GOF P28 08/22
SUPPLEMENT DATED AUGUST 19, 2022
TO THE CURRENTLY EFFECTIVE PROSPECTUSES
OF EACH OF THE FUNDS LISTED BELOW
Franklin Alternative Strategies Funds
Franklin K2 Alternative Strategies Fund
Franklin K2 Long Short Credit Fund
Franklin California Tax-Free Income Fund
Franklin California Tax-Free Trust
Franklin California Intermediate-Term Tax-Free Income Fund
Franklin Custodian Funds
Franklin DynaTech Fund
Franklin Focused Growth Fund
Franklin Growth Fund
Franklin Income Fund
Franklin U.S. Government Securities Fund
Franklin Utilities Fund
Franklin Federal Tax-Free Income Fund
Franklin Fund Allocator Series
Franklin Corefolio Allocation Fund
Franklin Global Allocation Fund
Franklin LifeSmart™ Retirement Income Fund
Franklin LifeSmart™ 2020 Retirement Target Fund
Franklin LifeSmart™ 2025 Retirement Target Fund
Franklin LifeSmart™ 2030 Retirement Target Fund
Franklin LifeSmart™ 2035 Retirement Target Fund
Franklin LifeSmart™ 2040 Retirement Target Fund
Franklin LifeSmart™ 2045 Retirement Target Fund
Franklin LifeSmart™ 2050 Retirement Target Fund
Franklin LifeSmart™ 2055 Retirement Target Fund
Franklin LifeSmart™ 2060 Retirement Target Fund
Franklin Conservative Allocation Fund
Franklin Moderate Allocation Fund
Franklin Growth Allocation Fund
Franklin Global Trust
Franklin International Growth Fund
Franklin International Small Cap Fund
Franklin Gold and Precious Metals Fund
Franklin High Income Trust
Franklin High Income Fund
Franklin Investors Securities Trust
Franklin Adjustable U.S. Government Securities Fund
Franklin Convertible Securities Fund
Franklin Equity Income Fund
Franklin Floating Rate Daily Access Fund
Franklin Low Duration Total Return Fund
Franklin Managed Income Fund
Franklin Total Return Fund
Franklin Managed Trust
Franklin Rising Dividends Fund
Franklin Municipal Securities Trust
Franklin California High Yield Municipal Fund
Franklin Mutual Series Funds
Franklin Mutual Beacon Fund
Franklin Mutual European Fund
Franklin Mutual Financial Services Fund
Franklin Mutual Global Discovery Fund
Franklin Mutual Quest Fund
Franklin Mutual Shares Fund
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin New York Intermediate-Term Tax-Free Income Fund
Franklin Real Estate Securities Trust
Franklin Real Estate Securities Fund
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Biotechnology Discovery Fund
Franklin Growth Opportunities Fund
Franklin Natural Resources Fund
Franklin Small Cap Growth Fund
Franklin Small-Mid Cap Growth Fund
Franklin Strategic Income Fund
Franklin Tax-Free Trust
Franklin Federal Intermediate-Term Tax-Free Income Fund
Franklin Federal Limited-Term Tax-Free Income Fund
Franklin High Yield Tax-Free Income Fund
Franklin Massachusetts Tax-Free Income Fund
Franklin New Jersey Tax-Free Income Fund
Franklin Alabama Tax-Free Income Fund
Franklin Georgia Tax-Free Income Fund
Franklin Louisiana Tax-Free Income Fund
Franklin Maryland Tax-Free Income Fund
Franklin Missouri Tax-Free Income Fund
Franklin North Carolina Tax-Free Income Fund
Franklin Virginia Tax-Free Income Fund
Franklin Arizona Tax-Free Income Fund
Franklin Colorado Tax-Free Income Fund
Franklin Connecticut Tax-Free Income Fund
Franklin Michigan Tax-Free Income Fund
Franklin Minnesota Tax-Free Income Fund
Franklin Ohio Tax-Free Income Fund
Franklin Oregon Tax-Free Income Fund
Franklin Pennsylvania Tax-Free Income Fund
Franklin U.S. Government Money Fund
Franklin Value Investors Trust
Franklin MicroCap Value Fund
Franklin Mutual U.S. Mid Cap Value Fund
Franklin Small Cap Value Fund
Templeton China World Fund
Templeton Developing Markets Trust
Templeton Funds
Templeton Foreign Fund
Templeton World Fund
Templeton International Climate Change Fund
Templeton Global Investment Trust
Templeton Emerging Markets Small Cap Fund
Templeton Global Balanced Fund
Templeton Global Smaller Companies Fund
Templeton Growth Fund, Inc.
Templeton Income Trust
Templeton Sustainable Emerging Markets Bond Fund
Templeton Global Bond Fund
Templeton Global Total Return Fund
Templeton International Bond Fund
Effective August 19, 2022, the prospectuses of the Funds are revised as follows:
I. The following is added after the “Your Account – Exchanging Shares – Exchange Privilege – Advisor Class” section in the prospectus:
Exchangeability Between Funds Without the Same Share Classes
In addition to the permissible exchanges between funds without the same share class described above, if the Franklin Templeton or Legg Mason fund into which you wish to exchange your shares does not offer the class of shares in which you are currently invested, you may exchange your shares into another share class according to the following table:
Exchange From Share Class | Exchange To Share Class (if exact share class is not offered) |
Advisor Class | Class I or Class Z |
Class Z | Class I or Advisor Class |
Class R6 | Class IS, Advisor Class or Class Z |
Class R | Class FI |
Class A1 | Class A |
In certain comprehensive fee or advisory programs that hold Class A and/or A1 shares, the investor may exchange to Advisor Class, Class I or Class Z shares at the discretion of the financial intermediary.
Please keep this supplement with your prospectus for future reference.