GOF P9 11/23
SUPPLEMENT DATED NOVEMBER 15, 2023
TO THE PROSPECTUS OF EACH
For each of the funds listed in Schedule A, the following disclosure replaces and supersedes the corresponding disclosure in each fund’s Prospectus in the appendix titled “Appendix A – Intermediary Sales Charge Discounts and Waivers”:
Stifel, Nicolaus & Company, Incorporated and its broker dealer affiliates
Effective December 1, 2023, shareholders purchasing or holding fund shares, including existing fund shareholders, through a Stifel, Nicolaus & Company, Incorporated or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (“CDSC”) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.
CLASS A SHARES
As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.
Rights of accumulation
· Rights of accumulation (“ROA”) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of all assets in all classes of shares of Franklin Templeton and Legg Mason funds held by accounts within the purchaser’s household at Stifel. Eligible fund family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.
· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
Front-end sales charge waivers on Class A shares available at Stifel
Sales charges may be waived for the following shareholders and in the following situations:
· Class C shares that have been held for more than seven (7) years may be converted to Class A or other Front-end share class(es) shares of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the
exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.
· Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.
· Shares purchased in an Stifel fee-based advisory program, often referred to as a “wrap” program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the fund family.
· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, shares redeemed through a Systematic Withdrawal Plan are not eligible for rights of reinstatement.
· Shares from rollovers into Stifel from retirement plans to IRAs.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
· Purchases of Class 529-A shares through a rollover from another 529 plan.
· Purchases of Class 529-A shares made for reinvestment of refunded amounts.
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· All other sales charge waivers and reductions described elsewhere in the fund’s prospectus or SAI still apply.
Contingent Deferred Sales Charges Waivers on Class A and C Shares
· Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.
· Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
· Shares acquired through a right of reinstatement.
· Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.
· Shares exchanged or sold in a Stifel fee-based program.
· All other sales charge waivers and reductions described elsewhere in the fund’s prospectus or SAI still apply.
Share Class Conversions in Advisory Accounts
· Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.
SCHEDULE A
Fund
| Date of Prospectus
|
FRANKLIN ALTERNATIVE STRATEGIES FUNDS |
|
K2 Alternative Strategies Fund……...................................................................................................... | October 1, 2023 |
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND |
Fund
| Date of Prospectus
|
Franklin California Tax-Free Income Fund…….................................................................................... | July 1, 2023 |
FRANKLIN CALIFORNIA TAX-FREE TRUST |
|
Franklin California Intermediate-Term Tax-Free Income Fund............................................................. | November 1, 2023 |
FRANKLIN CUSTODIAN FUNDS |
|
Franklin DynaTech Fund...................................................................................................................... | February 1, 2023, as amended August 16, 2023 |
Franklin Growth Fund........................................................................................................................... | February 1, 2023, as amended August 16, 2023 |
Franklin Income Fund…....................................................................................................................... | February 1, 2023, as amended August 16, 2023 |
Franklin U.S. Government Securities Fund.......................................................................................... | February 1, 2023, as amended August 16, 2023 |
Franklin Utilities Fund........................................................................................................................... | February 1, 2023, as amended August 16, 2023 |
FRANKLIN FEDERAL TAX-FREE INCOME FUND | |
Franklin Federal Tax-Free Income Fund……………………………………………………………………. | September 1, 2023 |
FRANKLIN FUND ALLOCATOR SERIES |
|
Franklin Conservative Allocation Fund................................................................................................. | May 1, 2023 |
Franklin Corefolio Allocation Fund........................................................................................................ | May 1, 2023 |
Franklin Global Allocation Fund............................................................................................................ | May 1, 2023 |
Franklin Growth Allocation Fund........................................................................................................... | May 1, 2023 |
Franklin LifeSmart™ Retirement Income Fund.................................................................................... | May 1, 2023 |
Franklin LifeSmart™ 2020 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2025 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2030 Retirement Target Fund……….................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2035 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2040 Retirement Target Fund……….................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2045 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2050 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2055 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin LifeSmart™ 2060 Retirement Target Fund............................................................................. | May 1, 2023 |
Franklin Moderate Allocation Fund....................................................................................................... | May 1, 2023 |
FRANKLIN GLOBAL TRUST | |
Franklin International Growth Fund...................................................................................................... | December 1, 2022 |
FRANKLIN GOLD AND PRECIOUS METALS FUND | |
Franklin Gold and Precious Metals Fund…………………………………………………………………… | December 1, 2022 |
FRANKLIN HIGH INCOME TRUST | |
Franklin High Income Fund…………………………………………………………………………………... | February 1, 2023 |
Fund
| Date of Prospectus
|
FRANKLIN INVESTORS SECURITIES TRUST | |
Franklin Convertible Securities Fund………………………………………………………………………... | March 1, 2023 |
Franklin Equity Income Fund………………………………………………...………………….…………… | March 1, 2023 |
Franklin Floating Rate Daily Access Fund………………………………………………………………….. | March 1, 2023 |
Franklin Long Duration Credit Fund…………………………………………………………………………. | August 22, 2023 |
Franklin Low Duration Total Return Fund…………………………………………………………………... | March 1, 2023 |
Franklin Low Duration U.S. Government Securities Fund……………………………………….……….. | March 1, 2023 |
Franklin Managed Income Fund……………………………………………………………………………... | March 1, 2023 |
Franklin Total Return Fund………………………………………………....………………………………... | March 1, 2023 |
FRANKLIN MANAGED TRUST | |
Franklin Rising Dividends Fund……………………………………………………………………………… | February 1, 2023 |
FRANKLIN MUNICIPAL SECURITIES TRUST | |
Franklin California High Yield Municipal Fund……………………………………………………………… | July 1, 2023 |
FRANKLIN MUTUAL SERIES FUNDS | |
Franklin Mutual Beacon Fund………………………………………………………………………………... | May 1, 2023 |
Franklin Mutual International Value Fund…………………………………………………………………... | May 1, 2023 |
Franklin Mutual Financial Services Fund…………………………………………………………………… | May 1, 2023 |
Franklin Mutual Global Discovery Fund…………………………………………………………………….. | May 1, 2023 |
Franklin Mutual Quest Fund………………………………………………………………………………….. | May 1, 2023 |
Franklin Mutual Shares Fund………………………………………………………………………………… | May 1, 2023 |
FRANKLIN NEW YORK TAX-FREE INCOME FUND | |
Franklin New York Tax-Free Income Fund…………………………………………………………………. | July 1, 2023 |
FRANKLIN NEW YORK TAX-FREE TRUST | |
Franklin New York Intermediate-Term Tax-Free Income Fund…………………………………………... | February 1, 2023 |
FRANKLIN REAL ESTATE SECURITIES TRUST | |
Franklin Real Estate Securities Fund……………………………………………………………………….. | September 1, 2023 |
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO | |
Franklin Strategic Mortgage Portfolio……………………………………………………………………….. | February 1, 2023, as amended August 16, 2023 |
FRANKLIN STRATEGIC SERIES | |
Franklin Biotechnology Discovery Fund………………………………………………………………..…… | September 1, 2023 |
Franklin Growth Opportunities Fund………………………………………………………………………… | September 1, 2023 |
Franklin Natural Resources Fund…………………………….……………………………………………… | September 1, 2023 |
Franklin Small Cap Growth Fund…………………………….……………………………………………… | September 1, 2023 |
Franklin Small-Mid Cap Growth Fund……………………………………………………….……………… | September 1, 2023 |
Franklin Strategic Income Fund……………………………………………………………………………… | September 1, 2023 |
FRANKLIN TAX-FREE TRUST | |
Franklin Alabama Tax-Free Income Fund………………………………………………..………………… | July 1, 2023 |
Franklin Arizona Tax-Free Income Fund………………………………………………….………………… | July 1, 2023 |
Franklin Colorado Tax-Free Income Fund………………………………………………..………………… | July 1, 2023 |
Franklin Connecticut Tax-Free Income Fund…………………………………………….………………… | July 1, 2023 |
Franklin Federal Intermediate-Term Tax-Free Income Fund………………………………………..…… | July 1, 2023 |
Franklin Federal Limited-Term Tax-Free Income Fund…………………………………………………… | July 1, 2023 |
Franklin Georgia Tax-Free Income Fund…………………………………………………………………… | July 1, 2023 |
Franklin High Yield Tax-Free Income Fund………………………………………………………………… | July 1, 2023 |
Franklin Louisiana Tax-Free Income Fund…………………………………………………………………. | July 1, 2023 |
Franklin Maryland Tax-Free Income Fund………………………………………………………………….. | July 1, 2023 |
Fund
| Date of Prospectus
|
Franklin Massachusetts Tax-Free Income Fund…………………………………………………………… | July 1, 2023 |
Franklin Michigan Tax-Free Income Fund………………………………………………………………….. | July 1, 2023 |
Franklin Minnesota Tax-Free Income Fund………………………………………………………………… | July 1, 2023 |
Franklin Missouri Tax-Free Income Fund…………………………………………………………………... | July 1, 2023 |
Franklin New Jersey Tax-Free Income Fund………………………………………………………………. | July 1, 2023 |
Franklin North Carolina Tax-Free Income Fund………………………………………………………….… | July 1, 2023 |
Franklin Ohio Tax-Free Income Fund……………………………………………………………………….. | July 1, 2023 |
Franklin Oregon Tax-Free Income Fund……………………………………………………………………. | July 1, 2023 |
Franklin Pennsylvania Tax-Free Income Fund…………………………………………………………….. | July 1, 2023 |
Franklin Virginia Tax-Free Income Fund……………………………………………………………………. | July 1, 2023 |
FRANKLIN VALUE INVESTORS TRUST | |
Franklin MicroCap Value Fund………………………………………………………………………………. | March 1, 2023 |
Franklin Mutual U.S. Mid Cap Value Fund…………………………………………………………………. | March 1, 2023 |
Franklin Small Cap Value Fund……………………………………………………………………………… | March 1, 2023 |
TEMPLETON CHINA WORLD FUND | |
Templeton China World Fund………………………………………………………………………………... | January 1, 2023 |
TEMPLETON DEVELOPING MARKETS TRUST | |
Templeton Developing Markets Trust……………………………………………………………………….. | May 1, 2023 |
TEMPLETON FUNDS | |
Templeton Foreign Fund……………………………………………………………………………………… | January 1, 2023 |
Templeton World Fund……………………………………………………………………………………….. | January 1, 2023 |
Templeton International Climate Change Fund……………………………………………………………. | January 1, 2023 |
TEMPLETON GLOBAL INVESTMENT TRUST | |
Templeton Emerging Markets Small Cap Fund……………………………………………………………. | January 1, 2023 |
Templeton Global Balanced Fund…………………………………………………………………………… | May 1, 2023 |
TEMPLETON GLOBAL SMALLER COMPANIES FUND | |
Templeton Global Smaller Companies Fund………………………………………………………………. | January 1, 2023 |
TEMPLETON GROWTH FUND, INC. | |
Templeton Growth Fund, Inc…………………………………………………………………………………. | January 1, 2023 |
TEMPLETON INCOME TRUST | |
Templeton Global Bond Fund………………………………………………………………………………... | May 1, 2023 |
Templeton Global Total Return Fund……………………………………………………………………….. | May 1, 2023 |
Templeton International Bond Fund…………………………………………………………………………. | May 1, 2023 |
Templeton Sustainable Emerging Markets Bond Fund…………………………………………………… | May 1, 2023 |
Please retain this supplement for future reference