<PAGE> PAGE 1
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008 D04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
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<PAGE> PAGE 2
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
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012 C01AA01 SAN MATEO
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012 C03AA01 94403
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
070 H020200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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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 TRUST DECEMBER 31, 1995 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> FRANKLIN NEW YORK TAX-EXEMPT MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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<NET-CHANGE-IN-ASSETS> (3,756,270)
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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 TRUST DECEMBER 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN NEW YORK INSURED TAX-FREE INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1995
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,825,549)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,666,848
<NUMBER-OF-SHARES-REDEEMED> (3,028,976)
<SHARES-REINVESTED> 660,709
<NET-CHANGE-IN-ASSETS> 31,806,044
<ACCUMULATED-NII-PRIOR> 186,418
<ACCUMULATED-GAINS-PRIOR> (2,143,589)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,347,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,743,839
<AVERAGE-NET-ASSETS> 242,960,674
<PER-SHARE-NAV-BEGIN> 10.160
<PER-SHARE-NII> .590
<PER-SHARE-GAIN-APPREC> 1.248
<PER-SHARE-DIVIDEND> (.588)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.410
<EXPENSE-RATIO> .650
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE TRUST DECEMBER 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN NEW YORK INSURED TAX-FREE INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 238,052,122
<INVESTMENTS-AT-VALUE> 254,100,128
<RECEIVABLES> 4,795,994
<ASSETS-OTHER> 507,578
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,403,700
<PAYABLE-FOR-SECURITIES> 2,038,469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498,243
<TOTAL-LIABILITIES> 2,536,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244,410,819
<SHARES-COMMON-STOCK> 60,671
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 233,712
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,825,549)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,048,006
<NET-ASSETS> 256,866,988
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,648,072
<OTHER-INCOME> 0
<EXPENSES-NET> (1,581,842)
<NET-INVESTMENT-INCOME> 13,066,230
<REALIZED-GAINS-CURRENT> (1,681,960)
<APPREC-INCREASE-CURRENT> 29,401,034
<NET-CHANGE-FROM-OPS> 40,785,304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,004)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,638
<NUMBER-OF-SHARES-REDEEMED> (361)
<SHARES-REINVESTED> 394
<NET-CHANGE-IN-ASSETS> 31,806,044
<ACCUMULATED-NII-PRIOR> 186,418
<ACCUMULATED-GAINS-PRIOR> (2,143,589)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,347,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,743,839
<AVERAGE-NET-ASSETS> 242,960,674
<PER-SHARE-NAV-BEGIN> 10.850
<PER-SHARE-NII> .357
<PER-SHARE-GAIN-APPREC> .596
<PER-SHARE-DIVIDEND> (.343)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.460
<EXPENSE-RATIO> 1.230
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE TRUST DECEMBER 31, 1995 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 39,823,095
<INVESTMENTS-AT-VALUE> 42,223,393
<RECEIVABLES> 909,712
<ASSETS-OTHER> 167,379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,300,484
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,412
<TOTAL-LIABILITIES> 71,412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,451,759
<SHARES-COMMON-STOCK> 4,155,718
<SHARES-COMMON-PRIOR> 3,661,319
<ACCUMULATED-NII-CURRENT> 174,656
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,797,641)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,400,298
<NET-ASSETS> 43,229,072
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,291,285
<OTHER-INCOME> 0
<EXPENSES-NET> (128,654)
<NET-INVESTMENT-INCOME> 2,162,631
<REALIZED-GAINS-CURRENT> 13,479
<APPREC-INCREASE-CURRENT> 2,971,907
<NET-CHANGE-FROM-OPS> 5,148,017
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,115,155)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,174,610
<NUMBER-OF-SHARES-REDEEMED> (806,339)
<SHARES-REINVESTED> 126,128
<NET-CHANGE-IN-ASSETS> 8,063,151
<ACCUMULATED-NII-PRIOR> 127,180
<ACCUMULATED-GAINS-PRIOR> (2,811,120)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247,415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321,562
<AVERAGE-NET-ASSETS> 39,243,895
<PER-SHARE-NAV-BEGIN> 9.600
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> .795
<PER-SHARE-DIVIDEND> (.545)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.400
<EXPENSE-RATIO> .330
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Franklin New York Tax-Free Trust:
In planning and performing our audit of the financial
statements and financial highlights of the funds comprising
the Franklin New York Tax-Free Trust for the year ended
December 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Franklin New York Tax-Free Trust is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements and
financial highlights being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of
December 31, 1995.
This report is intended solely for the information and use
of management of the Franklin New York Tax-Free Trust and
the Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
January 31, 1996
