PROSPECTUS SUPPLEMENT
                           FRANKLIN GROUP OF FUNDS(R)
                            TEMPLETON GROUP OF FUNDS
                              DATED JULY 26, 1995


FRANKLIN GROUP OF FUNDS(R)
Franklin Federal Intermediate-Term Tax-Free Income Fund
Franklin Federal Tax-Free Income Fund
Franklin New York Insured Tax-Free Income Fund
Franklin New York Intermediate-Term Tax-Free Income Fund
Franklin Partners Funds(R)
(FPF - Franklin Tax-Advantaged International Bond, U.S. Government Securities
and High Yield Securities Funds) Franklin Premier Return Fund Franklin Tax-Free
Trust (TF1 - Insured, Massachusetts Insured, Michigan Insured, Minnesota
Insured, Ohio Insured, Arizona Insured and Florida Insured Tax-Free Income
Funds) (each dated May 1, 1995)

Franklin California Tax-Free Income Fund, Inc., dated August 1, 1994 Franklin
California Insured Tax-Free Income Fund dated November 1, 1995 Franklin New York
Tax-Free Income Fund, Inc., dated October 1, 1994 as amended July 14, 1995
Franklin Real Estate Securities Fund, dated September 1, 1994 (each as amended
May 1, 1995)

Franklin Custodian Funds, Inc.
(FCF - Growth, Utilities, DynaTech, Income and U.S. Government Securities
Series) and the separate prospectuses for Income Series and U.S. Government
Securities Series each dated February 1, 1995, as amended June 1, 1995

Franklin Adjustable Rate Securities Fund
Franklin Adjustable U.S. Government Securities Fund
Franklin Balance Sheet Investment Fund, as amended
July 5, 1995
Franklin Convertible Securities Fund
Franklin Equity Income Fund
Franklin Global Government Income Fund, previously supplemented May 1, 1995
Franklin International Equity Fund
Franklin Short-Intermediate U.S. Government Securities Fund
Franklin Templeton German Government Bond Fund
Franklin Templeton International Currency Funds
(Global, Hard and High Income Currency Funds)
EACH DATED MARCH 1, 1995

Age High Income Fund Fund, Inc., dated May 15, 1995
Franklin California High Yield Municipal Fund,
dated October 1, 1994
Franklin California Growth Fund, dated September 1, 1994, as amended November
11, 1994 Franklin Global Health Care Fund, dated September 1, 1994 Franklin
Global Utilities Fund, dated September 1, 1994, as amended December 30, 1994
Franklin Investment Grade Income Fund, dated February 1, 1995 Franklin Municipal
Securities Trust (Hawaii, Washington, Tennessee and Arkansas Municipal Bond
Funds), dated October 1, 1994 Franklin Small Cap Growth Fund, dated September 1,
1994 as amended February 1, 1995 Franklin Strategic Income Fund dated December
30, 1994 (each as supplemented February 1, 1995)

Franklin Strategic Mortgage Portfolio
dated February 1, 1995

Franklin Natural Resources Fund, dated June 5, 1995

(EACH AS MAY BE FURTHER AMENDED AND SUPPLEMENTED FROM TIME-TO-TIME)

TEMPLETON GROUP OF FUNDS Templeton Developing Markets Trust Templeton Foreign
Fund Templeton Growth Fund Templeton Global Infrastructure Fund Templeton Global
Opportunities Trust Templeton Global Rising Dividends Fund Templeton Income Fund
Templeton Smaller Companies Growth Fund, Inc.
dated May 1, 1995

Templeton Real Estate Securities Fund
Templeton World Fund
dated May 1, 1995 (as previously supplemented on May 25, 1995)

Templeton Americas Government Securities Fund dated June 27, 1994 (as previously
supplemented on April 6, 1995)

Franklin Templeton Japan Fund
dated July 28, 1994 (as previously supplemented on January 25, 1995, April 15,
1995 and May 25, 1995)

(EACH AS MAY BE FURTHER AMENDED AND SUPPLEMENTED FROM TIME-TO-TIME)