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Franklin Templeton Funds

Literature Request. To receive a summary prospectus and/or prospectus, please call us at (800) DIAL BEN/342-5236 or visit franklintempleton.com. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information. Please carefully read a prospectus before investing. To ensure the highest quality of service, we may monito , record and access telephone calls to or from our service departments. These calls can be identified by the presence of a regular beeping tone.

VALUE Franklin All Cap Value Fund

INTERNATIONAL Franklin India Growth Fund

Franklin Limited Maturity U.S. Government Securities Fund4

Franklin Balance Sheet Investment Fund Franklin Large Cap Value Fund Franklin MicroCap Value Fund1 Franklin MidCap Value Fund Franklin Small Cap Value Fund Mutual Beacon Fund Mutual Quest Fund Mutual Recovery Fund2 Mutual Shares Fund

BLEND Franklin Focused Core Equity Fund

Franklin Large Cap Equity Fund Franklin Rising Dividends Fund

GROWTH Franklin DynaTech Fund

Franklin Flex Cap Growth Fund Franklin Growth Fund Franklin Growth Opportunities Fund Franklin Small Cap Growth Fund Franklin Small-Mid Cap Growth Fund

SECTOR Franklin Biotechnology Discovery Fund

Franklin Global Real Estate Fund Franklin Gold & Precious Metals Fund Franklin Natural Resources Fund Franklin Real Estate Securities Fund Franklin Utilities Fund Mutual Financial Services Fund

GLOBAL Franklin World Perspectives Fund

Mutual Global Discovery Fund Templeton Global Opportunities Trust Templeton Global Smaller Companies Fund Templeton Growth Fund Templeton World Fund

Franklin International Growth Fund Franklin International Small Cap Growth Fund Mutual European Fund Mutual International Fund Templeton Asian Growth Fund Templeton BRIC Fund Templeton China World Fund Templeton Developing Markets Trust Templeton Emerging Markets Small Cap Fund Templeton Foreign Fund Templeton Foreign Smaller Companies Fund Templeton Frontier Markets Fund

HYBRID Franklin Balanced Fund

Franklin Convertible Securities Fund Franklin Equity Income Fund Franklin Income Fund Templeton Emerging Markets Balanced Fund Templeton Global Balanced Fund3

ASSET ALLOCATION Franklin Templeton Corefolio® Allocation Fund

Franklin Templeton Founding Funds Allocation Fund

Franklin Templeton Conservative Allocation Fund Franklin Templeton Growth Allocation Fund Franklin Templeton Moderate Allocation Fund Franklin Templeton 2015 Retirement Target Fund Franklin Templeton 2025 Retirement Target Fund Franklin Templeton 2035 Retirement Target Fund Franklin Templeton 2045 Retirement Target Fund Franklin Templeton Global Allocation Fund

FIXED INCOME Franklin Adjustable U.S. Government Securities Fund4

Franklin Floating Rate Daily Access Fund Franklin High Income Fund

Franklin Low Duration Total Return Fund Franklin Real Return Fund Franklin Strategic Income Fund Franklin Strategic Mortgage Portfolio Franklin Templeton Hard Currency Fund Franklin Total Return Fund Franklin U.S. Government Securities Fund4 Templeton Global Bond Fund Templeton Global Total Return Fund Templeton International Bond Fund

TAX-FREE INCOME5

National Double Tax-Free Income Fund

Federal Tax-Free Income Fund High Yield Tax-Free Income Fund Insured Tax-Free Income Fund6

Limited-/Intermediate-Term California Intermediate-Term Tax-Free Income Fund

Federal Intermediate-Term Tax-Free Income Fund Federal Limited-Term Tax-Free Income Fund New York Intermediate-Term Tax-Free Income Fund

State-Specific Alabama Arizona California (4 funds) Colorado Connecticut Florida Georgia Kentucky Louisiana Maryland Massachusetts Michigan

Minnesota Missouri New Jersey New York (2 funds) North Carolina Ohio Oregon Pennsylvania Tennessee Virginia

INSURANCE FUNDS Franklin Templeton Variable Insurance Products Trust7

1. The fund is closed to new investors. Existing shareholders and select retirement plans can continue adding to their accounts.

2. 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 fund will authorize the repurchase of 5%–25% of the outstanding number of shares. Investors may tender all or a portion of their shares during the tender period.

3. Effective 7/1/11, Templeton Income Fund changed its name to Templeton Global Balanced Fund. Additionally, the fund changed its goal and pricing structure. Under normal circumstances, the fund will invest: at least 25% of its assets in fixed income senior securities

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and at least 25% of its assets in equity securities; at least 40% of its assets in non-U.S. investments; and in issuers located in at least three different countries (including the U.S.).

4. An investment in the fund is neither insured nor guaranteed by 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.

    The fund invests primarily in insured municipal securities.

  • 7.

    The funds of the Franklin Templeton Variable Insurance Products Trust are generally available

only through insurance company variable contracts.

Not part of the annual report

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