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<PAGE> PAGE 2
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
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012 C010001 SAN MATEO
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012 C030001 94404
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE LAURA FERGERSON
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 30,1998 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-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 4,550,675,117
<INVESTMENTS-AT-VALUE> 4,966,671,216
<RECEIVABLES> 86,898,371
<ASSETS-OTHER> 31,946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,053,601,533
<PAYABLE-FOR-SECURITIES> 18,161,949
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,159,469
<TOTAL-LIABILITIES> 27,321,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,572,746,290
<SHARES-COMMON-STOCK> 402,189,744
<SHARES-COMMON-PRIOR> 399,459,910
<ACCUMULATED-NII-CURRENT> 2,708,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,828,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 415,996,099
<NET-ASSETS> 5,026,280,115
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 147,404,236
<OTHER-INCOME> 0
<EXPENSES-NET> (14,883,450)
<NET-INVESTMENT-INCOME> 132,520,786
<REALIZED-GAINS-CURRENT> 8,023,451
<APPREC-INCREASE-CURRENT> 33,776,340
<NET-CHANGE-FROM-OPS> 174,320,577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (130,932,986)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,351,237
<NUMBER-OF-SHARES-REDEEMED> (19,590,898)
<SHARES-REINVESTED> 4,969,495
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> (11,360,420)
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<GROSS-EXPENSE> (14,883,450)
<AVERAGE-NET-ASSETS> 4,984,923,100
<PER-SHARE-NAV-BEGIN> 12.080
<PER-SHARE-NII> .320
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<FN>
<F1> ANNUALIZED
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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 30,1998 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-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 4,550,675,117
<INVESTMENTS-AT-VALUE> 4,966,671,216
<RECEIVABLES> 86,898,371
<ASSETS-OTHER> 31,946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,053,601,533
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<OTHER-ITEMS-LIABILITIES> 9,159,469
<TOTAL-LIABILITIES> 27,321,418
<SENIOR-EQUITY> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (11,360,420)
<INTEREST-EXPENSE> 0
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<PER-SHARE-DIVIDEND> (.290)
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<EXPENSE-RATIO> 1.160<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
