497 1 gofsa8gofsaa40805.txt GOF SA-8 GOF SAA-4 SUPPLEMENT DATED SEPTEMBER 1, 2005 TO THE CURRENTLY EFFECTIVE STATEMENT OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC. FRANKLIN CALIFORNIA TAX-FREE TRUST Franklin California Insured Tax-Free Income Fund Franklin California Intermediate-Term Tax-Free Income Fund Franklin California Limited-Term Tax-Free Income Fund Franklin California Tax-Exempt Money Fund FRANKLIN CAPITAL GROWTH FUND FRANKLIN CUSTODIAN FUNDS, INC. Franklin DynaTech Fund Franklin Growth Fund Franklin Income Fund Franklin U.S. Government Securities Fund Franklin Utilities Fund FRANKLIN FEDERAL MONEY FUND FRANKLIN GLOBAL TRUST Fiduciary European Smaller Companies Fund Fiduciary Large Capitalization Growth and Income Fund Fiduciary Small Capitalization Fund Fiduciary Core Fixed Income Fund Fiduciary Core Plus Fixed Income Fund Fiduciary High Income Fund Franklin International Smaller Companies Growth Fund FRANKLIN GOLD & PRECIOUS METALS FUND FRANKLIN HIGH INCOME TRUST Franklin's AGE High Income Fund FRANKLIN INVESTORS SECURITIES TRUST Franklin Adjustable U.S. Government Securities Fund Franklin Convertible Securities Fund Franklin Equity Income Fund Franklin Floating Rate Daily Access Fund Franklin Limited Maturity U.S. Government Securities Fund Franklin Low Duration Total Return Fund Franklin Real Return Fund Franklin Total Return Fund FRANKLIN MANAGED TRUST Franklin Rising Dividends Fund FRANKLIN MONEY FUND FRANKLIN MUNICIPAL SECURITIES TRUST Franklin California High Yield Municipal Fund Franklin Tennessee Municipal Bond Fund FRANKLIN MUTUAL RECOVERY FUND FRANKLIN NEW YORK TAX-FREE TRUST Franklin New York Tax-Exempt Money Fund Franklin New York Insured Tax-Free Income Fund Franklin New York Intermediate-Term Tax-Free Income Fund Franklin New York Limited Term Tax-Free Income Fund FRANKLIN STRATEGIC MORTGAGE PORTFOLIO FRANKLIN TAX-EXEMPT MONEY FUND FRANKLIN TAX-FREE TRUST Franklin Alabama Tax-Free Income Fund Franklin Arizona Tax-Free Income Fund Franklin Colorado Tax-Free Income Fund Franklin Connecticut Tax-Free Income Fund Franklin Double Tax-Free Income Fund Franklin Federal Intermediate-Term Tax-Free Income Fund Franklin Federal Limited-Term Tax-Free Income Fund Franklin Florida Insured Tax-Free Income Fund Franklin Florida Tax-Free Income Fund Franklin Georgia Tax-Free Income Fund Franklin High Yield Tax-Free Income Fund Franklin Insured Tax-Free Income Fund Franklin Kentucky Tax-Free Income Fund Franklin Louisiana Tax-Free Income Fund Franklin Maryland Tax-Free Income Fund Franklin Massachusetts Insured Tax-Free Income Fund Franklin Michigan Insured Tax-Free Income Fund Franklin Minnesota Insured Tax-Free Income Fund Franklin Missouri Tax-Free Income Fund Franklin New Jersey Tax-Free Income Fund Franklin North Carolina Tax-Free Income Fund Franklin Ohio Insured Tax-Free Income Fund Franklin Oregon Tax-Free Income Fund Franklin Pennsylvania Tax-Free Income Fund Franklin Virginia Tax-Free Income Fund FRANKLIN TEMPLETON FUND ALLOCATOR SERIES Franklin Templeton Conservative Target Fund Franklin Templeton Corefolio Allocation Fund Franklin Templeton Founding Funds Allocation Fund Franklin Templeton Growth Target Fund Franklin Templeton Moderate Target 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 TEMPLETON MONEY FUND TRUST FRANKLIN VALUE INVESTORS TRUST Franklin Balance Sheet Investment Fund Franklin Large Cap Value Fund Franklin MicroCap Value Fund Franklin Small Cap Value Fund Franklin MidCap Value Fund INSTITUTIONAL FIDUCIARY TRUST Franklin Cash Reserves Fund Franklin Structured Large Cap Core Equity Fund Franklin Structured Large Cap Growth Equity Fund Money Market Portfolio TEMPLETON CHINA WORLD FUND TEMPLETON DEVELOPING MARKETS TRUST TEMPLETON FUNDS, INC. Templeton Foreign Fund Templeton World Fund TEMPLETON GLOBAL INVESTMENT TRUST Templeton International (Ex EM) Fund Templeton Income Fund TEMPLETON GLOBAL OPPORTUNITIES TRUST TEMPLETON GLOBAL SMALLER COMPANIES FUND TEMPLETON GROWTH FUND, INC. TEMPLETON INCOME TRUST Templeton Global Bond Fund The Statement of Additional Information is amended as follows: I. The following changes apply in the section "Officers and Directors" or "Officers and Trustees": a. Frank H. Abbott III, director or trustee, as the case may be, died on June 30, 2005. b. Frank A. Olson is added as Trustee/Director to Franklin Capital Growth Fund, Franklin Global Trust, Franklin Gold and Precious Metals Fund, Franklin Investors Securities Trust, Franklin Municipal Securities Trust, Franklin Templeton Money Fund Trust, and Institutional Fiduciary Trust as follows: ----------------------------------------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX NAME, YEAR LENGTH OVERSEEN OTHER OF BIRTH AND OF TIME BY BOARD DIRECTORSHIPS ADDRESS POSITION SERVED MEMBER* HELD ----------------------------------------------------------------- Frank A. Trustee/ Since 96 Director, White Olson Director June 2005 Mountains (1932) Insurance Group, One Franklin Ltd. (holding Parkway San company), Mateo, CA Amerada Hess 94403-1906 Corporation (exploration and refining of oil and gas) and Sentient Jet (private jet service); and FORMERLY, Director, Becton Dickinson and Company (medical technology), Cooper Industries, Inc. (electrical products and tools and hardware), Health Net, Inc. (formerly, Foundation Health) (integrated managed care), The Hertz Corporation, Pacific Southwest Airlines, The RCA Corporation, Unicom (formerly, Commonwealth Edison) and UAL Corporation (airlines). PRINCIPAL OCCUPATION DURING PAST 5 YEARS: Chairman Emeritus, The Hertz Corporation (car rental) (since 2000) (Chairman of the Board (1980-2000) and Chief Executive Officer (1977-1999)); and FORMERLY, Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines). ----------------------------------------------------------------- c. Edith E. Holiday is added as a Trustee/Director to Franklin Federal Money Fund, Franklin High Income Trust, Franklin Money Fund, Franklin New York Tax-Free Trust, Franklin Templeton Money Fund Trust, Institutional Fiduciary Trust and The Money Market Portfolios as follows: ----------------------------------------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX NAME, YEAR LENGTH OVERSEEN OTHER OF BIRTH AND OF TIME BY BOARD DIRECTORSHIPS ADDRESS POSITION SERVED MEMBER* HELD ----------------------------------------------------------------- Edith E. Trustee/ Since 135 Director, Holiday Director June/July Amerada Hess (1952) 2005 Corporation One Franklin (exploration and Parkway refining of oil San Mateo, and gas), H.J. CA 94403-1906 Heinz Company (processed foods and allied products), RTI International Metals, Inc. (manufacture and distribution of titanium), Canadian National Railway (railroad), and White Mountains Insurance Group, Ltd. (holding company). PRINCIPAL OCCUPATION DURING PAST 5 YEARS: Director or Trustee of various companies and trusts; and FORMERLY, Assistant to the President of the United States and Secretary of the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and Assistant Secretary for Public Affairs and Public Liaison-United States Treasury Department (1988-1989). ----------------------------------------------------------------- d. Robert F. Carlson is added as a Trustee to Franklin Templeton Fund Allocator Series as follows: ----------------------------------------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX NAME, YEAR LENGTH OVERSEEN OTHER OF BIRTH AND OF TIME BY BOARD DIRECTORSHIPS ADDRESS POSITION SERVED MEMBER* HELD ----------------------------------------------------------------- Robert F. Trustee Since 57 None Carlson June/July (1928) 2005 One Franklin Parkway San Mateo, CA 94403-1906 PRINCIPAL OCCUPATION DURING PAST 5 YEARS: Vice President, senior member and past President, Board of Administration, California Public Employees Retirement Systems (CALPERS); and FORMERLY, member and Chairman of the Board, Sutter Community Hospitals; member, Corporate Board, Blue Shield of California; and Chief Counsel, California Department of Transportation. ----------------------------------------------------------------- e. William J. Lippman resigned as Trustee of Franklin New York Tax-Free Trust. f. Edward B. Jamieson resigned as Trustee of Franklin Investors Securities Trust. g. Harmon E. Burns resigned as Trustee of Franklin Strategic Series & Franklin Templeton International Trust. h. Martin L. Flanagan resigned as Director/Trustee and Officer, as the case may be. II. For all funds that are offered with an initial sales charge, the bullet that begins with "Trust companies and bank trust departments investing assets..." under the section "Buying and Selling Shares - Contingent deferred sales charge - CDSC waivers" or "How to Buy and Exchange Shares? - Early Withdrawal Charge waivers" is deleted and the following is added under the section "Buying and Selling Shares - Waivers for certain investors" or "How to Buy and Exchange Shares? - Waiver for certain investors": 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 will pay the public offering price based on the amount invested in Franklin Templeton funds. PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE.