuers
..................................................................
$570,530,001
Cash
....................................................................................
31,831
Receivables:
Capital
shares
sold
........................................................................
85,759
Interest
.................................................................................
6,366,130
Total
assets
..........................................................................
577,013,721
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,125,040
Capital
shares
redeemed
...................................................................
1,275,526
Management
fees
.........................................................................
241,609
Distribution
fees
..........................................................................
44,777
Transfer
agent
fees
........................................................................
89,958
Trustees'
fees
and
expenses
.................................................................
249
Distributions
to
shareholders
.................................................................
150,845
Accrued
expenses
and
other
liabilities
...........................................................
109,270
Total
liabilities
.........................................................................
4,037,274
Net
assets,
at
value
.................................................................
$572,976,447
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$629,430,214
Total
distributable
earnings
(losses)
.............................................................
(56,453,767)
Net
assets,
at
value
.................................................................
$572,976,447
Franklin
New
York
Tax-Free
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
September
30,
2023
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
.......................................................................
$88,969,418
Shares
outstanding
........................................................................
8,642,398
Net
asset
value
per
share
a
..................................................................
$10.29
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$10.53
Class
A1:
Net
assets,
at
value
.......................................................................
$201,000,908
Shares
outstanding
........................................................................
19,520,793
Net
asset
value
per
share
a
..................................................................
$10.30
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
................................
$10.54
Class
C:
Net
assets,
at
value
.......................................................................
$16,158,126
Shares
outstanding
........................................................................
1,563,746
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$10.33
Class
R6:
Net
assets,
at
value
.......................................................................
$93,181,451
Shares
outstanding
........................................................................
9,024,392
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.33
Advisor
Class:
Net
assets,
at
value
.......................................................................
$173,666,544
Shares
outstanding
........................................................................
16,815,842
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$10.33
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,
2023
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
........................................................................
$18,950,539
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,041,197
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
238,126
    Class
A1
...............................................................................
228,570
    Class
C
................................................................................
135,199
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
72,383
    Class
A1
...............................................................................
174,378
    Class
C
................................................................................
15,953
    Class
R6
...............................................................................
17,316
    Advisor
Class
............................................................................
144,034
Custodian
fees
(Note
4
)
......................................................................
3,085
Reports
to
shareholders
fees
..................................................................
8,598
Registration
and
filing
fees
....................................................................
41,118
Professional
fees
...........................................................................
62,061
Trustees'
fees
and
expenses
..................................................................
7,519
Other
....................................................................................
247,568
Total
expenses
.........................................................................
4,437,105
Expense
reductions
(Note
4
)
...............................................................
(3,084)
Net
expenses
.........................................................................
4,434,021
Net
investment
income
................................................................
14,516,518
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(5,707,594)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
10,948,572
Net
realized
and
unrealized
gain
(loss)
............................................................
5,240,978
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$19,757,496
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,
2023
Year
Ended
September
30,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$14,516,518
$16,590,771
Net
realized
gain
(loss)
.................................................
(5,707,594)
1,932,602
Net
change
in
unrealized
appreciation
(depreciation)
...........................
10,948,572
(110,264,674)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
19,757,496
(91,741,301)
Distributions
to
shareholders:
Class
A
.............................................................
(2,022,723)
(2,037,114)
Class
A1
............................................................
(5,190,877)
(5,825,567)
Class
C
.............................................................
(355,208)
(433,136)
Class
R6
............................................................
(2,255,462)
(1,987,512)
Advisor
Class
........................................................
(4,470,933)
(5,946,037)
Total
distributions
to
shareholders
..........................................
(14,295,203)
(16,229,366)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(10,686,131)
(5,351,137)
Class
A1
............................................................
(49,815,087)
(47,380,846)
Class
C
.............................................................
(8,294,030)
(9,349,947)
Class
R6
............................................................
7,747,705
(1,582,202)
Advisor
Class
........................................................
(54,534,303)
(65,467,482)
Total
capital
share
transactions
............................................
(115,581,846)
(129,131,614)
Net
increase
(decrease)
in
net
assets
...................................
(110,119,553)
(237,102,281)
Net
assets:
Beginning
of
year
.......................................................
683,096,000
920,198,281
End
of
year
...........................................................
$572,976,447
$683,096,000
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).
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-
based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
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.
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)
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,
2023,
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. 
d.
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.
e.
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.
f.
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.
g.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(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
,
2023
,
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,
2023
Year
Ended
September
30,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,356,181
$24,914,797
2,017,532
$22,310,416
Shares
issued
in
reinvestment
of
distributions
..........
153,253
1,622,179
140,877
1,552,994
Shares
redeemed
...............................
(3,529,042)
(37,223,107)
(2,661,875)
(29,214,547)
Net
increase
(decrease)
..........................
(1,019,608)
$(10,686,131)
(503,466)
$(5,351,137)
Class
A1
Shares:
Shares
sold
...................................
444,069
$4,705,378
835,073
$9,110,274
Shares
issued
in
reinvestment
of
distributions
..........
442,566
4,685,342
480,777
5,311,762
Shares
redeemed
...............................
(5,599,322)
(59,205,807)
(5,606,468)
(61,802,882)
Net
increase
(decrease)
..........................
(4,712,687)
$(49,815,087)
(4,290,618)
$(47,380,846)
Class
C
Shares:
Shares
sold
...................................
146,856
$1,551,501
135,514
$1,500,530
Shares
issued
in
reinvestment
of
distributions
..........
30,886
328,131
36,267
402,732
Shares
redeemed
a
..............................
(956,046)
(10,173,662)
(1,011,039)
(11,253,209)
Net
increase
(decrease)
..........................
(778,304)
$(8,294,030)
(839,258)
$(9,349,947)
Class
R6
Shares:
Shares
sold
...................................
2,585,716
$27,449,345
1,368,956
$15,170,262
Shares
issued
in
reinvestment
of
distributions
..........
174,245
1,849,890
165,109
1,827,271
Shares
redeemed
...............................
(2,033,141)
(21,551,530)
(1,685,734)
(18,579,735)
Net
increase
(decrease)
..........................
726,820
$7,747,705
(151,669)
$(1,582,202)
Advisor
Class
Shares:
Shares
sold
...................................
5,787,500
$61,288,261
6,101,716
$66,695,089
Shares
issued
in
reinvestment
of
distributions
..........
330,045
3,503,756
400,790
4,449,713
Shares
redeemed
...............................
(11,324,058)
(119,326,320)
(12,554,877)
(136,612,284)
Net
increase
(decrease)
..........................
(5,206,513)
$(54,534,303)
(6,052,371)
$(65,467,482)
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,
2023,
the
gross
effective
investment
management
fee
rate
was 0.486%
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
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
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
..............................
$3,401
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.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
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,
2023,
the
Fund
paid
transfer
agent
fees
of
$424,064,
of
which
$147,779
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
interest
expense, distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.65%,
based
on
the
average
net
assets
of
each
class
until
January
31,
2024.
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,
2024.
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,
2023,
these
purchase
and
sale
transactions
aggregated
$73,150,000
and
$66,579,173,
respectively,
with
net
realized
losses
of
$53,612.
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,
2023,
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
CDSC
retained
..............................................................................
$8,451
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$9,201,977
Long
term
................................................................................
5,577,902
Total
capital
loss
carryforwards
...............................................................
$14,779,879
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,
2023
and
2022,
was
as
follows:
At
September
30,
2023,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
tax
exempt
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
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
September
30,
2023,
aggregated
$52,168,503
and
$156,229,422,
respectively. 
7.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
New
York
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
New
York
and
U.S.
territories.
Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
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,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$311,452
$—
Tax
exempt
income
........................................................
13,983,751
16,229,366
$14,295,203
$16,229,366
Cost
of
investments
..........................................................................
$612,221,401
Unrealized
appreciation
........................................................................
$781,410
Unrealized
depreciation
........................................................................
(42,472,810)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(41,691,400)
Distributable
earnings:
Undistributed
tax
exempt
income
.................................................................
$254,004
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.
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,
2023,
all
of
the
Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
.
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
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
31
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,
2023,
the
related
statement
of
operations
for
the
year
ended
September
30,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2023
(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,
2023,
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,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2023
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,
2023
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
November
17,
2023
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)
32
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,
2023:
Pursuant
to:
Amount
Reported
Exempt-Interest
Dividends
Distributed
§852(b)(5)(A)
$13,983,751
Franklin
New
York
Tax-Free
Trust
Board
Members
and
Officers
33
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
1
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
119
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
119
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
34
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
119
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
119
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
119
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
35
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
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
110
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)
and
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
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board
and
Trustee
Chairman
of
the
Board
since
January
2023
and
Trustee
since
2007
129
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.
3
(1940)
Trustee
Since
2013
119
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).
Independent
Board
Members
(continued)
Franklin
New
York
Tax-Free
Trust
36
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
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
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.
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
280
Park
Avenue
New
York,
NY
10017
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
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
and
Secretary
Vice
President
since
2015
and
Secretary
since
June
2023
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
37
franklintempleton.com
Annual
Report
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.
1.
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.
2.
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.
3.
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
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
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.
Interested
Board
Members
and
Officers
(continued)
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
38
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
NEW
YORK
TAX-FREE
TRUST
Franklin
New
York
Intermediate-Term
Tax-Free
Income
Fund
(Fund)
At
an
in-person
meeting
held
on
April
18,
2023
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
New
York
Tax-
Free
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
39
franklintempleton.com
Annual
Report
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
New
York
intermediate
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe,
but
for
the
10-year
period
was
above
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A
or
Investor
Class
shares
for
each
other
fund
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
six
other
New
York
intermediate
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
equal
to
the
median
of
its
Expense
Group,
and
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
40
franklintempleton.com
Annual
Report
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
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.
Franklin
New
York
Tax-Free
Trust
Shareholder
Information
41
franklintempleton.com
Annual
Report
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
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
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.
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
11/23
©
2023
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 $32,794 for the fiscal year ended September 30, 2023 and $35,001 for the fiscal year ended September 30, 2022.

 
(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.





The aggregate 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 were $140,000 for the fiscal year ended September 30, 2023, and $0 for the fiscal year ended September 30, 2022. The services for which these fees were paid included global access to tax platform International Tax View.
 
 
(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 $0 for the fiscal year ended September 30, 2023 and $92 for the fiscal year ended September 30, 2022. The services for which these fees were paid included 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 $25,699 for the fiscal year ended September 30, 2023 and $305,142 for the fiscal year ended September 30, 2022. The services for which these fees were paid included 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, professional fees relating to security counts 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 $165,699 for the fiscal year ended September 30, 2023 and $305,142 for the fiscal year ended September 30, 2022.




 
(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, 2023
 
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, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  November 30, 2023