GOF P2 01/25
Effective January 23,
2025, the Summary Prospectus, Prospectus and SAI of each fund listed in Schedule A, is amended as follows:
1. The following address replaces all references to P.O. Box 997152, Sacramento, CA 95899-7152 in each fund’s Summary Prospectus, Prospectus and SAI.
P.O. Box 33030, St. Petersburg, FL 33733
2. The following address replaces all references to 3344 Quality Drive, Rancho Cordova, CA 95670-7313 in each fund’s SAI.
100 Fountain Parkway, St. Petersburg, FL 33716
SCHEDULE A
Fund
| Date of Summary Prospectus, Prospectus and SAI |
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND | |
Franklin California Tax-Free Income Fund | July 1, 2024 |
FRANKLIN CUSTODIAN FUNDS | |
Franklin DynaTech Fund | February 1, 2024 |
Franklin Growth Fund | February 1, 2024 |
Franklin Income Fund | February 1, 2024 |
Franklin U.S. Government Securities Fund | February 1, 2024 |
Franklin Utilities Fund | February 1, 2024 |
FRANKLIN FEDERAL TAX-FREE INCOME FUND | |
Franklin Federal Tax-Free Income Fund | September 1, 2024 |
Fund
| Date of Summary Prospectus, Prospectus and SAI |
FRANKLIN FUND ALLOCATOR SERIES | |
Franklin Conservative Allocation Fund | May 1, 2024 |
Franklin Corefolio Allocation Fund | May 1, 2024 |
Franklin Global Allocation Fund | May 1, 2024 |
Franklin Growth Allocation Fund | May 1, 2024 |
Franklin LifeSmart™ Retirement Income Fund | May 1, 2024 |
Franklin LifeSmart™ 2020 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2025 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2030 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2035 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2040 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2045 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2050 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2055 Retirement Target Fund | May 1, 2024 |
Franklin LifeSmart™ 2060 Retirement Target Fund | May 1, 2024 |
Franklin Moderate Allocation Fund | May 1, 2024 |
FRANKLIN HIGH INCOME TRUST | |
Franklin High Income Fund | February 1, 2024 |
FRANKLIN INVESTORS SECURITIES TRUST | |
Franklin Convertible Securities Fund | March 1, 2024 |
Franklin Equity Income Fund | March 1, 2024 |
Franklin Floating Rate Daily Access Fund | March 1, 2024 |
Franklin Long Duration Credit Fund | March 1, 2024 |
Franklin Low Duration Total Return Fund | March 1, 2024 |
Franklin Low Duration U.S. Government Securities Fund | March 1, 2024 |
Franklin Managed Income Fund | March 1, 2024 |
Franklin Total Return Fund | March 1, 2024 |
FRANKLIN MANAGED TRUST | |
Franklin Rising Dividends Fund | February 1, 2024 |
FRANKLIN MUNICIPAL SECURITIES TRUST | |
Franklin California High Yield Municipal Fund | July 1, 2024 |
FRANKLIN NEW YORK TAX-FREE INCOME FUND | |
Franklin New York Tax-Free Income Fund | July 1, 2024 |
FRANKLIN NEW YORK TAX-FREE TRUST | |
Franklin New York Intermediate-Term Tax-Free Income Fund | February 1, 2024 |
FRANKLIN REAL ESTATE SECURITIES TRUST | |
Franklin Real Estate Securities Fund | September 1, 2024 |
Fund
| Date of Summary Prospectus, Prospectus and SAI |
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO | |
Franklin Strategic Mortgage Portfolio | February 1, 2024 |
FRANKLIN STRATEGIC SERIES | |
Franklin Biotechnology Discovery Fund | September 1, 2024 |
Franklin Growth Opportunities Fund | September 1, 2024 |
Franklin Natural Resources Fund | September 1, 2024 |
Franklin Small Cap Growth Fund | September 1, 2024 |
Franklin Small-Mid Cap Growth Fund | September 1, 2024 |
Franklin Core Plus Bond Fund | September 1, 2024 |
FRANKLIN TAX-FREE TRUST | |
Franklin Alabama Tax-Free Income Fund | July 1, 2024 |
Franklin Arizona Tax-Free Income Fund | July 1, 2024 |
Franklin Colorado Tax-Free Income Fund | July 1, 2024 |
Franklin Connecticut Tax-Free Income Fund | July 1, 2024 |
Franklin Federal Intermediate-Term Tax-Free Income Fund | July 1, 2024 |
Franklin Federal Limited-Term Tax-Free Income Fund | July 1, 2024 |
Franklin Georgia Tax-Free Income Fund | July 1, 2024 |
Franklin High Yield Tax-Free Income Fund | July 1, 2024 |
Franklin Louisiana Tax-Free Income Fund | July 1, 2024 |
Franklin Maryland Tax-Free Income Fund | July 1, 2024 |
Franklin Massachusetts Tax-Free Income Fund | July 1, 2024 |
Franklin Michigan Tax-Free Income Fund | July 1, 2024 |
Franklin Minnesota Tax-Free Income Fund | July 1, 2024 |
Franklin Missouri Tax-Free Income Fund | July 1, 2024 |
Franklin New Jersey Tax-Free Income Fund | July 1, 2024 |
Franklin North Carolina Tax-Free Income Fund | July 1, 2024 |
Franklin Ohio Tax-Free Income Fund | July 1, 2024 |
Franklin Oregon Tax-Free Income Fund | July 1, 2024 |
Franklin Pennsylvania Tax-Free Income Fund | July 1, 2024 |
Franklin Virginia Tax-Free Income Fund | July 1, 2024 |
FRANKLIN VALUE INVESTORS TRUST | |
Franklin Mutual Small-Mid Cap Value Fund | May 22, 2024 |
Franklin Mutual U.S. Mid Cap Value Fund | March 1, 2024 |
Franklin Small Cap Value Fund | March 1, 2024 |
TEMPLETON INCOME TRUST | |
Templeton Global Bond Fund | May 1, 2024 |
Templeton Global Total Return Fund | May 1, 2024 |
Templeton International Bond Fund | May 1, 2024 |
Templeton Sustainable Emerging Markets Bond Fund | May 1, 2024 |
Please retain this supplement for future reference.