75PBUYO
SUPPLEMENT DATED MAY 13, 1996
TO THE PROSPECTUS OF
FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND
FRANKLIN MUNICIPAL SECURITIES TRUST
DATED OCTOBER 1, 1995, AS AMENDED MAY 1, 1996
The following replaces the sale charge table for Class II shares of the Fund
contained in the section entitled "How Do I Buy Shares?", page 21 of the
prospectus:
Total Sales Charge
As a Percentage of Amount allowed to
Size of Transaction Net Ammount Dealer as a Percentage
at Offering Price Offering Price Invested of Offering Price*
CLASS II
Under $1,000,000+ 1.00%** 1.01% 1.00%
*Financial institutions or their affiliated brokers may receive an agency
transaction fee in the percentages indicated. Distributors may at times reallow
the entire sales charge to the securities dealer. A securities dealer who
receives 90% or more of the sales commission may be deemed an underwriter under
the Securities Act of 1933, as amended.
**A contingent deferred sales charge of 1% may be imposed on redemptions of
Class II shares within 18 months of their purchase. See "How Do I Sell Shares? -
Contingent Deferred Sales Charge."
+Purchases of Class II shares are limited to purchases below $1 million. See
"Deciding Which Class to Buy."
