Franklin Custodian Funds

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Prospectus February 1, 2016 Franklin Custodian Funds The U.S. Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any
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Prospectus February 1, 2016 Franklin Custodian Funds The U.S. Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. Class A Class C Class R Class R6 Advisor Class Franklin DynaTech Fund FKDNX FDYNX FDNRX FDTRX FDYZX Franklin Growth Fund FKGRX FRGSX FGSRX FIFRX FCGAX Franklin Income Fund FKINX FCISX FISRX FNCFX FRIAX Franklin U.S. Government Securities Fund FKUSX FRUGX FUSRX FGORX FUSAX Franklin Utilities Fund FKUTX FRUSX FRURX FUFRX FRUAX GOF P10 09/ SUPPLEMENT DATED SEPTEMBER 28, 2016 TO THE CURRENTLY EFFECTIVE PROSPECTUS OF EACH OF THE LISTED FUNDS Franklin Custodian Funds Franklin Income Fund Franklin Global Trust Franklin Global Listed Infrastructure Fund Franklin Global Real Estate Fund Franklin International Growth Fund Franklin International Small Cap Growth 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 International Fund Franklin Mutual Quest Fund Franklin Mutual Shares Fund Franklin Templeton International Trust Franklin India Growth Fund Templeton Funds Templeton Foreign Fund Templeton World Fund Templeton Global Investment Trust Templeton Dynamic Equity Fund Templeton Emerging Markets Balanced Fund Templeton Foreign Smaller Companies Fund Templeton Global Balanced Fund Templeton Global Opportunities Trust Templeton Global Smaller Companies Fund Templeton Growth Fund, Inc. Templeton Institutional Funds International Equity Series Foreign Smaller Companies Series Global Equity Series The Prospectus is amended as follows: I. For the Franklin Global Listed Infrastructure Fund, Franklin International Growth Fund, Franklin International Small Cap Growth Fund, Franklin Mutual Beacon Fund, Franklin Mutual Financial Services Fund, Franklin Mutual Global Discovery Fund, Templeton Foreign Fund, Templeton World Fund, Templeton Dynamic Equity Fund, Templeton Foreign Smaller Companies Fund, Templeton Global Balanced Fund, Templeton Global Opportunities Trust, Templeton Global Smaller Companies Fund, Templeton Growth Fund, Inc., International Equity Series, Foreign Smaller Companies Series and Global Equity Series, the following is added to the Fund Summary Principal Risks section: Regional Focus Because the Fund may invest at least a significant portion of its assets in companies in a specific region, including Europe, the Fund is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, may adversely affect the value of securities values held by the Fund. Current political uncertainty surrounding the European Union (EU) and its membership, including the 2016 referendum in which the United Kingdom voted to exit the EU, may increase market volatility. The financial instability of some countries in the EU, including Greece, Italy and Spain, together with the risk of that impacting other more stable countries may increase the economic risk of investing in companies in Europe. II. For the Franklin International Small Cap Growth Fund, the second paragraph of the Focus principal risk in the Fund Summary Principal Risks section is deleted in its entirety. III. For the Franklin Mutual European Fund and Franklin Mutual International Fund, the following replaces the Region Focus principal risk in the Fund Summary Principal Risks section: Regional Focus Because the Fund may invest at least a significant portion of its assets in companies in a specific region, including Europe, the Fund is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, may adversely affect the value of securities values held by the Fund. Current political uncertainty surrounding the European Union (EU) and its membership, including the 2016 referendum in which the United Kingdom voted to exit the EU, may increase market volatility. The financial instability of some countries in the EU, including Greece, Italy and Spain, together with the risk of that impacting other more stable countries may increase the economic risk of investing in companies in Europe. IV. For the Franklin India Growth Fund, the following replaces the second paragraph in the Focus principal risk in the Fund Summary Principal Risks section: Current political uncertainty surrounding the European Union (EU) and its membership, including the 2016 referendum in which the United Kingdom voted to exit the EU, may increase market volatility. The financial instability of some countries in the EU, including Greece, Italy and Spain, together with the risk of that impacting other more stable countries may increase the economic risk of investing in companies in Europe. V. For all funds (excluding the Franklin International Growth Fund, Franklin Mutual Series Funds, Franklin India Growth Fund and Templeton Global Smaller Companies Fund), the Principal Risks Foreign Securities section is revised to add the following as a second paragraph to the Regional sub-section: The risk of investments in Europe may be heightened due to the 2016 referendum in which the United Kingdom voted to exit the European Union (EU). Political, economic and legal uncertainty may cause increased market volatility. In addition, if one or more countries were to exit the EU or abandon the use of the Euro as a currency, the value of investments associated with those countries or the Euro could decline significantly and unpredictably and it would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. VI. For the Franklin Mutual Series Funds, the More Information on Investment Policies, Practices and Risks Foreign Securities section is revised to add the following as a second paragraph to the Regional sub-section: The risk of investments in Europe may be heightened due to the 2016 referendum in which the United Kingdom voted to exit the European Union (EU). Political, economic and legal uncertainty may cause increased market volatility. In addition, if one or more countries were to exit the EU or abandon the use of the Euro as a currency, the value of investments associated with those countries or the Euro could decline significantly and unpredictably and it would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. VII. For the Franklin International Growth Fund and Templeton Global Smaller Companies Fund, the Principal Risks Foreign Securities section is revised to add the following: Regional. Adverse conditions in a certain region or country can adversely affect securities of issuers in other countries whose economies appear to be unrelated. To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, the Fund will generally have more exposure to the specific regional or country economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund s assets are invested, the Fund may experience substantial illiquidity or reduction in the value of the Fund s investments. The risk of investments in Europe may be heightened due to the 2016 referendum in which the United Kingdom voted to exit the European Union (EU). Political, economic and legal uncertainty may cause increased market volatility. In addition, if one or more countries were to exit the EU or abandon the use of the Euro as a currency, the value of investments associated with those countries or the Euro could decline significantly and unpredictably and it would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. Please keep this supplement with your Prospectus for future reference. GOF P4 03/ SUPPLEMENT DATED MARCH 31, 2016 TO THE CURRENTLY EFFECTIVE PROSPECTUS OF EACH OF THE LISTED FUNDS Franklin Alternative Strategies Funds Franklin K2 Alternative Strategies Fund Franklin K2 Long Short Credit Fund Franklin Pelagos Commodities Strategy Fund Franklin California Tax-Free Income Fund Franklin California Tax-Free Trust Franklin California Insured Tax-Free Income Fund Franklin California Intermediate-Term Tax-Free Income Fund Franklin California Tax-Exempt Money Fund Franklin California Ultra-Short tax-free Income Fund Franklin Custodian Funds Franklin DynaTech 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 Moderate Allocation Fund Franklin LifeSmart TM 2015 Retirement Target Fund Franklin LifeSmart TM 2020 Retirement Target Fund Franklin LifeSmart TM 2025 Retirement Target Fund Franklin LifeSmart TM 2030 Retirement Target Fund Franklin LifeSmart TM 2035 Retirement Target Fund Franklin LifeSmart TM 2040 Retirement Target Fund Franklin LifeSmart TM 2045 Retirement Target Fund Franklin LifeSmart TM 2050 Retirement Target Fund Franklin LifeSmart TM 2055 Retirement Target Fund Franklin NextStep Moderate Fund Franklin NextStep Growth Fund Franklin NextStep Conservative Fund 1 Franklin Payout 2017 Fund Franklin Payout 2018 Fund Franklin Payout 2019 Fund Franklin Payout 2020 Fund Franklin Payout 2021 Fund Franklin Global Trust Franklin Global Listed Infrastructure Fund Franklin Global Real Estate Fund Franklin International Growth Fund Franklin International Small Cap Growth Fund Franklin Large Cap Equity Fund Franklin Emerging Market Debt Opportunities 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 Balanced Fund Franklin Convertible Securities Fund Franklin Equity Income Fund Franklin Floating Rate Daily Access Fund Franklin Low Duration Total Return Fund Franklin Real Return Fund Franklin Total Return Fund Franklin Managed Trust Franklin Rising Dividends Fund Franklin U.S. Government Money 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 International Fund Franklin Mutual Quest Fund Franklin Mutual Shares Fund 2 Franklin New York Tax-Free Income Fund Franklin New York Tax-Free Trust Franklin New York Intermediate-Term Tax-Free Income Fund Franklin Real Estate Securities Trust Franklin Real Estate Securities Fund Franklin Strategic Mortgage Portfolio Franklin Strategic Series Franklin Biotechnology Discovery Fund Franklin Flex Cap Growth Fund Franklin Flexible Alpha Bond Fund Franklin Focused Core Equity Fund Franklin Global Government Bond 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 Tax-Free Trust Franklin Alabama Tax-Free Income Fund Franklin Arizona Tax-Free Income Fund Franklin Colorado Tax-Free Income Fund Franklin Connecticut Tax-Free Income Fund Franklin Double Tax-Free Income Fund Franklin Federal Intermediate-Term Tax-Free Income Fund Franklin Federal Limited-Term Tax-Free Income Fund Franklin Florida Tax-Free Income Fund Franklin Georgia Tax-Free Income Fund Franklin High Yield Tax-Free Income Fund Franklin Insured Tax-Free Income Fund Franklin Kentucky Tax-Free Income Fund Franklin Louisiana Tax-Free Income Fund Franklin Maryland Tax-Free Income Fund Franklin Massachusetts Tax-Free Income Fund Franklin Michigan Tax-Free Income Fund Franklin Minnesota Tax-Free Income Fund Franklin Missouri Tax-Free Income Fund Franklin New Jersey Tax-Free Income Fund Franklin North Carolina Tax-Free Income Fund Franklin Ohio Tax-Free Income Fund Franklin Oregon Tax-Free Income Fund Franklin Pennsylvania Tax-Free Income Fund Franklin Virginia Tax-Free Income Fund 3 Franklin Templeton Global Trust Templeton Hard Currency Fund Franklin Templeton International Trust Franklin India Growth Fund Templeton Foreign Smaller Companies Fund Franklin Templeton Money Fund Trust Franklin Templeton U.S. Government Money Fund Franklin Value Investors Trust Franklin All Cap Value Fund Franklin Balance Sheet Investment Fund Franklin Large Cap Value Fund Franklin MicroCap Value Fund Franklin MidCap Value Fund Franklin Small Cap Value Fund Institutional Fiduciary Trust U.S. Government Money Market Portfolio Templeton China World Fund Templeton Developing Markets Trust Templeton Funds Templeton Foreign Fund Templeton World Fund Templeton Global Investment Trust Templeton BRIC Fund Templeton Emerging Markets Balanced Fund Templeton Emerging Markets Small Cap Fund Templeton Frontier Markets Fund Templeton Global Balanced Fund Templeton Global Opportunities Trust 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 4 Templeton International Bond Fund Templeton Institutional Funds Emerging Markets Series Foreign Equity Series Foreign Smaller Companies Series Global Equity Series The Prospectus is amended as follows: I. For all funds, Your Account Buying Shares - Buying Shares Chart - Adding to an Account - By Phone/Online section is revised as follows: Before requesting a telephone or online purchase into an existing account, please make sure we have your bank account information on file. If we do not have this information, you will need to send written instructions with your bank s name and address and a voided check or savings account deposit slip. All bank and Fund account owners must sign the request. If the bank and Fund accounts do not have at least one common owner, each individual must also have his or her signature notarized. To make a same day investment, your phone or online order must be received and accepted by us prior to 1:00 p.m. Pacific time or the close of the New York Stock Exchange, whichever is earlier. II. For all funds, Your Account Selling Shares - Selling Shares Chart By Electronic Funds Transfer (ACH) section is revised as follows: By Electronic Funds Transfer (ACH) You can call, write, or visit us online to have redemption proceeds sent to a bank account. See the policies at left for selling shares by mail, phone, or online. Before requesting to have redemption proceeds sent to a bank account, please make sure we have your bank account information on file. If we do not have this information, you will need to send written instructions with your bank s name and a voided check or savings account deposit slip. All bank and Fund account owners must sign the request. If the bank and Fund accounts do not have at least one common owner, each individual must also have his or her signature notarized. 5 If the bank account was added or changed without a signature guarantee within the last 15 days, you may be required to provide written instructions signed by all Fund account owners, with a signature guarantee for each Fund account owner. If we receive your request in proper form prior to 1:00 p.m. Pacific time, proceeds sent by ACH generally will be available within two to three business days. III. Effective February 1, 2016, the Franklin High Income Fund, the portfolio management team under the FUND SUMMARY Portfolio Managers section on page 8 was revised as follows: Portfolio Managers Christopher J. Molumphy, CFA Executive Vice President and Director of Advisers and portfolio manager of the Fund since Glenn Voyles, CFA Vice President of Advisers and portfolio manager of the Fund since IV. Effective February 1, 2016, the Franklin Strategic Income Fund, the portfolio management team under the FUND SUMMARY Portfolio Managers section on page 10 was revised as follows: Portfolio Managers Christopher J. Molumphy, CFA Executive Vice President and Director of Advisers and portfolio manager of the Fund since Roger Bayston, CFA Senior Vice President of Advisers and portfolio manager of the Fund since Patricia O'Connor, CFA Vice President of Advisers and portfolio manager of the Fund since February V. Effective February 1, 2016, the Franklin High Income Fund, the portfolio management team under the FUND DETAILS Management section on page 23 was revised as follows: The Fund is managed by a team of dedicated professionals focused on investments in high yield, lower rated debt securities. 6 The portfolio managers of the team are as follows: Christopher J. Molumphy, CFA Executive Vice President and Director of Advisers Mr. Molumphy has been a portfolio manager of the Fund since He joined Franklin Templeton Investments in Glenn Voyles, CFA Vice President of Advisers Mr. Voyles has been a portfolio manager of the Fund since He joined Franklin Templeton Investments in The portfolio managers of the Fund are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. They have equal authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. VI. Effective February 1, 2016, the Franklin Strategic Income Fund, the portfolio management team under the FUND DETAILS Management section on page 31 was revised as follows: The Fund is managed by a team of dedicated professionals focused on investments in U.S. and foreign debt securities. The portfolio managers of the team are as follows: Christopher J. Molumphy, CFA Executive Vice President and Director of Advisers Mr. Molumphy has been a portfolio manager of the Fund since He joined Franklin Templeton Investments in Roger Bayston, CFA Senior Vice President of Advisers Mr. Bayston has been a portfolio manager of the Fund since He joined Franklin Templeton Investments in Patricia O'Connor, CFA Vice President of Advisers Ms. O Connor has been a portfolio manager of the Fund since February She joined Franklin Templeton Investments in As co-lead portfolio managers, Messrs. Molumphy and Bayston are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. They have equal authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time. Ms. O Connor provides the Fund with research and advice on the purchases and sales of individual securities, and portfolio risk assessment. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Please keep this supplement with your Prospectus for future reference. 8 GOF P SUPPLEMENT DATED MARCH 23, 2016 TO THE CURRENTLY EFFECTIVE PROSPECTUS OF EACH OF THE LISTED
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