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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE LAURA FERGERSON
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, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 4,462,984,410
<INVESTMENTS-AT-VALUE> 4,805,179,030
<RECEIVABLES> 86,126,019
<ASSETS-OTHER> 1,199,582
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,892,504,631
<PAYABLE-FOR-SECURITIES> 16,831,262
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 24,599,589
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<NET-ASSETS> 4,867,905,042
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (14,671,269)
<NET-INVESTMENT-INCOME> 136,394,349
<REALIZED-GAINS-CURRENT> 22,177,123
<APPREC-INCREASE-CURRENT> 99,335,964
<NET-CHANGE-FROM-OPS> 257,907,436
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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</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, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 4,462,984,410
<INVESTMENTS-AT-VALUE> 4,805,179,030
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</TABLE>