<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000798523
000 D000000 N
000 E000000 NF
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000 J000000 A
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001 C000000 6503122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
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006 000000 N
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007 C020100 FRANKLIN NEW YORK TAX-EXEMPT MONEY FUND
007 C030100 N
007 C010200 2
007 C020200 FRANKLIN NY INSURED TAX-FREE INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 FRANKLIN NY INTERM-TERM TAX-FREE INCOME FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 7777
010 A00AA01 FRANKLIN TEMPLETON SERVICES
010 B00AA01 801-26292
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
<PAGE> PAGE 2
010 C04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
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015 C03AA01 10286
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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
054 J000100 Y
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<PAGE> PAGE 7
070 H010100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
042 C000200 100
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043 000200 124
044 000200 79
049 000200 N
050 000200 N
051 000200 N
052 000200 N
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054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
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054 J000200 Y
054 K000200 N
054 L000200 Y
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054 O000200 N
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
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<PAGE> PAGE 11
062 O000200 99.7
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070 E020200 N
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070 G010200 N
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070 I020200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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024 000300 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
055 A000300 N
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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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 TRUST JUNE 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-EXEMPT MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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<RECEIVABLES> 593,878
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<SENIOR-EQUITY> 0
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 61,624,776
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,060,010
<OTHER-INCOME> 0
<EXPENSES-NET> (181,202)
<NET-INVESTMENT-INCOME> 878,808
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 878,808
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (878,808)
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<PER-SHARE-NII> .014
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.014)
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .600
<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 JUNE 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,889
<TOTAL-LIABILITIES> 182,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,069,493
<SHARES-COMMON-STOCK> 4,891,825
<SHARES-COMMON-PRIOR> 4,360,363
<ACCUMULATED-NII-CURRENT> 189,559
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,055,208)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,391,112
<NET-ASSETS> 50,589,956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,350,919
<OTHER-INCOME> 0
<EXPENSES-NET> (103,421)
<NET-INVESTMENT-INCOME> 1,247,498
<REALIZED-GAINS-CURRENT> 4,028
<APPREC-INCREASE-CURRENT> 288,603
<NET-CHANGE-FROM-OPS> 1,540,129
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,243,193)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,069,286
<NUMBER-OF-SHARES-REDEEMED> (610,317)
<SHARES-REINVESTED> 72,493
<NET-CHANGE-IN-ASSETS> 5,767,925
<ACCUMULATED-NII-PRIOR> 180,254
<ACCUMULATED-GAINS-PRIOR> (3,059,236)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 146,191
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193,385
<AVERAGE-NET-ASSETS> 46,516,889
<PER-SHARE-NAV-BEGIN> 10.280
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> .066
<PER-SHARE-DIVIDEND> (.276)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.340
<EXPENSE-RATIO> .450
<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 JUNE 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 249,483,521
<INVESTMENTS-AT-VALUE> 261,434,486
<RECEIVABLES> 16,534,246
<ASSETS-OTHER> 178,338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 278,147,070
<PAYABLE-FOR-SECURITIES> 15,161,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,064,617
<TOTAL-LIABILITIES> 16,226,118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 251,791,390
<SHARES-COMMON-STOCK> 22,766,103
<SHARES-COMMON-PRIOR> 23,121,564
<ACCUMULATED-NII-CURRENT> 84,025
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,905,428)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,950,965
<NET-ASSETS> 261,920,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,673,219
<OTHER-INCOME> 0
<EXPENSES-NET> (933,145)
<NET-INVESTMENT-INCOME> 6,740,074
<REALIZED-GAINS-CURRENT> 1,040,739
<APPREC-INCREASE-CURRENT> (609,381)
<NET-CHANGE-FROM-OPS> 7,171,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,777,685)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,262,467
<NUMBER-OF-SHARES-REDEEMED> (1,964,878)
<SHARES-REINVESTED> 346,950
<NET-CHANGE-IN-ASSETS> (3,284,079)
<ACCUMULATED-NII-PRIOR> 221,551
<ACCUMULATED-GAINS-PRIOR> (2,946,167)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 710,620
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 933,145
<AVERAGE-NET-ASSETS> 256,151,514
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.024
<PER-SHARE-DIVIDEND> (0.294)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE TRUST JUNE 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 249,483,521
<INVESTMENTS-AT-VALUE> 261,434,486
<RECEIVABLES> 16,534,246
<ASSETS-OTHER> 178,338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 278,147,070
<PAYABLE-FOR-SECURITIES> 15,161,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,064,617
<TOTAL-LIABILITIES> 16,226,118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 251,791,390
<SHARES-COMMON-STOCK> 399,487
<SHARES-COMMON-PRIOR> 363,893
<ACCUMULATED-NII-CURRENT> 84,025
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,905,428)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,950,965
<NET-ASSETS> 261,920,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,673,219
<OTHER-INCOME> 0
<EXPENSES-NET> (933,145)
<NET-INVESTMENT-INCOME> 6,740,074
<REALIZED-GAINS-CURRENT> 1,040,739
<APPREC-INCREASE-CURRENT> (609,381)
<NET-CHANGE-FROM-OPS> 7,171,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (99,915)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,776
<NUMBER-OF-SHARES-REDEEMED> (77,161)
<SHARES-REINVESTED> 6,979
<NET-CHANGE-IN-ASSETS> (3,284,079)
<ACCUMULATED-NII-PRIOR> 221,551
<ACCUMULATED-GAINS-PRIOR> (2,946,167)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 710,620
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 933,145
<AVERAGE-NET-ASSETS> 4,253,538
<PER-SHARE-NAV-BEGIN> 11.37
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.011
<PER-SHARE-DIVIDEND> (0.261)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
