Franklin New York Intermediate-Term Tax-Free Income Fund ...

PROSPECTUS

FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND

Franklin New York Tax-Free Trust

February 1, 2019

Class A FKNQX

Class A1 FKNIX

Class C FKNCX

Class R6 FKNRX

Advisor Class FNYZX

The U.S. Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Internet Delivery of Fund Reports Unless You Request Paper Copies: Effective January 1, 2021, as permitted by the SEC, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request them from the Fund or your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you have not signed up for electronic delivery, we would encourage you to join fellow shareholders who have. You may elect to receive shareholder reports and other communications electronically from the Fund by calling (800) 6322301 or by contacting your financial intermediary.

You may elect to continue to receive paper copies of all your future shareholder reports free of charge by contacting your financial intermediary or, if you invest directly with a Fund, calling (800) 6322301 to let the Fund know of your request. Your election to receive reports in paper will apply to all funds held in your account.

1153 P 02/19

GOF P20 03/19

SUPPLEMENT DATED MARCH 29, 2019 TO THE CURRENTLY EFFECTIVE PROSPECTUS

OF EACH OF THE FUNDS LISTED BELOW

FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND (series of Franklin New York Tax-Free Trust)

FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND FRANKLIN MINNESOTA TAX-FREE INCOME FUND FRANKLIN OHIO TAX-FREE INCOME FUND (each a series of Franklin Tax-Free Trust)

The Prospectus is amended as follows:

I. The portfolio management team under the "FUND SUMMARIES ? Franklin New York Intermediate-Term Tax-Free Income Fund ? Portfolio Managers" section on page 9 is replaced with the following:

Portfolio Managers James Conn, CFA Senior Vice President of Advisers and portfolio manager of the Fund since 1999. John Pomeroy Senior Vice President of Advisers and portfolio manager of the Fund since inception (1992). Nicholas K. Bucklin Vice President of Advisers and portfolio manager of the Fund since March 2019.

II. The portfolio management team under the "FUND SUMMARIES ? Franklin Federal Limited-Term Tax-Free Income Fund ? Portfolio Managers" section on page 16 is replaced with the following:

Portfolio Managers James Conn, CFA Senior Vice President of Advisers and portfolio manager of the Fund since inception (2003). John Pomeroy Senior Vice President of Advisers and portfolio manager of the Fund since inception (2003). Nicholas K. Bucklin Vice President of Advisers and portfolio manager of the Fund since March 2019.

III. The portfolio management team under the "FUND SUMMARIES ? Franklin Minnesota Tax-Free Income Fund ? Portfolio Manager" section on page 40 is replaced with the following:

Portfolio Managers James Conn, CFA Senior Vice President of Advisers and portfolio manager of the Fund since 1999. John Pomeroy Senior Vice President of Advisers and portfolio manager of the Fund since 1989. Nicholas K. Bucklin Vice President of Advisers and portfolio manager of the Fund since March 2019.

IV. The portfolio management team under the "FUND SUMMARIES ? Franklin Ohio Tax-Free Income Fund ? Portfolio Manager" section on page 48 is replaced with the following:

Portfolio Managers James Conn, CFA Senior Vice President of Advisers and portfolio manager of the Fund since 1999. John Pomeroy Senior Vice President of Advisers and portfolio manager of the Fund since 1989. Nicholas K. Bucklin Vice President of Advisers and portfolio manager of the Fund since March 2019.

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V. For the Franklin New York Intermediate-Term Tax-Free Income Fund, the portfolio management team under the "Fund Details ? Management" section on page 19 is replaced with the following:

The Fund is managed by a team of dedicated professionals focused on investments in New York municipal securities. The portfolio managers of the team are as follows:

James Conn, CFA Senior Vice President of Advisers

Mr. Conn has been a lead portfolio manager of the Fund since 1999. He has primary responsibility for the investments of the Fund. He has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. He joined Franklin Templeton in 1996.

John Pomeroy Senior Vice President of Advisers

Mr. Pomeroy has been a portfolio manager of the Fund since its inception, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton 1986.

Nicholas K. Bucklin Vice President of Advisers Mr. Bucklin is a portfolio manager of the Fund since March 2019, providing research and advice on the purchases and sales of individual securities and portfolio risk assessment. He joined Franklin Templeton in 2008.

CFA? and Chartered Financial Analyst? are trademarks owned by CFA Institute.

VI. For the Franklin Federal Limited-Term Tax-Free Income Fund, the following is added to the portfolio management team under the "Fund Details ? Management" section on page 53 with the following:

Federal Limited-Term Fund

Nicholas K. Bucklin Vice President of Advisers

Mr. Bucklin has been an analyst or portfolio manager of Federal Limited-Term Tax-Free Income Fund since March 2019. He joined Franklin Templeton in 2008.

Nicholas K. Bucklin. Mr. Bucklin a portfolio manager of the Fund, providing research and advice on the purchases and sales of individual securities and portfolio risk assessment.

VII. For the Franklin Minnesota Tax-Free Income Fund and Franklin Ohio Tax-Free Income Fund, the following is added to the portfolio management team under the "Fund Details ?? Management" section on page 74 with the following:

Minnesota Fund

Nicholas K. Bucklin Vice President of Advisers

Mr. Bucklin has been an analyst or portfolio manager of the Minnesota and Ohio Funds since March 2019. He joined Franklin Templeton in 2008.

Nicholas K. Bucklin. Mr. Bucklin a portfolio manager of the Fund, providing research and advice on the purchases and sales of individual securities and portfolio risk assessment.

Ohio Fund

Nicholas K. Bucklin Vice President of Advisers

Mr. Bucklin has been an analyst or portfolio manager of the Minnesota and Ohio Funds since March 2019. He joined Franklin Templeton in 2008.

Nicholas K. Bucklin. Mr. Bucklin a portfolio manager of the Fund, providing research and advice on the purchases and sales of individual securities and portfolio risk assessment.

Please keep this supplement with your prospectus for future reference.

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Contents

Fund Summary Information about the Fund you should know before investing

Investment Goal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Portfolio Turnover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Principal Investment Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Principal Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Portfolio Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Purchase and Sale of Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Payments to Broker-Dealers and Other Financial Intermediaries . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Fund Details More information on investment policies, practices and risks/financial highlights

Investment Goal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Principal Investment Policies and Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Principal Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Your Account Information about sales charges, qualified investors, account transactions and services

Choosing a Share Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Investor Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Selling Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Exchanging Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Account Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

For More Information Where to learn more about the Fund

Back Cover

FRANKLIN NEW YORK INTERMEDIATETERM TAXFREE INCOME FUND FUND SUMMARY

Fund Summary

Investment Goal

To provide investors with as high a level of income exempt from federal income taxes and New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under "Your Account" on page 30 in the Fund's Prospectus and under "Buying and Selling Shares" on page 41 of the Fund's Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A ? "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)

Class A1 Class A1 Class C2 Class R6 Advisor Class

Maximum Sales Charge (Load)

Imposed on Purchases (as percentage

of offering price)

2.25%

2.25%

None

None

None

Maximum Deferred Sales Charge

(Load) (as percentage of the lower

of original purchase price or sale

proceeds)

None3

None3

1.00%

None

None

1. The Fund began offering Class A shares on September 10, 2018.

2. Effective October 5, 2018, Class C shares of the Fund convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares' purchase date. Such conversions are on the basis of the relative net asset values of the two classes, are not subject to Class A shares' sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders' holding periods. (See "Your Account ? Choosing a Share Class ? Sales Charges - Class C ? Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period" for more information.)

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Prospectus



FRANKLIN NEW YORK INTERMEDIATETERM TAXFREE INCOME FUND FUND SUMMARY

3. There is a 0.75% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investments of $500,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

On September 10, 2018, all outstanding Class A shares were renamed Class A1 shares and all outstanding Class M shares were renamed Class A shares. Class A1 shares are no longer available to new investors. If you are a Class A1 shareholder, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class A1 Class A1 Class C Class R6 Advisor Class

Management fees

0.47%

0.47%

0.47%

0.47%

0.47%

Distribution and service (12b1) fees

0.25%

0.10%

0.65%

None

None

Other expenses

0.11%

0.11%

0.11%

0.05%2

0.11%

Total annual Fund operating expenses

0.83%

0.68%

1.23%

0.52%

0.58%

1. The Fund began offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current fiscal year.

2. The transfer agent has contractually agreed to cap transfer agency fees for Class R6 shares of the Fund so that transfer agency fees for that class do not exceed 0.03% until January 31, 2020. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Class A Class A1 Class C Class R6 Advisor Class If you do not sell your shares: Class C

1 Year $308 $293 $225 $53 $59

3 Years $484 $438 $390 $167 $186

5 Years $675 $595 $676 $291 $324

10 Years $1,227 $1,052 $1,489 $653 $726

$125

$390

$676

$1,489



Prospectus

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