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Franklin Rising Dividends Fund STATEMENT OF ADDITIONAL INFORMATION FRANKLIN RISING DIVIDENDS FUND Franklin Managed Trust February 1, 2021 Advisor Class A Class C Class R Class R6 Class Contents FRDPX FRDTX FRDRX FRISX FRDAX Goal, Strategies and Risks ............ 2 Officers and Trustees ................ 14 Fair Valuation. 20 This Statement of Additional Information (SAI) is not a prospectus. It contains infor- Proxy Voting Policies and Procedures .... 20 mation in addition to the information in the Fund’s prospectus. The Fund’s prospec- tus, dated February 1, 2021, which we may amend from time to time, contains the Management and Other Services ....... 24 basic information you should know before investing in the Fund. You should read this Portfolio Transactions ................ 27 SAI together with the Fund’s prospectus. Distributions and Taxes ............... 28 The audited financial statements and Report of Independent Registered PublicAc - Organization, Voting Rights and counting Firm in the Fund’s Annual Report to shareholders, for the fiscal year ended Principal Holders .................... 38 September 30, 2020, are incorporated by reference (are legally a part of this SAI). Buying and Selling Shares. 39 For a free copy of the current prospectus or annual report, contact your investment The Underwriter ..................... 46 representative or call (800) DIAL BEN/342-5236. Performance ....................... 47 Miscellaneous Information ............. 49 Mutual funds, annuities, and other investment products: • are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government; • are not deposits or obligations of, or guaranteed or endorsed by, any bank; and • are subject to investment risks, including the possible loss of principal. P.O. Box 997151 ® 1 Sacramento, CA 95899-7151 (800) DIAL BEN /342-5236 158 SAI 02/21 GOF SA9 05/21 SUPPLEMENT DATED MAY 14, 2021 TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE FUNDS LISTED BELOW Franklin Alternative Strategies Funds Franklin International Growth Fund Franklin Massachusetts Tax-Free Income Franklin K2 Alternative Strategies Fund Franklin International Small Cap Fund Fund Franklin K2 Long Short Credit Fund Franklin Gold and Precious Metals Fund Franklin New Jersey Tax-Free Income Fund Franklin California Tax-Free Income Fund Franklin Alabama Tax-Free Income Fund Franklin High Income Trust Franklin Florida Tax-Free Income Fund Franklin California Tax-Free Trust Franklin High Income Fund Franklin Georgia Tax-Free Income Fund Franklin California Intermediate-Term Tax- Franklin Investors Securities Trust Franklin Kentucky Tax-Free Income Fund Free Income Fund Franklin Adjustable U.S. Government Franklin Louisiana Tax-Free Income Fund Franklin Custodian Funds Securities Fund Franklin Maryland Tax-Free Income Fund Franklin DynaTech Fund Franklin Convertible Securities Fund Franklin Missouri Tax-Free Income Fund Franklin Focused Growth Fund Franklin Equity Income Fund Franklin Municipal Green Bond Fund Franklin Growth Fund Franklin Floating Rate Daily Access Fund Franklin North Carolina Tax-Free Income Franklin Income Fund Franklin Low Duration Total Return Fund Fund Franklin U.S. Government Securities Fund Franklin Managed Income Fund Franklin Virginia Tax-Free Income Fund Franklin Utilities Fund Franklin Total Return Fund Franklin Arizona Tax-Free Income Fund Franklin ETF Trust Franklin Managed Trust Franklin Colorado Tax-Free Income Fund Franklin Equity Portfolio Fund Franklin Rising Dividends Fund Franklin Connecticut Tax-Free Income Fund Franklin Michigan Tax-Free Income Fund Franklin Fixed Income Portfolio Fund Franklin Municipal Securities Trust Franklin Minnesota Tax-Free Income Fund Franklin California High Yield Municipal Franklin Federal Tax-Free Income Fund Franklin Ohio Tax-Free Income Fund Fund Franklin Fund Allocator Series Franklin Oregon Tax-Free Income Fund Franklin Tennessee Municipal Bond Fund Franklin Corefolio Allocation Fund Franklin Pennsylvania Tax-Free Income Franklin Global Allocation Fund Franklin Mutual Series Funds Fund Franklin LifeSmart™ Retirement Income Franklin Mutual Beacon Fund Franklin U.S. Government Money Fund Fund Franklin Mutual European Fund Franklin LifeSmart™ 2020 Retirement Franklin Mutual Financial Services Fund Franklin Value Investors Trust Target Fund Franklin Mutual Global Discovery Fund Franklin MicroCap Value Fund Franklin LifeSmart™ 2025 Retirement Franklin Mutual Quest Fund Franklin Mutual U.S. Value Fund Target Fund Franklin Mutual Shares Fund Franklin Small Cap Value Fund Franklin LifeSmart™ 2030 Retirement Franklin New York Tax-Free Income Fund Institutional Fiduciary Trust Target Fund Money Market Portfolio Franklin LifeSmart™ 2035 Retirement Franklin New York Tax-Free Trust Templeton China World Fund Target Fund Franklin New York Intermediate-Term Tax- Franklin LifeSmart™ 2040 Retirement Free Income Fund Templeton Developing Markets Trust Target Fund Franklin Real Estate Securities Trust Templeton Funds Franklin LifeSmart™ 2045 Retirement Franklin Real Estate Securities Fund Templeton Foreign Fund Target Fund Franklin Strategic Mortgage Portfolio Templeton World Fund Franklin LifeSmart™ 2050 Retirement Templeton International Climate Change Target Fund Franklin Strategic Series Fund Franklin Biotechnology Discovery Fund Franklin LifeSmart™ 2055 Retirement Franklin Growth Opportunities Fund Templeton Global Investment Trust Target Fund Franklin Natural Resources Fund Templeton Emerging Markets Small Cap Franklin LifeSmart™ 2060 Retirement Franklin Small Cap Growth Fund Fund Target Fund Franklin Small-Mid Cap Growth Fund Templeton Global Balanced Fund Franklin Conservative Allocation Fund Franklin Strategic Income Fund Franklin Moderate Allocation Fund Templeton Global Smaller Companies Franklin Templeton SMACS: Series E Franklin Growth Allocation Fund Fund Franklin Templeton SMACS: Series I Franklin Payout 2021 Fund Templeton Growth Fund, Inc. Franklin Templeton SMACS: Series CH Franklin Payout 2022 Fund Franklin Templeton SMACS: Series H Templeton Income Trust Franklin Payout 2023 Fund Templeton Emerging Markets Bond Fund Franklin International Core Equity (IU) Fund Franklin Tax-Free Trust Templeton Global Bond Fund Franklin U.S. Core Equity (IU) Fund Franklin Federal Intermediate-Term Tax- Templeton Global Total Return Fund Franklin Emerging Market Core Equity (IU) Free Income Fund Templeton International Bond Fund Fund Franklin Federal Limited-Term Tax-Free Income Fund Templeton Institutional Funds Franklin Global Trust Franklin High Yield Tax-Free Income Fund Foreign Smaller Companies Series Franklin Emerging Markets Debt International Equity Series Opportunities Fund The statement of additional information (SAI) is amended as follows: I. The Policies and Procedures Regarding the Release of Portfolio Holdings section in the SAI is replaced with the following: Policies and Procedures Regarding the Release of Portfolio Holdings The Fund's overall policy with respect to the release of portfolio holdings is to release such information consistent with applicable legal requirements and the fiduciary duties owed to shareholders. Subject to the limited exceptions described below, the Fund will not make available to anyone non-public information with respect to its portfolio holdings, until such time as the information is made available to all shareholders or the general public. For purposes of this policy, portfolio holdings information does not include aggregate, composite or descriptive information that, in the reasonable judgement of the Fund’s Chief Compliance Officer, does not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading to the detriment of the Fund. Information excluded from the definition of portfolio holdings information generally includes, without limitation: (1) descriptions of allocations among asset classes, regions, countries or industries/sectors; (2) aggregated data such as average or median ratios, market capitalization, credit quality or duration; (3) performance attributions by industry, sector or country; or (4) aggregated risk statistics. Such information, if made available to anyone, will be made available to any person upon request, but, because such information is generally not material to investors, it may or may not be posted on the Fund's website. In addition, other information may also be deemed to not be portfolio holdings information if, in the reasonable belief of the Fund's Chief Compliance Officer (or his/her designee), the release of such information would not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the Fund. Consistent with current law, the Fund releases complete portfolio holdings information each fiscal quarter through regulatory filings with no more than a 60-day lag. In addition, subject to the limited exceptions noted below, a complete list of the Fund's portfolio holdings is generally released no sooner than 20 calendar days after the end of each calendar month. Other portfolio holdings information, such as top 10 holdings, commentaries and other materials that may reference specific holdings information of the Fund as of the most recent month end may be released monthly, no sooner than five days after the end of each month. Released portfolio holdings information can be viewed at franklintempleton.com or ftinstitutional.com. To the extent that this policy would permit the release of portfolio holdings
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