# EDGAR Filing Document

**Accession Number:** 0000798523
**File Stem:** 0001133228-26-008616
**Filing Date:** 2026-6
**Character Count:** 112221
**Document Hash:** 3a79a6309dc8d2715bb4b51fb062b371
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008616.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008616

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04787
- **FILM NUMBER:** 261049833

**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'? 2026-04-2074200009500_FranklinNewYorkIntermediate-TermTax-FreeIncomeFund_ClassA_TSRSemiAnnual

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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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: **March 31, 2026**

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) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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**<sup>†</sup>  |
| Class A | $45 | 0.89% |

---

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $517715464 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 3.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7093img003.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 |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 1153-STSR-0526

20.117.512.312.19.06.96.56.25.93.10.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKNIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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**<sup>†</sup>  |
| Class A1 | $37 | 0.74% |

---

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $517715464 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 3.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7091img003.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 |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 153-STSR-0526

20.117.512.312.19.06.96.56.25.93.10.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FKNCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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**<sup>†</sup>  |
| Class C | $64 | 1.28% |

---

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $517715464 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 3.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7094img003.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 |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 253-STSR-0526

20.117.512.312.19.06.96.56.25.93.10.4 ------

---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKNRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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**<sup>†</sup>  |
| Class R6 | $28 | 0.56% |

---

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $517715464 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 3.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7096img003.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 |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 8153-STSR-0526

20.117.512.312.19.06.96.56.25.93.10.4 ---

| | |
|:---|:---|
| **Franklin New York Intermediate-Term Tax-Free** **Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNYZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New York Intermediate-Term Tax-Free Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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**<sup>†</sup>  |
| Advisor Class | $32 | 0.63% |

---

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $517715464 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 3.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7090img003.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 |

---

Franklin New York Intermediate-Term Tax-Free Income Fund PAGE 1 673-STSR-0526

20.117.512.312.19.06.96.56.25.93.10.4 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March

31, 2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 13
Notes

to

Financial

Statements

#### 17
Changes

In

and

Disagreements

with

Accountants

#### 24
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.82

$10.89

$10.29

$10.25

$11.72

$11.64

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.27 0.25 0.23 0.21 0.22 Net

realized

and

unrealized

gains

(losses)

(0.01)

(0.07)

0.60 0.03 (1.48)

0.08 Total

from

investment

operations

........

0.13 0.20 0.85 0.26 (1.27)

0.30 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.27)

(0.25)

(0.22)

(0.20)

(0.22)

Net

asset

value,

end

of

period

..........

$10.81

$10.82

$10.89

$10.29

$10.25

$11.72

Total

return

c

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

1.23%

1.90%

8.32%

2.54%

(10.91)%

2.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

0.89%

0.88%

e

0.86%

e

0.87%

e

0.85%

e

0.83%

e

Net

investment

income

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

2.66%

2.55%

2.35%

2.16%

1.87%

1.86%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$90,456

$88,618

$89,241

$88,969

$98,998

$119,113

Portfolio

turnover

rate

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

3.49%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.82

$10.89

$10.30

$10.25

$11.72

$11.65

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.29 0.27 0.24 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

(0.01)

(0.07)

0.59 0.05 (1.47)

0.07 Total

from

investment

operations

........

0.14 0.22 0.86 0.29 (1.25)

0.31 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.29)

(0.27)

(0.24)

(0.22)

(0.24)

Net

asset

value,

end

of

period

..........

$10.81

$10.82

$10.89

$10.30

$10.25

$11.72

Total

return

c

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

1.40%

2.05%

8.38%

2.80%

(10.77)%

2.65%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

0.74%

0.73%

e

0.71%

e

0.72%

e

0.70%

e

0.69%

e

Net

investment

income

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

2.81%

2.69%

2.50%

2.31%

2.02%

2.03%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$148,116

$156,753

$182,198

$201,001

$248,359

$334,315

Portfolio

turnover

rate

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

3.49%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.86

$10.93

$10.33

$10.28

$11.76

$11.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.23 0.21 0.19 0.16 0.18 Net

realized

and

unrealized

gains

(losses)

(0.01)

(0.07)

0.60 0.04 (1.48)

0.06 Total

from

investment

operations

........

0.11 0.16 0.81 0.23 (1.32)

0.24 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.23)

(0.21)

(0.18)

(0.16)

(0.17)

Net

asset

value,

end

of

period

..........

$10.85

$10.86

$10.93

$10.33

$10.28

$11.76

Total

return

c

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

1.02%

1.49%

7.86%

2.12%

(11.23)%

2.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

1.28%

1.28%

e

1.26%

e

1.27%

e

1.24%

e

1.24%

e

Net

investment

income

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

2.25%

2.13%

1.94%

1.74%

1.46%

1.49%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$7,148

$8,192

$10,162

$16,158

$24,087

$37,418

Portfolio

turnover

rate

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

3.49%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.85

$10.92

$10.33

$10.28

$11.75

$11.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.31 0.29 0.26 0.24 0.26 Net

realized

and

unrealized

gains

(losses)

(—)

c

(0.08)

0.58 0.05 (1.47)

0.07 Total

from

investment

operations

........

0.16 0.23 0.87 0.31 (1.23)

0.33 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.30)

(0.28)

(0.26)

(0.24)

(0.26)

Net

asset

value,

end

of

period

..........

$10.85

$10.85

$10.92

$10.33

$10.28

$11.75

Total

return

d

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

1.48%

2.22%

8.53%

2.95%

(10.60)%

2.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.56%

0.56%

f

0.55%

f

0.56%

f

0.54%

f

0.53%

f

Net

investment

income

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

2.98%

2.86%

2.66%

2.46%

2.18%

2.17%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$125,784

$112,089

$104,726

$93,181

$85,277

$99,307

Portfolio

turnover

rate

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

3.49%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.85

$10.93

$10.33

$10.28

$11.76

$11.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.30 0.28 0.26 0.24 0.25 Net

realized

and

unrealized

gains

(losses)

(—)

c

(0.08)

0.60 0.04 (1.49)

0.08 Total

from

investment

operations

........

0.16 0.22 0.88 0.30 (1.25)

0.33 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.30)

(0.28)

(0.25)

(0.23)

(0.25)

Net

asset

value,

end

of

period

..........

$10.85

$10.85

$10.93

$10.33

$10.28

$11.76

Total

return

d

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

1.45%

2.05%

8.56%

2.89%

(10.73)%

2.83%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.63%

0.63%

f

0.61%

f

0.62%

f

0.60%

f

0.58%

f

Net

investment

income

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

2.90%

2.79%

2.59%

2.40%

2.11%

2.12%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$146,211

$145,195

$158,199

$173,667

$226,374

$330,045

Portfolio

turnover

rate

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

3.49%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 95.7%

#### 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

$

3,427,506

#### 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

4,410,326

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

T

,

5.05 %

,

7/01/34

..........

850,000

752,835

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.59 %,

3/01/29

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

6,000,000

5,119,057

10,282,218

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

985,000

1,016,922

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.71 %,

12/01/45

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

230,000

112,301

1,129,223

#### New

#### York

#### 90.3%
Albany

Capital

Resource

Corp.

,

Revenue

,

2025

A

,

%

,

5/01/38

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

500,000

551,813

KIPP

Capital

Region

Public

Charter

Schools

,

Revenue

,

2024

,

4.5 %

,

6/01/44

.....

465,000

438,516

Allegany

County

Capital

Resource

Corp.

,

Alfred

University

,

Revenue

,

2024

,

5.25 %

,

4/01/44

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

1,500,000

1,524,524

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

B

,

Refunding

,

%

,

11/01/39

.

3,750,000

3,938,059

Broome

County

Local

Development

Corp.

,

Good

Shepherd

Village

at

Endwell

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

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

1,565,000

1,569,633

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/35

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

1,015,000

929,554

Buffalo

Municipal

Water

Finance

Authority

,

Revenue

,

2020

B

,

Refunding

,

AG

Insured

,

2.375 %

,

7/01/40

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

5,250,000

3,857,239

Buffalo

Sewer

Authority

,

Revenue

,

2025

A

,

%

,

6/15/50

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

3,500,000

3,622,553

Build

NYC

Resource

Corp.

,

West

129th

street

Transitional

Housing

Development

Fund

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.375 %

,

12/01/46

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

750,000

802,112

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/26

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

110,000

109,889

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/27

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

100,000

100,513

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/28

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

225,000

224,343

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/29

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

100,000

99,339

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/30

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

100,000

98,756

Academic

Leadership

Charter

School

,

Revenue

,

2021

,

%

,

6/15/31

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

100,000

97,992

Classical

Charter

School,

Inc.

,

Revenue

,

2023

A

,

%

,

6/15/33

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

1,580,000

1,543,034

Grand

Concourse

Academy

Charter

School

,

Revenue

,

2022

A

,

%

,

7/01/32

......

325,000

339,499

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/45

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

1,000,000

1,058,927

c

Chautauqua

County

Capital

Resource

Corp.

,

NRG

Energy,

Inc.

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

4.25 %

,

4/03/28

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

1,500,000

1,523,993

City

of

Long

Beach

,

GO

,

2020

A

,

%

,

9/01/26

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

1,370,000

1,383,662

City

of

New

York

,

GO

,

2018

,

5.25 %

,

3/01/31

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

5,000,000

5,228,332

GO

,

2019

,

%

,

12/01/35

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

5,015,000

5,252,949

GO

,

2020

,

BAM

Insured

,

%

,

3/01/41

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

2,500,000

2,452,419

GO

,

2024

C

,

%

,

3/01/42

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

1,000,000

1,065,452

GO

,

2025

,

%

,

9/01/44

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

1,000,000

1,054,050

GO

,

2025

E

,

5.25 %

,

8/01/50

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

1,900,000

1,982,079

GO

,

2025

E

,

%

,

8/01/54

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

1,500,000

1,521,643

GO

,

2025

,

5.25 %

,

2/01/53

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

250,000

259,659

GO

,

2026

D

,

%

,

10/01/36

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

1,000,000

1,116,528

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

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

$

506,789

County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

%

,

10/15/30

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

6,310,000

6,344,417

GO

,

2018

B

,

AG

Insured

,

3.375 %

,

10/15/31

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

6,370,000

6,375,904

Dutchess

County

Local

Development

Corp.

,

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

......

150,000

158,245

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

......

150,000

160,035

Culinary

Institute

of

America

(The)

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

......

200,000

215,379

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/26

.....

1,015,000

1,019,262

Empire

State

Development

Corp.

,

State

of

New

York

Sales

Tax

,

Revenue

,

2019

A

,

Refunding

,

%

,

3/15/38

.........

5,120,000

5,383,791

State

of

New

York

Sales

Tax

,

Revenue

,

2023

A

,

%

,

3/15/52

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

5,010,000

5,129,721

Genesee

County

Funding

Corp.

(The)

,

Revenue

,

2025

A

,

%

,

12/01/44

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

1,000,000

1,017,618

Monroe

Sustainable

Energy

Partners

LLC

,

Revenue

,

2025

A

,

%

,

12/01/45

......

1,500,000

1,514,119

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

12/01/52

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

2,000,000

1,971,854

Hempstead

Town

Local

Development

Corp.

,

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/37

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

550,000

548,462

Hofstra

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/38

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

520,000

514,623

Long

Island

Power

Authority

,

Revenue

,

2019

A

,

%

,

9/01/35

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

15,700,000

15,911,975

Revenue

,

2024

A

,

Refunding

,

%

,

9/01/44

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

1,250,000

1,343,322

Revenue

,

2025

,

Refunding

,

%

,

9/01/39

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

1,500,000

1,678,892

Metropolitan

Transportation

Authority

,

b

Revenue

,

2017

,

Refunding

,

4.36 %,

11/15/39

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

15,000,000

8,381,628

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/44

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

5,000,000

5,220,300

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/15/55

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

750,000

768,046

Revenue

,

2025

B

,

Refunding

,

%

,

11/15/35

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

850,000

967,456

b

Dedicated

Tax

Fund

,

Revenue

,

2012

A

,

Refunding

,

3.27 %,

11/15/32

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

30,000,000

24,238,341

Monroe

County

Industrial

Development

Corp.

,

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/26

......

980,000

988,085

Nazareth

College

of

Rochester

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/27

......

1,035,000

1,057,421

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/32

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

1,000,000

1,055,619

Rochester

Regional

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/33

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

1,000,000

1,050,267

a

True

North

Rochester

Prep

Charter

School

,

Revenue

,

144A,

2020

A

,

%

,

6/01/40

.

630,000

632,749

Nassau

County

Local

Economic

Assistance

Corp.

,

Roosevelt

Children's

Academy

Charter

School

,

Revenue

,

2023

A

,

%

,

7/01/33

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

750,000

691,139

New

York

City

Housing

Development

Corp.

,

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25 %

,

12/15/31

........

2,750,000

2,822,959

c

East

124th

Street

LLC

,

Revenue

,

2008

A

,

LOC

FHLMC

,

Mandatory

Put

,

2.1 %

,

6/01/29

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

5,000,000

4,829,485

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/01/32

.

3,250,000

3,374,831

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/39

....

2,500,000

2,211,990

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2018

,

%

,

6/15/37

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

5,000,000

5,007,298

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

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

3,590,000

3,740,442

Water

&

Sewer

System

,

Revenue

,

2024

,

Refunding

,

%

,

6/15/46

.........

1,590,000

1,667,108

Water

&

Sewer

System

,

Revenue

,

2025

BB

,

5.25 %

,

6/15/55

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

5,500,000

5,753,405

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2025

E

,

%

,

11/01/47

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

1,000,000

1,036,681

Future

Tax

Secured

,

Revenue

,

2026

,

%

,

2/01/46

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

1,075,000

1,127,199

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

City

Transitional

Finance

Authority,

(continued)

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2018

,

%

,

8/01/35

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

$

4,000,000

$

4,021,237

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2020

,

%

,

11/01/41

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

7,200,000

7,048,100

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2025

D

,

%

,

5/01/46

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

1,800,000

1,878,331

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2026

B

,

%

,

5/01/39

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

1,250,000

1,377,378

State

of

New

York

,

Revenue

,

2018

,

Refunding

,

%

,

7/15/29

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

8,215,000

8,459,847

State

of

New

York

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/34

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

10,000,000

10,459,392

c

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

12/01/33

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

3,250,000

3,320,085

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

1.9 %

,

11/15/31

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

2,000,000

1,759,272

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

13,305,000

15,130,274

New

York

State

Dormitory

Authority

,

Revenue

,

2020

A

,

Pre-Refunded

,

AG

Insured

,

%

,

10/01/34

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

5,000

5,286

Revenue

,

2025

A

,

AG

Insured

,

%

,

10/01/39

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

1,000,000

1,100,698

Barnard

College

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/50

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

1,250,000

1,263,224

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/27

570,000

571,164

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/28

665,000

667,008

Catholic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/37

1,150,000

1,012,059

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

%

,

12/01/45

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

900,000

796,271

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/27

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

1,000,000

1,008,288

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/28

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

1,800,000

1,795,888

a

Garnet

Health

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

12/01/32

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

1,000,000

978,300

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/27

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

325,000

332,102

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/28

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

275,000

285,349

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/29

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

275,000

289,074

Iona

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/30

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

325,000

345,152

Montefiore

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/01/33

.........

1,350,000

1,381,150

Montefiore

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

11/01/44

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

500,000

527,620

Mount

Sinai

Hospital

Obligated

Group

,

Revenue

,

2025

,

%

,

7/01/45

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

2,250,000

2,265,432

New

York

Institute

of

Technology

,

Revenue

,

2024

,

%

,

7/01/41

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

685,000

711,095

New

York

Institute

of

Technology

,

Revenue

,

2024

,

%

,

7/01/42

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

870,000

895,667

New

York

Institute

of

Technology

,

Revenue

,

2024

,

5.25 %

,

7/01/49

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

1,000,000

1,011,111

New

York

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/33

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

12,000,000

12,310,356

New

York

University

,

Revenue

,

2019

A

,

%

,

7/01/42

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

6,040,000

6,291,193

New

York

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

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

1,000,000

1,037,103

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/54

....

1,000,000

863,877

Northwell

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

5/01/54

..

1,000,000

1,017,889

Northwell

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/01/43

....

1,500,000

1,580,338

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/43

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

875,000

917,118

Pace

University

,

Revenue

,

2024

A

,

5.25 %

,

5/01/44

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

450,000

469,248

Rochester

Institute

of

Technology

,

Revenue

,

2019

A

,

%

,

7/01/39

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

1,000,000

1,034,800

Roswell

Park

Cancer

Institute

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/37

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

750,000

834,405

St.

John's

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/31

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

3,550,000

3,705,703

St.

Joseph's

College

,

Revenue

,

2021

,

%

,

7/01/35

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

200,000

180,592

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

%

,

2/15/33

.........

9,990,000

10,055,779

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

2/15/33

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

10,000

10,122

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

3/15/37

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

7,000,000

7,334,039

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2024

A

,

Refunding

,

%

,

3/15/42

1,000,000

1,075,607

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2025

A

,

Refunding

,

%

,

3/15/49

5,000,000

5,170,494

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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

Dormitory

Authority,

(continued)

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2026

A

,

Refunding

,

%

,

3/15/47

$

3,000,000

$

3,137,027

State

of

New

York

Sales

Tax

,

Revenue

,

2016

A

,

%

,

3/15/33

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

5,060,000

5,111,030

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/43

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

10,000,000

10,251,088

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/48

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

4,000,000

4,157,240

White

Plains

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

........

2,000,000

2,009,227

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

2004

C

,

Refunding

,

%

,

4/01/34

..

3,000,000

3,050,349

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

2004

B

,

%

,

5/15/32

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

2,000,000

2,014,165

New

York

State

Environmental

Facilities

Corp.

,

New

York

City

Water

&

Sewer

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

6/15/47

.

4,000,000

4,252,214

State

of

New

York

State

Revolving

Fund

,

Revenue

,

2018

B

,

%

,

6/15/35

........

5,000,000

5,214,360

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/37

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

7,000,000

7,004,269

Revenue

,

2026

A

,

Refunding

,

%

,

1/01/46

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

810,000

855,296

Revenue

,

L

,

Refunding

,

%

,

1/01/32

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

1,750,000

1,813,776

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/30

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

1,310,000

1,345,316

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

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

3,500,000

3,578,596

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/35

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

4,000,000

4,170,168

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

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

3,500,000

3,679,796

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/34

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

1,250,000

1,255,245

Empire

State

Thruway

Partners

LLC

,

Revenue

,

2021

,

%

,

10/31/41

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

1,000,000

953,855

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/29

...

500,000

528,330

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/30

...

150,000

160,111

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

...

400,000

425,523

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/29

...

3,150,000

3,374,571

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/31

...

3,065,000

3,318,194

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/32

...

5,255,000

5,668,784

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/33

...

1,850,000

1,988,000

JFK

NTO

LLC

,

Revenue

,

2023

,

5.5 %

,

6/30/41

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

935,000

979,871

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

6/30/42

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

1,080,000

1,140,443

JFK

NTO

LLC

,

Revenue

,

2024

,

5.25 %

,

6/30/43

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

1,880,000

1,946,068

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/50

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

2,250,000

2,386,729

Onondaga

Civic

Development

Corp.

,

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/29

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

330,000

344,920

Le

Moyne

College

,

Revenue

,

2021

,

%

,

7/01/30

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

320,000

337,379

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/26

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

535,000

536,910

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/28

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

595,000

614,905

Le

Moyne

College

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/30

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

655,000

690,573

Syracuse

University

,

Revenue

,

2025

,

5.25 %

,

12/01/45

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

1,000,000

1,092,206

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

209th

,

Refunding

,

%

,

7/15/34

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

10,000,000

10,457,129

Revenue

,

234th

,

Refunding

,

5.25 %

,

8/01/40

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

2,000,000

2,134,345

Revenue

,

,

Refunding

,

%

,

7/15/44

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

600,000

647,803

Revenue

,

,

Refunding

,

%

,

9/01/39

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

1,600,000

1,715,971

Revenue

,

,

Refunding

,

%

,

10/15/35

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

1,000,000

1,113,746

Riverhead

Industrial

Development

Agency

,

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

4.5 %

,

8/01/35

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

975,000

999,189

Riverhead

Charter

School

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

8/01/40

500,000

511,333

St.

Lawrence

County

Industrial

Development

Agency

,

Clarkson

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/33

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

270,000

276,283

Clarkson

University

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/01/33

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

455,000

465,589

State

of

New

York

,

GO

,

2023

A

,

%

,

3/15/41

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

2,000,000

2,205,951

Suffolk

County

Water

Authority

,

Revenue

,

2018

A

,

3.25 %

,

6/01/43

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

5,000,000

4,392,834

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/27

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

$

2,230,000

$

2,280,409

Revenue

,

2021

,

Refunding

,

%

,

6/01/30

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

1,500,000

1,608,492

Revenue

,

2021

,

Refunding

,

%

,

6/01/31

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

1,250,000

1,357,475

Revenue

,

2021

,

Refunding

,

%

,

6/01/34

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

2,250,000

2,395,288

Syracuse

Regional

Airport

Authority

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

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

1,275,000

1,335,840

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

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

1,415,000

1,497,569

Revenue

,

2021

,

Refunding

,

%

,

7/01/32

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

1,000,000

1,063,400

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2018

D

,

%

,

11/15/33

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

1,300,000

1,415,189

Revenue

,

2024

,

%

,

11/15/45

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

2,000,000

2,117,803

Revenue

,

2025

,

%

,

11/15/42

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

2,065,000

2,244,704

b

Revenue,

Sub.

Lien

,

2013

A

,

Refunding

,

3.21 %,

11/15/30

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

14,175,000

12,245,829

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

%

,

5/15/46

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

1,000,000

1,051,620

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

5.25 %

,

5/15/54

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

5,000,000

5,215,079

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue,

Senior

Lien

,

2026

,

Refunding

,

%

,

11/15/48

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

5,000,000

5,209,478

Real

Estate

Transfer

Tax

,

Revenue

,

2025

A

,

5.25 %

,

12/01/54

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

1,500,000

1,562,502

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/33

......

2,000,000

2,129,432

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/36

......

3,000,000

3,157,483

Troy

Local

Development

Corp.

,

Revenue

,

2025

,

%

,

9/01/56

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

1,000,000

960,533

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Juilliard

School

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/33

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

2,700,000

2,861,135

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

12/01/26

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

2,500,000

2,540,880

Lincoln

Center

for

the

Performing

Arts,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/31

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

1,000,000

1,092,453

Westchester

County

Local

Development

Corp.

,

New

York

Blood

Center,

Inc.

,

Revenue

,

2024

,

%

,

7/01/35

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

1,110,000

1,200,250

Westchester

County

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

%

,

11/01/47

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

2,050,000

2,079,960

467,677,945

#### Texas

#### 0.5%
a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

4.5 %

,

12/01/37

...........

2,935,000

2,554,339

#### 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

1,461,112

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

4,585,000

4,729,757

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

1,050,000

514,379

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

2,650,000

2,667,228

7,911,364

#### U.S.

#### Territories

#### 0.2%

#### Guam

#### 0.2%
Antonio

B. Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

%

,

10/01/32

..

750,000

795,663

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 501,191,990

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

#### 495,239,370
a

#### a
a

a

Franklin

New

York

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 3.5%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 3.5%

#### New

#### York

#### 3.5%
d

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

3/01/44

..........

$

5,400,000

$

5,400,000

GO

,

2015

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.7 %

,

6/01/44

200,000

200,000

GO

,

2020

,

Daily

VRDN

and

Put

,

2.85 %

,

10/01/46

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

2,000,000

2,000,000

d

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.7 %

,

11/01/31

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

250,000

250,000

d

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.65 %

,

1/01/34

8,300,000

8,300,000

d

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

2.85 %

,

6/15/49

..

300,000

300,000

d

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2014

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

2.78 %

,

2/01/44

.........

1,575,000

1,575,000

18,025,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 18,025,000

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

#### 18,025,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 18,025,000

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

#### 18,025,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 519,216,990

####)
99.2 #### %
...................................

#### $513,264,370

#### Other

#### Assets,

#### less

#### Liabilities
0.8 #### %
.............................................

#### 4,451,094

#### Net

#### Assets

#### 100.0%

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

#### $517,715,464
See

Abbreviations

on

.

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$21,700,362,

representing

4.2%

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

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### New

#### York

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$519,216,990

Value

-

Unaffiliated

issuers

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

$513,264,370

Cash

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

76,585

Receivables:

Capital

shares

sold

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

114,908

Interest

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

5,395,864

Total

assets

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

518,851,727

Liabilities:

Payables:

Capital

shares

redeemed

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

514,839

Management

fees

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

217,630

Distribution

fees

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

36,151

Transfer

agent

fees

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

86,403

Trustees'

fees

and

expenses

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

828

Distributions

to

shareholders

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

195,676

Accrued

expenses

and

other

liabilities

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

84,736

Total

liabilities

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

1,136,263

Net

assets,

at

value

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

$517,715,464

Net

assets

consist

of:

Paid-in

capital

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

$546,624,329

Total

distributable

earnings

(losses)

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

(28,908,865)

Net

assets,

at

value

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

$517,715,464

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

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

$90,455,662

Shares

outstanding

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

8,365,967

Net

asset

value

per

share

a

,b

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

$10.81

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.06

#### Class

#### A1:
Net

assets,

at

value

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

$148,115,926

Shares

outstanding

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

13,695,541

Net

asset

value

per

share

a

,b

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

$10.81

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

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

$11.06

#### Class

#### C:
Net

assets,

at

value

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

$7,148,118

Shares

outstanding

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

658,622

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.85

#### Class

#### R6:
Net

assets,

at

value

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

$125,784,343

Shares

outstanding

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

11,598,124

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.85

#### Advisor

#### Class:
Net

assets,

at

value

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

$146,211,415

Shares

outstanding

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

13,479,382

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

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### New

#### York

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$9,151,135

Expenses:

Management

fees

(Note

a)

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

1,294,570

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

112,693

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

76,472

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

25,032

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

40,454

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

68,590

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

3,451

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

9,604

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

65,461

Custodian

fees

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

1,376

Reports

to

shareholders

fees

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

15,847

Registration

and

filing

fees

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

16,524

Professional

fees

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

41,567

Trustees'

fees

and

expenses

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

3,164

Other

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

37,764

Total

expenses

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

1,812,569

Net

investment

income

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

7,338,566

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(289,667)

Net

realized

and

unrealized

gain

(loss)

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

(289,667)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$7,048,899

Franklin

New

York

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-

#### Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$7,338,566

$14,117,723

Net

realized

gain

(loss)

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

—

(3,739,453)

Net

change

in

unrealized

appreciation

(depreciation)

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

(289,667)

(281,989)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

7,048,899

10,096,281

Distributions

to

shareholders:

Class

A

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

(1,192,124)

(2,220,150)

Class

A1

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

(2,135,289)

(4,437,304)

Class

C

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

(85,943)

(177,488)

Class

R6

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

(1,782,816)

(2,992,818)

Advisor

Class

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

(2,104,431)

(4,207,796)

Total

distributions

to

shareholders

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

(7,300,603)

(14,035,556)

Capital

share

transactions:

(Note

2)

Class

A

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

1,884,542

(13,057)

Class

A1

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

(8,645,568)

(23,964,563)

Class

C

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

(1,050,271)

(1,869,776)

Class

R6

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

13,852,801

8,035,601

Advisor

Class

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

1,078,643

(11,926,948)

Total

capital

share

transactions

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

7,120,147

(29,738,743)

Net

increase

(decrease)

in

net

assets

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

6,868,443

(33,678,018)

Net

assets:

Beginning

of

period

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

510,847,021

544,525,039

End

of

period

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

$517,715,464

$510,847,021

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### 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 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

March

31,

2026, 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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

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:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

959,664

$10,463,090

1,562,670

$16,716,241

Shares

issued

in

reinvestment

of

distributions

..........

95,927

1,046,670

177,576

1,898,263

Shares

redeemed

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

(882,604)

(9,625,218)

(1,741,630)

(18,627,561)

Net

increase

(decrease)

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

172,987

$1,884,542

(1,384)

$(13,057)

#### Class

#### A1

#### Shares:
Shares

sold

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

119,265

$1,302,339

369,765

$3,966,267

Shares

issued

in

reinvestment

of

distributions

..........

179,390

1,957,867

380,231

4,066,430

Shares

redeemed

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

(1,091,843)

(11,905,774)

(2,987,390)

(31,997,260)

Net

increase

(decrease)

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

(793,188)

$(8,645,568)

(2,237,394)

$(23,964,563)

#### Class

#### C

#### Shares:
Shares

sold

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

46,578

$509,478

235,709

$2,537,086

Shares

issued

in

reinvestment

of

distributions

..........

7,436

81,421

15,692

168,400

Shares

redeemed

a

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

(149,926)

(1,641,170)

(426,461)

(4,575,262)

Net

increase

(decrease)

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

(95,912)

$(1,050,271)

(175,060)

$(1,869,776)

#### Class

#### R6

#### Shares:
Shares

sold

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

1,903,581

$20,809,596

2,160,897

$23,193,008

Shares

issued

in

reinvestment

of

distributions

..........

127,958

1,400,632

216,185

2,317,739

Shares

redeemed

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

(764,854)

(8,357,427)

(1,632,883)

(17,475,146)

Net

increase

(decrease)

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

1,266,685

$13,852,801

744,199

$8,035,601

#### Advisor

#### Class

#### Shares:
Shares

sold

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

1,193,147

$13,038,586

4,647,651

$49,717,161

Shares

issued

in

reinvestment

of

distributions

..........

150,064

1,642,543

307,851

3,302,157

Shares

redeemed

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

(1,244,401)

(13,602,486)

(6,054,642)

(64,946,266)

Net

increase

(decrease)

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

98,810

$1,078,643

(1,099,140)

$(11,926,948)

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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

March

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.501%

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

period:

#### 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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

March

31,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$50,893

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,

2027. 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,

2027. 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

period

ended

March

31,

2026,

these

purchase

and

sale

transactions

aggregated

$16,116,232

and

$16,340,000,

respectively.

4. #### 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:

At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$1,306

CDSC

retained

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

$723

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

10,104,130

Long

term

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

13,506,093

Total

capital

loss

carryforwards

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

$23,610,223

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

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.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2026,

aggregated

$20,117,245 and

$17,330,000,

respectively.

6. #### 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.

7. #### 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

29,

2027. 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

period

ended

March

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

8. #### 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)

Cost

of

investments

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

$518,594,913

Unrealized

appreciation

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

$5,192,922

Unrealized

depreciation

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

(10,523,465)

Net

unrealized

appreciation

(depreciation)

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

$(5,330,543)

4. #### Income

#### Taxes
(continued)

Franklin

New

York

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### New

#### York

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

March

31,

2026,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

9. #### 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.

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### 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

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

New

York

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

#### 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

Not

applicable.

4153-SFSOI

05/26©

2026

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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&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) Not applicable

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.](fnitif-efp24633_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.](fnitif-efp24633_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: | May 29, 2026 |

---

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: | May 29, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2026 |

---

## 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: May 29, 2026 |
| /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: May 29, 2026 |
| /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 **March 31, 2026** (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 – Finance and Administration** | **Chief Financial Officer, Chief 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: May 29, 2026 | Date: May 29, 2026 |

---

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.