<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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SIGNATURE KIMBERLEY MONASTERIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
NEW YORK TAX-FREE TRUST DECEMBER 31, 1999 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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<PERIOD-END> DEC-31-1999
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<EXPENSE-RATIO> .600<F1>
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER .83%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
NEW YORK TAX-FREE TRUST DECEMBER 31, 1999 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 A
<S> <C>
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,426,762
<TOTAL-LIABILITIES> 2,426,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,123,166
<SHARES-COMMON-STOCK> 22,474,663
<SHARES-COMMON-PRIOR> 23,092,312
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (61,823)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,669,627)
<ACCUM-APPREC-OR-DEPREC> (1,015,345)
<NET-ASSETS> 254,376,371
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,256,921
<OTHER-INCOME> 0
<EXPENSES-NET> (2,000,946)
<NET-INVESTMENT-INCOME> 13,255,975
<REALIZED-GAINS-CURRENT> (1,667,598)
<APPREC-INCREASE-CURRENT> (20,465,331)
<NET-CHANGE-FROM-OPS> (8,876,954)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,758,387)
<DISTRIBUTIONS-OF-GAINS> (90,756)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,689,288
<NUMBER-OF-SHARES-REDEEMED> (4,917,014)
<SHARES-REINVESTED> 610,077
<NET-CHANGE-IN-ASSETS> (25,508,581)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92,853
<OVERDISTRIB-NII-PRIOR> (77,013)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,456,859)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,000,946)
<AVERAGE-NET-ASSETS> 268,681,676
<PER-SHARE-NAV-BEGIN> 11.710
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> (.940)
<PER-SHARE-DIVIDEND> (.560)
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.770
<EXPENSE-RATIO> .720
<FN>
<F1>THE FUND DISTRIBUTED CAPITAL GAINS IN THE AMOUNT OF $.004.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
NEW YORK TAX-FREE TRUST DECEMBER 31, 1999 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 C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 252,245,246
<INVESTMENTS-AT-VALUE> 251,229,901
<RECEIVABLES> 5,573,234
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 256,803,135
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,426,762
<TOTAL-LIABILITIES> 2,426,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,123,166
<SHARES-COMMON-STOCK> 1,130,992
<SHARES-COMMON-PRIOR> 799,661
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (61,823)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,669,627)
<ACCUM-APPREC-OR-DEPREC> (1,015,345)
<NET-ASSETS> 254,376,371
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,256,921
<OTHER-INCOME> 0
<EXPENSES-NET> (2,000,946)
<NET-INVESTMENT-INCOME> 13,255,975
<REALIZED-GAINS-CURRENT> (1,667,598)
<APPREC-INCREASE-CURRENT> (20,465,331)
<NET-CHANGE-FROM-OPS> (8,876,954)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (482,398)
<DISTRIBUTIONS-OF-GAINS> (4,126)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 468,274
<NUMBER-OF-SHARES-REDEEMED> (168,128)
<SHARES-REINVESTED> 31,185
<NET-CHANGE-IN-ASSETS> (25,508,581)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92,853
<OVERDISTRIB-NII-PRIOR> (77,013)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,456,859)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,000,946)
<AVERAGE-NET-ASSETS> 268,681,676
<PER-SHARE-NAV-BEGIN> 11.820
<PER-SHARE-NII> .490
<PER-SHARE-GAIN-APPREC> (.940)
<PER-SHARE-DIVIDEND> (.490)
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.880
<EXPENSE-RATIO> 1.270
<FN>
<F1>THE FUND DISTRIBUTED CAPITAL GAINS IN THE AMOUNT OF $.004.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
NEW YORK TAX-FREE TRUST DECEMBER 31, 1999 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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 65,261,380
<INVESTMENTS-AT-VALUE> 65,093,031
<RECEIVABLES> 1,230,785
<ASSETS-OTHER> 873,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,197,418
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 256,511
<TOTAL-LIABILITIES> 256,511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,932,553
<SHARES-COMMON-STOCK> 6,643,120
<SHARES-COMMON-PRIOR> 7,490,318
<ACCUMULATED-NII-CURRENT> 96,314
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,919,611)
<ACCUM-APPREC-OR-DEPREC> (168,350)
<NET-ASSETS> 66,940,906
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,095,354
<OTHER-INCOME> 0
<EXPENSES-NET> (340,795)
<NET-INVESTMENT-INCOME> 3,754,559
<REALIZED-GAINS-CURRENT> (360,080)
<APPREC-INCREASE-CURRENT> (4,629,244)
<NET-CHANGE-FROM-OPS> (1,234,765)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,723,462)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,860,922
<NUMBER-OF-SHARES-REDEEMED> (2,912,303)
<SHARES-REINVESTED> 204,183
<NET-CHANGE-IN-ASSETS> (13,748,183)
<ACCUMULATED-NII-PRIOR> 65,217
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,559,531)
<GROSS-ADVISORY-FEES> (472,120)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (619,427)
<AVERAGE-NET-ASSETS> 75,873,613
<PER-SHARE-NAV-BEGIN> 10.770
<PER-SHARE-NII> .520
<PER-SHARE-GAIN-APPREC> (.700)
<PER-SHARE-DIVIDEND> (.510)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.080
<EXPENSE-RATIO> .450<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .82%.
</FN>
</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, 1999, 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 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 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, 1999.
This report is intended solely for the information and use of
management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
February 3, 2000
