Franklin Alternative Strategies Funds

06/03/2026 | Press release | Distributed by Public on 06/03/2026 09:27

Prospectus by Investment Company (Form 497)

GOF-P8 06/26

SUPPLEMENT DATED JUNE 3, 2026
TO THE PROSPECTUS OF EACH
FRANKLIN TEMPLETON FUND LISTED IN SCHEDULE A


The following bullet is added to the section titled "Your Account- Choosing a Share Class- Qualified Investors- Class R6 in the prospectus of each fund listed in Schedule A:

· education savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended.

SCHEDULE A

Fund

Date of Prospectus

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Franklin Alternative Strategies Fund

October 1, 2025

FRANKLIN CALIFORNIA TAX-FREE INCOME FUND

Franklin California Tax-Free Income Fund

July 1, 2025

FRANKLIN CALIFORNIA TAX-FREE TRUST

Franklin California Intermediate-Term Tax-Free Income Fund

November 1, 2025

FRANKLIN CUSTODIAN FUNDS

Franklin DynaTech Fund

February 1, 2026

Franklin Growth Fund

February 1, 2026

Franklin Income Fund

February 1, 2026

Franklin U.S. Government Securities Fund

February 1, 2026

Franklin Utilities Fund

February 1, 2026

FRANKLIN FEDERAL TAX-FREE INCOME FUND

Franklin Federal Tax-Free Income Fund

September 1, 2025

Fund

Date of Prospectus

FRANKLIN FUND ALLOCATOR SERIES

Franklin Conservative Allocation Fund

May 1, 2026

Franklin Corefolio Allocation Fund

May 1, 2026

Franklin Global Allocation Fund

May 1, 2026

Franklin Growth Allocation Fund

May 1, 2026

Franklin LifeSmart™ Retirement Income Fund

May 1, 2026

Franklin LifeSmart™ 2020 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2025 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2030 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2035 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2040 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2045 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2050 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2055 Retirement Target Fund

May 1, 2026

Franklin LifeSmart™ 2060 Retirement Target Fund

May 1, 2026

Franklin Moderate Allocation Fund

May 1, 2026

FRANKLIN GLOBAL TRUST

Franklin International Growth Fund

December 1, 2025

FRANKLIN GOLD AND PRECIOUS METALS FUND

Franklin Gold and Precious Metals Fund

December 1, 2025

FRANKLIN HIGH INCOME TRUST

Franklin High Income Fund

February 1, 2026

FRANKLIN INVESTORS SECURITIES TRUST

Franklin Convertible Securities Fund

March 1, 2026

Franklin Equity Income Fund

March 1, 2026

Franklin Floating Rate Daily Access Fund

March 1, 2026

Franklin Long Duration Credit Fund

March 1, 2026

Franklin Low Duration Total Return Fund

March 1, 2026

Franklin Low Duration U.S. Government Securities Fund

March 1, 2026

Franklin Managed Income Fund

March 1, 2026

Franklin Total Return Fund

March 1, 2026

FRANKLIN MANAGED TRUST

Franklin Rising Dividends Fund

February 1, 2026

FRANKLIN MUNICIPAL SECURITIES TRUST

Franklin California High Yield Municipal Fund

July 1, 2025

FRANKLIN MUTUAL SERIES FUNDS

Franklin Mutual Beacon Fund

May 1, 2026

Franklin Mutual Global Discovery Fund

May 1, 2026

Fund

Date of Prospectus

Franklin Mutual International Value Fund

May 1, 2026

Franklin Mutual Quest Fund

May 1, 2026

Franklin Mutual Shares Fund

May 1, 2026

FRANKLIN NEW YORK TAX-FREE INCOME FUND

Franklin New York Tax-Free Income Fund

July 1, 2025

FRANKLIN NEW YORK TAX-FREE TRUST

Franklin New York Intermediate-Term Tax-Free Income Fund

February 1, 2026

FRANKLIN REAL ESTATE SECURITIES TRUST

Franklin Real Estate Securities Fund

September 1, 2025

FRANKLIN STRATEGIC SERIES

Franklin Biotechnology Discovery Fund

September 1, 2025

Franklin Growth Opportunities Fund

September 1, 2025

Franklin Natural Resources Fund

September 1, 2025

Franklin Small Cap Growth Fund

September 1, 2025

Franklin Small-Mid Cap Growth Fund

September 1, 2025

Franklin Core Plus Bond Fund

September 1, 2025

FRANKLIN TAX-FREE TRUST

Franklin Alabama Tax-Free Income Fund

July 1, 2025

Franklin Arizona Tax-Free Income Fund

July 1, 2025

Franklin Colorado Tax-Free Income Fund

July 1, 2025

Franklin Connecticut Tax-Free Income Fund

July 1, 2025

Franklin Federal Intermediate-Term Tax-Free Income Fund

July 1, 2025

Franklin Federal Limited-Term Tax-Free Income Fund

July 1, 2025

Franklin Georgia Tax-Free Income Fund

July 1, 2025

Franklin High Yield Tax-Free Income Fund

July 1, 2025

Franklin Louisiana Tax-Free Income Fund

July 1, 2025

Franklin Maryland Tax-Free Income Fund

July 1, 2025

Franklin Massachusetts Tax-Free Income Fund

July 1, 2025

Franklin Michigan Tax-Free Income Fund

July 1, 2025

Franklin Minnesota Tax-Free Income Fund

July 1, 2025

Franklin Missouri Tax-Free Income Fund

July 1, 2025

Franklin New Jersey Tax-Free Income Fund

July 1, 2025

Franklin North Carolina Tax-Free Income Fund

July 1, 2025

Franklin Ohio Tax-Free Income Fund

July 1, 2025

Franklin Oregon Tax-Free Income Fund

July 1, 2025

Franklin Pennsylvania Tax-Free Income Fund

July 1, 2025

Franklin Virginia Tax-Free Income Fund

July 1, 2025

FRANKLIN U.S. GOVERNMENT MONEY FUND

Franklin U.S. Government Money Fund

November 1, 2025

FRANKLIN VALUE INVESTORS TRUST

Franklin Mutual Small-Mid Cap Value Fund

March 1, 2026

Fund

Date of Prospectus

Franklin Mutual U.S. Mid Cap Value Fund

March 1, 2026

Franklin Small Cap Value Fund

March 1, 2026

TEMPLETON EMERGING MARKETS EQUITY FUND

Templeton Emerging Markets Equity Fund

May 1, 2026

TEMPLETON FUNDS

Templeton Foreign Fund

January 1, 2026

Templeton World Fund

January 1, 2026

TEMPLETON GLOBAL INVESTMENT TRUST

Templeton Emerging Markets Small Cap Fund

January 1, 2026

Templeton Global Dynamic Income Fund

May 1, 2026

TEMPLETON GLOBAL SMALLER COMPANIES FUND

Templeton Global Smaller Companies Fund

January 1, 2026

TEMPLETON GROWTH FUND, INC.

Templeton Growth Fund, Inc.

January 1, 2026

TEMPLETON INCOME TRUST

Templeton Global Bond Fund

May 1, 2026

Templeton Global Bond Enhanced Fund

May 1, 2026

Templeton Sustainable Emerging Markets Bond Fund

May 1, 2026

Please retain this supplement for future reference.

Franklin Alternative Strategies Funds published this content on June 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 03, 2026 at 15:27 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]