97TGU
SUPPLEMENT TO THE PROSPECTUS
OF FRANKLIN GLOBAL UTILITIES FUND
(the Fund)
Dated September 1, 1995, as amended January 10, 1996
as supplemented March 1, 1996
Shareholders of Templeton Global Utilities, Inc. (TGU), a diversified
closed-end management investment company, approved the transfer of assets and
certain liabilities of TGU in exchange for Class I shares of the Fund (Class
I shares).
Under the terms of the transaction, all TGU shareholders of record as of the
effective date will be entitled to receive full and fractional Class I shares
equal in net asset value, as of the close of business on the effective date,
to the net asset value of their TGU shares. The acquisition of Class I shares
represents a tax-free transaction for TGU shareholders. It is expected that
the effective date of the transaction will be on or about March 29, 1996.
If any Class I shares acquired as a result of the transaction are redeemed or
exchanged within six months, the redemption proceeds will be subject to a 1%
redemption fee. The redemption fee will be retained by the Fund. The level
and duration of the redemption fee may be reduced or waived at any time at
the discretion of the Fund.
