# EDGAR Filing Document

**Accession Number:** 0000798523
**File Stem:** 0001133228-25-012992
**Filing Date:** 2025-12
**Character Count:** 182083
**Document Hash:** 24aca908510760632226e3c541943da0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012992.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012992

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN NEW YORK TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000798523

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04787
- **FILM NUMBER:** 251537696

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN NEW YORK TAX EXEMPT MONEY FUND
- **DATE OF NAME CHANGE:** 19910304

## Series and Classes Contracts Data

### FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND (Series ID: S000006871)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018602 | CLASS A1      | FKNIX           |
| C000018603 | CLASS C       | FKNCX           |
| C000074136 | ADVISOR CLASS | FNYZX           |
| C000194379 | Class R6      | FKNRX           |
| C000205891 | Class A       | FKNQX           |

?xml version='1.0' encoding='ASCII'? 2025-10-2374200009500_FranklinNewYorkIntermediate-TermTax-FreeIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: **September 30**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKNQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $89 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Franklin New York Intermediate-Term Tax-Free Income Fund returned 1.90%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 0.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight municipal (muni bonds) with 10 or more years to maturity |
| ↑ | Overweight muni bonds with no external ratings |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Overweight allocation to A rated bonds |
| ↓ | Underweight allocation to AAA rated bonds |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 1153-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5616img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 1.90 | 0.68 | 1.49 |
| **Class A (with sales charge)**  | -0.39 | 0.22 | 1.26 |
| **Bloomberg Municipal Bond Index**  | 1.39 | 0.86 | 2.34 |
| **Bloomberg New York Municipal Bond Index**  | 0.91 | 0.99 | 2.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $510847021 |
| **Total Number of Portfolio Holdings** | 193 |
| **Total Management Fee Paid** | $2579198 |
| **Portfolio Turnover Rate** | 20.52% |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 2 1153-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5616img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 3 1153-ATSR-1125

9775101881018010048107711095311234100081026311117113291000010558106501068711601120761239310968112601242812601100001053510622106211149911811122151075411089122951240720.317.512.112.18.96.76.56.35.53.00.70.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKNIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A1 | $74 | 0.73% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A1 shares of Franklin New York Intermediate-Term Tax-Free Income Fund returned 2.05%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 0.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight municipal (muni bonds) with 10 or more years to maturity |
| ↑ | Overweight muni bonds with no external ratings |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Overweight allocation to A rated bonds |
| ↓ | Underweight allocation to AAA rated bonds |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 153-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 9/30/2015 — 9/30/2025

![image](ts5615img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 2.05 | 0.81 | 1.60 |
| **Class A1 (with sales charge)**  | -0.24 | 0.35 | 1.37 |
| **Bloomberg Municipal Bond Index**  | 1.39 | 0.86 | 2.34 |
| **Bloomberg New York Municipal Bond Index**  | 0.91 | 0.99 | 2.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

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.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $510847021 |
| **Total Number of Portfolio Holdings** | 193 |
| **Total Management Fee Paid** | $2579198 |
| **Portfolio Turnover Rate** | 20.52% |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 2 153-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5615img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 3 153-ATSR-1125

9775101891018110064108041100411293100761035811226114571000010558106501068711601120761239310968112601242812601100001053510622106211149911811122151075411089122951240720.317.512.112.18.96.76.56.35.53.00.70.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FKNCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C | $129 | 1.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Franklin New York Intermediate-Term Tax-Free Income Fund returned 1.49%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 0.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight municipal (muni bonds) with 10 or more years to maturity |
| ↑ | Overweight muni bonds with no external ratings |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Overweight allocation to A rated bonds |
| ↓ | Underweight allocation to AAA rated bonds |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 253-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5617img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 1.49 | 0.26 | 1.04 |
| **Class C (with sales charge)**  | 0.49 | 0.26 | 1.04 |
| **Bloomberg Municipal Bond Index**  | 1.39 | 0.86 | 2.34 |
| **Bloomberg New York Municipal Bond Index**  | 0.91 | 0.99 | 2.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $510847021 |
| **Total Number of Portfolio Holdings** | 193 |
| **Total Management Fee Paid** | $2579198 |
| **Portfolio Turnover Rate** | 20.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5617img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 2 253-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 3 253-ATSR-1125

1000010357103001011610808109471117399181012910924110871000010558106501068711601120761239310968112601242812601100001053510622106211149911811122151075411089122951240720.317.512.112.18.96.76.56.35.53.00.70.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKNRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $57 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Franklin New York Intermediate-Term Tax-Free Income Fund returned 2.22%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 0.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight municipal (muni bonds) with 10 or more years to maturity |
| ↑ | Overweight muni bonds with no external ratings |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Overweight allocation to A rated bonds |
| ↓ | Underweight allocation to AAA rated bonds |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 8153-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5613img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 2.22 | 0.97 | 1.74 |
| **Bloomberg Municipal Bond Index**  | 1.39 | 0.86 | 2.34 |
| **Bloomberg New York Municipal Bond Index**  | 0.91 | 0.99 | 2.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $510847021 |
| **Total Number of Portfolio Holdings** | 193 |
| **Total Management Fee Paid** | $2579198 |
| **Portfolio Turnover Rate** | 20.52% |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 2 8153-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5613img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 3 8153-ATSR-1125

10000104241041810313110861130811622103901069711609118671000010558106501068711601120761239310968112601242812601100001053510622106211149911811122151075411089122951240720.317.512.112.18.96.76.56.35.53.00.70.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNYZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Advisor Class | $64 | 0.63% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Advisor Class shares of Franklin New York Intermediate-Term Tax-Free Income Fund returned 2.05%. The Fund compares its performance to the Bloomberg New York Municipal Bond Index, which returned 0.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight municipal (muni bonds) with 10 or more years to maturity |
| ↑ | Overweight muni bonds with no external ratings |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Overweight allocation to A rated bonds |
| ↓ | Underweight allocation to AAA rated bonds |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 673-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5614img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 2.05 | 0.91 | 1.70 |
| **Bloomberg Municipal Bond Index**  | 1.39 | 0.86 | 2.34 |
| **Bloomberg New York Municipal Bond Index**  | 0.91 | 0.99 | 2.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $510847021 |
| **Total Number of Portfolio Holdings** | 193 |
| **Total Management Fee Paid** | $2579198 |
| **Portfolio Turnover Rate** | 20.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5614img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 2 673-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 3 673-ATSR-1125

10000104311043310324110921130711625103771067711591118301000010558106501068711601120761239310968112601242812601100001053510622106211149911811122151075411089122951240720.317.512.112.18.96.76.56.35.53.00.70.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending September 30, 2024 and September 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $35,369 in September 30, 2024 and $40,098 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in September 30, 2024 and $0 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in September 30, 2024 and $9,750 in September 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $70,000 in September 30, 2024 and $0 in September 30, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in September 30, 2024 and $0 in September 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $163,638 in September 30, 2024 and $0 in September 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $233,638 in September 30, 2024 and $377,023 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 13
Notes

to

Financial

Statements

#### 17
Report

of

Independent

Registered

Public

Accounting

Firm

#### 25
Tax

Information

#### 26
Changes

In

and

Disagreements

with

Accountants

#### 27
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

New

York

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.89

$10.29

$10.25

$11.72

$11.64

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.25 0.23 0.21 0.22 Net

realized

and

unrealized

gains

(losses)

...........

(0.07)

0.60 0.03 (1.48)

0.08 Total

from

investment

operations

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

0.20 0.85 0.26 (1.27)

0.30 Less

distributions

from:

Net

investment

income

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

(0.27)

(0.25)

(0.22)

(0.20)

(0.22)

Net

asset

value,

end

of

year

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

$10.82

$10.89

$10.29

$10.25

$11.72

Total

return

c

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

1.90%

8.32%

2.54%

(10.91)%

2.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.88%

0.86%

0.87%

0.85%

0.83%

Net

investment

income

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

2.55%

2.35%

2.16%

1.87%

1.86%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$88,618

$89,241

$88,969

$98,998

$119,113

Portfolio

turnover

rate

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

20.52%

11.18%

8.49%

8.56%

18.90%

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

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.89

$10.30

$10.25

$11.72

$11.65

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.27 0.24 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

...........

(0.07)

0.59 0.05 (1.47)

0.07 Total

from

investment

operations

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

0.22 0.86 0.29 (1.25)

0.31 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.27)

(0.24)

(0.22)

(0.24)

Net

asset

value,

end

of

year

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

$10.82

$10.89

$10.30

$10.25

$11.72

Total

return

c

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

2.05%

8.38%

2.80%

(10.77)%

2.65%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.73%

0.71%

0.72%

0.70%

0.69%

Net

investment

income

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

2.69%

2.50%

2.31%

2.02%

2.03%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$156,753

$182,198

$201,001

$248,359

$334,315

Portfolio

turnover

rate

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

20.52%

11.18%

8.49%

8.56%

18.90%

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.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.93

$10.33

$10.28

$11.76

$11.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.21 0.19 0.16 0.18 Net

realized

and

unrealized

gains

(losses)

...........

(0.07)

0.60 0.04 (1.48)

0.06 Total

from

investment

operations

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

0.16 0.81 0.23 (1.32)

0.24 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.21)

(0.18)

(0.16)

(0.17)

Net

asset

value,

end

of

year

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

$10.86

$10.93

$10.33

$10.28

$11.76

Total

return

c

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

1.49%

7.86%

2.12%

(11.23)%

2.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.28%

1.26%

1.27%

1.24%

1.24%

Net

investment

income

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

2.13%

1.94%

1.74%

1.46%

1.49%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$8,192

$10,162

$16,158

$24,087

$37,418

Portfolio

turnover

rate

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

20.52%

11.18%

8.49%

8.56%

18.90%

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

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.92

$10.33

$10.28

$11.75

$11.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31 0.29 0.26 0.24 0.26 Net

realized

and

unrealized

gains

(losses)

...........

(0.08)

0.58 0.05 (1.47)

0.07 Total

from

investment

operations

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

0.23 0.87 0.31 (1.23)

0.33 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.28)

(0.26)

(0.24)

(0.26)

Net

asset

value,

end

of

year

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

$10.85

$10.92

$10.33

$10.28

$11.75

Total

return

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

2.22%

8.53%

2.95%

(10.60)%

2.80%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.56%

0.55%

0.56%

0.54%

0.53%

Net

investment

income

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

2.86%

2.66%

2.46%

2.18%

2.17%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$112,089

$104,726

$93,181

$85,277

$99,307

Portfolio

turnover

rate

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

20.52%

11.18%

8.49%

8.56%

18.90%

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.93

$10.33

$10.28

$11.76

$11.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.30 0.28 0.26 0.24 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.08)

0.60 0.04 (1.49)

0.08 Total

from

investment

operations

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

0.22 0.88 0.30 (1.25)

0.33 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.28)

(0.25)

(0.23)

(0.25)

Net

asset

value,

end

of

year

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

$10.85

$10.93

$10.33

$10.28

$11.76

Total

return

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

2.05%

8.56%

2.89%

(10.73)%

2.83%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.63%

0.61%

0.62%

0.60%

0.58%

Net

investment

income

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

2.79%

2.59%

2.40%

2.11%

2.12%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$145,195

$158,199

$173,667

$226,374

$330,045

Portfolio

turnover

rate

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

20.52%

11.18%

8.49%

8.56%

18.90%

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,

2025

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.7%

#### Arizona

#### 0.7%
a

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

$

3,250,000

$

3,410,992

#### Florida

#### 2.0%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

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

4,968,000

4,347,532

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

T

,

5.05 %

,

7/01/34

..........

850,000

741,637

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

6,000,000

5,028,108

10,117,277

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

985,000

1,008,530

b

Revenue

,

2025

,

Refunding

,

3.91 %,

12/01/45

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

230,000

106,146

1,114,676

#### New

#### York

#### 91.0%
Albany

Capital

Resource

Corp.

,

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.5 %

,

6/01/44

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

465,000

431,672

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/44

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

1,500,000

1,523,710

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

B

,

Refunding

,

%

,

11/01/39

.

3,750,000

3,974,772

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

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

1,565,000

1,550,285

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/35

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

1,015,000

938,765

Buffalo

Municipal

Water

Finance

Authority

,

Revenue

,

2020

B

,

Refunding

,

AG

Insured

,

2.375 %

,

7/01/40

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

5,250,000

3,835,184

Buffalo

Sewer

Authority

,

Revenue

,

2025

A

,

%

,

6/15/50

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

3,500,000

3,668,232

Build

NYC

Resource

Corp.

,

West

129th

street

Transitional

Housing

Development

Fund

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.375 %

,

12/01/46

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

750,000

796,177

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/26

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

110,000

109,656

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/27

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

100,000

100,970

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/28

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

225,000

228,381

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/29

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

100,000

101,405

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/30

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

100,000

101,280

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/31

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

100,000

100,974

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

%

,

6/15/33

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

1,580,000

1,594,700

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/32

......

325,000

344,629

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/45

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

1,000,000

1,044,866

c

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25 %

,

4/03/28

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

1,500,000

1,519,882

City

of

Long

Beach

,

GO

,

2020

A

,

%

,

9/01/26

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

1,370,000

1,400,538

City

of

New

York

,

GO

,

2018

,

5.25 %

,

3/01/31

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

5,000,000

5,310,303

GO

,

2019

,

%

,

12/01/35

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

5,015,000

5,289,836

GO

,

2020

,

BAM

Insured

,

%

,

3/01/41

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

2,500,000

2,457,075

GO

,

2024

C

,

%

,

3/01/42

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

1,000,000

1,068,054

GO

,

2025

,

%

,

9/01/44

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

1,000,000

1,057,484

GO

,

2025

E

,

5.25 %

,

8/01/50

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

1,900,000

2,015,038

GO

,

2025

E

,

%

,

8/01/54

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

1,500,000

1,551,578

GO

,

2025

,

5.25 %

,

2/01/53

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

250,000

265,100

a

Clinton

County

Capital

Resource

Corp.

,

Clinton-Essex-Warren-Washington

Board

of

Cooperative

Educational

Services

,

Revenue

,

144A,

2025

,

4.5 %

,

7/01/40

........

500,000

505,090

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

%

,

10/15/30

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

$

6,310,000

$

6,403,714

GO

,

2018

B

,

AG

Insured

,

3.375 %

,

10/15/31

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

6,370,000

6,397,586

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

......

150,000

160,998

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

......

150,000

163,465

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

......

200,000

220,283

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/26

.....

1,015,000

1,027,950

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2019

A

,

Refunding

,

%

,

3/15/38

.........

5,120,000

5,407,543

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

%

,

3/15/52

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

5,010,000

5,177,256

Genesee

County

Funding

Corp.

(The)

,

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/52

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

2,000,000

2,007,894

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/37

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

550,000

551,193

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/38

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

520,000

515,660

Long

Island

Power

Authority

,

Revenue

,

2019

A

,

%

,

9/01/35

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

15,700,000

15,846,135

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/44

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

1,250,000

1,319,720

Revenue

,

2025

,

Refunding

,

%

,

9/01/39

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

1,500,000

1,667,839

Metropolitan

Transportation

Authority

,

b

Revenue

,

2017

,

Refunding

,

4.52 %,

11/15/39

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

15,000,000

8,035,646

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/44

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

5,000,000

5,209,706

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/15/55

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

750,000

784,356

Revenue

,

2025

B

,

Refunding

,

%

,

11/15/35

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

850,000

970,272

b

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

3.19 %,

11/15/32

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

30,000,000

23,977,797

Monroe

County

Industrial

Development

Corp.

,

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/26

......

980,000

996,678

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/27

......

1,035,000

1,068,407

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/32

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

1,000,000

1,072,424

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/33

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

1,000,000

1,064,762

a

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/40

.

630,000

632,315

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/33

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

750,000

754,865

New

York

City

Housing

Development

Corp.

,

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25 %

,

12/15/31

........

2,750,000

2,838,494

c

East

124th

Street

LLC

,

Revenue

,

2008

A

,

LOC

FHLMC

,

Mandatory

Put

,

2.1 %

,

10/01/29

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

5,000,000

4,839,589

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/01/32

.

3,250,000

3,385,850

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/39

....

2,500,000

2,187,752

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2018

,

%

,

6/15/37

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

5,000,000

5,008,915

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

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

3,590,000

3,810,341

Water

&

Sewer

System

,

Revenue

,

2024

,

Refunding

,

%

,

6/15/46

.........

1,590,000

1,674,880

Water

&

Sewer

System

,

Revenue

,

2025

BB

,

5.25 %

,

6/15/55

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

5,500,000

5,859,752

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2016

,

%

,

2/01/39

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

9,000,000

9,033,208

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

8/01/35

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

4,000,000

4,030,310

Future

Tax

Secured

,

Revenue

,

2020

,

%

,

11/01/41

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

7,200,000

6,998,438

Future

Tax

Secured

,

Revenue

,

2025

D

,

%

,

5/01/46

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

1,800,000

1,886,006

Future

Tax

Secured

,

Revenue

,

2025

E

,

%

,

11/01/47

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

1,000,000

1,044,631

State

of

New

York

,

Revenue

,

2018

,

Refunding

,

%

,

7/15/29

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

8,215,000

8,557,345

State

of

New

York

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/34

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

10,000,000

10,527,003

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Convention

Center

Development

Corp.

,

New

York

City

Hotel

Unit

Fee

,

Revenue

,

2015

,

Refunding

,

%

,

11/15/25

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

$

2,250,000

$

2,255,049

c

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

12/01/33

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

2,250,000

2,405,862

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

1.9 %

,

11/15/31

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

2,000,000

1,771,915

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

13,305,000

15,311,317

New

York

State

Dormitory

Authority

,

Revenue

,

2020

A

,

Pre-Refunded

,

AG

Insured

,

%

,

10/01/34

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

5,000

5,374

Revenue

,

2025

A

,

AG

Insured

,

%

,

10/01/39

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

1,000,000

1,100,787

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/50

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

1,250,000

1,263,687

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/27

570,000

570,713

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/28

665,000

665,625

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/37

1,150,000

1,008,444

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

%

,

12/01/45

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

900,000

798,903

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/27

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

1,000,000

1,010,291

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/28

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

1,800,000

1,818,358

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/32

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

1,000,000

1,005,546

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/27

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

325,000

335,745

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/28

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

275,000

289,012

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/29

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

275,000

293,549

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/30

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

325,000

351,478

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/33

.........

1,350,000

1,384,215

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

11/01/44

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

500,000

528,168

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

%

,

7/01/45

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

2,250,000

2,264,639

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/49

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

1,000,000

1,026,833

New

York

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/33

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

12,000,000

12,455,851

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/42

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

6,040,000

6,232,293

New

York

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

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

1,000,000

1,053,487

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/54

....

1,000,000

872,207

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

5/01/54

..

1,000,000

1,030,683

Northwell

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/01/43

....

1,500,000

1,553,839

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/43

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

875,000

897,104

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/44

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

450,000

459,036

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

%

,

7/01/39

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

1,000,000

1,038,037

Roswell

Park

Cancer

Institute

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/37

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

750,000

825,025

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/31

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

3,550,000

3,758,783

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/35

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

200,000

183,414

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

%

,

2/15/33

.........

9,990,000

10,090,135

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

2/15/33

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

10,000

10,212

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

3/15/37

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

7,000,000

7,394,962

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

%

,

3/15/42

1,000,000

1,068,333

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/49

5,000,000

5,202,972

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

%

,

3/15/33

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

5,060,000

5,164,814

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/43

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

10,000,000

10,220,187

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/48

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

4,000,000

4,159,673

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

........

2,000,000

2,018,762

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

%

,

4/01/34

..

3,000,000

3,068,479

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

2004

B

,

%

,

5/15/32

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

2,000,000

2,044,537

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

6/15/47

.

$

4,000,000

$

4,256,558

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

%

,

6/15/35

........

5,000,000

5,265,407

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/37

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

7,000,000

7,056,783

Revenue

,

L

,

Refunding

,

%

,

1/01/32

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

1,750,000

1,838,612

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/30

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

1,310,000

1,354,318

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

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

3,500,000

3,597,525

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/35

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

4,000,000

4,180,738

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

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

3,500,000

3,658,993

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/34

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

1,250,000

1,248,563

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/41

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

1,000,000

911,907

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/29

...

500,000

538,342

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/30

...

150,000

163,022

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

...

400,000

430,629

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/29

...

3,150,000

3,423,719

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/31

...

3,065,000

3,366,764

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/32

...

5,255,000

5,739,541

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/33

...

1,850,000

2,008,852

JFK

NTO

LLC

,

Revenue

,

2023

,

5.5 %

,

6/30/41

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

935,000

973,094

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

6/30/42

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

1,080,000

1,123,114

JFK

NTO

LLC

,

Revenue

,

2024

,

5.25 %

,

6/30/43

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

1,880,000

1,923,609

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/50

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

2,250,000

2,402,818

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/29

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

330,000

349,139

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/30

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

320,000

342,568

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/26

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

535,000

540,831

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/28

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

595,000

621,155

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/30

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

655,000

701,193

Syracuse

University

,

Revenue

,

2025

,

5.25 %

,

12/01/45

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

1,000,000

1,089,778

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

209th

,

Refunding

,

%

,

7/15/34

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

10,000,000

10,557,215

Revenue

,

234th

,

Refunding

,

5.25 %

,

8/01/40

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

2,000,000

2,145,605

Revenue

,

,

Refunding

,

%

,

7/15/44

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

600,000

639,845

Revenue

,

,

Refunding

,

%

,

9/01/39

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

1,600,000

1,688,748

Revenue

,

,

Refunding

,

%

,

10/15/35

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

1,000,000

1,111,786

Riverhead

Industrial

Development

Agency

,

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

4.5 %

,

8/01/35

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

975,000

1,003,036

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

8/01/40

500,000

512,117

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/33

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

270,000

282,600

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/33

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

455,000

476,234

State

of

New

York

,

GO

,

2023

A

,

%

,

3/15/41

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

2,000,000

2,196,735

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

3.25 %

,

6/01/43

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

5,000,000

4,287,463

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/27

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

2,230,000

2,303,360

Revenue

,

2021

,

Refunding

,

%

,

6/01/30

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

1,500,000

1,620,171

Revenue

,

2021

,

Refunding

,

%

,

6/01/31

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

1,250,000

1,359,629

Revenue

,

2021

,

Refunding

,

%

,

6/01/34

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

2,250,000

2,386,373

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

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

1,275,000

1,343,881

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

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

1,415,000

1,509,031

Revenue

,

2021

,

Refunding

,

%

,

7/01/32

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

1,000,000

1,064,917

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

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2008

,

%

,

11/15/34

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

$

3,480,000

$

3,489,749

b

Revenue

,

2013

A

,

Refunding

,

2.96 %,

11/15/30

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

14,175,000

12,206,915

Revenue

,

2018

D

,

%

,

11/15/33

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

1,300,000

1,439,571

Revenue

,

2024

,

%

,

11/15/45

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

2,000,000

2,113,252

Revenue

,

2025

,

%

,

11/15/42

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

2,065,000

2,230,458

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

%

,

5/15/46

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

1,000,000

1,046,748

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

5.25 %

,

5/15/54

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

5,000,000

5,282,487

Real

Estate

Transfer

Tax

,

Revenue

,

2025

A

,

5.25 %

,

12/01/54

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

1,500,000

1,581,915

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/33

......

2,000,000

2,156,734

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/36

......

3,000,000

3,156,489

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Juilliard

School

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/33

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

2,700,000

2,900,629

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

12/01/26

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

2,500,000

2,573,670

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

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

1,000,000

1,112,055

Westchester

County

Local

Development

Corp.

,

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/35

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

750,000

821,020

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/25

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

1,000,000

999,524

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

%

,

11/01/47

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

2,050,000

2,096,673

465,075,156

#### South

#### Carolina

#### 0.3%
a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

%

,

12/01/25

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

1,600,000

1,599,331

#### Texas

#### 0.5%
a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

4.5 %

,

12/01/37

...........

2,935,000

2,518,628

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

1,700,000

1,440,842

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

4,585,000

4,694,526

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

1,050,000

484,581

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

2,650,000

2,676,384

7,855,491

#### U.S.

#### Territories

#### 0.2%

#### Guam

#### 0.2%
Antonio

B. Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

%

,

10/01/32

..

750,000

800,832

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 499,596,178

####)
.....................................

#### 493,933,225
a

#### a
a

a

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.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 2.4%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 2.4%

#### New

#### York

#### 2.4%
d

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.5 %

,

3/01/44

...........

$

1,900,000

$

1,900,000

GO

,

2020

,

Daily

VRDN

and

Put

,

3.7 %

,

10/01/46

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

3,800,000

3,800,000

d

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.7 %

,

1/01/34

2,000,000

2,000,000

d

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

3.7 %

,

6/15/33

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

2,500,000

2,500,000

Water

&

Sewer

System

,

Revenue

,

A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.7 %

,

6/15/49

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

2,090,000

2,090,000

12,290,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 12,290,000

####)
......................................

#### 12,290,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 12,290,000

####)
................................

#### 12,290,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 511,886,178

####)
99.1 #### %
...................................

#### $506,223,225

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 4,623,796

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $510,847,021
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,

2025,

the

aggregate

value

of

these

securities

was

$23,186,425,

representing

4.5%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$511,886,178

Value

-

Unaffiliated

issuers

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

$506,223,225

Cash

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

140,138

Receivables:

Capital

shares

sold

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

309,120

Interest

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

5,292,826

Total

assets

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

511,965,309

Liabilities:

Payables:

Capital

shares

redeemed

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

532,210

Management

fees

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

213,986

Distribution

fees

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

35,191

Transfer

agent

fees

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

79,332

Trustees'

fees

and

expenses

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

842

Distributions

to

shareholders

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

180,675

Accrued

expenses

and

other

liabilities

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

76,052

Total

liabilities

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

1,118,288

Net

assets,

at

value

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

$510,847,021

Net

assets

consist

of:

Paid-in

capital

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

$539,504,182

Total

distributable

earnings

(losses)

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

(28,657,161)

Net

assets,

at

value

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

$510,847,021

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$88,617,763

Shares

outstanding

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

8,192,980

Net

asset

value

per

share

a

,b

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

$10.82

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.07

#### Class

#### A1:
Net

assets,

at

value

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

$156,752,959

Shares

outstanding

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

14,488,729

Net

asset

value

per

share

a

,b

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

$10.82

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.07

#### Class

#### C:
Net

assets,

at

value

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

$8,192,277

Shares

outstanding

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

754,534

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.86

#### Class

#### R6:
Net

assets,

at

value

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

$112,088,936

Shares

outstanding

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

10,331,439

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.85

#### Advisor

#### Class:
Net

assets,

at

value

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

$145,195,086

Shares

outstanding

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

13,380,572

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.85

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$17,749,989

Expenses:

Management

fees

(Note

a)

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

2,579,198

Distribution

fees:

(Note

3c)

Class

A

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

219,064

Class

A1

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

165,833

Class

C

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

54,613

Transfer

agent

fees:

(Note

3e)

Class

A

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

71,973

Class

A1

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

136,186

Class

C

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

6,883

Class

R6

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

15,187

Advisor

Class

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

124,911

Custodian

fees

(Note

4)

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

2,824

Reports

to

shareholders

fees

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

28,812

Registration

and

filing

fees

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

40,150

Professional

fees

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

70,936

Trustees'

fees

and

expenses

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

5,961

Other

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

110,682

Total

expenses

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

3,633,213

Expense

reductions

(Note

4)

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

(947) Net

expenses

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

3,632,266

Net

investment

income

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

14,117,723

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(3,739,453)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(281,989)

Net

realized

and

unrealized

gain

(loss)

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

(4,021,442)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$10,096,281

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-

#### Free

#### Income

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$14,117,723

$14,009,893

Net

realized

gain

(loss)

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

(3,739,453)

(5,213,723)

Net

change

in

unrealized

appreciation

(depreciation)

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

(281,989)

36,855,271

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

10,096,281

45,651,441

Distributions

to

shareholders:

Class

A

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

(2,220,150)

(2,123,758)

Class

A1

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

(4,437,304)

(4,729,908)

Class

C

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

(177,488)

(239,772)

Class

R6

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

(2,992,818)

(2,631,004)

Advisor

Class

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

(4,207,796)

(4,191,118)

Total

distributions

to

shareholders

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

(14,035,556)

(13,915,560)

Capital

share

transactions:

(Note

2)

Class

A

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

(13,057)

(4,919,809)

Class

A1

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

(23,964,563)

(29,743,850)

Class

C

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

(1,869,776)

(6,744,928)

Class

R6

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

8,035,601

6,038,217

Advisor

Class

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

(11,926,948)

(24,816,919)

Total

capital

share

transactions

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

(29,738,743)

(60,187,289)

Net

increase

(decrease)

in

net

assets

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

(33,678,018)

(28,451,408)

Net

assets:

Beginning

of

year

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

544,525,039

572,976,447

End

of

year

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

$510,847,021

$544,525,039

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

New

York

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of one fund,

Franklin

New

York

Intermediate-Term

Tax-Free

Income

Fund (Fund).

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Trust

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

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,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

1,562,670

$16,716,241

1,621,579

$17,226,408

Shares

issued

in

reinvestment

of

distributions

..........

177,576

1,898,263

165,278

1,770,126

Shares

redeemed

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

(1,741,630)

(18,627,561)

(2,234,891)

(23,916,343)

Net

increase

(decrease)

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

(1,384)

$(13,057)

(448,034)

$(4,919,809)

#### Class

#### A1

#### Shares:
Shares

sold

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

369,765

$3,966,267

305,407

$3,238,974

Shares

issued

in

reinvestment

of

distributions

..........

380,231

4,066,430

399,580

4,278,965

Shares

redeemed

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

(2,987,390)

(31,997,260)

(3,499,657)

(37,261,789)

Net

increase

(decrease)

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

(2,237,394)

$(23,964,563)

(2,794,670)

$(29,743,850)

#### Class

#### C

#### Shares:
Shares

sold

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

235,709

$2,537,086

92,725

$996,796

Shares

issued

in

reinvestment

of

distributions

..........

15,692

168,400

20,904

224,471

Shares

redeemed

a

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

(426,461)

(4,575,262)

(747,781)

(7,966,195)

Net

increase

(decrease)

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

(175,060)

$(1,869,776)

(634,152)

$(6,744,928)

#### Class

#### R6

#### Shares:
Shares

sold

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

2,160,897

$23,193,008

1,976,715

$21,192,833

Shares

issued

in

reinvestment

of

distributions

..........

216,185

2,317,739

189,605

2,037,002

Shares

redeemed

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

(1,632,883)

(17,475,146)

(1,603,472)

(17,191,618)

Net

increase

(decrease)

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

744,199

$8,035,601

562,848

$6,038,217

#### Advisor

#### Class

#### Shares:
Shares

sold

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

4,647,651

$49,717,161

2,951,828

$31,698,951

Shares

issued

in

reinvestment

of

distributions

..........

307,851

3,302,157

308,501

3,313,409

Shares

redeemed

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

(6,054,642)

(64,946,266)

(5,596,459)

(59,829,279)

Net

increase

(decrease)

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

(1,099,140)

$(11,926,948)

(2,336,130)

$(24,816,919)

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

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,

2025,

the

gross

effective

investment

management

fee

rate

was 0.497%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

A

and

A1

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

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%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

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,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

September

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$102,927

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,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until January 31,

2026. 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,

2025,

these

purchase

and

sale

transactions

aggregated

$63,000,000

and

$50,004,233,

respectively,

with

net

realized

gains

of

$93,370.

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,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$2,719

CDSC

retained

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

$2,671

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

September

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024

,

was

as

follows:

At

September

30,

2025,

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

treatments

of

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$104,366,106 and

$143,801,198,

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.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

10,104,130

Long

term

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

13,506,093

Total

capital

loss

carryforwards

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

$23,610,223

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$74,219

$369,730

Tax

exempt

income

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

13,961,337

13,545,830

$14,035,556

$13,915,560

Cost

of

investments

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

$511,264,101

Unrealized

appreciation

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

$5,834,406

Unrealized

depreciation

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

(10,875,282)

Net

unrealized

appreciation

(depreciation)

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

$(5,040,876)

Distributable

earnings:

Undistributed

tax

exempt

income

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

$174,613

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

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

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. 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

may,

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,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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,

2025,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### 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.

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

#### Abbreviations

#### Selected

#### Portfolio

#### AG
Assured

Guaranty,

Inc.

#### BAM
Build

America

Mutual

Assurance

Co.

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### GO
General

Obligation

#### LOC
Letter

of

Credit

#### SPA
Standby

Purchase

Agreement

Franklin

New

York

Tax-Free

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

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,

2025,

the

related

statement

of

operations

for

the

year

ended

September

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

(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,

2025,

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,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

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,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

November

19,

2025

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)

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income
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

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$13,961,337

Section

163(j)

Interest

Earned

§163(j)

$347,174

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### NEW

#### YORK

#### TAX-FREE

#### TRUST

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(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

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

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

also

considered

prior

to

and

at

the

Meeting.

On

several

occasions,

both

prior

to,

and

at

the

Meeting,

the

Independent

Trustees

met

with

senior

executives

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

to

discuss

management's

perspectives

on

and

ask

questions

regarding

the

performance

of

and

long-term

business

strategies

for

the

Municipal

and

Tax-Free

Funds,

including

on

topics

such

as

the

positioning

of

the

Municipal

and

Tax-Free

Funds

within

the

broader

Franklin

Templeton

product

offering

line

up,

management's

assessment

of

the

overall

performance

of

the

Municipal

and

Tax-Free

Funds

compared

to

other

similar

suites

of

funds

in

the

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Annual

Report

marketplace,

and

the

appropriateness

of

the

Broadridge

Performance

Universe

selected

for

each

Municipal

and

Tax-Free

Fund.

The

Board

further

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,

through

the

exercise

of

its

business

judgment,

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

the

information

it

received

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

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

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

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

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,

2024. 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

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Annual

Report

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

and

annualized

total

return

for

the

one-,

three-

and

five-year

periods

were

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

prior

to

December

2023,

the

Fund

maintained

a

maximum

dollar-weighted

average

portfolio

maturity

of

years,

whereas

most

of

the

peers

in

the

Fund's

Performance

Universe

did

not

have

a

similar

constraint,

which

adversely

impacted

the

Fund's

relative

performance

for

the

three-

and

five-year

periods.

Management

further

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

also

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

the

three-

and

five-year

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

Management

also

noted

that

the

Board

approved

an

extension

of

the

maximum

dollar-weighted

average

portfolio

maturity

from

years

to

years

effective

December

2023,

in

an

effort

to

allow

the

Fund

to

reduce

term

structure

differences

versus

the

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

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

#### 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

A

shares

for

the

Fund

and

for

Class

A

or

Investor

Class

shares

for

each

other

fund

in

its

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

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

4.8 basis

points

above

the

median.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

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,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Annual

Report

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

an

independent

registered

public

accounting

firm

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.

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

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

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

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4153-AFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fnytft-efp18875_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fnytft-efp18875_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fnytft-efp18875_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

**Franklin New York Tax-Free Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin New York Tax-Free Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin New York Tax-Free Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin New York Tax-Free Trust (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin New York Tax-Free Trust | Franklin New York Tax-Free Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.