<PAGE> PAGE 1
000 A000000 11/30/94
000 C000000 0000703112
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN NEW YORK TAX-FREE INCOME FUND
001 B000000 811-3479
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BLVD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND, L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 BANK OF AMERICA NT & SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 FRANKLNGRP
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PAINEWEBBER INC.
022 B000001 13-2638166
022 C000001 129397
022 D000001 170444
022 A000002 SMITH BARNEY SHEARSON
022 B000002 13-1912900
022 C000002 108456
022 D000002 118256
022 A000003 SAMUEL A RAMIREZ & CO., INC.
022 B000003 13-2695511
022 C000003 69663
022 D000003 113396
022 A000004 FIRST ALBANY CORP
022 B000004 14-1391446
022 C000004 85429
022 D000004 72568
<PAGE> PAGE 3
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 44390
022 D000005 80987
022 A000006 BEAR, STEARNS & CO., INC.
022 B000006 13-3299429
022 C000006 76236
022 D000006 28167
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 66361
022 D000007 36908
022 A000008 COWEN & CO. NYC
022 B000008 13-5616116
022 C000008 51303
022 D000008 48456
022 A000009 MERRILL LYNCH PIERCE FENNER
022 B000009 13-5674085
022 C000009 67824
022 D000009 24359
022 A000010 LEHMAN BROTHERS SECS
022 B000010 13-2518466
022 C000010 33058
022 D000010 51045
023 C000000 956211
023 D000000 874841
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 51525
028 A020000 10616
028 A030000 0
028 A040000 41960
028 B010000 45993
028 B020000 10694
<PAGE> PAGE 4
028 B030000 0
028 B040000 39900
028 C010000 51716
028 C020000 11001
028 C030000 0
028 C040000 33957
028 D010000 35766
028 D020000 11114
028 D030000 0
028 D040000 40766
028 E010000 39262
028 E020000 11152
028 E030000 0
028 E040000 60359
028 F010000 41254
028 F020000 11122
028 F030000 0
028 F040000 80927
028 G010000 265516
028 G020000 65699
028 G030000 0
028 G040000 297869
028 H000000 265516
029 000000 Y
030 A000000 6833
030 B000000 4.25
030 C000000 0.25
031 A000000 353
031 B000000 0
032 000000 6480
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 17
042 B000000 6
042 C000000 8
042 D000000 69
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1725
044 000000 0
045 000000 Y
046 000000 N
<PAGE> PAGE 5
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 9750000
048 C020000 0.450
048 D010000 2500000
048 D020000 0.440
048 E010000 2500000
048 E020000 0.420
048 F010000 2500000
048 F020000 0.400
048 G010000 2500000
048 G020000 0.380
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 20000000
048 K020000 0.360
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
<PAGE> PAGE 6
060 B000000 Y
061 000000 100
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 97.6
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 6.7
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
<PAGE> PAGE 7
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 692716
071 B000000 672297
071 C000000 4491703
071 D000000 15
072 A000000 6
072 B000000 159405
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 10382
072 G000000 0
072 H000000 0
072 I000000 347
072 J000000 238
072 K000000 348
072 L000000 119
072 M000000 32
072 N000000 6
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 36
072 S000000 23
072 T000000 1725
072 U000000 0
072 V000000 0
072 W000000 81
072 X000000 13337
072 Y000000 0
072 Z000000 146068
072AA000000 19396
072BB000000 32420
072CC010000 0
072CC020000 279997
072DD010000 150062
072DD020000 0
072EE000000 0
<PAGE> PAGE 8
073 A010000 0.3780
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 13031
074 B000000 0
074 C000000 2500
074 D000000 4240481
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 12132
074 K000000 0
074 L000000 97458
074 M000000 32
074 N000000 4365634
074 O000000 13749
074 P000000 2417
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 3139
074 S000000 0
074 T000000 4346329
074 U010000 396083
074 U020000 0
074 V010000 10.97
074 V020000 0.00
074 W000000 0.0000
074 X000000 105254
074 Y000000 334182
075 A000000 0
075 B000000 4565465
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 186
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
<PAGE> PAGE 9
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE DIOMEDES LOO-TAM
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE INCOME FUND NOVEMBER 30, 1994 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 4,218,064,779
<INVESTMENTS-AT-VALUE> 4,242,980,637
<RECEIVABLES> 109,590,438
<ASSETS-OTHER> 13,062,591
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,365,633,666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 13,748,935
<OTHER-ITEMS-LIABILITIES> 5,555,545
<TOTAL-LIABILITIES> 19,304,480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,375,599,354
<SHARES-COMMON-STOCK> 396,083,021
<SHARES-COMMON-PRIOR> 393,390,849
<ACCUMULATED-NII-CURRENT> 11,570,847
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (65,756,873)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,915,858
<NET-ASSETS> 4,346,329,186
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 159,404,871
<OTHER-INCOME> 0
<EXPENSES-NET> (13,336,672)
<NET-INVESTMENT-INCOME> 146,068,199
<REALIZED-GAINS-CURRENT> (13,024,230)
<APPREC-INCREASE-CURRENT> (279,997,345)
<NET-CHANGE-FROM-OPS> (146,953,376)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (150,061,713)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,085,792
<NUMBER-OF-SHARES-REDEEMED> (26,095,791)
<SHARES-REINVESTED> 5,702,171
<NET-CHANGE-IN-ASSETS> (263,669,587)
<ACCUMULATED-NII-PRIOR> 15,564,361
<ACCUMULATED-GAINS-PRIOR> (52,732,643)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (10,381,989)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13,336,672)
<AVERAGE-NET-ASSETS> 4,565,464,547
<PER-SHARE-NAV-BEGIN> 11.72
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.742)
<PER-SHARE-DIVIDEND> (.378)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
