o 410 P-1
SUPPLEMENT DATED MAY 19, 1999
TO THE PROSPECTUS OF
TEMPLETON GLOBAL REAL ESTATE FUND
dated January 1, 1999
On May 19, 1999, Templeton Global Real Estate Fund's Board of Trustees approved
a proposal to merge the Templeton Global Real Estate Fund into Franklin Real
Estate Securities Fund, subject to shareholder approval. Franklin Real Estate
Securities Trust's Board of Trustees also approved the merger on behalf of
Franklin Real Estate Securities Fund. The investment goal of Templeton Global
Real Estate Fund is long-term capital growth. Its secondary goal is current
income. The investment goal of Franklin Real Estate Securities Fund is to
maximize total return. These goals are fundamental, which means that they may
not be changed without shareholder approval. The Boards believe this proposed
merger will benefit shareholders.
It is anticipated that this summer shareholders of Templeton Global Real Estate
Fund will receive a proxy and proxy statement requesting their votes on the
merger.
Templeton Global Real Estate Fund will be closed to new investors after the
close of business on June 8, 1999. If you are a shareholder of record as of the
close of business on June 8, 1999, you may continue to add to your account,
subject to your applicable minimum additional investment amount, or buy
additional shares through reinvestment of dividend or capital gain distributions
until September 16, 1999. If the merger is approved by Templeton Global Real
Estate Fund's shareholders on September 16, 1999, the Templeton Global Real
Estate Fund will also be closed to purchases by existing shareholders, except
for the reinvestment of dividend and capital gain distributions.
Although you may redeem your shares, please keep in mind that if you sell all
the shares in your account after June 8, 1999, your account will be closed and
you will not be allowed to buy additional shares of Templeton Global Real Estate
Fund or to reopen your account in the Templeton Global Real Estate Fund. If you
sell your shares in the fund, you may reinvest some or all of the proceeds in
most of the other Franklin Templeton Funds within 365 days without an initial
sales charge. The proceeds must be reinvested within the same share class.
Please keep this supplement for future reference.
