180 STKP1
SUPPLEMENT DATED FEBRUARY 27, 1998
TO THE PROSPECTUS OF
FRANKLIN CALIFORNIA GROWTH FUND
DATED SEPTEMBER 1, 1997
The prospectus is amended as follows:
The section "Who Manages the Fund? - Management Team" is replaced in its
entirety with the following:
Management Team. The team responsible for the day-to-day management of the
Fund's portfolio is: Conrad B. Herrmann since 1993 and John P. Scandalios since
1997.
Conrad B. Herrmann, CFA
Vice President of Advisers
Mr. Herrmann is a Chartered Financial Analyst and holds a Master of Business
Administration degree from Harvard University. He earned his Bachelor of Arts
degree from Brown University. Mr. Herrmann has been with the Franklin Templeton
Group since 1989 and is a member of several securities industry-related
associations.
John P. Scandalios
Senior Securities Analyst with Advisers
Mr. Scandalios holds a Masters degree and a Bachelor of Arts degree in Business
Administration from the University of California at Los Angeles. He has been in
the securities industry since 1990 and with the Franklin Templeton Group since
1996. Prior thereto, he was with Chase Manhattan Private Bank.
Frank Felicelli, CFA
Vice President of Advisers
Mr. Felicelli has been generally involved with investment strategy of the Fund's
portfolio since its inception. Mr. Felicelli is a Chartered Financial Analyst
and has a Master of Business Administration degree from Golden Gate University.
He earned a Bachelor of Arts degree in Economics from the University of
Illinois. He has been with the Franklin Templeton Group since 1986. He is a
member of several securities industry-related associations.
