SUPPLEMENT DATED MAY 1, 1997
TO THE PROSPECTUSES OF
Franklin Municipal Securities Trust
(Hawaii, Washington, Tennessee and Arkansas Municipal Bond Funds)
Franklin California High Yield Municipal Fund
dated October 1, 1996
Franklin California Intermediate-Term Tax-Free Income Fund
dated November 1, 1996
Franklin California Tax-Free Income Fund
dated August 1, 1996
Franklin Tax-Free Trust
(TF1 - Arizona Insured, Florida Insured, Insured, Massachusetts Insured,
Michigan Insured, Minnesota Insured, and Ohio Insured Tax-Free Income Funds)
(TF2 - Alabama, Florida, Georgia, Kentucky, Louisiana, Maryland, Missouri,
North Carolina, Texas, and Virginia Tax-Free Income Funds)
(TF3 - Arizona, Colorado, Connecticut, High Yield, Indiana, Michigan,
New Jersey, Oregon, Pennsylvania, and Puerto Rico Tax-Free Income Funds)
Franklin Federal Intermediate-Term Tax-Free Income Fund
dated July 1, 1996
Franklin Federal Tax-Free Income Fund
dated September 1, 1996
I. Effective June 1, 1997, the section "Sales Charge Waivers" under "How Do I
Buy Shares? - Sales Charge Reductions and Waivers" is amended to delete category
4, in its entirety.
II. The following paragraph is added under "How Do I Sell Shares?":
Beginning on or about May 1, 1997, you will automatically be able to redeem
shares by telephone without completing a telephone redemption agreement. Please
notify us in writing if you do not want this option to be available on your
account. If you later decide you would like this option, send us written
instructions signed by all account owners, with a signature guarantee.
