Franklin Strategic Series

01/23/2025 | Press release | Distributed by Public on 01/23/2025 13:05

Summary Prospectus by Investment Company (Form 497K)

GOF P2 01/25

SUPPLEMENT DATED JANUARY 23, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION ("SAI"),
OF EACH FRANKLIN TEMPLETON FUND LISTED IN SCHEDULE A


Effective January 23, 2025, the Summary Prospectus, Prospectus and SAI of each fund listed in Schedule A, is amended as follows:

1. The following address replaces all references to P.O. Box 997152, Sacramento, CA 95899-7152 in each fund's Summary Prospectus, Prospectus and SAI.

P.O. Box 33030, St. Petersburg, FL 33733

2. The following address replaces all references to 3344 Quality Drive, Rancho Cordova, CA 95670-7313 in each fund's SAI.

100 Fountain Parkway, St. Petersburg, FL 33716

SCHEDULE A

Fund

Date of Summary

Prospectus,

Prospectus and SAI

FRANKLIN CALIFORNIA TAX-FREE INCOME FUND

Franklin California Tax-Free Income Fund

July 1, 2024

FRANKLIN CUSTODIAN FUNDS

Franklin DynaTech Fund

February 1, 2024

Franklin Growth Fund

February 1, 2024

Franklin Income Fund

February 1, 2024

Franklin U.S. Government Securities Fund

February 1, 2024

Franklin Utilities Fund

February 1, 2024

FRANKLIN FEDERAL TAX-FREE INCOME FUND

Franklin Federal Tax-Free Income Fund

September 1, 2024

Fund

Date of Summary

Prospectus,

Prospectus and SAI

FRANKLIN FUND ALLOCATOR SERIES

Franklin Conservative Allocation Fund

May 1, 2024

Franklin Corefolio Allocation Fund

May 1, 2024

Franklin Global Allocation Fund

May 1, 2024

Franklin Growth Allocation Fund

May 1, 2024

Franklin LifeSmart™ Retirement Income Fund

May 1, 2024

Franklin LifeSmart™ 2020 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2025 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2030 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2035 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2040 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2045 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2050 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2055 Retirement Target Fund

May 1, 2024

Franklin LifeSmart™ 2060 Retirement Target Fund

May 1, 2024

Franklin Moderate Allocation Fund

May 1, 2024

FRANKLIN HIGH INCOME TRUST

Franklin High Income Fund

February 1, 2024

FRANKLIN INVESTORS SECURITIES TRUST

Franklin Convertible Securities Fund

March 1, 2024

Franklin Equity Income Fund

March 1, 2024

Franklin Floating Rate Daily Access Fund

March 1, 2024

Franklin Long Duration Credit Fund

March 1, 2024

Franklin Low Duration Total Return Fund

March 1, 2024

Franklin Low Duration U.S. Government Securities Fund

March 1, 2024

Franklin Managed Income Fund

March 1, 2024

Franklin Total Return Fund

March 1, 2024

FRANKLIN MANAGED TRUST

Franklin Rising Dividends Fund

February 1, 2024

FRANKLIN MUNICIPAL SECURITIES TRUST

Franklin California High Yield Municipal Fund

July 1, 2024

FRANKLIN NEW YORK TAX-FREE INCOME FUND

Franklin New York Tax-Free Income Fund

July 1, 2024

FRANKLIN NEW YORK TAX-FREE TRUST

Franklin New York Intermediate-Term Tax-Free Income Fund

February 1, 2024

FRANKLIN REAL ESTATE SECURITIES TRUST

Franklin Real Estate Securities Fund

September 1, 2024

Fund

Date of Summary

Prospectus,

Prospectus and SAI

FRANKLIN STRATEGIC MORTGAGE PORTFOLIO

Franklin Strategic Mortgage Portfolio

February 1, 2024

FRANKLIN STRATEGIC SERIES

Franklin Biotechnology Discovery Fund

September 1, 2024

Franklin Growth Opportunities Fund

September 1, 2024

Franklin Natural Resources Fund

September 1, 2024

Franklin Small Cap Growth Fund

September 1, 2024

Franklin Small-Mid Cap Growth Fund

September 1, 2024

Franklin Core Plus Bond Fund

September 1, 2024

FRANKLIN TAX-FREE TRUST

Franklin Alabama Tax-Free Income Fund

July 1, 2024

Franklin Arizona Tax-Free Income Fund

July 1, 2024

Franklin Colorado Tax-Free Income Fund

July 1, 2024

Franklin Connecticut Tax-Free Income Fund

July 1, 2024

Franklin Federal Intermediate-Term Tax-Free Income Fund

July 1, 2024

Franklin Federal Limited-Term Tax-Free Income Fund

July 1, 2024

Franklin Georgia Tax-Free Income Fund

July 1, 2024

Franklin High Yield Tax-Free Income Fund

July 1, 2024

Franklin Louisiana Tax-Free Income Fund

July 1, 2024

Franklin Maryland Tax-Free Income Fund

July 1, 2024

Franklin Massachusetts Tax-Free Income Fund

July 1, 2024

Franklin Michigan Tax-Free Income Fund

July 1, 2024

Franklin Minnesota Tax-Free Income Fund

July 1, 2024

Franklin Missouri Tax-Free Income Fund

July 1, 2024

Franklin New Jersey Tax-Free Income Fund

July 1, 2024

Franklin North Carolina Tax-Free Income Fund

July 1, 2024

Franklin Ohio Tax-Free Income Fund

July 1, 2024

Franklin Oregon Tax-Free Income Fund

July 1, 2024

Franklin Pennsylvania Tax-Free Income Fund

July 1, 2024

Franklin Virginia Tax-Free Income Fund

July 1, 2024

FRANKLIN VALUE INVESTORS TRUST

Franklin Mutual Small-Mid Cap Value Fund

May 22, 2024

Franklin Mutual U.S. Mid Cap Value Fund

March 1, 2024

Franklin Small Cap Value Fund

March 1, 2024

TEMPLETON INCOME TRUST

Templeton Global Bond Fund

May 1, 2024

Templeton Global Total Return Fund

May 1, 2024

Templeton International Bond Fund

May 1, 2024

Templeton Sustainable Emerging Markets Bond Fund

May 1, 2024

Please retain this supplement for future reference.