153PSTKo
PROSPECTUS SUPPLEMENT
DATED OCTOBER 1, 1996
FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND
Franklin New York Tax-Free Trust
Dated May 1, 1996, as amended September 1, 1996
Effective October 1, 1996, the Board on behalf of the Fund, approved a new
investment management agreement with Franklin Investment Advisory Services,
Inc. ("Investment Advisory"), with offices located at 16 South Main Street,
Suite 303, Norwalk, Connecticut 06854.
In approving the new agreement, the Board considered that Investment Advisory, a
registered investment advisor, is also a wholly-owned subsidiary of Franklin
Resources, Inc., the parent company of Franklin Advisers, Inc. the previous
investment manager of the Fund, and will employ the same individuals to be
responsible for the day-to-day portfolio management of the Fund as the previous
manager and that the terms and conditions of the management services to the Fund
will remain substantially the same.
