<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN NEW YORK TAX-FREE INCOME FUND MAY 31, 2000
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 B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 4,278,712,732
<INVESTMENTS-AT-VALUE> 4,311,121,486
<RECEIVABLES> 86,604,604
<ASSETS-OTHER> 30,492
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,397,756,582
<PAYABLE-FOR-SECURITIES> 6,134,725
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,596,228
<TOTAL-LIABILITIES> 17,730,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,390,587,042
<SHARES-COMMON-STOCK> 3,700,715
<SHARES-COMMON-PRIOR> 1,602,304
<ACCUMULATED-NII-CURRENT> 5,551,451
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (48,521,617)
<ACCUM-APPREC-OR-DEPREC> 32,408,754
<NET-ASSETS> 4,380,025,630
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 289,508,690
<OTHER-INCOME> 0
<EXPENSES-NET> (28,613,053)
<NET-INVESTMENT-INCOME> 260,895,637
<REALIZED-GAINS-CURRENT> (47,319,511)
<APPREC-INCREASE-CURRENT> (281,536,117)
<NET-CHANGE-FROM-OPS> (67,959,991)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,533,076)
<DISTRIBUTIONS-OF-GAINS> (188,951)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,368,489
<NUMBER-OF-SHARES-REDEEMED> (372,932)
<SHARES-REINVESTED> 102,854
<NET-CHANGE-IN-ASSETS> (625,789,540)
<ACCUMULATED-NII-PRIOR> 2,837,217
<ACCUMULATED-GAINS-PRIOR> 26,140,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (21,061,316)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (28,613,053)
<AVERAGE-NET-ASSETS> 4,638,703,188
<PER-SHARE-NAV-BEGIN> 11.890
<PER-SHARE-NII> .570<F1>
<PER-SHARE-GAIN-APPREC> (.780)
<PER-SHARE-DIVIDEND> (.570)
<PER-SHARE-DISTRIBUTIONS> (.070)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.040
<EXPENSE-RATIO> 1.170
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING
</FN>
</TABLE>
