<PAGE> PAGE 1
000 B000000 12/31/97
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001 C000000 6503122000
002 A000000 777 MARINERS ISLAND BOULEVARD
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002 D020000 1585
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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
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008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 1585
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
010 C04AA01 1585
<PAGE> PAGE 2
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
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
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015 B00AA01 C
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022 C000002 26694
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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
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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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<PAGE> PAGE 17
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<PAGE> PAGE 18
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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 DECEMBER 31, 1997 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>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<PER-SHARE-DIVIDEND> (.030)
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<EXPENSE-RATIO> .600
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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, 1997 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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 54,591,043
<INVESTMENTS-AT-VALUE> 58,189,956
<RECEIVABLES> 1,304,570
<ASSETS-OTHER> 173,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,668,481
<PAYABLE-FOR-SECURITIES> 497,567
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 254,712
<TOTAL-LIABILITIES> 752,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,962,012
<SHARES-COMMON-STOCK> 5,547,273
<SHARES-COMMON-PRIOR> 4,360,363
<ACCUMULATED-NII-CURRENT> 176,903
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,821,626)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,598,913
<NET-ASSETS> 58,916,202
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,869,830
<OTHER-INCOME> 0
<EXPENSES-NET> (226,349)
<NET-INVESTMENT-INCOME> 2,643,481
<REALIZED-GAINS-CURRENT> 237,610
<APPREC-INCREASE-CURRENT> 1,496,404
<NET-CHANGE-FROM-OPS> 4,377,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,646,832)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,234,707
<NUMBER-OF-SHARES-REDEEMED> (1,202,679)
<SHARES-REINVESTED> 154,882
<NET-CHANGE-IN-ASSETS> 14,094,171
<ACCUMULATED-NII-PRIOR> 180,254
<ACCUMULATED-GAINS-PRIOR> (3,059,236)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 317,251
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 410,727
<AVERAGE-NET-ASSETS> 50,291,219
<PER-SHARE-NAV-BEGIN> 10.280
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> .350
<PER-SHARE-DIVIDEND> (.550)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.620
<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 DECEMBER 31, 1997 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
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 243,785,907
<INVESTMENTS-AT-VALUE> 262,529,052
<RECEIVABLES> 5,026,399
<ASSETS-OTHER> 13,862
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267,569,313
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 977,951
<TOTAL-LIABILITIES> 977,951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 248,351,890
<SHARES-COMMON-STOCK> 22,389,356
<SHARES-COMMON-PRIOR> 23,121,564
<ACCUMULATED-NII-CURRENT> (943)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (502,730)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,743,145
<NET-ASSETS> 266,591,362
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,261,210
<OTHER-INCOME> 0
<EXPENSES-NET> (1,903,747)
<NET-INVESTMENT-INCOME> 13,357,463
<REALIZED-GAINS-CURRENT> 2,443,437
<APPREC-INCREASE-CURRENT> 6,182,799
<NET-CHANGE-FROM-OPS> 21,983,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,365,216)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,143,970
<NUMBER-OF-SHARES-REDEEMED> (3,542,992)
<SHARES-REINVESTED> 666,814
<NET-CHANGE-IN-ASSETS> 1,386,331
<ACCUMULATED-NII-PRIOR> 221,551
<ACCUMULATED-GAINS-PRIOR> (2,946,167)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,433,123
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,903,747
<AVERAGE-NET-ASSETS> 263,083,847
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> (0.590)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.66
<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 DECEMBER 31, 1997 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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 243,785,907
<INVESTMENTS-AT-VALUE> 262,529,052
<RECEIVABLES> 5,026,399
<ASSETS-OTHER> 13,862
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267,569,313
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 977,951
<TOTAL-LIABILITIES> 977,951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 248,351,890
<SHARES-COMMON-STOCK> 476,869
<SHARES-COMMON-PRIOR> 363,893
<ACCUMULATED-NII-CURRENT> (943)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (502,730)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,743,145
<NET-ASSETS> 266,591,362
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,261,210
<OTHER-INCOME> 0
<EXPENSES-NET> (1,903,747)
<NET-INVESTMENT-INCOME> 13,357,463
<REALIZED-GAINS-CURRENT> 2,443,437
<APPREC-INCREASE-CURRENT> 6,182,799
<NET-CHANGE-FROM-OPS> 21,983,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (214,741)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 197,439
<NUMBER-OF-SHARES-REDEEMED> (98,680)
<SHARES-REINVESTED> 14,217
<NET-CHANGE-IN-ASSETS> 1,386,331
<ACCUMULATED-NII-PRIOR> 221,551
<ACCUMULATED-GAINS-PRIOR> (2,946,167)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,433,123
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,903,747
<AVERAGE-NET-ASSETS> 263,083,847
<PER-SHARE-NAV-BEGIN> 11.37
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> (0.520)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.75
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of Franklin
New York Tax-Free Trust:
In planning and performing our audit of the financial
statements of Franklin New York Tax-Free Trust
for the year ended December 31, 1997, we considered its internal
control, including controls over safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Franklin New York Tax-Free Trust
is responsible for establishing and maintaining
internal control. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and may not
be detected. Also, projection of any evaluation of
internal control 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
would not necessarily disclose all matters in
internal control 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 any specific internal control component
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 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 internal control, including controls over
safeguarding securities, that we consider
to be material weaknesses as defined above
as of December 31, 1997.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
February 3, 1998
