SUPPLEMENT DATED JULY 1, 2001
                TO THE PROSPECTUSES OF FRANKLIN TEMPLETON FUNDS
               Franklin High Income Trust (AGE High Income Fund)
                            dated October 1, 2000/1,/2
            Franklin Managed Trust (Franklin Rising Dividends Fund)
                             dated February 1, 2001/2
 Franklin Mutual Series Fund Inc. (Mutual Discovery and Mutual European Funds)
                                dated May 1, 2001
     Franklin Strategic Series (Franklin Aggressive Growth Fund, Franklin
 California Growth Fund,  Franklin Large Cap Growth Fund,
 Franklin Small Cap Growth Fund I and Franklin Small Cap Growth Fund II)
         dated September 1, 2000, as supplemented October 31, 2000/1,/2
   Franklin Strategic Series (Franklin Biotechnology Discovery Fund), dated
                               September 1, 2000,
                       as supplemented January 8, 2001/1,/2
                    Franklin Templeton International Trust
   (Templeton Foreign Smaller Companies and Templeton Pacific Growth Funds)
                              dated March 1, 2001/2
  Franklin Value Investors Trust (Franklin Balance Sheet Investment, Franklin
     Large Cap Value, Franklin Micro Cap Value, and Franklin Value Funds)
                              dated March 1, 2001/2
                Templeton Funds, Inc. (Templeton Foreign Fund),
                            dated January 1, 2001/2,/3
                 Templeton Funds, Inc. (Templeton World Fund)
                            dated January 1, 2001/2,/3
    Templeton Global Investment Trust (Templeton International Fund), dated
                                 August 1, 2000,
                     as supplemented February 28, 2001/1,/2,/3
    Templeton Global Investment Trust (Templeton Latin America Fund), dated
                                 August 1, 2000,
                      as supplemented November 8, 2000/1,/2,/3
                      Templeton Global Opportunities Trust
                                dated May 1, 2001
                 Templeton Global Smaller Companies Fund, Inc.
                            dated January 1, 2001/2,/3
              Templeton Growth Fund, Inc., dated January 1, 2001,
                       as supplemented January 22, 2001/2,/3
            Templeton Developing Markets Trust, dated May 1, 2001/3 (Each as may
      be further supplemented or amended from time-to-time)

Effective September 17, 2001, a fee of 2% of redemption proceeds will be
assessed upon Market Timers (as defined in the Prospectus under the section
"Account Policies - Market Timers") who redeem or exchange their shares of the
Fund within 90 days of purchase. The fee is paid to the Fund to help offset the
transaction costs of frequent trading and to protect long-term shareholders of
the Fund.

This redemption fee does not apply to 401(k) participant accounts, accounts not
held individually through Franklin Templeton Investor Services, LLC, and
accounts under the automatic dividend reinvestment program and the systematic
withdrawal program.

1. As supplemented January 2, 2001
2. As supplemented March 28, 2001
3. As supplemented June 1, 2001

               Please keep this supplement for future reference.