SUPPLEMENT TO THE PROSPECTUSES DATED JANUARY 1, 1997
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
DATED AUGUST 1, 1996
FRANKLIN NEW YORK TAX-FREE INCOME FUND
DATED OCTOBER 1, 1996
AS PREVIOUSLY SUPPLEMENTED OCTOBER 1, 1996
FRANKLIN FEDERAL TAX-FREE INCOME FUND
DATED SEPTEMBER 1, 1996
FRANKLIN NEW YORK INSURED TAX-FREE INCOME FUND
DATED MAY 1, 1996 AS AMENDED SEPTEMBER 1, 1996
FRANKLIN TAX-FREE TRUST
Franklin Arizona Insured Tax-Free Income Fund
Franklin Florida Insured Tax-Free Income Fund
Franklin Insured Tax-Free Income Fund
Franklin Massachusetts Insured Tax-Free Income Fund
Franklin Michigan Insured Tax-Free Income Fund
Franklin Minnesota Insured Tax-Free Income Fund
Franklin Ohio Insured Tax-Free Income Fund
Franklin Alabama Tax-Free Income Fund
Franklin Florida Tax-Free Income Fund
Franklin Georgia Tax-Free Income Fund
Franklin Kentucky Tax-Free Income Fund
Franklin Louisiana Tax-Free Income Fund
Franklin Maryland Tax-Free Income Fund
Franklin Missouri Tax-Free Income Fund
Franklin North Carolina Tax-Free Income Fund
Franklin Texas Tax-Free Income Fund
Franklin Virginia Tax-Free Income Fund
Dated July 1, 1996
FRANKLIN TAX-FREE TRUST
Franklin Arizona Tax-Free Income Fund
Franklin Colorado Tax-Free Income Fund
Franklin Connecticut Tax-Free Income Fund
Franklin High Yield Tax-Free Income Fund
Franklin Indiana Tax-Free Income Fund
Franklin Michigan Tax-Free Income Fund
Franklin New Jersey Tax-Free Income Fund
Franklin Oregon Tax-Free Income Fund
Franklin Pennsylvania Tax-Free Income Fund
Franklin Puerto Rico Tax-Free Income Fund
Dated July 1, 1996
as previously supplemented October 1, 1996
I. The discussion under "How Do I Buy Shares? - Cumulative Quantity Discounts -
Class I Only" is amended by replacing it with the following text:
To determine if you may pay a reduced sales charge, the amount of your current
Class I purchase is added to the cost or current value, whichever is higher, of
your shares in other Franklin Templeton Funds, as well as those of your spouse,
children under the age of 21 and grandchildren under the age of 21. If you are
the sole owner of a company, you may also add any company accounts, including
retirement plan accounts.
II. The discussion under "How Do I Buy Shares? - Sales Charge Waivers" is
amended by adding the following new item as the last item in the list of waiver
categories:
o Investors exchanging Advisor Class shares from any of the Franklin Templeton
Funds, or, beginning on or about May 1, 1997, Class Z shares of Mutual Series
III. The discussion under "May I Exchange Shares for Shares of Another Fund?
Exchange Restrictions" is amended by replacing the first restriction with the
following text:
You may only exchange shares within the same class.*
*Because the Fund does not offer Advisor Class shares, Advisor Class shares of
any Franklin Templeton Fund may be exchanged for Class I shares of the Fund at
Net Asset Value. Beginning on or about May 1, 1997, Class Z shares of Mutual
Series may also be exchanged into shares of the Fund.
January 1, 1997
