FRANKLIN NEW YORK TAX FREE TRUST
497, 1995-10-04
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                       SUPPLEMENT DATED AUGUST 11, 1995
                         TO THE STATEMENT OF ADDITIONAL
                                 INFORMATION OF
                        FRANKLIN NEW YORK TAX-FREE TRUST
                               DATED MAY 1, 1995


The second and third  paragraphs  under "The Trust's  Underwriter - Distribution
Plans  (Intermediate-Term  Fund and  Insured  Fund)"  are  revised to delete all
references to the Intermediate-Term Fund and the Intermediate-Term Plan.



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