SCHEDULE 14A INFORMATION

                    Proxy Statement Pursuant to Section 14(a)
                     of the Securities Exchange Act of 1934

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                 Franklin Tax-Advantaged International Bond Fund
                (Name of Registrant as Specified In its Charter)

                 Franklin Tax-Advantaged International Bond Fund
                   (Name of Person(s) Filing Proxy Statement)

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                              NOTICE OF ADJOURNMENT
                           AND CONTINUED SOLICITATION

                 FRANKLIN TAX-ADVANTAGED INTERNATIONAL BOND FUND
                           SPECIAL MEETING OF PARTNERS

                          ADJOURNMENT DATE: MAY 9, 1997

                       IMMEDIATE ATTENTION REQUIRED BY ALL
                     HOLDERS OF SHARES ON FEBRUARY 18, 1997

Dear Partner:

The April 18, 1997,  Special Meeting of Partners was adjourned to MAY 9, 1997 in
order to give more Partners time to vote their  shares.  Currently,  we have not
received your vote and would like you to consider the following important item.

PROPOSED DISSOLUTION AND COMPLETE LIQUIDATION FOR THE FUND
Federal tax legislation  affecting the Fund at the end of 1997 subjects the Fund
to taxation as a corporation.  As a result,  distributions  received by Non-U.S.
Partners will be affected,  for the first time,  by U.S.  income  taxation.  The
Managing General Partners  concluded that this result would be inconsistent with
the  purpose of the Fund and the  intentions  of the  Partners  and,  therefore,
recommended that Partners approve the liquidation of the Fund pursuant to a Plan
of Dissolution and Complete  Liquidation,  and the distribution of its assets as
discussed in the proxy statement.

WHAT HAPPENS IF THE PROPOSAL IS APPROVED?
If adopted by the Partners,  the Plan will  authorize the Board to liquidate the
Fund.

WHAT WILL I RECEIVE IN THE LIQUIDATION?
      The Plan provides that each U.S. Partner holding shares of the Fund on the
     Liquidation Date will be paid the value of the shares in cash by the Fund.

      Non-U.S.  Partners who do not elect to receive cash will have the value of
     their account placed in a pooled investment vehicle with similar investment
     and tax characteristics as the Fund.

      It is  presently  expected  that the actual  liquidation  of the Fund will
     occur approximately 45 days after the Partners approve the Plan.

WHY IS MY VOTE IMPORTANT?
To approve  the Plan,  50% of the  outstanding  shares of the Fund on the record
date must vote in favor of the  transaction.  This vote requirement is unusually
high. The Managing  General  Partners believe that approval of this matter is in
the best  interests of all  Partners  and,  therefore,  RECOMMEND A VOTE FOR THE
PROPOSAL.

For  your  convenience,  we have  established  three  easy  methods  by which to
register your vote:

     1.   BY  PHONE,   simply  call   Shareholder   Communications   Corporation
          toll-free,  at  1-800-733-8481,   EXTENSION  449.  Operators  will  be
          available  to  register  your vote over the phone,  Monday thru Friday
          between the hours of 9:00 a.m. and 11:00 p.m. EST.

                                       or

     2.   BY FAX, send your executed proxy to us at 1-800-733-1885, anytime. 

                                       or

     3.   BY MAIL,  return your  executed  proxy in the enclosed  self-addressed
          stamped envelope.

We urge you to act promptly so that we can obtain a  sufficient  number of votes
to  resume  the  meeting  as  scheduled   and  avoid  any   additional   meeting
adjournments.  This will  permit  the Fund to avoid the  expense  of  additional
adjournments and solicitation.

Thank you for your prompt attention to this matter.