<PAGE> PAGE 1
000 A000000 11/30/95
000 C000000 0000703112
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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
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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
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
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
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019 C000000 FRNKTEMGRP
020 C000001 0
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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 SMITH BARNEY SHEARSON
022 B000001 13-1912900
022 C000001 218247
022 D000001 152488
022 A000002 PAINEWEBBER INC.
022 B000002 13-2638166
022 C000002 67900
022 D000002 65490
022 A000003 SAMUEL A RAMIREZ & CO., INC.
022 B000003 13-2695511
022 C000003 39875
022 D000003 69894
022 A000004 FIRST ALBANY CORP
022 B000004 14-1391446
<PAGE> PAGE 3
022 C000004 55336
022 D000004 36586
022 A000005 LEHMAN BROTHERS SECS
022 B000005 13-2518466
022 C000005 57086
022 D000005 23697
022 A000006 LAZARD FRERES & CO.
022 B000006 13-5545100
022 C000006 11696
022 D000006 52410
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 43382
022 D000007 13190
022 A000008 BEAR, STEARNS & CO., INC.
022 B000008 13-3299429
022 C000008 34834
022 D000008 20014
022 A000009 ADVEST INC.
022 B000009 06-0950348
022 C000009 29598
022 D000009 12099
022 A000010 MORGAN (JP) SECURITIES INC.
022 B000010 13-3224016
022 C000010 16944
022 D000010 21897
023 C000000 759348
023 D000000 614556
024 000000 N
025 D000001 0
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025 D000003 0
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028 A010000 58893
028 A020000 11331
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028 A040000 39651
<PAGE> PAGE 4
028 B010000 53379
028 B020000 11486
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028 C010000 41638
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028 E010000 38194
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE DIOMEDES LOO-TAM
TITLE 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, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN NEW YORK TAX-FREE INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 4,469,059,323
<INVESTMENTS-AT-VALUE> 4,793,353,715
<RECEIVABLES> 117,532,870
<ASSETS-OTHER> 715,357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,911,601,942
<PAYABLE-FOR-SECURITIES> 46,761,983
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,021,610
<TOTAL-LIABILITIES> 50,783,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,531,139,503
<SHARES-COMMON-STOCK> 407,863,980
<SHARES-COMMON-PRIOR> 402,295,032
<ACCUMULATED-NII-CURRENT> 2,962,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,422,146
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 324,294,392
<NET-ASSETS> 4,860,818,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157,404,362
<OTHER-INCOME> 0
<EXPENSES-NET> (13,773,784)
<NET-INVESTMENT-INCOME> 143,630,578
<REALIZED-GAINS-CURRENT> 9,245,668
<APPREC-INCREASE-CURRENT> 46,932,163
<NET-CHANGE-FROM-OPS> 199,808,409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (147,266,046)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,304,519
<NUMBER-OF-SHARES-REDEEMED> (21,432,205)
<SHARES-REINVESTED> 5,696,634
<NET-CHANGE-IN-ASSETS> 133,849,669
<ACCUMULATED-NII-PRIOR> 6,864,571
<ACCUMULATED-GAINS-PRIOR> (6,823,522)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,838,895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,773,784
<AVERAGE-NET-ASSETS> 4,742,986,459
<PER-SHARE-NAV-BEGIN> 11.750
<PER-SHARE-NII> .350
<PER-SHARE-GAIN-APPREC> .133
<PER-SHARE-DIVIDEND> (.363)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE INCOME FUND NOVEMBER 30, 1995 SEMI-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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 4,469,059,323
<INVESTMENTS-AT-VALUE> 4,793,353,715
<RECEIVABLES> 117,532,870
<ASSETS-OTHER> 715,357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,911,601,942
<PAYABLE-FOR-SECURITIES> 46,761,983
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,021,610
<TOTAL-LIABILITIES> 50,783,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,531,139,503
<SHARES-COMMON-STOCK> 1,598,135
<SHARES-COMMON-PRIOR> 163,023
<ACCUMULATED-NII-CURRENT> 2,962,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,422,146
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 324,294,392
<NET-ASSETS> 4,860,818,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157,404,362
<OTHER-INCOME> 0
<EXPENSES-NET> (13,773,784)
<NET-INVESTMENT-INCOME> 143,630,578
<REALIZED-GAINS-CURRENT> 9,245,668
<APPREC-INCREASE-CURRENT> 46,932,163
<NET-CHANGE-FROM-OPS> 199,808,409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (266,795)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,438,638
<NUMBER-OF-SHARES-REDEEMED> (17,111)
<SHARES-REINVESTED> 13,585
<NET-CHANGE-IN-ASSETS> 133,849,669
<ACCUMULATED-NII-PRIOR> 6,864,571
<ACCUMULATED-GAINS-PRIOR> (6,823,522)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,838,895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,773,784
<AVERAGE-NET-ASSETS> 9,494,974
<PER-SHARE-NAV-BEGIN> 11.730
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> .137
<PER-SHARE-DIVIDEND> (.327)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.870
<EXPENSE-RATIO> 1.170
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
