o GOF SA-1
  GOF SAA-1

                       SUPPLEMENT DATED DECEMBER 15, 2006
  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 TAX-FREE INCOME FUND

                              FRANKLIN GLOBAL TRUST
              Fiduciary Large Capitalization Growth and Income Fund
                   Fiduciary Small Capitalization Equity Fund
                        Franklin Global Real Estate Fund
              Franklin International Smaller Companies Growth Fund
                    Franklin Templeton Core Fixed Income Fund
                 Franklin Templeton Core Plus Fixed Income Fund
           Franklin Templeton Emerging Market Debt Opportunities Fund
                       Franklin Templeton High Income Fund

                      FRANKLIN GOLD & PRECIOUS METALS FUND

                           FRANKLIN HIGH INCOME TRUST
                            Franklin High Income Fund

                       FRANKLIN INVESTORS SECURITIES TRUST
               Franklin Adjustable U.S. Government Securities Fund
                             Franklin Balanced 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 MUTUAL SERIES FUND INC.
                               Mutual Beacon Fund
                              Mutual Discovery Fund
                              Mutual European Fund
                         Mutual Financial Services Fund
                              Mutual Qualified Fund
                               Mutual Shares Fund

                     FRANKLIN NEW YORK TAX-FREE INCOME FUND

                        FRANKLIN NEW YORK TAX-FREE TRUST
                 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 New York Tax-Exempt Money Fund

                      FRANKLIN REAL ESTATE SECURITIES TRUST
                      Franklin Real Estate Securities Fund

                      FRANKLIN STRATEGIC MORTGAGE PORTFOLIO

                            FRANKLIN STRATEGIC SERIES
                         Franklin Aggressive Growth Fund
                      Franklin Biotechnology Discovery Fund
                             Franklin Blue Chip Fund
                          Franklin Flex Cap Growth Fund
                       Franklin Global Communications Fund
                        Franklin Global Health Care Fund
                         Franklin Natural Resources Fund
                       Franklin Small-Mid Cap Growth Fund
                        Franklin Small Cap Growth Fund II
                         Franklin Strategic Income Fund
                            Franklin Technology Fund
                          Franklin U.S. Long-Short 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 2015 Retirement Target Fund
                 Franklin Templeton 2025 Retirement Target Fund
                 Franklin Templeton 2035 Retirement Target Fund
                 Franklin Templeton 2045 Retirement Target 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 Templeton Money Fund

                         FRANKLIN VALUE INVESTORS TRUST
                     Franklin Balance Sheet Investment Fund
                          Franklin Large Cap Value Fund
                          Franklin MicroCap Value Fund
                           Franklin MidCap Value Fund
                          Franklin Small Cap 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
              Franklin Templeton Non-U.S. Dynamic Core Equity Fund
                               Templeton BRIC Fund
                              Templeton Income Fund
                      Templeton International (Ex EM) Fund
                    Templeton Emerging Markets Small Cap Fund

                      TEMPLETON GLOBAL OPPORTUNITIES TRUST

                     TEMPLETON GLOBAL SMALLER COMPANIES FUND

                           TEMPLETON GROWTH FUND, INC.

                             TEMPLETON INCOME TRUST
                           Templeton Global Bond Fund

                       TEMPLETON INSTITUTIONAL FUNDS, INC.
                              Foreign Equity Series
                             Emerging Market Series
                        Foreign Smaller Companies Series


The Statement of Additional Information is amended as follows:

I. THE "POLICIES AND PROCEDURES REGARDING THE RELEASE OF PORTFOLIO
HOLDINGS" SECTION IS REVISED AS FOLLOWS.

POLICIES AND PROCEDURES REGARDING THE RELEASE OF PORTFOLIO HOLDINGS The Fund's
overall policy with respect to the release of portfolio holdings is to release
such information consistent with applicable legal requirements and the fiduciary
duties owed to shareholders. Subject to the limited exceptions described below,
the Fund will not make available to anyone non-public information with respect
to its portfolio holdings, until such time as the information is made available
to all shareholders or the general public.

For purposes of this policy, portfolio holdings information does not include
aggregate, composite or descriptive information that does not present risks of
dilution, arbitrage, market timing, insider trading or other inappropriate
trading for the applicable U.S. registered fund. Information excluded from the
definition of portfolio holdings information generally includes, without
limitation: (1) descriptions of allocations among asset classes, regions,
countries or industries/sectors; (2) aggregated data such as average or median
ratios, market capitalization, credit quality or duration; (3) performance
attributions by industry, sector or country; or (4) aggregated risk statistics.
Such information, if made available to anyone, will be made available to any
person upon request, but, because such information is generally not material to
investors, it may or may not be posted on the Fund's website. In addition, other
information may also be deemed to not be portfolio holdings information if, in
the reasonable belief of the Fund's Chief Compliance Officer (or his/her
designee), the release of such information would not present risks of dilution,
arbitrage, market timing, insider trading or other inappropriate trading for the
Fund.

Consistent with current law, the Fund releases complete portfolio holdings
information each fiscal quarter through regulatory filings with no more than a
60-day lag.

In addition, a complete list of the Fund's portfolio holdings is released 30
calendar days after the end of each calendar quarter. Other portfolio holdings
information, such as the Fund's top 10 holdings, may be released monthly on the
Fund's website, no sooner than five days after the end of each month. Released
portfolio holdings information can be viewed on franklintempleton.com or
franklintempletoninstitutional.com.

To the extent that this policy would require the release of portfolio holdings
information regarding a particular portfolio holding for the Fund, the portfolio
manager for the Fund may request that the holding be withheld from the portfolio
holdings information if the holding is the subject of ongoing purchase or sale
orders/programs, or if the release of such portfolio holdings information would
otherwise be sensitive or inappropriate due to liquidity and other market
considerations, in each case as determined by the portfolio manager in
consultation with the head of Global Investment Adviser Compliance (or his/her
designee).

Exceptions to the portfolio holdings release policy will be made only when: (1)
the Fund has a legitimate business purpose for releasing portfolio holdings
information to selected third parties in advance of release to all shareholders
or the general public; (2) the recipient is subject to a duty of confidentiality
pursuant to a signed non-disclosure agreement; and (3) the release of such
information would not otherwise violate the antifraud provisions of the federal
securities laws or the Fund's fiduciary duties. The determination of whether the
Fund has a legitimate business purpose for releasing portfolio holdings
information in advance of release to all shareholders or the general public
shall be made by the Fund's chief compliance officer or his/her designee,
following a request submitted in writing. The chief compliance officer will
report to the board of directors or trustees (board), as the case may be, on
exceptions granted to the policy, along with an explanation of the legitimate
business purpose of the U.S. registered fund that is served as a result of the
exception.

The eligible third parties to whom portfolio holdings information may be
released in advance of general release fall into the following categories: data
consolidators, including rating agencies, fund rating/ranking services and other
data providers; service providers to the Fund; shareholders of a fund to whom
such fund has determined to process a redemption request in-kind based upon a
determination by the Fund's portfolio manager and the Fund's Chief Compliance
Officer (or his/her designee) that such redemption in-kind is in the best
interests of the redeeming fund and its remaining shareholders; provided,
however, that the portfolio holdings information so released in advance of the
actual delivery of the redemption proceeds is limited to only that information
reasonably necessary to allow the shareholder to prepare for receipt of the
in-kind redemption proceeds; municipal securities brokers using the Investor
Tools product; and certain entities approved by the Fund's Chief Compliance
Officer (or his/her designee) on a case-by-case basis, in limited circumstances,
including where the release of such information is required by foreign law or
regulation (in these situations, the recipient will be requested to execute a
non-disclosure agreement).

The specific entities to whom the Fund may provide portfolio holdings in advance
of their release to the general public are:

o     Bloomberg, Capital Access, CDA (Thomson Financial), FactSet,
      Fidelity Advisors, Lipper Inc., Morningstar, Standard & Poor's, Vestek,
      and Fidelity Management Trust Company, all of whom may receive portfolio
      holdings information 15 days after the quarter end

o     Service providers to the Fund that receive portfolio holdings
      information from time to time in advance of general release in the
      course of performing, or to enable them to perform, services for the
      Fund, including: CUSTODIAN BANK: Bank of New York or JPMorgan Chase
      Bank; INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
      PricewaterhouseCoopers LLP, Ernst & Young, LLP, or Tait, Weller & Baker
      LLP; OUTSIDE FUND LEGAL COUNSEL: Stradley Ronon Stevens & Young, LLP;
      INDEPENDENT DIRECTORS'/TRUSTEES' COUNSEL: Bleakley, Platt & Schmidt,
      LLP; and/or Wolf, Block, Schorr & Solis-Cohen, LLP; PROXY VOTING
      Services: Glass, Lewis & Co. and Institutional Shareholder Services;
      BROKERAGE ANALYTICAL SERVICES: Sanford Bernstein, Brown Brothers
      Harriman, Royal Bank of Canada Capital Markets, JP Morgan Securities
      Inc.; FINANCIAL PRINTERS: RR Donnelley & Sons Company or GCOM Solutions,
      Inc.; and CLASS B SHARE FINANCING:  Lightning Asset Finance Limited.

In all cases, eligible third parties are required to execute a non-disclosure
agreement. Non-disclosure agreements include the following provisions:

o     The recipient agrees to keep confidential any portfolio holdings
      information received until such information either is released to the
      public or the release is otherwise approved by the head of Global
      Compliance (or his/her designee) or the Fund's Chief Compliance Officer
      (or his/her designee);
o     The recipient agrees not to trade on the non-public information
      received; and
o     The recipient agrees to refresh its representation as to
      confidentiality and abstention from trading upon request from Franklin
      Templeton Investments.

In no case does the Fund receive any compensation in connection with the
arrangements to release portfolio holdings information to any of the
above-described recipients of the information.

Lightning Asset Finance Limited (Lightning) is the company used to finance
advanced commissions for the Fund's Class B shares and is a 49% owned subsidiary
of Franklin Resources, Inc. Lightning receives portfolio holdings information on
a weekly basis, with no time lag. Lightning may utilize such information to
construct a "global hedge" to lessen its exposure to market fluctuations with
respect to the fees it receives in connection with the financing of the Fund's
Class B shares. The global hedge is not specific to the Fund but rather is
constructed with respect to the aggregate portfolio of securities underlying all
funds, including funds within Franklin Templeton Investments as well as funds in
other investment company complexes for which Lightning provides Class B share
financing. The global hedge can be comprised of a number of financial
instruments, including futures contracts, swaps, index shares, exchange-traded
funds and, in limited circumstances, individual stocks. In its confidentiality
agreement with Franklin Templeton Investments, Lightning has agreed to keep
confidential any portfolio holdings information it receives from the Fund and
also has agreed not to purchase or sell or sell short any individual stocks held
by the Fund based on such portfolio holdings information. If other funds for
which Lightning provides financing have supplied Lightning with portfolio
holdings information, and such holdings include individual stocks that are also
included in the list of portfolio holdings supplied by the Fund, it is possible
that the global hedge constructed by Lightning may include individual stock
transactions based on such other funds' holdings of a particular stock, but not
based on the Fund's holdings of that stock. Lightning does not seek to profit
from the global hedge, does not invest in Fund shares, and has established
precautionary measures so that its personnel may not use the Fund's portfolio
information for the purpose of trading in Fund shares or for any other
unauthorized trading. Although neither the Fund nor any Franklin Templeton
entity receives compensation in connection with the provision of portfolio
holdings information to Lightning, because Franklin Resources is an affiliate of
Lightning, to the extent that Lightning's global hedge is successful, Franklin
Resources may receive an indirect economic benefit from the global hedge and,
consequently, from the release of portfolio holdings information.

Several investment managers within Franklin Templeton Investments (F-T Managers)
serve as investment managers to offshore funds that are registered or otherwise
authorized for sale with foreign regulatory authorities. The release of
portfolio holdings information for such offshore funds is excluded from the
Fund's portfolio holdings release policy if such information is given to
offshore banks, broker-dealers, insurance companies, registered investment
managers and other financial institutions (offshore investment managers) with
discretionary authority to select offshore funds on behalf of their clients.
Because such offshore funds may from time to time invest in securities
substantially similar to those of the Fund, there is the risk that such
portfolio holdings information may be used to trade inappropriately against the
Fund. To mitigate such risks, such information may only be disclosed for
portfolio analytic purposes, such as risk analysis/asset allocation, and the
offshore investment manager will be required to execute a non-disclosure
agreement, whereby such offshore investment manager agrees to maintain such
information as confidential, including limiting the dissemination of such
information within its organization, and not to trade in any shares of any U.S.
registered Franklin or Templeton fund, including the Fund.

In addition, some F-T Managers serve as investment managers to various bank
commingled trusts maintained by a Franklin Templeton Investments trust company,
to various Canadian institutional pooled funds, to separate accounts, and as
sub-advisers to other mutual funds not within the Franklin Templeton Investments
fund complex. Such trusts, pooled funds, accounts and other funds (collectively,
"other accounts") are not subject to the Fund's portfolio holdings release
policy. However, in some instances the portfolio holdings of such other accounts
may be similar to and, in certain cases, nearly identical to those of a Franklin
Templeton mutual fund, including the Fund. In the case of bank commingled trusts
and Canadian institutional pooled funds, to mitigate risks that such portfolio
holdings information may be used to trade inappropriately against a mutual fund,
the recipient of such portfolio holdings information will be required to execute
a non-disclosure agreement similar to the one described above for offshore
funds. With respect to the other mutual funds not within the Franklin Templeton
Investments fund complex, the sponsors of such funds may disclose the portfolio
holdings of such funds at different times than the Fund discloses its portfolios
holdings.

The Fund's portfolio holdings release policy and all subsequent amendments have
been reviewed and approved by the Fund's board, and any other material
amendments shall also be reviewed and approved by the board. The investment
manager's compliance staff conducts periodic reviews of compliance with the
policy and provides at least annually a report to the board regarding the
operation of the policy and any material changes recommended as a result of such
review. The investment manager's compliance staff also will report to the board
on exceptions granted to the policy, along with an explanation of the legitimate
business purpose of the Fund that is served as a result of the exception.

II. EFFECTIVE JANUARY 16, 2007, FOR ALL FUNDS THAT OFFER CLASS A SHARES, THE
"BUYING AND SELLING SHARES - INITIAL SALES CHARGES - LETTER OF INTENT (LOI)"
SECTION IS REVISED AS FOLLOWS:

LETTER OF INTENT (LOI). You may buy Class A shares at a reduced sales charge by
completing the LOI section of your account application. An LOI is a commitment
by you to invest a specified dollar amount during a 13-month period. The amount
you agree to invest determines the sales charge you pay. By completing the LOI
section of the application, you acknowledge and agree to the following:

o  You authorize Distributors to reserve approximately 5% of your total
   intended purchase in Class A shares registered in your name until you fulfill
   your LOI. Your periodic statements will include the reserved shares in the
   total shares you own, and we will pay or reinvest dividend and capital gain
   distributions on the reserved shares according to the distribution option you
   have chosen.

o  You give Distributors a security interest in the reserved shares and
   appoint Distributors as attorney-in-fact.

o  Distributors may sell any or all of the reserved shares to cover any
   additional sales charge if you do not fulfill the terms of the LOI.

o  Although you may exchange your shares, you may not sell reserved shares
   until you complete the LOI or pay the higher sales charge.

After you file your LOI with the Fund, you may buy Class A shares at the sales
charge applicable to the amount specified in your LOI. Sales charge reductions
based on purchases in more than one Franklin Templeton fund will be effective
only after notification to Distributors that the investment qualifies for a
discount. If you file your LOI with the Fund before a change in the Fund's sales
charge, you may complete the LOI at the lower of the new sales charge or the
sales charge in effect when the LOI was filed.

Your holdings in Franklin Templeton funds acquired before you filed your LOI
will be counted towards the completion of the LOI. Any redemptions you make
during the 13 month period, except in the case of certain retirement plans, will
be subtracted from the amount of the purchases for purposes of determining
whether the terms of the LOI have been completed.

If the terms of your LOI are met, the reserved shares will be deposited to an
account in your name or delivered to you or as you direct.

If the amount of your total purchases, less redemptions, is less than the amount
specified in your LOI, the sales charge will be adjusted upward, depending on
the actual amount purchased (less redemptions) during the period. You will need
to send Distributors an amount equal to the difference in the actual dollar
amount of sales charge paid and the amount of sales charge that would have
applied to the total purchases if the total of the purchases had been made at
one time. Upon payment of this amount, the reserved shares held for your account
will be deposited to an account in your name or delivered to you or as you
direct. If within 20 days after written request the difference in sales charge
is not paid, we will redeem an appropriate number of reserved shares to realize
the difference. If you redeem the total amount in your account before you
fulfill your LOI, we will deduct the additional sales charge due from the sale
proceeds and forward the balance to you.

For LOIs filed on behalf of certain retirement plans, the level and any
reduction in sales charge for these plans will be based on actual plan
participation and the projected investments in Franklin Templeton funds under
the LOI. These plans are not subject to the requirement to reserve 5% of the
total intended purchase or to the policy on upward adjustments in sales charges
described above, or to any penalty as a result of the early termination of a
plan.

III. FOR ALL FUNDS THAT OFFER CLASS A SHARES, THE "BUYING AND SELLING SHARES -
INITIAL SALES CHARGES - WAIVERS FOR CERTAIN INVESTORS" SECTION REGARDING CLASS A
SHARES IS REVISED AS FOLLOWS FOR ALL PURCHASES MADE AFTER DECEMBER 15, 2006:

WAIVERS FOR CERTAIN INVESTORS. The following investors or investments may
qualify to buy Class A shares without an initial sales charge or CDSC due to
anticipated economies in sales efforts and expenses, including:

o  Governments, municipalities, and tax-exempt entities that meet the
   requirements for qualification under section 501 of the Internal Revenue
   Code. Please consult your legal and investment advisors to determine if an
   investment in the Fund is permissible and suitable for you.

o  Registered securities dealers and their affiliates, for their investment
   accounts only

o  Current employees of securities dealers and their affiliates and their
   family members, as allowed by the internal policies of their employer

o  Current and former officers, trustees, directors, full-time employees
   (and their family members) of both Franklin Templeton Investments and
   Franklin Templeton funds, consistent with our then current policies.

o  Current partners of law firms that currently provide legal counsel to
   the funds, Resources or its affiliates

o  Assets held in accounts managed by a subsidiary of Franklin Resources,
   Inc.: (1) under an advisory agreement (including sub-advisory agreements);
   and/or (2) as Trustee of an inter vivos or testamentary trust.

o  Certain unit investment trusts and their holders reinvesting
   distributions from the trusts

o  Any trust or plan established as part of a qualified tuition program
   under Section 529 of the Internal Revenue Code, as amended

o  Group annuity separate accounts offered to retirement plans

o  Chilean retirement plans that meet the requirements described under
   "Retirement plans" below

o  Members of the Assembly of Governmental Employees (AGE) [for Franklin
   High Income Fund only]

o  German insurance companies that publicly offer variable annuities or
   unit linked life policies in Germany and that have entered into an agreement
   with Franklin Templeton Investment Services GMbH [for Templeton Growth Fund
   only]

o  Banks and securities institutions investing assets held in a fiduciary,
   agency, advisory, custodial or similar capacity and over which they have full
   and exclusive investment discretion and that have entered into an agreement
   with Franklin Templeton Investment Services GmbH. Such purchases are subject
   to minimum investment requirements, which are available from Franklin
   Templeton Investment Services GmbH [for Templeton Growth Fund only]

o  Assets held in accounts managed by a state or federally regulated trust
   company or bank (Trust Company) either as discretionary trustee of an inter
   vivos or testamentary trust or as manager under an advisory agreement
   (including sub-advisory) or other agreement that grants the Trust Company
   investment discretion over those assets (Trust Company Managed Assets) if (i)
   the aggregate value of Trust Company Managed Assets invested in Franklin
   Templeton funds at the time of purchase equals at least $1 million; and (ii)
   the purchased shares are registered directly to the Trust Company in its
   corporate capacity (not as trustee of an individual trust) and held solely as
   Trust Company Managed Assets

o  Shares acquired by a financial intermediary that the intermediary
   holds, directly or indirectly, on behalf of a beneficial owner who has
   entered into a comprehensive fee or other advisory fee arrangement with any
   broker-dealer, trust company or registered investment advisor (RIA), whether
   or not affiliated with the financial intermediary, provided the financial
   intermediary has entered into an agreement with Distributors authorizing the
   sale of Fund shares.


               Please keep this supplement for future reference.