GOF-SA1 07/26
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.