O GOF STKP3
SUPPLEMENT DATED DECEMBER 8, 1997
TO THE PROSPECTUSES OF
TEMPLETON GLOBAL REAL ESTATE FUND
TEMPLETON GROWTH FUND, INC.
TEMPLETON PACIFIC GROWTH FUND
dated January 1, 1997
TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.
dated January 1, 1997, as amended March 17, 1997
TEMPLETON WORLD FUND
dated January 1, 1997, as amended March 19, 1997
TEMPLETON FOREIGN FUND
dated January 1, 1997, as amended April 4, 1997
TEMPLETON GLOBAL BOND FUND
dated January 1, 1997, as amended September 2, 1997
FRANKLIN CUSTODIAN FUNDS, INC.
FRANKLIN RISING DIVIDENDS FUND
U.S. GOVERNMENT SECURITIES SERIES
INCOME SERIES
dated February 1, 1997
FRANKLIN CONVERTIBLE SECURITIES FUND
FRANKLIN EQUITY INCOME FUND
FRANKLIN GLOBAL GOVERNMENT INCOME FUND
FRANKLIN VALUE FUND
dated March 1, 1997
FRANKLIN NEW YORK INSURED TAX-FREE INCOME FUND
TEMPLETON AMERICAN TRUST, INC.
TEMPLETON DEVELOPING MARKETS TRUST
TEMPLETON GLOBAL OPPORTUNITIES TRUST
dated May 1, 1997
FRANKLIN MUTUAL SERIES FUND, INC.
dated May 1, 1997, as amended August 19, 1997
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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)
dated July 1, 1997
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
TEMPLETON GLOBAL INFRASTRUCTURE FUND
TEMPLETON GROWTH AND INCOME FUND
TEMPLETON REGION FUNDS
dated August 1, 1997
FRANKLIN CALIFORNIA GROWTH FUND FRANKLIN FEDERAL TAX-FREE INCOME FUND FRANKLIN
GLOBAL HEALTH CARE FUND FRANKLIN GLOBAL UTILITIES FUND FRANKLIN REAL ESTATE
SECURITIES FUND FRANKLIN SMALL CAP GROWTH FUND dated September 1, 1997
FRANKLIN MUNICIPAL SECURITIES TRUST
FRANKLIN NEW YORK TAX-FREE INCOME FUND
FRANKLIN'S AGE HIGH INCOME FUND
dated October 1, 1997
FRANKLIN CALIFORNIA TAX-FREE TRUST
FRANKLIN EQUITY FUND
dated November 1, 1997
FRANKLIN GOLD FUND
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
dated December 1, 1997
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The prospectus is amended to replace the sections "Contingent Deferred Sales
Charge - Class I" and "Contingent Deferred Sales Charge - Class II", found under
"May I Exchange Shares for Shares of Another Fund? - Will Sales Charges Apply to
My Exchange?", with the following:
CONTINGENT DEFERRED SALES CHARGE. For accounts with shares subject to a
Contingent Deferred Sales Charge, we will first exchange any shares in your
account that are not subject to the charge. If there are not enough of these
to meet your exchange request, we will exchange shares subject to the charge
in the order they were purchased. If you exchange Class I shares into one of
our money funds, the time your shares are held in that fund will not count
towards the completion of any Contingency Period. If you exchange your Class
II shares for shares of Money Fund II, however, the time your shares are held
in that fund will count towards the completion of any Contingency Period.
