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002 A000000 777 MARINERS ISLAND BLVD
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002 C000000 CA
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 C000006 146355
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022 C000007 96403
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022 A000008 MERRILL LYNCH PIERCE FENNER
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022 C000008 90259
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022 C000009 97141
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<PAGE> PAGE 4
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Franklin New York Tax-Free Income Fund:
In planning and performing our audit of the financial statements and financial
highlights of Franklin New York Tax-Free Income Fund for the year ended May 31,
1995, we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Franklin New York Tax-Free Income Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of May 31, 1995.
This report is intended solely for the information and use of management of
Franklin New York Tax-Free Income Fund and the Securities and Exchange
Commission.
S\COOPERS AND LYBRAND L.L.P.
San Francisco, California
June 30, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE INCOME FUND MAY 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN NEW YORK TAX-FREE INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-START> MAY-1-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 4,353,723,839
<INVESTMENTS-AT-VALUE> 4,631,086,068
<RECEIVABLES> 119,287,311
<ASSETS-OTHER> 6,610,160
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,756,983,539
<PAYABLE-FOR-SECURITIES> 25,451,499
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,563,360
<TOTAL-LIABILITIES> 30,014,859
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,449,565,402
<SHARES-COMMON-STOCK> 163,023
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,864,571
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,823,522)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 277,362,229
<NET-ASSETS> 4,726,968,680
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 317,384,816
<OTHER-INCOME> 0
<EXPENSES-NET> (25,999,935)
<NET-INVESTMENT-INCOME> 291,384,881
<REALIZED-GAINS-CURRENT> 45,909,121
<APPREC-INCREASE-CURRENT> (27,550,974)
<NET-CHANGE-FROM-OPS> 309,743,028
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,023
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 116,969,907
<ACCUMULATED-NII-PRIOR> 15,564,361
<ACCUMULATED-GAINS-PRIOR> (52,732,643)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,769,558)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (25,999,935)
<AVERAGE-NET-ASSETS> 649,041
<PER-SHARE-NAV-BEGIN> 11.500
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> .243
<PER-SHARE-DIVIDEND> (.063)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.730
<EXPENSE-RATIO> 1.090
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REGISTRANT:
FRANKLIN NEW YORK TAX-FREE INCOME FUND
File No. 811-3479
EXHIBIT - Item 77C
At the annual meeting of shareholders of the registrant held on
March 7, 1995 the following items were voted upon:
(1) Election of directors
For Withhold Authority
1. Harris J. Ashton 254,369,273 10,058,798
2. S. Joseph Fortunato 254,317,735 10,110,335
3. Charles B. Johnson 254,302,620 10,125,450
4. Rupert H. Johnson, Jr. 254,261,605 10,166,465
5. Gordon S. Macklin 254,353,439 10,074,632
2) Ratification of the selection of Coopers & Lybrand, Certified
Public Accountants, as the independent auditors for the Fund for
the fiscal year ending May 31, 1995.
Vote For Vote Against
252,746,844 1,823,432
3) To approve an amendment to the Fund's Certificate of
Incorporation to permit the issuance of an additional class of
shares.
Vote For Vote Against
205,443,811 12,127,212
nsar\115-77c.doc June 5, 1995
EXHIBIT 77 C
FRANKLIN RESOURCES, INC.
777 Mariners Island Blvd.
P.O. Box 7777
San Mateo, CA 94403-7777
415/312-3000
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Class II
shares of each of the Franklin Templeton Funds listed on the
attached Schedule A (the "Funds"), each of which is a series of
the Investment Companies as indicated on Schedule A (the
"Companies"), does hereby take the following actions and does
hereby consent to the following resolution:
RESOLVED: That the Distribution Plans pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as
agreed to and accepted by Franklin/Templeton
Distributors, Inc. and each of the Companies prior to
the date below, be and it hereby is, approved for each
Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
s\H.E. Burns
Dated as of: April 28, 1995 By: Harmon E. Burns
Executive Vice President
SCHEDULE A
INVESTMENT COMPANY FUND & CLASS; TITAN NUMBER
Franklin Gold Fund Franklin Gold Fund - Class II; 232
Franklin Equity Fund Franklin Equity Fund - Class II; 234
Franklin Custodian Funds, Inc. Growth Series - Class II; 206
Utilities Series - Class II;
207
Income Series - Class II; 209
U.S. Government Securities
Series - Class II; 210
Franklin California Tax-Free Franklin California Tax-Free Income
Income Fund, Inc. Fund - Class II; 212
Franklin New York Tax-Free Franklin New York Tax-Free Income
Income Fund, Inc. Fund - Class II; 215
Franklin Federal Tax-Free Franklin Federal Tax-Free Income
Income Fund Fund -Class II; 216
Franklin Managed Trust Franklin Rising Dividends
Fund - Class II; 258
Franklin California Tax-Free Franklin California Insured Tax-Free
Trust
Income Fund - Class II; 224
Franklin New York Tax-Free Trust Franklin New York Insured Tax-Free
Income Fund - Class II; 281
Franklin Investors Securities Franklin Global Government Income
Trust
Fund - Class II; 235
Franklin Equity Income
Fund - Class II; 239
Franklin Strategic Series Franklin Global Utilities
Fund - Class II; 297
Franklin Real Estate Securities Franklin Real Estate Securities
Trust
Fund - Class II; 292
INVESTMENT COMPANY FUND AND CLASS; TITAN NUMBER
Franklin Tax-Free Franklin Alabama Tax-Free Income Fund - Class II;
264
Trust Franklin Arizona Tax-Free Income Fund - Class II;
226
Franklin Colorado Tax-Free Income Fund - Class
II; 227
Franklin Connecticut Tax Free Income
Fund - Class II; 266
Franklin Florida Tax-Free Income Fund - Class II;
265
Franklin Georgia Tax-Free Income Fund - Class II;
228
Franklin High Yield Tax-Free Income Fund - Class
II; 230
Franklin Insured Tax-Free Income Fund - Class II;
221
Franklin Louisiana Tax-Free Income Fund - Class
II; 268
Franklin Maryland Tax-Free Income Fund - Class
II; 269
Franklin Massachusetts Insured Tax-Free Income
Fund - Class II; 218
Franklin Michigan Insured Tax-Free Income
Fund - Class II; 219
Franklin Minnesota Insured Tax-Free Income
Fund - Class II; 220
Franklin Missouri Tax-Free Income Fund - Class
II; 260
Franklin New Jersey Tax-Free Income
Fund - Class II; 271
Franklin North Carolina Tax-Free Income
Fund - Class II; 270
Franklin Ohio Insured Tax-Free Income
Fund - Class II; 222
Franklin Oregon Tax-Free Income Fund - Class II;
261
Franklin Pennsylvania Tax-Free Income
Fund - Class II; 229
Franklin Puerto Rico Tax-Free Income
Fund - Class II; 223
Franklin Texas Tax-Free Income Fund - Class II;
262
Franklin Virginia Tax-Free Income Fund - Class
II; 263
