GOF SA-1 06/11
SUPPLEMENT DATED JUNE 14, 2011
TO THE CURRENTLY EFFECTIVE STATEMENT OF
ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS
Franklin California Insured Tax-Free Income Fund
Franklin California Intermediate Tax-Free Income Fund
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
Franklin Global Real Estate Fund
Franklin Large Cap Equity Fund
Franklin International Growth Fund
Franklin International Small Cap Growth Fund
Franklin High Income Trust
Franklin High Income Fund
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 Municipal Securities Trust
Franklin California High Yield Municipal Fund
Franklin Tennessee Municipal Bond Fund
Franklin Mutual Recovery Fund
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin New York Intermediate-Term Tax-Free Income
Franklin Real Estate Securities Trust
Franklin Real Estate Securities Fund
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Biotechnology Discovery Fund
Franklin Flex Cap Growth Fund
Franklin Focused Core Equity Fund
Franklin Growth Opportunities Fund
Franklin Natural Resources Fund
Franklin Small-Mid Cap Growth Fund
Franklin Small Cap Growth Fund
Franklin Strategic Income 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 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 Tax-Free Income Fund
Franklin Michigan Tax-Free Income Fund
Franklin Minnesota 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 Tax-Free Income Fund
Franklin Oregon Tax-Free Income Fund
Franklin Pennsylvania Tax-Free Income Fund
Franklin Virginia Tax-Free Income Fund
Franklin Templeton Global Trust
Franklin Templeton Hard Currency Fund
Franklin Templeton International Trust
Franklin India Growth Fund
Franklin World Perspectives Fund
Templeton Foreign Smaller Companies Fund
Franklin Value Investors Trust
Franklin All Cap Value Fund
Franklin Balance Sheet Investment Fund
Franklin Large Cap Value Fund
Franklin MicroCap Value Fund
Franklin MidCap Value Fund
Franklin Small Cap Value Fund
Templeton China World Fund
Templeton Funds, Inc.
Templeton Foreign Fund
Templeton World Fund
Templeton Global Investment Trust
Templeton Asian Growth Fund
Templeton BRIC Fund
Templeton Emerging Markets Small Cap Fund
Templeton Frontier Markets Fund
Templeton Income Fund
Templeton Global Smaller Companies Fund
Templeton Growth Fund, Inc.
Templeton Income Trust
Templeton Global Bond Fund
Templeton Global Total Return Fund
Templeton International Bond Fund
The Statement of Additional Information is amended as follows:
I. The bullet point beginning with "Governments, municipalities and tax-exempt…" of the "Buying and Selling Shares - Waivers for certain investors" section is replaced with the following:
II. The "Buying and Selling Shares – Exchange privilege" section is revised to add the following:
In certain comprehensive fee or advisory programs that hold Class A shares, at the discretion of the financial intermediary, you may exchange to Advisor Class shares or Class Z shares.
Class C shares of a Fund may be exchanged for Advisor Class or Class Z shares of the same Fund, if offered by the Fund, provided you meet the Fund’s eligibility requirements for purchasing Advisor Class or Class Z shares. The Class C shares that you wish to exchange must not currently be subject to any CDSC.
Please keep this supplement for future reference.