Franklin Alternative Strategies Funds

07/01/2026 | Press release | Distributed by Public on 07/01/2026 07:45

Prospectus by Investment Company (Form 497)

GOF-SA1 07/26

SUPPLEMENT DATED JULY 1, 2026
TO THE STATEMENT OF ADDITIONAL INFORMATION ("SAI")
OF EACH FRANKLIN TEMPLETON FUND LISTED IN SCHEDULE A AND SCHEDULE B

All changes described below are effective July 1, 2026.

1. Goldman Sachs Agency Lending will replace the Bank of New York Mellon as securities lending agent of each fund listed in Schedule A. Accordingly, the following replaces the corresponding disclosure in each fund's SAI.

Securities lending agent The board of trustees has approved the Fund's participation in a securities lending program. Under the securities lending program, Goldman Sachs Agency Lending serves as the Fund's securities lending agent ("Securities Lending Agent").

2. JPMorgan Chase Bank will replace the Bank of New York Mellon as securities lending agent of each fund listed in Schedule B. Accordingly, the following replaces the corresponding disclosure in each fund's SAI.

Securities lending agent The board of trustees has approved the Fund's participation in a securities lending program. Under the securities lending program, JPMorgan Chase Bank serves as the Fund's securities lending agent ("Securities Lending Agent").

SCHEDULE A

Fund

Date of SAI

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Franklin Alternative Strategies Fund

October 1, 2025

FRANKLIN CUSTODIAN FUNDS

Franklin DynaTech Fund

February 1, 2026

Franklin Growth Fund

February 1, 2026

Franklin Income Fund

February 1, 2026

FRANKLIN GLOBAL TRUST

Fund

Date of SAI

Franklin International Growth Fund

December 1, 2025

FRANKLIN GOLD AND PRECIOUS METALS FUND

Franklin Gold and Precious Metals Fund

December 1, 2025

FRANKLIN INVESTORS SECURITIES TRUST

Franklin Convertible Securities Fund

March 1, 2026

Franklin Equity Income Fund

March 1, 2026

Franklin Managed Income Fund

March 1, 2026

FRANKLIN MANAGED TRUST

Franklin Rising Dividends Fund

February 1, 2026

FRANKLIN MUTUAL SERIES FUNDS

Franklin Mutual Beacon Fund

May 1, 2026

Franklin Mutual Global Discovery Fund

May 1, 2026

Franklin Mutual International Value Fund

May 1, 2026

Franklin Mutual Quest Fund

May 1, 2026

Franklin Mutual Shares Fund

May 1, 2026

FRANKLIN REAL ESTATE SECURITIES TRUST

Franklin Real Estate Securities Fund

September 1, 2025

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Growth and Income VIP Fund

May 1, 2026

Franklin Global Real Estate VIP Fund

May 1, 2026

Franklin Income VIP Fund

May 1, 2026

Franklin Large Cap Growth VIP Fund

May 1, 2026

Franklin Mutual Global Discovery VIP Fund

May 1, 2026

Franklin Mutual Shares VIP Fund

May 1, 2026

Franklin Rising Dividends VIP Fund

May 1, 2026

Franklin Small Cap Value VIP Fund

May 1, 2026

FRANKLIN VALUE INVESTORS TRUST

Franklin Mutual Small-Mid Cap Value Fund

March 1, 2026

Franklin Mutual U.S. Mid Cap Value Fund

March 1, 2026

Franklin Small Cap Value Fund

March 1, 2026

SCHEDULE B

Fund

Date of SAI

FRANKLIN CUSTODIAN FUNDS

Franklin U.S. Government Securities Fund

February 1, 2026

FRANKLIN GLOBAL TRUST

Franklin Emerging Market Debt Opportunities Fund

December 1, 2025

FRANKLIN HIGH INCOME TRUST

Franklin High Income Fund

February 1, 2026

FRANKLIN INVESTORS SECURITIES TRUST

Franklin Floating Rate Daily Access Fund

March 1, 2026

Fund

Date of SAI

Franklin Low Duration Total Return Fund

March 1, 2026

Franklin Low Duration U.S. Government Securities Fund

March 1, 2026

Franklin Total Return Fund

March 1, 2026

FRANKLIN STRATEGIC SERIES

Franklin Core Plus Bond Fund

September 1, 2025

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Franklin Strategic Income VIP Fund

May 1, 2026

Franklin U.S. Government Securities VIP Fund

May 1, 2026

Templeton Global Bond VIP Fund

May 1, 2026

TEMPLETON GLOBAL INVESTMENT TRUST

Templeton Global Dynamic Income Fund

May 1, 2026

TEMPLETON INCOME TRUST

Templeton Global Bond Enhanced Fund

May 1, 2026

Please retain this supplement for future reference.

Franklin Alternative Strategies Funds published this content on July 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 01, 2026 at 13:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]