<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000798523
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN NEW YORK TAX-FREE TRUST
001 B000000 811-4787
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
005 000000 N
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007 B000000 3
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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
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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 B00AA01 00000
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
<PAGE> PAGE 2
010 C04AA01 1585
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 PRICEWATERHOUSECOOPERS LLP
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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<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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050 000200 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
070 H020200 N
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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, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 76,897,692
<INVESTMENTS-AT-VALUE> 81,358,586
<RECEIVABLES> 1,449,177
<ASSETS-OTHER> 120,273
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 1,981,126
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<OTHER-ITEMS-LIABILITIES> 257,821
<TOTAL-LIABILITIES> 2,238,947
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 7,490,318
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,559,531)
<ACCUM-APPREC-OR-DEPREC> 4,460,894
<NET-ASSETS> 80,689,089
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,509,216
<OTHER-INCOME> 0
<EXPENSES-NET> (299,709)
<NET-INVESTMENT-INCOME> 3,209,507
<REALIZED-GAINS-CURRENT> 262,095
<APPREC-INCREASE-CURRENT> 861,981
<NET-CHANGE-FROM-OPS> 4,333,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,321,193)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (2,136,427)
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<ACCUMULATED-NII-PRIOR> 176,903
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,821,626)
<GROSS-ADVISORY-FEES> (420,910)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (555,653)
<AVERAGE-NET-ASSETS> 66,705,245
<PER-SHARE-NAV-BEGIN> 10.620
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> .180
<PER-SHARE-DIVIDEND> (.540)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.770
<EXPENSE-RATIO> .450<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .83%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE TRUST DECEMBER 31, 1998 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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 257,787,722
<INVESTMENTS-AT-VALUE> 277,237,708
<RECEIVABLES> 5,195,448
<ASSETS-OTHER> 479,241
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,912,397
<PAYABLE-FOR-SECURITIES> 2,020,740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,006,705
<TOTAL-LIABILITIES> 3,027,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 260,419,126
<SHARES-COMMON-STOCK> 23,092,312
<SHARES-COMMON-PRIOR> 22,389,356
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (77,013)
<ACCUMULATED-NET-GAINS> 92,853
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,449,986
<NET-ASSETS> 279,884,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,187,162
<OTHER-INCOME> 0
<EXPENSES-NET> (2,005,413)
<NET-INVESTMENT-INCOME> 13,181,749
<REALIZED-GAINS-CURRENT> 1,939,615
<APPREC-INCREASE-CURRENT> 706,841
<NET-CHANGE-FROM-OPS> 15,828,205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,961,991)
<DISTRIBUTIONS-OF-GAINS> (1,299,492)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,627,781
<NUMBER-OF-SHARES-REDEEMED> (2,604,462)
<SHARES-REINVESTED> 679,637
<NET-CHANGE-IN-ASSETS> 13,293,590
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (943)
<OVERDIST-NET-GAINS-PRIOR> (502,730)
<GROSS-ADVISORY-FEES> (1,482,054)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,005,413)
<AVERAGE-NET-ASSETS> 273,185,359
<PER-SHARE-NAV-BEGIN> 11.660
<PER-SHARE-NII> .570
<PER-SHARE-GAIN-APPREC> .110
<PER-SHARE-DIVIDEND> (.570)<F1>
<PER-SHARE-DISTRIBUTIONS> (.060)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.710
<EXPENSE-RATIO> .720
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME IN THE AMOUNT OF $.003
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN NEW YORK TAX-FREE TRUST DECEMBER 31, 1998 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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 257,787,722
<INVESTMENTS-AT-VALUE> 277,237,708
<RECEIVABLES> 5,195,448
<ASSETS-OTHER> 479,241
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,912,397
<PAYABLE-FOR-SECURITIES> 2,020,740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,006,705
<TOTAL-LIABILITIES> 3,027,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 260,419,126
<SHARES-COMMON-STOCK> 799,661
<SHARES-COMMON-PRIOR> 476,869
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (77,013)
<ACCUMULATED-NET-GAINS> 92,853
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,449,986
<NET-ASSETS> 279,884,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,187,162
<OTHER-INCOME> 0
<EXPENSES-NET> (2,005,413)
<NET-INVESTMENT-INCOME> 13,181,749
<REALIZED-GAINS-CURRENT> 1,939,615
<APPREC-INCREASE-CURRENT> 706,841
<NET-CHANGE-FROM-OPS> 15,828,205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (295,828)
<DISTRIBUTIONS-OF-GAINS> (44,540)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 410,496
<NUMBER-OF-SHARES-REDEEMED> (108,928)
<SHARES-REINVESTED> 21,224
<NET-CHANGE-IN-ASSETS> 13,293,590
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (943)
<OVERDIST-NET-GAINS-PRIOR> (502,730)
<GROSS-ADVISORY-FEES> (1,482,054)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,005,413)
<AVERAGE-NET-ASSETS> 273,185,359
<PER-SHARE-NAV-BEGIN> 11.750
<PER-SHARE-NII> .480
<PER-SHARE-GAIN-APPREC> .160
<PER-SHARE-DIVIDEND> (.510)<F1>
<PER-SHARE-DISTRIBUTIONS> (.060)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.820
<EXPENSE-RATIO> 1.280
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME IN THE AMOUNT OF $.002
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN NEW YORK TAX-FREE TRUST DECEMBER 31, 1998 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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 57,340,416
<INVESTMENTS-AT-VALUE> 57,340,416
<RECEIVABLES> 802,477
<ASSETS-OTHER> 17,758
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,160,651
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 282,671
<TOTAL-LIABILITIES> 282,671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,877,980
<SHARES-COMMON-STOCK> 57,877,980
<SHARES-COMMON-PRIOR> 63,719,765
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 57,877,980
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,017,989
<OTHER-INCOME> 0
<EXPENSES-NET> (361,305)
<NET-INVESTMENT-INCOME> 1,656,684
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,656,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,656,684)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,502,356
<NUMBER-OF-SHARES-REDEEMED> (59,001,135)
<SHARES-REINVESTED> 1,656,994
<NET-CHANGE-IN-ASSETS> (5,841,785)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (376,567)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (497,523)
<AVERAGE-NET-ASSETS> 60,248,503
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.030)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .600<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .83%
</FN>
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors 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, 1998, 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 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, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
S\PricewaterhouseCoopers LLP
San Francisco, California
February 4, 1999
