SUPPLEMENT DATED JULY 28, 1997
TO THE PROSPECTUSES OF
FRANKLIN EQUITY FUND
DATED NOVEMBER 1, 1996
FRANKLIN GOLD FUND
DATED DECEMBER 1, 1996
FRANKLIN CUSTODIAN FUNDS, INC.
FRANKLIN RISING DIVIDENDS FUND
FRANKLIN INVESTMENT GRADE INCOME FUND
U.S. GOVERNMENT SECURITIES SERIES
INCOME SERIES
DATED FEBRUARY 1, 1997
FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
FRANKLIN GLOBAL GOVERNMENT INCOME FUND
FRANKLIN CONVERTIBLE SECURITIES FUND
DATED MARCH 1, 1997
TEMPLETON GROWTH FUND, INC.
TEMPLETON GLOBAL REAL ESTATE FUND
TEMPLETON GLOBAL BOND 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 AMERICAN TRUST, INC.
TEMPLETON GLOBAL OPPORTUNITIES TRUST
TEMPLETON DEVELOPING MARKETS TRUST
DATED MAY 1, 1997
I. The first sentence of the statement appearing on the inside front cover
of the prospectus, which begins "This prospectus is not an offering...", is
amended, as appropriate, TO READ: This prospectus is not an offering of the
securities herein described in any state, jurisdiction or country in which
the offering is not authorized.
II. The section "Sales Charge Waivers" under "How Do I Buy Shares? - Sales
Charge Reductions and Waivers" is amended to add the following new category 5
to the list of sales charge waiver categories:
5. Redemptions of Class A shares from any of the Templeton Global Strategy
Funds if you:
o Are a qualified investor, and
o Reinvest the money within 365 days of the redemption date.
The Fund's Contingent Deferred Sales Charge will not be waived if a
contingent deferred sales charge applied to the redemption of your Class A
shares of the Global Strategy Funds. The amount of the Global Strategy Funds'
contingent deferred sales charge that applied to your redemption will be used
to buy shares in the Fund, based on the amount of those proceeds being
reinvested, but the Contingency Period will start again.
If you immediately placed your redemption proceeds in a Franklin Templeton
money fund, you may reinvest them as described above. The proceeds must be
reinvested within 365 days from the date they are redeemed from the money
fund.
III. The following paragraph is added at the end of the section "How Do I
Buy Shares?":
FOR INVESTORS OUTSIDE THE U.S.
The distribution of this prospectus and the offering of Fund shares may be
limited in many jurisdictions. An investor who wishes to buy shares of the
Fund should determine, or have a broker-dealer determine, the applicable laws
and regulations of the relevant jurisdiction. Investors are responsible for
compliance with tax, currency exchange or other regulations applicable to
redemption and purchase transactions in any jurisdiction to which they may be
subject. Investors should consult appropriate tax and legal advisors to
obtain information on the rules applicable to these transactions.
