497 1 gofpa2-90105.txt SUPPLEMENT DTD 9/1/05 GOF o GOF PA-2 SUPPLEMENT DATED SEPTEMBER 1, 2005 TO THE CURRENTLY EFFECTIVE PROSPECTUS OF EACH OF THE LISTED FUNDS FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC. FRANKLIN CAPITAL GROWTH FUND FRANKLIN CUSTODIAN FUNDS, INC. Franklin Growth Fund Franklin Income Fund Franklin U.S. Government Securities Fund Franklin Utilities Fund FRANKLIN GOLD & Precious Metals Fund FRANKLIN HIGH INCOME TRUST Franklin's AGE High Income Fund FRANKLIN INVESTORS SECURITIES TRUST Franklin Floating Rate Daily Access Fund Franklin Limited Maturity U.S. Government Securities Fund Franklin Total Return Fund Franklin Real Return Fund FRANKLIN MUTUAL SERIES FUND INC. Mutual Beacon Fund Mutual Discovery Fund Mutual European Fund Mutual Financial Services Fund Mutual Qualified Fund Mutual Shares Fund FRANKLIN MUTUAL RECOVERY FUND FRANKLIN NEW YORK TAX-FREE INCOME FUND FRANKLIN TEMPLETON FUND ALLOCATOR SERIES Franklin Templeton Corefolio Allocation Fund Franklin Templeton Founding Funds Allocation Fund Franklin Templeton Perspectives Allocation Fund FRANKLIN TEMPLETON GLOBAL TRUST Franklin Templeton Hard Currency Fund FRANKLIN TEMPLETON INTERNATIONAL TRUST Templeton Foreign Smaller Companies Fund Templeton Global Long-Short Fund FRANKLIN VALUE INVESTORS TRUST Franklin Balance Sheet Investment Fund Franklin Small Cap Value Fund Franklin MidCap Value Fund INSTITUTIONAL FIDUCIARY TRUST Franklin Structured Large Cap Core Equity Fund Franklin Structured Large Cap Growth Equity Fund TEMPLETON CHINA WORLD FUND TEMPLETON DEVELOPING MARKETS TRUST TEMPLETON FUNDS, INC. Templeton Foreign Fund TEMPLETON GLOBAL INVESTMENT TRUST Franklin Templeton Non-U.S. Dynamic Core Equity Fund Templeton International (Ex EM) Fund Templeton Income Fund TEMPLETON GLOBAL SMALLER COMPANIES FUND TEMPLETON GROWTH FUND, INC. TEMPLETON INCOME TRUST Templeton Global Bond Fund The prospectus is amended as follows: I. UNDER THE SECTION "QUALIFIED INVESTORS," THE PARAGRAPH THAT BEGINS WITH "TRUST COMPANIES AND BANK TRUST DEPARTMENTS INVESTING IN..." IS REPLACED WITH THE FOLLOWING: o A trust company or bank trust department with an aggregate value of at least $1 million invested in Franklin Templeton funds beneficially owned by two or more owners who are customers of the trust company or bank trust department and over which the trust companies and bank trust departments have investment discretion. Accounts established as a single trust with at least $5 million in assets invested in Franklin Templeton funds may buy Advisor Class or Class Z shares. Please keep this supplement for future reference.