GOF P15 06/22
SUPPLEMENT DATED JUNE 3, 2022
TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF EACH FUND LISTED BELOW
Franklin California Tax-Free Trust
Franklin California Intermediate-Term Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin New York Intermediate-Term Tax-Free Income Fund
Franklin Tax-Free Trust
Franklin Federal Intermediate-Term Tax-Free Income Fund
Franklin Federal Limited-Term Tax-Free Income Fund
(all of the Funds above are hereinafter referred to as the “Short-Term Tax-Free Funds”)
Franklin Alternative Strategies Fund
Franklin K2 Alternative Strategies Fund
Franklin K2 Long Short Credit Fund
Franklin Custodian Funds
Franklin DynaTech Fund
Franklin Growth Fund
Franklin Focused Growth 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 Small Cap Fund
Franklin International Growth Fund
Franklin Gold and Precious Metals Fund
Franklin Investors Securities Trust
Franklin Convertible Securities Fund
Franklin Equity Income Fund
Franklin Managed Income Fund
Franklin Managed Trust
Franklin Rising Dividends 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 Real Estate Securities Trust
Franklin Real Estate Securities Fund
Franklin Strategic Series
Franklin Growth Opportunities Fund
Franklin Small-Mid Cap Growth Fund
Franklin Small Cap Growth Fund
Franklin Biotechnology Discovery Fund
Franklin Natural Resources 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.
This supplement replaces and supersedes the supplement dated May 31, 2022
Effective on or about August 15, 2022, certain front-end sales charges on Class A shares (and Class A1 shares, as applicable) of the Funds will be lowered. In addition, certain dealer commissions paid by the Funds’ distributor from Class A (and Class A1, as applicable) sales charges also will change. Therefore, the Funds’ prospectuses are amended as follows:
I. On or about August 15, 2022, for Class A (and Class A1, as applicable) shares of the Funds that currently have a maximum front-end sales charge of 5.50% (the “Equity Funds”), the new front-end sales charge schedules will be as follows:
Sales Charges - Class A |
|
|
when you invest this amount | the sales charge makes up this % of the offering price | which equals this % of your net investment |
Under $25,000 | 5.50% | 5.82% |
$25,000 but under $50,000 | 5.25% | 5.54% |
$50,000 but under $100,000 | 4.50% | 4.71% |
$100,000 but under $250,000 | 3.50% | 3.63% |
$250,000 but under $500,000 | 2.50% | 2.56% |
$500,000 but under $750,000 | 2.00% | 2.04% |
$750,000 but under $1 million | 1.50% | 1.52% |
$1 million or more | 0.00% | 0.00% |
II. On or about August 15, 2022, for Class A (and Class A1, as applicable) shares of the Short-Term Tax-Free Funds, the new front-end sales charge schedules will be as follows:
Sales Charges - Class A |
|
|
when you invest this amount | the sales charge makes up this % of the offering price | which equals this % of your net investment |
Under $100,000 | 2.25% | 2.30% |
$100,000 but under $250,000 | 1.50% | 1.52% |
$250,000 or more | 0.00% | 0.00% |
III. On or about August 15, 2022, the dealer commission schedule for Class A (and Class A1, as applicable) shares of the Equity Funds will be as follows:
Commission (%) |
|
Investment under $25,000 | 5.00 |
$25,000 but under $50,000 | 4.75 |
$50,000 but under $100,000 | 4.00 |
$100,000 but under $250,000 | 3.00 |
$250,000 but under $500,000 | 2.25 |
$500,000 but under $750,000 | 1.75 |
$750,000 but under $1 million | 1.25 |
$1 million or more | up to 1.00 |
IV. On or about August 15, 2022, the dealer commission schedule for Class A (and Class A1, as applicable) shares of the Short-Term Tax-Free Funds will be as follows:
Commission (%) |
|
Investment under $100,000 | 2.00 |
$100,000 but under $250,000 | 1.25 |
$250,000 or more | up to 1.00 |
Please keep this supplement with your prospectus for future reference.