GOF SA5 09/23

FRANKLIN CUSTODIAN FUNDS

FRANKLIN GOLD AND PRECIOUS METALS FUND

FRANKLIN MANAGED TRUST

FRANKLIN VALUE INVESTORS TRUST

SUPPLEMENT DATED SEPTEMBER 21, 2023

TO THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

1) For each of the funds listed in Schedule A, all references to “The Bank of New York Mellon” under the heading “Policies and Procedures Regarding the Release of Portfolio Holdings” are replaced with “JPMorgan Chase Bank.”

2) For each of the funds listed in Schedule A, all references to “The Bank of New York Mellon” under the “Custodian” section under “Management and Other Service” are replaced with “JPMorgan Chase Bank,” and the reference to the address of Bank of New York Mellon’s principal office is replaced with “270 Park Avenue, New York, NY 10017-2070,” the address of JPMorgan Chase Bank.

SCHEDULE A

Please retain this supplement for future reference