Templeton Growth Fund,Inc.

Templeton Growth Fund, Inc.

The SEC has not approved ordisapproved these securitiesor passed upon the adequacyof this prospectus. Any representation to the contraryis a criminal offense.

C L A S S A , B , C & RP R O S P E C T U S

JANUARY 1, 2006

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Contents

THE FUND

Goal and Strategies . . . . . . . . . . . . . . . . . . . . . . . 2

Main Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . 10

Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Distributions and Taxes . . . . . . . . . . . . . . . . . . . . 17

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . 21

YOUR ACCOUNT

Choosing a Share Class . . . . . . . . . . . . . . . . . . . . 25

Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Investor Services . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Selling Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Exchanging Shares . . . . . . . . . . . . . . . . . . . . . . . . 45

Account Policies . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

FOR MORE INFORMATION

Back Cover

INFORMATION

ABOUT THE FUND

YOU SHOULD

KNOW BEFORE

INVESTING

INFORMATION

ABOUT SALES

CHARGES,

ACCOUNT

TRANSACTIONS

AND SERVICES

WHERE TO

LEARN MORE

ABOUT

THE FUND

THE FUND

Goal and Strategies

GoalThe Fund’s investment goal is long-term capital growth.

Main Investment StrategiesUnder normal market conditions, the Fund invests primarily in the equity securities of companies located anywhere in the world, includingemerging markets.

An equity security or stock, represents a proportionate share of ownershipof a company; its value is based on the success of the company’s business,any income paid to shareholders, the value of its assets, and general marketconditions. Common stocks, preferred stocks and convertible securities areexamples of equity securities. Convertible securities have characteristics ofboth debt securities (which is generally the form in which they are first issued)and equity securities (which is what they can be converted into). The Fundalso invests in depositary receipts. These are certificates typically issued by abank or trust company that give their holders the right to receive securitiesissued by a foreign or domestic company.

The Fund invests primarily in a globally diversified portfolio of equity securities.

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examples of debt securities. In order to increase income to the Fund, theFund may lend certain of its portfolio securities to qualified banks andbroker-dealers.

The Fund may use various derivative strategies seeking to protect its assets,implement a cash or tax management strategy or enhance its returns. Nomore than 5% of the Fund’s total assets may be invested in, or exposed to,options and swap agreements (as measured at the time of investment). Withderivatives, the manager attempts to predict whether an underlying invest-ment will increase or decrease in value at some future time. The managerconsiders various factors, such as availability and cost, in deciding whetherto use a particular instrument or strategy.

When choosing equity investments for this Fund, the manager applies a“bottom up,” value-oriented, long-term approach, focusing on the marketprice of a company’s securities relative to the manager’s evaluation of thecompany’s long-term earnings, asset value and cash flow potential. Themanager also considers a company’s price/earnings ratio, price/cash flowratio, profit margins and liquidation value.

Temporary InvestmentsWhen the manager believes market or economic conditions are unfavorablefor investors, the manager may invest up to 100% of the Fund’s assets in atemporary defensive manner by holding all or a substantial portion of itsassets in cash, cash equivalents or other high quality short-term investments.Temporary defensive investments generally may include U.S. governmentsecurities, bank time deposits denominated in the currency of any majornation, commercial paper, and repurchase agreements. The manager alsomay invest in these types of securities or hold cash while looking for suitableinvestment opportunities or to maintain liquidity. In these circumstances,the Fund may be unable to achieve its investment goal.

TEMPLETON GROWTH FUND, INC.

In addition to the Fund’s main investments, depending upon current marketconditions, the Fund may invest up to 25% of its total assets in debt securi-ties of companies and governments located anywhere in the world. Debtsecurities represent the obligation of the issuer to repay a loan of money toit, and generally pay interest to the holder. Bonds, notes and debentures are

Main Risks

Because the securities the Fund holds fluctuate in price, the value of your investment in the Fund will go up and down. You could lose money.

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Political and economic developments. The political, economic and socialstructures of some foreign countries may be less stable and more volatilethan those in the U.S. Investments in these countries may be subject to therisks of internal and external conflicts, currency devaluations, foreign own-ership limitations and tax increases. It is possible that a government maytake over the assets or operations of a company or impose restrictions onthe exchange or export of currency or other assets. Some countries also mayhave different legal systems that may make it difficult for the Fund to voteproxies, exercise shareholder rights, and pursue legal remedies with respectto its foreign investments. Diplomatic and political developments, includingrapid and adverse political changes, social instability, regional conflicts, ter-rorism and war, could affect the economies, industries and securities and cur-rency markets, and the value of the Fund’s investments, in non-U.S. countries.These factors are extremely difficult, if not impossible, to predict and takeinto account with respect to the Fund’s investments.

Trading practices. Brokerage commissions and other fees generally arehigher for foreign securities. Government supervision and regulation of for-eign stock exchanges, currency markets, trading systems and brokers maybe less than in the U.S. The procedures and rules governing foreign transac-tions and custody (holding of the Fund’s assets) also may involve delays inpayment, delivery or recovery of money or investments.

Availability of information. Foreign companies may not be subject to thesame disclosure, accounting, auditing and financial reporting standards andpractices as U.S. companies. Thus, there may be less information publiclyavailable about foreign companies than about most U.S. companies.

Limited markets. Certain foreign securities may be less liquid (harder tosell) and more volatile than many U.S. securities. This means the Fund mayat times be unable to sell foreign securities at favorable prices.

Emerging markets. The risks of foreign investments typically are greaterin less developed countries, sometimes referred to as emerging markets. Forexample, political and economic structures in these countries may be lessestablished and may change rapidly. These countries also are more likely toexperience high levels of inflation, deflation or currency devaluation, which


StocksAlthough this may not be the case in foreign markets, in the U.S., stocks his-torically have outperformed other types of investments over the long term.Individual stock prices, however, tend to go up and down more dramati-cally. These price movements may result from factors affecting individualcompanies or industries or the securities market as a whole. Value stockprices are considered “cheap” relative to the company’s perceived value.They may not increase in value, as anticipated by the manager, if otherinvestors fail to recognize the company’s value and bid up the price or inmarkets favoring faster-growing companies. A slower growth or recession-ary economic environment could have an adverse effect on the price of thevarious stocks held by the Fund.

Foreign SecuritiesInvesting in foreign securities, including securities of foreign governmentsand depositary receipts, typically involves more risks than investing in U.S.securities. Certain of these risks also may apply to securities of U.S. compa-nies with significant foreign operations. These risks can increase the poten-tial for losses in the Fund and affect its share price.

Currency exchange rates. Foreign securities may be issued and traded in foreign currencies. As a result, their values may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. For example, if thevalue of the U.S. dollar goes up compared to a foreign currency, an invest-ment traded in that foreign currency will go down in value because it will be worth fewer U.S. dollars.

A description of the Fund’s policies and procedures regarding the release ofportfolio holdings information is also available in the Fund’s SAI. Portfolioholdings information can be viewed online at franklintempleton.com.


Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal DepositInsurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. Mutual fund shares involve investment risks, including the possible loss of principal.

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can harm their economies and securities markets and increase volatility. Infact, short-term volatility in these markets and declines of 50% or more arenot uncommon. Restrictions on currency trading that may be imposed byemerging market countries will have an adverse effect on the value of thesecurities of companies that trade or operate in such countries.

Derivative SecuritiesThe performance of derivative investments depends, at least in part, on theperformance of an underlying asset. Derivatives involve costs, may be vola-tile, and may involve a small investment relative to the risk assumed. Theirsuccessful use will depend on the manager’s ability to predict market move-ments. Risks include delivery failure, default by the other party or theinability to close out a position because the trading market becomes illiquid.

Securities LendingThe Fund’s loans of portfolio securities may not exceed 331⁄3% of the valueof the Fund’s total assets, measured at the time of the most recent loan. As with other extensions of credit, there are risks of delay in recovery oreven loss of rights in collateral in the event of default or insolvency of the borrower.

Interest RateProlonged or significant interest rate increases have historically had anadverse impact on equity markets in countries affected by such increases.When interest rates rise, debt security prices fall. The opposite is also true:debt security prices rise when interest rates fall. In general, debt securitieswith longer maturities are most sensitive to these prices changes.

CreditAn issuer of securities may be unable to make interest payments and repayprincipal. Changes in an issuer’s financial strength or in a security’s creditrating may affect a security’s value and, thus, impact Fund performance.

More detailed information about the Fund, its policies and risks can befound in the Fund’s Statement of Additional Information (SAI).

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Since Inception1 Year 5 Years (1/1/99)

Templeton Growth Fund - Class B2 12.18% 6.45% 10.14%

MSCI World Index3 15.25% -2.05% 2.06%

Since Inception1 Year 5 Years (5/1/95)

Templeton Growth Fund - Class C2 15.15% 6.75% 10.61%

MSCI World Index3 15.25% -2.05% 7.92%

1 Year 5 Years 10 Years

Templeton Growth Fund - Class R2,4 15.69% 7.27% 11.52%

MSCI World Index3 15.25% -2.05% 8.53%

After-tax returns are calculated using the historical highest individual fed-eral marginal income tax rates and do not reflect the impact of state andlocal taxes. Your actual after-tax returns depend on your particular tax situation and may differ from those shown.

These after-tax return figures do not apply to you if you hold your Fundshares through a tax-deferred arrangement such as a 401(k) plan or individ-ual retirement account. The Fund’s past performance, before and after taxes,is not necessarily an indication of how it will perform in the future.

After-tax returns are shown only for Class A; after-tax returns for otherclasses of shares will vary.

2. Figures reflect sales charges.3. Source: Standard & Poor’s Micropal. The unmanaged MSCI World Index tracks the performance of approximately1,500 securities in 22 countries and is designed to measure world stock market performance. It includes reinvesteddividends. One cannot invest directly in an index, nor is an index representative of the Fund’s portfolio.4. Effective January 1, 2002, the Fund began offering Class R shares, which do not have initial sales charges.Performance quotations for this class reflect the following methods of calculation: (a) for periods prior to January 1,2002, a restated figure is used based on the Fund’s Class A performance, excluding the effect of Class A’s maximuminitial sales charge, reflecting the Rule 12b-1 rate differential between Class A and R; and (b) for periods after January 1, 2002, actual Class R performance is used reflecting all charges and fees applicable to that class.


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PerformanceThis bar chart and table show the volatility of the Fund’s returns, which isone indicator of the risks of investing in the Fund. The bar chart showschanges in the Fund’s returns from year to year over the past 10 calendaryears. The table shows how the Fund’s average annual total returns com-pare to those of a broad-based securities market index. Of course, past per-formance (before or after taxes) cannot predict or guarantee future results.All Fund performance assumes reinvestment of dividends and capital gains.

CLASS A ANNUAL TOTAL RETURNS1

95 96 97 98 99 00 01 02 03 04Year

32.85%40%

30%

20%

10%

0%

-10%

30.44%

20.55%

-2.48% -9.48%1.74% 0.54%

19.83%16.18% 17.00%

Best Quarter: Q2 ’03 20.22%

Worst Quarter: Q3 ’02 -16.96%

1. Figures do not reflect sales charges. If they did, returns would be lower. As of September 30, 2005, the Fund’syear-to-date return was 6.16% for Class A.

AVERAGE ANNUAL TOTAL RETURNS For the periods ended December 31, 2004

1 Year 5 Years 10 Years

Templeton Growth Fund - Class A2

Return Before Taxes 10.27% 6.29% 11.22%

Return After Taxes on Distributions 9.59% 5.15% 8.99%

Return After Taxes on Distributions and Sale of Fund Shares 7.93% 4.84% 8.60%

MSCI World Index3 15.25% -2.05% 8.53%

(index reflects no deduction for fees, expenses, or taxes)

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ExampleThis example can help you compare the cost of investing in the Fund withthe cost of investing in other mutual funds. It assumes:

• You invest $10,000 for the periods shown;

• Your investment has a 5% return each year; and

• The Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assump-tions your costs would be:

1 Year 3 Years 5 Years 10 Years

If you sell your shares at the end of the period:

Class A $6771 $893 $1,126 $1,795

Class B $584 $869 $1,180 $1,9302

Class C $284 $569 $980 $2,127

Class R $233 $259 $450 $1,002

If you do not sell your shares:

Class B $184 $569 $980 $1,9302

Class C $184 $569 $980 $2,127

Class R $133 $415 $718 $1,579

1. Assumes a contingent deferred sales charge (CDSC) will not apply.2. Assumes conversion of Class B shares to Class A shares after eight years, lowering your annual expenses fromthat time on.


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Fees and ExpensesThis table describes the fees and expenses that you may pay if you buy andhold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Class A Class B2 Class C Class R

Maximum sales charge (load) as a percentage of offering price 5.75%1 4.00% 1.00% 1.00%

Load imposed on purchases 5.75%1 None None None

Maximum deferred sales charge (load) None3 4.00%4 1.00% 1.00%

Redemption fee on shares sold within 7 calendar days following their purchase date5 2.00% None 2.00% 2.00%

Please see “Choosing a Share Class” on page 25 for an explanation of howand when these sales charges apply.

ANNUAL FUND OPERATING EXPENSES (expenses deducted from Fund assets)

Class A Class B Class C Class R

Management fees 0.58% 0.58% 0.58% 0.58%

Distribution and service (12b-1) fees 0.25% 1.00% 1.00% 0.50%

Other expenses 0.23% 0.23% 0.23% 0.23%

Total annual Fund operating expenses 1.06% 1.81% 1.81% 1.31%

1. The dollar amount of the sales charge is the difference between the offering price of the shares purchased (whichfactors in the applicable sales charge in this table) and the net asset value of those shares. Since the offeringprice is calculated to two decimal places using standard rounding criteria, the number of shares purchased andthe dollar amount of the sales charge as a percentage of the offering price and of your net investment may behigher or lower depending on whether there was a downward or upward rounding.2. New or additional investments into Class B are no longer permitted. Existing shareholders of Class B shares maycontinue as Class B shareholders, continue to reinvest dividends into Class B shares and exchange their Class Bshares for Class B shares of other Franklin Templeton funds as permitted by the current exchange privileges.3. There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see page 30)and purchases by certain retirement plans without an initial sales charge.4. Declines to zero after six years.5. The redemption fee is calculated as a percentage of the amount redeemed (using standard rounding criteria), andmay be charged when you sell or exchange your shares or if your shares are involuntarily redeemed. The fee is retainedby the Fund and generally withheld from redemption proceeds. For more details, see “Redemption Fee” section.

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On August 2, 2004, Franklin Resources, Inc. announced that FranklinAdvisers, Inc. (Advisers) (adviser to many of the funds within FranklinTempleton Investments, and an affiliate of the adviser to the other funds)reached a settlement with the Securities and Exchange Commission (SEC)that resolved the issues resulting from the SEC’s investigation of market timing activity in the Franklin Templeton Investments funds. In connectionwith that agreement, the SEC issued an “Order Instituting Administrativeand Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k)of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of theInvestment Company Act of 1940, Making Findings and Imposing RemedialSanctions and a Cease-and-Desist Order” (August Order). The SEC’s AugustOrder concerns the activities of a limited number of third parties that endedin 2000 and those that are the subject of the Massachusetts Consent Orderdescribed below.

Under the terms of the SEC’s August Order, pursuant to which Advisers neither admitted nor denied any of the findings contained therein, Advisersagreed to pay $50 million, of which $20 million is a civil penalty, to be dis-tributed to shareholders of certain funds in accordance with a plan to bedeveloped by an independent distribution consultant. The independent dis-tribution consultant is in the process of developing a methodology and Planof Distribution pursuant to the August Order. Therefore, it is not currentlypossible to say which particular groups of fund shareholders will receivedistributions of those settlement monies or in what proportion and amounts.

The August Order also required Advisers to, among other things:

• Enhance and periodically review compliance policies and procedures, and establish a corporate ombudsman; and

• Establish a new internal position whose responsibilities shall include compliance matters related to conflicts of interest.

On September 20, 2004, Franklin Resources, Inc. announced that two of its subsidiaries, Advisers and Franklin Templeton Alternative Strategies, Inc.(FTAS), reached an agreement with the Securities Division of the Office of theSecretary of the Commonwealth of Massachusetts (the State of Massachusetts)


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ManagementTempleton Global Advisors Limited (Global Advisors), Lyford Cay, Nassau,Bahamas, is the Fund’s investment manager. Together, Global Advisors andits affiliates manage over $453 billion in assets.

The Fund is managed by a team of dedicated professionals focused on invest-ments in equity securities. The portfolio managers of the team are as follows:

MURDO MURCHISON CFA, Executive Vice President of Global Advisors

Mr. Murchison has been a manager of the Fund since 2001. He has primaryresponsibility for the investments of the Fund. He has final authority overall aspects of the fund’s investment portfolio, including but not limited to,purchases and sales of individual securities, portfolio risk assessment, andthe management of daily cash balances in accordance with anticipated man-agement requirements. The degree to which he may perform these func-tions, and the nature of these functions, may change from time to time. Hejoined Franklin Templeton Investments in 1993.

TUCKER SCOTT CFA, Senior Vice President of Investment Counsel

Mr. Scott has been a manager of the Fund since 2005, providing researchand advice on the purchases and sales of individual securities, and portfoliorisk assessment. He joined Franklin Templeton Investments in 1996.

LISA F. MYERS CFA, Vice President of Global Advisors

Ms. Myers has been a manager of the Fund since 2003, providing researchand advice on the purchases and sales of individual securities, and portfoliorisk assessment. She joined Franklin Templeton Investments in 1996.

The Fund’s SAI provides additional information about the portfolio man-agers’ compensation, other accounts that they manage and their ownershipof Fund shares.

The Fund pays Global Advisors a fee for managing the Fund’s assets. Forthe fiscal year ended August 31, 2005, the Fund paid 0.58% of its averagedaily net assets to the manager for its services.

A discussion regarding the basis for the board of directors approving theinvestment advisory contract of the Fund is available in the Fund’s annualreport to shareholders for the fiscal year ended August 31, 2005.

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ing from the SEC’s investigation concerning marketing support payments tosecurities dealers who sell fund shares. In connection with that agreement,the SEC issued an “Order Instituting Administrative and Cease-and-DesistProceedings, Making Findings, and Imposing Remedial Sanctions Pursuantto Sections 203(e) and 203(k) of the Investment Advisers Act of 1940,Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Section15(b) of the Securities and Exchange Act of 1934” (December Order).

Under the terms of the SEC’s December Order, in which Advisers and Distributorsneither admitted nor denied any of the findings contained therein, they agreedto pay the funds a penalty of $20 million and disgorgement of $1 (one dollar),in accordance with a plan to be developed by an independent distribution con-sultant to be paid for by Advisers and Distributors.

The SEC’s December Order and the CAGO settlement agreement concern-ing marketing support payments provide that the distribution of settlementmonies are to be made to the relevant funds, not to individual shareholders.The independent distribution consultant has substantially completed prepa-ration of these distribution plans. The CAGO has approved the distributionplan pertaining to the distribution of the monies owed under the CAGO set-tlement agreement and, in accordance with the terms and conditions of thatsettlement, the monies have been disbursed. The SEC has not yet approvedthe distribution plan pertaining to its December Order. When approved, disbursements of settlement monies under the December Order will also bemade promptly in accordance with the terms and conditions of that order.Advisers and Distributors also agreed to implement certain measures andundertakings relating to marketing support payments to broker-dealers forthe promotion or sale of fund shares, including making additional disclo-sures in the Fund’s Prospectus and Statement of Additional Information.

On April 12, 2005, the Attorney General of West Virginia filed a complaintin state court against a number of companies engaged in the mutual fundindustry including Franklin Resources, Inc. and its subsidiary, Advisers,alleging violations of the West Virginia Consumer Credit and ProtectionAct. To the extent applicable to Franklin Resources, Inc. and Advisers, thecomplaint arises from activity that occurred in 2001 and duplicates, in


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related to its administrative complaint filed on February 4, 2004. Theadministrative complaint concerned one instance of market timing that wasalso a subject of the August 2, 2004 settlement that Advisers reached withthe SEC, as described above. Under the terms of the settlement consentorder issued by the State of Massachusetts, Advisers and FTAS consented to the entry of a cease-and-desist order and agreed to pay a $5 millionadministrative fine to the State of Massachusetts (Massachusetts ConsentOrder). The Massachusetts Consent Order included two different sections:“Statements of Fact” and “Violations of Massachusetts Securities Laws.”Advisers and FTAS admitted the facts in the Statements of Fact.

On November 19, 2004, Franklin Resources, Inc. reached a second agree-ment with the State of Massachusetts regarding an administrative complaintfiled on October 25, 2004 (the Second Complaint). The Second Complaintalleged that Franklin Resources, Inc.’s Form 8-K filing (in which it describedthe Massachusetts Consent Order) failed to state that Advisers and FTASadmitted the Statements of Fact portion of the Massachusetts ConsentOrder. As a result of the November 19, 2004 settlement with the State ofMassachusetts, Franklin Resources, Inc. filed a new Form 8-K (in which itrevised the description of the Massachusetts Consent Order). The terms ofthe Massachusetts Consent Order did not change and there was no mone-tary fine associated with this second settlement.

On November 17, 2004, Franklin Resources, Inc. announced that its sub-sidiary, Franklin Templeton Distributors, Inc. (Distributors) (the principalunderwriter of shares of the Franklin Templeton mutual funds), reached anagreement with the California Attorney General’s Office (CAGO), resolvingthe issues resulting from the CAGO’s investigation concerning marketingsupport payments to securities dealers who sell fund shares. Under the termsof the settlement with the CAGO, Distributors agreed to pay $2 million tothe State of California as a civil penalty, $14 million to Franklin Templetonfunds to be allocated by an independent distribution consultant to be paidfor by Distributors, and $2 million to the CAGO for its investigative costs.

On December 13, 2004, Franklin Resources, Inc. announced that Distributorsand Advisers reached an agreement with the SEC, resolving the issues result-

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Distributions and Taxes

Income and Capital Gain DistributionsThe Fund intends to make a distribution at least annually from its netinvestment income and any net realized capital gains. The amount of anydistribution will vary, and there is no guarantee the Fund will pay either anincome dividend or a capital gain distribution.

Annual statements. Every January, you will receive a statement thatshows the tax status of distributions you received the previous year, includ-ing the amount of any qualified dividend income subject to tax at capitalgains rates and, for non-U.S. investors, the amount of your ordinary divi-dends that have been exempt from nonresident alien withholding taxesbecause they are interest-related or short-term capital gain dividends. Seethe discussion below for “Non-U.S. investors.” Distributions declared inDecember but paid in January are taxable as if they were paid in December.

Avoid “buying a dividend.” If you invest in the Fund shortly before itmakes a distribution, you may receive some of your investment back in theform of a taxable distribution. For example, if you buy 500 shares in theFund on October 15th at the Fund’s current NAV of $10 per share, and the Fund makes a distribution on October 20th of $1 per share, your shareswill then have an NAV of $9 per share (disregarding any change in the Fund’smarket value), and you will have to pay a tax on what is essentially a returnof your investment of $1 per share. This tax treatment is required even ifyou reinvest the $1 per share distribution in additional Fund shares.

Tax ConsiderationsIn general, if you are a taxable investor, Fund distributions are taxable to youat either ordinary income or capital gains tax rates. This is true whether youreinvest your distributions in additional Fund shares or receive them in cash.

Dividend income. A portion of the income dividends paid to you by theFund may be qualified dividends subject to taxation at the long-term capitalgain rate of 15% for individuals (5% for individuals in the 10% and 15%federal rate brackets). In general, income dividends from portfolio investments


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whole or in part, the allegations asserted in the Massachusetts ConsentOrder and the findings in the SEC’s August Order, as described above.

Franklin Resources, Inc. and certain of its subsidiaries, in addition to mostof the mutual funds within Franklin Templeton Investments and certain current or former officers, directors, and/or employees, have been named inprivate lawsuits (styled as shareholder class actions, or as derivative actionson behalf of either the named funds or Franklin Resources, Inc.) relating to the matters reported above. The lawsuits were filed in different courtsthroughout the country. Many of those suits are now pending in a multi-district litigation in the United States District Court for the District ofMaryland. Franklin Resources, Inc. believes that the claims made in each of the lawsuits are without merit and intends to defend vigorously againstthe allegations. It is possible that additional similar civil actions related tothe matters reported above could be filed in the future.

Franklin Resources, Inc. previously disclosed these issues as matters underinvestigation by government authorities and the subject of an internal com-pany inquiry as well as private lawsuits in its regulatory filings and on itspublic website. Any further updates on these matters will be disclosed onFranklin Resources, Inc.’s website at franklintempleton.com under “Statementon Current Industry Issues.”

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Under the new law, ordinary dividends designated as interest-related divi-dends (dividends that are designated as a payment out of qualified interestincome) and short-term capital gain dividends generally will not be subjectto a U.S. withholding tax, provided you properly certify your status as anon-U.S. investor. These exemptions from withholding are effective for distributions of income earned by the Fund in its fiscal years beginning onSeptember 1, 2005, and ending on August 31, 2008.

On any payment date, the amount of an ordinary dividend that is desig-nated by the Fund as an interest-related dividend may be more or less thanthe amount that is so qualified. This is because the designation is based onan estimate of the Fund’s qualified interest income for its entire fiscal year,which can only be determined with exactness at fiscal year end. In addition,the Fund reserves the right not to designate interest-related dividends wherethe amount designated would be de minimis on a per share basis. As a con-sequence, the Fund may over withhold a small amount of U.S. tax from adividend payment. In this case, the non-U.S. investor’s only recourse may beto either forgo recovery of the excess withholding, or to file a United Statesnonresident income tax return to recover the excess withholding.

The 2004 Tax Act also provides a partial exemption from U.S. estate tax forshares in the Fund held by the estate of a non-U.S. decedent. The amounttreated as exempt is based on the proportion of assets in the Fund at the endof the quarter immediately preceding the decedent’s death that would beexempt if held directly by the non-U.S. investor. This provision applies todecedents dying after December 31, 2004, and before January 1, 2008.

Backup withholding. If you do not provide the Fund with your propertaxpayer identification number and certain required certifications, you maybe subject to backup withholding at a rate of 28% on any distributions ofincome, capital gains or proceeds from the sale of your shares. The Fundalso must withhold if the IRS instructs it to do so.

Special U.S. tax certification requirements apply to non-U.S. investors. Non-U.S. investors who fail to meet these certification requirements will be sub-ject to backup withholding on any dividends, distributions and redemption


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in the stock of domestic corporations and qualified foreign corporationswill be permitted this favored federal tax treatment. Income dividends frominterest earned by the Fund on debt securities and dividends received fromunqualified foreign corporations will continue to be taxed at the higherordinary income tax rates. Distributions of qualified dividends will be eligi-ble for these reduced rates of taxation only if you own your shares for atleast 61 days during the 121-day period beginning 60 days before the ex-dividend date of any dividend.

Distributions of capital gains. Fund distributions of short-term capitalgains are taxable to you as ordinary income. Fund distributions of long-termcapital gains are taxable as long-term capital gains no matter how long youhave owned your shares. Long-term capital gain distributions qualify for the15% tax rate (5% for individuals in the 10% and 15% federal rate brackets).

Sales of Fund shares. When you sell your shares in the Fund, you mayrealize a capital gain or loss. For tax purposes, an exchange of your Fundshares for shares of a different Franklin Templeton fund is the same as asale, and will normally generate a gain or loss that will be reported to you in your year-end tax information. An exchange of your shares in one classin the Fund for shares of another class in the same Fund is not a taxableevent, and no gain or loss will be reported on such a transaction.

State, local and foreign taxes. Fund distributions and gains from the saleof your Fund shares generally are subject to state and local taxes. If theFund qualifies to pass through to you the tax benefits from foreign taxes itpays on its investments, and elects to do so, then any foreign taxes it payson these investments may be passed through to you as a foreign tax credit.

Non-U.S. investors. The United States imposes a withholding tax (at a 30% or lower treaty rate) on all Fund dividends of ordinary income.Capital gain dividends paid by the Fund from its net long-term capital gains are generally exempt from this withholding tax. The American JobsCreation Act of 2004 (2004 Tax Act) amends these withholding tax provi-sions to exempt most dividends paid by the Fund from U.S. source interestincome and short-term capital gains to the extent such income and gainswould be exempt if earned directly by the non-U.S. investor.

21


Financial HighlightsThis table presents the Fund’s financial performance for the past five years.Certain information reflects financial results for a single Fund share. Thetotal returns in the table represent the rate that an investor would haveearned or lost on an investment in the Fund assuming reinvestment of divi-dends and capital gains. This information has been derived from the finan-cial statements audited by PricewaterhouseCoopers LLP, whose report,along with the Fund’s financial statements, are included in the annualreport, which is available upon request.

CLASS A Year Ended August 31,

2005 2004 2003 2002 2001

Per share operating performance(for a share outstanding throughout the year)

Net asset value, beginning of year $21.03 $18.54 $17.10 $18.11 $19.67

Income from investment operations:

Net investment incomea 0.36 0.36 0.34 0.33 0.39

Net realized and unrealized gains (losses) 3.66 2.58 1.46 (0.88) (0.16)

Total from investment operations 4.02 2.94 1.80 (0.55) 0.23

Less distributions from:

Net investment income (0.41) (0.45) (0.36) (0.40) (0.37)

Net realized gains (0.78) — — (0.06) (1.42)

Total distributions (1.19) (0.45) (0.36) (0.46) (1.79)

Redemption fees —c —c —c — —

Net asset value, end of year $23.86 $21.03 $18.54 $17.10 $18.11

Total returnb 19.72% 16.14% 10.90% (3.01)% 1.62%

Ratios/supplemental data

Net assets, end of year (000’s) $20,786,173 $15,771,174 $13,021,261 $11,689,389 $12,092,917

Ratios to average net assets:

Expenses 1.06% 1.10% 1.13% 1.10% 1.15%

Net investment income 1.61% 1.75% 2.05% 1.85% 2.11%

Portfolio turnover rate 19.95% 24.58% 32.12% 55.63% 24.29%

aBased on average daily shares outstanding.bTotal return does not reflect sales commissions or the contingent deferred sales charge.cAmount is less than $0.01 per share.

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proceeds received from the Fund, including withholding on any interest-related dividends and short-term capital gain dividends during the exemptionperiod discussed above. See the detailed information for non-U.S. investorscontained in the section on “Distributions and Taxes” in the Statement of Additional Information, or contact Franklin Templeton Investments at 1-800/DIAL BEN for more information on these requirements.

Other tax information. This discussion of “Distributions and Taxes” isnot written to provide you with tax advice, and does not purport to dealwith all of the tax consequences that may be applicable to your investmentin the Fund. You should consult your own tax advisor regarding your par-ticular circumstances before making an investment in the Fund, or aboutthe federal, state, local and foreign tax consequences of your investment inthe Fund.

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CLASS C Year Ended August 31,

2005 2004 2003 2002 2001













Total returnb 18.77% 15.30% 10.08% (3.73)% 0.90%


Net assets, end of year (000’s) $1,965,909 $1,394,289 $1,064,405 $897,064 $906,390


Expenses 1.81% 1.85% 1.88% 1.84% 1.89%



aBased on average daily shares outstanding.bTotal return does not reflect the contingent deferred sales charge.cAmount is less than $0.01 per share


22

CLASS B Year Ended August 31,

2005 2004 2003 2002 2001













Total returnb 18.84% 15.27% 10.08% (3.74)% 0.91%


Net assets, end of year (000’s) $557,670 $433,467 $278,340 $166,015 $93,301


Expenses 1.81% 1.85% 1.88% 1.85% 1.89%



aBased on average daily shares outstanding.bTotal return does not reflect the contingent deferred sales charge.cAmount is less than $0.01 per share.

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CLASS R Year Ended August 31,

2005 2004 2003 2002d


Net asset value, beginning of year $20.90 $18.44 $17.07 $18.06


Net investment incomea 0.32 0.33 0.32 0.32

Net realized and unrealized gains (losses) 3.62 2.56 1.42 (1.31)

Total from investment operations 3.94 2.89 1.74 (0.99)


Net investment income (0.38) (0.43) (0.37) —

Net realized gains (0.78) — — —

Total distributions (1.16) (0.43) (0.37) —

Redemption fees —c —c —c —

Net asset value, end of year $23.68 $20.90 $18.44 $17.07

Total returnb 19.44% 15.85% 10.58% (5.48)%


Net assets, end of year (000’s) $123,139 $57,951 $28,584 $5,394


Expenses 1.31% 1.35% 1.39% 1.35%e

Net investment income 1.36% 1.50% 1.79% 1.60%e

Portfolio turnover rate 19.95% 24.58% 32.12% 55.63%

aBased on average daily shares outstanding.bTotal return does not reflect the contingent deferred sales charge, and is not annualized for periods less than one year.cAmount is less than $0.01 per share.dFor the period January 2, 2002 (effective date) to August 31, 2002.eAnnualized.

25

YOUR ACCOUNT

The board of directors has approved the termination of offering Class Bshares. Existing shareholders of Class B shares may continue as Class Bshareholders, continue to reinvest dividends into Class B shares and exchangetheir Class B shares for Class B shares of other Franklin Templeton funds as permitted by the current exchange privileges. New or additional invest-ments into Class B are not permitted. For Class B shares outstanding onFebruary 28, 2005, and Class B shares acquired upon reinvestment of divi-dends, all Class B share attributes, including the associated Rule 12b-1 fee,contingent deferred sales charge and conversion features, will continue.

Choosing a Share ClassEach class has its own sales charge and expense structure, allowing you tochoose the class that best meets your situation. Your investment representa-tive can help you decide. Investors may purchase Class C or Class R sharesonly for Fund accounts on which they have appointed an investment repre-sentative (financial advisor) of record. Investors who have not appointed aninvestment representative (financial advisor) to existing Class C or Class Rshare Fund accounts, may not make additional purchases to those accountsbut may exchange their shares to a Franklin Templeton fund that offers Class Cor Class R shares. Dividend and capital gain distributions may continue tobe reinvested in existing Class B, Class C or Class R share Fund accounts.These provisions do not apply to Employer Sponsored Retirement Plans.


Sales Charge Reductions and WaiversQuantity discounts. We offer two ways for you to combine your currentpurchase of Class A Fund shares with other existing Franklin Templetonfund share holdings that might enable you to qualify for a lower salescharge with your current purchase. You can qualify for a lower sales chargewhen you reach certain “sales charge breakpoints.” This quantity discountinformation is also available free of charge at www.franklintempleton.com/retail/jsp_cm/fund_perf/pub/quantity_discount.jsp. This web page can alsobe reached at franklintempleton.com by clicking the “Funds & Performance”tab and then choosing “Quantity Discounts.”


Franklin Templeton funds include all of the U.S. registered mutual funds of Franklin Templeton Investments and the Franklin Mutual Recovery Fund.They do not include the funds in the Franklin Templeton Variable InsuranceProducts Trust.

2726

Class A Class C Class R

SALES CHARGES - Class A

the sales charge makes up which equals this %when you invest this amount this % of the offering price* of your net investment*

Under $50,000 5.75 6.10

$50,000 but under $100,000 4.50 4.71

$100,000 but under $250,000 3.50 3.63

$250,000 but under $500,000 2.50 2.56

$500,000 but under $1 million 2.00 2.04

*The dollar amount of the sales charge is the difference between the offering price of the shares purchased (whichfactors in the applicable sales charge in this table) and the net asset value of those shares. Since the offeringprice is calculated to two decimal places using standard rounding criteria, the number of shares purchased andthe dollar amount of the sales charge as a percentage of the offering price and of your net investment may behigher or lower depending on whether there was a downward or upward rounding.

Initial sales charge of 5.75%or less

No initial sales charge No initial sales charge

Deferred sales charge of 1%on purchases of $1 million ormore sold within 18 months

Deferred sales charge of 1%on shares you sell within 12months

Except for certain EmployerSponsored Retirement Plans,deferred sales charge of 1%on shares you sell within 18months (charged at plan levelbased on initial investment)

Lower annual expenses thanClass C or R due to lower dis-tribution fees

Higher annual expenses thanClass A due to higher distri-bution fees.

Higher annual expenses than Class A due to higherdistribution fees (lower thanClass C). 1. Cumulative quantity discount - lets you combine certain existing hold-

ings of Franklin Templeton fund shares - referred to as “cumulative quan-tity discount eligible shares” - with your current purchase of Class A sharesto determine if you qualify for a sales charge breakpoint.

Cumulative quantity discount eligible shares are shares:

(i) Registered to (or held for):

• You, individually;

• Your spouse or domestic partner, as recognized by applicable state law;

• You jointly with your spouse or domestic partner;

• You jointly with another unrelated (not a spouse or domestic partner)person if that other person has not included the value of the shares ascumulative quantity discount eligible shares for purposes of that person’sseparate investments in Franklin Templeton fund shares;

29

The value of cumulative quantity discount eligible shares equals the cost or current value of those shares, whichever is higher. The current value ofshares is determined by multiplying the number of shares by their highestcurrent public offering price. You should retain any records necessary tosubstantiate historical share costs because your current purchase broker-dealer may not have or maintain this information.

If there are cumulative quantity discount eligible shares that would qualifyfor combining with your current purchase and you do not tell your currentpurchase broker-dealer at the time of your current purchase or any futurepurchase, you may not receive the benefit of a reduced sales charge thatmight otherwise be available.

Franklin Templeton fund shares held as follows cannot be combined withyour current purchase for purposes of the cumulative quantity discount:

• Shares held indirectly through financial intermediaries other than yourcurrent purchase broker-dealer (for example, shares held in a differentbroker-dealer’s brokerage account or with a bank, an insurance companyseparate account or an investment advisor); or

• Shares held through an administrator or trustee/custodian of an EmployerSponsored Retirement Plan (for example, a 401(k) plan); or

• Shares held in a 529 college savings plan; or

• Shares held directly in a Franklin Templeton fund account on which thebroker-dealer (financial advisor) of record is different than your currentpurchase broker-dealer.

Franklin Templeton fund assets held in multiple Employer SponsoredRetirement Plans may be combined in order to qualify for sales chargebreakpoints at the plan level if the plans are sponsored by the same employer.

A “Qualified Retirement Plan” is an employer sponsored pension or profitsharing plan that qualifies under section 401(a) of the Internal RevenueCode, including 401(k), money purchase pension, profit sharing anddefined benefit plans.


28

• A trustee/custodian of a Coverdell Education Savings account for whichyou are the identified responsible person on the records of the “currentpurchase broker-dealer” (as defined below) or its affiliate;

• A trustee/custodian of your IRA (which includes a Roth IRA and anemployer sponsored IRA such as a SIMPLE IRA) or your non-ERISAcovered 403(b), if the shares are registered with the Fund (or in the current purchase broker-dealer’s brokerage account) under your SocialSecurity number or the trustee/custodian is providing IRA custody serv-ices for clients of the current purchase broker-dealer as an affiliate of, or under contract with, the firm; or

• Any entity over which you or your spouse or domestic partner have indi-vidual or shared authority, as principal, to buy and sell shares for theaccount (for example, an UGMA/UTMA account for a child on whichyou or your spouse or domestic partner are the custodian, a trust on whichyou or your spouse or domestic partner are the trustee, a business account[not to include retirement plans] for your solely owned business [or thesolely owned business of your spouse or domestic partner] on which you[or your spouse or domestic partner] are the authorized signer); that are

(ii) in one or more accounts maintained by the transfer agent for theFranklin Templeton funds on which your “current purchase broker-dealer”(as defined below) is the broker-dealer of record or one or more brokerageaccounts maintained with your “current purchase broker-dealer.” Your cur-rent purchase broker-dealer is the broker-dealer (financial advisor) for theFund account (or brokerage account) that will hold the shares from yourcurrent purchase. If you do not select a broker-dealer (financial advisor) foryour current purchase, we will consider the distributor of the Fund’s sharesto be your current purchase broker-dealer for purposes of identifying cumu-lative quantity discount eligible shares that might be combined with yourcurrent purchase.

If you believe there are cumulative quantity discount eligible shares that canbe combined with your current purchase to achieve a sales charge break-point, you must, at the time of your purchase (including at the time of anyfuture purchase) specifically identify those shares to your current purchasebroker-dealer.

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SALES CHARGES - Class B

if you sell your shares within this this % is deducted from many years after buying them your proceeds as a CDSC

1 Year 4

2 Years 4

3 Years 3

4 Years 3

5 Years 2

6 Years 1

7 Years 0

There is a CDSC if you sell your shares within six years, as described in the table above. The way we calculate the CDSC is the same for each class(please see page 33). After eight years, your Class B shares automaticallyconvert to Class A shares, lowering your annual expenses from that time on.

Distribution and Service (12b-1) FeesClass B has a distribution plan, sometimes known as a Rule 12b-1 plan,that allows the Fund to pay distribution and other fees of up to 1% per yearfor the sale of Class B shares and for services provided to shareholders.Because these fees are paid out of Class B’s assets on an ongoing basis, overtime these fees will increase the cost of your investment and may cost youmore than paying other types of sales charges.

SALES CHARGES - Class C

With Class C shares, there is no initial sales charge.

We place any investment of $1 million or more in Class A shares, since Class A’s annual

expenses are lower.

CDSCThere is a 1% contingent deferred sales charge (CDSC) on any Class Cshares you sell within 12 months of purchase. The way we calculate theCDSC is the same for each class (please see page 33).


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An “Employer Sponsored Retirement Plan” is a Qualified Retirement Plan,ERISA covered 403(b) and certain non-qualified deferred compensationarrangements that operate in a similar manner to a Qualified RetirementPlan, such as 457 plans and executive deferred compensation arrangements,but not including employer sponsored IRAs.

2. Letter of Intent (LOI) - expresses your intent to buy a stated dollaramount of “cumulative quantity discount eligible shares” (as defined in the“Cumulative quantity discount” section above) over a 13-month period andlets you receive the same sales charge as if all shares had been purchased atone time. We will reserve 5% of your total intended purchase in Class Ashares registered in your name until you fulfill your LOI to cover any addi-tional sales charge that may apply if you do not buy the amount stated inyour LOI. Please refer to the SAI for more LOI details.

To sign up for these programs, complete the appropriate section of your account application.

Sales charge waivers. Class A shares may be purchased without an initialsales charge or contingent deferred sales charge (CDSC) by certain investorsor for certain payments. If you would like information about available salescharge waivers, call your investment representative or call ShareholderServices at 1-800/632-2301. A list of available sales charge waivers alsomay be found in the SAI.

Investments of $1 Million or MoreIf you invest $1 million or more, either as a lump sum or through ourcumulative quantity discount or letter of intent programs, you can buyClass A shares without an initial sales charge. However, there is a 1%CDSC on any shares you sell within 18 months of purchase. The way wecalculate the CDSC is the same for each class (please see page 33).

Distribution and Service (12b-1) FeesClass A has a distribution plan, sometimes known as a Rule 12b-1 plan,that allows the Fund to pay distribution fees of up to 0.25% per year tothose who sell and distribute Class A shares and provide other services toshareholders. Because these fees are paid out of Class A’s assets on an ongo-ing basis, over time these fees will increase the cost of your investment andmay cost you more than paying other types of sales charges.

Because these fees are paid out of Class R’s assets on an ongoing basis, overtime these fees will increase the cost of your investment and may cost youmore than paying other types of sales charges.

Contingent Deferred Sales Charge (CDSC) - Class A, B, C & RThe CDSC for each class is based on the current value of the shares beingsold or their net asset value when purchased, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capitalgain distributions.


The holding period for the CDSC begins on the day you buy your shares.Your shares will age one month on that same date the next month and eachfollowing month.

For example, if you buy shares on the 18th of the month, they will age onemonth on the 18th day of the next month and each following month.

3332

Distribution and Service (12b-1) FeesClass C has a distribution plan, sometimes known as a Rule 12b-1 plan,that allows the Fund to pay distribution and other fees of up to 1% per year for the sale of Class C shares and for services provided to shareholders.Because these fees are paid out of Class C’s assets on an ongoing basis, overtime these fees will increase the cost of your investment and may cost youmore than paying other types of sales charges.

SALES CHARGES - Class R

With Class R shares, there is no initial sales charge.

Retirement PlansClass R shares are available to the following investors:

• Employer Sponsored Retirement Plans

• Any trust or plan established as part of a qualified tuition program underSection 529 of the Internal Revenue Code

• Health Reimbursement Accounts and Health Savings Accounts, either asa direct investment or as a separate or managed account.

CDSCExcept for Employer Sponsored Retirement Plans that (i) are DCS Plans (asdefined below under “Reinstatement Privilege”); (ii) have contracted withan affiliate of Distributors for plan trustee services; or (iii) first purchasefund shares after January 1, 2003, there is a 1% contingent deferred salescharge (CDSC) on any Class R shares sold within 18 months of purchase.The CDSC is applied at the plan level based on initial investment forEmployer Sponsored Retirement Plans. The way we calculate the CDSC is the same for each class (please see page 33).

Distribution and Service (12b-1) FeesClass R has a distribution plan, sometimes known as a Rule 12b-1 plan,that allows the Fund to pay distribution and other fees of up to 0.50% peryear for the sale of Class R shares and for services provided to shareholders.

To keep your CDSC as low as possible, each time you place a request to sellshares we will first sell any shares in your account that are not subject to aCDSC. If there are not enough of these to meet your request, we will sell theshares in the order they were purchased. We will use this same method ifyou exchange your shares into another Franklin Templeton fund (please seepage 45 for exchange information).

Reinstatement PrivilegeIf you sell shares of a Franklin Templeton fund that were held indirectly for your benefit in an account with your investment representative’s firm oryour bank’s trust department or that were registered to you directly by theFund’s transfer agent (or, to an affiliated custodian or trustee of the Fund’stransfer agent), you may reinvest all or a portion of the proceeds from that salewithin 90 days of the sale without an initial sales charge. This ReinstatementPrivilege does not apply to: (i) a purchase of Fund shares made through aregularly scheduled automatic investment plan such as a purchase by a regu-larly scheduled payroll deduction or transfer from a bank account, or (ii) apurchase of Fund shares with proceeds from the sale of Franklin Templetonfund shares that were held indirectly through an Employer Sponsored

35

A “DCS Plan” is an Employer Sponsored Retirement Plan that (i) has contracted for current participant level recordkeeping with the DefinedContribution Services (DCS) division of Franklin Templeton InvestorServices; or (ii) is receiving current DCS services by contracting with theentity identified in DCS promotional material for participant level record-keeping related to those DCS services.

Buying SharesMINIMUM INVESTMENTS

Initial

Regular accounts $1,000

Automatic investment plans $50

UGMA/UTMA accounts $100

Employer Sponsored Retirement Plans no minimum

IRAs, IRA rollovers, Coverdell Education Savings Plans or Roth IRAs $250

Broker-dealer sponsored wrap account programs $250

Current and former full-time employees, officers, trustees and directors of Franklin Templeton entities, and their family members $100

Please note that you may only buy shares of a fund eligible for sale in your state or jurisdiction.


34

Retirement Plan that is not a DCS Plan or a non-Franklin Templeton individ-ual or employer sponsored IRA.

In order to take advantage of this Reinstatement Privilege, you must informyour investment representative or the Fund’s transfer agent of this privilegeat the time of your investment. The proceeds from the earlier sale must alsobe invested within the same share class as that of the sold shares, except pro-ceeds will be reinvested in Class A shares if the proceeds are from the sale of(i) Class B shares; or (ii) Class C shares or Class R shares if at the time ofinvestment you have not appointed an investment representative (financialadvisor) of record for the Fund account(s) in which the purchased shareswill be held. Proceeds from the earlier sale of Class Z shares may also beinvested in Class A shares under this Reinstatement Privilege.

If you paid a CDSC when you sold your Class A, C or R shares, we willcredit back to you the CDSC paid on the amount you are reinvesting within90 days of the sale by adding it to the amount of your reinvestment (forexample, if you are reinvesting $10,000 within 90 days of an earlier $10,000sale on which you paid a $100 CDSC, the amount of your reinvestment willequal $10,100). The new shares issued with your reinvestment WILL BEsubject to any otherwise applicable CDSC. If, however, you (except EmployerSponsored Retirement Plans) paid a CDSC when you sold (1) Class B shares;or (2) Class C or R shares held at the time of sale in a Franklin Templetonfund account without an investment representative (financial advisor)appointed by you and invest the proceeds from that sale in Class A shareswithin 90 days of the sale, you will not be credited with any CDSC paid atthe time of sale. In this case, the new Class A shares issued with your rein-vestment WILL NOT BE subject to any otherwise applicable CDSC.

Proceeds immediately placed in a Franklin Templeton Bank Certificate of Deposit (CD) also may be reinvested without an initial sales charge if you reinvest them within 90 days from the date the CD matures, includingany rollover.

This privilege does not apply to shares you buy and sell under our exchangeprogram. Shares purchased with the proceeds from a money fund may besubject to a sales charge.


37

Contact your investment representative Contact your investment representative

If you have another Franklin Templeton fundaccount with your bank account information on file,you may open a new account by phone. At thistime, a new account may not be opened online.

To make a same day investment, your phone ordermust be received and accepted by us by 1:00 p.m.Pacific time or the close of the New York StockExchange, whichever is earlier.

Before requesting a telephone or online purchaseinto an existing account, please make sure we haveyour bank account information on file. If we do nothave this information, you will need to send writteninstructions with your bank’s name and addressand a voided check or savings account deposit slip.If the bank and Fund accounts do not have at leastone common owner, your written request must besigned by all fund and bank account owners, andeach individual must have his or her signatureguaranteed.

To make a same day investment, your phone oronline order must be received and accepted by usby 1:00 p.m. Pacific time or the close of the NewYork Stock Exchange, whichever is earlier.

Make your check payable to Templeton GrowthFund, Inc.

Mail the check and your signed application toInvestor Services.

Make your check payable to Templeton GrowthFund, Inc. Include your account number on thecheck.

Fill out the deposit slip from your account statement.If you do not have a slip, include a note with yourname, the Fund name, and your account number.

Mail the check and deposit slip or note to InvestorServices.

Call to receive a wire control number and wireinstructions.

Wire the funds and mail your signed application toInvestor Services. Please include the wire control num-ber or your new account number on the application.

To make a same day wire investment, the wiredfunds must be received and accepted by us by1:00 p.m. Pacific time or the close of the New YorkStock Exchange, whichever is earlier.

Call to receive a wire control number and wireinstructions.

To make a same day wire investment, the wiredfunds must be received and accepted by us by1:00 p.m. Pacific time or the close of the New YorkStock Exchange, whichever is earlier.

Call Shareholder Services at 1-800/632-2301, orsend signed written instructions. You also may placean online exchange order. The automated telephonesystem cannot be used to open a new account.

(Please see page 45 for information on exchanges.)

Call Shareholder Services at 1-800/632-2301, orsend signed written instructions. You also may placean online exchange order.

(Please see page 45 for information on exchanges.)

36

Account ApplicationIf you are opening a new account,please complete and sign the enclosedaccount application. Make sure youindicate the share class you have cho-sen. If you do not indicate a class, wewill place your purchase in Class Ashares. To save time, you can sign upnow for services you may want on youraccount by completing the appropriatesections of the application (see“Investor Services” on page 38). Forexample, if you would like to link oneof your bank accounts to your Fundaccount so that you may use electronicfunds transfer to and from your bankaccount to buy and sell shares, pleasecomplete the bank information sectionof the application. We will keep yourbank information on file for future pur-chases and redemptions. We do notaccept cash, credit card conveniencechecks, non-bank money orders or trav-elers checks as forms of payment topurchase shares.

Franklin Templeton Investor Services

P.O. Box 33030, St. Petersburg, FL 33733-8030

Call toll-free: 1-800/632-2301

(Monday through Friday

5:30 a.m. to 5:00 p.m., Pacific time)

or visit us online 24 hours a day, 7 days a week,

at franklintempleton.com

Through your investment representative

By Phone/Online(Up to $100,000 per shareholder per day)1-800/632-2301franklintempleton.comNote: (1) certain account types are notavailable for online account access and(2) the amount may be higher for mem-bers of Franklin Templeton VIP ServicesTM.Please see page 41 for more informationregarding eligibility.

By Mail

By Wire1-800/632-2301(or 1-650/312-2000 collect)

By Exchangefranklintempleton.com

BUYING SHARES

Opening an account Adding to an account

If you received a distribution and chose to return it to purchase additionalshares, you will not be charged an initial sales charge if you invest the distri-bution within 90 days of the distribution date.


For retirement plans for which Franklin Templeton Bank & Trust is the trustee or custodian, special forms may be needed to receive distributions in cash. Please call 1-800/527-2020 for information.

3938

Investor Services

Automatic Investment PlanThis plan offers a convenient way for you to invest in the Fund by automati-cally transferring money from your checking or savings account eachmonth to buy shares. To sign up, visit us online at franklintempleton.comor complete the appropriate section of your account application and mail it to Investor Services. If you are opening a new account, please include theminimum initial investment (please see page 35) with your application.

Automatic Payroll DeductionYou may invest in the Fund automatically by transferring money from your paycheck to the Fund by electronic funds transfer. If you are interested,indicate on your application that you would like to receive an AutomaticPayroll Deduction Program kit.

Automated Telephone SystemOur automated system offers around-the-clock access to information aboutyour account or any Franklin Templeton fund. This service is available bydialing any of the following numbers from a touch-tone phone:

Shareholder Services 1-800/632-2301

Advisor Services 1-800/524-4040

Retirement Services 1-800/527-2020

Distribution OptionsYou may reinvest distributions you receive from the Fund in an existingaccount in the same share class* of the Fund or another Franklin Templetonfund. Initial sales charges and CDSCs will not apply to reinvested distribu-tions. You also can have your distributions deposited in a bank account, or mailed by check. Deposits to a bank account may be made by electronicfunds transfer.

*Class B and C shareholders may reinvest their distributions in Class A shares of any Franklin Templeton moneyfund. DCS Plans may direct distributions to Class A shares if Class R shares are not offered by that fund.

Please indicate on your application the distribution option you have chosen,otherwise we will reinvest your distributions in the same share class ofthe Fund.

Retirement PlansFranklin Templeton Investments offers a variety of retirement plans for indi-viduals and businesses. These plans require separate applications and theirpolicies and procedures may be different than those described in this pro-spectus. For more information, including a free retirement plan brochure or application, please call Retirement Services at 1-800/527-2020.

Telephone/Online PrivilegesYou will automatically receive telephone/online privileges when you openyour account, allowing you to obtain or view your account information,and conduct a number of transactions by phone or online, including: buy,sell, or exchange shares of most funds; use electronic funds transfer to buyor sell shares of most funds; change your address; and, add or changeaccount services (including distribution options, systematic withdrawalplans and automatic investment plans).

To view your account information or request online transactions, you willfirst need to register for these services at the shareholder section of our web-site at franklintempleton.com. You will be asked to accept the terms of anonline agreement(s) and establish a password for online services. If you areregistered for online services, you may enroll online in Franklin Templeton’selectronic delivery program for your shareholder documents. This will

4140

Franklin Templeton VIP ServicesTM

You may be eligible for Franklin Templeton VIP ServicesTM if you are cur-rently eligible for the $250,000 sales charge breakpoint based solely onshares registered directly with the Franklin Templeton funds’ transfer agentand excluding shares held indirectly through brokerage accounts. FranklinTempleton VIP ServicesTM shareholders enjoy enhanced service and transac-tion capabilities. Please contact Shareholder Services at 1-800/632-2301 foradditional information on this program.

allow you to receive electronic delivery (through our website) of most funds’prospectuses, annual/semiannual reports to shareholders, and proxy state-ments, as well as your account(s) statements and trade confirmations, anddiscontinue receiving your paper copies through the U.S. mail. Using ourshareholder website means you are consenting to sending and receiving per-sonal financial information over the Internet, so you should be sure you arecomfortable with the risks.

As long as we follow reasonable security procedures and act on instructionswe reasonably believe are genuine, we will not be responsible for any lossesthat may occur from unauthorized requests. We will request passwords orother information, and also may record calls. To help safeguard your account,keep your password confidential, and verify the accuracy of your confirma-tion statements immediately after you receive them. Contact us immediatelyif you believe someone has obtained unauthorized access to your account orpassword. For transactions done over the Internet, we recommend the useof an Internet browser with 128-bit encryption. Certain methods of contact-ing us (such as by phone or by Internet) may be unavailable or delayed dur-ing periods of unusual market activity. Of course, you can decline telephonebuy, sell, or exchange privileges on your account application, or choose notto register for online privileges. If you have telephone/online privileges onyour account and want to discontinue them, please contact us for instruc-tions. You may reinstate these privileges at any time in writing, includingonline registration with respect to online privileges.

Note: We discourage you from including confidential or sensitive informa-tion in any Internet communication to us. If you do choose to send email(encrypted or not) to us over the Internet, you are accepting the associatedrisks of lack of confidentiality.

Systematic Withdrawal PlanThis plan allows you to automatically sell your shares and receive regularpayments from your account. A CDSC may apply to withdrawals thatexceed certain amounts. Certain terms and minimums apply. To sign up,visit us online at franklintempleton.com or complete the appropriate sectionof your application.


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Selling SharesYou can sell your shares at any time. Please keep in mind that a contingentdeferred sales charge (CDSC) may apply.

Selling Shares in WritingGenerally, requests to sell $100,000 or less can be made over the phone,online, or with a simple letter. Sometimes, however, to protect you and theFund we will need written instructions signed by all registered owners, witha signature guarantee for each owner, if:

A signature guarantee helps protect your account against fraud. You can obtain a signature guarantee at most banks and securities dealers.

A notary public CANNOT provide a signature guarantee.

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Redemption ProceedsYour redemption check will be sent within seven days after we receive yourrequest in proper form. We are not able to receive or pay out cash in theform of currency.

Retirement PlansYou may need to complete additional forms to sell shares in a FranklinTempleton Bank & Trust retirement plan. For participants under age 591⁄2,

tax penalties may apply. Call Retirement Services at 1-800/527-2020 for details.

• you are selling more than $100,000 worth of shares

• you want your proceeds paid to someone who is not a registered owner

• you want to send your proceeds somewhere other than the address ofrecord, or preauthorized bank or brokerage firm account

We also may require a signature guarantee on instructions we receive froman agent, not the registered owners, or when we believe it would protect theFund against potential claims based on the instructions received.

The amount may be higher for members of Franklin Templeton VIP ServicesTM.Please see page 41 for more information regarding eligibility.

Selling Recently Purchased SharesIf you sell shares recently purchased, we may delay sending you the pro-ceeds until your check, draft or wire/electronic funds transfer has cleared,which may take seven business days or more.


An exchange is really two transactions: a sale of one fund and the purchaseof another. In general, the same policies that apply to purchases and salesapply to exchanges, including minimum investment amounts. Exchangesalso have the same tax consequences as ordinary sales and purchases.

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SELLING SHARES

To sell some or all of your shares

Through your investment representativeContact your investment representative

By MailSend written instructions and endorsed share cer-tificates (if you hold share certificates) to InvestorServices. Corporate, partnership or trust accountsmay need to send additional documents.

Specify the Fund, the account number and thedollar value or number of shares you wish to sell.If you own both Class A and B shares, also spec-ify the class of shares, otherwise we will sell yourClass A shares first. Be sure to include all neces-sary signatures and any additional documents,as well as signature guarantees if required.

A check will be mailed to the name(s) andaddress on the account, or otherwise accordingto your written instructions.

By Phone/Online1-800/632-2301franklintempleton.com

As long as your transaction is for $100,000 orless, you do not hold share certificates and youhave not changed your address by phone oronline within the last 15 days, you can sell yourshares by phone or online. The amount may behigher for members of Franklin Templeton VIPServicesTM. Please see page 41 for more infor-mation regarding eligibility.

A check will be mailed to the name(s) andaddress on the account. Written instructions,with a signature guarantee, are required to sendthe check to another address or to make it pay-able to another person.

By Electronic Funds Transfer (ACH)You can call, write, or visit us online to haveredemption proceeds sent to a bank account.See the policies at left for selling shares by mail,phone, or online.

Before requesting to have redemption proceedssent to a bank account, please make sure wehave your bank account information on file. Ifwe do not have this information, you will need tosend written instructions with your bank’s nameand a voided check or savings account depositslip. If the bank and Fund accounts do not haveat least one common owner, you must providewritten instructions signed by all fund and bankaccount owners, and each individual must havehis or her signature guaranteed.

If we receive your request in proper form by1:00 p.m. Pacific time, proceeds sent by ACHgenerally will be available within two to threebusiness days.

By ExchangeObtain a current prospectus for the fund youare considering. Prospectuses are availableonline at franklintempleton.com.

Call Shareholder Services at the number belowor send signed written instructions. You alsomay place an exchange order online. See thepolicies at left for selling shares by mail, phone,or online.

If you hold share certificates, you will need toreturn them to the Fund before your exchangecan be processed.

Franklin Templeton Investor Services P.O. Box 33030,

St. Petersburg, FL 33733-8030

Call toll-free: 1-800/632-2301

(Monday through Friday 5:30 a.m. to 5:00 p.m., Pacific time)

or visit us online 24 hours a day, 7 days a week,

at franklintempleton.com

Exchanging Shares

Exchange PrivilegeYou can exchange shares between most Franklin Templeton funds withinthe same class,* generally without paying any additional sales charges. Ifyou exchange shares held for less than six months, however, you may becharged the difference between the initial sales charge of the two funds if the difference is more than 0.25%. If you exchange shares from a moneyfund or another fund that does not have a sales charge, a sales charge mayapply no matter how long you have held the shares.

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Generally exchanges may only be made between identically registeredaccounts, unless you send written instructions with a signature guarantee.Any CDSC will continue to be calculated from the date of your initialinvestment and will not be charged at the time of the exchange. The pur-chase price for determining a CDSC on exchanged shares will be the priceyou paid for the original shares. If you exchange shares subject to a CDSCinto a Class A money fund, the time your shares are held in the money fundwill not count towards the CDSC holding period.

If you exchange your Class B shares for the same class of shares of anotherFranklin Templeton fund, the time your shares are held in that fund will counttowards the eight-year period for automatic conversion to Class A shares.

DCS Plans may exchange Class R shares for Class A shares of anotherFranklin Templeton fund if that fund does not offer Class R shares.

*Class Z shareholders of Franklin Mutual Series Fund Inc. may exchange into Class A without any sales charge.

Rejected exchanges. If the Fund rejects an exchange request involving thesale of Fund shares, the rejected exchange request will also mean rejection

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the efficient management of the Fund’s portfolio, may materially increasethe Fund’s transaction costs, administrative costs or taxes, or may otherwisebe detrimental to the interests of the Fund and its shareholders.

Market timing consequences. If information regarding your trading activ-ity in this Fund or in any other Franklin Templeton fund or non-FranklinTempleton fund is brought to the attention of the Fund’s manager or trans-fer agent and based on that information the Fund or its manager or transferagent in its sole discretion conclude that your trading may be detrimental tothe Fund as described in this Market Timing Trading Policy, the Fund maytemporarily or permanently bar your future purchases into the Fund or,alternatively, may limit the amount, number or frequency of any future pur-chases and/or the method by which you may request future purchases andredemptions (including purchases and/or redemptions by an exchange ortransfer between the Fund and any other mutual fund).

In considering an investor’s trading activity, the Fund may consider, amongother factors, the investor’s trading history both directly and, if known,through financial intermediaries, in the Fund, in other Franklin Templetonfunds, in non-Franklin Templeton mutual funds, or in accounts under com-mon control or ownership (see, for example, “Investment by asset alloca-tors” in the Statement of Additional Information).

Market timing through financial intermediaries. You are an investor subject to this Market Timing Trading Policy whether you are a directshareholder of the Fund or you are investing indirectly in the Fund througha financial intermediary (such as a broker-dealer, a bank, trust company, aninsurance company separate account, an investment advisor, or an adminis-trator or trustee of an IRS recognized tax-deferred savings plan such as a401(k) retirement plan and a 529 college savings plan) that maintains anOmnibus Account with the Fund for trading on behalf of its customers.

While the Fund will encourage financial intermediaries to apply the Fund’sMarket Timing Trading Policy to their customers who invest indirectly inthe Fund, the Fund is limited in its ability to monitor the trading activity orenforce the Fund’s Market Timing Trading Policy with respect to customersof financial intermediaries. For example, should it occur, the Fund may not


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of the request to purchase shares of another fund with the proceeds of thesale. Of course, you may generally redeem shares of the Fund at any time.

Exchanges through financial intermediaries. If you are investing indi-rectly in the Fund through a financial intermediary such as a broker-dealer,a bank, an insurance company separate account, an investment advisor, anadministrator or trustee of an IRS recognized tax-deferred savings plan suchas a 401(k) retirement plan and a 529 college savings plan that maintains amaster account (an Omnibus Account) with the Fund for trading on behalfof its customers, different exchange and/or transfer limit guidelines andrestrictions may apply. The financial intermediary through whom you areinvesting may choose to adopt different trading restrictions designed to dis-courage short-term or excessive trading. Consult with your financial inter-mediary (or, in the case of a 401(k) retirement plan, your plan sponsor) todetermine what trading restrictions, including exchange/transfer limitations,may be applicable to you.

Fund exchange privilege changes/waiver. The Fund may terminate ormodify (temporarily or permanently) this exchange privilege in the future.You will receive 60 days’ notice of any material changes, unless otherwiseprovided by law.

Other funds’ exchange privileges. If there is a conflict between theexchange privileges of two funds involved in an exchange transaction, the stricter policy will apply to the transaction. Other Franklin Templetonfunds may have different exchange restrictions. Check each fund’s prospec-tus for details.

Market Timing Trading PolicyThe Fund’s board of directors has adopted the following policies and proce-dures with respect to market timing (Market Timing Trading Policy).

Market timing generally. The Fund discourages and does not intend toaccommodate short-term or frequent purchases and redemptions of Fundshares, often referred to as “market timing.” It intends to seek to restrict orreject such trading or take other action, as described below, if in the judg-ment of the Fund manager or transfer agent such trading may interfere with

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pricing procedures is to minimize the possibilities of this type of arbitragemarket timing (please see “Valuation - Foreign Securities - Potential Impactof Time Zones and Market Holidays”).

Since the Fund may invest significantly in securities that are, or may be,restricted, unlisted, traded infrequently, thinly traded, or relatively illiquid(“relatively illiquid securities”), it may be particularly vulnerable to arbi-trage market timing. An arbitrage market timer may seek to take advantageof a possible differential between the last available market prices for one or more of those relatively illiquid securities that are used to calculate theFund’s net asset value and the latest indications of market values for thosesecurities. One of the objectives of the Fund’s fair value pricing proceduresis to minimize the possibilities of this type of arbitrage market timing (pleasesee “Fair Valuation - Individual Securities”).

The Fund is currently using several methods to reduce the risks associatedwith market timing. These methods include:

• committing staff to selectively review on a continuing basis recent tradingactivity in order to identify trading activity that may be contrary to theFund’s Market Timing Trading Policy;

• imposing a redemption fee for short-term trading;

• monitoring potential price differentials following the close of trading inforeign markets and changes in indications of value for relatively illiquidtraded securities to determine whether the application of fair value pricingprocedures is warranted;

• seeking the cooperation of financial intermediaries to assist the Fund inidentifying market timing activity.

Though these methods involve judgments that are inherently subjective andinvolve some selectivity in their application, the Fund seeks to make judg-ments and applications that are consistent with the interests of the Fund’sshareholders. There is no assurance that the Fund or its agents will gain accessto any or all information necessary to detect market timing in OmnibusAccounts. While the Fund will seek to take actions (directly and with the


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be able to detect market timing that may be facilitated by financial interme-diaries or made difficult to identify in the Omnibus Accounts used by thoseintermediaries for aggregated purchases, exchanges and redemptions onbehalf of all their customers. More specifically, unless the financial interme-diaries have the ability to apply the Fund’s Market Timing Trading Policy to their customers (for example, participants in a 401(k) retirement plan)through such methods as implementing short-term trading limitations orrestrictions, imposing the Fund’s redemption fee and monitoring tradingactivity for what might be market timing, the Fund may not be able todetermine whether trading by customers of financial intermediaries is con-trary to the Fund’s Market Timing Trading Policy.

Risks from market timers. Depending on various factors, including thesize of the Fund, the amount of assets the portfolio manager typically main-tains in cash or cash equivalents, the dollar amount and number and fre-quency of trades and the types of securities in which the Fund typicallyinvests, short-term or frequent trading may interfere with the efficient man-agement of the Fund’s portfolio, increase the Fund’s transaction costs, admin-istrative costs and taxes and/or impact Fund performance.

In addition, if the nature of the Fund’s portfolio holdings exposes the Fundto “arbitrage market timers,” the value of the Fund’s shares may be dilutedif redeeming shareholders receive proceeds (and buying shareholders receiveshares) based upon net asset values which do not reflect appropriate fairvalue prices. Arbitrage market timing occurs when an investor seeks to takeadvantage of the possible delay between the change in the value of a mutualfund’s portfolio holdings and the reflection of the change in the fund’s netasset value per share. Since the Fund invests significantly in foreign securi-ties, it may be particularly vulnerable to arbitrage market timing. Arbitragemarket timing in foreign investments may occur because of time zone differ-ences between the foreign markets on which the Fund’s international portfo-lio securities trade and the time as of which the Fund’s NAV is calculated.Arbitrage market timers may purchase shares of the Fund based on eventsoccurring after foreign market closing prices are established, but before cal-culation of the Fund’s NAV. One of the objectives of the Fund’s fair value

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pany separate account, an investment advisor, an administrator or trustee of an IRS recognized tax-deferred savings plan such as a 401(k) retirementplan and a 529 college savings plan that maintains an Omnibus Accountwith the Fund for trading on behalf of its customers. Currently, only certainintermediaries have the ability to collect the Fund’s redemption fee on theFund’s behalf from their customers’ accounts. Even in the case of theseintermediaries who are collecting the redemption fee, due to policy, opera-tional and/or systems’ requirements and limitations, these intermediariesmay use criteria and methods for tracking, applying and/or calculating thefee that may differ in some respects from that of the Fund. The Fund willcontinue to encourage all financial intermediaries to develop the capabilityto begin imposing the redemption fee from their customers who invest in theFund. If you are investing in Fund shares through a financial intermediary,you should contact your financial intermediary (or, in the case of a 401(k)retirement plan, your plan sponsor) for more information on any differencesin how the redemption fee is applied to your investments in the Fund.

Waiver/Exceptions/Changes. The Fund reserves the right to waive theredemption fee at its discretion if the Fund’s transfer agent believes suchwaiver is consistent with the best interests of the Fund and to the extent per-mitted or required by applicable law. The Fund’s transfer agent may also, atits discretion and upon receipt of shareholder’s written request, waive theredemption fee because of a bona fide and unanticipated financial emer-gency. The redemption fee does not apply to redemptions by other mutualfunds, Omnibus Account owners and certain comprehensive fee programswhere investment instructions are given at the firm level of Fund approvedbroker-dealers on behalf of their clients invested in Franklin Templetonfunds. In addition, the Fund reserves the right to modify or eliminate theredemption fee or waivers at any time. You will receive 60 days’ notice ofany material changes, unless otherwise provided by law.

Limitations on collection. Currently, the Fund is very limited in its abilityto ensure that the redemption fee is imposed by financial intermediaries onbehalf of their customers. For example, where a financial intermediary isnot able to determine if the redemption fee applies and/or is not able to


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assistance of financial intermediaries) that will detect market timing, theFund cannot represent that such trading activity can be minimized or com-pletely eliminated.

Revocation of market timing trades. Transactions placed in violation of the Fund’s Market Timing Trading Policy are not necessarily deemedaccepted by the Fund and may be cancelled or revoked by the Fund follow-ing receipt by the Fund.

Redemption FeeRedemption fee assessment. A short-term trading redemption fee will beimposed (with some exceptions) on any Fund shares in a Fund account thatare sold (by redemption, whether voluntary or involuntary, or exchange)within seven (7) calendar days following their purchase date. This redemp-tion fee will equal 2% of the amount redeemed (using standard roundingcriteria) and shares held the longest will be treated as being redeemed firstand shares held shortest as being redeemed last. The redemption fee may becollected by deduction from the redemption proceeds or, if imposed afterthe redemption transaction, by billing you.

This redemption fee is imposed to discourage short-term trading and is paidto the Fund to help offset any cost associated with such short-term trading.This redemption fee is not intended to accommodate short-term trading and the Fund will monitor the assessment of redemption fees against youraccount. Based on the frequency of redemption fees assessed against youraccount in the Fund and/or in your other Franklin Templeton fund accounts,the Fund manager or transfer agent may in its sole discretion determine thatyour trading activity may be detrimental to the Fund as described in theFund’s “Market Timing Trading Policy” section and elect to (i) reject or limitthe amount, number, frequency or method for requesting future purchasesinto the Fund and/or (ii) reject or limit the amount, number, frequency ormethod for requesting future exchanges or redemptions out of the Fund.

Redemptions through financial intermediaries. You are an investor sub-ject to this 2% short-term trading redemption fee whether you are a directshareholder of the Fund or you are investing indirectly in the Fund througha financial intermediary such as a broker-dealer, a bank, an insurance com-

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Account Policies

Calculating Share PriceWhen you buy shares, you pay the “offering price” for the shares. The“offering price” is determined by dividing the net asset value per share(NAV) by an amount equal to 1 minus the sales charge applicable to thepurchase (expressed in decimals), calculated to two decimal places usingstandard rounding criteria. The number of Fund shares you will be issuedwill equal the amount invested divided by the applicable offering price forthose shares, calculated to three decimal places using standard rounding cri-teria. For example, if the NAV per share is $10.25 and the applicable salescharge for the purchase is 5.75%, the offering price would be calculated asfollows: 10.25 divided by 1.00 minus 0.0575 [10.25/0.9425] equals 10.87533,which, when rounded to two decimal points, equals 10.88. The offeringprice per share would be $10.88.

When you sell shares, you receive the NAV minus any applicable CDSC.

The value of a mutual fund is determined by deducting the fund’s liabilitiesfrom the total assets of the portfolio. The net asset value per share is deter-mined by dividing the total net asset value of each fund’s share class by theapplicable number of shares outstanding per share class.

The Fund calculates the NAV per share each business day at the close oftrading on the New York Stock Exchange (NYSE) (normally 1:00 p.m.Pacific time). The Fund does not calculate the NAV on days the NYSE isclosed for trading, which include New Year’s Day, Martin Luther King Jr.Day, President’s Day, Good Friday, Memorial Day, Independence Day,Labor Day, Thanksgiving Day and Christmas Day.

When determining its NAV, the Fund values cash and receivables at theirrealizable amounts, and records interest as accrued and dividends on the ex-dividend date. The Fund generally utilizes two independent pricing servicesto assist in determining a current market value for each security. If marketquotations are readily available for portfolio securities listed on a securitiesexchange or on the Nasdaq National Market System, the Fund values thosesecurities at the last quoted sale price or the official closing price of the day,


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impose or collect the fee, or omits to collect the fee at the time of a redemp-tion, the Fund will not receive the redemption fees. Further, if Fund sharesare redeemed by a financial intermediary at the direction of its customer(s),the Fund may not know: (1) whether a redemption fee is applicable; and/or(2) the identity of the customer who should pay the redemption fee.

Involuntary redemptions. The Fund reserves the right to close youraccount if the account value falls below $500 ($50 for employee andUGMA/UTMA accounts), or you are deemed to engage in activities that are illegal (such as late trading) or otherwise believed to be detrimental to the Fund (such as market timing).

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tion of the securities. The board of directors oversees the application of fairvalue pricing procedures.

The application of fair value pricing procedures represents a good faithdetermination based upon specifically applied procedures. There can be noassurance that the Fund could obtain the fair value assigned to a security ifit were able to sell the security at approximately the time at which the Funddetermines its NAV per share.

Security Valuation - Corporate Debt SecuritiesCorporate debt securities generally trade in the over-the-counter marketrather than on a securities exchange. The Fund may value these portfoliosecurities by utilizing quotations from bond dealers, information with respectto bond and note transactions and may rely on independent pricing servicesto assist in determining a current market value for each security. The Fund’spricing services may utilize independent quotations from bond dealers andbond market activity to determine current value.

Security Valuation - OptionsThe Fund values portfolio securities underlying actively traded call optionsat their market price as determined above. The current market value of anyoption the Fund holds is its last sale price on the relevant exchange beforethe Fund values its assets. If there are no sales that day or if the last saleprice is outside the bid and ask prices, the Fund values options within therange of the current closing bid and ask prices if the Fund believes the valu-ation fairly reflects the contract’s market value.

Security Valuation - Foreign Securities - Computation of U.S. Equivalent ValueThe Fund generally determines the value of a foreign security as of the closeof trading on the foreign stock exchange on which the security is primarilytraded, or as of the close of trading on the NYSE, if earlier. The value isthen converted into its U.S. dollar equivalent at the foreign exchange rate ineffect at the close of the NYSE (generally 1:00 p.m. Pacific time) on the daythat the value of the foreign security is determined. If no sale is reported at


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respectively, or, if there is no reported sale, within the range of the mostrecent quoted bid and ask prices. The Fund values over-the-counter portfo-lio securities within the range of the most recent bid and ask prices. If port-folio securities trade both in the over-the-counter market and on a stockexchange, the Fund values them according to the broadest and most repre-sentative market.

Requests to buy and sell shares are processed at the NAV next calculatedafter we receive your request in proper form.

Generally, trading in corporate bonds, U.S. government securities andmoney market instruments is substantially completed each day at varioustimes before the close of the NYSE. The value of these securities used incomputing the NAV is determined as of such times. Occasionally, eventsaffecting the values of these securities may occur between the times at whichthey are determined and the close of the NYSE that will not be reflected inthe computation of the NAV. The Fund relies on third party pricing vendorsto monitor for events materially affecting the value of these securities duringthis period. If an event occurs, the third party pricing vendors will providerevised values to the Fund.

Fair Valuation - Individual SecuritiesSince the Fund may invest in securities that are restricted, unlisted, tradedinfrequently, thinly traded, or relatively illiquid, there is the possibility of adifferential between the last available market prices for one or more of thosesecurities and the latest indications of market values for those securities. TheFund has procedures, approved by the board of directors, to determine thefair value of individual securities and other assets for which market prices arenot readily available (such as certain restricted or unlisted securities and pri-vate placements) or which may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreignmarkets, and thinly traded or illiquid securities). Some methods for valuingthese securities may include: fundamental analysis (earnings multiple, etc.),matrix pricing, discounts from market prices of similar securities, or dis-counts applied due to the nature and duration of restrictions on the disposi-

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approved by the board of directors. In certain circumstances these proce-dures include the use of independent pricing services. The intended effect ofapplying fair value pricing is to compute an NAV that accurately reflects thevalue of the Fund’s portfolio at the time that the NAV is calculated, to dis-courage potential arbitrage market timing in Fund shares, to mitigate thedilutive impact of such attempted arbitrage market timing and to be fair topurchasing, redeeming and existing shareholders. However, the applicationof fair value pricing procedures may, on occasion, worsen rather than miti-gate the potential dilutive impact of shareholder trading.

In addition, trading in foreign portfolio securities generally, or in securitiesmarkets in a particular country or countries, may not take place on everyNYSE business day. Furthermore, trading takes place in various foreignmarkets on days that are not business days for the NYSE, and on which theFund’s NAV is not calculated. Thus, the calculation of the Fund’s NAV doesnot take place contemporaneously with the determination of the prices ofmany of the foreign portfolio securities used in the calculation. If eventsaffecting the last determined values of these foreign securities occur (deter-mined through the monitoring process described above), the securities will bevalued at fair value determined in good faith in accordance with the Fund’sfair value procedures established and approved by the board of directors.

Accounts with Low BalancesIf the value of your account falls below $500 ($50 for employee andUGMA/UTMA accounts) because you sell some of your shares, we maymail you a notice asking you to bring the account back up to its applicableminimum investment amount. If you choose not to do so within 30 days,we may close your account and mail the proceeds to the address of record.You will not be charged a CDSC if your account is closed for this reason.

Statements, Reports and ProspectusesYou will receive quarterly account statements that show all your accounttransactions during the quarter. You also will receive written notificationafter each transaction affecting your account (except for distributions andtransactions made through automatic investment or withdrawal programs,which will be reported on your quarterly statement).


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that time, the foreign security will be valued within the range of the mostrecent quoted bid and ask prices. Occasionally events (such as repatriationlimits or restrictions) may impact the availability or reliability of foreignexchange rates used to convert the U.S. dollar equivalent value. If such anevent occurs, the foreign exchange rate will be valued at fair value usingprocedures established and approved by the board of directors.

Valuation - Foreign Securities - Potential Impact of Time Zones and Market HolidaysTrading in securities on foreign securities stock exchanges and over-the-counter markets, such as those in Europe and Asia, may be completed wellbefore the close of business on the NYSE on each day that the NYSE is open.Occasionally, events occur between the time at which trading in a foreignsecurity is completed and the close of the NYSE that might call into ques-tion the availability (including the reliability) of the value of a foreign port-folio security held by the Fund. As a result, the Fund may be susceptible towhat is referred to as “time zone arbitrage.” Certain investors in the Fundmay seek to take advantage of discrepancies in the value of the Fund’s port-folio securities as determined by the foreign market at its close and the latestindications of value attributable to the portfolio securities at the time theFund’s NAV is computed. Trading by these investors, often referred to as“arbitrage market timers,” may dilute the value of the Fund’s shares, if suchdiscrepancies in security values actually exist. To attempt to minimize thepossibilities for time zone arbitrage, and in accordance with proceduresestablished and approved by the Fund’s board of directors, the managermonitors price movements following the close of trading in foreign stockmarkets through a series of country specific market proxies (such as baskets ofAmerican Depositary Receipts, futures contracts and exchange traded funds).

These price movements are measured against established trigger thresholdsfor each specific market proxy to assist in determining if an event hasoccurred that might call into question the availability (including the reliabil-ity) of the values of foreign securities between the times at which they aredetermined and the close of the NYSE. If such an event occurs, the foreignsecurities may be valued using fair value procedures established and

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online privileges allow the Fund to accept online registration for online serv-ices (including electronic delivery of shareholder documents) and transac-tion instructions online or by telephone from only one registered owner.This means that any one registered owner on your account, acting aloneand without the consent of any other registered owner, may give the Fundinstructions by telephone, online or in writing (subject to any limitations intelephone or online privileges) to:

• Exchange shares from a jointly registered Fund account requiring all reg-istered owner signatures into an identically registered money fund accountthat only requires one registered owner’s signature to redeem shares;

• Redeem Fund shares and direct the redemption proceeds to a bankaccount that may or may not be owned by you and, if owned by youjointly with someone else, only requires one person to withdraw funds by check or otherwise;

• Add/Change the bank account to which Fund share redemption proceedsmay be sent, which bank account may not be owned by you;

• Purchase Fund shares by debiting a bank account that may be owned byyou; and

• Add/Change the bank account that may be debited for Fund share pur-chases, which new account may be owned by you.

If you do NOT want another registered owner on your account to be ableto issue these kinds of instructions to the Fund without your consent, youmust instruct the Fund to deny/terminate online privileges and the ability toissue such instructions by telephone so that these types of instructions willonly be accepted in writing signed by all account owners. This decision willapply to any other fund into which you may exchange your jointly ownedFund shares. Any later decision to permit these types of instructions by tele-phone and/or online will need to be given to the Fund in a written instruc-tion signed by all registered owners.


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You also will receive the Fund’s financial reports every six months as well asan annual updated prospectus. To reduce Fund expenses, we try to identifyrelated shareholders in a household and send only one copy of the financialreports and prospectus. This process, called “householding,” will continueindefinitely unless you instruct us otherwise. If you prefer not to have thesedocuments householded, please call us at 1-800/632-2301. At any time youmay view current prospectuses and financial reports on our website.

If you choose, you may receive your statements, financial reports and prospectuses through electronic delivery (please see “Telephone/OnlinePrivileges” on page 39).

Investment Representative Account AccessIf there is a dealer or other investment representative of record on youraccount, he or she will be able to obtain your account information, conducttransactions for your account, and also will receive copies of all notifica-tions and statements and other information about your account directlyfrom the Fund.

Street or Nominee AccountsYou may transfer your shares from the street or nominee name account of one dealer to another, as long as both dealers have an agreement withFranklin Templeton Distributors, Inc. We will process the transfer after wereceive authorization in proper form from your delivering securities dealer.

Joint AccountsUnless you specify a different registration, shares issued to two or moreowners are registered as “joint tenants with rights of survivorship” (shownas “Jt Ten” on your account statement). To make any ownership changes tojointly owned shares, or to sever a joint tenancy in jointly owned shares, allowners must agree in writing.

Joint Account Risk with Telephone/Online PrivilegesYou will automatically receive telephone/online privileges when you openyour account. If your account has more than one registered owner, telephone/

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Templeton fund shares through dealer-maintained brokerage accounts asmore fully described under “Shareholder servicing and transfer agent” inthe SAI. These fees are paid by the Fund’s transfer agent from payments itreceives under its agreement with the Fund.

Class A Class B Class C Class R

Commission (%) — — 1.003 1.005

Investment under $50,000 5.00 — — —

$50,000 but under $100,000 3.75 — — —

$100,000 but under $250,000 2.80 — — —

$250,000 but under $500,000 2.00 — — —

$500,000 but under $1 million 1.60 — — —

$1 million or more up to 1.001 — — —

12b-1 fee to dealer 0.251 0.252 1.004 0.355

A dealer commission of up to 1% may be paid on Class A NAV purchasesby certain retirement plans.1 A dealer commission of up to 0.25% may bepaid on Class A NAV purchases by certain trust companies and bank trustdepartments, eligible governmental authorities, and broker-dealers or otherson behalf of clients participating in comprehensive fee programs. For certainretirement plans that do not qualify to buy Class A shares at NAV but thatqualify to buy Class A shares with a maximum initial sales charge of 4%, adealer commission of 3.2% may be paid.

If any dealer commissions are paid in connection with a purchase which issubsequently rejected or results in any trading restriction placed on the pur-chaser as a result of a determination by the Fund’s manager or transfer agentthat the purchase may be connected with trading activity that may be detri-mental to the Fund as described in the Fund’s “Market Timing Trading Policy,”the dealer shall, upon demand, refund such commissions to Distributors.

1. For purchases at NAV where Distributors paid a prepaid commission, dealers may start to receive the 12b-1 feein the 13th month after purchase. For purchases at NAV where Distributors did not pay a prepaid commission,dealers may start to receive the 12b-1 fee at the time of purchase.2. After eight years, Class B shares convert to Class A shares and dealers may then receive the 12b-1 fee applicableto Class A.3. Commission includes advance of the first year’s 0.25% 12b-1 service fee. For purchases at NAV, Distributorsmay pay a prepaid commission.


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Additional PoliciesPlease note that the Fund maintains additional policies and reserves certainrights, including:

• The Fund may restrict, reject or cancel any purchase orders, including anexchange request.

• The Fund may modify, suspend, or terminate telephone/online privilegesat any time.

• The Fund may make material changes to or discontinue the exchangeprivilege on 60 days’ notice or as otherwise provided by law.

• The Fund may stop offering shares completely or may offer shares onlyon a limited basis, for a period of time or permanently.

• Normally, redemptions are processed by the next business day, but maytake up to seven days to be processed if making immediate paymentwould adversely affect the Fund.

• In unusual circumstances, we may temporarily suspend redemptions orpostpone the payment of proceeds, as allowed by federal securities laws.

• For redemptions over a certain amount, the Fund may pay redemptionproceeds in securities or other assets rather than cash if the manager deter-mines it is in the best interest of the Fund, consistent with applicable law.

• You may only buy shares of a fund (including the purchase side of anexchange) eligible for sale in your state or jurisdiction.

• To permit investors to obtain the current price, dealers are responsible fortransmitting all orders to the Fund promptly.

Dealer CompensationQualifying dealers who sell Fund shares may receive sales commissions andother payments. These are paid by Franklin Templeton Distributors, Inc.(Distributors) from sales charges received from purchasing or redeemingshareholders, from distribution and service (12b-1) fees from the Fund andfrom Distributors’ other financial resources. Dealers may also receive share-holder servicing fees for servicing investors who indirectly hold Franklin

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advisor for information about any payments it receives from Distributors andany services it provides, as well as about fees and/or commissions it charges.

QuestionsIf you have any questions about the Fund or your account, you can write tous at P.O. Box 33030, St. Petersburg, FL 33733-8030. You also can call usat one of the following numbers. For your protection and to help ensure weprovide you with quality service, all calls may be monitored or recorded.

Hours (Pacific time,Department Name Telephone Number Monday through Friday)

Shareholder Services 1-800/632-2301 5:30 a.m. to 5:00 p.m.

Fund Information 1-800/DIAL BEN® 5:30 a.m. to 5:00 p.m.(1-800/342-5236)

Retirement Services 1-800/527-2020 5:30 a.m. to 5:00 p.m.

Advisor Services 1-800/524-4040 5:30 a.m. to 5:00 p.m.

Institutional Services 1-800/321-8563 6:00 a.m. to 4:00 p.m.

TDD (hearing impaired) 1-800/851-0637 5:30 a.m. to 5:00 p.m.

Automated Telephone System 1-800/632-2301 (around-the-clock access)1-800/524-40401-800/527-2020


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4. Dealers may be eligible to receive up to 0.25% at the time of purchase and may be eligible to receive 1% startingin the 13th month. During the first 12 months, the full 12b-1 fee will be paid to Distributors to partially offset thecommission and the prepaid service fee paid at the time of purchase. For purchases at NAV where Distributors didnot pay a prepaid commission, dealers may start to receive the 12b-1 fee at the time of purchase.5. Dealers may be eligible to receive a 12b-1 fee of 0.35% starting in the 13th month. During the first 12 months,the full 12b-1 fee will be paid to Distributors to partially offset the commission paid at the time of purchase.Starting in the 13th month, Distributors will receive 0.15%. Dealers may be eligible to receive the full 0.50% 12b-1fee starting at the time of purchase if Distributors did not pay a prepaid commission.

Other dealer compensation. Distributors may make payments from12b-1 fees received from the Fund and from its other financial resources, to certain dealers who have sold shares of the Franklin Templeton mutualfunds. In the case of any one dealer, marketing support payments will notexceed the sum of 0.10% of that dealer’s current year’s total sales of FranklinTempleton mutual funds, and 0.05% (or 0.03%) of the total assets of equity(or fixed income) funds attributable to that dealer, on an annual basis.Marketing support payments made to organizations located outside the U.S.,with respect to investments in the Fund by non-U.S. persons, may exceedthis limitation. Distributors makes these payments in connection with thequalifying dealers’ efforts to educate financial advisors about the FranklinTempleton funds. A number of factors will be considered in determiningpayments, including the qualifying dealer’s sales, assets and redemption rates,and the quality of the dealer’s relationship with Distributors. Distributors will,on an annual basis, determine the advisability of continuing these payments.

To the extent permitted by SEC and NASD rules and other applicable lawsand regulations, Distributors may pay or allow other promotional incen-tives or payments to dealers.

Sale of Fund shares, as well as shares of other funds in Franklin TempletonInvestments, is not considered a factor in the selection of broker-dealers toexecute the Fund’s portfolio transactions. Accordingly, the allocation ofportfolio transactions for execution by broker-dealers that sell Fund sharesis not considered marketing support payments to such broker-dealers.

You can find further details in the SAI about the payments made byDistributors and the services provided by your financial advisor. Your financial advisor may charge you additional fees or commissions other than those disclosed in this prospectus. You should ask your financial

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1. The fund is closed to new investors. Existing shareholderscan continue adding to their accounts.2. The fund is only open to existing shareholders and selectretirement plans.3. The fund is a continuously offered, closed-end fund.Shares may be purchased daily; there is no daily redemption.However, each quarter, pending board approval, the fundwill authorize the repurchase of 5%–25% of the outstandingnumber of shares. Investors may tender all or a portion oftheir shares during the tender period.4. An investment in the fund is neither insured nor guaranteedby the U.S. government or by any other entity or institution.

5. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable.Distributions of capital gains are generally taxable.6. Portfolio of insured municipal securities.7. These funds are available in two or more variations, including long-term portfolios, portfolios of insured securities, a high-yield portfolio (CA) and limited-term,intermediate-term and money market portfolios (CA and NY).8. The funds of the Franklin Templeton Variable InsuranceProducts Trust are generally available only through insur-ance company variable contracts.

INTERNATIONALMutual European FundTempleton China World FundTempleton Developing Markets TrustTempleton Foreign FundTempleton Foreign Smaller

Companies FundTempleton International (Ex EM) FundGLOBALMutual Discovery FundTempleton Global Long-Short FundTempleton Global Opportunities TrustTempleton Global Smaller

Companies FundTempleton Growth FundTempleton World FundGROWTHFranklin Aggressive Growth FundFranklin Capital Growth FundFranklin Flex Cap Growth FundFranklin Small-Mid Cap Growth FundFranklin Small Cap Growth Fund II1

VALUEFranklin Balance Sheet Investment Fund2

Franklin Equity Income FundFranklin Large Cap Value FundFranklin MicroCap Value Fund2

Franklin MidCap Value FundFranklin Small Cap Value FundMutual Beacon FundMutual Qualified FundMutual Recovery Fund3

Mutual Shares FundBLENDFranklin Blue Chip FundFranklin Convertible Securities FundFranklin Growth FundFranklin Rising Dividends FundFranklin U.S. Long-Short Fund

SECTORFranklin Biotechnology Discovery FundFranklin DynaTech FundFranklin Global Communications FundFranklin Global Health Care FundFranklin Gold and Precious Metals FundFranklin Natural Resources FundFranklin Real Estate Securities FundFranklin Technology FundFranklin Utilities FundMutual Financial Services FundASSET ALLOCATIONFranklin Templeton Corefolio

Allocation FundFranklin Templeton Founding Funds

Allocation FundFranklin Templeton Perspectives

Allocation FundTarget FundsFranklin Templeton Conservative

Target FundFranklin Templeton Growth Target FundFranklinTempleton Moderate Target FundINCOMEFranklin Adjustable U.S. Government

Securities Fund4

Franklin’s AGE High Income FundFranklin Floating Rate Daily Access FundFranklin Income FundFranklin Limited Maturity

U.S. Government Securities Fund4

Franklin Low Duration Total Return FundFranklin Real Return FundFranklin Strategic Income FundFranklin Strategic Mortgage PortfolioFranklin Templeton Hard Currency FundFranklin Total Return FundFranklin U.S. Government

Securities Fund4

Templeton Global Bond FundTempleton Income Fund

TAX-FREE INCOME5

National FundsDouble Tax-Free Income FundFederal Tax-Free Income FundHigh Yield Tax-Free Income FundInsured Tax-Free Income Fund6

Limited-Term FundsCalifornia Limited-Term Tax-Free

Income FundFederal Limited-Term Tax-Free

Income FundNew York Limited-Term Tax-Free

Income FundIntermediate-Term FundsCalifornia Intermediate-Term

Tax-Free Income FundFederal Intermediate-Term

Tax-Free Income FundNew York Intermediate-Term

Tax-Free Income FundState-SpecificAlabamaArizonaCalifornia7

ColoradoConnecticutFlorida7

GeorgiaKentuckyLouisianaMarylandMassachusetts6

Michigan6

Minnesota6

MissouriNew JerseyNew York7

North CarolinaOhio7

OregonPennsylvaniaTennesseeVirginia

INSURANCE FUNDSFranklin Templeton Variable

Insurance Products Trust8

FRANKLIN TEMPLETON INVESTMENTSLiterature Request. To receive a brochure and prospectus, please call us at 1-800/DIAL BEN® (1-800/342-5236) orvisit franklintempleton.com. Investors should carefully consider a fund’s investment goals, risks, charges andexpenses before investing. The prospectus contains this and other information. Please carefully read the prospectusbefore investing. To ensure the highest quality of service, we may monitor, record and access telephone calls to or fromour service departments. These calls can be identified by the presence of a regular beeping tone.

09/05NOT PART OF THE PROSPECTUS.

FOR MORE INFORMATION

You can learn more about the Fund in the following documents:

Annual/Semiannual Report to ShareholdersIncludes a discussion of recent market conditions and Fund strategiesthat significantly affected Fund performance during its last fiscal year,financial statements, detailed performance information, portfolioholdings and, in the annual report only, the independent registeredpublic accounting firm’s report.

Statement of Additional Information (SAI)Contains more information about the Fund, its investments and policies.It is incorporated by reference (is legally a part of this prospectus).

For a free copy of the current annual/semiannual report or the SAI,please contact your investment representative or call us at the numberbelow. You also can view the current annual/semiannual report and theSAI online through franklintempleton.com.

You also can obtain information about the Fund by visiting the SEC’sPublic Reference Room in Washington, DC (phone 1-202/942-8090) orthe EDGAR Database on the SEC’s Internet site at http://www.sec.gov.You can obtain copies of this information, after paying a duplicating fee,by writing to the SEC’s Public Reference Section, Washington, DC20549-0102 or by electronic request at the following email address:[email protected].

One Franklin Parkway, San Mateo, CA 94403-19061-800/DIAL BEN® (1-800/342-5236)TDD (Hearing Impaired) 1-800/851-0637franklintempleton.com

Investment Company Act file #811-04892 101 P 01/06

30% Total Recycled Fiber

< GAIN FROM OUR PERSPECTIVE® >

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Templeton Growth Fund,Inc.

Documents

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