<PAGE> PAGE 1
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002 D010000 94404
002 D020000 1585
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007 C030200 N
007 C010300 3
007 C020300 FRANKLIN NY INTERM-TERM TAX-FREE INCOME FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94403
010 C04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
<PAGE> PAGE 2
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
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 BANK OF AMERICA NT & SA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94104
015 C04AA01 1502
015 E01AA01 X
015 A00AA02 CITIBANK DELAWARE
015 B00AA02 C
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015 C02AA02 DE
015 C03AA02 19720
015 C04AA02 2409
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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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008 D010201 SAN MATEO
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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070 A010200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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008 A000301 FRANKLIN INVESTMENT ADVISORY SERVICES, INC.
008 B000301 A
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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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<PAGE> PAGE 17
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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, 1996 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN NEW YORK TAX-EXEMPT MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1996
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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, 1996 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>
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<OTHER-ITEMS-LIABILITIES> 553,454
<TOTAL-LIABILITIES> 2,525,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,369,301
<SHARES-COMMON-STOCK> 23,121,564
<SHARES-COMMON-PRIOR> 22,454,811
<ACCUMULATED-NII-CURRENT> 221,551
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,946,167)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,560,346
<NET-ASSETS> 265,205,031
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,263,715
<OTHER-INCOME> 0
<EXPENSES-NET> (1,690,870)
<NET-INVESTMENT-INCOME> 13,572,845
<REALIZED-GAINS-CURRENT> 879,382
<APPREC-INCREASE-CURRENT> (3,487,660)
<NET-CHANGE-FROM-OPS> 10,964,567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,462,392)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,298,042
<NUMBER-OF-SHARES-REDEEMED> (3,323,568)
<SHARES-REINVESTED> 692,279
<NET-CHANGE-IN-ASSETS> 8,338,043
<ACCUMULATED-NII-PRIOR> 233,712
<ACCUMULATED-GAINS-PRIOR> (3,825,549)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,414,871
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,822,689
<AVERAGE-NET-ASSETS> 258,758,636
<PER-SHARE-NAV-BEGIN> 11.410
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> (0.121)
<PER-SHARE-DIVIDEND> (0.589)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.290
<EXPENSE-RATIO> 0.650
<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 DECEMBER 31, 1996 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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 250,100,115
<INVESTMENTS-AT-VALUE> 262,660,461
<RECEIVABLES> 4,996,813
<ASSETS-OTHER> 72,813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267,730,087
<PAYABLE-FOR-SECURITIES> 1,971,602
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 553,454
<TOTAL-LIABILITIES> 2,525,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,369,301
<SHARES-COMMON-STOCK> 363,893
<SHARES-COMMON-PRIOR> 60,671
<ACCUMULATED-NII-CURRENT> 221,551
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,946,167)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,560,346
<NET-ASSETS> 265,205,031
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,263,715
<OTHER-INCOME> 0
<EXPENSES-NET> (1,690,870)
<NET-INVESTMENT-INCOME> 13,572,845
<REALIZED-GAINS-CURRENT> 879,382
<APPREC-INCREASE-CURRENT> (3,487,660)
<NET-CHANGE-FROM-OPS> 10,964,567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (122,614)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 366,427
<NUMBER-OF-SHARES-REDEEMED> (71,226)
<SHARES-REINVESTED> 8,021
<NET-CHANGE-IN-ASSETS> 8,338,043
<ACCUMULATED-NII-PRIOR> 233,712
<ACCUMULATED-GAINS-PRIOR> (3,825,549)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,414,871
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,822,689
<AVERAGE-NET-ASSETS> 258,758,636
<PER-SHARE-NAV-BEGIN> 11.460
<PER-SHARE-NII> 0.527
<PER-SHARE-GAIN-APPREC> (0.101)
<PER-SHARE-DIVIDEND> (0.516)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.370
<EXPENSE-RATIO> 1.220
<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 DECEMBER 31, 1996 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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 41,482,086
<INVESTMENTS-AT-VALUE> 43,584,595
<RECEIVABLES> 978,784
<ASSETS-OTHER> 355,736
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,919,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97,084
<TOTAL-LIABILITIES> 97,084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,598,504
<SHARES-COMMON-STOCK> 4,360,363
<SHARES-COMMON-PRIOR> 4,155,718
<ACCUMULATED-NII-CURRENT> 180,254
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,059,236)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,102,509
<NET-ASSETS> 44,822,031
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,600,906
<OTHER-INCOME> 0
<EXPENSES-NET> (166,219)
<NET-INVESTMENT-INCOME> 2,434,687
<REALIZED-GAINS-CURRENT> (261,595)
<APPREC-INCREASE-CURRENT> (297,789)
<NET-CHANGE-FROM-OPS> 1,875,303
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,429,089)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,539,727
<NUMBER-OF-SHARES-REDEEMED> (1,473,947)
<SHARES-REINVESTED> 138,865
<NET-CHANGE-IN-ASSETS> 1,592,959
<ACCUMULATED-NII-PRIOR> 174,656
<ACCUMULATED-GAINS-PRIOR> (2,797,641)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 278,912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 368,998
<AVERAGE-NET-ASSETS> 44,526,009
<PER-SHARE-NAV-BEGIN> 10.400
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> (.124)
<PER-SHARE-DIVIDEND> (.556)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.280
<EXPENSE-RATIO> .370
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of
Franklin New York Tax-Free Trust:
In planning and performing our audit of the financial
statements and financial highlights of the three funds
comprising the Franklin New York Tax-Free Trust for the year
ended December 31, 1996, 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 judgements 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, 1996.
This report is intended solely for the information and use
of management of 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
February 4, 1997
