GOF P5 09/23
SUPPLEMENT DATED SEPTEMBER 8, 2023
TO THE PROSPECTUS
OF EACH FRANKLIN TEMPLETON FUND LISTED IN
SCHEDULE A
I. Effective September 29, 2023, for each of the funds listed in Schedule A, the following disclosure is added to each fund’s Prospectus in the appendix titled “Appendix A – Intermediary Sales Charge Discounts and Waivers”:
J.P. MORGAN SECURITIES LLC
Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information (“SAI”).
Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
· Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC’s share class exchange policy.
· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
· Shares purchased through rights of reinstatement.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.
Class C to Class A share conversion
· A shareholder in the fund’s Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.
CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
· Shares acquired through a right of reinstatement.
Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.
· Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).
SCHEDULE A
Fund
| Date of Prospectus
|
FRANKLIN ALTERNATIVE STRATEGIES FUNDS |
|
K2 Alternative Strategies Fund……...................................................................................................... | October 1, 2022 |
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND | |
Franklin California Tax-Free Income Fund…….................................................................................... | July 1, 2023 |
FRANKLIN CALIFORNIA TAX-FREE TRUST |
|
Franklin California Intermediate-Term Tax-Free Income Fund............................................................. | November 1, 2022, as amended December 21, 2022 |
FRANKLIN CUSTODIAN FUNDS |
|
Franklin DynaTech Fund...................................................................................................................... | February 1, 2023, as amended August 16, 2023 |
Franklin Focused Growth 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 |
Fund
| Date of Prospectus
|
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 |
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 |
Fund
| Date of Prospectus
|
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 |
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 |
Fund
| Date of Prospectus
|
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 keep this supplement with your prospectus for future reference.