<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000703112
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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 94403
002 D020000 7777
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 INVESTMENT ADVISORY SERVICES, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 NORWALK
008 D020001 CT
008 D030001 06854
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94404
010 C040001 7777
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
<PAGE> PAGE 2
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SMITH BARNEY SHEARSON
022 B000001 13-1912900
022 C000001 149845
022 D000001 110313
022 A000002 PAINEWEBBER, INC.
022 B000002 13-2638166
022 C000002 155647
022 D000002 97478
022 A000003 FIRST ALBANY CORP
022 B000003 14-1391446
022 C000003 27835
022 D000003 29084
022 A000004 A.F. BEST SECURITIES, INC.
022 B000004 59-2325576
022 C000004 18758
022 D000004 37563
022 A000005 SAMUEL A. RAMIREZ & CO., INC.
022 B000005 13-2695511
022 C000005 20629
022 D000005 31050
022 A000006 PRUDENTIAL BACHE SECURITIES
022 B000006 22-2347336
022 C000006 24840
022 D000006 26834
022 A000007 BEAR,STEARNS & CO., INC.
022 B000007 13-3299429
022 C000007 34270
022 D000007 15718
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 15039
022 D000008 26009
022 A000009 BANC ONE CAPITAL CORP.
022 B000009 31-1017233
022 C000009 27643
022 D000009 10508
022 A000010 RAUSCHER PIERCE REFSNES, INC.
022 B000010 75-1828470
022 C000010 6382
022 D000010 19352
023 C000000 528870
023 D000000 475788
024 000000 N
028 A010000 36049
028 A020000 10955
028 A030000 0
028 A040000 50189
<PAGE> PAGE 3
028 B010000 45115
028 B020000 10924
028 B030000 0
028 B040000 42780
028 C010000 42355
028 C020000 10969
028 C030000 0
028 C040000 44540
028 D010000 33769
028 D020000 10760
028 D030000 0
028 D040000 48690
028 E010000 36775
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028 E040000 55196
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028 F030000 0
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028 G010000 226488
028 G020000 65162
028 G030000 0
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028 H000000 226488
029 000000 Y
030 A000000 5216
030 B000000 4.25
030 C000000 0.00
031 A000000 148
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035 000000 13
036 A000000 N
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042 A000000 0
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042 C000000 100
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044 000000 372
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047 000000 Y
048 000000 0.000
<PAGE> PAGE 4
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
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.1
062 F000000 0.0
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062 O000000 98.2
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 7.3
064 A000000 Y
064 B000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
<PAGE> PAGE 5
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
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 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 327478
071 B000000 337317
071 C000000 4714981
071 D000000 7
072 A000000 6
072 B000000 155117
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 10956
072 G000000 0
072 H000000 0
074 N000000 4883442
074 T000000 4880156
075 A000000 0
075 B000000 4804406
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
<PAGE> PAGE 6
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASST. 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, 1996 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-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 4,510,039,266
<INVESTMENTS-AT-VALUE> 4,795,528,339
<RECEIVABLES> 87,874,339
<ASSETS-OTHER> 39,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,883,442,032
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,285,877
<TOTAL-LIABILITIES> 3,285,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,590,498,376
<SHARES-COMMON-STOCK> 409,628,652
<SHARES-COMMON-PRIOR> 410,969,338
<ACCUMULATED-NII-CURRENT> 597,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,571,227
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 285,489,073
<NET-ASSETS> 4,880,156,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 155,117,330
<OTHER-INCOME> 0
<EXPENSES-NET> (14,084,740)
<NET-INVESTMENT-INCOME> 141,032,590
<REALIZED-GAINS-CURRENT> (5,687,163)
<APPREC-INCREASE-CURRENT> 137,935,442
<NET-CHANGE-FROM-OPS> 273,280,869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (141,784,412)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,932,193
<NUMBER-OF-SHARES-REDEEMED> (24,871,423)
<SHARES-REINVESTED> 5,598,544
<NET-CHANGE-IN-ASSETS> 131,626,367
<ACCUMULATED-NII-PRIOR> 2,622,929
<ACCUMULATED-GAINS-PRIOR> 9,258,390
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,955,728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,084,740
<AVERAGE-NET-ASSETS> 4,804,405,538
<PER-SHARE-NAV-BEGIN> 11.460
<PER-SHARE-NII> .340
<PER-SHARE-GAIN-APPREC> .315
<PER-SHARE-DIVIDEND> (0.345)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.770
<EXPENSE-RATIO> .580
<AVG-DEBT-OUTSTANDING> 0
<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, 1996 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-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 4,510,039,266
<INVESTMENTS-AT-VALUE> 4,795,528,339
<RECEIVABLES> 87,874,339
<ASSETS-OTHER> 39,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,883,442,032
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,285,877
<TOTAL-LIABILITIES> 3,285,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,590,498,376
<SHARES-COMMON-STOCK> 4,883,244
<SHARES-COMMON-PRIOR> 3,409,918
<ACCUMULATED-NII-CURRENT> 597,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,571,227
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 285,489,073
<NET-ASSETS> 4,880,156,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 155,117,330
<OTHER-INCOME> 0
<EXPENSES-NET> (14,084,740)
<NET-INVESTMENT-INCOME> 141,032,590
<REALIZED-GAINS-CURRENT> (5,687,163)
<APPREC-INCREASE-CURRENT> 137,935,442
<NET-CHANGE-FROM-OPS> 273,280,869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,273,628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,684,589
<NUMBER-OF-SHARES-REDEEMED> (276,905)
<SHARES-REINVESTED> 65,642
<NET-CHANGE-IN-ASSETS> 131,626,367
<ACCUMULATED-NII-PRIOR> 2,622,929
<ACCUMULATED-GAINS-PRIOR> 9,258,390
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,955,728
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,084,740
<AVERAGE-NET-ASSETS> 4,804,405,538
<PER-SHARE-NAV-BEGIN> 11.450
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> 0.311
<PER-SHARE-DIVIDEND> (0.311)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.760
<EXPENSE-RATIO> 1.160
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
NAME OF REGISTRANT:
"Franklin New York Tax-Free Income Fund, Inc."
File No. 811-3479
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
"At an adjournment to the September 18, 1996 annual "
"meeting of shareholders of the registrant, the following"
items were voted upon:
1. Election of Directors
For Withheld
Harris J. Ashton "334,030,311" "16,854,414"
S. Joseph Fortunato "333,992,599" "16,892,126"
Charles B. Johnson "334,013,021" "16,871,704"
"Rupert H. Johnson, Jr. " "334,069,193" "16,815,532"
Gordon S. Macklin "333,920,004" "16,964,721"
"2. To ratify the selection of Coopers & Lybrand L.L.P., Certified Public"
"Accountants, as the independent auditors for the Fund for the fiscal year"
"ending May 31, 1997:"
For Against
"330,811,096" "3,914,778"
3. To approve a change of the Fund's place an form of organization
from a New York corporation to a Delaware business trust.
For Against
Class I "274,213,776" "22,431,863"
Class II "2,255,791" "138,671"
nsar\1997\nytf-77c.doc
