GOF P5 03/20

 

SUPPLEMENT DATED March 18, 2020

TO THE CURRENTLY EFFECTIVE PROSPECTUS

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 Conservative Allocation Fund

Franklin Corefolio Allocation Fund

Franklin Founding Funds Allocation Fund

Franklin Growth 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 Moderate Allocation Fund

Franklin NextStep Conservative Fund

Franklin NextStep Moderate Fund

Franklin NextStep Growth Fund

Franklin Payout 2020 Fund

Franklin Payout 2021 Fund

Franklin Payout 2022 Fund

Franklin Payout 2023 Fund

Franklin Emerging Market Core Equity (IU) Fund

Franklin International Core Equity (IU) Fund

Franklin U.S. Core Equity (IU) Fund

Franklin Global Trust

Franklin Emerging Markets Debt Opportunities Fund

Franklin International Growth Fund

Franklin International Small Cap Growth 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 Tennessee Municipal Bond 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 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 Templeton SMACS: Series E

Franklin Templeton SMACS: Series I

Franklin Templeton SMACS: Series Ch

Franklin Templeton SMACS: Series H

Franklin Real Estate Securities Trust

Franklin Real Estate Securities 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 Florida Tax-Free Income Fund

Franklin Georgia Tax-Free Income Fund

Franklin Kentucky Tax-Free Income Fund

Franklin Louisiana Tax-Free Income Fund

Franklin Maryland Tax-Free Income Fund

Franklin Missouri Tax-Free Income Fund

Franklin Municipal Green Bond 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. Value Fund

Franklin Small Cap Value Fund

Institutional Fiduciary Trust

Money Market Portfolio

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 Frontier Markets Fund

Templeton Global Balanced Fund

Templeton Global Smaller Companies Fund

Templeton Growth Fund, Inc. 

Templeton Income Trust

Templeton Emerging Markets Bond Fund

Templeton Global Bond Fund

Templeton Global Total Return Fund

Templeton International Bond Fund

Templeton Institutional Funds

Foreign Smaller Companies Series

Global Equity Series

International Equity Series

The prospectus is amended as follows:

I.The first paragraph under the “Fund Details – Principal Risks – Market” section of the prospectus is replaced with the following:

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund’s investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. During a general downturn in the securities markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance.

II.For all Funds except Franklin Emerging Markets Debt Opportunities Fund, Franklin NextStep Conservative Fund, Franklin NextStep Growth Fund, Franklin NextStep Moderate Fund, Franklin Payout 2020 Fund, Franklin Payout 2021 Fund, Franklin Payout 2022 Fund, Franklin Payout 2023 Fund, Franklin Emerging Market Core Equity (IU) Fund, Franklin International Core Equity (IU) Fund, Franklin U.S. Core Equity (IU) Fund, Franklin Templeton SMACS: Series E, Franklin Templeton SMACS: Series I, Franklin Templeton SMACS: Series CH, Franklin Templeton SMACS: Series H, Money Market Portfolio, Foreign Smaller Companies Series, Global Equity Series and International Equity Series, the following is added as the first paragraph under the table under “Your Account – Buying Shares – Minimum Investments:”

A financial intermediary may impose different investment minimums than those set forth above. The Fund is not responsible for any investment minimums imposed by financial intermediaries or for notifying shareholders of any changes to them. See Appendix A for more information on certain intermediary-specific investment minimums. Please consult with your financial intermediary if you have any questions regarding their policies.

III.For all Funds except Franklin Emerging Markets Debt Opportunities Fund, Franklin NextStep Conservative Fund, Franklin NextStep Growth Fund, Franklin NextStep Moderate Fund, Franklin Payout 2020 Fund, Franklin Payout 2021 Fund, Franklin Payout 2022 Fund, Franklin Payout 2023 Fund, Franklin Emerging Market Core Equity (IU) Fund, Franklin International Core Equity (IU) Fund, Franklin U.S. Core Equity (IU) Fund, Franklin Templeton SMACS: Series E, Franklin Templeton SMACS: Series I, Franklin Templeton SMACS: Series CH, Franklin Templeton SMACS: Series H, Money Market Portfolio, Foreign Smaller Companies Series, Global Equity Series and International Equity Series, the following is added as the last paragraph under “Account Policies – Accounts with Low Balances:”

A financial intermediary may impose different minimum account balances on your account than those described above. The Fund is not responsible for any minimum account balances imposed by financial intermediaries or for notifying shareholders of any changes to them. See Appendix A for more information on certain intermediary-specific minimum account balances. Please consult with your financial intermediary if you have any questions regarding their policies.

IV.For all Funds except Franklin Emerging Markets Debt Opportunities Fund, Franklin NextStep Conservative Fund, Franklin NextStep Growth Fund, Franklin NextStep Moderate Fund, Franklin Payout 2020 Fund, Franklin Payout 2021 Fund, Franklin Payout 2022 Fund, Franklin Payout 2023 Fund, Franklin Emerging Market Core Equity (IU) Fund, Franklin International Core Equity (IU) Fund, Franklin U.S. Core Equity (IU) Fund, Franklin Templeton SMACS: Series E, Franklin Templeton SMACS: Series I, Franklin Templeton SMACS: Series CH, Franklin Templeton SMACS: Series H, Money Market Portfolio, Foreign Smaller Companies Series, Global Equity Series and International Equity Series, the following replaces “Appendix A – Intermediary Sales Charge Discounts and Waivers:”

Appendix A

Intermediary Sales Charge Discounts and Waivers

Specific intermediaries may have different policies and procedures than the Fund regarding the availability of front-end sales load (charge) waivers or CDSC waivers; exchanges or conversions between classes or exchanges between Funds; account investment minimums; and minimum account balances, all of which are discussed below. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive such waivers or discounts.  Please see the section entitled “Fund Details – Your Account – Choosing a Share Class – Class A, & C” for more information on sales charges and waivers available for different classes.

The information in this Appendix is part of, and incorporated into, the Fund’s prospectus.

CLASS A AND CLASS C PURCHASES THROUGH MERRILL LYNCH

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

Shares purchased by or through a 529 Plan

Shares purchased through a Merrill Lynch affiliated investment advisory program

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

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 exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

CDSC Waivers on A and C Shares available at Merrill Lynch

Death or disability of the shareholder

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

Return of excess contributions from an IRA Account

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

Shares acquired through a right of reinstatement

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms

Front-end load Discounts Available at Merrill Lynch:

Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in this prospectus.

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

CLASS A PURCHASES THROUGH MORGAN STANLEY

Effective July 1, 2018 shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

•     Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans).  For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

•     Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

•     Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

•     Shares purchased through a Morgan Stanley self-directed brokerage account

•     Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program

•     Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

CLASS A AND CLASS C PURCHASES THROUGH AMERIPRISE FINANCIAL

Automatic exchange of Class C shares.  Class C shares will automatically exchange to Class A shares in the month of the 10-year anniversary of the purchase date.

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:

•     Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

•     Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available).

•     Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available).

•     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 same fund family).

•     Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date.  To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

•     Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

•     Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts,  401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

•     Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

 

Intermediary-DefinedSalesChargeWaiverPolicies

Theavailabilityofcertaininitialordeferredsaleschargewaiversanddiscountsmaydependon theparticularfinancialintermediaryortypeofaccountthroughwhichyoupurchaseorholdFund shares.

Intermediariesmayhavedifferentpoliciesandproceduresregardingtheavailabilityoffront-end salesloadwaiversorcontingentdeferred(back-end)salesload(“CDSC”)waivers,whichare discussedbelow.Inallinstances,itisthepurchaser’sresponsibilitytonotifythefundorthe purchaser’sfinancialintermediaryatthetimeofpurchaseofanyrelationshiporotherfacts qualifyingthepurchaserforsaleschargewaiversordiscounts.Forwaiversanddiscountsnot availablethroughaparticularintermediary,shareholderswillhavetopurchasefundshares directlyfromthefundorthroughanotherintermediarytoreceivethesewaiversordiscounts.

RaymondJames&Associates,Inc.,RaymondJamesFinancialServices,Inc. and each entity’s affiliates(“RaymondJames”)

EffectiveMarch1,2019,shareholderspurchasingfundsharesthroughaRaymondJames platformoraccount, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, willbeeligibleonlyforthefollowingloadwaivers(front-endsalescharge waiversandcontingentdeferred,orback-end,saleschargewaivers)anddiscounts,whichmay differfromthosedisclosedelsewhereinthisfund’sprospectusorSAI.

Front-endsalesloadwaiversonClassAsharesavailableatRaymondJames

•     Sharespurchasedinaninvestmentadvisoryprogram.

•     Sharespurchased within the same fund family through a systematic reinvestmentofcapitalgainsanddividend distributions.

•     EmployeesandregisteredrepresentativesofRaymondJamesoritsaffiliatesandtheir familymembersasdesignatedbyRaymondJames.

•     Sharespurchasedfromtheproceedsofredemptionswithinthesamefundfamily, provided(1)therepurchaseoccurswithin90daysfollowingtheredemption,(2)the redemptionandpurchaseoccurinthesameaccount,and(3)redeemedshareswere subjecttoafront-endordeferredsalesload(knownasRightsofReinstatement).

•     AshareholderintheFund’sClassCshareswillhavetheirsharesconvertedatnetasset valuetoClassAshares(ortheappropriateshareclass)oftheFundifthesharesareno longersubjecttoaCDSCandtheconversionisinlinewiththepoliciesandprocedures of RaymondJames.

CDSCWaiversonClassesAandCsharesavailableatRaymondJames

•     Deathordisabilityoftheshareholder.

•     Sharessoldaspartofasystematicwithdrawalplanasdescribedinthefund’s prospectus.

•     ReturnofexcesscontributionsfromanIRAAccount.

•     SharessoldaspartofarequiredminimumdistributionforIRAandretirementaccounts duetotheshareholderreaching the qualified age based on applicable IRS regulations asdescribedinthefund’sprospectus.

•     SharessoldtopayRaymondJamesfeesbutonlyifthetransactionisinitiatedby RaymondJames.

•     Sharesacquiredthrougharightofreinstatement.

Front-endloaddiscountsavailableatRaymondJames:breakpoints,rightsof accumulation, and/or letters of intent

•   Breakpointsasdescribedinthisprospectus.

•   Rightsofaccumulationwhichentitleshareholderstobreakpointdiscountswillbe automaticallycalculatedbasedontheaggregatedholdingoffundfamilyassetsheldby accountswithinthepurchaser’shouseholdatRaymondJames.Eligiblefundfamily assetsnotheldatRaymondJamesmaybeincludedinthe calculation of rightsofaccumulation onlyiftheshareholdernotifieshisorherfinancialadvisoraboutsuchassets.

•   Letters of intent whichallow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

Edward D. Jones & Co. MUTUAL FUND POLICIES

Sales Waivers and Reductions in Sales Charges

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from breakpoints and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer.  In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Franklin Templeton funds or other facts qualifying the purchaser for breakpoints or waivers.  Edward Jones can ask for documentation of such circumstance.

Breakpoints

Rights of Accumulation (ROA)

·The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Franklin Templeton funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups").  This includes all share classes held on the Edward Jones platform and/or held on another platform.  The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

·ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

·Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI.  The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts.  Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount.  The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.  Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid.  Sales charges will be adjusted if LOI is not met.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

·Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate.  This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing.

·Shares purchased in an Edward Jones fee-based program.

·Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

·Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

·Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones.  Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable.  Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

·Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84^th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (CDSC) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

·The death or disability of the shareholder

·Systematic withdrawals with up to 10% per year of the account value

·Return of excess contributions from an Individual Retirement Account (IRA)

·Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

·Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

·Shares exchanged in an Edward Jones fee-based program

·Shares acquired through NAV reinstatement

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Other Important Edward D. Jones & Co. Information

1.1Minimum Purchase Amounts

·$250 initial purchase minimum

·$50 subsequent purchase minimum

1.2Minimum Balances

·Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

·A fee-based account held on an Edward Jones platform

·A 529 account held on an Edward Jones platform

·An account with an active systematic investment plan or letter of intent (LOI)

1.3 Changing Share Classes

·At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares.

JanneyMontgomery ScottLLC(“Janney”)

EffectiveMay1,2020, ifyoupurchasefundsharesthroughaJanneyMontgomery ScottLLC(“Janney”) brokerageaccount,youwillbeeligibleforthefollowingloadwaivers(front-endsaleschargewaiversand contingentdeferredsalescharge (“CDSC”),orback-endsalescharge,waivers)anddiscounts,whichmay differfromthosedisclosedelsewhereinthisfund’sProspectusorSAI.

Front-endsalescharge*waiversonClassAsharesavailableatJanney

·Sharespurchasedthrough reinvestmentofcapitalgainsdistributionsanddividendreinvestment whenpurchasingsharesofthesamefund(butnotanyotherfundwithinthefundfamily).

·SharespurchasedbyemployeesandregisteredrepresentativesofJanneyoritsaffiliatesand theirfamilymembersasdesignatedbyJanney.

·Sharespurchasedfromtheproceedsofredemptionswithinthesamefundfamily,provided(1) therepurchaseoccurswithinninety(90)daysfollowingtheredemption,(2)theredemptionand purchase occurinthesameaccount,and(3)redeemedsharesweresubjecttoafront-endor deferredsalesload(i.e.,rightofreinstatement).

·Employer-sponsoredretirementplans(e.g.,401(k)plans,457plans,employer-sponsored403(b) plans,profitsharingandmoneypurchasepensionplansanddefinedbenefitplans).Forpurposes ofthisprovision,employer-sponsoredretirementplansdonotincludeSEP IRAs,SimpleIRAs, SAR-SEPsorKeoghplans.

·Sharesacquiredthrougharightofreinstatement.

·ClassCsharesthatarenolongersubjecttoacontingentdeferredsaleschargeandare convertedtoClassAsharesofthesamefundpursuanttoJanney’spoliciesandprocedures.

CDSCwaiversonClassAandCsharesavailableatJanney

·Shares solduponthedeathordisabilityoftheshareholder.

·Sharessoldaspartofasystematicwithdrawalplanasdescribedinthefund’sProspectus.

·SharespurchasedinconnectionwithareturnofexcesscontributionsfromanIRAaccount.

·Shares soldaspartofarequired minimumdistributionforIRAandotherretirementaccountsdue totheshareholderreachingage 70½asdescribedinthefund’sProspectus.

·Shares soldtopayJanneyfeesbutonlyifthetransactionisinitiatedbyJanney.

·Sharesacquiredthrougharightofreinstatement.

·Sharesexchangedintothesameshareclassofadifferentfund.

Front-endsalescharge*discountsavailableatJanney:breakpoints,rightsofaccumulation, and/orlettersofintent

·Breakpointsasdescribedinthefund’sProspectus.

·Rightsofaccumulation(“ROA”),whichentitleshareholderstobreakpointdiscounts,willbe automaticallycalculated basedontheaggregatedholdingoffundfamilyassetsheldbyaccounts withinthepurchaser’shouseholdatJanney. EligiblefundfamilyassetsnotheldatJanneymay beincludedintheROAcalculationonlyiftheshareholdernotifieshisorherfinancialadvisor about such assets.

·Lettersofintentwhichallow forbreakpointdiscountsbasedonanticipatedpurchaseswithina fundfamily,overa13-month timeperiod.EligiblefundfamilyassetsnotheldatJanney Montgomery Scottmaybeincludedinthecalculationoflettersofintentonlyiftheshareholder notifieshisorherfinancialadvisorabout suchassets.

*Alsoreferredtoasan“initialsalescharge.”

Please keep this supplement with your prospectus for future reference.