FRANKLIN TAX ADVANTAGED INTERNATIONAL BOND FUND, 497, 1996-06-26

FRANKLIN TAX ADVANTAGED INTERNATIONAL BOND FUND
497, 1996-06-26

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PART STKP 6/96

                         SUPPLEMENT DATED JUNE 28, 1996
                                TO THE PROSPECTUS
                           FRANKLIN PARTNERS FUNDS(R)
                             Franklin Tax-Advantaged
                         U.S. Government Securities Fund
                             Franklin Tax-Advantaged
                           High Yield Securities Fund
                             Franklin Tax-Advantaged
                             International Bond Fund
                                dated May 1, 1996



The information contained in the section of the Funds' Prospectus entitled
"Exchange Privilege - By Telephone" is hereby deleted. To process an exchange,
please follow the procedures outlined under "By Mail" and "Through Securities
Dealers."