0001137439-17-000175.txt : 20200226 0001137439-17-000175.hdr.sgml : 20200226 20170731172558 ACCESSION NUMBER: 0001137439-17-000175 CONFORMED SUBMISSION TYPE: PRE 14A PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20171030 FILED AS OF DATE: 20170731 DATE AS OF CHANGE: 20200205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON GLOBAL INVESTMENT TRUST CENTRAL INDEX KEY: 0000916488 IRS NUMBER: 650568935 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08226 FILM NUMBER: 17993904 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545727591 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN CUSTODIAN FUNDS CENTRAL INDEX KEY: 0000038721 IRS NUMBER: 132573775 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00537 FILM NUMBER: 17993901 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CUSTODIAN FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN HIGH INCOME TRUST CENTRAL INDEX KEY: 0000002768 IRS NUMBER: 941693697 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01608 FILM NUMBER: 17993896 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: AGE HIGH INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AGE FUND INC DATE OF NAME CHANGE: 19810128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN GOLD & PRECIOUS METALS FUND CENTRAL INDEX KEY: 0000083293 IRS NUMBER: 941682682 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01700 FILM NUMBER: 17993897 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN GOLD FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RESEARCH CAPITAL FUND INC DATE OF NAME CHANGE: 19831025 FORMER COMPANY: FORMER CONFORMED NAME: WINCAP FUND DATE OF NAME CHANGE: 19730726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN U.S. GOVERNMENT MONEY FUND CENTRAL INDEX KEY: 0000038778 IRS NUMBER: 942312649 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02605 FILM NUMBER: 17993913 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN MONEY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN RESOURCES LIQUID ASSETS FUND DATE OF NAME CHANGE: 19800402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON FUNDS CENTRAL INDEX KEY: 0000225930 IRS NUMBER: 222169185 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02781 FILM NUMBER: 17993909 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON WORLD FUND INC DATE OF NAME CHANGE: 19821115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000225375 IRS NUMBER: 942450603 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02790 FILM NUMBER: 17993903 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19820809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON GLOBAL SMALLER COMPANIES FUND CENTRAL INDEX KEY: 0000350900 IRS NUMBER: 592098933 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03143 FILM NUMBER: 17993907 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON GLOBAL SMALLER COMPANIES FUND INC DATE OF NAME CHANGE: 19961112 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON SMALLER COMPANIES GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON GLOBAL FUNDS INC DATE OF NAME CHANGE: 19910115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN FEDERAL TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000357310 IRS NUMBER: 942821264 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03395 FILM NUMBER: 17993900 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CASH MANAGEMENT FUND DATE OF NAME CHANGE: 19831016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN NEW YORK TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000703112 IRS NUMBER: 942832429 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03479 FILM NUMBER: 17993893 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN NEW YORK TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TAX FREE TRUST CENTRAL INDEX KEY: 0000757010 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04149 FILM NUMBER: 17993888 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSTITUTIONAL FIDUCIARY TRUST CENTRAL INDEX KEY: 0000765485 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04267 FILM NUMBER: 17993912 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE TRUST CENTRAL INDEX KEY: 0000773478 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04356 FILM NUMBER: 17993902 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TEMPLETON GLOBAL TRUST CENTRAL INDEX KEY: 0000780379 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04450 FILM NUMBER: 17993887 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: HUNTINGTON FUNDS DATE OF NAME CHANGE: 19930923 FORMER COMPANY: FORMER CONFORMED NAME: HUNTINGTON INTERNATIONAL CURRENCY PORTFOLIOS DATE OF NAME CHANGE: 19921030 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL CURRENCY PORTFOLIOS DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON INCOME TRUST CENTRAL INDEX KEY: 0000795402 IRS NUMBER: 596865210 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04706 FILM NUMBER: 17993906 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON INCOME FUND DATE OF NAME CHANGE: 19871006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN NEW YORK TAX FREE TRUST CENTRAL INDEX KEY: 0000798523 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04787 FILM NUMBER: 17993892 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN NEW YORK TAX EXEMPT MONEY FUND DATE OF NAME CHANGE: 19910304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN INVESTORS SECURITIES TRUST CENTRAL INDEX KEY: 0000809707 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04986 FILM NUMBER: 17993895 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2200 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON GLOBAL OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0000856138 IRS NUMBER: 596937496 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05914 FILM NUMBER: 17993908 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON OPPORTUNITY TRUST DATE OF NAME CHANGE: 19900920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON INSTITUTIONAL FUNDS CENTRAL INDEX KEY: 0000865722 IRS NUMBER: 593020895 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06135 FILM NUMBER: 17993905 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON INSTITUTIONAL FUNDS INC DATE OF NAME CHANGE: 19940602 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON INSTITUTIONAL TRUST INC DATE OF NAME CHANGE: 19930326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN STRATEGIC SERIES CENTRAL INDEX KEY: 0000872625 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06243 FILM NUMBER: 17993889 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA 250 GROWTH FUND DATE OF NAME CHANGE: 19911216 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA 250 GROWTH INDEX FUND DATE OF NAME CHANGE: 19910917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TEMPLETON INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000876441 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE 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FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07851 FILM NUMBER: 17993899 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-4018 MAIL ADDRESS: STREET 1: FRANKLIN FUND ALLOCATOR SERIES STREET 2: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TEMPLETON FUND ALLOCATOR SERIES DATE OF NAME CHANGE: 19960912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON CHINA WORLD FUND CENTRAL INDEX KEY: 0000909226 IRS NUMBER: 593192206 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07876 FILM NUMBER: 17993910 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 9545277500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON CHINA WORLD FUND INC DATE OF NAME CHANGE: 19930716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN REAL ESTATE SECURITIES TRUST CENTRAL INDEX KEY: 0000912291 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08034 FILM NUMBER: 17993891 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TEMPLETON MONEY FUND TRUST CENTRAL INDEX KEY: 0000936373 IRS NUMBER: 943219213 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08962 FILM NUMBER: 17993914 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-4018 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA 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C000018802 CLASS A FKITX C000018803 CLASS C FCITX C000074134 ADVISOR CLASS FITZX 0000757010 S000006933 FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND C000018804 CLASS A FFTFX C000096868 Advisor Class FTFZX 0000757010 S000006935 FRANKLIN FLORIDA TAX-FREE INCOME FUND C000018806 CLASS A FRFLX C000018808 CLASS C FRFIX C000173669 Advisor Class 0000765485 S000007358 MONEY MARKET PORTFOLIO C000020209 MONEY MARKET PORTFOLIO INFXX 0000773478 S000006718 FRANKLIN CALIFORNIA INSURED TAX-FREE INCOME C000018278 CLASS A FRCIX C000018280 CLASS C FRCAX C000073518 ADVISOR FZCAX 0000773478 S000006719 FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE C000018281 CLASS A FKCIX C000018282 CLASS C FCCIX C000073519 ADVISOR FRCZX 0000773478 S000052415 Franklin California Ultra-Short Tax-Free Income Fund C000164794 Advisor Class FCUZX C000164795 Class A1 FCUAX 0000780379 S000007245 TEMPLETON GLOBAL CURRENCY FUND C000019868 CLASS A ICPHX C000019869 ADVISOR CLASS ICHHX 0000795402 S000008754 Templeton Global Bond Fund C000023828 Class A TPINX C000023829 Class C TEGBX C000023830 Advisor Class TGBAX C000075045 Class R FGBRX C000128750 Class R6 FBNRX 0000795402 S000019674 Templeton International Bond Fund C000055044 Class A TBOAX C000055045 Class C FCNBX C000055046 Class R C000055047 Advisor Class FIBZX 0000795402 S000023539 Templeton Global Total Return Fund C000069254 Class A TGTRX C000069255 Class C TTRCX C000069256 Class R FRRGX C000069257 Advisor Class TTRZX C000128751 Class R6 FTTRX 0000795402 S000040303 Templeton Emerging Markets Bond Fund C000125198 Class A FEMGX C000125199 Class C FEMHX C000125200 Class R C000125201 Class R6 C000125202 Advisor Class FEMZX 0000798523 S000006871 FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND C000018602 CLASS A FKNIX C000018603 CLASS C FKNCX C000074136 ADVISOR CLASS FNYZX 0000809707 S000006850 FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND C000018509 CLASS A FISAX C000018510 CLASS C FCSCX C000064441 ADVISOR CLASS FAUZX C000133492 Class R6 C000140480 Class A1 FAUGX 0000809707 S000006851 FRANKLIN CONVERTIBLE SECURITIES FUND C000018511 CLASS A FISCX C000018512 CLASS C FROTX C000064442 ADVISOR CLASS FCSZX C000141439 Class R6 FCSKX 0000809707 S000006852 FRANKLIN EQUITY INCOME FUND C000018513 CLASS A FISEX C000018515 CLASS C FRETX C000018516 CLASS R FREIX C000064443 ADVISOR CLASS FEIFX C000128878 Class R6 FEIQX 0000809707 S000006853 FRANKLIN FLOATING RATE DAILY ACCESS FUND C000018517 CLASS A FAFRX C000018519 CLASS C FCFRX C000018520 ADVISOR CLASS FDAAX C000128879 Class R6 FFRDX 0000809707 S000006855 FRANKLIN LOW DURATION TOTAL RETURN FUND C000018523 CLASS A FLDAX C000064444 ADVISOR CLASS FLDZX C000120960 Class C FLDCX C000128881 Class R6 FLRRX 0000809707 S000006856 FRANKLIN REAL RETURN FUND C000018524 ADVISOR CLASS FARRX C000018525 CLASS A FRRAX C000073537 CLASS C FRRCX C000128882 Class R6 FRRRX 0000809707 S000006857 FRANKLIN TOTAL RETURN FUND C000018526 CLASS A FKBAX C000018528 CLASS C FCTLX C000018529 ADVISOR CLASS FBDAX C000018530 CLASS R FTRRX C000128883 Class R6 FRERX 0000809707 S000012705 Franklin Balanced Fund C000034238 CLASS A FBLAX C000034239 CLASS C FBMCX C000034240 CLASS R C000034241 ADVISOR CLASS FBFZX C000128884 Class R6 FBFRX 0000856138 S000008757 Templeton Global Opportunities Trust C000023838 Class A TEGOX C000023839 Class C TEGPX C000078333 Advisor Class FGOZX 0000865722 S000008751 International Equity Series C000023825 Primary Shares TFEQX C000037509 Service Shares TFESX 0000865722 S000008752 Foreign Smaller Companies Series C000023826 Advisor Class TFSCX 0000865722 S000021022 Global Equity Series C000059765 Advisor Class TGESX 0000872625 S000006878 FRANKLIN GROWTH OPPORTUNITIES FUND C000018615 CLASS A FGRAX C000018617 CLASS C FKACX C000018618 ADVISOR CLASS FRAAX C000018619 CLASS R FKARX C000128860 Class R6 FOPPX 0000872625 S000006879 FRANKLIN STRATEGIC INCOME FUND C000018620 CLASS A FRSTX C000018622 CLASS C FSGCX C000018623 ADVISOR CLASS FKSAX C000018624 CLASS R FKSRX C000128861 Class R6 FGKNX 0000872625 S000006882 FRANKLIN BIOTECHNOLOGY DISCOVERY FUND C000018631 CLASS A FBDIX C000081539 ADVISOR CLASS FTDZX C000128862 Class R6 FRBRX C000141458 Class C FBTDX 0000872625 S000006884 FRANKLIN FLEX CAP GROWTH FUND C000018636 CLASS A FKCGX C000018638 CLASS C FCIIX C000018639 CLASS R FRCGX C000018640 ADVISOR CLASS FKCAX C000128863 Class R6 FFCRX 0000872625 S000006887 FRANKLIN NATURAL RESOURCES FUND C000018647 CLASS C FNCRX C000018648 CLASS A FRNRX C000018649 ADVISOR CLASS FNRAX C000132949 Class R6 0000872625 S000006888 FRANKLIN SMALL-MID CAP GROWTH FUND C000018650 CLASS A FRSGX C000018652 CLASS C FRSIX C000018653 ADVISOR CLASS FSGAX C000018654 CLASS R FSMRX C000128864 Class R6 FMGGX 0000872625 S000006889 FRANKLIN SMALL CAP GROWTH FUND C000018655 CLASS A FSGRX C000018657 CLASS C FCSGX C000018658 ADVISOR CLASS FSSAX C000018659 CLASS R FSSRX C000128865 Class R6 FSMLX 0000872625 S000019837 Franklin Focused Core Equity Fund C000055670 CLASS A FCEQX C000055671 CLASS C FCEDX C000055672 CLASS R FCERX C000055673 ADVISOR CLASS FEFCX C000128866 Class R6 FCEZX 0000872625 S000041983 Franklin Global Government Bond Fund C000130376 Class A FGGAX C000130377 Class C C000130378 Class R C000130379 Class R6 C000130380 Advisor Class 0000872625 S000050257 Franklin Flexible Alpha Bond Fund C000158680 Advisor Class FZBAX C000158681 Class A FABFX C000158682 Class C FABDX C000158683 Class R FABMX C000158684 Class R6 FABNX 0000876441 S000019801 Franklin India Growth Fund C000055543 CLASS A FINGX C000055544 CLASS C FINDX C000055545 ADVISOR CLASS FIGZX C000128877 Class R6 FIGEX 0000881309 S000006860 FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND C000018537 CLASS A FCAMX C000018539 CLASS C FCAHX C000040036 ADVISOR CLASS FVCAX 0000881309 S000006861 FRANKLIN TENNESSEE MUNICIPAL BOND FUND C000018540 CLASS A FRTIX C000173664 Advisor Class 0000890089 S000007450 The U.S. Government Money Market Portfolio C000020424 CLASS A 0000893226 S000006875 FRANKLIN STRATEGIC MORTGAGE PORTFOLIO C000018610 CLASS A1 FSMIX C000112386 Class A FSMFX C000112387 Class C C000112388 Advisor Class FSMZX 0000909226 S000008743 Templeton China World Fund C000023803 Class A TCWAX C000023805 Class C TCWCX C000023806 Advisor Class TACWX C000128752 Class R6 FCWRX 0000912291 S000006874 FRANKLIN REAL ESTATE SECURITIES FUND C000018606 CLASS A FREEX C000018608 CLASS C FRRSX C000018609 ADVISOR CLASS FRLAX C000128754 Class R6 FSERX 0000916488 S000008749 Templeton Global Balanced Fund C000023820 Class C FCGBX C000023821 Class R C000023822 Advisor Class TZINX C000023823 Class A1 TINCX C000102038 Class C1 TCINX C000105289 Class A TAGBX C000128755 Class R6 0000916488 S000013684 Templeton Emerging Markets Small Cap Fund C000037523 Class A TEMMX C000037524 Class C TCEMX C000037525 Class R FTESX C000037526 Advisor Class TEMZX 0000916488 S000033826 Templeton Emerging Markets Balanced Fund C000104484 Class A TAEMX C000104485 Class C C000104486 Class R C000104487 Advisor Class TZEMX 0000916488 S000051576 Templeton Foreign Smaller Companies Fund C000162271 Advisor Class FTFAX C000162272 Class A FINEX C000162273 Class C FCFSX C000162274 Class R6 0000916488 S000053088 Templeton Dynamic Equity Fund C000167058 Class A C000167059 Class C C000167060 Class R C000167061 Class R6 C000167062 Advisor Class 0000936373 S000007559 FRANKLIN TEMPLETON U.S. GOVERNMENT MONEY FUND C000020618 CLASS C FRIXX C000020619 CLASS R FMRXX C000041689 CLASS A 0001022804 S000007239 FRANKLIN CONSERVATIVE ALLOCATION FUND C000019840 ADVISOR CLASS FTCZX C000019841 CLASS A FTCIX C000019842 CLASS C FTCCX C000019843 CLASS R FTCRX C000126011 Class R6 0001022804 S000007240 FRANKLIN COREFOLIO ALLOCATION FUND C000019844 CLASS A FTCOX C000019846 CLASS C FTCLX C000019847 CLASS R C000019848 ADVISOR CLASS FCAZX 0001022804 S000007241 FRANKLIN FOUNDING FUNDS ALLOCATION FUND C000019849 CLASS A FFALX C000019851 CLASS C FFACX C000019852 CLASS R FFARX C000019853 ADVISOR CLASS FFAAX 0001022804 S000007242 FRANKLIN GROWTH ALLOCATION FUND C000019855 ADVISOR CLASS FGTZX C000019856 CLASS A FGTIX C000019857 CLASS C FTGTX C000019858 CLASS R FGTRX C000126012 Class R6 0001022804 S000007243 FRANKLIN MODERATE ALLOCATION FUND C000019860 ADVISOR CLASS FMTZX C000019861 CLASS A FMTIX C000019862 CLASS C FTMTX C000019863 CLASS R FTMRX C000126013 Class R6 0001022804 S000012937 Franklin LifeSmart Retirement Income Fund C000034925 CLASS A FTRAX C000034926 CLASS C FRTCX C000034927 CLASS R FBRLX C000034928 ADVISOR CLASS FLRDX C000126014 Class R6 FLMTX 0001022804 S000012938 Franklin LifeSmart 2025 Retirement Target Fund C000034929 CLASS A FTRTX C000034930 CLASS C FTTCX C000034931 CLASS R FRELX C000034932 ADVISOR CLASS FLRFX C000126015 Class R6 FTLMX 0001022804 S000012939 Franklin LifeSmart 2035 Retirement Target Fund C000034933 CLASS C FTRCX C000034934 CLASS R FLRGX C000034935 ADVISOR CLASS FLRHX C000034936 CLASS A FRTAX C000126016 Class R6 FMTLX 0001022804 S000012940 Franklin LifeSmart 2045 Retirement Target Fund C000034937 CLASS A FTTAX C000034938 CLASS C FLRIX C000034939 CLASS R FLRJX C000034940 ADVISOR CLASS FLRLX C000126017 Class R6 FMLTX 0001022804 S000041337 Franklin LifeSmart 2020 Retirement Target Fund C000128212 Class A FLRMX C000128213 Class C FLRQX C000128214 Class R FLRVX C000128215 Class R6 FRTSX C000128216 Advisor Class FLROX 0001022804 S000041338 Franklin LifeSmart 2030 Retirement Target Fund C000128217 Advisor Class FLRZX C000128218 Class A FLRSX C000128219 Class C FLRTX C000128220 Class R FLRWX C000128221 Class R6 FLERX 0001022804 S000041339 Franklin LifeSmart 2040 Retirement Target Fund C000128222 Class A FLADX C000128223 Class C FLOLX C000128224 Class R FLSGX C000128225 Class R6 FLREX C000128226 Advisor Class FLSHX 0001022804 S000041340 Franklin LifeSmart 2050 Retirement Target Fund C000128227 Class A FLSJX C000128228 Class C FLSKX C000128229 Class R FLSNX C000128230 Class R6 FRLEX C000128231 Advisor Class FLSOX 0001022804 S000049109 Franklin LifeSmart 2055 Retirement Target Fund C000154867 Class A FLTFX C000154868 Class C FLTNX C000154869 Class R FLSBX C000154870 Class R6 FLSZX C000154871 Class Advisor FLTKX 0001022804 S000049452 Franklin Payout 2017 Fund C000156343 Class R6 FPOKX C000156344 Advisor Class FPOBX 0001022804 S000049453 Franklin Payout 2018 Fund C000156345 Class R6 FPOLX C000156346 Advisor Class FPODX 0001022804 S000049454 Franklin Payout 2019 Fund C000156347 Class R6 FPOEX C000156348 Advisor Class FPOFX 0001022804 S000049455 Franklin Payout 2020 Fund C000156349 Class R6 FPOGX C000156350 Advisor Class FPOHX 0001022804 S000049456 Franklin Payout 2021 Fund C000156351 Advisor Class FPOMX C000156352 Class R6 FPOJX 0001022804 S000049458 Franklin Payout 2023 Fund C000156355 Class R6 C000156356 Advisor Class 0001022804 S000052797 Franklin NextStep Conservative Fund C000165854 Class A FNCAX C000165855 Class C FNCDX C000172220 Advisor Class FNCVX 0001022804 S000052798 Franklin NextStep Moderate Fund C000165856 Class A FNMDX C000165857 Class C FNMFX C000172221 Advisor Class FNMZX 0001022804 S000052799 Franklin NextStep Growth Fund C000165858 Class A FNGBX C000165859 Class C FNGCX C000172222 Advisor Class FNGVX 0001124459 S000007443 FRANKLIN INTERNATIONAL SMALL CAP GROWTH FUND C000020417 ADVISOR CLASS FKSCX C000071207 CLASS A FINAX C000071208 CLASS C FCSMX C000071209 CLASS R FISDX C000128790 Class R6 FCAPX 0001124459 S000007448 FRANKLIN LARGE CAP EQUITY FUND C000020422 ADVISOR CLASS FLCIX C000069508 CLASS A FLCAX C000069509 CLASS C C000069510 CLASS R 0001124459 S000012347 Franklin Emerging Market Debt Opportunities Fund C000033574 Franklin Emerging Market Debt Opportunities Fund FEMDX 0001124459 S000012528 Franklin Global Real Estate Fund C000034061 CLASS A FGRRX C000034062 CLASS C FCGRX C000034063 ADVISOR CLASS FVGRX C000128791 Class R6 FGGRX 0001124459 S000022425 Franklin International Growth Fund C000064524 CLASS A FNGAX C000067641 CLASS C C000067642 CLASS R C000067643 ADVISOR CLASS FNGZX C000128792 Class R6 FILRX 0001124459 S000041984 Franklin Global Listed Infrastructure Fund C000130381 Class A FLGIX C000130382 Class C C000130383 Class R C000130384 Class R6 C000130385 Advisor Class PRE 14A 1 ftpre14a072017.htm
Schedule 14A Information
Proxy Statement Pursuant to Section 14(A) of the Securities Exchange Act of 1934
 (Amendment No. _)
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Preliminary Proxy Statement
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Definitive Proxy Statement
    
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Definitive Additional Materials
    
[  ]
Soliciting Material under Section 240.14a-12
    

FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
FRANKLIN CALIFORNIA TAX-FREE TRUST
FRANKLIN CUSTODIAN FUNDS
FRANKLIN FEDERAL TAX-FREE INCOME FUND
FRANKLIN FUND ALLOCATOR SERIES
FRANKLIN GLOBAL TRUST
FRANKLIN GOLD AND PRECIOUS METALS FUND
FRANKLIN HIGH INCOME TRUST
FRANKLIN INVESTORS SECURITIES TRUST
FRANKLIN MUNICIPAL SECURITIES TRUST
FRANKLIN NEW YORK TAX-FREE INCOME FUND
FRANKLIN NEW YORK TAX-FREE TRUST
FRANKLIN REAL ESTATE SECURITIES TRUST
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO
FRANKLIN STRATEGIC SERIES
FRANKLIN TAX-FREE TRUST
FRANKLIN TEMPLETON GLOBAL TRUST
FRANKLIN TEMPLETON INTERNATIONAL TRUST
FRANKLIN TEMPLETON MONEY FUND TRUST
FRANKLIN U.S. GOVERNMENT MONEY FUND
INSTITUTIONAL FIDUCIARY TRUST
THE MONEY MARKET PORTFOLIOS
TEMPLETON CHINA WORLD FUND
TEMPLETON FUNDS
TEMPLETON GLOBAL INVESTMENT TRUST
TEMPLETON GLOBAL OPPORTUNITIES TRUST
TEMPLETON GLOBAL SMALLER COMPANIES FUND
TEMPLETON INCOME TRUST
TEMPLETON INSTITUTIONAL FUNDS
(Name of Registrant as Specified in its Charter)


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Franklin California Tax-Free Income Fund
Franklin California Tax-Free Trust
Franklin Custodian Funds
Franklin Federal Tax-Free Income Fund
Franklin Fund Allocator Series
Franklin Global Trust
Franklin Gold and Precious Metals Fund
Franklin High Income Trust
Franklin Investors Securities Trust
Franklin Municipal Securities Trust
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin Real Estate Securities Trust
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Tax-Free Trust
Franklin Templeton International Trust
Franklin Templeton Global Trust
Franklin Templeton Money Fund Trust
Franklin U.S. Government Money Fund
Institutional Fiduciary Trust
The Money Market Portfolios
Templeton China World Fund
Templeton Funds
Templeton Global Investment Trust
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Income Trust
Templeton Institutional Funds

A Special Joint Meeting of Shareholders of the Franklin Templeton funds listed above  (collectively, the "Trusts" and, individually, a "Trust"), including their various series (collectively, the "Funds" and, individually, a "Fund"), will be held on October 30, 2017, to vote on several important proposals that affect the Funds. Please read the enclosed materials and cast your vote on the proxy card(s) or voting instruction form(s).
Voting your shares immediately will help minimize additional solicitation expenses and prevent the need to call you to solicit your vote.
The proposals for each Trust and Fund have been carefully reviewed by the Board of Trustees (each, a "Board," and together, the "Boards") of the relevant Trust. The Trustees of a Trust, most of whom are not affiliated with Franklin Templeton Investments, are responsible for looking after your interests as a shareholder of a Fund. Each Trust's Board believes proposals 1-6, as they relate to each Trust and/or Fund, are in the best interests of shareholders, and proposals 7a-7c and 8a-8e are not in the best interests of shareholders. The Board of each Trust unanimously recommends that you vote FOR proposals 1-6 and AGAINST proposals 7a-7c and 8a-8e.
Voting is quick and easy. Everything you need is enclosed. To cast your vote, simply complete the proxy card(s) or voting instruction form(s) enclosed in this package. Be sure to sign the card(s) or the form(s) before mailing it (them) in the postage-paid envelope. If eligible, you may also vote your shares by touch-tone telephone or through the Internet. Simply call the toll-free number or visit the web site indicated on your proxy card(s) or voting instruction form(s), and follow the instructions.
We welcome your comments.  If you have any questions or would like to quickly vote your shares, please call AST Fund Solutions, LLC, our proxy solicitor, toll-free at 800-967-5068. Agents are available 9:00 a.m. – 10:00 p.m., Eastern time, Monday through Friday, and 10:00 a.m. – 4:00 p.m., Eastern time, Saturday.  Thank you for your participation in this important initiative.
The following Q&A is provided to assist you in understanding the proposals that affect your Fund(s). The proposals are described in greater detail in the enclosed proxy statement. We appreciate your trust in Franklin Templeton Investments and look forward to continuing to help you achieve your financial goals.
Q&A

1



Important information to help you understand and vote on the proposals

Below is a brief overview of the proposals to be voted upon. The proxy statement provides more information on which proposals are to be voted upon by each Fund's shareholders. Your vote is important, no matter how large or small your holdings may be.

On what issues am I being asked to vote?

Shareholders are being asked to vote on the following proposals:

1.
For each Trust, to elect a Board of Trustees for the Trust.
2.
For each Fund1, to approve the use of a "manager of managers" structure whereby the Fund's investment manager would be able to hire and replace subadvisers without shareholder approval.
3.
For all Funds, to approve an amended fundamental investment restriction regarding investments in commodities.
4.
For Franklin Small-Mid Cap Growth Fund, Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund, to approve an amended fundamental investment restriction regarding lending.
5.
For Franklin Small-Mid Cap Growth Fund, to approve amendments to certain fundamental investment restrictions, as more fully specified in Exhibit G to the proxy statement (includes six (6) sub-proposals).
6.
For Franklin Small-Mid Cap Growth Fund, to approve the elimination of certain fundamental investment restrictions, as more fully specified in Exhibit H to the proxy statement (includes eight (8) sub-proposals).
7a-7c.
If properly presented, for Franklin High Yield Tax-Free Income Fund, Templeton Global Bond Fund and Franklin High Income Fund, a shareholder proposal that such Funds' Boards institute procedures to prevent holding investments in companies that, in the judgment of each Board, substantially contribute to genocide or crimes against humanity.
8a-8e.
If properly presented, for Franklin Federal Intermediate-Term Tax-Free Income Fund, Franklin Growth Fund, Franklin Income Fund, Franklin High Income Fund, and Franklin California Tax-Free Income Fund, a shareholder proposal that such Funds' Boards institute transparent


1
Excluding Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.
 
Q&A
2



procedures to prevent holding investments in companies that, in the judgment of management, substantially contribute to genocide or crimes against humanity.
Has the Board of each Trust approved the proposals that relate to that Trust or its Funds?

The Boards have unanimously approved proposals 1 through 6 and recommend that you vote to approve proposals 1-6,  as they apply to your Fund(s).  The Boards have not approved proposals 7a-7c or 8a-8e and recommend that you vote AGAINST those proposals that apply to your Fund(s).

1. For each Trust, to elect a Board of Trustees for the Trust.

What role does the Board play?

The Board of each Trust has the responsibility for looking after the interests of the shareholders of the Funds comprising that Trust.  As such, the Board has an obligation to serve the best interests of shareholders in providing oversight of a Fund, including approving policy changes. In addition, the Board, among other things, reviews a Fund's performance, oversees a Fund's activities, and reviews contractual arrangements with a Fund's service providers.

What is the affiliation of the Board and Franklin Templeton Investments?

Each Board is currently, and is proposed to continue to be, composed of over 75% "independent" trustees and two "interested" trustees.  Trustees are determined to be "interested" by virtue of, among other things, their affiliation with the Franklin Templeton funds or with Franklin Templeton Investments as fund management.  Independent trustees have no affiliation with Franklin Templeton Investments and are compensated by each individual Trust that they serve.

2. For each Fund2, to approve the use of a "manager of managers" structure whereby the Fund's investment manager would be able to hire and replace subadvisers without shareholder approval.

What is the purpose of the Manager of Managers Structure?

Shareholders of each Fund are being asked to approve the use of a "manager of managers" structure that would permit the Fund's investment manager, subject to Board approval, to appoint and replace subadvisers that are affiliated with Franklin Templeton Investments, and subadvisers that are not affiliated with Franklin Templeton Investments, without obtaining prior shareholder approval (the "Manager of Managers Structure").  The Manager of Managers Structure would enable each Fund to operate with greater efficiency in the future by allowing the Fund to use both affiliated and unaffiliated subadvisers


2
Excluding Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.
 
Q&A
3



best suited to its needs without incurring the expense and potential delays that could be associated with obtaining shareholder approvals.

How will the Manager of Managers Structure affect my Fund?

The use of the Manager of Managers Structure will not change the fees paid to the investment manager by a Fund.  If the proposal is approved for a Fund, and the Trust's Board and the Fund's investment manager believe that the use of one or more subadvisers would be in the best interests of the Fund, the Fund's shareholders generally would not be asked to approve hiring a subadviser for the Fund, assuming the conditions of the Manager of Managers Order are met. Rather, a Fund's investment manager, with the approval of the Fund's Board, including a majority of the Independent Trustees, would be able to appoint subadvisers and make appropriate changes to the subadvisory agreements without seeking shareholder approval.  The Fund would, however, inform shareholders of the hiring of any new subadviser within 90 days after the hiring of the subadviser.  The Board of each Trust determined to seek shareholder approval of the Manager of Managers Structure for each Fund in connection with this joint special shareholder meeting, which was otherwise called for purposes of voting on other matters described in the proxy statement, to avoid additional meeting and proxy solicitation costs in the future.
3. For all Funds, to approve an amendment to the current fundamental investment restriction regarding investments in commodities.

What is the fundamental investment restriction regarding investments in commodities?

The Investment Company Act of 1940 (the "1940 Act") requires every investment company to adopt a fundamental investment policy governing investments in commodities.  A "fundamental" investment policy may be modified only by a vote of a majority of the investment company's outstanding voting securities (as defined in the 1940 Act).
The Funds' current fundamental investment restrictions regarding investments in commodities are substantially similar, though not identical, and they are detailed in Exhibit F to the proxy statement.
What will be the effect of the amendment to my Fund's current fundamental investment restriction regarding investments in commodities?

Since the initial adoption of this restriction for the Funds, the financial markets and regulatory requirements regarding commodities and commodity interests have evolved.  New types of financial instruments have become available as potential investment opportunities, including commodity-linked instruments.  The Funds' investment managers believe that it is in the Funds' best interests to amend the current fundamental investment restrictions in order to provide the Funds with the flexibility to adapt to continuously changing regulation and to react to changes in the financial markets and the development of new investment opportunities and instruments, in accordance with each Fund's investment goal and subject to oversight by the Fund's Board.  Under the proposed restriction, if current applicable law were to change, the Funds would be able to conform to any such new law without shareholders taking further action.

The Boards and the Funds' investment managers do not anticipate that the proposed amendment to each Fund's fundamental investment restriction regarding investments in commodities would involve additional material risk to any Fund or affect the way any Fund is currently managed or operated.
 
Q&A
4



4. For Franklin Small-Mid Cap Growth Fund (the "Small-Mid Cap Fund"), Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund, to approve an amended fundamental investment restriction regarding lending.

What is the fundamental investment restriction regarding lending?

The 1940 Act requires every investment company to adopt a fundamental policy regarding lending. Each of the Small-Mid Cap Fund, Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund is currently subject to an investment restriction that prohibits the Fund from making loans, except for certain activities that are specifically excluded from the restriction.

What will be the effect of the amendment to my fund's current fundamental investment restriction?

The purpose of the amendment is to update the fundamental lending investment restriction to place an overall limit on such lending and to provide that the Fund may not make loans if, as a result, more than 33⅓% of its total assets would be lent to other persons (including other investment companies as permitted by the 1940 Act and any exemptions therefrom).

Under U.S. Securities and Exchange Commission staff interpretations, lending by an investment company, under certain circumstances, may also give rise to issues relating to the issuance of senior securities.  To the extent a Fund enters into lending transactions under these limited circumstances, such Fund will continue to be subject to the limitations imposed under the 1940 Act regarding the issuance of senior securities and the Fund's fundamental investment restriction regarding issuing senior securities.  In addition, such Fund will disclose to shareholders any additional risks associated with such transactions.

5. For the Small-Mid Cap Fund, to approve amendments to certain fundamental investment restrictions, as more fully specified in Exhibit G to the proxy statement (includes six (6) sub-proposals).

What are these fundamental investment restrictions?

The Small-Mid Cap Fund is subject to certain investment restrictions (for example, relating to borrowing or investing in real estate) that are considered "fundamental" because the restrictions may only be changed with shareholder approval. There generally are eight fundamental investment restrictions that each Fund is required to have under the 1940 Act.

What will be the effect of the amendments to the Fund's current fundamental investment restrictions?

The purpose of the amendments is to update those restrictions that are more restrictive than is currently required and to standardize, to the extent practicable, all required fundamental investment restrictions across the Franklin Templeton funds.  To the extent that the Small-Mid Cap Fund uses this flexibility in the future, the Fund may be subject to some additional costs and risks.  However, the Fund does not currently anticipate materially changing its investment strategies if the proposed amendments to its fundamental investment restrictions are approved.
 
Q&A
5





6. For the Small-Mid Cap Fund, to approve the elimination of certain fundamental investment restrictions, as more fully specified in Exhibit H to the proxy statement (includes eight (8) sub-proposals).

What are these fundamental investment restrictions?

The Small-Mid Cap Fund is also subject to fundamental investment restrictions that were once imposed by state securities laws or other regulatory authorities that are now outdated or are no longer effective.

What will be the effect of the elimination of such investment restrictions on the Fund?

If the proposed eliminations are approved, it may be easier for the Small-Mid Cap Fund to adapt to market or industry changes in the future because these restrictions would be eliminated.  To the extent that the Fund uses this flexibility in the future, the Fund may be subject to some additional costs and risks.  However, the Fund does not currently anticipate materially changing its investment strategies if the proposed eliminations are approved.

7a-7c. If properly presented, for Franklin High Yield Tax-Free Income Fund, Templeton Global Bond Fund and Franklin High Income Fund, a shareholder proposal that such Funds' Boards institute procedures to prevent holding investments in companies that, in the judgment of each Board, substantially contribute to genocide or crimes against humanity.

Why are the Boards recommending a vote against proposals 7a-7c?

As discussed more completely in the proxy statement, the Boards believe that Franklin Templeton's investment approach, which considers these issues on a company-by-company basis, is preferable to that recommended by the shareholder proposals.

8a-8e. If properly presented, for Franklin Federal Intermediate-Term Tax-Free Income Fund, Franklin Growth Fund, Franklin Income Fund, Franklin High Income Fund, and Franklin California Tax-Free Income Fund, a shareholder proposal that such Funds' Boards institute transparent procedures to prevent holding investments in companies that, in the judgment of management, substantially contribute to genocide or crimes against humanity.

Why are the Boards recommending a vote against proposals 8a-8e?

As discussed more completely in the proxy statement, the Boards believe that Franklin Templeton's investment approach, which considers these issues on a company-by-company basis, is preferable to that recommended by the shareholder proposals.

Who is AST Fund Solutions, LLC?

AST Fund Solutions, LLC (the "Solicitor") is a company that has been engaged by the Trusts, on behalf of the Funds, to assist in the solicitation of proxies. The Solicitor is not affiliated with the Funds or with Franklin Templeton Investments.  In order to hold a shareholder meeting, a certain percentage of a Fund's shares (often referred to as "quorum") must be represented at the meeting.  If a quorum is not attained, the meeting must adjourn to a future date.  The Funds may attempt to reach shareholders through multiple
 
Q&A
6



mailings to remind the shareholders to cast their vote.  As the meeting approaches, phone calls may be made to shareholders who have not yet voted their shares so that the meeting does not have to be adjourned or postponed.

How many votes am I entitled to cast?

As a shareholder, you are entitled to one vote for each share (and a proportionate fractional vote for each fractional share) you own of a Fund on the record date.  The record date is August 21, 2017.

How do I vote my shares?

You can vote your shares by completing and signing the enclosed proxy card(s) or voting instruction form(s) and mailing it (them) in the enclosed postage-paid envelope.  If eligible, you may also vote using a touch-tone telephone by calling the toll-free number printed on your proxy card(s) or voting instruction form(s) and following the recorded instructions, or through the Internet by visiting the web site printed on your proxy card(s) or voting instruction form(s) and following the on-line instructions. You can also vote your shares in person at the special joint meeting of shareholders.  If you need any assistance, or have any questions regarding the proposals or how to vote your shares, please call the Solicitor toll-free at 800-967-5068.

How do I sign the proxy card(s)?

Individual Accounts: Shareholders should sign exactly as their names appear on the account registration shown on the proxy card(s) or voting instruction form(s).

Joint Accounts: Either owner may sign, but the name of the person signing should conform exactly to a name appearing on the account registration as shown on the proxy card(s) or voting instruction form(s).

All Other Accounts: The person signing must indicate his or her capacity. For example, a trustee for a trust or other entity should sign, "Ann B. Collins, Trustee."

Q&A
7


 
Franklin California Tax-Free Income Fund
Franklin California Tax-Free Trust
Franklin Custodian Funds
Franklin Federal Tax-Free Income Fund
Franklin Fund Allocator Series
Franklin Global Trust
Franklin Gold and Precious Metals Fund
Franklin High Income Trust
Franklin Investors Securities Trust
Franklin Municipal Securities Trust
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin Real Estate Securities Trust
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Tax-Free Trust
Franklin Templeton Global Trust
Franklin Templeton International Trust
Franklin Templeton Money Fund Trust
Franklin U.S. Government Money Fund
Institutional Fiduciary Trust
The Money Market Portfolios
Templeton China World Fund
Templeton Funds
Templeton Global Investment Trust
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Income Trust
Templeton Institutional Funds


IMPORTANT SHAREHOLDER INFORMATION
 
These materials are for a Special Joint Meeting of Shareholders of the Franklin and Templeton registered investment companies listed above, including their various series (the "Funds"), scheduled for October 30, 2017 at 10:00 a.m., Pacific time. The enclosed materials discuss several proposals (the "Proposals" or, each, a "Proposal") to be voted on at the meeting, and contain the Notice of Special Joint Meeting of Shareholders, proxy statement and proxy card(s). A proxy card is, in essence, a ballot. When you vote your proxy, it tells us how you wish to vote on important issues relating to the Funds in which you are invested. If you specify a vote on all Proposals on which you are entitled to vote, your proxy will be voted as you indicate. If you specify a vote for one or more Proposals on which you are entitled to vote, but not all, your proxy will be voted as specified on such Proposals and, on the Proposal(s) for which no vote is specified, your proxy will be voted in accordance with the Trustees' recommendations beginning on page __ of the proxy statement.  If you simply sign, date and return the proxy card(s), but do not specify a vote on any Proposal, your proxy will be voted in accordance with the Trustees' recommendations beginning on page __ of the proxy statement.
 
We urge you to spend a few minutes reviewing the Proposals in the proxy statement. Then, please fill out and sign the proxy card(s) and return it (them) to us so that we know how you would like to vote. When shareholders return their proxies promptly, the Funds may be able to save money by not having to conduct additional solicitations, including other mailings.  If you own shares of more than one Fund, you will receive a proxy card FOR EACH FUND in which you own shares.  PLEASE COMPLETE, SIGN AND RETURN each proxy card you receive.
 
We welcome your comments. If you have any questions or would like to quickly vote your shares, call AST Fund Solutions, LLC, our proxy solicitor, toll free at 800-967-5068.  Agents are available 9:00 a.m. – 10:00 p.m., Eastern time, Monday through Friday, and 10:00 a.m. – 4:00 p.m., Eastern time, Saturday.
 
TELEPHONE AND INTERNET VOTING
 
For your convenience, you may be able to vote by telephone or through the Internet,
24 hours a day. If your account is eligible, separate instructions are enclosed.
This page intentionally left blank.
 
 

 
 
Franklin California Tax-Free Income Fund
Franklin California Tax-Free Trust
Franklin Custodian Funds
Franklin Federal Tax-Free Income Fund
Franklin Fund Allocator Series
Franklin Global Trust
Franklin Gold and Precious Metals Fund
Franklin High Income Trust
Franklin Investors Securities Trust
Franklin Municipal Securities Trust
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin Real Estate Securities Trust
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Tax-Free Trust
Franklin Templeton Global Trust
Franklin Templeton International Trust
Franklin Templeton Money Fund Trust
Franklin U.S. Government Money Fund
Institutional Fiduciary Trust
The Money Market Portfolios
Templeton China World Fund
Templeton Funds
Templeton Global Investment Trust
Templeton Global Opportunities Trust
Templeton Global Smaller Companies  Fund
Templeton Income Trust
Templeton Institutional Funds

 
NOTICE OF SPECIAL JOINT MEETING OF SHAREHOLDERS
 
A Special Joint Meeting of Shareholders (the "Meeting") of certain U.S. registered Franklin and Templeton Funds listed above (together, the "Trusts," and each, a "Trust"),1 including their various series (together, the "Funds," and each, a "Fund") will be held at the Trusts' offices located at One Franklin Parkway, San Mateo, California 94403-1906 on October 30, 2017 at 10:00 a.m., Pacific time.
 
During the Meeting, shareholders of the Trusts will vote on the following Proposals and Sub-Proposals:
 
1.
To elect a Board of Trustees for each Trust.
2.
For each Fund,2 to approve the use of a "manager of managers" structure whereby the Fund's investment manager would be able to hire and replace subadvisers without shareholder approval.
3.
For all Funds, to approve an amended fundamental investment restriction regarding investments in commodities.
4.
For Franklin Small-Mid Cap Growth Fund, Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund, to approve an amended fundamental investment restriction regarding lending.
5.
For Franklin Small-Mid Cap Growth Fund, to approve amendments to certain fundamental investment restrictions of such Fund (includes six (6) Sub-Proposals) as follows:


1
Along with Franklin Templeton Variable Insurance Products Trust, Franklin ETF Trust, Franklin Managed Trust, Templeton Developing Markets Trust, Emerging Markets Series of Templeton Institutional Funds and Templeton Frontier Markets Fund of Templeton Global Investment Trust, which are issuing separate proxy solicitation materials.
2
Excluding Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.
1

a.
To amend the fundamental investment restriction regarding borrowing;
b.
To amend the fundamental investment restriction regarding underwriting;
c.
To amend the fundamental investment restriction regarding investments in real estate;
d.
To amend the fundamental investment restriction regarding issuing senior securities;
e.
To amend the fundamental investment restriction regarding industry concentration; and
f.
To amend the fundamental investment restriction regarding diversification of investments.
6.
For Franklin Small-Mid Cap Growth Fund, to approve the elimination of certain fundamental investment restrictions (includes eight (8) Sub-Proposals).
7a-7c.
If properly presented, for Franklin High Yield Tax-Free Income Fund, Templeton Global Bond Fund and Franklin High Income Fund, a shareholder proposal that such Funds' Boards of Trustees institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity.
8a-8e.
If properly presented, for Franklin Federal Intermediate-Term Tax-Free Income Fund, Franklin Growth Fund, Franklin Income Fund, Franklin High Income Fund and Franklin California Tax-Free Income Fund, a shareholder proposal that such Funds' Boards of Trustees institute transparent procedures to prevent holding investments in companies that, in the judgment of management, substantially contribute to genocide or crimes against humanity.


 
By Order of the Boards of Trustees,
 
Craig S. Tyle
Vice President

August __, 2017
 
Please sign and promptly return all of the proxy card(s) or voting instruction form(s) in the enclosed self-addressed envelope, or, if eligible, vote your shares by telephone or through the Internet, regardless of the number of shares you own.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL JOINT SHAREHOLDER MEETING TO BE HELD ON OCTOBER 30, 2017

The Notice of Special Joint Meeting of Shareholders, proxy statement and form of proxy card are available on the Internet at http://www.proxyonline.com/docs/FTproxy. The form of proxy card on the Internet site cannot be used to cast your vote.

2

If you have any questions, would like to vote your shares, or wish to obtain directions to be able to attend the Meeting and vote in person, please call AST Fund Solutions, LLC, our proxy solicitor, toll free at 800-967-5068.

3

PROXY STATEMENT
 
TABLE OF CONTENTS

     
Page
•  INFORMATION ABOUT VOTING
1
•  THE PROPOSALS
5
PROPOSAL 1:
TO ELECT A BOARD OF TRUSTEES
5
PROPOSAL 2:
TO APPROVE THE USE OF A "MANAGER OF MANAGERS" STRUCTURE WHEREBY THE FUND'S INVESTMENT MANAGER WOULD BE ABLE TO HIRE AND REPLACE SUBADVISERS WITHOUT SHAREHOLDER APPROVAL
26
PROPOSAL 3:
TO APPROVE AN AMENDED FUNDAMENTAL INVESTMENT RESTRICTION REGARDING INVESTMENTS IN COMMODITIES
30
INTRODUCTION TO PROPOSALS 4, 5 AND 6
31
PROPOSAL 4:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TEMPLETON GLOBAL BALANCED FUND AND TEMPLETON EMERGING MARKETS SMALL CAP FUND, TO APPROVE AN AMENDED FUNDAMENTAL INVESTMENT RESTRICTION REGARDING LENDING
33
PROPOSAL 5:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TO APPROVE AMENDMENTS TO CERTAIN FUNDAMENTAL INVESTMENT RESTRICTIONS (this Proposal involves separate votes on Sub-Proposals 5a–5f)
33
Sub-Proposal 5a:
To amend the fundamental investment restriction regarding borrowing
34
Sub-Proposal 5b:
To amend the fundamental investment restriction regarding underwriting
34
Sub-Proposal 5c:
To amend the fundamental investment restriction regarding investments in real estate
35
Sub-Proposal 5d:
To amend the fundamental investment restriction regarding issuing senior securities
35
Sub-Proposal 5e:
To amend the fundamental investment restriction regarding industry concentration
36
Sub-Proposal 5f:
To amend the fundamental investment restriction regarding diversification of investments
36
i


PROPOSAL 6:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TO APPROVE THE ELIMINATION OF CERTAIN FUNDAMENTAL INVESTMENT RESTRICTIONS (this Proposal involves separate votes on Sub-Proposals 6a-6h)
37
Sub-Proposal 6a:
To eliminate the fundamental investment restriction regarding engaging in short sales and use of margin
37
Sub-Proposal 6b:
To eliminate the fundamental investment restriction regarding investments in oil, gas and other mineral programs
37
Sub-Proposal 6c:
To eliminate the fundamental investment restriction regarding use of options
38
Sub-Proposal 6d:
To eliminate the fundamental investment restriction regarding investment in restricted securities
38
Sub-Proposal 6e:
To eliminate the fundamental investment restriction regarding investment in unseasoned issuers
38
Sub-Proposal 6f:
To eliminate the fundamental investment restriction regarding investing for purposes of exercising control
38
Sub-Proposal 6g:
To eliminate the fundamental investment restriction regarding investing in other investment companies
39
Sub-Proposal 6h:
To eliminate the fundamental investment restriction regarding management ownership of securities and principal transactions with management
39
PROPOSALS 7a–7c:
SHAREHOLDER PROPOSALS REQUESTING THAT THE FRANKLIN TAX-FREE TRUST, TEMPLETON INCOME TRUST, AND FRANKLIN HIGH INCOME TRUST BOARDS INSTITUTE PROCEDURES TO PREVENT HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF THE BOARDS, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY
40
PROPOSALS 8a–8e:
SHAREHOLDER PROPOSALS REQUESTING THAT THE FRANKLIN TAX-FREE TRUST, FRANKLIN CUSTODIAN FUNDS, FRANKLIN HIGH INCOME TRUST AND FRANKLIN CALIFORNIA TAX FEE INCOME FUND BOARDS INSTITUTE TRANSPARENT PROCEDURES TO PREVENT HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF MANAGEMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY
45
•  ADDITIONAL INFORMATION ABOUT THE FUNDS
50
•  FURTHER INFORMATION ABOUT VOTING AND THE MEETING
52
       
EXHIBITS
  
       
Exhibit A – Nominating Committee Charter
A-1
       
Exhibit B – Committee Meetings
B-1
       
Exhibit C – Aggregate Board Compensation
C-1
       
Exhibit D – Additional Executive Officers
D-1
       
ii


Exhibit E – Audit Fee Information
E-1
       
Exhibit F – Fundamental Investment Policies Regarding Investments in Commodities
F-1
       
Exhibit G – Fundamental Investment Restrictions Proposed to be Amended
G-1
       
Exhibit H – Fundamental Investment Restrictions Proposed to be Eliminated
H-1
       
Exhibit I – Investment Managers of the Funds
I-1
       
Exhibit J – Outstanding Shares as of May 31, 2017
J-1
       
Exhibit K – Principal Holders of Shares as of May 31, 2017
K-1



iii



Franklin California Tax-Free Income Fund
Franklin California Tax-Free Trust
Franklin Custodian Funds
Franklin Federal Tax-Free Income Fund
Franklin Fund Allocator Series
Franklin Global Trust
Franklin Gold and Precious Metals Fund
Franklin High Income Trust
Franklin Investors Securities Trust
Franklin Municipal Securities Trust
Franklin New York Tax-Free Income Fund
Franklin New York Tax-Free Trust
Franklin Real Estate Securities Trust
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin Tax-Free Trust
Franklin Templeton Global Trust
Franklin Templeton International Trust
Franklin Templeton Money Fund Trust
Franklin U.S. Government Money Fund
Institutional Fiduciary Trust
The Money Market Portfolios
Templeton China World Fund
Templeton Funds
Templeton Global Investment Trust
Templeton Global Opportunities Trust
Templeton Global Smaller Companies
      Fund
Templeton Income Trust
Templeton Institutional Funds
     
 
PROXY STATEMENT
 
¨
INFORMATION ABOUT VOTING
 
Who is asking for my vote?
 
The Boards of Trustees (the "Boards" or "Trustees") of the U.S. registered Franklin and Templeton funds listed above (collectively, the "Trusts" and, individually, a "Trust"), including their various series (collectively, the "Funds" and, individually, a "Fund"),1 in connection with a Special Joint Meeting of Shareholders of the Trusts to be held on October 30, 2017 (the "Meeting"), have requested your vote on several matters (the "Proposals" or, each, a "Proposal").

In addition, if you are a shareholder of Franklin Templeton U.S. Government Money Fund, Franklin U.S. Government Money Fund or Money Market Portfolio (a series of Institutional Fiduciary Trust), each of which is a "feeder fund," you are being requested to provide voting instructions to such Fund on how it should vote the shares it owns in The U.S. Government Money Market Portfolio, as the "master portfolio," as more fully described below under "On what issues am I being asked to vote? – Master-Feeder Fund Structure."
 
Who is eligible to vote?
 
Shareholders of record at the close of business on August 21, 2017 are entitled to be present and to vote at the Meeting or any adjourned Meeting (and, in the case of shareholders of a feeder fund, to provide voting instructions to such feeder fund). Each share of record of a Fund is


1Other than Emerging Markets Series of Templeton Institutional Funds and Templeton Frontier Markets Fund of Templeton Global Investment Trust, which are issuing separate proxy solicitation materials.
1

entitled to one vote (and a proportionate fractional vote for each fractional share) on each matter relating to that Fund presented at the Meeting. The Notice of Special Joint Meeting of Shareholders, the proxy cards or voting instruction forms, and the proxy statement were first mailed to shareholders of record on or about August __, 2017.
 
On what issues am I being asked to vote?
 
Shareholders are being asked to vote on the following Proposals:
 
1.
For each Trust, to elect a Board of Trustees of the Trust;
2.
For each Fund2, to approve the use of a "manager of managers" structure whereby the Fund's investment manager would be able to hire and replace subadvisers without shareholder approval;
3.
For all Funds, to approve an amended fundamental investment restriction regarding investments in commodities;
4.
For Franklin Small-Mid Cap Growth Fund, Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund, to approve an amended fundamental investment restriction regarding lending;
5.
For Franklin Small-Mid Cap Growth Fund, to approve amendments to certain fundamental investment restrictions, as more fully specified in Exhibit G to this proxy statement (includes six (6) Sub-Proposals);
6.
For Franklin Small-Mid Cap Growth Fund, to approve the elimination of certain fundamental investment restrictions, as more fully specified in Exhibit H to this proxy statement (includes eight (8) Sub-Proposals);
7a-7c.
If properly presented, for Franklin High Yield Tax-Free Income Fund, Templeton Global Bond Fund and Franklin High Income Fund, a shareholder proposal that such Funds' Boards of Trustees institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity; and
8a-8e.
If properly presented, for Franklin Federal Intermediate-Term Tax-Free Income Fund, Franklin Growth Fund, Franklin Income Fund, Franklin High Income Fund and Franklin California Tax-Free Income Fund, a shareholder proposal that such Funds' Boards of Trustees institute transparent procedures to prevent holding investments in companies


2
Excluding Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.
2

that, in the judgment of management, substantially contribute to genocide or crimes against humanity.
Master-Feeder Fund Structure.  Each of Franklin Templeton U.S. Government Money Fund, Franklin U.S. Government Money Fund and Money Market Portfolio (individually, a "Feeder Fund" and collectively, the "Feeder Funds") operates in a master-feeder arrangement in which each Feeder Fund invests all of its assets in The Money Market Portfolio (the "Master Portfolio"), which has the same investment goal as the Feeder Funds and invests directly in securities and other investments.

As shareholders in the Master Portfolio, the Feeder Funds have been asked to vote on the proposals described in this proxy statement as they relate to the Master Portfolio.  Under the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to master-feeder fund arrangements, each Feeder Fund must (i) pass through to the Feeder Fund's own shareholders voting rights with respect to the Master Portfolio shares it holds and (ii) vote its Master Portfolio shares in accordance with the voting instructions of such Feeder Fund's shareholders. As a result, in addition to your vote on these proposals as they relate to a Fund in which you own shares, the Boards of the Feeder Funds need, and you are asked for, your voting instructions on these matters as to how your Feeder Fund should vote its Master Portfolio shares.

How does the Board of my Trust recommend that I vote?
 
The Boards of the Trusts unanimously recommend that you vote:
 
1.
For all Trusts: FOR the election of all nominees as Trustees of the Trust;
2.
For all Funds3: FOR the approval of the use of a manager of managers structure;
3.
For all Funds:  FOR the approval of an amended fundamental investment restriction regarding investments in commodities;
4.
For Franklin Small-Mid Cap Growth Fund, Templeton Global Balanced Fund and Templeton Emerging Markets Small Cap Fund:  FOR the amendment of the fundamental investment restriction regarding lending;
5.
For Franklin Small-Mid Cap Growth Fund:  FOR the approval of each of the proposed amendments to certain of the Fund's fundamental investment restrictions; and
6.
For Franklin Small-Mid Cap Growth Fund:  FOR the approval of the elimination of certain of the Fund's fundamental investment restrictions.


3
Excluding Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.
3

7a-7c.
For Franklin High Yield Tax-Free Income Fund, Templeton Global Bond Fund and Franklin High Income Fund:  AGAINST a shareholder proposal that such Funds' Boards of Trustees institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity.
8a-8e.
For Franklin Federal Intermediate-Term Tax-Free Income Fund, Franklin Growth Fund, Franklin Income Fund, Franklin High Income Fund and Franklin California Tax-Free Income Fund:  AGAINST a shareholder proposal that such Funds' Boards of Trustees institute transparent procedures to prevent holding investments in companies that, in the judgment of management, substantially contribute to genocide or crimes against humanity.
How do I ensure that my vote is accurately recorded?
 
You may submit your proxy card(s) or voting instruction form(s) in one of four ways:
·
By Internet (if eligible).  The web address and instructions for voting can be found on the enclosed proxy card(s) or voting instruction form(s).  You will be required to provide your control number located on the proxy card(s) or voting instruction form(s).
·
By Telephone (if eligible).  The toll-free number for telephone voting can be found on the enclosed proxy card(s) or voting instruction form(s).  You will be required to provide your control number located on the proxy card(s) or voting instruction form(s).
·
By Mail.  Mark the enclosed proxy card(s) or voting instruction form(s), sign and date it (them), and return it (them) in the postage-paid envelope we provided.  A proxy card with respect to shares held by joint owners may be signed by just one of them, unless at or prior to exercise of such proxy the Fund receives a specific written notice to the contrary from any one of the joint owners.
·
In Person at the Meeting.  You can vote your shares in person at the Meeting.
If you require additional information regarding the Meeting you may contact AST Fund Solutions, LLC (the "Solicitor"), the proxy solicitor, toll-free at 800-967-5068.  Please see the section entitled "FURTHER INFORMATION ABOUT VOTING AND THE MEETING" for more information on the Solicitor.
Proxy cards that are properly signed, dated and received at or prior to the Meeting will be voted as specified.  If you specify a vote on any of the Proposals, your proxy will be voted as you indicate.  If you specify a vote on one or more Proposals but not the other Proposals, your proxy will be voted as specified on such Proposal(s) and, on the Proposal(s) for which no vote is specified, your proxy will be voted in accordance with the Trustees' recommendations beginning on page __ of this proxy statement.  If you simply sign, date and return the proxy card, but do not specify a vote on any of the Proposals on which you are entitled to vote, your proxy will be voted in accordance with the Trustees' recommendations beginning on page __ of this proxy statement.
4

May I revoke my proxy?
 
You may revoke your proxy at any time before it is voted by forwarding a written revocation or a later-dated proxy card to the appropriate Fund that is received by the Fund at or prior to the Meeting, or by attending the Meeting and voting in person.
 
May I attend the Meeting in person?

Shareholders of record at the close of business on August 21, 2017 are entitled to attend the Meeting.  Eligible shareholders who intend to attend the Meeting in person will need to bring proof of share ownership, such as a shareholder statement or letter from a custodian or broker-dealer confirming ownership, as of August 21, 2017 and a valid picture identification, such as a driver's license or passport, for admission to the Meeting.  Seating is very limited.  Shareholders without proof of ownership and identification will not be admitted.
 
What if my shares are held in a brokerage account?
 
If your shares are held by your broker, then in order to vote in person at the Meeting, you will need to obtain a "Legal Proxy" from your broker and present it to the Inspector of Elections at the Meeting.  Also, in order to revoke your proxy, you may need to forward your written revocation or a later-dated proxy card/voting instruction form to your broker rather than to the appropriate Fund.

¨
THE PROPOSALS
 
PROPOSAL 1: TO ELECT A BOARD OF TRUSTEES
How are nominees selected?

The Board of each Trust has a Nominating Committee. The Nominating Committee for each Franklin Fund is comprised of John B. Wilson (Chair), Harris J. Ashton, Mary C. Choksi, Edith E. Holiday, J. Michael Luttig, and Larry D. Thompson.  The Nominating Committee for each Templeton Fund is comprised of Edith E. Holiday (Chair), J. Michael Luttig and Larry D. Thompson.  None of the members of the Nominating Committees of the Trusts is an "interested person" of that Trust as defined by the 1940 Act.  Trustees who are not interested persons of a Trust are referred to as the "Independent Trustees," and Trustees who are interested persons of a Trust are referred to as the "Interested Trustees."

Each Trust's Nominating Committee is responsible for selecting candidates to serve as Trustees for that Trust and recommending such candidates:  (a) for selection and nomination as Independent Trustees by the incumbent Independent Trustees and the full Board; and (b) for selection and nomination as Interested Trustees by the full Board. In considering a candidate's qualifications, the Nominating Committee generally considers the potential candidate's educational background, business or professional experience, and reputation. In addition, the Nominating Committee has established as minimum qualifications for Board membership as an Independent Trustee:  (1) that such candidate be independent from relationships with the Trust's
5

investment manager(s) and other principal service providers both within the terms and the spirit of the statutory independence requirements specified under the 1940 Act and the rules thereunder; (2) that such candidate demonstrate an ability and willingness to make the considerable time commitment, including personal attendance at Board meetings, believed necessary to his or her function as an effective Board member; and (3) that such candidate have no continuing relationship as a director, officer or board member of any open-end or closed-end investment company other than those within the Franklin Templeton Investments fund complex or a closed-end business development company primarily investing in non-public entities.  Each Trust's Nominating Committee has not adopted any specific policy on the issue of diversity, but will take this into account, among other factors, in its consideration of new candidates to the Board.

When a Trust's Board has or expects to have a vacancy, the Nominating Committee receives and reviews information on individuals qualified to be recommended to the full Board as nominees for election as Board members, including any recommendations by "Qualifying Fund Shareholders" (as defined below). Such individuals are evaluated based upon the criteria described above. To date, each Trust's Nominating Committee has been able to identify, and expects to continue to be able to identify, from its own resources, an ample number of qualified candidates.  A Trust's Nominating Committee, however, will review recommendations from Qualifying Fund Shareholders to fill vacancies on the Board if these recommendations are submitted in writing and addressed to the Nominating Committee at the Trust's offices and are presented with appropriate background material concerning the candidate that demonstrates his or her ability to serve as a Board member, including as an Independent Trustee, of the Trust. A Qualifying Fund Shareholder is a shareholder who:  (i) has continuously owned of record, or beneficially through a financial intermediary, shares of such Trust having a net asset value of not less than two hundred and fifty thousand dollars ($250,000) during the twenty-four (24) month period prior to submitting the recommendation; and (ii) provides a written notice to the Nominating Committee containing the following information:  (a) the name and address of the Qualifying Fund Shareholder making the recommendation; (b) the number of shares of the Trust which are owned of record and beneficially by the Qualifying Fund Shareholder and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (c) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (d) the name, age, date of birth, business address and residence address of the person or persons being recommended; (e) such other information regarding each person recommended by such Qualifying Fund Shareholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the U.S. Securities and Exchange Commission ("SEC") had the nominee been nominated by the Board; (f) whether the shareholder making the recommendation believes the person recommended would or would not be an "interested person" of the Trust, as defined in the 1940 Act; and (g) the written consent of each person recommended to serve as a Trustee of the Trust if so nominated and elected/appointed.

A Trust's Nominating Committee may amend these procedures from time to time, including the procedures relating to the evaluation of nominees and the process for submitting recommendations to the Nominating Committee.
6

Each Board has adopted and approved a formal written Charter for its Nominating Committee.  A copy of the Charter is attached to this proxy statement as Exhibit A.

Who are the nominees for Trustee of my Trust?

The Boards of the Franklin Funds4 currently are identical and comprised of eight Trustees.  The Boards of the Templeton Funds5 currently are identical6 and comprised of eleven Trustees (ten Trustees for TGIT), seven of whom also serve on the Boards of the Franklin Funds.
Shareholders of each Trust are being asked to vote only for the election of the Trustees that will supervise their Trust (including the Funds therein).  The nominees for Independent Trustee and Interested Trustee of each Trust are listed below.  All of the nominees, with the exception of Terrence J. Checki, currently serve on one or more Boards of Trustees/Directors of the funds within the Franklin Templeton Investments fund complex.  Mr. Checki does not currently serve on the Board of any Trust or of any other fund within the Franklin Templeton Investments fund complex.  Among the nominees, Gregory E. Johnson and Rupert H. Johnson, Jr. are deemed to be Interested Trustee nominees.
Franklin Funds
Independent Trustee Nominees:
Harris J. Ashton
Terrence J. Checki
Mary C. Choksi
Edith E. Holiday
J. Michael Luttig
Larry D. Thompson
John B. Wilson

Interested Trustee Nominees:
Gregory E. Johnson
Rupert H. Johnson, Jr.
  

Templeton Funds

Independent Trustee Nominees:
Harris J. Ashton
Ann Torre Bates
Mary C. Choksi
Edith E. Holiday
J. Michael Luttig
David W. Niemiec
Larry D. Thompson
Constantine D. Tseretopoulos
Robert E. Wade
Interested Trustee Nominees:
Gregory E. Johnson
Rupert H. Johnson, Jr.
  


4
For purposes of this proxy statement, the "Franklin Funds" refer to all of the Funds except the Templeton Funds (as defined below).
5
For purposes of this proxy statement, the "Templeton Funds" refer to Franklin Templeton Global Trust, Templeton China World Fund, Templeton Funds, Templeton Global Investment Trust, Templeton Global Opportunities Trust, Templeton Global Smaller Companies Fund, Templeton Income Trust and Templeton Institutional Funds.
6
Except for Templeton Global Investment Trust ("TGIT"), which has all the same Trustees as the other Templeton Funds, excluding Ms. Choksi.
7

If elected, each nominee will hold office until the next meeting of shareholders at which Trustees are elected and until his or her successor shall be elected and qualify, or until his or her earlier death, resignation or removal.
Interested Trustees of the Trusts hold director and/or officer positions with, or are stockholders of, Franklin Resources, Inc. ("Resources") and its affiliates.  Resources, a global investment management organization operating as Franklin Templeton Investments, is primarily engaged, through various subsidiaries, in providing investment management, share distribution, transfer agent and administrative services to a family of investment companies. Resources is a New York Stock Exchange ("NYSE") listed holding company (NYSE: BEN). Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson, both nominees for Interested Trustee of the Trusts. There are no other family relationships among the officers or nominees for Trustee.

Each nominee currently is available and has consented to serve if elected. If any of the nominees should become unavailable, the designated proxy holders will vote in their discretion for another person or persons who may be nominated to serve as Trustee(s).

Set forth in the table below are the nominees who are standing for election by shareholders for the first time, the Board(s) to which they are nominated to serve and the person(s) who initially recommended them for consideration as nominees for Board membership:

Independent Trustee Nominees:
Trust(s) for which Nominee is to be elected by shareholders for the first time:
Recommended by:
Mary C. Choksi
All Franklin Funds and all Templeton Funds
An incumbent Independent Board Member
J. Michael Luttig
All Franklin Funds and all Templeton Funds except Franklin Templeton Global Trust and Templeton Global Smaller Companies Fund
An incumbent Independent Board Member
Anne Torre Bates
All Templeton Funds except Franklin Templeton Global Trust and Templeton Global Smaller Companies Fund
An incumbent Independent Board Member
Terrence J. Checki
All Franklin Funds
An incumbent Independent Board Member
Interested Trustee Nominees:
    
Gregory E. Johnson
Franklin California Tax-Free Income Fund, Franklin Custodian Funds, Franklin High Income Trust, Franklin Investors Securities Trust, Franklin New York Tax-Free Income Fund, Franklin Strategic Series, TGIT, Templeton Funds and Templeton Global Opportunities Trust
Executive Officers of Franklin Resources, Inc.
Rupert H. Johnson, Jr.
Templeton Income Trust, Templeton Developing Markets Trust, Templeton Institutional Funds, Templeton China World Fund, and TGIT and all Franklin Funds, except Franklin California Tax-Free Income Fund, Franklin Custodian Funds, Franklin High Income Trust, Franklin Investors Securities Trust, Franklin New York Tax-Free Income Fund and Franklin Strategic Series
Executive Officers of Franklin Resources, Inc.

Information regarding the nominees appears below, including information on the business activities of the nominees during the past five years and beyond. In addition to personal qualities,
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such as integrity, the role of an effective Board member inherently requires the ability to comprehend, discuss and critically analyze materials and issues presented in exercising judgments and reaching informed conclusions relevant to his or her duties and fiduciary obligations. Each Trust's Board believes that the specific background of each nominee for Trustee evidences such ability and is appropriate to his or her serving on the applicable Trust's Board. As indicated below, Harris J. Ashton has served as a chief executive officer of NYSE-listed public corporations; Ann Torre Bates has served as chief financial officer of a major corporation and as a board member of a number of public companies; Larry D. Thompson and Edith E. Holiday each have legal backgrounds, including high level legal positions with departments of the U.S. Government; Mary C. Choksi has an extensive background in asset management, including founding an investment management firm; J. Michael Luttig has fifteen years of judicial experience as a Federal Appeals Court Judge; David W. Niemiec has been a chief financial officer of a major corporation; Constantine D. Tseretopoulos has professional and executive experience as founder and Chief of Staff of a hospital; Robert E. Wade has had more than thirty years' experience as a practicing attorney; John B. Wilson has served as a chief executive officer of an NYSE-listed public corporation as well as a chief financial officer of a NASDAQ-listed public corporation; Terrence J. Checki has served as a senior executive of a Federal Reserve Bank and has vast experience evaluating economic forces and their impacts on markets, including emerging markets; and Gregory E. Johnson and Rupert H. Johnson, Jr. are both high ranking executive officers of Franklin Templeton Investments.

Listed below with the business activities of the nominees are their names and years of birth, the Board(s) on which they serve or are nominated to serve, their positions and length of service on the Board(s), and the number of Fund portfolios in the Franklin Templeton Investments fund complex that they oversee.

Nominees for Independent Trustee:

Name, Year of Birth and Address
Position
Length of Time Served*
Number of Portfolios in Fund Complex Overseen or to be Overseen by Trustee**

Harris J. Ashton (1932)
One Franklin Parkway
San Mateo, CA 94403-1906
 
Trustee
(Franklin and Templeton Funds)
Since 1992
140
Other Directorships Held During at Least the Past 5 Years:
Bar-S Foods (meat packing company) (1981-2010).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and formerly, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).

Ann Torre Bates (1958)
 300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Trustee
(Templeton Funds)
Since 2008
42
9


Other Directorships Held During at Least the Past 5 Years:
Ares Capital Corporation (specialty finance company) (2010-present), United Natural Foods, Inc. (distributor of natural, organic and specialty foods) (2013-present), Allied Capital Corporation (financial services) (2003-2010), SLM Corporation (Sallie Mae) (1997- 2014) and Navient Corporation (loan management, servicing and asset recovery) (2014-2016).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and formerly, Executive Vice President and Chief Financial Officer, NHP Incorporated (manager of multifamily housing) (1995-1997); and Vice President and Treasurer, US Airways, Inc. (until 1995).

Terrence J. Checki (1945)
One Franklin Parkway
San Mateo, CA 94403-1906
 
Nominee for Trustee
(Franklin Funds)
Not Applicable
 
 
 
114
Other Directorships Held During at Least the Past 5 Years:
Hess Corporation (exploration of oil and gas) (2014-present).
Principal Occupation During at Least the Past 5 Years:
Member of the Council on Foreign Relations (1996-present); Member of the National Committee on U.S.-China Relations (1999-present); member of the Board of Trustees of the Economic Club of New York (2013 -present); member of the Board of Trustees of the Foreign Policy Association (2005-present) and member of various other  boards of trustees and advisory boards; and formerly, Executive Vice President of the Federal Reserve Bank of New York and Head of its Emerging Markets and Internal Affairs Group and Member of Management Committee (1995-2014); and Visiting Fellow at the Council on Foreign Relations (2014).

Mary C. Choksi (1950)
One Franklin Parkway
San Mateo, CA 94403-1906
Trustee
(Franklin and Templeton Funds)
Since 2014
134
Other Directorships Held During at Least the Past 5 Years:
Avis Budget Group Inc. (car rental) (2007-present) and Omnicom Group Inc. (advertising and marketing communications services) (2011-present).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and formerly, Founder and Senior Advisor, Strategic Investment Group (investment management group) (2015-2017); Founding Partner and Senior Managing Director, Strategic Investment Group (1987-2015); Founding Partner and Managing Director, Emerging Markets Management LLC (investment management firm) (1987-2011); and Loan Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank Group (international financial institution) (1977-1987).

Edith E. Holiday (1952)
One Franklin Parkway
San Mateo, CA 94403-1906
 
Trustee
(Franklin and Templeton Funds)
 
Lead Independent Trustee (Templeton Funds)
Trustee since 1996 and Lead Independent Trustee since 2007
140
Other Directorships Held During at Least the Past 5 Years:
Hess Corporation (exploration of oil and gas) (1993-present), Canadian National Railway (railroad) (2001- present), White Mountains Insurance Group, Ltd. (holding company) (2004- present), Santander Consumer USA Holdings, Inc. (consumer finance) (2016-present), RTI International Metals, Inc. (manufacture and distribution of titanium) (1999-2015) and H.J. Heinz Company (processed foods and allied products) (1994-2013).
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Principal Occupation During at Least the Past 5 Years:
Director or Trustee of various companies and trusts; and formerly, Assistant to the President of the United States and Secretary of the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and Assistant Secretary for Public Affairs and Public Liaison-United States Treasury Department (1988-1989).

J. Michael Luttig (1954)
One Franklin Parkway
San Mateo, CA 94403-1906
 
Trustee
(Franklin and Templeton Funds)
Since 2009
140
Other Directorships Held During at Least the Past 5 Years:
Boeing Capital Corporation (aircraft financing) (2006-2013).
Principal Occupation During at Least the Past 5 Years:
Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (aerospace company) (2006-present); and formerly, Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit (1991-2006).

David W. Niemiec (1949)
 300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Trustee
(Templeton Funds)
Since 2005
42
Other Directorships Held During at Least the Past 5 Years:
Hess Midstream Partners LP (oil and gas midstream infrastructure) (April 2017-present).
Principal Occupation During at Least the Past 5 Years:
Advisor, Saratoga Partners (private equity fund); and formerly, Managing Director, Saratoga Partners (1998-2001) and SBC Warburg Dillon Read (investment banking) (1997-1998); Vice Chairman, Dillon, Read & Co. Inc. (investment banking) (1991-1997); and Chief Financial Officer, Dillon, Read & Co. Inc. (1982-1997).

Larry D. Thompson (1945)
One Franklin Parkway
San Mateo, CA 94403-1906
Trustee
(Franklin and Templeton Funds)
Since 2005
140
Other Directorships Held During at Least the Past 5 Years:
The Southern Company (energy company) (2014- present; previously 2010-2012), Graham Holdings Company (education and media organization) (2011-present) and Cbeyond, Inc. (business communications provider) (2010-2012).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (2015-present; previously 2011-2012); and formerly, Executive Vice President - Government Affairs, General Counsel and Corporate Secretary, PepsiCo, Inc. (consumer products) (2012-2014); Senior Vice President - Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011); Senior Fellow of The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice (2001-2003).

Constantine D. Tseretopoulos (1954)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Trustee
(Templeton Funds)
Since 1991
26
Other Directorships Held During at Least the Past 5 Years:
None
11


Principal Occupation During at Least the Past 5 Years:
Physician, Chief of Staff, owner and operator of the Lyford Cay Hospital (1987-present); director of various nonprofit organizations; and formerly, Cardiology Fellow, University of Maryland (1985-1987); and Internal Medicine Resident, Greater Baltimore Medical Center (1982-1985).

Robert E. Wade (1946)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301- 1923
 
Trustee
(Templeton Funds)
Since 2006
 
42
Other Directorships Held During at Least the Past 5 Years:
El Oro Ltd (investments) (2003 – present).
Principal Occupation During at Least the Past 5 Years:
Attorney at law engaged in private practice (1972-2008) and member of various boards.

John B. Wilson (1959)
One Franklin Parkway
San Mateo, CA 94403-1906
Trustee and Lead Independent Trustee
(Franklin Funds)
Since 2007
Lead Independent Trustee since 2008
114
 
Other Directorships Held During at Least the Past 5 Years:
None
Principal Occupation During at Least the Past 5 Years:
President, Staples Europe (office supplies) (2012-present); President and Founder, Hyannis Port Capital, Inc. (real estate and private equity investing); serves on private and non-profit boards; and formerly, Chief Operating Officer and Executive Vice President, Gap, Inc. (retail) (1996-2000); Chief Financial Officer and Executive Vice President - Finance and Strategy, Staples, Inc. (1992-1996); Senior Vice President - Corporate Planning, Northwest Airlines, Inc. (airlines) (1990-1992); and Vice President and Partner, Bain & Company (consulting firm) (1986-1990).

Nominees for Interested Trustee:

Name, Year of Birth and Address
Position
Length of Time Served*
Number of Portfolios in Fund Complex Overseen or to be Overseen by Trustee**

***Gregory E. Johnson (1961)
One Franklin Parkway
San Mateo, CA 94403-1906
Trustee
(Franklin and Templeton Funds)
Since 2007
156
Other Directorships Held During at Least the Past 5 Years:
None
Principal Occupation During at Least the Past 5 Years:
Chairman of the Board, Member - Office of the Chairman, Director and Chief Executive Officer, Franklin Resources, Inc.; officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 44 of the investment companies in Franklin Templeton Investments; Vice Chairman, Investment Company Institute; and formerly, President, Franklin Resources, Inc. (1994-2015).

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***Rupert H. Johnson, Jr. (1940)
One Franklin Parkway
San Mateo, CA 94403-1906
Chairman of the Board and Trustee
(Franklin and Templeton Funds)
 
Vice President
(Franklin California Tax-Free Income Fund, Franklin Custodian Funds, Franklin Investors Securities Trust, Franklin New York Tax-Free Income Fund, Templeton China World Fund, Templeton Funds, Templeton Global Investment Trust, Templeton Global Opportunities Trust,
Templeton Global Smaller Companies Fund, Templeton Income Trust and Templeton Institutional Funds)
Chairman of the Board since 2013 and Trustee since 1978
 
Vice President since 1978
140
Other Directorships Held During at Least the Past 5 Years:
None
Principal Occupation During at Least the Past 5 Years:
Vice Chairman, Member - Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; Senior Vice President, Franklin Advisory Services, LLC; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 42 of the investment companies in Franklin Templeton Investments.

*
If a Board member has served for different periods of time for different Trusts, the earliest applicable date is shown.

**
The number of portfolios is based on each separate series of the U.S. registered investment companies within the Franklin Templeton Investments fund complex. These portfolios have a common investment manager or affiliated investment manager, and also may share a common underwriter.

***
Gregory E. Johnson and Rupert H. Johnson, Jr. are "interested persons" of the Trusts as defined by the 1940 Act. The 1940 Act limits the percentage of interested persons who can comprise a trust's board of trustees. Gregory E. Johnson and Rupert H. Johnson, Jr. are considered to be interested persons of the Trusts due to their positions as officers, directors and/or shareholders of Resources. Gregory E. Johnson is the nephew of Rupert H. Johnson, Jr. The remaining nominees are Independent Trustee nominees.

How often does a Trust's Board meet and what are Board Members paid?

The role of a Trust's Board is to provide general oversight of the Trust's business and to ensure that the Trust and its Funds are operated for the benefit of all Fund shareholders. The Boards of the Franklin Funds met eight times during the prior fiscal year and generally anticipate meeting at least eight times during the current fiscal year, and more frequently as necessary.  The Boards of the Templeton Funds met five times during the prior fiscal year and anticipate meeting at least five times during the current fiscal year, and more frequently as necessary.  The Boards also oversee the services furnished to the Trusts and the Funds by the investment managers to the Funds (together, the "Investment Managers") and various other service providers.  All of the current Independent Trustees serve as Board members of more than one Trust and, in some
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cases, of other Franklin Templeton funds that are not participating in the Meeting, some of which may hold meetings at different dates and times.

The Board members and management believe that having the same individuals serving on the boards of multiple Franklin Templeton funds enhances the ability of each Trust to obtain, at a relatively modest cost to each separate Trust, the services of high caliber, experienced and knowledgeable Independent Trustees who can bring their experience and talents to, and effectively oversee the management of, several Trusts and their Funds.

Each nominee for Trustee currently in office attended at least 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all committees of the Board on which the nominee for Trustee served during such Trust's most recent fiscal year.  The number of meetings held by the Audit and Nominating Committees of each Trust during such Trust's last fiscal year (ended on or before May 31, 2017) is set forth in Exhibit B to this proxy statement.  None of the Trusts currently has a formal policy regarding Trustee attendance at annual shareholders' meetings.  Except for Franklin Templeton Global Trust and Templeton Global Smaller Companies Fund, none of the Trusts held, or were required to hold, an annual meeting at which Trustees were elected during its last fiscal year.

Franklin Funds.  The Independent Trustees of the Franklin Funds constitute the sole independent board members of 26 investment companies in the Franklin Templeton Investments complex for which each Independent Trustee currently is paid a $247,000 annual retainer fee, together with a $7,000 per meeting fee for attendance at each regularly scheduled board meeting, a portion of which is allocated to each Franklin Fund. To the extent held, compensation may also be paid for attendance at specially held board meetings. The Franklin Funds' lead Independent Trustee is paid an annual supplemental retainer of $25,000 for services to such investment companies, a portion of which is allocated to each Franklin Fund.  Board members who serve on the Audit Committees of the Franklin Funds, receive a flat fee of $3,000 per Committee meeting attended in person and $2,000 per telephonic meeting, a portion of which is allocated to each Franklin Fund. John B. Wilson, who serves as chairman of the Audit Committees of the Franklin Funds, receives an additional fee of $50,000 per year, a portion of which is allocated to each Franklin Fund. Members of the Committees are not separately compensated for any committee meeting held on the day of a regularly scheduled board meeting.

Templeton Funds.  The Independent Trustees of the Templeton Funds constitute the sole independent board members of 14 investment companies in the Franklin Templeton Investments complex for which each Independent Trustee currently is paid a $155,000 annual retainer fee, together with a $7,000 per meeting fee for attendance at each regularly scheduled board meeting, a portion of which fees are allocated to each Templeton Fund. To the extent held, compensation may also be paid for attendance at specially held board meetings. The Templeton Funds' lead Independent Trustee is paid an annual supplemental retainer of $25,000 for services to such investment companies, a portion of which is allocated to each Templeton Fund. Board members who serve on the Audit Committees of the Templeton Funds, receive a flat fee of $3,000 per Committee meeting attended in person and $2,000 per telephonic meeting, a portion of which is allocated to each Templeton Fund. David W. Niemiec, who serves as chairman of the Audit Committees of the Templeton Funds, receives an additional fee of $15,000 per year, a portion of
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which is allocated to the each Templeton Fund. Members of the Committees are not separately compensated for any committee meeting held on the day of a regularly scheduled board meeting.

All Trusts.  Independent Trustees are also reimbursed for expenses incurred in connection with attending Board meetings by each fund in Franklin Templeton Investments for which they serve as a Board member. The Interested Trustees and certain officers of the Trusts who are shareholders of Resources are not compensated by the Trusts for their services, but may be deemed to receive indirect remuneration due to their participation in management fees and other fees received by the Investment Managers and their affiliates from the Franklin Templeton funds. The Investment Managers or their affiliates pay the salaries and expenses of the officers and the Interested Trustees. No pension or retirement benefits are accrued as part of Fund expenses.

The table below indicates the amount each Independent Trustee received from each Trust and from all funds in the Franklin Templeton Investments fund complex as a whole during the 12 months ended May 31, 2017, as well as the estimated annual benefits, if any, upon retirement.

Independent Trustee
Aggregate Compensation from the Trusts
Pension or Retirement Benefits Accrued as Part of Trust Expenses
Estimated Annual Benefits Upon Retirement
Total Compensation from Franklin Templeton Investments Fund Complex*
Number of Boards within Franklin Templeton Investments Fund Complex on which the Trustee Serves**
Harris J. Ashton
See Exhibit C
None
None
$___________
40
Ann Torre Bates***
See Exhibit C
None
None
$___________
18
Terrence J. Checki****
None
None
None
None
N/A
Mary C. Choksi
See Exhibit C
None
None
$___________
39
Edith E. Holiday
See Exhibit C
None
None
$___________
40
J. Michael Luttig
See Exhibit C
None
None
$___________
40
David W. Niemiec
See Exhibit C
None
None
$___________
18
Larry D. Thompson
See Exhibit C
None
None
$___________
40
Constantine D. Tseretopoulos
See Exhibit C
None
None
$___________
14
Robert E. Wade***
See Exhibit C
None
  
$___________
18
John B. Wilson
See Exhibit C
None
None
$___________
26

*
Compensation received for the 12 months ended May 31, 2017.
**
We base the number of Boards on the number of U.S. registered investment companies in the Franklin Templeton Investments fund complex.  This number does not include the total number of series within each investment company for which the Board members are responsible.  The Franklin Templeton Investments fund complex currently includes 45 U.S. registered investment companies, with approximately 166 U.S. based funds or series.
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***
Ms. Bates and Mr. Wade are also independent Board members of Franklin Mutual Series Funds and may, in the future, receive payments pursuant to a discontinued retirement plan that generally provides payments to independent Board members who have served seven years or longer for such funds prior to the date the plan was discontinued.
****
Mr. Checki is a nominee for Independent Trustee and has not yet served on any Trust's Board.
Board members of the Franklin Funds and of the Templeton Funds historically have followed a policy of having substantial investments in one or more of the Franklin Funds or Templeton Funds, as is consistent with their individual financial goals. In February 1998, this policy was formalized for the Franklin Funds and Templeton Funds through the adoption of a requirement that each Board member invest one-third of fees received for serving as a director or trustee of a Templeton Fund (excluding Committee fees) in shares of one or more Templeton Funds and one-third of fees received for serving as trustee of a Franklin Fund (excluding Committee fees) in shares of one or more Franklin Funds until the value of such investments equals or exceeds five times the annual retainer and regular Board meeting fees paid to such Board member. Investments in the name of family members or entities controlled by a Board member constitute Fund holdings of such Board member for purposes of this policy, and a three year phase-in period applies to such investment requirements for newly elected Board members. In implementing such policy, a Board member's fund holdings existing on February 27, 1998 are valued as of such date with subsequent investments valued at cost.

The following tables provide the dollar range of equity securities of the Trusts and their Funds and of all funds in the Franklin Templeton Investments fund complex overseen by the Board nominees that are beneficially owned by them as of May 31, 2017.  The aggregate dollar range of equity securities in all portfolios overseen by the Board member in the Franklin Templeton Fund Complex was over $100,000 for each Board Nominee, other than Mr. Checki.
 
 

 
Name of Trustee
Dollar Range of Equity Securities in Fund/Fund Name7
Independent Trustees:
  
Harris J. Ashton
Franklin Custodian Funds:
$10,001-$50,000/Franklin DynaTech Fund
Over $100,000/ Franklin Growth Fund
Over $100,000/Franklin Income Fund
Over $100,000/Franklin U.S. Government Securities Fund

Franklin Federal Tax-Free Income Fund:
Over $100,000

Franklin Investor Securities Trust:
Over $100,000/Franklin Adjustable U.S. Government Securities Fund
$1-$10,000/Franklin Floating Rate Daily Access Fund

Franklin Real Estate Securities Trust:
$50,001-$100,000/Franklin Real Estate Securities Fund

Franklin U.S. Government Money Fund:
$1 - $10,000

Templeton China World Fund:
 $1-$10,000

Templeton Funds:
Over $100,000/Templeton World Fund
Over $100,000/Templeton Foreign Fund

Templeton Global Opportunities Trust:
$50,001-$100,000

Templeton Global Smaller Companies Fund:
Over $100,000

Templeton Income Trust:
$50,001-$100,000/Templeton Global Bond Fund


7 For any other Fund or series thereof overseen by the Board member that is not listed, the amount owned is none.  "*" denotes that the Board member's holding exceeds  1% of a class of shares of the Fund.
16


Ann Torre Bates
 
Templeton Funds:
$10,001-$50,000/Templeton World Fund
$10,001-$50,000/Templeton Foreign Fund

Templeton Global Investment Trust:
$10,001-$50,000/Templeton Emerging Markets Small Cap Fund
$50,001-$100,000/Templeton Global Balanced Fund

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
Over $100,000/Templeton International Bond Fund
 
Terrence J. Checki
None
Mary C. Choksi
 
Franklin Templeton International Trust:
Over $100,000/Franklin India Growth Fund

Franklin Strategic Series:
Over $100,000/Franklin Focused Core Equity Fund
$50,001-$100,000/Franklin Natural Resources Fund

Templeton Income Trust:
$10,001-$50,000/Templeton Global Total Return Fund
 
Edith E. Holiday
 
Franklin Custodian Funds:
Over $100,000/Franklin Growth Fund
Over $100,000/Franklin Income Fund
Over $100,000/Franklin Utilities Fund
Over $100,000/Franklin U.S. Government Securities Fund

Franklin Federal Tax-Free Income Fund:
Over $100,000

Franklin High Income Trust:
$10,001-$50,000/Franklin High Income Fund

Franklin Investors Securities Trust:
$50,001-$100,000/Franklin Adjustable U.S. Government Securities Fund
$10,001-$50,000/Franklin Floating Rate Daily Access Fund
$10,001-$50,000/Franklin Equity Income Fund
$50,001-$100,000/Franklin Low Duration Total Return Fund

Franklin Strategic Series:
$10,001-$50,000/Franklin Small-Mid Cap Growth Fund
$10,001-$50,000/Franklin Biotechnology Discovery Fund
Over $100,000/Franklin Growth Opportunities Fund
Over $100,000*/Franklin Natural Resources Fund
Over $100,000/Franklin Small Cp Growth Fund
$50,001-$100,000/Franklin Strategic Income Fund

Franklin Tax-Free Trust:
$50,001-$100,000/Franklin High Yield Tax-Free Income Fund
Over $100,000/Franklin Federal Intermediate-Term Tax-Free Income Fund

Franklin Fund Allocator Series:
$50,001-$100,000/Franklin Growth Allocation Fund

Franklin U.S. Government Money Fund:
Over $100,000

Templeton Funds:
Over $100,000/Templeton World Fund
Over $100,000/Templeton Foreign Fund

Templeton Global Investment Trust:
$10,001-$50,000/Templeton Global Balanced Fund

Templeton Global Opportunities Trust:
$10,001-$50,000

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
 
17


J. Michael Luttig
 
Franklin Custodian Funds:
Over $100,000/Franklin DynaTech Fund
Over $100,000/Franklin Growth Fund
Over $100,000/Franklin Income Fund
Over $100,000/Franklin Utilities Fund

Franklin Federal Tax-Free Income Fund:
$10,001-$50,000

Franklin Global Trust:
Over $100,000/Franklin International Small Cap Growth Fund

Franklin High Income Trust:
Over $100,000/Franklin High Income Fund

Franklin Strategic Series:
Over $100,000/Franklin Biotechnology Discovery Fund
$10,001-$50,000/Franklin Growth Opportunities Fund
$50,001-$100,000/Franklin Small-Mid Cap Growth Fund

Franklin Templeton International Trust:
Over $100,000/Franklin India Growth Fund

Franklin U.S. Government Money Fund:
$1-$10,000

Templeton China World Fund:
$50,001-$100,000

Templeton Funds:
$10,001-$50,000/Templeton Foreign Fund

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
Over $100,000/Templeton Global Total Return Fund
 
David W. Niemiec
 
Templeton Global Smaller Companies Fund:
Over $100,000

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
Over $100,000/Templeton Global Total Return Fund
 
Larry D. Thompson
 
Franklin Fund Allocator Series:
Over $100,000*/Franklin LifeSmart Retirement Income Fund

Franklin High Income Trust:
Over $100,000/Franklin High Income Fund

Franklin Investors Securities Trust:
Over $100,000/Franklin Balanced Fund
$50,001-$100,000/Franklin Convertible Securities Fund
Over $100,000/Franklin Low Duration Total Return Fund

Templeton Funds:
$10,001-$50,000/Templeton World Fund
Over $100,000/Templeton Foreign Fund

Templeton Global Investment Trust:
$10,001-$50,000/Templeton Emerging Markets Small Cap Fund

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
Over $100,000/Templeton Global Total Return Fund
 
Constantine D. Tseretopoulos
 
Franklin U.S. Government Money Fund:
$1-$10,000

Templeton Funds:
$10,001- $50,000/Templeton World Fund
Over $100,000/Templeton Foreign Fund

Templeton Global Opportunities Trust:
$10,001-$50,000
 
Robert E. Wade
 
Franklin Tax-Free Trust:
Over $100,000/Franklin Pennsylvania Tax-Free Income Fund

Templeton Global Investment Trust:
$10,001-$50,000/Templeton Emerging Markets Small Cap Fund
Over $100,000/Templeton Global Balanced Fund

Templeton Global Opportunities Trust:
$50,001-$100,000

Templeton Income Trust:
Over $100,000/Templeton Global Bond Fund
 
18


 
 
 
 
John B. Wilson
 
Franklin Custodian Funds:
Over $100,000/Franklin DynaTech Fund

Franklin Gold and Precious Metals Fund:
Over $100,000

Franklin Investors Securities Trust:
$1-$10,000/Franklin Adjustable U.S. Government Securities Fund
$50,001-$100,000/Franklin Low Duration Total Return Fund

Franklin Strategic Series:
Over $100,000/Franklin Biotechnology Discovery Fund
 
   
Interested Board Members:
  
   
Gregory E. Johnson
Franklin Custodian Funds:
[Over $100,000]/Franklin Income Fund
[Over $100,000]/Franklin Growth Fund

Franklin Gold & Precious Metals Fund:
[Over $100,000]

Franklin Investors Securities Trust:
[Over $100,000]/Franklin Equity Income Fund

Franklin Strategic Series:
[Over $100,000]/Franklin Strategic Income Fund

Franklin U.S. Government Money Fund:
Over $100,000

Templeton Developing Markets Trust:
[Over $100,000]

Templeton Funds:
[Over $100,000]/Templeton Foreign Fund
[Over $100,000]/Templeton World Fund

Templeton Global Investment Trust:
[Over $100,000]/Templeton Foreign Smaller Companies Fund

Templeton Growth Fund, Inc.:
Over $100,000
 
Rupert H. Johnson, Jr.
Franklin California Tax-Free Income Fund:
Over $100,000

Franklin Custodian Funds:
Over $100,000/Franklin DynaTech Fund
Over $100,000/Franklin Growth Fund
[$10,001-$50,000]/Franklin Income Fund
[$1-$10,000]/Franklin Utilities Fund

Franklin Global Trust:
Over $100,00/Franklin International Small Cap Growth Fund

Franklin High Income Trust:
Over $100,000/Franklin High Income Fund

Franklin Investors Securities Trust:
Over $100,000/Franklin  Covertible Securities Fund
$50,001-$100,000/Franklin Equity Income Fund

Franklin Strategic Series:
Over $100,000/Franklin Small Mid-Cap Growth Fund
Over $100,000/Franklin Biotechnology Discovery Fund

Franklin U.S. Government Money Fund:
Over $100,000

Templeton China World Fund:
Over $100,000

Templeton Developing Markets Trust:
Over $100,000

Templeton Funds:
Over $100,000/Templeton World Fund
Over $100,000/Templeton Foreign Fund

Templeton Global Investment Trust:
Over $100,000/Templeton  Foreign Smaller Companies Fund

Templeton Income Trust:
Over $100,000/Templeton  Global Bond Fund
 
 

Who are the Executive Officers of the Trusts?
19

Officers of the Trusts are appointed by their respective Boards and serve at the pleasure of the Boards.  Listed below for the Executive Officers that are common to all of the Trusts are their names, years of birth and addresses, as well as their positions and length of service with the Trusts, and principal occupations during the past five years.

Executive Officers Common to the Trusts:

Name, Address and Year of Birth       Position(s) with Funds         Length of Time Served* 
Rupert H. Johnson, Jr.
 
Current Trustee and Chairman of the Board
(Franklin and Templeton Funds)
 
Vice President for various Funds**
 
Board member since 1983
 
 
Vice President since 1982
 
Please refer to the table "Interested Board Nominees" for additional information about Mr. Rupert H. Johnson, Jr.

Alison E. Baur (1964)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
(Franklin and Templeton Funds)
Since 2012
 
Principal Occupation During at Least the Past 5 Years:
Deputy General Counsel, Franklin Templeton Investments; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of 45 of the investment companies in Franklin Templeton Investments.

Aliya S. Gordon (1973)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
(Franklin and Templeton Funds)
Since 2009
Principal Occupation During at Least the Past 5 Years:
Senior Associate General Counsel, Franklin Templeton Investments; and officer of 45 of the investment companies in Franklin Templeton Investments.

Steven J. Gray (1955)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
(Franklin and Templeton Funds)
Since 2009
Principal Occupation During at Least the Past 5 Years:
Senior Associate General Counsel, Franklin Templeton Investments; Vice President, Franklin Templeton Distributors, Inc. and FT AlphaParity, LLC; and officer of 45 of the investment companies in Franklin Templeton Investments.

Matthew T. Hinkle (1971)
One Franklin Parkway
San Mateo, CA 94403-1906
Chief Executive Officer -Finance and
Administration
(Franklin and Templeton Funds)
Since June 2017
Principal Occupation During at Least the Past 5 Years:
Senior Vice President, U.S. Fund Administration Reporting & Fund Tax, Franklin Templeton Investments; officer of 45 of the investment companies in Franklin Templeton Investments; and formerly, Vice President, Global Tax (2012-April 2017) and Treasurer/Assistant Treasurer, Franklin Templeton Investments (2009-2017).

20


Robert Lim (1948)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President – AML Compliance
(Franklin and Templeton Funds)
Since 2016
Principal Occupation During at Least the Past 5 Years:
Vice President, Franklin Templeton Companies, LLC; Chief Compliance Officer, Franklin Templeton Distributors, Inc. and Franklin Templeton Investor Services, LLC; and officer of 45 of the investment companies in Franklin Templeton Investments.

Kimberly H. Novotny (1972)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Vice President
(Franklin and Templeton Funds)
Since 2013
Principal Occupation During at Least the Past 5 Years:
Associate General Counsel, Franklin Templeton Investments; Vice President and Corporate Secretary, Fiduciary Trust International of the South; Vice President, Templeton Investment Counsel, LLC; Assistant Secretary, Franklin Resources, Inc.; and officer of 45 of the investment companies in Franklin Templeton Investments.

Robert C. Rosselot (1960)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Chief Compliance Officer
(Franklin and Templeton Funds)
Since 2013
Principal Occupation During at Least the Past 5 Years:
Director, Global Compliance, Franklin Templeton Investments; Vice President, Franklin Templeton Companies, LLC; officer of 45 of the investment companies in Franklin Templeton Investments; and formerly, Senior Associate General Counsel, Franklin Templeton Investments (2007-2013); and Secretary and Vice President, Templeton Group of Funds (2004-2013).

Karen L. Skidmore (1952)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President and  Secretary
(Franklin Funds)
 
Vice President
(Templeton Funds)
Since 2006
 
 
Since 2009
Principal Occupation During at Least the Past 5 Years:
Senior Associate General Counsel, Franklin Templeton Investments; and officer of 45 of the investment companies in Franklin Templeton Investments.

Navid J. Tofigh (1972)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
(Franklin and Templeton Funds)
 
Since 2015
 
 
Principal Occupation During at Least the Past 5 Years:
Associate General Counsel, Franklin Templeton Investments; and officer of 45 of the investment companies in Franklin Templeton Investments.

Craig S. Tyle (1960)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
(Franklin and Templeton Funds)
Since 2005
Principal Occupation During at Least the Past 5 Years:
General Counsel and Executive Vice President, Franklin Resources, Inc.; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of 45 of the investment companies in Franklin Templeton Investments.

21


Lori A. Weber (1964)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Secretary and Vice President
(Templeton Funds)
 
Vice President
(Franklin Funds)
 
 
Secretary since 2013 and Vice President since 2011
 
Since 2011
Principal Occupation During at Least the Past 5 Years:
Senior Associate General Counsel, Franklin Templeton Investments; Assistant Secretary, Franklin Resources, Inc.; Vice President and Secretary, Templeton Investment Counsel, LLC; and officer of 45 of the investment companies in Franklin Templeton Investments.

*
If a person has held positions or offices for different Trusts for different periods of time, the earliest applicable date is shown.

**
Mr. Rupert H. Johnson, Jr. serves as Vice President of Franklin California Tax-Free Income Fund, Franklin Custodian Funds, Franklin Investors Securities Trust, Franklin New York Tax-Free Income Fund and each Templeton Fund.

Additional Executive Officers

In addition to the common Executive Officers listed above, each Trust has additional Executive Officers which are set forth in Exhibit D – Additional Executive Officers to this proxy statement.  The additional Executive Officers often serve in the same capacity for multiple Trusts.  If an Executive Officer has held an office for different Trusts for different periods of time, the earliest applicable date is shown.

What are the Standing Committees of the Boards?

In addition to the Nominating Committee, each Board has a standing Audit Committee. Each Trust's Audit Committee is responsible for the appointment, compensation and retention of the Trust's independent registered public accounting firm ("auditors"), including evaluating their independence, recommending the selection of the Trust's auditors to the full Board and meeting with such auditors to consider and review matters relating to the Trust's financial reports and internal auditing. The Audit Committees for the Franklin Funds are comprised of Mary C. Choksi, Edith E. Holiday, J. Michael Luttig, Larry D. Thompson and John B. Wilson (Chair).  The Audit Committees for the Templeton Funds are comprised of Ann Torre Bates, J. Michael Luttig, David W. Niemiec (Chair), and Constantine D. Tseretopoulos.  All of the members of the Audit Committees are Independent Trustees.
 
Selection of Auditors.  The Audit Committees and the Boards of the Trusts have selected the firm of PricewaterhouseCoopers LLP ("PwC") as the independent auditors for the Trusts' current fiscal years.  Representatives of PwC are not expected to be present at the Meeting, but will have the opportunity to make a statement if they wish, and will be available should any matter arise requiring their presence.

Audit Fee Information
22

Audit Fees.  The aggregate fees paid to PwC for professional services rendered by PwC for the audit of the Funds' annual financial statements or for services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for the last two fiscal years (ended on or before May 31, 2017) for the Funds are set forth in Exhibit E to this proxy statement.  

Audit-Related Fees.  The fees paid to PwC for assurance and related services provided by PwC that are reasonably related to the performance of the audit or review of the Funds' financial statements and not reported under "Audit Fees" above for the last two fiscal years (ended on or before May 31, 2017) for the Funds are set forth in Exhibit E to this proxy statement.

In addition, the Audit Committees of the Trusts pre-approve PwC's engagement for audit-related services with the Investment Managers and certain entities controlling, controlled by, or under common control with the Investment Managers that provide ongoing services to the Funds, which engagements relate directly to the operations and financial reporting of the Funds. There were no fees paid for these services for the twelve month periods ended May 31, 2017 and May 31, 2016.
 
Tax Fees.   PwC did not render any tax compliance, tax advice or tax planning services ("tax services") to any Fund for its last two fiscal years (ended on or before May 31, 2017).

In addition, the Audit Committees of the Trusts pre-approve PwC's engagement for tax services to be provided to the Investment Managers and certain entities controlling, controlled by, or under common control with the Investment Managers that provide ongoing services to the Funds, which engagements relate directly to the operations and financial reporting of the Funds. There were no fees paid for these tax services for the twelve month periods ended May 31, 2017 and May 31, 2016.

All Other Fees.  The aggregate fees paid for products and services provided by PwC to the Funds, other than the services reported above, for the last two fiscal years  (ended on or before May 31, 2017) are set forth in Exhibit E to this proxy statement. The services for which these fees were paid included review of materials provided to the Boards in connection with the investment management contract renewal process.

In addition, the Audit Committees of the Trusts pre-approve PwC's engagement for other services with the Investment Managers and certain entities controlling, controlled by, or under common control with the Investment Managers that provide ongoing services to the Trusts and their Funds, which engagements relate directly to the operations and financial reporting of the Funds. The aggregate fees paid to PwC for the twelve month periods ended May 31, 2017 and May 31, 2016 for such other services and not reported above were $258,717 and $678,071, respectively. The services for which these fees were paid included review of materials provided to the Boards in connection with the investment management contract renewal process
23

Aggregate Non-Audit Fees.  The aggregate fees paid to PwC for non-audit services to the Funds for their last two fiscal years (ended on or before May 31, 2017) and to the Investment Managers or to any entity controlling, controlled by, or under common control with the Investment Managers that provide ongoing services to the Funds for the twelve month periods ended May 31, 2017 and May 31, 2016 are set forth in Exhibit E to this proxy statement.  

The Audit Committees of the Trusts have determined that the provision of the non-audit services, including tax-related services, that were rendered to the Investment Managers and to any entities controlling, controlled by, or under common control with the Investment Managers that provide ongoing services to the Funds is compatible with maintaining PwC's independence.

Pre-Approval Policies and Procedures.  As of the date of this proxy statement, no Audit Committee has adopted written pre-approval policies and procedures within the meaning of Regulation S-X. As a result, all such services described above and provided by PwC must be pre-approved by the applicable Audit Committee(s) or by a designated member of the applicable Audit Committee(s).

What is the Boards' Role in Risk Oversight?

Each Board, as a whole, considers risk management issues as part of its general oversight responsibilities throughout the year at regular Board meetings, through regular reports that have been developed by management, in consultation with each Board and its counsel. These reports address certain investment, valuation and compliance matters. Each Board also may receive special written reports or presentations on a variety of risk issues, either upon the Board's request or upon the Investment Manager's initiative. In addition, the Audit Committee of each Board meets regularly with the Investment Managers' internal audit group to review reports on its examination of functions and processes within Franklin Templeton Investments that affect the Trust and its Funds, and reviews and discusses the Trust's and its Funds', as applicable, processes with respect to risk assessment and risk management.

With respect to investment risk, each Board receives regular written reports describing and analyzing the investment performance of the Fund(s) which the Board oversees. In addition, the portfolio managers of each Fund meet regularly with the Boards to discuss portfolio performance, including investment risk. To the extent that a Fund changes a particular investment strategy that could have a material impact on the Fund's risk profile, the Board generally is consulted with respect to such change. To the extent that a Fund invests in certain complex securities, including derivatives, the Board receives periodic reports containing information about exposure of the Fund to such instruments. In addition, each Investment Manager's investment risk personnel meet regularly with the applicable Board(s) to discuss a variety of issues, including the impact on a Fund of the investment in particular securities or instruments, such as derivatives and commodities.

With respect to valuation, each Trust's administrator provides regular written reports to the Board that enable the Board to monitor the number of fair valued securities in a particular portfolio, the reasons for the fair valuation and the methodology used to arrive at the fair value. Such reports also include information concerning illiquid securities within a Fund's portfolio.
24

Each Board also reviews dispositional analysis information on the sale of securities that require special valuation considerations such as illiquid or fair valued securities. In addition, each Trust's Audit Committee reviews valuation procedures and results with the Trust's independent auditors in connection with such Committee's review of the results of the audit of the Trust's year-end financial statements.

With respect to compliance risks, each Board receives regular compliance reports prepared by each Investment Manager's compliance group and meets regularly with a Trust's Chief Compliance Officer ("CCO") to discuss compliance issues, including compliance risks. In accordance with SEC rules, the Independent Trustees meet regularly in executive session with the CCO, and a Trust's CCO prepares and presents an annual written compliance report to the Board.  Each Trust's Board adopts compliance policies and procedures for the Trust and approves such procedures for the Trust's service providers. The compliance policies and procedures are specifically designed to detect and prevent violations of the federal securities laws.  Franklin Templeton Investments periodically provides an enterprise risk management presentation to the Board to describe the way in which risk is managed on a complex-wide level. Such presentation covers such areas as investment risk, reputational risk, operational risk, personnel risk, and business continuity risk.

What is the Leadership Structure of the Boards?

Seventy-five percent or more of each Board's members consist of Independent Trustees who are not deemed to be "interested persons" by reason of their relationship with the Trusts' management or otherwise as provided under the 1940 Act. While the Chairman of each Board is an interested person, each Board is also served by a Lead Independent Trustee. The Lead Independent Trustee, together with independent counsel, reviews proposed agendas for Board meetings and generally acts as a liaison with Trust management with respect to questions and issues raised by the Independent Trustees. The Lead Independent Trustee also presides at separate meetings of Independent Trustees held in advance of each scheduled Board meeting where various matters, including those being considered at such Board meeting, are discussed. It is believed such structure and activities assure that proper consideration is given at Board meetings to matters deemed important to the Trust and its shareholders.

What is the Required Vote on Proposal 1?

For Proposal 1, the Trustee Nominees will be elected to the Board of each Trust by the affirmative vote of a plurality of votes cast collectively by the shareholders of all of the Funds of such Trust8, regardless of the results of the votes cast by the shareholders of each individual Fund.  This means that the Trustee Nominees receiving the largest number of votes will be elected to fill the available positions.


8
Including, for Templeton Institutions Funds-Emerging Market Series, and for Templeton Global Investment Trust-Templeton Frontier Markets Fund, each of which is issuing separate proxy solicitations materials.
25

THE BOARD OF EACH TRUST UNANIMOUSLY RECOMMENDS
A VOTE "FOR" THE ELECTION OF EACH
OF THE NOMINEES TO THE BOARD

PROPOSAL 2:
TO APPROVE THE USE OF A "MANAGER OF MANAGERS" STRUCTURE WHEREBY THE FUND'S INVESTMENT MANAGER WOULD BE ABLE TO HIRE AND REPLACE SUBADVISERS WITHOUT SHAREHOLDER APPROVAL

(For purposes of Proposal 2, the term "Fund" shall refer to each Fund except Franklin Corefolio Allocation Fund, Franklin Focused Growth Fund, Franklin Flexible Alpha Bond Fund, Franklin Founding Funds Allocation Fund, Franklin Global Listed Infrastructure Fund, Franklin India Growth Fund, Franklin LifeSmart Retirement Income Fund, Franklin NextStep Funds, Franklin Payout Funds, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, Templeton Foreign Smaller Companies Fund, Templeton Global Currency Fund and Templeton Global Smaller Companies Fund.)
Background
Pursuant to an investment management agreement between each Fund and its Investment Manager, the Investment Manager is responsible for, among other items, managing the assets of the Fund and making decisions with respect to the investment of the Fund's assets and purchases and sales of investment securities on behalf of the Fund, subject to the supervision of the Fund's Board.
Each Fund's Investment Manager is directly or indirectly owned by Resources.  Many of Resources' subsidiaries that provide investment management services (together, the "Investment Manager Affiliates," and each, an "Investment Manager Affiliate") are organized under the laws of different jurisdictions throughout the world for sales, client servicing and tax purposes.  Resources operates the Investment Manager Affiliates on a unified basis. For example, the Investment Manager Affiliates generally share order management systems, investment operations support and many compliance policies and procedures. While each Investment Manager Affiliate has its own personnel and resources, including portfolio managers and analysts, and offers specialized management services to clients, the Investment Manager Affiliates generally share support personnel, such as with respect to tax, legal and accounting matters.  Depending on the strategy for a particular Fund, the Fund's Investment Manager may wish to use the portfolio management and trading expertise of personnel employed by an Investment Manager Affiliate in other global locations, thereby providing to Fund shareholders the full benefit of the global resources of Resources.  Alternatively, a Fund's Investment Manager may wish to provide the Fund with the skill and expertise of a subadviser that is not affiliated in any way with Resources or the Fund's Investment Manager.
Provisions of the 1940 Act that apply to the Funds require that investment management agreements between funds and their investment managers (including subadvisers) be approved by shareholders.  The SEC, however, has issued an exemptive order (the "Order") to Franklin Advisers, Inc. ("FAI") that permits FAI, and any Investment Manager Affiliates (such as the Funds' Investment Managers) and any existing or future registered open-end investment
26

company or series advised by FAI or the Investment Manager Affiliates to hire certain new subadvisers without obtaining shareholder approval (the "Manager of Managers Structure"). Under the Order, the hiring of new subadvisers remains subject to the approval of the Fund's Board, including a majority of the Independent Trustees, as well as certain other conditions.  The Order would allow a Fund's Investment Manager to hire, without shareholder approval, new subadvisers that are affiliated with the Investment Manager (e.g., the Investment Manager and the subadviser are both wholly owned, directly or indirectly, by the same corporate parent), and new subadvisers that are not affiliated with the Investment Manager in any way.  Before a Fund may rely on the Order, the Fund's use of the Manager of Managers Structure must be approved by a "majority of the outstanding voting securities" of the Fund, as defined in the 1940 Act and discussed below.

Certain Funds are already permitted to rely on a previously effective exemptive order issued by the SEC (the "Affiliated Subadviser Order"), which is more limited than the Order.  Under the Affiliated Subadviser Order, a Fund is only permitted to rely on the relief to hire a subadviser without shareholder approval if the subadviser is affiliated with the Fund's Investment Manager.  For each Fund currently permitted to rely on the Affiliated Subadviser Order, the Fund's Board determined to seek shareholder approval of the Manager of Managers Structure in reliance on the Order, which, if approved, would provide such Funds with additional flexibility in hiring subadvisers that are unaffiliated with the Fund's Investment Manager.

Why am I being asked to vote on this Proposal?
Each Fund's Board determined to seek shareholder approval of the Manager of Managers Structure in reliance on the Order in connection with the Meeting, which otherwise was called to elect Trustees and to vote on other matters described in this proxy statement, in order to avoid additional meeting and proxy solicitation costs in the future, in the event that the Fund's Investment Manager, with the approval of the Fund's Board, including a majority of the Independent Trustees, determines that the use of the Manager of Managers Structure is in the best interests of the Fund.  The process of seeking shareholder approval of the Manager of Managers Structure in the future could cause delays in executing changes that a Fund's Board and Investment Manager have determined are in the best interests of the Fund.  Seeking shareholder approval typically involves additional expenses, such as hiring a proxy solicitor.
Any new fund launched by Franklin Templeton Investments typically will allow for the Manager of Managers Structure.  However, because each Fund was launched before the Order was received, shareholder approval is now required for a Fund to use the Manager of Managers Structure in reliance on the Order.
The Investment Managers for the Funds generally do not presently intend to use the Manager of Managers Structure for such Funds because near-term changes to the portfolio management structure for the Funds are not anticipated.  However, as noted above, Resources is a global investment management organization with offices and Investment Manager Affiliates located around the world.  From time to time, a portfolio manager may relocate from one Investment Manager Affiliate to another in order to gain further experience, or if a Fund's Investment Manager believes it would be beneficial to the Fund to have access to the investment management expertise of another Investment Manager Affiliate.  If a Fund were permitted to rely
27

on the Order, such investment management changes could be effected with Board approval, but without the time and expense associated with obtaining shareholder approval.
How will the Manager of Managers Structure Operate?
Under the Manager of Managers Structure, the Investment Manager of each Fund will be permitted to appoint and replace subadvisers for the Fund and to enter into and approve amendments to subadvisory agreements without first obtaining shareholder approval.  However, the Board of each Fund, including a majority of the Independent Trustees, must approve any new subadviser and any new or amended subadvisory agreement.  In addition, if the Manager of Managers Structure is approved for a Fund, that Fund's investment management agreement will be amended to allow for subadvisory agreements that are not approved by shareholders.

Under the Manager of Managers Structure, a Fund's Investment Manager would have the overall responsibility, subject to oversight by the Fund's Board, to oversee the subadvisers and recommend their hiring, termination and replacement.  Specifically, the Order requires a Fund's Investment Manager to, subject to the review and approval of the Fund's Board, including a majority of the Independent Trustees:  (a) set the Fund's overall investment strategy; (b) evaluate, select and recommend subadvisers to manage all or a portion of the Fund's assets; and (c) implement procedures reasonably designed to ensure that each subadviser complies with the Fund's investment goal, policies and restrictions. In addition, subject to the review by the Fund's Board, the Fund's Investment Manager is required to: (a) when appropriate, allocate and reallocate the Fund's assets among multiple subadvisers; and (b) monitor and evaluate the performance of the subadvisers.  The replacement of a Fund's Investment Manager or the imposition of material changes to the Fund's investment management agreement would, however, require prior shareholder approval.

If a Fund's Investment Manager, with the approval of the Fund's Board, including a majority of the Independent Trustees, determines that the use of the Manager of Managers Structure is in the best interests of the Fund, the Manager of Managers Structure would without obtaining shareholder approval:  (1) enable a new subadviser to commence providing services to a Fund more quickly and with less potential expense to the Fund; (2) permit a Fund's Investment Manager to allocate and reallocate the Fund's assets among itself and one or more subadvisers; and (3) permit a Fund's Board to approve material changes to a subadvisory agreement.

Under the Manager of Managers Structure, upon receiving approval of a Fund's Board, including a majority of the Independent Trustees, subadvisers selected by a Fund's Investment Manager could immediately manage the Fund's assets.  The Fund would, however, inform shareholders of the hiring of any new subadviser within 90 days after hiring the subadviser.

How does this Proposal affect my fees as a shareholder of a Fund?

Approval of this Proposal will not affect your fees as a shareholder of a Fund.  The Manager of Managers Structure will not at any time entail an increase in the investment management fees paid by a Fund.  Further shareholder approval would be necessary to increase the management fees that are payable by a Fund, which is not contemplated.
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How does this Proposal affect my right to vote on subadvisory agreements?
If Proposal 2 is approved for a Fund, and the Fund's Board and Investment Manager believe that the use of one or more subadvisers would be in the best interests of the Fund, the Fund's shareholders generally would not be asked to approve hiring a subadviser for the Fund, assuming that the conditions of the Order are met.  Rather, a Fund's Investment Manager, with the approval of the Fund's Board, including a majority of the Independent Trustees, would be able to appoint subadvisers and make appropriate changes to the subadvisory agreements without seeking shareholder approval.  The Fund would, however, inform shareholders of the hiring of any new subadviser within 90 days after the hiring of the subadviser.

Why did each Fund's Board approve the Manager of Managers Structure?

Each Fund's Board, including a majority of the Independent Trustees, approved the Manager of Managers Structure and is recommending that shareholders approve the Manager of Managers Structure in reliance on the Order at the Meeting in order to avoid additional meeting and proxy solicitation costs in the future, in the event that the Fund's Investment Manager, with the approval of the Board, including a majority of the Independent Trustees, determines that it is in the best interests of the Fund to use the Manager of Managers Structure.

What is the Required Vote on Proposal 2?

Proposal 2 will be voted on by shareholders of each Fund.  For Proposal 2, before a Fund may rely on the Order, the operation of the Fund using the Manager of Managers Structure must be approved by the affirmative vote of a "majority of the outstanding voting securities" of the Fund, which is defined in the 1940 Act as the lesser of: (A) 67% or more of the voting securities of the Fund present at the Meeting, if the holders of more than 50% of the outstanding voting securities of such Fund are present or represented by proxy; or (B) more than 50% of the outstanding voting securities of such Fund (a "1940 Act Majority").

If Proposal 2 is not approved by a Fund's shareholders, then the Fund's Investment Manager generally would only be able to enter into new or amended subadvisory agreements with shareholder approval, potentially causing delay and expense in making a change deemed beneficial to the Fund and its shareholders by the Board.
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THE BOARD OF EACH TRUST UNANIMOUSLY RECOMMENDS THAT
 SHAREHOLDERS VOTE "FOR" PROPOSAL 2.
PROPOSAL 3:
TO APPROVE AN AMENDED FUNDAMENTAL INVESTMENT RESTRICTION REGARDING INVESTMENTS IN COMMODITIES

Under the 1940 Act, a fund must have a fundamental investment policy governing investments in "commodities."  The 1940 Act does not prohibit a fund from investing in commodities.  The Funds' current fundamental investment restrictions regarding commodities are substantially similar, though not identical, and are detailed in Exhibit F to this proxy statement.  The Funds' Investment Managers and the Boards are recommending that each Fund amend its current fundamental investment restriction regarding investments in commodities to provide the Fund with the flexibility to adapt to continuously changing regulation and to react to changes in the financial markets and the development of new investment opportunities and instruments, in accordance with the Fund's investment goal and subject to oversight by the Fund's Board.  Since the adoption of the Funds' current fundamental investment restrictions regarding commodities, the financial markets and related regulation by the SEC, the U.S. Commodity Futures Trading Commission ("CFTC") and other governmental agencies have evolved, and new types of financial instruments have become available as potential investment opportunities, including commodity-linked instruments.  Under the proposed restriction, if current applicable law were to change, the Funds would be able to conform to any such new law without shareholders taking further action.

The proposed standardized fundamental investment restriction regarding investments in commodities is as follows:

[The Fund may not:]  Purchase or sell commodities, except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.

What effect will amending the current commodities restriction have on the Funds?

The proposed fundamental investment restriction would clarify the ability of each Fund to engage in transactions involving currencies and other derivative transactions, such as futures contracts, forward contracts, commodity options and swaps, subject to oversight by the Fund's Board.  Notwithstanding the flexibility provided by the proposed fundamental investment restriction, each Fund is subject to limitations established from time to time by the relevant Board regarding the use of derivatives.  In addition, the Funds, to the extent applicable, currently rely on CFTC Rule 4.5 for an exclusion from commodity pool operator registration, and the Investment Managers intend to continue to limit each Fund's use of commodity interests to the trading limitations set forth in the rule.  Therefore, it is not anticipated that the adoption of the proposed investment restriction would involve additional material risk to any Fund or affect the way any Fund is currently managed or operated.
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What is the required vote on Proposal 3?

To approve Proposal 3, a Fund must receive the affirmative 1940 Act Majority Vote of its shareholders.

THE BOARD OF EACH FUND UNANIMOUSLY RECOMMENDS
A VOTE "FOR" PROPOSAL 3

INTRODUCTION TO PROPOSALS 4, 5 AND 6

Beginning in 2006, substantially all of the open-end funds within the Franklin Templeton Investments fund complex (the "FT Funds") held shareholder meetings to approve, among other things, the amendment and standardization of various investment restrictions required by the 1940 Act to be designated by the FT Funds as fundamental and the elimination of various investment restrictions that were not required by the federal securities laws – in particular, restrictions that were required by state securities laws that were subsequently preempted by the National Securities Markets Improvement Act of 1996 ("NSMIA").

At the time of the complex-wide adoption of revised fundamental investment restrictions in 2006 and 2007, the Franklin Small-Mid Cap Growth Fund (the "Small-Mid Cap Fund"), a series of Franklin Strategic Series ("FSS"), did not receive sufficient votes from shareholders to amend its own fundamental investment restrictions.  As a result, the Small-Mid Cap Fund currently is subject to a number of fundamental investment restrictions that (i) are more restrictive than those required under present law; (ii) were adopted in response to regulatory, business or industry conditions that no longer exist or no longer apply to the Small-Mid Cap Fund; or (iii) vary only slightly (and not substantively) from what are now considered to be the standard forms of fundamental investment restrictions for all other FT Funds.

In addition, Templeton Global Balanced Fund ("Global Balanced Fund") and Templeton Emerging Markets Small Cap Fund ("TEM Small Cap Fund"), each a series of TGIT, each have a fundamental investment restriction regarding lending that is more restrictive than is required under present law.

Why are the Boards of FSS and TGIT recommending approval of the amendment or elimination of certain fundamental investment restrictions?

The Boards of FSS and TGIT have approved, and are recommending that shareholders of the respective Funds approve, (a) the amendment of certain fundamental investment restrictions for the Small-Mid Cap Fund, Global Balanced Fund and TEM Small Cap Fund and (b) the elimination of certain fundamental investment restrictions for the Small-Mid Cap Fund, principally to (i) update those investment restrictions that are more restrictive than is currently required, are no longer required under the federal securities laws or are not required to be treated as "fundamental;" and (ii) conform and standardize such Funds' fundamental investment restrictions to those of substantially all other FT Funds.
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The Investment Manager for the Small-Mid Cap Fund believes that its ability to manage the Small-Mid Cap Fund's assets in a changing investment environment may be enhanced because the Small-Mid Cap Fund, to the extent it currently is subject to more restrictive or outdated restrictions, will have greater investment management flexibility to respond to market, industry, regulatory or technical changes by seeking Board, rather than shareholder, approval when necessary.  Standardized fundamental investment restrictions for the Small-Mid Cap Fund, Global Balanced Fund and TEM Small Cap Fund are also expected to enable such Funds and their respective Investment Managers to more efficiently and easily monitor portfolio compliance across the entire Franklin Templeton Investments fund complex and will help avoid conflicts among restrictions whose language varies from the other FT Funds.

What effect will amending or eliminating the current fundamental investment restrictions have on the Funds?

The proposed amendment to the fundamental investment restriction regarding lending for the Small-Mid Cap Fund, Global Balanced Fund and TEM Small Cap Fund and many of the proposed amendments to the other fundamental investment restrictions of the Small-Mid Cap Fund would provide the applicable Fund with additional flexibility to pursue certain investments or strategies.  To the extent that a Fund uses such flexibility in the future, the Fund may be subject to some additional costs and risks and will provide applicable disclosure to shareholders regarding such its use of such flexibility, including any additional material risks.  None of the Funds, however, currently anticipates materially changing its investment strategies if the proposed amendments to, or elimination of (as applicable), the fundamental investment restrictions are approved.

The current fundamental investment restrictions of the Small-Mid Cap Fund, Global Balanced Fund and TEM Small Cap Fund that are proposed to be amended, together with the recommended changes to those restrictions, as well as those fundamental investment restrictions of the Small-Mid Cap Fund proposed to be eliminated, are detailed in Exhibits G and H.  If the Funds' shareholders approve Proposals 4 through 6 (including any Sub-Proposals),  the amendments or elimination of these investment restrictions will be made through either (a) a supplement to the applicable Fund's statement of additional information or (b) the annual update to the Fund's registration statement.

What is the required vote on Proposals 4, 5 and 6?

To approve Proposals 4, 5 or 6 (including any Sub-Proposal), the applicable Fund must receive the affirmative 1940 Act Majority Vote of such Fund's shareholders.

If Proposal 4 or a Sub-Proposal within Proposals 5 or 6 is not approved by shareholders of a Fund, the current fundamental investment restriction to which such Proposal or Sub-Proposal relates will remain in effect for that Fund. Whether or not shareholders of one Fund approve Proposal 4 will not affect whether Proposal 4 is approved for another Fund.
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PROPOSAL 4:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TEMPLETON GLOBAL BALANCED FUND AND TEMPLETON EMERGING MARKETS SMALL CAP FUND, TO APPROVE AN AMENDED FUNDAMENTAL INVESTMENT RESTRICTION REGARDING LENDING

Under the 1940 Act, a fund must describe, and designate as fundamental, its policy with respect to making loans.  In addition to a loan of cash, the term "loan" may, under certain circumstances, be deemed to include certain transactions and investment-related practices.  Among those transactions and practices are the lending of portfolio securities, the purchase of certain debt instruments and entering into repurchase agreements.

The current investment restriction regarding lending for each of the Small-Mid Cap Fund, Global Balanced Fund and TEM Small Cap Fund prohibits the Fund from making loans, except for certain activities that are specifically excluded from the restriction.

The proposed standardized fundamental investment restriction on lending, rather than prohibiting lending to other persons, places an overall limit on such lending and provides that the Fund may not make loans if, as a result, more than 33⅓% of its total assets would be lent to other persons (including other investment companies as permitted by the 1940 Act and any exemptions therefrom). The proposed standardized restriction also includes a standardized list of permitted lending activities, some of which are also permitted under the Fund's current restriction: (1) the lending of portfolio securities; (2) the purchase of debt securities, other debt instruments, loan participations and/or engaging in direct corporate loans in accordance with the Fund's investment goals and policies; and (3) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan.

Under SEC staff interpretations, lending by an investment company, under certain circumstances, may also give rise to issues relating to the issuance of senior securities.  To the extent that the Small-Mid Cap Fund, Global Balanced Fund or TEM Small Cap Fund enters into lending transactions under these limited circumstances, such Fund will continue to be subject to the limitations imposed under the 1940 Act regarding the issuance of senior securities and the Fund's fundamental investment restriction regarding issuing senior securities.  In addition, such Fund will disclose to shareholders any additional risks associated with such transactions.

THE FSS AND TGIT BOARDS UNANIMOUSLY RECOMMEND A VOTE
"FOR" PROPOSAL 4
 
PROPOSAL 5:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TO APPROVE AMENDMENTS TO CERTAIN FUNDAMENTAL INVESTMENT RESTRICTIONS (this Proposal involves separate votes on Sub-Proposals 5a–5f)

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The FSS Board has approved, and recommends that shareholders approve, amendments to the Small-Mid Cap Fund's fundamental investment restrictions regarding: (a) borrowing, (b) underwriting, (c) investments in real estate, (d) issuing senior securities, (e) industry concentration, and (f) diversification of investments, which are detailed in Exhibit G and are described below.

Sub-Proposal 5a: To amend the fundamental investment restriction regarding borrowing

The 1940 Act imposes certain limitations on the borrowing activities of mutual funds. In addition, borrowing limitations adopted by a fund must be fundamental.  The 1940 Act limitations on borrowing generally are designed to protect shareholders and their investment by restricting a fund's ability to subject its assets to the claims of creditors who, under certain circumstances, might have a claim to the fund's assets that would take precedence over the claims of shareholders upon redemption or liquidation.

The Small-Mid Cap Fund's current investment restriction relating to borrowing permits the Fund to borrow money only from banks and only for temporary purposes.  The restriction also limits the amount of money that may be borrowed by the Fund to 10% of the Fund's total assets (including the amount borrowed) and includes a provision that the Fund will not make any additional investments while the Fund's borrowings exceed 5% of its total assets.  Many funds used to include this provision because of comments from the SEC staff that in the absence of such restriction, a fund must include risk disclosure regarding the fund's ability to engage in "leverage."  However, such comments are generally no longer given by the SEC staff, and the fact that a fund is not subject to this type of restriction does not mean that the fund will in fact engage in leverage.  Currently, the Small-Mid Cap Fund does not intend to use leverage as part of its investment strategies.

The proposed standardized investment restriction would prohibit borrowing money, except to the extent permitted by the 1940 Act or any rule, exemption or interpretation thereunder issued by the SEC.  By so amending the investment restriction, the Small-Mid Cap Fund would not be unnecessarily limited if the Fund's Investment Manager determines that borrowing is in the best interests of the Fund and its shareholders.

Sub-Proposal 5b: To amend the fundamental investment restriction regarding underwriting

Under the 1940 Act, a fund's policy concerning underwriting is required to be fundamental.  Under the federal securities laws, a person or company generally is considered to be an underwriter if the person or company participates in the public distribution of securities of other issuers, which involves purchasing the securities from the issuer with the intention of reselling the securities to the public.  From time to time, a fund may purchase securities in a private transaction for investment purposes and later sell or redistribute the securities to institutional investors.  Under these or other circumstances, the fund could possibly be considered to be within the technical definition of an underwriter under the federal securities laws.  SEC staff interpretations have clarified, however, that resales of privately placed securities
34

by institutional investors, such as the Small-Mid Cap Fund, do not make the institutional investor an underwriter in these circumstances.  In addition, under certain circumstances, a fund may be deemed to be an underwriter of its own securities.

The Small-Mid Cap Fund's current fundamental investment restriction relating to underwriting prohibits the Fund from acting as an underwriter.  The proposed standardized investment restriction clarifies that the Small-Mid Cap Fund may resell portfolio securities that the Fund owns and that it may also sell its own shares.

The Small-Mid Cap Fund's current fundamental investment restriction regarding underwriting is combined with fundamental investment restrictions relating to investments in restricted securities and investments in unseasoned issuers.  The proposed elimination of those other restrictions is discussed below in Proposal 6.

Sub-Proposal 5c: To amend the fundamental investment restriction regarding investments in real estate

Under the 1940 Act, a fund's policy regarding investments in real estate must be fundamental. The 1940 Act does not prohibit an investment company from investing in real estate, either directly or indirectly.  The Small-Mid Cap Fund's current fundamental investment restriction relating to real estate generally prohibits the Fund from investing in real estate, although the Fund may invest in marketable securities issued by real estate investment trusts ("REITs").

The proposed standardized investment restriction would continue to permit the Small-Mid Cap Fund to invest in marketable securities issued by REITs.  In addition, the proposed investment restriction would clarify the Small-Mid Cap Fund's ability to invest in securities or other instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, but also allow the Small-Mid Cap Fund to invest in real estate limited partnership interests and real estate related securities or instruments for which there is a limited or no market.  The proposed restriction would also permit the Small-Mid Cap Fund to hold and sell real estate acquired by the Fund as a result of owning a security or other instrument.  To the extent that the Small-Mid Cap Fund takes advantage of this added flexibility, the Fund may be exposed to certain risks inherent to investments in real estate, such as relative illiquidity, difficulties in valuation and greater price volatility.

Sub-Proposal 5d: To amend the fundamental investment restriction regarding issuing senior securities

The 1940 Act requires a fund to have an investment policy describing its ability to issue senior securities.  A "senior security" is any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends.  The 1940 Act generally prohibits an open-end fund from issuing senior securities in order to limit a fund's ability to use leverage.
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The proposed standardized restriction would permit the Small-Mid Cap Fund to issue senior securities as permitted under the 1940 Act or any relevant rule, exemption or interpretation thereunder issued by the SEC. The proposed restriction also would clarify that the Small-Mid Cap Fund may engage in those types of transactions that have been interpreted by the SEC Staff as not constituting senior securities, such as covered repurchase transactions, futures, writing options and short sales.

Sub-Proposal 5e: To amend the fundamental investment restriction regarding industry concentration

Under the 1940 Act, a fund's policy regarding concentration of investments in the securities of companies in any particular industry must be fundamental. The SEC staff takes the position that a fund "concentrates" its investments if it invests more than 25% of its "net" assets (exclusive of certain items such as cash, U.S. government securities, securities of other investment companies, and certain tax-exempt securities) in any particular industry. A fund is not permitted to concentrate its investments in any particular industry unless it discloses its intention to do so, and the SEC staff generally takes the position that a fund may not reserve the right to concentrate its investments in the future.

The proposed standardized concentration restriction for the Small-Mid Cap Fund is substantially the same as the Fund's current restriction; however, the changes will conform the Fund's fundamental policy on concentration to that of the other FT Funds, which do not apply the concentration policy to U.S. government securities or securities of other investment companies.

Sub-Proposal 5f: To amend the fundamental investment restriction regarding diversification of investments

The 1940 Act requires each investment company to recite in its registration statement such investment company's status as either a "diversified" or "non-diversified" fund.  If a fund is "diversified," then it may not purchase the securities of any one issuer if, at the time of purchase, with respect to 75% of the fund's total assets, more than 5% of its total assets would be invested in the securities of that issuer, or the fund would own or hold more than 10% of the outstanding voting securities of that issuer.  Up to 25% of a fund's total assets may be invested without regard to these limitations.  Under the 1940 Act, these limitations do not apply to securities issued or guaranteed as to principal or interest by the U.S. government or any of its agencies or instrumentalities, or to the securities of other investment companies.

The Small-Mid Cap Fund's current fundamental investment restriction regarding diversification is more restrictive than the requirements of the 1940 Act, as the investment restriction applies the 5% and 10% limitations to 100% of the Fund's assets, rather than to 75% of total assets as permitted for diversified funds under the 1940 Act.  Second, the current 5% and 10% limitations do not exclude securities of other investment companies, as permitted by the 1940 Act. 
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THE FSS BOARD UNANIMOUSLY RECOMMENDS
THAT SHAREHOLDERS VOTE "FOR" SUB-PROPOSALS 5a–5f

PROPOSAL 6:
FOR FRANKLIN SMALL-MID CAP GROWTH FUND, TO APPROVE THE ELIMINATION OF CERTAIN FUNDAMENTAL INVESTMENT RESTRICTIONS (this Proposal involves separate votes on Sub-Proposals 6a-6h)

The FSS Board has approved, and recommends that shareholders approve, the elimination of certain fundamental investment restrictions for the Small-Mid Cap Fund, which are detailed in Exhibit H and are described below.

Why is the FSS Board recommending that certain fundamental investment restrictions be eliminated and what effect will their elimination have on the Small-Mid Cap Fund?

Certain fundamental investment restrictions of the Small-Mid Cap Fund (e.g., purchasing securities on margin, engaging in short sales and pledging, mortgaging or hypothecating assets) are either restatements of restrictions that are already included within the 1940 Act or are more restrictive than current SEC rules or SEC staff interpretations.  Other fundamental investment restrictions proposed to be eliminated were originally adopted to comply with various state securities laws and regulations (e.g., investing in other investment companies and investments in oil, gas and mineral interests).  Due to the passage of NSMIA, these fundamental investment restrictions are no longer required.  All of the fundamental investment restrictions proposed to be eliminated have been removed for substantially all other FT Funds.

Accordingly, the FSS Board has approved and recommends that shareholders approve the elimination of the following fundamental investment restrictions that prohibit: (i) engaging in short sales and use of margin; (ii) investments in oil, gas and other mineral programs; (iii) use of options; (iv) investment in restricted securities; (v) investment in unseasoned issuers; (vi) investing for purposes of exercising control; (vii) investing in other investment companies; and (viii) management ownership of securities and principal transactions with management.

Sub-Proposal 6a: To eliminate the fundamental investment restriction regarding engaging in short sales and use of margin

The Small-Mid Cap Fund currently has a fundamental investment restriction that generally prohibits the Small-Mid Cap Fund from engaging in short sales or using margin.  Certain 1940 Act provisions on issuing senior securities, as described above, will continue to limit the Small-Cap Cap Fund's ability to engage in short sales and to purchase securities on margin.

Sub-Proposal 6b: To eliminate the fundamental investment restriction regarding investments in oil, gas and other mineral programs
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The Small-Mid Cap Fund currently has a fundamental investment restriction that prohibits the Fund from investing in oil, gas and other mineral exploration or development programs.  This restriction was originally adopted to comply with certain state securities laws and regulations that have since been preempted by NSMIA.  However, to the extent that the Small-Mid Cap Fund were to ever invest in such programs, it would remain subject to any applicable 1940 Act limitations, including the limit on the Fund's ability to purchase illiquid or restricted securities.

Sub-Proposal 6c: To eliminate the fundamental investment restriction regarding use of options

The Small-Mid Cap Fund currently has a fundamental investment restriction that limits the Small-Mid Cap Fund's ability to invest in options, including puts, calls, straddles, spreads or any combination thereof.  The 1940 Act does not require a fund to adopt a fundamental investment restriction regarding investment in options, except to the extent that these transactions may result in the creation of senior securities.  If this fundamental investment restriction is eliminated, the Small-Mid Cap Fund will remain subject to the 1940 Act's limitations on the issuance of senior securities and the Small-Mid Cap Fund's related fundamental policy.

Sub-Proposal 6d: To eliminate the fundamental investment restriction regarding investment in restricted securities

The Small-Mid Cap Fund currently has a fundamental investment restriction that limits such Fund's ability to invest in restricted securities.  "Restricted securities" generally include (i) securities that have not been registered under the Securities Act of 1933, as amended, for sale to the public and therefore may only be resold to certain institutional investors under certain circumstances, and (ii) securities that are subject to other contractual restrictions on resale. This fundamental investment restriction is recommended to be eliminated as the Small-Mid Cap Fund is already subject to a non-fundamental 15% limit on the amount of its net assets that can be invested in illiquid securities, consistent with current SEC Staff positions.

Sub-Proposal 6e: To eliminate the fundamental investment restriction regarding investment in unseasoned issuers

The Small-Mid Cap Fund's current fundamental investment restriction limits the Fund's ability to invest in securities of issuers that have been in continuous operation for less than three years.  The 1940 Act does not require, and applicable state law no longer requires, that a fund adopt such a fundamental investment restriction.  In fact, such restriction may prevent the Small-Mid Cap Fund from investing in new and emerging growth companies that would otherwise be appropriate given its investment strategies and goal.

Sub-Proposal 6f: To eliminate the fundamental investment restriction regarding investing for purposes of exercising control

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  The Small-Mid Cap Fund currently has a fundamental investment restriction that prohibits the Fund from investing in issuers for the purpose of exercising control.  The 1940 Act does not require, and applicable state law no longer requires, that a fund adopt a fundamental investment restriction prohibiting the fund from investing in any company for the purpose of exercising control or management. However, the Small-Mid Cap Fund remains subject to the diversification requirements of Sub-Chapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and, as a "diversified" fund (as described in Sub-Proposal 5f above), the diversification requirements of the 1940 Act also limit the amount of an issuer's voting securities that the Fund may acquire.

Sub-Proposal 6g: To eliminate the fundamental investment restriction regarding investing in other investment companies

The Small-Mid Cap Fund currently has a fundamental investment restriction that prohibits the Fund from investing in other investment companies except in limited circumstances.  Upon elimination of this restriction, the Small-Mid Cap Fund would remain subject to the restrictions under Section 12(d) of the 1940 Act, and any rules thereunder, relating to the Fund's ability to invest in other investment companies, including open-end and closed-end investment companies, except where the Fund relies on an exemption from the SEC relating to such restrictions.   In addition, eliminating this current restriction on investments in other investment companies would clarify the Small-Mid Cap Fund's ability to invest to a greater extent in the Franklin Templeton money fund used as a cash sweep vehicle.

Sub-Proposal 6h: To eliminate the fundamental investment restriction regarding management ownership of securities and principal transactions with management

The Small-Mid Cap Fund currently has a fundamental investment restriction regarding management ownership of securities and principal transactions with management.  This fundamental investment restriction prohibits the Small-Mid Cap Fund from (i) purchasing from or selling to FSS' officers and Trustees (or any firm of which any officer or Trustee is a member) as principal any securities, and (ii) investing in companies in which certain affiliated persons of the Fund have an ownership interest.  The 1940 Act provisions governing transactions in portfolio securities between a fund and its affiliates would continue to apply to the Small-Mid Cap Fund.
 
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THE FSS BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS
VOTE "FOR" SUB-PROPOSALS 6a-6h.

PROPOSALS 7a–7c:
SHAREHOLDER PROPOSALS REQUESTING THAT THE FRANKLIN TAX-FREE TRUST, TEMPLETON INCOME TRUST, AND FRANKLIN HIGH INCOME TRUST BOARDS INSTITUTE PROCEDURES TO PREVENT HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF THE BOARDS, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY
In 2009, Franklin Tax-Free Trust ("FTFT"), on behalf of Franklin High Yield Tax-Free Income Fund ("FHYTFIF"), Templeton Income Trust ("TIT"), on behalf of Templeton Global Bond Fund ("TGBG") and Franklin High Income Trust ("FHIT"), on behalf of Franklin High Income Fund ("FHIF"), received substantially similar proposals from five shareholders to have you vote on their proposals, as set forth below.  In Proposal 7a, with respect to FHYTFIF, Proposal 7b, with respect to TGBF, and Proposal 7c, with respect to FHIF, such shareholders' proposals request that the FTFT Board, on behalf FHYTFIF, the TIT Board, on behalf of TGBF, and the FHIT Board, on behalf of FHIF, institute procedures to prevent holding investments in companies that, in the judgment of the FTFT, TIT and FHIT Boards, respectively, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.  Each of these shareholders will ask you to vote on his or her proposal at the Meeting, if you are a shareholder of the applicable Fund.  Each of these shareholders' proposals is included in this proxy statement and will be presented by these shareholders at the Meeting pursuant to regulatory requirements.  THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE AGAINST EACH OF THESE PROPOSALS.

What are the Shareholder Proposals?
7a – Franklin High Yield Tax-Free Income Fund:  Ms. Elizabeth A. Willey and Mr. Stephen F. Willey, 1395 Rolling Thunder Ridge, Sandpoint, ID 83864, shareholders who claim beneficial ownership of approximately 2,782.577 shares of FHYTFIF as of April 24, 2009, submitted on May 4, 2009 the proposal set forth below.
7b – Templeton Global Bond Fund:  John F. McDiarmid, 304 Lawton Street, Falls Church, VA 22046-4510, a shareholder who claims beneficial ownership of approximately 677.392 shares of TGBF as of June 30, 2009, submitted on August 11, 2009 the proposal set forth below.
7c – Franklin High Income Fund:  Ms. Carol Haskell and Mr. Jonathan Seidel, 3373 Guido Street, Oakland, CA 94602, shareholders who claim beneficial ownership of approximately 7,644.896 shares of FHIF as of September 5, 2009, submitted on such date the proposal set forth below.
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Genocide-free Investing Shareholder Proposals

WHEREAS:

Franklin Templeton portfolio managers make investment decisions based on financial and legal considerations while seeming to ignore other issues.  Even in the face of the most egregious violations of human rights, such as genocide, Franklin Templeton has released no policy to prevent investments that help fund or support such human rights violations.

Ordinary individuals, through their investments in Franklin Templeton, may inadvertently invest in companies funding genocide because of investment decisions made on their behalf by Franklin Templeton.  With no policy to prevent these problem investments, Franklin Templeton may at any time increase its holdings or involve new funds in such problem investments.

We believe that this problem is not merely theoretical, since [many mutual funds are large holders of]* [Franklin Templeton was one of the largest holders of]** PetroChina, which, through its closely related parent, China National Petroleum Company, is providing funding that the Government of Sudan uses to conduct genocide in Darfur.

We believe that in the face of the most extreme human rights crises investors share responsibility to act, individually and collectively, in addition to the role and responsibility of governments.

We believe that investors do not want their pensions and family savings connected to genocide.  In KRC Research's 2007 study, 71% of respondents said companies should take extreme cases of human rights abuses, such as genocide, into account rather than base investment decisions solely on economic criteria.  Further, over 150,000 people have objected to financial firms about such problem investments.  Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings to be complicit in genocide.

We believe that negative publicity resulting from the many national press reports and widespread consumer protests can damage the company's reputation, hurt employee morale, increase its cost to acquire customers, and reduce the shareholder base for distributing expenses, all of which can negatively impact Franklin Templeton shareholders.

We see no compelling reason to invest in companies that fund genocide.  We believe there are ample competitive alternatives and flexibility of investment choices, even with index funds.  As noted by Gary Brinson's classic study, investment returns are affected much more by asset allocation than individual security selections, so avoiding a small number of problem companies need not result in any significant effect on performance.

Investor pressure has proven effective in influencing foreign governments.  The campaign against Talisman Energy contributed to the January 2005 Comprehensive Peace Agreement between Khartoum and South Sudan.

*
Language used in the proposals submitted by Elizabeth A. Willey and Stephen F. Willey and John F. McDiarmid.
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**
Language used in the proposal submitted by Carol Haskell, Trustee, and Jonathan Seidel, Trustee.

RESOLVED:

Shareholders request that the Board institute procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.

DISCUSSION:
In addition to preventing future investments in problem companies, the proposals call for corrective action to address existing investments in problem companies.  If the fund can effectively influence the problem company's management, then this may be an appropriate action.  If not, the security should be sold.
What is the Recommendation of the Trustees?
THE BOARDS OF FTFT, TIT AND FHIT UNANIMOUSLY RECOMMEND THAT YOU VOTE "AGAINST" EACH OF THESE PROPOSALS

Why do the Trustees Unanimously Recommend a Vote Against all of these Proposals?

1. Our approach to effecting change.

The conditions in the Darfur region of Sudan are deplorable, and the FTFT, TIT and FHIT Boards and FAI, the investment manager for each of FHYTFIF, TGBF and FHIF, support efforts toward positive and meaningful reform there. The FTFT, TIT and FHIT Boards and FAI also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this and similar issues. In FAI's many years of investing experience, it has seen that fostering economic and business development through investment can often help in achieving reforms.

2. These Funds have responsibilities to their shareholders.

Each of FHYTFIF, TGBF and FHIF must act in what it believes to be the best interests of its respective shareholders and has to make investment decisions that are consistent with the investment guidelines contained in each Fund's prospectus. In keeping with these obligations, FAI considers all material factors in assessing the merits of an investment and seeks to achieve the best investment results, consistent with stated investment goals and policies.

3. The FTFT, TIT and FHIT Boards believe that FAI's approach is preferable to the approach recommended by all of the Shareholder Proposals.

FAI considers these issues on a company-by-company basis as part of the investment management process, as discussed in more detail below.  FAI and the FTFT, TIT and FHIT Boards believe that this investment approach, which considers these issues on an investment-by-investment basis and as part of the overall investment management process, is preferable to the
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approach recommended by these shareholder proposals because the issues raised by these proposals are an inextricable part of FAI's investment management process and, therefore, are not well suited for a policy implemented by any board of trustees.  Our public statement regarding investment in PetroChina, which is reproduced below from the Franklin Templeton Investments website, provides an example of the considerations implemented by FAI:

Franklin Templeton Investments: Statement on PetroChina
Several groups that are trying to effect change in the Darfur region of Sudan have asked individual investors and asset managers, such as Franklin Templeton, to sell holdings of companies identified as having business ties to Sudan.  Among the companies being targeted for divestment is PetroChina, which is currently a holding in several of our emerging market funds.  PetroChina, which has stated that they do not conduct business in Sudan itself, is being targeted because its parent company, CNPC, has business interests there.

The conditions in the Darfur region of Sudan are deplorable, and we support efforts toward positive and meaningful reform there.  We also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this issue.  However, identifying the best way to achieve change continues to be a matter of serious debate.  Some have questioned whether divestment will prove effective and others believe that corporate investment in troubled regions can lead to improved economic growth and reform for the local populace over the long term.  In our more than 25 years of experience investing in emerging markets, we have seen that fostering economic and business development through investment can often help in achieving reforms.

Our investment professionals actively engage company management when they have any concerns with company management or company activities, and PetroChina is no exception to this approach.  As an investment adviser, our fiduciary responsibility to our fund shareholders is to make investment decisions that are consistent with the guidelines in each fund's prospectus.  To achieve this, our investment teams consider all risk factors, including those related to social and political issues, when evaluating a potential holding or making other investment decisions for a given fund.

We appreciate the views of those favoring and opposing divestiture, and our investment groups continue to consider social and political issues in their risk assessment of individual fund holdings.

4. FAI and each of FTFT, TIT and FHIT comply with all applicable legal and regulatory restrictions on investments.

The U.S. Government maintains a comprehensive set of laws and regulations governing business relationships with countries that are believed to be responsible for egregious violations of human rights.  Additionally, as a global investment management organization, Franklin Templeton is subject not only to the sanctions programs administered by the U.S. Government, but also to sanctions programs adopted and administered by foreign jurisdictions where Franklin
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Templeton's investment management services and products are offered and, as such, complies with the prohibitions and restrictions mandated by these sanctions programs and by any foreign jurisdiction when applicable to Franklin Templeton's business activity in that foreign jurisdiction. For example, United States law prohibits investments in companies owned or controlled by the government of Sudan. FAI is committed to complying fully with these laws and any related investment sanctions and any additional investment restrictions that might be enacted with respect to companies doing business in Sudan or any other country.  The FTFT, TIT and FHIT Boards and FAI recognize and respect that investors have other investment opportunities open to them should they wish to avoid investments in certain companies or countries. However, we do not believe that adding additional procedures limiting otherwise lawful investments and FAI's ability to select the best investments for the Funds would be in the best interests of Fund shareholders.

5. A significant majority of the shareholders of other Franklin Templeton Funds rejected this proposal in 2013 and 2015.

Substantially identical proposals were submitted for the 2013 Annual Meeting of certain Templeton Funds.  Over 80% of each such fund's shares present and voting on the proposal either voted against the proposal or abstained; less than 20% of a fund's shares present and voting on the proposal were voted in favor of the proposal.  In addition, substantially identical proposals were submitted for the 2015 Special Meeting of another Franklin Templeton Fund.  Over 71% of such fund's shares present and voting on the proposal either voted against the proposal or abstained; less than 18% of the fund's shares present and voting on the proposal were in favor of the proposal.

6. The Funds are not investing in PetroChina.

Although the shareholder proposals request adoption of broad procedures to prevent investments in companies believed to contribute substantially to genocide or egregious violations of human rights, the shareholder proposals reference investments in PetroChina.  Management believes that each shareholder proposal was essentially a "form proposal" that was developed and used to submit shareholder proposals to various mutual funds without regard to whether the funds receiving the proposals actually held positions in PetroChina.  Management notes that FHYTFIF, TGBF and FHIF are not investing in PetroChina and, therefore, questions the relevance of these shareholder proposals to FHYTFIF, TGBF and FHIF.  Furthermore, FHYTFIF is not permitted to invest in companies such as PetroChina pursuant to its investment strategies.

What is the Required Vote on Proposals 7a–7c?

Proposals 7a–7c each must be approved by the affirmative vote of a majority of the votes cast by shareholders of the applicable Fund at the Meeting, provided that a quorum is present.  If any of Proposals 7a–7c is not approved by a majority of the votes cast by shareholders of the applicable Fund at the Meeting, no further action will be taken with respect to such shareholder proposal.
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THE FTFT, TIT AND FHIT BOARDS RECOMMEND A VOTE "AGAINST" PROPOSALS 7a – 7c.

PROPOSALS 8a–8e:
SHAREHOLDER PROPOSALS REQUESTING THAT THE FRANKLIN TAX-FREE TRUST, FRANKLIN CUSTODIAN FUNDS, FRANKLIN HIGH INCOME TRUST AND FRANKLIN CALIFORNIA TAX-FREE INCOME FUND BOARDS INSTITUTE TRANSPARENT PROCEDURES TO PREVENT HOLDING INVESTMENTS IN COMPANIES THAT, IN THE JUDGMENT OF MANAGEMENT, SUBSTANTIALLY CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY
In 2010, FTFT, on behalf of Franklin Federal Intermediate-Term Tax Free Income Fund ("FFITTFIF"), Franklin Custodian Funds ("FCF"), on behalf Franklin Growth Fund ("FGF") and Franklin Income Fund ("FIF"), FHIT, on behalf of FHIF, and Franklin California Tax-Free Income Fund ("FCTFIF") received substantially similar proposals from six shareholders to have you vote on their proposals, as set forth below.  In Proposal 8a, with respect to FFITTFIF, Proposal 8b, with respect to FGF, Proposal 8c, with respect to FIF, Proposal 8d, with respect to FHIF and Proposal 8e, with respect to FCTFIF, such shareholders request that the Board of each of FTFT, FCF, FHIT and FCTFIF institute transparent procedures to screen out investments in companies that, in the judgment of management, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights, in order to ensure that Franklin Templeton is an ethically managed company that respects the spirit of international law and is a responsible member of society.  While similar to the shareholder proposals that are discussed in Proposals 7a-7c in this proxy statement, the shareholder proposals discussed in these Proposals 8a-8e are slightly different.  The shareholder proposals in Proposals 7a-7c call on the Board to institute procedures that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity, whereas the shareholder proposals discussed in Proposals 8a-8e call on the Board to institute "transparent" procedures to prevent holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity.  Each of these shareholders will ask you to vote on his or her proposal at the Meeting, if you are a shareholder of the applicable Fund.  Each of these shareholders' proposals is included in this proxy statement and will be presented by these shareholders at the Meeting pursuant to regulatory requirements.  THE TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE "AGAINST" EACH OF THESE PROPOSALS.

What are the Shareholder Proposals?
8a – Franklin Federal Intermediate-Term Tax-Free Income Fund:  Marjorie Moidel, 4300 NW 30th Street, #443, Coconut Creek, FL 33066, a shareholder who claims beneficial ownership of approximately 1,177 shares of FFITTFIF as of April 29, 2010, submitted on such date the proposal set forth below.
8b – Franklin Growth Fund:  JoAnn Orr, 1397 Lahard Road, New Lenox, IL 60451, a shareholder who claims beneficial ownership of approximately 186.3 shares of FGF as of March 21, 2010, submitted on such date the proposal set forth below.
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8c – Franklin Income Fund:  Eric B. Greenfield, 4080 Terrace Lane, Minnetonka, MN 55305-5124, a shareholder who claims beneficial ownership of approximately 12,844 shares of FIF as of August 3, 2010, submitted on such date the proposal set forth below.
8d – Franklin High Income Fund:  Eric B. Greenfield, 4080 Terrace Lane, Minnetonka, MN 55305-5124, a shareholder who claims beneficial ownership of approximately 11,526 shares of FHIF as of August 3, 2010, submitted on such date the proposal set forth below.
8e – Franklin California Tax-Free Income Fund:  Louise Goldbaum, Nancy Lee Goldbaum Peterson, and Judith S. Goldbaum Blanchard, 3603 Dundee Driveway, Chevy Chase, MD 20815 are shareholders who claim beneficial ownership of approximately 5,000 shares of FCTFIF as of April 15, 2010, submitted on such date the proposal set forth below.

Genocide-free Investing Shareholder Proposals

WHEREAS:

Franklin-Templeton has released no genocide-free investing policy to prevent investments [in companies]+ that contribute to genocide.  It may at any time increase such holdings or involve new mutual funds.  As a result, individuals, through their mutual funds, may inadvertently invest in companies helping to fund genocide because of investment decisions made by Franklin-Templeton.

We believe that:

1)
Investors do not want their pensions and family savings connected to genocide.
a)
Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings connected to genocide.
b)
In the face of the most extreme human rights crises investment companies share responsibility, along with government, to act.
c)
In KRC Research's [2007]* [2010]+ study, [71%]* [88%]+ of respondents said [companies should consider extreme human rights abuses, such as genocide, when making investment decisions]* [they would like their mutual funds to be genocide-free].+
[d)]+ Millions of people [have]+ voted for [similar]* shareholder proposals [similar to this one],+ submitted by supporters of Investors Against Genocide['s],^ despite active management opposition.

2)
This problem is particularly important to shareholders because Franklin-Templeton:
a)
Has, for years, been a large holder of PetroChina, which, through its closely related parent, China National Petroleum Company, is internationally recognized as the worst offender helping fund the Government of Sudan's genocide in Darfur.
b)
[Actively opposed]* [Failed to act in support of]+ earlier shareholder requests for genocide-free investing.
c)
Continued to buy shares of problem companies even after becoming aware of the investment's connection to the Darfur genocide.
d)
Claimed to have a policy addressing extreme human rights issues, but has taken no
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action to avoid problem investments.

3)
A policy against investments in genocide must:
a)
Be clear and transparent.
b)
Apply today and to any future genocide.
c)
Prevent purchasing shares of companies known to substantially contribute to genocide.
d)
Require corrective action for existing problem investments.  If the fund holds problem companies and can effectively influence their behavior, then time-limited engagement may be appropriate.  If not, the problem investments should be sold.

4)
There are no sound financial, fiduciary, or legal reasons that prevent the fund from having a policy against investments in genocide, as TIAA-CREF demonstrated in 2009.
a)
Ample competitive investment choices exist, even with index funds.
b)
Avoiding a small number of problem companies need not have a significant effect on performance, as shown in Gary Brinson's classic asset allocation study.
c)
Even the most conservative legal concerns can be addressed by a small change to the prospectus.
d)
Management can easily obtain independent assessments of problem companies and their connection to genocide.

5)
Investor pressure can help influence foreign governments, as in South Africa.  Similarly, divestment pressure on Talisman Energy helped end the conflict in South Sudan.

RESOLVED:

Shareholders request that the Board institute transparent procedures to prevent holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.

+
Language used in the proposals submitted by Marjorie Moidel, Trustee and Eric B. Greenfield, Trustee.
*
Language used in the proposals submitted by JoAnn Orr, and Louise Goldbaum, Nancy Lee Goldbaum Peterson, and Judith S. Goldbaum Blanchard.
^
Language used in the proposal submitted by JoAnn Orr.
What is the Recommendation of the Trustees?
THE BOARDS OF FTFT, FCF, FHIT AND FCTFIF UNANIMOUSLY RECOMMEND THAT YOU VOTE "AGAINST" EACH OF THESE PROPOSALS

Why do the Trustees Unanimously Recommend a Vote Against all of these Proposals?

1. Our approach to effecting change.

The conditions in the Darfur region of Sudan are deplorable, and the FTFT, FCF, FHIT and FCTFIF Boards and FAI, the investment manager for each of FFITTFIF, FGF, FIF, FHIF and FCTFIF support efforts toward positive and meaningful reform there. The FTFT, FCF, FHIT
47

and FCTFIF Boards and FAI also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this and similar issues. In FAI's many years of investing experience, it has seen that fostering economic and business development through investment can often help in achieving reforms.

2. These Funds have responsibilities to their shareholders.

Each of FFITFFIF, FGF, FIF, FHIF and FCTFIF must act in what it believes to be the best interests of its respective shareholders and has to make investment decisions that are consistent with the investment guidelines contained in each Fund's prospectus. In keeping with these obligations, FAI considers all material factors in assessing the merits of an investment and seeks to achieve the best investment results, consistent with stated investment goals and policies.

3. The FTFT, FCF, FHIT and FCTFIF Boards believe that FAI's approach is preferable to the approach recommended by all of the Shareholder Proposals.

FAI considers these issues on a company-by-company basis as part of the investment management process, as discussed in more detail below.  FAI and the FTFT, FCF, FHIT and FCTFIF Boards believe that this investment approach, which considers these issues on an investment-by-investment basis and as part of the overall investment management process, is preferable to the approach recommended by these shareholder proposals because the issues raised by these proposals are an inextricable part of FAI's investment management process and, therefore, are not well suited for a policy implemented by any board of trustees.  Our public statement regarding investment in PetroChina, which is reproduced below from the Franklin Templeton Investments website, provides an example of the considerations implemented by FAI:

Franklin Templeton Investments: Statement on PetroChina
Several groups that are trying to effect change in the Darfur region of Sudan have asked individual investors and asset managers, such as Franklin Templeton, to sell holdings of companies identified as having business ties to Sudan.  Among the companies being targeted for divestment is PetroChina, which is currently a holding in several of our emerging market funds.  PetroChina, which has stated that they do not conduct business in Sudan itself, is being targeted because its parent company, CNPC, has business interests there.

The conditions in the Darfur region of Sudan are deplorable, and we support efforts toward positive and meaningful reform there.  We also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this issue.  However, identifying the best way to achieve change continues to be a matter of serious debate.  Some have questioned whether divestment will prove effective and others believe that corporate investment in troubled regions can lead to improved economic growth and reform for the local populace over the long term.  In our more than 25 years of experience investing in emerging markets, we have seen that fostering economic and business development through investment can often help in achieving reforms.
48

Our investment professionals actively engage company management when they have any concerns with company management or company activities, and PetroChina is no exception to this approach.  As an investment adviser, our fiduciary responsibility to our fund shareholders is to make investment decisions that are consistent with the guidelines in each fund's prospectus.  To achieve this, our investment teams consider all risk factors, including those related to social and political issues, when evaluating a potential holding or making other investment decisions for a given fund.

We appreciate the views of those favoring and opposing divestiture, and our investment groups continue to consider social and political issues in their risk assessment of individual fund holdings.

4. FAI and each of FFITTFIF, FGF, FIF, FHIF and FCTFIF comply with all applicable legal and regulatory restrictions on investments.

The U.S. Government maintains a comprehensive set of laws and regulations governing business relationships with countries that are believed to be responsible for egregious violations of human rights.  Additionally, as a global investment management organization, Franklin Templeton is subject not only to the sanctions programs administered by the U.S. Government, but also to sanctions programs adopted and administered by foreign jurisdictions where Franklin Templeton's investment management services and products are offered and, as such, complies with the prohibitions and restrictions mandated by these sanctions programs and by any foreign jurisdiction when applicable to Franklin Templeton's business activity in that foreign jurisdiction. For example, United States law prohibits investments in companies owned or controlled by the government of Sudan. FAI is committed to complying fully with these laws and any related investment sanctions and any additional investment restrictions that might be enacted with respect to companies doing business in Sudan or any other country.  The FTFT, FCF, FHIT and FCTFIF Boards and FAI recognize and respect that investors have other investment opportunities open to them should they wish to avoid investments in certain companies or countries. However, we do not believe that adding additional procedures limiting otherwise lawful investments and FAI's ability to select the best investments for the Funds would be in the best interests of Fund shareholders.

5. A significant majority of the shareholders of other Franklin Templeton Funds rejected this proposal in 2013 and 2015.

Substantially identical proposals were submitted for the 2013 Annual Meeting of certain Templeton Funds.  Over 80% of each such fund's shares present and voting on the proposal either voted against the proposal or abstained; less than 20% of a fund's shares present and voting on the proposal were voted in favor of the proposal.  In addition, substantially identical proposals were submitted for the 2015 Special Meeting of another Franklin Templeton Fund.  Over 71% of such fund's shares present and voting on the proposal either voted against the proposal or abstained; less than 18% of the fund's shares present and voting on the proposal were in favor of the proposal.
49

6. The Funds are not investing in PetroChina.

Although the shareholder proposals request adoption of broad procedures to prevent investments in companies believed to contribute substantially to genocide or egregious violations of human rights, the shareholder proposals reference investments in PetroChina.  Management believes that each shareholder proposal was essentially a "form proposal" that was developed and used to submit shareholder proposals to various mutual funds without regard to whether the funds receiving the proposals actually held positions in PetroChina.  Management notes that FFITTFIF, FGF, FIF, FHIF and FCTFIF are not investing in PetroChina and, therefore, questions the relevance of these shareholder proposals to FFITTFIF, FGF, FIF, FHIF and FCTFIF.  Furthermore, FFITTFIF and FCTFIF are not permitted to invest in companies such as PetroChina pursuant to their investment strategies.

What is the Required Vote on Proposals 8a–8e?

Proposals 8a–8e each must be approved by the affirmative vote of a majority of the votes cast by shareholders of the applicable Fund at the Meeting, provided that a quorum is present.  If any of Proposals 8a–8e is not approved by a majority of the votes cast by shareholders of the applicable Fund at the Meeting, no further action will be taken with respect to such shareholder proposal.

THE FTFT, FCF, FHIT AND FCTFIF BOARDS UNANIMOUSLY RECOMMEND
 A VOTE "AGAINST" PROPOSALS 8a – 8e.

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 ADDITIONAL INFORMATION ABOUT THE FUNDS
 
The Investment Managers.    The Investment Managers and any subadviser(s) of the Funds and their principal addresses are listed on Exhibit I to this proxy statement.  Pursuant to an investment management agreement, the Investment Manager for a Fund (along with any sub-adviser) manages the investment and reinvestment of that Fund's assets. Each Investment Manager and subadviser is a direct or indirect, wholly owned or majority owned subsidiary of Resources.
 
The Administrator.    Pursuant to an administration agreement or subcontract for fund administration services with each Fund's Investment Manager, Franklin Templeton Services, LLC ("FT Services") provides certain administrative functions for the Funds.  FT Services, with its principal address at One Franklin Parkway, San Mateo, California 94403-1906, is an indirect, wholly owned subsidiary of Resources and an affiliate of the Investment Managers and the Trusts' principal underwriter.  Except for the Feeder Funds, the fee for administrative services provided by FT Services is paid by each Fund's Investment Manager based on the Fund's average daily net assets, and is not an additional expense of the Fund.
The Underwriter.    The principal underwriter for each Trust, other than the Master Portfolios is Franklin/Templeton Distributors, Inc. ("FT Distributors"), One Franklin Parkway, San Mateo, California 94403-1906.  As principal underwriter, FT Distributors receives (i) underwriting commissions in connection with the sale or redemption of Fund shares and (ii) 12b-
50

1 fees pursuant to separate Rule 12b-1 plans adopted by the Boards, which fees are used for, among other things, advertising expenses and the costs of printing sales material and prospectuses used to offer shares to the public.
The Transfer Agent.    The transfer agent and shareholder servicing agent for each Trust and Fund is Franklin Templeton Investor Services, LLC ("FTIS"), located at 3344 Quality Drive, Rancho Cordova, California 95670-7313.
The Custodians.    The custodian for each Franklin Fund, Templeton Dynamic Equity Fund, Templeton Global Balanced Fund, Templeton Global Total Return Fund and Templeton International Bond Fund is Bank of New York Mellon, Mutual Funds Division, 100 Church Street, New York, New York 10286.  The custodian for each Templeton Fund, other than, Templeton Dynamic Equity Fund, Templeton Global Balanced Fund, Templeton Global Total Return Fund and Templeton International Bond Fund, is JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017-2070.
  Other Matters.    Each Fund's audited financial statements and annual report for its last completed fiscal year, and any subsequent semi-annual report to shareholders are available free of charge. To obtain a copy, please call (800) DIAL BEN® ((800) 342-5236) or forward a written request to Franklin Templeton Investor Services, LLC, P.O. Box 33030, St. Petersburg, Florida 33733-8030.
Shareholders Sharing the Same Address.    If two or more shareholders share the same address, only one copy of this proxy statement is being delivered to that address, unless the Fund(s) have received contrary instructions from one or more of the shareholders at that shared address. Upon written or oral request, the Funds will deliver promptly a separate copy of this proxy statement to a shareholder at a shared address. Please call 1-800/DIAL BEN® ((800)342-5236) or forward a written request to Franklin Templeton Investor Services, LLC, P.O. Box 33030, St. Petersburg, Florida 33733-8030, if you would like to (1) receive a separate copy of this proxy statement; (2) receive your annual reports or proxy statements separately in the future; or (3) request delivery of a single copy of annual reports or proxy statements if you are currently receiving multiple copies at a shared address.
 
Outstanding Shares and Principal Shareholders.    The outstanding shares and classes of each Fund as of May 31, 2017 are set forth in Exhibit J. 
 
The names and addresses of shareholders that owned beneficially or of record 5% or more of the outstanding shares of any class or Fund are set forth in Exhibit K.  To the knowledge of the Funds' management, as of May 31, 2017, there were no other shareholders, except as set forth in Exhibit K, owning beneficially or of record more than 5% of the outstanding shares of any class of any Fund.
 
In addition, to the knowledge of the Trusts' management, as of May 31, 2017 and except as noted above under Proposal 1 or noted below, no nominee or Board member of a Trust owned 1% or more of the outstanding shares of the other classes of that Trust or any Fund thereof, and the Board members and officers of that Trust owned, as a group, less than 1% of the outstanding shares of the other classes of that Trust or any Fund thereof.  With respect to Franklin Focused Core Equity Fund, a series of Franklin Strategic Series, the officer and Trustees as a group own in excess of !% of the outstanding Advisor Class shares.
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  Contacting the Boards.    If a shareholder wishes to send a communication to the Board of a Trust, such correspondence should be in writing and addressed to the Board of that Trust at the Trust's offices as follows: for the Franklin Funds, One Franklin Parkway, San Mateo, California 94403-1906, Attention: Secretary, and for the Templeton Funds, 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923, Attention: Secretary.  The correspondence will be given to the appropriate Board for review and consideration.
  
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FURTHER INFORMATION ABOUT VOTING AND THE MEETING
 
Solicitation of Proxies.    Your vote is being solicited by the Boards.  AST Fund Solutions, LLC (the "Solicitor") has been engaged to assist in the solicitation of proxies. The cost of soliciting proxies, including the fees of a proxy soliciting agent, is estimated to be $16 million and will be borne by the Funds.  To the extent that the costs can be identified for a particular Fund (such as a proposal that affects only one Fund), such costs will be paid by the Fund.  Otherwise, the solicitation costs payable by the Fund for each Proposal will be borne across all Funds included in that Proposal, based upon the number of shareholder accounts in each Fund.

As the date of the Meeting approaches, certain Fund shareholders may receive a telephone call from a representative of the Solicitor if their votes have not yet been received.  FTI and the Funds reimburse brokerage firms and others for their expenses in forwarding proxy materials to the beneficial owners and soliciting them to execute voting instructions. The Trusts expect that the solicitation will be primarily by mail, but may also include telephone, facsimile, electronic or other means of communication.  Trustees and officers of a Trust, and regular employees and agents of a Fund's Investment Manager or its affiliates, involved in the solicitation of the proxies are not reimbursed.

Authorization to permit the Solicitor to execute proxies may be obtained by telephonic instructions from eligible shareholders of the Funds.  Proxies that are obtained telephonically will be recorded in accordance with the procedures set forth below.  The Trusts believe that these procedures are reasonably designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined.

In all cases where a telephonic proxy is solicited, the Solicitor representative is required to ask for each shareholder's full name and address and to confirm that the shareholder has received the proxy materials in the mail or by other acceptable means.  If the shareholder is a corporation or other entity, the Solicitor representative is required to ask for the person's title and confirmation that the person is authorized to direct the voting of the shares.  If the information elicited accords with the information provided to the Solicitor, then the Solicitor may ask for the shareholder's instructions on the Proposals.  Although the Solicitor representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than to read any recommendation set forth in this proxy statement.  The Solicitor will record the shareholder's instructions on the proxy card.  Within 72 hours, the shareholder will be sent a letter to confirm his or her vote and asking the shareholder to call the Solicitor immediately if his or her instructions are not correctly reflected in the confirmation.

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A shareholder may also vote by submitting the proxy card(s) or voting instruction form(s) originally sent with this proxy statement by mail, via telephone (if eligible), via the Internet (if eligible) or by attending the Meeting in person.

Voting by Broker-Dealers.    The Trusts expect that, before the Meeting, broker-dealer firms holding shares of the Funds in "street name" for the broker-dealer firms' customers will request voting instructions from their customers and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms' proxy solicitation/voting instruction materials, the Trusts understand that broker-dealers may vote on Proposal 1- To Elect a Board of Trustees – on behalf of the broker-dealer firms' customers and beneficial owners. Certain broker-dealers may exercise discretion over shares held in the broker-dealer firms' names for which no instructions are received by voting these shares in the same proportion as the broker-dealer firms' vote shares for which they received instructions.
 
Quorum.    For each Trust, holders of 40% of the outstanding shares of the Trust (or if the Proposal is to be voted upon by a Fund thereof separately, holders of 40% of that Fund), present in person or represented by proxy, constitutes a quorum at the Meeting for purposes of acting upon the Proposals applicable to such Trust or Fund. The shares over which broker-dealers have discretionary voting power, the shares that represent "broker non-votes" (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote, and (ii) the broker or nominee has voted such shares in its discretion on Proposal 1, but (iii) the broker or nominee does not have discretionary voting power on other matters), and the shares whose proxies reflect an abstention on any item will all be counted as shares present and entitled to vote for purposes of determining whether the required quorum of shares exists.
 
Method of Tabulation.    The vote required to approve each Proposal is set forth in the discussion of the Proposal above.  Generally, abstentions and broker non-votes on each Proposal will be treated as votes present at the Meeting, but will not be treated as votes cast.  Therefore, abstentions and broker non-votes may have the same effect as a vote "against" Proposals 2-6 (including any Sub-Proposals), but will not have an effect on Proposal 1, which requires a plurality of votes cast for approval, and on Proposals 7a-7c and 8a-8e, which require a majority of the votes cast.  For the Master Portfolio, whether or not a Proposal is approved by its shareholders will be determined by reference to the shares outstanding of the various Feeder Funds.  Feeder Fund shareholders who do not provide voting instructions to their Feeder Fund will not affect the Feeder Fund's votes at the Meeting with respect to the Master Portfolio.  The percentage of a Feeder Fund's votes representing Feeder Fund shareholders not providing voting instructions will be voted by such Feeder Fund's Board or officers in the same proportion as the Fund shareholders who provide voting instructions.
 
Simultaneous Meetings.    The Meeting is to be held at the same time as meetings of shareholders of Franklin Templeton Variable Insurance Products Trust, Franklin Managed Trust, Franklin ETF Trust, Templeton Developing Markets Trust, Emerging Markets Series of Templeton Institutional Funds and Templeton Frontier Markets Fund of Templeton Global Investment Trust.  If any shareholder at the Meeting objects to the holding of simultaneous
53

meetings and moves for an adjournment of the Meeting to a time promptly after the simultaneous meetings, the persons designated as proxies will vote in favor of such adjournment.
 
Adjournment.    The Meeting as to any Trust or Fund, whether or not quorum is present,  may be adjourned from time to time for any reason whatsoever by vote of the holders of a majority of the shares present (in person or by proxy and entitled to vote at the Meeting) or by the Chairman of the Board or certain officers. Such authority to adjourn the Meeting may be used in the event that a quorum is not present at the Meeting, or in the event that a quorum is present but sufficient votes have not been received to approve a Proposal, or for any other reason consistent with applicable state law and the Trust's By-Laws, including to allow for the further solicitation of proxies. Any adjournment may be made with respect to any business which might have been transacted at the Meeting, and any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the Meeting prior to adjournment. The persons designated as proxies may use their discretionary authority to vote as instructed by management of the Trusts on questions of adjournment to the extent permitted under applicable federal securities laws, state law, and the Trust's governing instruments.  If the Meeting is adjourned to another time or place, written notice need not be given of the adjourned meeting if the time and place is announced at the Meeting, unless a new record date is fixed or unless the adjournment is for more than sixty days after the date of the original meeting.
 
Shareholder Proposals.    The Trusts are not required and do not intend to hold regular annual meetings of shareholders. A shareholder who wishes to submit a proposal for consideration for inclusion in a Trust's proxy statement for the next meeting of shareholders of that Trust or one or more of its Funds should send his or her written proposal to such Trust's offices: for all Franklin Funds – One Franklin Parkway, San Mateo, California 94403-1906, Attention: Secretary; and for all Templeton Funds – 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923, Attention: Secretary, so that it is received within a reasonable time before such Trust begins to print and send its proxy materials for such meeting. A shareholder proposal may be presented at a meeting of shareholders only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal securities laws, state law, and the Trust's governing instruments.  Submission of a proposal by a shareholder does not guarantee that the proposal will be included in the Trust's proxy statement or presented at the meeting.
 
No business other than the matters described above is expected to come before the Meeting, but should any other matter requiring a vote of shareholders properly come before the Meeting, including any questions as to an adjournment or postponement of the Meeting, the persons designated as proxies named on the enclosed proxy card will vote on such matters in accordance with the views of management, to the extent permitted under applicable federal securities laws, state law, and the Trust's governing instruments, including proposals for which management of such Trusts did not have timely notice, as set forth in the SEC's proxy rules.

 
By Order of the Boards of Trustees
 
Craig S. Tyle, Vice President

 

August ___, 2017  

54
 
 

 
EXHIBITS
 
   
Exhibit A – Nominating Committee Charter
A-1
   
Exhibit B – Committee Meetings
B-1
   
Exhibit C – Aggregate Board Compensation
C-1
   
Exhibit D – Additional Executive Officers
D-1
   
Exhibit E – Audit Fee Information
E-1
   
Exhibit F – Fundamental Investment Policies Regarding Investments in Commodities
F-1
   
Exhibit G – Fundamental Investment Restrictions Proposed to be Amended
G-1
   
Exhibit H – Fundamental Investment Restrictions Proposed to be Eliminated
H-1
   
Exhibit I – Investment Managers of the Funds
I-1
   
Exhibit J – Outstanding Shares as of May 31, 2017
J-1
   
Exhibit K – Principal Holders of Shares as of May 31, 2017
K-1
   


EXHIBIT A
NOMINATING COMMITTEE CHARTER

I.
The Committee.

The Nominating Committee (the "Committee") is a committee of, and established by, the Board of Directors/Trustees of the Fund (the "Board").  The Committee consists of such number of members as set by the Board from time to time and its members shall be selected by the Board.  The Committee shall be comprised entirely of "independent members."  For purposes of this Charter, independent members shall mean members who are not interested persons of the Fund ("Disinterested Board members") as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").

II.
Board Nominations and Functions.

1.
The Committee shall make recommendations for nominations for Disinterested Board members on the Board to the incumbent Disinterested Board members and to the full Board.  The Committee shall evaluate candidates' qualifications for Board membership and the independence of such candidates from the Fund's investment manager and other principal service providers.  Persons selected must be independent in terms of both the letter and the spirit of the 1940 Act.  The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, e.g., business, financial or family relationships with investment managers or service providers.
2.
The Committee also shall evaluate candidates' qualifications and make recommendations for "interested" members on the Board to the full Board.
3.
The Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership and shall comply with any rules adopted from time to time by the U.S. Securities and Exchange Commission regarding investment company nominating committees and the nomination of persons to be considered as candidates for Board membership.

4.
The Committee shall review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Fund's offices.  The Committee shall adopt, by resolution, a policy regarding its procedures for considering candidates for the Board, including any recommended by shareholders.

III.
Committee Nominations and Functions.

The Committee shall make recommendations to the full Board for nomination for membership on all committees of the Board.

IV.
Other Powers and Responsibilities.

1.
The Committee shall meet at least once each year or more frequently in open or executive sessions.  The Committee may invite members of management, counsel, advisers and others to attend its meetings as it deems appropriate.  The Committee shall have separate sessions with management and others, as and when it deems appropriate.
A-1
EXHIBIT A (cont'd)

2.
The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the Fund.
3.
The Committee shall report its activities to the Board and make such recommendations as the Committee may deem necessary or appropriate.
4.
A majority of the members of the Committee shall constitute a quorum for the transaction of business at any meeting of the Committee.  The action of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the action of the Committee.  The Committee may meet in person or by telephone, and the Committee may act by written consent, to the extent permitted by law and by the Fund's by-laws.  In the event of any inconsistency between this Charter and the Fund's organizational documents, the provisions of the Fund's organizational documents shall be given precedence.
5.
The Committee shall review this Charter at least annually and recommend any changes to the full Board.

ADDITIONAL STATEMENT FOR CLOSED-END FUNDS ONLY
The Committee shall comply with any rules of any stock exchange, if any, applicable to nominating committees of closed-end funds whose shares are registered thereon.



A-2
EXHIBIT B
COMMITTEE MEETINGS

The following table identifies the number of standing committee meetings held during the most recent Fund fiscal year ended on or before May 31, 2017.

Fund
Number of Audit Committee Meetings Held During Most Recent Fiscal Year
Number of Nominating Committee Meetings Held During Most Recent Fiscal Year
Franklin California Tax-Free Income Fund
3
1
Franklin California Tax-Free Trust
4
1
Franklin Custodian Funds
5
0
Franklin Federal Tax-Free Income Fund
3
1
Franklin Fund Allocator Series*
6
3
Franklin Global Trust
4
0
Franklin Gold and Precious Metals Fund
4
0
Franklin High Income Trust
3
3
Franklin Investors Securities Trust
3
1
Franklin Municipal Securities Trust
3
3
Franklin New York Tax-Free Income Fund
3
3
Franklin New York Tax-Free Trust
4
0
Franklin Real Estate Securities Trust
3
1
Franklin Strategic Mortgage Portfolio
3
2
Franklin Strategic Series
3
1
Franklin Tax-Free Trust
3
1
Franklin Templeton Global Trust
3
2
Franklin Templeton Money Fund Trust
4
1
Franklin U.S. Government Money Fund
4
1
Institutional Fiduciary Trust
4
1
The Money Market Portfolios
4
1
Templeton China World Fund
5
3
Templeton Funds
5
3
Templeton Global Investment Trust**
7
3
Templeton Global Opportunities Trust
6
3
Templeton Global Smaller Companies Fund
5
3
Templeton Income Trust***
2
1
Templeton Institutional Funds
6
3

*For the fiscal year ended December 31, 2016. Excludes the Franklin Payout Funds and the Franklin Next Step Funds, which have a May 31, 2017 fiscal year. During the fiscal year ended May 31, 2017, there were three audit committee meetings held, and three nominating committee meetings held.
**For the fiscal year ended March 31, 2017. Excludes the Templeton Foreign Smaller Companies Fund, Templeton Emerging Markets Balanced Fund and Templeton Global Balanced Fund, which have different fiscal years. During the last fiscal year ended October 31, 2016, for the Templeton Foreign Smaller Companies Fund there were five audit committee meetings held, and two nominating committee meetings held. Effective December 31, 2016, Templeton Emerging Markets Balanced Fund and Templeton Global Balanced Fund each changed its fiscal year end to December 31. As a result, Templeton Emerging Markets Balanced Fund and Templeton Global Balanced Fund each experienced a shortened fiscal year covering the transitional period between the prior August 31, 2016 fiscal year end and December 31, 2016.  During the fiscal period from September 1, 2016 through December 31, 2016 there were two audit committee meetings held, and one nominating committee meeting held.
B-1
EXHIBIT B (cont'd)


***Effective December 31, 2016, Templeton Income Trust's fiscal year end was changed to December 31.  As a result, Templeton Income Trust experienced a shortened fiscal year covering the transitional period between the prior August 31, 2016 fiscal year end and December 31, 2016. Figures provided are for the fiscal period from September 1, 2016 through December 31, 2016.


B-2
EXHIBIT C
AGGREGATE INDEPENDENT BOARD MEMBER COMPENSATION
FROM EACH FUND FOR THE 12-MONTH PERIOD
ENDED MAY 31, 2017

Fund
Harris J. Ashton
Ann Torre Bates
Mary C. Choksi
Edith E. Holiday
J. Michael Luttig
Franklin California Tax-Free Income Fund
18,288
--
20,678
20,795
20,757
Franklin California Tax-Free Trust
8,819
--
8,884
8,897
8,897
Franklin Custodian Funds
48,313
--
55,587
56,337
55,329
Franklin Federal Tax-Free Income Fund
15,813
--
16,087
16,166
16,165
Franklin Fund Allocator Series
10,439
--
11,314
11,392
11,391
Franklin Global Trust
14,021
--
14,084
14,102
14,102
Franklin Gold and Precious Metals Fund
9,175
--
9,202
9,211
9,211
Franklin High Income Trust
16,285
--
16,387
16,416
16,416
Franklin Investors Securities Trust
27,795
--
28,583
28,722
28,720
Franklin Municipal Securities Trust
10,188
--
10,258
10,278
10,278
Franklin New York Tax-Free Income Fund
12,580
--
12,705
12,741
12,741
Franklin New York Tax-Free Trust
6,852
--
6,899
6,907
6,907
Franklin Real Estate Securities Trust
4,670
--
4,685
4,690
4,690
Franklin Strategic Mortgage Portfolio
467
--
471
472
472
Franklin Strategic Series
27,336
--
27,823
27,962
27,961
Franklin Tax-Free Trust
19,775
--
20,561
20,787
20,785
Franklin Templeton Global Trust1
171
105
161
180
173
Franklin Templeton Money Fund Trust
1,152
--
1,159
1,161
1,161
Franklin U.S. Government Money Fund
6,876
--
6,936
6,953
6,953
Institutional Fiduciary Trust
12,150
--
12,599
12,715
12,714
The Money Market Portfolios2
  
--
      
Templeton China World Fund
2,804
2,880
2,108
2,910
2,853
Templeton Developing Markets Trust
12,440
12,638
9,435
12,766
12,517
Templeton Funds
26,253
28,176
19,732
29,249
27,216
Templeton Global Investment Trust
17,728
18,275
0
18,582
17,998
Templeton Global Opportunities Trust
4,206
4,279
3,185
4,321
4,242
Templeton Global Smaller Companies Fund
11,404
11,581
8,589
11,692
11,481
Templeton Income Trust
38,565
47,556
28,747
52,626
43,049
Templeton Institutional Funds
22,393
23,460
16,759
24,071
22,914
C-1
EXHIBIT C (cont'd)

Fund
David W. Niemiec
Larry D. Thompson
Mary C. Choksi
Edith E. Holiday
J. Michael Luttig
Franklin California Tax-Free Income Fund
--
18,794
--
--
24,905
Franklin California Tax-Free Trust
--
8,897
--
--
9,506
Franklin Custodian Funds
--
53,329
--
--
84,767
Franklin Federal Tax-Free Income Fund
--
16,165
--
--
19,175
Franklin Fund Allocator Series
--
11,391
--
--
14,317
Franklin Global Trust
--
14,102
--
--
14,741
Franklin Gold and Precious Metals Fund
--
9,211
--
--
9,502
Franklin High Income Trust
--
16,416
--
--
17,503
Franklin Investors Securities Trust
--
28,720
--
--
33,932
Franklin Municipal Securities Trust
--
10,278
--
--
11,002
Franklin New York Tax-Free Income Fund
--
12,741
--
--
14,063
Franklin New York Tax-Free Trust
--
6,907
--
--
7,209
Franklin Real Estate Securities Trust
--
4,690
--
--
4,837
Franklin Strategic Mortgage Portfolio
--
472
--
--
498
Franklin Strategic Series
--
27,961
--
--
33,112
Franklin Tax-Free Trust
--
20,785
--
--
28,845
Franklin Templeton Global Trust1
113
168
105
95
78
Franklin Templeton Money Fund Trust
--
1,161
--
--
1,239
Franklin U.S. Government Money Fund
--
6,953
--
--
7,624
Institutional Fiduciary Trust
--
12,714
--
--
17,268
The Money Market Portfolios2
--
  
--
--
  
Templeton China World Fund
2,933
2,825
2,880
2,825
--
Templeton Developing Markets Trust
12,879
12,389
12,638
12,389
--
Templeton Funds
30,130
26,201
28,176
26,201
--
Templeton Global Investment Trust
18,816
17,734
18,275
17,734
--
Templeton Global Opportunities Trust
4,355
4,203
4,279
4,203
--
Templeton Global Smaller Companies Fund
11,782
11,378
11,581
11,378
--
Templeton Income Trust
56,467
38,688
47,556
38,688
--
Templeton Institutional Funds
24,553
22,364
23,460
22,364
--

1 Franklin Templeton Global Trust & fund (TMP Hard Currency Fund) reorganized from the Franklin Group Funds Board to the Templeton Funds Board effective 08/19/16 as the Franklin Templeton Global Trust (TMP Global Currency Fund). NOTE: Franklin compensation 06/01-08/31/16 and Templeton compensation 09/01/16-05/31/17.
2 The Money Market Portfolios – Director fees not applicable for this trust.
C-2
EXHIBIT D
ADDITIONAL EXECUTIVE OFFICERS

Name, Year of Birth and Address PositionFunds  Length of Time Served 
Sheila Amoroso (1959)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Federal Tax-Free Income Fund, Franklin Municipal Securities Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust and Franklin Tax-Free Trust
Since 1999
Principal Occupation During Past 5 Years:
Senior Vice President, Franklin Advisers, Inc.; and officer of seven of the investment companies in Franklin Templeton Investments.

Norman Boersma (1957)
Lyford Cay
Nassau, Bahamas
President and Chief Executive Officer – Investment Management
Templeton Funds, Templeton Global Investment Trust, Templeton Global Opportunities Trust, Templeton Global Smaller Companies Fund and Templeton Institutional Funds
Since 2012
Principal Occupation During Past 5 Years:
Director, President and Chief Executive Officer, Templeton Global Advisors Ltd.; Chief Investment Officer of Templeton Global Equity Group; officer of six of the investment companies in Franklin Templeton Investments; and formerly, Executive Vice President, Franklin Templeton Investments Corp. (1993-2014).

Mark Boyadjian (1964)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
Franklin Investors Securities Trust
Since 2003
Principal Occupation During Past 5 Years:
Senior Vice President, Franklin Advisers, Inc.; and officer of two of the investment companies in Franklin Templeton Investments.

Rafael R. Costas, Jr. (1965)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Federal Tax-Free Income Fund, Franklin Municipal Securities Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust and Franklin Tax-Free Trust
Since 1999
Principal Occupation During Past 5 Years:
Senior Vice President, Franklin Advisers, Inc.; and officer of seven of the investment companies in Franklin Templeton Investments.

Stephen H. Dover (1961)
One Franklin Parkway
San Mateo, CA 94403-1906
President and Chief Executive Officer – Investment Management
 
 
Templeton China World Fund
 
Since June 2017
D-1
EXHIBIT D (cont'd)

Principal Occupation During Past 5 Years:
Chief Investment Officer, Templeton Emerging Market Group; Executive Vice President, Franklin Advisers, Inc.; and officer of four of the investment companies in Franklin Templeton Investments.

Gaston Gardey (1967)
One Franklin Parkway
San Mateo, CA 94403-1906
Treasurer, Chief Financial Officer and Chief Accounting Officer
 
Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Franklin Custodian Funds, Federal Tax-Free Income Fund, Franklin Fund Allocator Series, Franklin Global Trust, Franklin Gold and Precious Metals Fund, Franklin High Income Trust, Franklin Investors Securities Trust, Franklin Municipal Securities Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust, Franklin Real Estate Securities Trust, Franklin Strategic Mortgage Portfolio, Franklin Strategic Series, Franklin Tax-Free Trust, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust and The Money Market Portfolios
Since 2009
Principal Occupation During Past 5 Years:
Treasurer, U.S. Fund Administration & Reporting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin Templeton Investments.

Edward B. Jamieson (1948)
One Franklin Parkway
San Mateo, CA 94403-1906
President and Chief Executive Officer – Investment Management
Franklin Custodian Funds, Franklin Fund Allocator Series, Franklin Global Trust, Franklin Gold and Precious Metals Fund, Franklin Real Estate Securities Trust and Franklin Strategic Series
 
 
Franklin Investors Securities Trust
Since 2010
 
 
 
 
 
 
 
 
 
Since 2002
Principal Occupation During Past 5 Years:
President and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer and/or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 10 of the investment companies in Franklin Templeton Investments.

Robert G. Kubilis (1973)
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923
Treasurer, Chief Financial Officer and Chief Accounting Officer
 
Franklin Templeton Global Trust, Templeton China World Fund, Templeton Funds, Templeton Global Investment Trust, Templeton Global Opportunities Trust, Templeton Global Smaller Companies Fund, Templeton Income Trust and Templeton
Since June 2017
D-2
EXHIBIT D (cont'd)

   
Institutional Funds
  
Principal Occupation During Past 5 Years:
Treasurer, U.S. Fund Administration & Reporting, Franklin Templeton Investments; and officer of 18 of the investment companies in Franklin Templeton Investments.

Madeline Lam (1969)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
Franklin Investors Securities Trust
Since 2010
Principal Occupation During Past 5 Years:
Vice President, Franklin Advisers, Inc.; and officer of two of the investment companies in Franklin Templeton Investments.

Christopher J. Molumphy (1962)
One Franklin Parkway
San Mateo, CA 94403-1906
President and Chief Executive Officer – Investment Management
 
 
 
 
 
 
 
 
 
 
 
 
 
Vice President
Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Federal Tax-Free Income Fund, Franklin High Income Trust, Franklin Municipal Securities Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust, Franklin Strategic Mortgage Portfolio, Franklin Tax-Free Trust, Franklin Templeton Global Trust, Franklin Templeton Money Fund Trust, Franklin U.S. Government Money Fund, Institutional Fiduciary Trust, The Money Market Portfolios and Templeton Income Trust
 
 
Franklin Global Trust and Franklin Strategic Series
 
Since 2002 for Templeton Income Trust and since 2010 for all other listed funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Since 2000
Principal Occupation During Past 5 Years:
Director and Executive Vice President, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of 22 of the investment companies in Franklin Templeton Investments..

Thomas Walsh (1961)
One Franklin Parkway
San Mateo, CA 94403-1906
Vice President
Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Federal Tax-Free Income Fund, Franklin Municipal Securities Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust and Franklin Tax-Free Trust
Since 1999
Principal Occupation During Past 5 Years:
Senior Vice President, Franklin Advisers, Inc.; and officer of seven of the investment companies in Franklin Templeton Investments.


D-3
EXHIBIT E
Audit Fee Information
Trust Name/
Fiscal Year Ended
Audit Fees1
($)
Audit – Related Fees
($)
All Other Fees
($)
Aggregate Non-Audit Fees
($)
Franklin California Tax-Free Income Fund
        
March 31, 2017
86,850
0
0
255,000
March 31, 2016
72,842
0
5,226
677,377
Franklin California Tax-Free Trust
        
June 30, 2016
105,479
0
1,424
444,175
June 30, 2015
100,734
0
0
229,400
Franklin Custodian Funds
        
September 30, 2016
467,181
9,033
0
548,201
September 30, 2015
466,850
8,856
36,043
432,882
Franklin Federal Tax-Free Income Fund
        
April 30, 2017
73,391
0
0
255,000
April 30, 2016
65,859
0
4,008
676,159
Franklin Fund Allocator Series
        
December 31, 2016
339,471
0
0
345,590
December 31, 2015
337,392
0
4,013
585,574
Franklin Global Trust
        
July 31, 2016
234,341
0
1,006
447,989
July 31, 2015
278,795
0
0
245,998
Franklin Gold and Precious Metals Fund
        
July 31, 2016
58,496
3,011
282
446,044
July 31, 2015
59,668
2,952
0
232,352
Franklin High Income Trust
        
May 31, 2017
57,970
0
0
255,000
May 31, 2016
56,910
0
1,518
664,669
Franklin Investors Securities Trust
        
October 31, 2016
431,607
4,682
0
444,579
October 31, 2015
450,822
4,590
6,850
506,644
Franklin Municipal Securities Trust
        
May 31, 2017
72,690
0
0
255,000
May 31, 2016
78,227
0
957
664,108
Franklin New York Tax-Free Income Fund
        
May 31, 2017
49,054
0
0
255,000


1 A portion of each Fund's audit fees is based upon its relative complexity or relative net assets size within the Franklin Templeton funds. Therefore, any material difference between the audit fees of a Fund for its last two fiscal years may be the result of a material increase or decrease in that Fund's complexity or net assets.
E-1
EXHIBIT E (cont'd)

Trust Name/
Fiscal Year Ended
Audit Fees2
($)
Audit – Related Fees
($)
All Other Fees
($)
Aggregate Non-Audit Fees
($)
May 31, 2016
50,474
0
1,856
665,007
Franklin New York Tax-Free Trust
        
September 30, 2016
35,150
0
0
539,168
September 30, 2015
35,131
0
412
388,395
Franklin Real Estate Securities Trust
        
April 30, 2017
33,137
0
0
3,716
April 30, 2016
32,874
0
200
13,432
Franklin Strategic Mortgage Portfolio
        
September 30, 2016
38,561
0
0
539,168
September 30, 2015
48,915
0
40
388,023
Franklin Strategic Series
        
April 30, 2017
436,510
0
0
258,717
April 30, 2016
469,079
0
6,913
683,296
Franklin Tax-Free Trust
        
February 28, 2017
814,565
0
0
255,000
February 29, 2016
869,327
0
11,563
683,714
Franklin Templeton Global Trust
        
October 31, 2016
45,357
0
0
436,180
October 31, 2015
43,511
0
34
491,005
Franklin Templeton Money Fund Trust
        
June 30, 2016
15,767
0
125
125
June 30, 2015
16,186
0
0
9,000
Franklin U.S. Government Money Fund
        
June 30, 2016
22,628
0
819
819
June 30, 2015
24,041
0
0
9,000
Institutional Fiduciary Trust
        
June 30, 2016
82,704
0
7,188
7,188
June 30, 2015
78,328
0
0
9,000
The Money Market Portfolios
        
June 30, 2016
96,217
0
8,134
450,885
June 30, 2015
88,223
0
0
229,400
Templeton China World Fund
        
August 31, 2016
45,097
0
0
0
August 31, 2015
46,282
0
107
9,107
Templeton Funds
        
August 31, 2016
115,793
6,022
0
6,022
August 31, 2015
120,010
5,904
3,713
18,617
Templeton Global Investment Trust
        


2 A portion of each Fund's audit fees is based upon its relative complexity or relative net assets size within the Franklin Templeton funds. Therefore, any material difference between the audit fees of a Fund for its last two fiscal years may be the result of a material increase or decrease in that Fund's complexity or net assets.
E-2
EXHIBIT E (cont'd)

March 31, 2017
139,696
0
0
0
March 31, 2016
96,106
0
315
9,315
Templeton Global Opportunities Trust
        
December 31, 2016
45,775
3,011
0
3,011
December 31, 2015
45,670
2,952
140
22,145
Templeton Global Smaller Companies Fund
        
August 31, 2016
46,405
3,011
0
3,011
August 31, 2015
47,420
2,952
362
22,367
Templeton Income Trust3
        
December 31, 2016
276,183
0
0
0
August 31, 2016
341,357
0
0
539,168
Templeton Institutional Funds
        
December 31, 2016
191,561
3,011
0
3,011
December 31, 2015
188,831
2,952
2,182
24,187




3 Effective December 31, 2016, Templeton Income Trust's fiscal year end was changed to December 31.  As a result, Templeton Income Trust experienced a shortened fiscal year covering the transitional period between the prior August 31, 2016 fiscal year end and December 31, 2016. Figures provided are for the fiscal period from September 1, 2016 through December 31, 2016.
E-3
EXHIBIT F
CURRENT FUNDAMENTAL INVESTMENT
POLICIES REGARDING INVESTMENTS IN COMMODITIES

Fund
Current Fundamental Investment Policy
 
All Funds except those listed below
Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) engaging in transactions involving currencies and futures contracts and options thereon or (ii) investing in securities or other instruments that are secured by physical commodities.
Franklin Gold and Precious Metals Fund
The Fund may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) engaging in transactions involving currencies and futures contracts and options thereon or (ii) investing in securities or other instruments that are secured by physical commodities or (iii) investing in gold bullion and foreign currency in the form of gold coins.
 
Franklin Strategic Series
   Franklin Flexible Alpha Bond Fund
The Fund may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) purchasing or selling commodity-linked derivatives instruments, including, but not limited to, swap agreements, commodity-linked notes, options, futures contracts and options on futures contracts with respect to indices or individual commodities or otherwise; (ii) entering into foreign currency transactions, including, without limitation, forward currency contracts; or (iii) investing in securities or other instruments that are linked to or secured by physical commodities or related indices.
 
Templeton Global Investment Trust
   Templeton Global Balanced Fund
Purchase or sell commodities as defined in the Commodity Exchange Act, as amended, and the rules and regulations thereunder, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving future contracts and options thereon or investing in securities that are secured by physical commodities.

F-1
EXHIBIT G
Certain Fundamental Investment Restrictions Proposed to Be Amended
 
 
PROPOSAL
 
 
INVESTMENT RESTRICTION
  
CURRENT FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
  
PROPOSED FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
Proposal 4
Lending
  
Small-Mid Cap Fund
Make loans to other persons, except by the purchase of bonds, debentures or similar obligations which are publicly distributed or of a character usually acquired by institutional investors or through loans of the Fund's portfolio securities, or to the extent the entry into a repurchase agreement may be deemed a loan.
Global Balanced Fund
Make loans to other persons except (a) through the lending of its portfolio securities, (b) through the purchase of debt securities, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies, and (c) to the extent the entry into a repurchase agreement is deemed to be a loan. The Fund may also make loans to affiliated investment companies to the extent permitted by the 1940 Act or any exemptions therefrom which may be granted by the SEC.
TEM Small Cap Fund
Make loans to other persons except (a) through the lending of its portfolio securities, (b) through the purchase of debt securities, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies, and (c) to the extent the entry into a repurchase agreement is deemed to be a loan. The Fund may also make loans to other investment companies to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.
  
Make loans if, as a result, more than 33⅓% of its total assets would be lent to other persons, including other investment companies to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.  This limitation does not apply to (i) the lending of portfolio securities, (ii) the purchase of debt securities, other debt instruments, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies, and (iii) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan.
G-1
EXHIBIT G (cont'd)

 
 
PROPOSAL
 
 
INVESTMENT RESTRICTION
  
CURRENT FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
  
PROPOSED FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
 
Sub-Proposals 7a through 7f Relate Only to the Small-Mid Cap Fund
Sub-Proposal 5a
Borrowing
  
Borrow money (does not preclude the Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and sales of its portfolio securities), except in the form of reverse repurchase agreements or from banks in order to meet redemption requests that might otherwise require the untimely disposition of portfolio securities or for other temporary or emergency (but not investment) purposes, in an amount up to 10% of the value of the Fund's total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. While borrowings exceed 5% of the Fund's total assets, the Fund will not make any additional investments.
  
Borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.
 Sub-Proposal 5b
Underwriting
  
Underwrite securities of other issuers.
  
Act as an underwriter except to the extent the Fund may be deemed to be an underwriter when disposing of securities it owns or when selling its own shares.
Sub-Proposal 5c
Investments in
Real Estate
  
Invest directly in real estate, real estate limited partnerships or illiquid securities issued by real estate investment trusts (the Fund may, however, invest in marketable securities issued by real estate investment trusts).
 
  
Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) purchasing or selling securities or instruments secured by real estate or interests therein, securities or instruments representing interests in real estate or securities or instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, and (ii) making, purchasing or selling real estate mortgage loans.
G-2
EXHIBIT G (cont'd)

 
 
PROPOSAL
 
 
INVESTMENT RESTRICTION
  
CURRENT FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
  
PROPOSED FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
Sub-Proposal 5d
Issuing Senior Securities
  
_ _
  
Issue senior securities, except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC. 
Sub-Proposal 5e
Industry Concentration
  
Invest more than 25% of the Fund's assets (at the time of the most recent investment) in any single industry.
  
Invest more than 25% of the Fund's net assets in securities of issuers in any one industry (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or securities of other investment companies).
Sub-Proposal 5f
Diversification
  
Purchase the securities of any one issuer (other than obligations of the U.S., its agencies or instrumentalities) if immediately thereafter, and as a result of the purchase, the Fund would (a) have invested more than 5% of the value of its total assets in the securities of the issuer, or (b) hold more than 10% of any voting class of the securities of any one issuer.
  
Purchase the securities of any one issuer (other than the U.S. government or any of its agencies or instrumentalities or securities of other investment companies, whether registered or excluded from registration under Section 3(c) of the 1940 Act) if immediately after such investment (a) more than 5% of the value of the Fund's total assets would be invested in such issuer or (b) more than 10% of the outstanding voting securities of such issuer would be owned by the Fund, except that up to 25% of the value of the Fund's total assets may be invested without regard to such 5% and 10% limitations.


G-3
EXHIBIT H
Certain Fundamental Investment Restrictions Proposed to Be Eliminated
 
SECTION OF PROXY STATEMENT RELATING TO PROPOSAL
 
 
INVESTMENT RESTRICTION
  
CURRENT FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
  
Sub-Proposals 6a – 6c
Engaging in Short Sales
 
 
 
Use of Margin; Investments in Commodities; Investments in Oil, Gas, and Other Mineral Programs; Use of Options
  
Effect short sales, unless at the time the Fund owns securities equivalent in kind and amount to those sold (which will normally be for deferring recognition of gains or losses for tax purposes).  The Fund does not currently intend to employ this investment technique.
Maintain a margin account with a securities dealer or invest in commodities and commodity contracts (except that the Fund may engage in financial futures, including stock index futures, and options on stock index futures) or lease or acquire any interests, including interests issued by limited partnerships (other than publicly traded equity securities) in oil, gas, or other mineral exploration or development programs, or invest in excess of 5% of its total assets in options unrelated to the Fund's transactions in futures, including puts, calls, straddles, spreads, or any combination thereof.
  
Sub-Proposals 6d – 6e
Investments in Restricted Securities; Investments in Unseasoned Issuers
  
…invest more than 10% of its assets in securities with legal or contractual restrictions on resale (although the Fund may invest in such securities to the extent permitted under the federal securities laws, for example, transactions between the Fund and Qualified Institutional Buyers subject to Rule 144A under the Securities Act of 1933) or which are not readily marketable, or which have a record of less than three years continuous operation, including the operations of any predecessor companies, if more than 10% of the Fund's total assets would be invested in such companies.
  
Sub-Proposal 6f
Investing for Purpose of Exercising Control
  
Invest in securities for the purpose of exercising management or control of the issuer.
  
H-1
EXHIBIT H (cont'd)

 
SECTION OF PROXY STATEMENT RELATING TO PROPOSAL
 
 
INVESTMENT RESTRICTION
  
CURRENT FUNDAMENTAL INVESTMENT RESTRICTION
The Fund may not:
  
Sub-Proposal 6g
Investments in Other Investment Companies
  
Invest in the securities of other investment companies, except where there is no commission other than the customary brokerage commission or sales charge, or except that securities of another investment company may be acquired pursuant to a plan of reorganization, merger, consolidation or acquisition, and except where the Fund would not own, immediately after the acquisition, securities of the investment companies which exceed in the aggregate i) more than 3% of the issuer's outstanding voting stock, ii) more than 5% of the Fund's total assets, and iii) together with the securities of all other investment companies held by the Fund, exceed, in the aggregate, more than 10% of the Fund's total assets. The Fund may invest in shares of one or more money market funds managed by the manager or its affiliates.
  
Sub-Proposal 6h
Management Ownership of Securities; Principal Transactions with Management
  
Purchase from or sell to its officers and trustees, or any firm of which any officer or trustee is a member, as principal, any securities, but may deal with such persons or firms as brokers and pay a customary brokerage commission; or purchase or retain securities of any issuer, if to the knowledge of the Trust, one or more of the officers or trustees of the Trust, or the manager, own beneficially more than one-half of 1% of the securities of such issuer and all such officers and trustees together own beneficially more than 5% of such securities.
  

H-2
EXHIBIT I
INVESTMENT MANAGERS OF THE FUNDS

Fund/Series
Investment Manager
Sub-Adviser
Franklin California Tax-Free Income Fund
 
Franklin Advisers, Inc.1
N/A
Franklin California Tax-Free Trust
   Franklin California Intermediate-Term Tax-Free  Income Fund
   Franklin California Ultra-Short Tax-Free Income Fund
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
 
N/A
N/A
 
Franklin Custodian Funds
   Franklin DynaTech Fund
   Franklin Focused Growth Fund
   Franklin Growth Fund
   Franklin Income Fund
   Franklin U.S. Government Securities Fund
   Franklin Utilities Fund
 
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
 
N/A
N/A
N/A
N/A
N/A
N/A
Franklin Federal Tax-Free Income Fund
 
Franklin Advisers, Inc.1
 
N/A
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 LifeSmartTM Retirement Income Fund
   Franklin LifeSmartTM 2020 Retirement Target Fund
   Franklin LifeSmartTM 2025 Retirement Target Fund
   Franklin LifeSmartTM 2030 Retirement Target Fund
   Franklin LifeSmartTM 2035 Retirement Target Fund
   Franklin LifeSmartTM 2040 Retirement Target Fund
   Franklin LifeSmartTM 2045 Retirement Target Fund
   Franklin LifeSmartTM 2050 Retirement Target Fund
   Franklin LifeSmartTM 2055 Retirement Target Fund
   Franklin NextStep Conservative Fund
 
 
 
   Franklin NextStep Growth Fund
 
 
 
   Franklin NextStep Moderate Fund
 
 
 
   Franklin Payout 2017 Fund
   Franklin Payout 2018 Fund
   Franklin Payout 2019 Fund
   Franklin Payout 2020 Fund
   Franklin Payout 2021 Fund
   Franklin Payout 2022 Fund
   Franklin Payout 2023 Fund
 
Franklin Advisers, Inc.1
N/A
N/A
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
 
 
Franklin Advisers, Inc.1
 
 
 
Franklin Advisers, Inc.1
 
 
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
 
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Franklin Templeton Investments Corp.2
K2/D&S Management Co., L.L.C.3
Franklin Templeton Investments Corp.2
K2/D&S Management Co., L.L.C.3
Franklin Templeton Investments Corp.2
K2/D&S Management Co., L.L.C.3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 
I-1
EXHIBIT I (cont'd)

Fund/Series
Investment Manager
Sub-Adviser
Franklin Global Trust
   Franklin Emerging Market Debt Opportunities Fund
   Franklin Global Listed Infrastructure Fund
   Franklin Global Real Estate Fund
   Franklin International Growth Fund
   Franklin International Small Cap Growth Fund
Franklin Templeton Investment Management Limited4
Franklin Templeton Institutional, LLC5
Franklin Templeton Institutional, LLC5
Franklin Templeton Institutional, LLC5
Franklin Advisers, Inc.1
N/A
N/A
N/A
N/A
Franklin Templeton
Institutional, LLC5
Franklin Gold and Precious Metals Fund
 
Franklin Advisers, Inc.1
N/A
Franklin High Income Trust
   Franklin High Income Fund
 
 
Franklin Advisers, Inc.1
 
N/A
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 Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1
 
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Franklin Templeton Institutional, LLC5
 
Franklin Municipal Securities Trust
   Franklin California High Yield Municipal Fund
   Franklin Tennessee Municipal Bond Fund
 
 
Franklin Advisers, Inc.1 Franklin Advisers, Inc.1
 
N/A
N/A
Franklin New York Tax-Free Income Fund
 
Franklin Advisers, Inc.1
N/A
Franklin New York Tax-Free Trust
   Franklin New York Intermediate-Term Tax-Free Income Fund
 
 
Franklin Advisers, Inc.1
 
 
N/A
 
Franklin Real Estate Securities Trust
   Franklin Real Estate Securities Fund
 
 
Franklin Templeton Institutional, LLC5
 
 
N/A
Franklin Strategic Mortgage Portfolio
 
Franklin Advisers, Inc.1
N/A
Franklin Strategic Series
   Franklin Biotechnology Discovery Fund
   Franklin Flexible Alpha Bond Fund
 
   Franklin Focused Core Equity 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 Advisers, Inc.1 Franklin Advisers, Inc.1
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1 Franklin Advisers, Inc.1
 
 
N/A
Franklin Templeton
Institutional, LLC5
N/A
N/A
N/A
N/A
N/A
N/A
     
I-2
EXHIBIT I (cont'd)

   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 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 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
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
Franklin Advisers, Inc.1
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
N/A
N/A
N/A
N/A
N/A
 
N/A
 
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Franklin Templeton Global Trust
   Templeton Global Currency Fund
 
Franklin Advisers, Inc.1
 
N/A
Franklin Templeton Money Fund Trust
   Franklin Templeton U.S. Government Money Fund
 
 
N/A
 
N/A
Franklin U.S. Government Money Fund
 
N/A
 
N/A
Institutional Fiduciary Trust
   Money Market Portfolio
 
 
N/A
 
N/A
The Money Market Portfolios
   The U.S. Government Money Market Portfolio
 
 
Franklin Advisers, Inc.1
 
 
N/A
Templeton China World Fund
 
Templeton Asset Management Ltd.6
N/A
Templeton Funds
   Templeton Foreign Fund
 
   Templeton World Fund
 
 
Templeton Global Advisors Limited7
Templeton Global Advisors Limited7
 
N/A
 
N/A
Templeton Global Investment Trust
   Templeton Dynamic Equity Fund
 
   Templeton Emerging Markets Balanced Fund
 
   Templeton Emerging Markets Small Cap Fund
 
   Templeton Foreign Smaller Companies Fund
 
 
 
Templeton Global Advisors Limited7
Templeton Asset Management Ltd.6
Templeton Asset Management Ltd.6
Templeton Investment Counsel, LLC8
 
 
N/A
 
Franklin Advisers, Inc.1
 
N/A
 
Franklin Templeton Investments Corp.2
 
 
I-3
EXHIBIT I (cont'd)

   Templeton Global Balanced Fund
 
Templeton Global Advisors Limited7
Franklin Advisers, Inc.1
 
Templeton Global Opportunities Trust
 
 
Templeton Investment Counsel, LLC8
Franklin Templeton Investments (Asia) Limited9
Templeton Asset Management Ltd.6
Templeton Global Smaller Companies Fund
 
Templeton Investment Counsel, LLC8
Franklin Templeton Investments Corp.2
 
Templeton Income Trust
   Templeton Emerging Markets Bond Fund
   Templeton Global Bond Fund
   Templeton Global Total Return Fund
   Templeton International Bond Fund
 
 
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
Franklin Advisers, Inc.1
 
 
N/A
N/A
N/A
N/A
 
Templeton Institutional Funds
   International Equity Series
 
   Foreign Smaller Companies Series
 
   Global Equity Series
 
 
Templeton Investment Counsel, LLC8
Templeton Investment Counsel, LLC8
Templeton Investment Counsel, LLC8
 
 
N/A
 
N/A
 
N/A
 



Footnote
Reference
Adviser
Address
1
Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, CA  94403-1906
2
Franklin Templeton Investments Corp.
200 King Street West, Suite 1500
Toronto (Ontario), Canada  M5H 3T4
3
K2/D&S Management Co., L.L.C.
300 Atlantic Street, 12th Floor
Stamford, CT  06901-3535
4
Franklin Templeton Investment Management Limited
Cannon Place
78 Cannon Street
London, EC4N 6HL, England
5
Franklin Templeton Institutional, LLC
280 Park Avenue
New York, NY  10017
6
Templeton Asset Management Ltd.
7 Temasek Boulevard
Suntec Tower One
#38-03
Singapore  038987
7
Templeton Global Advisors Limited
Lyford Cay
Nassau, Bahamas
8
Templeton Investment Counsel, LLC
300 S.E. 2nd Street
Fort Lauderdale, FL  33301-1923
9
Franklin Templeton Investments (Asia) Limited
17th Floor, Chater House
8 Connaught Road Central
Hong Kong

I-4
EXHIBIT J
OUTSTANDING SHARES AS OF MAY 31, 2017

Fund
Number of Outstanding Shares
Franklin California Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
1,686,272,125.23
218,415,867.70
207,063,104.05
2,111,751,096.98
Franklin California Tax-Free Trust
  
Franklin California Intermediate-Term Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
75,459,908.91
21,047,540.77
52,542,028.51
149,049,478.19
Franklin California Ultra-Short Tax-Free Income Fund
Class A1 Shares
Advisor Class Shares
Total
 
4,700,088.84
1,108,930.16
5,809,019.00
Franklin Custodian Funds
  
Franklin DynaTech Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
39,190,598.18
6,841,286.06
8,101,265.53
717,714.19
7,500,849.69
62,351,713.66
Franklin Focused Growth Fund
Advisor Class Shares
Total
 
250,000.00
250,000.00
Franklin Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
91,018,044.07
11,356,359.95
29,812,759.29
5,834,713.96
17,575,535.93
155,597,413.21
Franklin Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
 
 
19,760,838,086.85
9,811,907,333.18
4,639,580,591.50
164,266,770.06
767,491,346.78
 
J-1
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Total
955,174,926.26
Franklin U.S. Government Securities Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
606,758,940.03
139,239,437.01
130,498,813.90
6,711,267.46
71,966,467.86
955,174,926.26
Franklin Utilities Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
220,859,540.67
52,735,403.48
47,266,937.71
5,202,494.08
12,701,968.23
338,766,344.17
Franklin Federal Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
776,803,957.31
114,758,307.61
137,311,303.46
1,028,873,568.38
Franklin Fund Allocator Series
  
Franklin Conservative Allocation Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
55,569,905.34
31,640,630.69
2,197,513.78
8,771,822.86
163,130.99
98,343,003.65
Franklin Corefolio Allocation Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Total
 
29,160,638.45
9,068,096.36
1,442,377.53
82,910.64
39,754,022.98
Franklin Founding Funds Allocation Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Total
 
236,487,622.02
94,992,218.67
10,930,451.31
665,966.07
343,076,258.06
Franklin Growth Allocation Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
44,286,187.81
16,746,904.78
2,239,623.52
5,707,088.65
149,650.53
69,129,455.29
Franklin Moderate Allocation Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
88,605,019.51
37,732,886.90
3,031,302.54
9,474,869.85
272,033.28
139,116,112.09
Franklin LifeSmartTM Retirement Income Fund
 
  
J-2
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
3,173,255.21
1,510,336.18
170,720.25
407,597.16
364,776.46
5,626,685.27
Franklin LifeSmartTM 2020 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
1,783,377.20
469,247.75
32,610.26
252,439.32
738,354.03
3,276,028.57
Franklin LifeSmartTM 2025 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
6,106,303.72
2,199,553.38
126,562.55
631,119.70
1,243,577.99
10,307,117.34
Franklin LifeSmartTM 2030 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
1,530,926.47
529,282.17
45,981.45
108,682.87
1,357,132.26
3,572,005.22
Franklin LifeSmartTM 2035 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
4,491,275.56
1,574,758.87
100,499.21
480,724.98
1,834,739.05
8,481,997.66
Franklin LifeSmartTM 2040 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
1,143,487.13
268,384.59
12,274.20
154,787.29
1,274,532.70
2,853,465.90
Franklin LifeSmartTM 2045 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
3,393,657.62
990,754.18
53,569.46
417,359.55
943,116.35
5,798,457.16
Franklin LifeSmartTM 2050 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
947,327.15
256,317.40
36,567.73
127,522.85
848,978.95
2,216,714.09
J-3
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Franklin LifeSmartTM 2055 Retirement Target Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
347,059.06
91,676.16
2,965.42
34,379.40
213,178.75
689,258.79
Franklin NextStep Conservative Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
93,489.32
228,622.12
479.39
322,590.82
Franklin NextStep Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
347,269.88
228,769.86
465.12
576,504.85
Franklin NextStep Moderate Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
629,458.34
612,422.80
10,076.47
1,251,957.61
Franklin Payout 2017 Fund
Advisor Class Shares
Class R6 Shares
Total
 
176,397.89
176,397.89
352,795.77
Franklin Payout 2018 Fund
Advisor Class Shares
Class R6 Shares
Total
 
176,700.70
176,700.70
353,401.41
Franklin Payout 2019 Fund
Advisor Class Shares
Class R6 Shares
Total
 
202,464.79
202,464.79
404,929.58
Franklin Payout 2020 Fund
Advisor Class Shares
Class R6 Shares
Total
 
202,762.87
202,762.87
405,525.73
J-4
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Franklin Global Trust
  
Franklin Emerging Market Debt Opportunities Fund
Class A Shares
Total
 
44,567,963.22
44,567,963.22
Franklin Global Listed Infrastructure Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
2,660,323.63
579,561.57
295,771.66
10,400.56
1,000.00
3,547,057.41
Franklin Global Real Estate Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
9,155,986.06
1,808,965.64
5,594,219.71
1,986.54
16,561,157.95
Franklin International Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
14,224,903.92
644,233.52
10,504,808.23
27,971.91
4,066,090.48
29,468,008.06
Franklin International Small Cap Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
7,868,680.91
1,115,159.64
36,255,246.56
177,789.43
24,513,815.86
69,930,692.39
Franklin Gold and Precious Metals Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
47,297,643.40
9,506,702.31
9,399,547.38
230,032.38
66,433,925.46
Franklin High Income Trust
  
Franklin High Income Fund
 
  
J-5
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
1,463,356,158.01
292,525,821.42
255,767,551.09
96,981,335.25
17,480,418.33
2,126,111,284.10
Franklin Investors Securities Trust
  
Franklin Adjustable U.S. Government Securities Fund
Class A Shares
Class A1 Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
69,210,245.17
16,184,871.82
26,238,527.98
25,131,178.45
283,419.10
137,048,242.53
Franklin Balanced Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
219,090,927.53
54,641,074.67
17,332,866.30
426,853.19
118,698.46
291,610,420.16
Franklin Convertible Securities Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
38,919,630.25
15,304,699.31
69,263,971.46
640,921.76
124,129,222.77
Franklin Equity Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
73,315,431.06
11,409,585.44
5,070,979.91
303,816.92
492,022.70
90,591,836.04
Franklin Floating Rate Daily Access Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
162,868,099.61
66,386,786.04
198,317,640.62
12,395,556.27
439,968,082.54
Franklin Low Duration Total Return Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
147,992,464.92
19,425,659.71
39,764,771.30
59,385,492.61
266,568,388.55
Franklin Real Return Fund
Class A Shares
 
15,640,637.63
J-6
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
3,774,366.38
3,975,230.98
585,745.12
23,975,980.12
Franklin Total Return Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
 
328,878,596.18
39,609,386.81
87,002,235.55
4,942,281.85
10,967,578.27
471,400,078.66
Franklin Municipal Securities Trust
  
Franklin California High Yield Municipal Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
126,596,840.26
32,735,675.66
66,193,607.10
225,526,123.02
Franklin Tennessee Municipal Bond Fund
Class A Shares
Advisor Class Shares
Total
 
24,088,258.01
2,130,041.47
26,218,299.48
Franklin New York Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
347,528,352.55
54,984,773.29
27,917,232.30
430,430,358.15
Franklin New York Tax-Free Trust
  
Franklin New York Intermediate-Term Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
43,977,044.87
14,110,845.56
36,553,556.15
94,641,446.57
Franklin Real Estate Securities Trust
  
Franklin Real Estate Securities Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
14,643,213.41
3,265,251.08
2,138,937.00
110,061.00
20,157,462.49
Franklin Strategic Mortgage Portfolio
Class A Shares
Class A1 Shares
Class C Shares
Advisor Class Shares
Total
 
2,422,896.45
4,628,386.97
729,577.97
919,388.39
8,700,249.78
Franklin Strategic Series
  
Franklin Biotechnology Discovery Fund
Class A Shares
 
 
7,922,197.91
 
J-7
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
381,793.10
1,084,724.08
55,822.77
9,444,537.86
Franklin Flexible Alpha Bond Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
1,064,081.77
23,125.75
23,972.86
6,105.69
1,000.00
1,118,286.06
Franklin Focused Core Equity Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
4,991,175.79
1,380,104.05
857,153.66
11,169.27
168,118.17
7,407,720.94
Franklin Growth Opportunities Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
64,661,077.21
12,643,460.88
14,514,461.79
1,441,233.52
7,721,904.68
100,982,138.08
Franklin Natural Resources Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
15,504,308.38
3,897,545.76
3,454,304.61
8,185.20
22,864,343.95
Franklin Small Cap Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
36,264,254.30
8,190,574.73
38,305,072.43
4,189,850.02
40,084,031.59
127,033,783.07
Franklin Small-Mid Cap Growth Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
67,177,152.02
13,725,925.10
15,852,304.84
2,541,953.46
5,941,440.60
105,238,776.01
Franklin Strategic Income Fund
Class A Shares
Class C Shares
 
386,171,813.92
137,283,878.18
J-8
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
108,629,825.97
14,609,783.40
37,051,064.40
683,746,365.88
Franklin Tax-Free Trust
  
Franklin Alabama Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
20,312,174.08
4,600,328.14
522,108.46
25,434,610.68
Franklin Arizona Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
71,249,332.91
10,502,667.09
8,740,271.21
90,492,271.22
Franklin Colorado Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
47,755,590.75
9,524,226.24
6,695,373.27
63,975,190.26
Franklin Connecticut Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
20,977,137.67
5,419,160.01
2,601,749.96
28,998,047.64
Franklin Federal Intermediate-Term Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
157,031,418.99
33,020,401.15
166,355,249.54
356,407,069.68
Franklin Federal Limited-Term Tax-Free Income Fund
Class A Shares
Advisor Class Shares
Total
 
75,456,207.78
28,086,158.95
103,542,366.73
Franklin Florida Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
58,270,592.80
7,690,975.70
1,122,446.15
67,084,014.65
Franklin Georgia Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
34,891,712.84
10,255,893.22
2,307,565.76
47,455,171.83
Franklin High Yield Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
 
491,430,658.25
94,206,665.58
134,365,373.87
J-9
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Total
720,002,697.69
Franklin Kentucky Tax-Free Income Fund
Class A Shares
Advisor Class Shares
Total
 
15,153,808.72
620,805.57
15,774,614.29
Franklin Louisiana Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
30,659,914.08
5,872,444.82
1,085,609.15
37,617,968.05
Franklin Maryland Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
31,698,802.33
9,546,699.76
3,966,630.42
45,212,132.52
Franklin Massachusetts Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
31,995,292.88
4,951,420.42
3,235,081.09
40,181,794.39
Franklin Michigan Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
73,932,352.54
11,773,665.50
5,764,351.97
91,470,370.01
Franklin Minnesota Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
56,125,292.80
17,468,026.95
14,756,611.77
88,349,931.52
Franklin Missouri Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
74,395,752.60
14,112,140.16
7,770,813.98
96,278,706.74
Franklin New Jersey Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
64,864,872.34
17,813,256.27
9,732,770.28
92,410,898.89
Franklin North Carolina Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
64,762,243.80
15,771,221.00
9,795,844.37
90,329,309.17
Franklin Ohio Tax-Free Income Fund
Class A Shares
Class C Shares
 
88,824,489.42
25,259,285.68
J-10
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Advisor Class Shares
Total
12,100,256.28
126,184,031.37
Franklin Oregon Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
83,200,984.22
16,398,599.96
8,958,093.97
108,557,678.14
Franklin Pennsylvania Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
93,024,938.41
26,962,348.03
8,747,568.95
128,734,855.39
Franklin Virginia Tax-Free Income Fund
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
44,621,131.85
9,074,698.48
8,109,996.51
61,805,826.83
Franklin Templeton Global Trust
  
Templeton Global Currency Fund
Class A Shares
Advisor Class Shares
Total
 
5,035,046.50
1,665,249.61
6,700,296.11
Franklin Templeton International Trust
  
Franklin India Growth Fund
Class A Shares
Class C Shares
Class R6 Shares
Advisor Class Shares
Total
 
5,209,904.99
1,493,629.03
863,464.35
3,062,909.59
10,629,907.95
Franklin Templeton Money Fund Trust
  
Franklin Templeton U.S. Government Money Fund
Class A Shares
Class C Shares
Class R Shares
Total
 
4,801,941.81
240,822,096.19
7,760,117.26
253,384,155.26
Franklin U.S. Government Money Fund
Class A Shares
Class R6 Shares
Total
 
2,392,175,202.54
69,999,891.43
2,462,175,093.97
Institutional Fiduciary Trust
  
Money Market Portfolio
Class A Shares
Total
 
18,690,282,007.30
18,690,282,007.30
The Money Market Portfolios
  
The U.S. Government Money Market Portfolio
Master Class Shares
Total
 
21,419,816,008.33
21,419,816,008.33
Templeton China World Fund
 
  
J-11
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
8,289,555.63
1,935,559.19
3,539,307.91
50,722.95
13,815,145.68
Templeton Funds
  
Templeton Foreign Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
472,865,242.01
47,611,338.67
191,586,546.07
19,997,095.08
194,899,659.44
926,959,881.27
Templeton World Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
257,328,686.14
8,932,057.18
8,947,433.78
3,247,581.70
278,455,758.79
Templeton Global Investment Trust
  
Templeton Dynamic Equity Fund
Advisor Class Shares
Total
 
1,000,000.00
1,000,000.00
Templeton Emerging Markets Balanced Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Total
 
2,366,212.49
393,390.10
446,564.04
20,254.36
3,226,421.00
Templeton Emerging Markets Small Cap Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Total
 
20,249,663.01
5,124,952.65
35,890,581.23
41,430.84
61,306,627.73
Templeton Foreign Smaller Companies Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
3,435,481.94
480,012.75
1,449,057.92
312.86
5,364,865.46
Templeton Global Balanced Fund
Class A Shares
Class A1 Shares
Class C Shares
Class C1 Shares
Advisor Class Shares
Class R Shares
 
 
244,011,539.61
99,480,570.37
105,350,796.62
61,720,180.64
75,270,383.75
1,632,082.89
 
J-12
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Class R6 Shares
Total
428,468.61
587,894,022.49
Templeton Global Opportunities Trust
Class A Shares
Class C Shares
Advisor Class Shares
Total
 
18,649,488.29
1,405,131.80
746,555.04
20,801,175.12
Templeton Global Smaller Companies Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R6 Shares
Total
 
107,583,456.06
3,380,216.08
9,820,461.57
2,243,019.52
123,027,153.24
Templeton Income Trust
  
Templeton Emerging Markets Bond Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
1,561,104.77
106,974.38
172,118.81
1,298.16
492.61
1,841,988.73
Templeton Global Bond Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
932,970,785.72
305,485,226.50
1,717,804,804.08
23,723,473.71
255,059,203.55
3,235,043,493.55
Templeton Global Total Return Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Class R6 Shares
Total
 
90,336,756.02
36,543,875.55
248,194,499.70
836,193.89
79,262,548.35
455,173,873.52
Templeton International Bond Fund
Class A Shares
Class C Shares
Advisor Class Shares
Class R Shares
Total
 
7,935,568.32
963,898.39
22,210,346.85
28,542.61
31,138,356.16
Templeton Institutional Funds
  
International Equity Series
Primary Shares
Service Shares
Total
 
234,787,592.06
604,181.55
235,391,773.60
Foreign Smaller Companies Series
Advisor Class Shares
 
44,307,487.64
J-13
EXHIBIT J (cont'd)

Fund
Number of Outstanding Shares
Total
44,307,487.64
Global Equity Series
Advisor Class Shares
Total
 
30,450,045.34
30,450,045.34

J-14
EXHIBIT K

PRINCIPAL HOLDER OF SHARES AS OF MAY 31, 2017

Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
178,387,377.91
10.58
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
130,707,634.91
7.75
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
106,215,055.81
6.30
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
174,294,922.94
10.34
 
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
90,565,745.39
5.37
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97965
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
121,430,750.53
7.20
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
32,200,107.94
14.74
 
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
23,481,759.37
10.75
WFCS LLC*
2801 Market Street
St. Louis, MO 63103-2523
31,236,390.75
14.30
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
21,270,786.10
9.74
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GML
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
18,463,606.16
8.45
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
23,032,189.41
 
11.12
 
K-1
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
22,401,598.56
10.82
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
10,560,122.09
5.10
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
11,387,884.56
5.50
WFCS LLC*
2801 Market Street
Saint Louis MO 63103-2523
22,666,553.78
10.94
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
14,290,278.42
6.90
FRANKLIN CALIFORNIA TAX-FREE TRUST
FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
7,164,741.38
9.50
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,420,652.89
13.82
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,678,586.98
7.53
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,880,645.64
6.47
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
10,870,777.55
14.42
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
5,769,763.23
7.65
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97AJ9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
9,665,055.33
12.82
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,867,815.46
13.63
K-2
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,567,540.93
7.45
WFCS LLC*
2801 Market Street
St. Louis, MO 63103-2523
4,142,118.64
19.69
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
1,711,969.02
8.14
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
1,223,258.82
5.81
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GI0
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6486
4,028,681.24
19.15
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center,  Floor 3
Jersey City, NJ 07311-1114
6,656,841.68
12.68
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,221,598.67
8.04
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,344,563.47
8.28
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
8,663,924.11
16.51
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
3,726,881.69
7.10
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
3,919,763.19
7.47
FRANKLIN CALIFORNIA ULTRA-SHORT TAX-FREE INCOME FUND
CLASS A1 SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
236,656.01
5.04
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
343,916.32
7.32
ADVISOR CLASS SHARES
    
Rupert H. Johnson Jr. Trust
Rupert H. Johnson Jr. Trustee
1 Franklin Parkway
San Mateo, CA 94403-1906
 
1,004,261.97
90.56
K-3
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Stephen L. Doerr and Jennifer C. Doerr
277 Derby Avenue
San Mateo, CA 94403-3470
60,470.82
5.45
FRANKLIN CUSTODIAN FUNDS
FRANKLIN DYNATECH FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,857,765.69
27.69
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,670,958.04
6.81
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,531,334.98
6.46
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
361,223.12
5.28
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
550,627.97
8.05
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
810,833.29
11.86
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
565,130.91
8.26
WFCS LLC*
2801 Market Street
St. Louis, MO 63103-2523
420,109.61
6.14
ADVISER CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,832,687.64
46.81
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
562,293.93
6.87
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
512,960.92
6.26
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
530,652.14
6.48
CLASS R SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
367,520.85
51.38
K-4
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
1,419,658.11
18.93
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
3,066,862.50
40.89
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
2,427,429.13
32.36
FRANKLIN FOCUSED GROWTH FUND
    
ADVISOR CLASS SHARES
    
Franklin Resources, Inc.
Franklin Templeton Investments
Corp Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
250,000.00
100.00
FRANKLIN GROWTH FUND
    
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
28,654,113.11
31.50
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,708,275.92
6.28
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97956
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
6,363,885.66
7.00
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
842,134.90
7.42
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,163,800.81
10.26
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
700,649.62
6.18
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,178,163.27
10.38
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
582,222.55
5.13
K-5
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GH0
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
597,706.17
5.27
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,796,806.80
9.38
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,551,366.88
5.20
Ellard & Company*
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
2,161,460.17
7.25
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
1,547,537.98
5.19
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
1,999,490.12
34.27
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
694,292.51
11.90
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
354,287.94
6.07
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
526,122.63
9.02
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
527,490.44
9.04
CLASS R6 SHARES
    
FT Corefolio Allocation Fund
F/T Fund Allocator Series
c/o Fund Accounting
500 East Broward Boulevard
Fort Lauderdale, FL 33394-3000
2,186,303.85
12.44
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting Department
3344 Quality Drive
Rancho Cordova, CA 95670-7313
1,488,949.66
8.47
K-6
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
3,516,254.99
20.01
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
2,615,438.54
14.88
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,112,910.23
6.33
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,215,720.61
6.92
FRANKLIN INCOME FUND
    
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,786,467,271.25
14.11
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,150,199,594.83
10.89
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,783,732,301.35
9.03
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,158,348,896.16
10.93
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,117,599,839.89
11.40
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
984,738,669.73
10.04
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
696,376,561.15
7.10
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,660,195,990.52
16.93
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
685,494,536.93
6.99
K-7
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GM2
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
676,009,936.24
6.89
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
576,154,946.58
12.42
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
396,246,385.69
8.54
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
308,059,168.58
6.64
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
287,820,617.81
6.20
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
251,266,079.54
5.42
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
654,875,468.19
14.12
CLASS R SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive 2nd Floor
Jacksonville, FL 32246-6484
8,984,922.11
5.47
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
35,156,443.47
21.41
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
8,646,509.29
5.26
CLASS R6 SHARES
    
FT Founding Funds Allocation Fund
F/T Fund Allocator Series
c/o Fund Accounting
500 East Broward Boulevard, Suite 2100
Fort Lauderdale, FL 33394-3029
692,138,248.31
90.18
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
39,143,137.21
5.10
FRANKLIN U.S. GOVERNMENT SECURITIES FUND
CLASS A SHARES
    
K-8
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
110,692,579.48
18.26
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
40,185,362.13
6.63
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
33,573,383.23
5.54
WFCS LLC*
2801 Market Street
Saint Louis. MO 63103-2523
33,922,886.29
5.59
Merrill Lynch Pierce Fenner & Smith*
4800 East Deer Lake Drive, 2nd Floor
Jacksonville, FL 32246-6486
53,380,113.40
8.80
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,030,706.20
9.37
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
16,988,243.32
12.21
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
11,043,450.05
7.94
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
14,918,001.98
10.73
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
11,860,826.11
8.53
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
7,262,295.43
5.22
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97GM4
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
10,715,755.63
7.70
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
18,516,605.55
14.18
Ellard & Company*
c/o Fiduciary Trust Company International
P.O.  Box 3199 Church Street Station
New York, NY 10008-3199
6,946,481.18
5.32
Age 13-16 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
10,623,594.15
8.14
K-9
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Age 17-20 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
11,537,849.83
8.84
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
8,280,356.56
6.34
 
Stifel Nicolaus & Company,  Inc.*
501 North Broadway
Saint Louis, MO 63102-2131
8,674,225.01
6.64
CLASS R SHARES
    
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
827,926.85
12.34
Reliance Trust Company*
FBO MassMutual Omnibus PLL/SMF
P.O. Box 48529
Atlanta, GA 30362-1529
427,981.76
6.38
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
364,699.40
5.43
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
24,127,982.38
33.53
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
22,448,916.14
31.19
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
4,716,336.79
6.55
Vanguard Fiduciary Trust Company*
Attn:  Investment Services
Po Box 2600 VM L20
Valley Forge, PA 19482-2600
9,967,799.71
13.85
FRANKLIN UTILITIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
26,308,293.74
11.91
K-10
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
24,293,293.25
11.00
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
18,671,650.12
8.46
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
12,417,677.77
5.62
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
4,724,052.21
8.96
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
7,320,186.93
13.89
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,568,264.42
8.67
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,037,202.67
11.45
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
3,231,736.10
6.13
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
3,656,466.85
6.94
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97GH3
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
3,691,153.66
7.00
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
3,712,324.99
7.85
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,953,265.36
10.48
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,227,097.48
11.06
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
3,282,181.80
6.94
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
2,939,060.42
6.22
K-11
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,249,951.25
6.88
CLASS R SHARES
    
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
528,548.46
10.16
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
435,672.84
8.37
Transamerica Life Insurance
Company*
440 Mamaroneck Avenue
Harrison, NY 10528
403,423.28
7.75
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
590,914.81
11.36
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
1,505,314.47
11.85
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
3,625,509.81
28.54
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
2,762,433.83
21.75
National Financial Service LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,413,627.78
11.13
FRANKLIN FEDERAL TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
171,887,267.78
22.14
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
52,183,630.23
6.72
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
87,075,050.97
11.22
K-12
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
69,172,461.65
8.91
CLASS C SHARES
    
Morgan Stanley Smith Barney
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
8,912,075.34
7.77
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,401,713.48
11.68
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
11,729,662.38
10.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
7,440,621.29
6.49
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
5,929,615.47
5.17
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
12,665,734.93
11.04
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
8,993,301.27
7.84
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GK0
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
7,202,509.32
6.28
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
27,223,713.77
19.82
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
8,967,477.37
6.53
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
11,775,988.94
8.57
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
12,201,573.65
8.88
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
7,753,446.66
5.65
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
12,330,046.37
8.98
K-13
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN FUND ALLOCATOR SERIES
FRANKLIN CONSERVATIVE ALLOCATION FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,488,688.66
24.30
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,763,147.31
8.58
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,766,833.54
8.59
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
2,791,885.20
5.03
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
5,863,313.54
10.56
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,908,618.43
6.04
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,067,336.49
9.71
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,912,123.75
6.05
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,836,249.09
8.97
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
4,197,603.60
13.28
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,643,615.72
5.20
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
227,200.44
10.34
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
118,186.57
5.38
National Financial Services LLC*
Attn: Mutual Fund Department 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
133,055.94
6.05
K-14
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
105 Rosemont Road
Westwood, MA 02090-2318
167,434.01
7.62
PIMS Prudential Retirement*
P.O.  Box 37
Cedar Rapids, IA 52406-0037
126,085.48
5.74
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
179,406.75
8.16
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
6,353,043.03
72.43
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
597,804.45
6.82
Mid Atlantic Trust Company*
1251 Waterfront Place Suite 525
Pittsburgh, PA 15222
548,788.67
6.26
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
25,588.14
15.69
Mid Atlantic Trust Company *
1251 Waterfront Place Suite 525
Pittsburgh, PA 15222
131,138.84
80.39
FRANKLIN COREFOLIO ALLOCATION FUND
CLASS A SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,257,497.90
7.74
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,589,298.66
5.45
WFCS LLC*
2801 Market Street
Saint Louis,  MO 63103-2523
1,617,060.98
5.55
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
605,891.53
6.69
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
734,056.35
8.11
K-15
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
457,058.70
5.05
ADVISOR CLASS SHARES
    
Christopher J. Molumphy
4 Creek Park Drive
Portola Valley,  CA 94028-8068
129,337.11
8.98
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
272,307.32
18.91
CLASS R SHARES
    
FTIOS*
1477 East 700th Avenue
Altamont, IL 62411-2379
7,574.87
9.14
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,091.99
7.35
FTIOS*
13750 Eaton Road
Pine Grove, CA 95665-9764
25,197.55
30.39
PAI Trust Company Inc.*
1300 Enterprise Drive
De Pere, WI 54115-0000
4,688.32
5.65
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
5,738.58
6.92
FRANKLIN FOUNDING FUNDS ALLOCATION FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
23,929,989.54
10.13
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
24,476,111.26
10.36
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
20,584,406.34
8.71
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
21,803,090.55
9.23
J.P. Morgan Securities LLC
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
13,397,721.60
5.67
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
6,924,148.02
7.30
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
8,618,516.25
9.09
K-16
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
6,507,517.50
6.86
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
12,013,017.40
12.66
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
6,074,347.32
6.40
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
788,263.44
7.23
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,085,633.78
9.96
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
661,258.55
6.07
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
688,835.67
6.32
Ascensus Trust Company*
P.O. Box 10758
Fargo, ND 58106
642,656.29
5.90
John Hancock Life Insurance Company USA
RPS – Trading Operations ST-4
601 Congress Street
Boston, MA 02210-2805
2,665,741.16
24.47
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
784,140.74
7.20
CLASS R SHARES
    
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
39,109.78
5.87
MG Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
74,250.07
11.15
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
40,128.76
6.025
FRANKLIN GROWTH ALLOCATION FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,157,737.66
22.98
K-17
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,508,912.98
7.94
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,550,221.76
8.03
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
2,968,738.38
6.72
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,072,011.40
6.41
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,148,054.97
6.87
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
919,122.00
5.50
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,291,827.25
7.73
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
229,699.95
10.25
Christopher J. Molumphy
4 Creek Park Drive
Portola Valley, CA 94028-8068
242,806.25
10.84
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
105 Rosemont Road
Westwood, MA 02090-2318
158,499.82
7.08
Great-West Trust Company LLC*
8515 East Orchard Road 2T2
Greenwood Village, CO 80111
126,394.03
5.64
PIMS Prudential Retirement*
P.O. Box 37
Cedar Rapids, IA 52406-0037
294,304.28
13.14
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
118,155.31
5.27
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
3,359,258.76
58.86
K-18
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
605,148.98
10.60
CLASS R6 SHARES
    
Great-West Trust Company LLC*
8525 East Orchard Road
c/o Mutual Fund Trading
Greenwood, Village, CO 80111
24,971.03
16.69
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
105,829.23
70.72
FRANKLIN MODERATE ALLOCATION FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
23,450,748.02
26.51
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
7,463,377.16
8.44
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
7,500,518.32
8.48
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
6,311,388.16
7.14
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,384,431.60
6.33
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,287,971.80
8.72
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,542,344.01
6.75
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,732,119.74
7.25
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
2,323,318.66
6.16
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
2,264,860.34
6.01
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
395,270.82
13.01
K-19
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
213,427.13
7.02
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
290,717.32
9.57
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
105 Rosemont Road
Westwood, MA 02090-2318
294,802.03
9.70
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
180,765.04
5.95
RBC Capital Markets LLC*
Attn: Mutual Fund Operations Manager
510 Marquette Avenue South
Minneapolis, MN 55402-1110
170,871.54
5.62
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
5,772,682.60
60.94
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
1,014,572.39
10.71
CLASS R6 SHARES
    
Mid Atlantic Trust Company*
1251 Waterfront Place Suite 525
Pittsburgh, PA 15222
256,425.31
94.26
FRANKLIN LIFESMARTTM RETIREMENT INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
457,672.18
14.45
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
324,783.19
10.26
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
81,582.46
5.40
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
84,437.60
5.59
ADVISOR CLASS SHARES
    
K-20
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FTIOS*
308 West Thirty-First Street
P.O. Box 30683
Sea Island, GA 31561-0683
11,680.89
6.84
FTIOS*
3675 Fair Oaks Avenue
Menlo Park, CA 94025-1824
56,967.89
33.37
National Financial Services LLC*
Attn: Mutual Funds Department
499 Washington Boulevard, Floor 4
Jersey City, NJ 07310-1995
9,080.85
5.32
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
51,129.71
29.95
CLASS R SHARES
    
Ascensus Trust Company*
P.O. Box 10758
Fargo, ND 58106-0758
59,708.69
14.65
Matrix Trust Company*
35 Iron Point Circle, Suite 300
Folsom, CA 95630
27,556.24
6.76
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
23,111.71
5.67
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
82,897.89
20.34
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
91,968.29
22.56
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
166,575.53
45.67
Massachusetts Mutual Insurance Company*
1295 State Street
Springfield, MA 01111
19,661.11
5.39
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
178,307.63
48.88
FRANKLIN LIFESMARTTM 2020 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
177,606.00
9.92
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
232,471.37
12.98
K-21
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FIIOC*
100 Magellan Way
Covington, KY 41015-1987
205,978.60
11.50
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
123,139.25
6.87
CLASS C SHARES
    
FTIOS*
33282 Acapulco Drive
Dana Point, CA 92629-1004
25,911.94
5.57
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
51,715.91
11.12
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
29,840.52
6.42
Advisor Class Shares
    
FTIOS*
660 4th Avenue
San Bruno, CA 94066-4514
1,799.32
5.52
FTIOS*
6116 Brazil Avenue
Orangevale, CA 95662-4702
12,249.04
37.56
Phillip and Marilyn Niehaus Living Trust
Phillip E. Niehaus and Marilyn V. Niehaus Trustee
411 West 20th Avenue
San Mateo, CA 94403-1304
3,780.42
11.59
FTIOS*
5428 Eaglebrook Terrace
Dublin, CA 94568-1164
5,156.59
15.81
FTIOS*
2212 Woodcliff Way
Rancho Cordova, CA 95670-2241
2,044.21
6.27
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,447.42
19.77
CLASS R SHARES
    
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
217,452.15
86.14
FTIOS*
803 Lisa Drive
Waterloo, IA 50701-5211
15,355.66
6.08
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
728,943.00
98.73
FRANKLIN LIFESMARTTM 2025 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
598,259.88
9.80
K-22
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
393,457.88
6.45
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
313,075.84
5.13
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
123,483.62
5.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
146,263.59
6.65
ADVISOR CLASS SHARES
    
FTIOS*
2411 West Aloe Vera Drive
Phoenix, AZ 85085-7017
12,620.09
9.97
FTIOS*
3441 Data Drive Apartment 357
Rancho Cordova, CA 95670-7995
6,399.88
5.06
FTIOS*
2045 Ophir Hill Court
Gold River, CA 95670-7725
6,676.15
5.27
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
9,825.40
7.76
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
6,840.44
5.40
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
33,762.66
26.68
CLASS R SHARES
    
Matrix Trust Company*
35 Iron Point Circle, Suite 300
Folsom, CA 95630
32,304.50
5.12
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
68,075.66
10.79
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
93,706.49
14.85
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
119,328.17
18.91
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
49,127.22
7.78
K-23
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
94,769.03
15.02
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
287,142.79
23.09
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
935,311.46
75.21
FRANKLIN LIFESMARTTM 2030 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
99,250.95
6.48
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
120,025.61
7.84
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
98,068.67
6.40
Taynik & Company
c/o State Street Bank
200 Clarendon Street
Boston, MA 02116-5052
108,449.57
7.08
FIIOC*
100 Magellan Way
Covington, KY 41015-1987
171,146.70
11.18
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
87,920.24
5.74
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
31,439.92
5.94
ADVISOR CLASS SHARES
    
FTIOS*
11276 Stanford Court Lane, Unit 506
Gold River, CA 95670-6345
5,881.84
12.79
FTIOS*
961 Terra Vista Street
Brandon, FL 33511-6647
10,141.28
22.06
FTIOS*
1236 Tilia Street
San Mateo, CA 94402-2904
5,019.75
10.92
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,392.36
7.38
K-24
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
RBC Capital Markets LLC*
Attn: Mutual Fund Operations Manager
510 Marquette Avenue
Minneapolis, MN 55402-1110
17,291.33
37.61
CLASS R SHARES
    
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
89,951.87
82.77
Mid Atlantic Trust Company*
1251 Waterfront Place Suite 525
Pittsburgh, PA 15222
9,645.36
8.87
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,342,350.71
98.91
FRANKLIN LIFESMARTTM 2035 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
317,880.10
7.11
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
322,638.71
7.22
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
278,732.19
6.24
CLASS C SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
87,716.99
5.58
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,044.05
5.02
FTIOS*
5263 Mountain Top Road East
New Hope, PA 18938-5442
19,965.33
19.87
FTIOS*
350 Westlake Drive
West Sacramento, CA 95605-2560
15,832.80
15.75
FTIOS*
2118 Babson Drive
Elk Grove, CA 95758-7623
11,206.96
11.15
CLASS R SHARES
    
Matrix Trust Company*
35 Iron Point Circle, Suite 300
Folsom, CA 95630
41,898.60
8.71
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
31,033.75
6.45
K-25
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
58,814.25
12.22
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
139,890.88
29.07
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
24,715.38
5.14
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
63,116.09
13.12
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
199,937.58
10.90
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,578,498.50
86.03
FRANKLIN LIFESMARTTM 2040 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
68,344.81
6.00
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
64,368.38
5.65
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
141,756.46
12.45
Taynik & Company
c/o State Street Bank
200 Clarendon Street
Boston, MA 02116-5052
120,063.22
10.54
FIIOC*
100 Magellan Way
Covington, KY 41015-1987
64,582.90
5.67
CLASS C SHARES
    
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
42,374.35
15.83
ADVISOR CLASS SHARES
    
FTIOS*
1636 Chateau Drive
Clearwater, FL 33756-1808
767.746
6.25
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
7,759.40
63.22
K-26
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
788.144
6.42
FTIOS*
8124 Laurel Tree Drive
Orlando, FL 32819-6922
1,392.20
11.34
CLASS R SHARES
    
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
111,774.01
72.21
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
32,217.27
20.81
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,245,848.41
97.75
FRANKLIN LIFESMARTTM 2045 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
285,807.31
8.42
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
180,579.12
5.32
CLASS C SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
88,674.87
8.95
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
7,216.51
13.47
FTIOS*
3061 Ashridge Way
Granite Bay, CA 95746-7215
5,119.08
9.56
FTIOS*
734 9th Avenue North
Saint Petersburg, FL 33701-1517
3,118.10
5.82
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
8,985.17
16.77
CLASS R SHARES
    
FTIOS*
231 Lakewood Parkway
Burlington, VT 05408-2726
29,335.77
7.03
K-27
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston,  MA 02111-2901
106,948.84
25.62
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
119,617.83
28.66
PAI Trust Company Inc.
1300 Enterprise Drive
De Pere, WI 54115-0000
21,800.00
5.22
Merrill Lynch Pierce Fenner & Smith*
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
45,869.16
10.99
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
127,392.82
13.51
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
805,929.11
85.45
FRANKLIN LIFESMARTTM 2050 RETIREMENT TARGET FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
82,276.34
8.70
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
64,357.80
6.80
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
50,565.36
5.35
State Street Bank and Trust
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
122,243.23
12.92
CLASS R SHARES
    
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
105,779.88
82.95
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
7,937.95
6.22
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
835,698.52
98.44
FRANKLIN LIFESMARTTM 2055 RETIREMENT TARGET FUND
K-28
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
CLASS A SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
70,947.03
20.44
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
29,528.98
8.51
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
36,137.72
10.41
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
39,377.27
11.35
ADVISOR CLASS SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000.00
33.72
FTIOS*
4131 58th Way North
Saint Petersburg, FL 33709-5261
188.693
6.36
FTIOS*
10596 Mountain View Avenue, Apartment L
Redlands, CA 92373-8445
259.543
8.75
FTIOS*
1168 Noble Road
Concordia, KS 66901-7144
423.962
14.30
FTIOS*
1168 Noble Road
Concordia, KS 66901-7144
666.133
22.46
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
206.784
6.97
CLASS R SHARES
    
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
27,408.27
79.72
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
2,491.62
7.25
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
2,651.62
7.71
CLASS R6 SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
21,153.22
9.92
K-29
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
188,793.66
88.56
FRANKLIN NEXTSTEP CONSERVATIVE FUND
CLASS A SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
77,404.21
82.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
14,607.13
15.62
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
228,622.12
100.00
ADVISOR CLASS SHARES
    
Franklin Resources, Inc.
Franklin Templeton Investments
Corp Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
479.39
100.00
FRANKLIN NEXTSTEP GROWTH FUND
CLASS A SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
338,622.44
97.67
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
228,564.12
99.91
ADVISOR CLASS SHARES
    
Franklin Resources, Inc.
Franklin Templeton Investments
Corp. Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
465.12
100.00
FRANKLIN NEXTSTEP MODERATE FUND
CLASS A SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
618,674.99
98.29
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
608,711.53
99.39
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,076.47
100.00
K-30
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN PAYOUT 2017 FUND
ADVISOR CLASS SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
176,397.89
100.00
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
176,397.89
100.00
FRANKLIN PAYOUT 2018 FUND
ADVISOR CLASS SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
176,700.70
100.00
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
176,700.70
100.00
FRANKLIN PAYOUT 2019 FUND
ADVISOR CLASS SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
202,464.79
100.00
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
202,464.79
100.00
FRANKLIN PAYOUT 2020 FUND
    
ADVISOR CLASS SHARES
    
Franklin Advisers, Inc.
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
202,762.87
100.00
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
202,762.87
100.00
K-31
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN PAYOUT 2021 FUND
    
FRANKLIN PAYOUT 2022 FUND
    
FRANKLIN PAYOUT 2023 FUND
    
FRANKLIN GLOBAL TRUST
FRANKLIN EMERGING MARKET DEBT OPPORTUNITIES FUND
CLASS A SHARES
    
Plymouth County Retirement Plan
10 Cordage Park, Suite 234 Circle
Plymouth, MA 02360
3,024,761.48
6.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
8,066,609.36
18.10
RCAB Collective Investment Partnership
Attn: Keith Marshall
66 Brooks Drive
Braintree, MA 02184-3839
2,533,714.71
5.68
Mcwood Company
P.O. Box 29522
Raleigh, NC 27626-0522
5,423,380.29
12.17
Anthem Health Plans Of Virginia Inc.
120 Monument Circle
Indianapolis, IN 46204-4906
10,176,422.11
22.83
SEI Private Trust Company
c/o Union Bank ID 797
One Freedom Valley Drive
Oaks, PA 19456
3,963,122.73
8.89
FRANKLIN GLOBAL LISTED INFRASTRUCTURE FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
602,922.93
22.66
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0002
587,409.44
22.08
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
195,922.39
7.36
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0002
217,218.03
37.50
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
34,201.57
5.90
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
55,046.97
18.30
K-32
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0002
57,377.34
19.08
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
68,922.65
22.91
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
40,917.39
13.60
CLASS R SHARES
    
FTIOS*
157 Hart Avenue
Doylestown, PA 18901-5723
3,781.45
36.36
Mid Atlantic Trust Company*
1251 Waterfront Place Suite 525
Pittsburgh, PA 15222
3,426.26
32.94
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0002
2,730.28
26.25
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/2
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000.00
100.00
FRANKLIN GLOBAL REAL ESTATE FUND
CLASS A SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,170,725.84
23.71
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,376,834.48
15.04
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
903,483.67
9.87
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
127,249.21
7.04
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
295,328.26
16.33
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
130,283.26
7.20
ADVISOR CLASS SHARES
    
K-33
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
3,219,935.56
57.59
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,389,620.86
24.85
CLASS R6 SHARES
    
PAI Trust Company Inc.
DML Group LLC 401K P S Plan
1300 Enterprise Drive
De Pere, WI 54115-0000
1,986.54
100.00
FRANKLIN INTERNATIONAL GROWTH FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,159,579.89
8.14
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
10,273,518.03
72.16
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
40,788.95
6.33
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
35,759.31
5.55
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
90,686.67
14.08
ADVISOR CLASS SHARES
    
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
8,987,581.94
85.52
CLASS R SHARES
    
FTIOS*
23 Wolcott Avenue
Stonington, CT 06378-2755
2,703.78
9.67
FTIOS*
411 Twitchell Hill Road
Shaftsbury, VT 05262-9257
1,702.61
6.09
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
8,145.45
29.12
K-34
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Jeffrey E. Jones and Edward J. Clark and Jonathan Lozevski Trustees
Carolina Radiology Consultants
Defined Benefits Plan
1705 Tarboro Street Southwest
Wilson, NC 27893-3428
5,443.73
19.46
FTIOS*
518 East Gambier Street
Mount Vernon, OH 43050-3760
2,678.96
9.58
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
1,894.50
6.77
CLASS R6 SHARES
    
Pinnacol Assurance
7501 East Lowry Boulevard
Denver, CO 80230-7006
2,450,941.31
60.28
Wells Fargo Bank N.A.*
Attn: Mutual Fund Operations
P.O. Box 1533
Minneapolis, MN 55480-1533
539,079.35
13.26
Lincoln Retirement Services Company*
P.O. Box 7876
Fort Wayne, IN 46801-7876
590,170.31
14.51
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
474,430.44
11.67
FRANKLIN INTERNATIONAL SMALL CAP GROWTH FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,719,866.28
21.81
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
850,615.82
10.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
660,577.39
8.38
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
486,835.39
6.17
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
450,732.91
5.72
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
71,533.38
6.42
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
130,960.89
11.75
K-35
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
83,551.37
7.50
Stifel Nicolaus & Company, Inc.*
501 North Broadway
Saint Louis, MO 63102-2131
72,843.48
6.54
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
67,977.63
6.10
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
138,641.22
12.44
ADVISOR CLASS SHARES
    
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008-3199
3,300,397.58
9.10
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
2,791,223.37
7.70
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
9,026,011.69
24.89
Mitra Company*
480 Pilgrim Way  Suite 1000
Green Bay, WI 54304
2,061,610.15
5.68
Age Based Growth Asset Allocation
Age Newborn 8 Years 529 Portfolio
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
2,192,147.54
6.04
Age Based Growth Asset Allocation
Age New 9-12 Years 529 Portfolio
Attn: Fund Accounting
300 Southeast 2nd Sreet, Floor 8
Fort Lauderdale, FL 33301-1965
2,549,825.38
7.03
CLASS R SHARES
    
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
51,340.04
28.87
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
9,507.91
5.35
Equitable Life For Separate Account*
200 Plaza Drive Unit HM-2
Secaucus, NJ 07094-3607
19,771.18
11.12
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
27,823.09
15.65
K-36
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Knox Chapman Utility District
P.O. Box 1090
Paris, TN 38242
12,952.65
7.28
West Knox Utility District
P.O. Box 1090
Paris, TN 38242
21,548.30
12.12
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
2,761,664.08
11.27
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
6,660,937.10
27.17
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
5,506,461.08
22.46
Wells Fargo Bank N.A.*
P.O. Box 1533
Minneapolis, MN 55480
1,274,354.44
5.20
The Pennsylvania State University
331 Building, Suite 316
University Park, PA 16802
3,492,980.63
14.25
Permanent Fund Investments LLC
356 Ouray Drive, P.O. Box 1410
Ignacio, CO 81137-1410
2,096,474.31
8.55
FRANKLIN GOLD AND PRECIOUS METALS FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis Mo 63131-3710
2,777,748.50
5.87
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,911,956.48
6.15
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,680,797.18
5.67
Taiwan Cooperative Bank Trust Account
No 7 Yong Sui Street
Taipei, Taiwan
2,705,110.83
5.72
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
508,881.43
5.36
K-37
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,503,982.10
15.83
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
701,888.95
7.39
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,285,456.30
13.53
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
478,327.74
5.04
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
886,814.26
9.43
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,043,393.22
21.73
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
993,658.54
10.57
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
471,543.12
5.01
Ellard & Company
c/o Fiduciary Trust Company International
Church Street Station P.O. Box 3199
New York, NY 10008-3199
583,172.32
6.20
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
642,966.33
6.84
CLASS R6 SHARES
    
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
43,676.19
18.99
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
105 Rosemont Road
Westwood, MA 02090-2318
36,087.17
15.69
Ascensus Trust Company*
P.O. Box 10758
Fargo, ND 58106
23,481.86
10.21
Great-West Trust Company LLC*
8515 E Orchard Road 2T2
Greenwood Village, CO 80111
56,735.45
24.66
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
13,175.72
5.73
K-38
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN HIGH INCOME TRUST
FRANKLIN HIGH INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
240,498,558.31
16.44
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
138,291,480.67
9.45
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
96,152,028.95
6.57
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
99,749,062.22
6.82
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
21,655,108.58
7.41
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
41,799,263.56
14.30
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
21,700,026.45
7.43
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
18,391,221.65
6.29
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
30,344,318.31
10.38
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
24,040,299.36
9.40
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
63,666,341.80
24.89
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
20,529,363.33
8.02
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
13,937,466.32
5.45
K-39
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
13,681,865.19
5.35
TD Ameritrade Inc.*
P.O. Box 2226
Omaha, NE 68103-2226
13,015,423.43
5.09
CLASS R SHARES
    
Great-West Trust Company LLC*
c/o Mutual Fund Trading
8525 East Orchard Road
Greenwood Village, CO 80111-5002
5,467,065.01
5.64
Hartford Life Insurance Company*
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
48,962,492.44
50.49
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
5,682,780.31
5.86
CLASS R6 SHARES
    
Kentucky Public Employees
Deferred Compensation Authority
c/o Nationwide As Custody & Record Keeper
IPO Portfolio Accounting
P.O. Box 182029
Columbus, OH 43218-2029
13,395,252.74
76.63
Great-West Trust Company LLC*
8515 E Orchard Road 2T2
Greenwood Village, CO 80111
1,203,308.82
6.88
FRANKLIN INVESTORS SECURITIES TRUST
FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
14,255,291.57
20.60
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,288,791.94
9.09
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,953,877.63
8.60
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,664,910.05
5.3
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
4,720,273.91
6.82
CLASS A1 SHARES
    
K-40
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,226,406.67
19.97
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,777,249.04
11.00
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,097,976.67
6.79
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
873,059.50
5.40
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
  967,864.94 6.00
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,962,121.44
7.49
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,239,362.97
8.55
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,793,822.42
10.67
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,430,476.29
5.46
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,172,659.05
12.11
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
2,358,041.63
9.00
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,466,040.38
5.60
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GJ0
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,606,049.31
6.13
ADVISOR CLASS SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,090,693.52
8.33
K-41
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,652,451.60
18.55
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,165,852.37
8.63
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
1,678,905.70
6.69
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
1,669,448.47
6.65
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,624,025.88
6.47
CLASS R6 SHARES
    
TD Ameritrade Trust Company*
Attn: House
P.O. Box 17748
Denver, CO 80217-0748
259,578.24
91.59
FRANKLIN BALANCED FUND
    
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
140,159,426.50
64.05
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,824,923.79
5.18
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,560,339.89
19.35
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,758,492.26
8.72
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
2,927,994.61
5.37
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
5,997,989.74
10.99
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
3,288,668.13
6.03
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
2555 Manchester Road
Saint Louis, MO 63131-3710
8,299,074.62
47.88
K-42
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
910,595.22
5.25
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
983,289.96
5.67
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,654,729.55
9.55
CLASS R SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
38,179.01
8.94
Ascensus Trust Company *
P.O. Box 10758
Fargo, ND 58106
30,628.36
7.18
Alerus Financial
P.O. Box 64535
St. Paul, MN 55164-0535
48,136.12
11.28
Alerus Financial
P.O. Box 64535
St. Paul, MN 55164-0535
147,010.88
34.44
CLASS R6 SHARES
    
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
15,663.67
13.2
Mid Atlantic Trust Company*
1251 Waterfront Place  Suite 525
Pittsburgh, PA 15222
14,511.94
12.23
Robert Schaeffer Trustee
Robert Schaeffer DDS PS Plan
125 Emerson Avenue
Floral Park, NY 11001-1220
68,335.30
57.57
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
17,036.26
14.35
FRANKLIN CONVERTIBLE SECURITIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,873,347.40
9.95
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,299,064.85
13.61
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,541,873.55
11.66
K-43
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,719,998.82
6.99
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
3,252,241.28
8.35
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,289,426.62
14.95
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,489,036.10
9.73
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,132,578.23
7.4
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,405,541.67
9.18
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
2,286,356.96
14.93
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97HS3
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,878,140.14
12.27
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
6,167,857.14
8.89
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
9,739,587.06
14.03
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
23,231,479.14
33.47
WFCS LLC*
2801 Market Street
Saint Louis Mo 63103-2523
6,830,417.17
9.84
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
6,201,235.13
8.93
CLASS R6 SHARES
    
TD Ameritrade Trust Company*
Attn: House
P.O.  Box 17748
Denver, CO 80217-0748
46,722.15
7.29
K-44
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Fifth Third Bank Trustee
FBO WFT-E-Valuator Moderate RM
5001 Kingsley Drive, Department 3385
Cincinnati, OH 45263
222,449.10
34.71
Fifth Third Bank Trustee
FBO WFT-E-Valuator Growth RMS Fd
5001 Kingsley Drive, Department 3385
Cincinnati, OH 45227-1114
200,512.07
31.28
Fifth Third Bank Trustee
FBO WFT-E-Valuator Conservative RMD Fd
5001 Kingsley Drive Dept. 3385
Cincinnati, OH 45227-1114
105,844.17
16.51
FRANKLIN EQUITY INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
41,054,644.85
56.07
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,984,670.55
5.44
CLASS C SHARES
    
Edward Jones & Co.*
For The Benefit Of Customers
12555 Manchester Road
Saint Louis, MO 63131-3710
1,325,836.77
11.63
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
988,865.81
8.68
Renaissance Charitable Foundation Inc.
FBO FT Charitable Giving Fund
Gregory W. Baker & Douglas W. Cox
And Steven R. Ko Trustee
8910 Purdue Road, Suite 555
Indianapolis, IN 46268-3161
1,548,522.52
13.59
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
974,580.68
8.55
Raymond James*
880 Carillon Parkway
St. Petersburg, FL 33716-1102
591,288.56
5.19
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,974,324.43
38.87
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
338,530.02
6.66
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
806,314.90
15.87
K-45
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
329,828.51
6.49
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
269,047.24
5.3
CLASS R SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
18,470.85
6.08
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
36,772.22
12.10
Pajka Eye Center Inc., Trustee FBO Pajka Eye Center, Inc. PSP
c/o Fascore LLC
8515 East Orchard Road 2T2
Greenwood Village, CO 80111
26,929.95
8.86
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
23,585.84
7.76
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
484,258.71
98.42
FRANKLIN FLOATING RATE DAILY ACCESS FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
23,152,138.22
14.23
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
22,063,926.19
13.56
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
26,956,429.49
16.57
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
11,415,547.78
7.02
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
3,742,256.97
5.64
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,901,471.98
5.88
K-46
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
9,606,740.45
14.48
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,890,697.52
7.37
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
7,160,749.43
10.8
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
3,738,054.75
5.64
ADVISOR CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
56,288,615.30
28.35
SEI Private Trust Company*
1 Freedom Valley Drive
Oaks, PA 19456-9989
27,027,838.20
13.61
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 9E7M9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
64,677,938.22
32.57
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
4,775,066.49
38.52
Franklin Templeton 2015 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
1,667,841.98
13.46
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
4,430,907.90
35.75
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
928,725.45
7.49
FRANKLIN LOW DURATION TOTAL RETURN FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
78,028,578.93
52.75
K-47
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,228,806.85
6.91
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
20,107,350.98
13.59
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
4,978,550.49
25.68
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,126,786.52
10.97
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,483,405.51
7.65
Merrill Lynch Pierce Fenner & Smith*
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
3,416,187.20
17.62
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,744,304.80
34.40
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
2,065,514.73
5.17
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
8,130,803.52
20.35
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,389,612.28
10.99
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
23,898,904.18
40.24
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
23,097,156.74
38.89
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
4,984,011.57
8.39
FRANKLIN REAL RETURN FUND
CLASS A SHARES
    
K-48
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
4,950,410.10
31.69
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,335,051.63
14.95
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,046,268.57
6.7
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
413,921.97
10.98
Pershing LLC
1 Pershing Plaza
Jersey City, NJ 07399-0001
584,017.92
15.49
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
273,408.63
7.25
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
280,549.62
7.44
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
221,957.63
5.89
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,230,944.40
31.02
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
362,336.74
9.13
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,401,185.68
35.31
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
208,905.74
5.26
CLASS R6 SHARES
    
National Financial Service LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
336,732.96
57.49
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
234,057.77
39.96
FRANKLIN TOTAL RETURN FUND
CLASS A SHARES
    
K-49
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
235,553,212.20
71.71
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
18,837,140.87
5.73
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,701,557.28
27.07
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 East Deer Lake Drive East
Jacksonville, FL 32246-6486
2,475,323.82
6.26
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,741,932.30
11.99
Renaissance Charitable Foundation Inc.
FBO FT Charitable Giving Fund
Gregory W. Baker & Douglas W. Cox
And Steven R. Ko Trustee
8910 Purdue Road Suite 555
Indianapolis, IN 46268-3161
2,763,858.36
6.99
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,413,078.87
6.10
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
29,281,962.83
33.59
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,476,214.65
6.28
Age 13-16 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
6,839,381.48
7.85
Age 17-20 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
7,393,099.72
8.48
Ellard & Company
c/o Fiduciary Trust Company International
P.O.  Box 3199 Church Street Station
New York, NY 10008-3199
7,324,030.13
8.40
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
1,932,679.89
39.10
K-50
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Massachusetts Mutual Life Insurance Company*
1295 State Street
Springfield, MA 01111-0001
536,070.42
10.85
CLASS R6 SHARES
    
Union Bank Trust Nominee*
P.O. Box 85484
San Diego, CA 92186-5484
6,768,701.23
61.72
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
3,455,687.16
31.51
FRANKLIN MUNICIPAL SECURITIES TRUST
FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
11,625,936.26
9.177
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
14,296,904.48
11.29
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
9,477,320.40
7.48
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
7,818,249.36
6.17
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
16,543,231.88
13.06
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
7,831,945.64
6.18
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97BR0
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
11,496,951.23
9.08
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
4,865,267.11
14.88
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,850,720.84
8.72
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,850,567.50
5.66
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,412,607.55
13.5
K-51
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
2,466,423.16
7.54
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
2,138,202.05
6.54
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97KT6
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,497,853.91
13.756
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
8,447,717.52
12.78
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,837,237.03
5.80
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,315,030.92
5.01
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
5,854,955.65
8.85
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,281,486.80
9.5
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
4,728,647.80
7.15
FRANKLIN TENNESSEE MUNICIPAL BOND FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
8,852,276.32
36.73
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,466,367.37
6.08
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,291,110.82
9.51
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,610,721.87
6.68
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
2,064,138.22
8.57
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,374,392.66
5.70
K-52
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97D95
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,527,312.85
6.34
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
325,139.25
15.14
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
270,309.77
12.58
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
191,145.05
8.9
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
727,824.47
33.88
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
446,528.59
20.79
FRANKLIN NEW YORK TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial, Center Floor 3
Jersey City, NJ 07311-1114
23,191,155.39
6.675
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
52,286,549.40
15.049
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
25,024,148.98
7.202
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
23,651,887.14
6.807
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
21,044,097.08
6.057
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97929
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
22,575,088.84
6.497
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
5,689,026.27
10.35
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
12,738,314.38
23.18
K-53
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,075,607.49
5.6
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,305,398.00
7.83
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
9,132,179.90
16.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97GL0
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,029,818.75
7.33
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,413,968.94
8.66
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 9EJK0
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
2,366,764.01
8.49
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,427,514.19
23.05
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,520,281.20
9.04
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,557,511.64
5.59
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
1,823,146.89
6.54
FRANKLIN NEW YORK TAX-FREE TRUST
FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
4,175,687.00
9.50
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,281,231.82
23.39
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,419,467.54
10.06
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,286,202.21
7.48
K-54
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
3,493,667.17
7.95
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97AJ8
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
3,019,422.86
6.87
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,847,408.55
13.11
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,577,139.11
18.29
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,539,297.73
10.92
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
1,505,032.17
10.68
Merrill Lynch Pierce Fenner & Smith*
Attn:  Fund Administration/ 97GJ0
4800 Deer Lake Drive East,  Floor 2
Jacksonville, FL 32246-6486
2,174,044.54
15.43
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
3,117,217.22
8.53
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
3,045,073.38
8.33
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
9,919,448.12
27.13
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,433,311.94
6.66
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
2,239,390.68
6.13
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
6,089,763.35
16.66
FRANKLIN REAL ESTATE SECURITIES TRUST
FRANKLIN REAL ESTATE SECURITIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,536,916.81
17.33
K-55
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,579,362.54
10.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,252,505.32
8.56
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
951,193.14
6.5
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
383,898.27
11.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
203,408.10
6.24
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
168,521.16
5.17
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
385,769.09
11.84
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
163,915.82
5.03
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
253,944.61
11.88
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
731,456.62
34.23
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
237,597.65
11.12
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
161,254.47
7.55
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
295,612.64
13.83
CLASS R6 SHARES
    
TIAA-CREF Trust Company
Attn:  Trust Operations
211 North Broadway  Suite 1000
Saint Louis, MO 63102-2733
46,029.49
41.82
Great-West Trust Company LLC*
8515 East Orchard Road 2T2
Greenwood Village, CO 80111
14,285.25
12.98
K-56
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
State Street Bank and Trust Company*
1 Lincoln Street
Boston, MA 02111-2901
12,429.59
11.29
Johnson Pope Trustee FNP
Johnson Pope 401K PSP
c/o Fascore LLC
8515 East Orchard Road 2T2
Greenwood Village, CO 80111
12,902.77
11.72
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
453,481.25
18.71
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
127,302.04
5.25
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
270,834.95
11.17
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
261,590.25
10.79
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
184,955.18
7.63
CLASS A1 SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
287,117.78
6.20
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
302,081.61
6.53
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,504,079.83
32.50
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
504,654.81
10.91
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
281,987.13
6.09
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
95,371.59
13.02
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
87,182.86
11.90
K-57
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
42,371.34
5.78
ADVISOR CLASS SHARES
    
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
370,140.74
40.26
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
201,523.75
21.92
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
47,926.33
5.21
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
71,078.10
7.73
FRANKLIN STRATEGIC SERIES
FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,202,219.26
15.18
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
815,966.15
10.31
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
573,476.14
7.24
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
586,764.11
7.41
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
21,676.38
5.68
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
46,386.87
12.15
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0002
54,832.07
14.36
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
19,192.15
5.03
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
27,425.13
7.18
K-58
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
36,709.18
9.61
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
105,567.06
9.74
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
130,255.95
12.02
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
77,221.61
7.13
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
95,369.96
8.8
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
101,138.09
9.33
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
114,113.31
10.53
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
61,011.36
5.63
Merrill Lynch Pierce Fenner & Smith*
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
125,932.31
11.62
CLASS R6 SHARES
    
Voya Retirement Insurance and Annuity Company*
1 Orange Way B3N
Windsor, CT 06095-4773
25,848.15
46.30
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
5,113.75
9.16
Saxon Company*
P.O.  Box 7780-1888
Philadelphia, PA 19182
21,499.94
38.51
FRANKLIN FLEXIBLE ALPHA BOND FUND
CLASS A SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
996,000.00
93.60
CLASS C SHARES
    
FPS Trust Company*
9200 East Mineral Circle, Suite 255
Centennial, CO 80112
2,541.58
10.99
K-59
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FTIOS*
261 Southeast Morlan Avenue
Gresham, OR 97080-1227
1,178.32
5.10
FTIOS*
1322 Arrowood Drive
Pittsburgh, PA 15243-1806
3,134.06
13.55
FTIOS*
2508 Van Buren Avenue
Grand Junction, CO 81505-1224
2,040.23
8.82
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,938.46
47.30
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
2,550.29
11.03
ADVISOR CLASS SHARES
    
Yuen Family Living Trust
David T. Yuen and Mandy Lai Mien Quach Trustees
2265 Skyfarm Drive
Hillsborough, CA 94010-6339
18,755.19
78.24
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,207.13
17.55
CLASS R SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000.00
16.38
Robert D. Hogle
and Kenneth B. Hogle Trustee
Hogle Farms Defined Ben Plan
28818 East Avenue
Conrad, IA 50621-8102
5,105.69
83.62
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000.00
100.00
FRANKLIN FOCUSED CORE EQUITY FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
901,069.02
18.07
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
549,239.36
11.01
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
601,690.51
12.06
K-60
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
389,992.17
7.82
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
182,993.47
13.27
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
78,462.89
5.69
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
48,261.99
5.63
Perks Family Living Trust
Edward D. Perks or Maggie P. Perks Trustees
227 West Bellevue Avenue
San Mateo, CA 94402-1101
183,921.94
21.46
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
127,443.08
14.87
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
161,930.34
18.89
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
69,758.81
8.14
CLASS R SHARES
    
FTIOS*
1900 John F. Kennedy Boulevard, Apartment 1922
Philadelphia, PA 19103-1436
4,542.40
40.67
FTIOS*
201 Staniford Road
Burlington, VT 05408-5715
1,835.94
16.44
FTIOS*
25 Margaret Street
Essex Junction, VT 05452-3344
887.08
7.94
FTIOS*
585 Park Road, Unit 11-3
Waterbury, CT 06708-2360
1,596.66
14.30
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,062.07
9.51
CLASS R6 SHARES
    
Franklin NextStep Conservative Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
10,726.59
6.38
K-61
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Franklin NextStep Moderate Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
98,048.59
58.32
Franklin NextStep Growth Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
58,584.24
34.85
FRANKLIN GROWTH OPPORTUNITIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
14,664,009.95
22.70
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,433,784.64
6.86
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,688,050.75
5.71
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/9EGK9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
4,963,348.99
7.68
CLASS C SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,255,977.72
9.94
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
819,446.49
6.49
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
922,067.99
7.30
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
645,312.10
5.11
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
769,994.32
5.30
Age Based Growth Asset Allocation
Age Newborn 8 Years 529 Portfolio
Attn: Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,810,475.48
12.47
Age Based Growth Asset Allocation
Age New 9-12 Years 529 Portfolio
Attn: Fund Accounting
300 Southeast 2nd Street Floor 8
Fort Lauderdale, FL 33301-1965
2,107,033.84
14.51
K-62
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Age Based Growth Asset Allocation
Age New 13-16 Years 529 Portfolio
Attn: Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,470,180.06
10.13
Franklin Growth 529 Portfolio
Attn: Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
951,891.23
6.56
Corefolio
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,366,537.06
9.41
CLASS R6 SHARES
    
FT Corefolio Allocation Fund
F/T Fund Allocator Series
c/o Fund Accounting
500 East Broward Boulevard
Fort Lauderdale, FL 33394-3000
4,917,886.07
63.69
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,962,733.95
25.42
FRANKLIN NATURAL RESOURCES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
4,330,784.98
27.98
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,075,318.78
13.41
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,018,225.66
6.58
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
876,123.90
5.66
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
528,095.60
13.58
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
484,923.27
12.47
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
210,284.65
5.41
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
305,457.31
7.85
K-63
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
827,264.60
24.04
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
585,504.78
17.02
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
443,505.82
12.89
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
215,055.53
6.25
CLASS R6 SHARES
    
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
3,765.72
46.01
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
3,839.82
46.91
Stifel Nicolaus & Company, Inc.*
501 North Broadway
Saint Louis, MO 63102-2131
555.067
6.78
FRANKLIN SMALL CAP GROWTH FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,538,189.29
9.76
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,750,958.31
7.59
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,095,531.84
8.54
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97NL9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
2,743,969.29
7.57
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
724,868.50
8.89
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,067,575.63
13.09
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
648,570.92
7.96
K-64
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,067,489.14
13.09
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
888,411.36
10.90
CLASS R SHARES
    
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
105 Rosemont Road
Westwood, MA 02090-2318
570,243.90
13.62
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
1,236,552.45
29.54
CLASS R6 SHARES
    
State Street Bank Trust Co.*
440 Mamaroneck Avenue
Harrison, NY 10528-2418
2,690,154.89
6.71
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
3,300,120.96
8.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
10,450,476.95
26.07
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,400,222.13
10.98
ADVISOR CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,033,874.19
13.15
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
1,915,635.34
5.00
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
3,723,866.56
9.73
State Street Bank Trust Co.*
440 Mamaroneck Avenue
Harrison, NY 10528-2418
7,043,716.06
18.40
CLASS R6 SHARES
    
State Street Bank Trust Co.*
440 Mamaroneck Avenue
Harrison, NY 10528-2418
2,690,154.89
6.71
K-65
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
3,300,120.96
8.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
10,450,476.95
26.07
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,400,222.13
10.98
FRANKLIN SMALL-MID CAP GROWTH FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
9,523,231.19
14.18
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,755,492.23
7.08
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,490,878.92
8.17
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97AY9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
6,925,579.48
10.31
John Hancock Life Insurance Co USA
RPS - Trading Ops St-4
601 Congress Street
Boston, MA 02210-2805
4,490,364.05
6.69
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,130,064.86
8.24
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,198,246.79
8.74
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
866,811.96
6.32
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,542,885.22
11.25
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
790,616.28
5.77
ADVISOR CLASS SHARES
    
K-66
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
818,490.01
5.16
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,135,263.88
13.47
Franklin Small/Mid Cap Growth 529 PF
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,706,619.16
10.77
Age Newborn-8 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,187,979.91
7.50
Age 9-12 Years
Ft 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,342,799.27
8.47
Age 13-16 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
920,748.84
5.81
CLASS R SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
147,046.31
5.78
CLASS R6 SHARES
    
Wells Fargo Bank*
1525 West WT Harris Boulevard
Charlotte, NC 28288-1076
412,788.99
6.95
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,117,848.43
69.31
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
380,258.30
6.40
FRANKLIN STRATEGIC INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
86,312,409.95
22.38
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
48,085,193.54
12.47
K-67
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
35,902,105.19
9.31
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
21,492,738.86
5.57
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
6,934,477.40
5.06
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
8,318,215.62
6.07
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
20,045,576.51
14.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97WL5
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
7,774,515.15
5.67
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
12,245,386.97
8.93
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
9,215,334.76
6.72
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
13,426,316.45
9.79
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
6,451,815.09
5.95
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
12,143,867.56
11.20
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
14,851,943.60
13.70
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
6,645,695.23
6.13
Age 17-20 Years
FT 529 College Savings Plan
c/o Fund Accounting
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
5,772,842.59
5.33
K-68
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
7,813,053.27
7.21
CLASS R SHARES
    
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
3,901,389.81
26.70
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
1,763,809.13
12.07
Reliance Trust Company*
P.O. Box 48529
Atlanta, GA 30362-1529
1,364,139.22
9.34
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
1,176,461.10
8.05
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
13,061,373.59
35.25
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
12,276,228.13
33.13
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
2,553,466.01
6.89
FRANKLIN TAX-FREE TRUST
FRANKLIN ALABAMA TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
5,557,406.45
27.36
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,018,436.13
5.01
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,417,256.33
16.82
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,611,016.29
7.93
K-69
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/973T4
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,582,349.89
7.79
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
782,453.45
17.01
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
471,362.18
10.24
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
710,439.20
15.44
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
256,751.75
5.58
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
457,578.74
9.94
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
469,049.90
10.19
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GJ7
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
380,367.00
8.27
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
103,333.74
19.745
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
52,560.28
10.04
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
61,150.01
11.68
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
187,876.81
35.90
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
84,741.19
16.19
FRANKLIN ARIZONA TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
3,748,923.49
5.26
K-70
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.
12555 Manchester Road
Saint Louis, MO 63131-3710
15,071,521.72
21.16
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,188,276.89
7.29
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
10,408,406.09
14.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 973M9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
5,657,270.52
7.94
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
787,943.81
7.50
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,708,950.48
16.27
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,030,020.22
9.81
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,642,939.73
15.64
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
1,330,123.95
12.66
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,051,247.72
12.03
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
769,852.65
8.81
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
545,254.56
6.24
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
760,114.28
8.70
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
831,442.87
9.51
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
700,443.69
8.01
FRANKLIN COLORADO TAX-FREE INCOME FUND
CLASS A SHARES
    
K-71
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,080,928.86
27.39
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,070,824.98
6.43
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,806,764.42
10.06
RBC Capital Markets LLC*
Attn: Mutual Fund Ops Manager
510 Marquette Avenue South
Minneapolis, MN 55402-1110
4,296,554.10
8.996
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
596,253.69
6.26
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,596,536.56
16.76
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
961,493.60
10.09
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,063,469.55
11.16
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
522,723.16
5.49
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
730,146.29
7.67
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
532,784.70
5.59
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
434,018.27
6.48
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
916,568.60
13.69
National Financial Services LLC*
Attn: Mutual Fund Department 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
824,260.37
12.31
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
1,148,187.03
17.15
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
990,642.91
14.79
K-72
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
546,244.03
8.16
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
407,157.36
6.08
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
364,037.24
5.44
FRANKLIN CONNECTICUT TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,407,387.84
6.72
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,666,176.43
7.95
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,875,570.01
8.95
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,149,305.75
5.48
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
1,087,329.15
5.19
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,809,940.29
8.64
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/973P3
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,807,187.68
8.62
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
337,879.87
6.23
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
727,094.92
13.42
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
345,400.32
6.37
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
330,336.90
6.10
K-73
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
484,960.50
8.95
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
306,808.88
5.66
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
573,114.97
10.58
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GJ9
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
574,903.21
10.61
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
225,237.14
8.67
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
245,721.35
9.46
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
327,639.15
12.62
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
160,100.45
6.17
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
331,424.56
12.76
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
700,898.00
26.99
FRANKLIN FEDERAL INTERMEDIATE-TERM TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
70,259,357.70
44.78
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
11,416,548.14
7.28
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
8,766,996.37
5.59
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
13,725,564.79
8.75
K-74
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97AK0
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
8,734,689.30
5.57
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,342,520.58
7.11
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
6,628,523.36
20.12
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,756,077.53
8.37
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,885,204.27
5.72
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,415,270.93
13.40
Merrill Lynch Pierce Fenner & Smith*
Attn:  Fund Administration/ 97GJ0
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6486
4,240,679.66
12.87
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
9,872,727.43
5.93
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
49,821,297.22
29.94
Ellard & Company
c/o Fiduciary Trust Company International
Church Street Station P.O. Box 3199
New York, NY 10008
18,232,784.03
10.96
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
26,048,697.70
15.66
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
30,237,244.67
18.17
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
11,441,351.76
6.88
FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND
CLASS A SHARES
    
K-75
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97XA9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,672,922.20
6.20
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
32,647,448.09
43.28
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,448,242.93
7.22
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
5,946,368.20
7.88
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,414,512.94
5.03
Ellard & Company
c/o Fiduciary Trust Company International
Church Street Station P.O. Box 3199
New York, NY 10008
14,013,452.69
49.86
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,036,527.29
7.25
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,361,196.57
8.40
SEI Private Trust Company*
Attn: Mutual Funds Administrator
1 Freedom Valley Drive
Oaks, PA 19456-9989
2,417,320.51
8.60
FRANKLIN FLORIDA TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
4,515,987.87
7.75
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
5,626,958.58
9.66
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,890,337.75
10.11
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,660,431.05
11.43
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 973M4
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
5,614,161.63
9.63
CLASS C SHARES
    
K-76
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
578,625.60
7.54
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
666,664.30
8.68
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
686,651.24
8.94
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
670,091.27
8.73
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
813,112.59
10.59
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,458,288.27
18.99
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
403,884.77
5.26
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GK1
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
399,796.44
5.21
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
161,340.84
14.38
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
136,812.03
12.19
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
322,450.10
28.74
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
193,226.31
17.22
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
124,340.17
11.08
FRANKLIN GEORGIA TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
9,002,280.20
25.79
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,312,388.00
6.62
K-77
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,977,475.96
11.40
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,517,461.74
10.08
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/973L9
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
2,416,691.73
6.92
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,019,049.15
9.953
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,243,067.58
12.14
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
637,353.18
6.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,477,805.85
14.43
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,688,488.59
16.49
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
574,564.14
5.61
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GK2
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,117,623.05
10.92
ADVISOR CLASS SHARES
    
Robert W Baird Co., Inc.
777 East Wisconsin Avenue
Milwaukee, WI 53202-5391
167,364.49
7.23
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
221,308.49
9.56
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
388,101.15
16.763
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
493,830.52
21.33
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
593,042.98
25.62
K-78
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
175,478.23
7.58
FRANKLIN HIGH YIELD TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
108,138,442.46
22.01
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
40,467,477.08
8.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
29,672,341.33
6.04
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
56,022,492.72
11.40
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
7,735,840.68
8.21
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
8,385,009.76
8.90
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,619,335.94
11.28
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
6,156,148.98
6.54
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
5,340,050.06
5.67
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
13,587,611.69
14.43
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
10,641,603.29
7.92
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
7,874,532.52
5.86
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,755,180.21
8.00
K-79
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
12,372,918.61
9.21
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
9,678,457.79
7.20
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
9,301,434.04
6.92
FRANKLIN KENTUCKY TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
5,856,741.87
38.66
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
792,639.36
5.23
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,200,750.78
7.93
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
1,162,561.30
7.67
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,518,805.07
10.03
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
175,989.45
28.36
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
35,924.19
5.79
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
109,340.83
17.62
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
211,291.31
34.05
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
79,132.73
12.75
FRANKLIN LOUISIANA TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
15,316,671.39
49.83
K-80
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,310,200.84
7.52
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
2,489,283.95
8.10
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
440,290.14
7.51
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,308,712.06
22.32
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
780,094.87
13.31
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
296,856.90
5.06
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
308,574.71
5.26
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
504,956.97
8.61
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
723,665.32
12.34
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
446,115.28
7.61
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
258,042.74
23.70
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
153,315.69
14.08
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
191,604.34
17.60
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
96,339.26
8.85
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
225,672.40
20.72
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
100,910.89
9.27
K-81
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FRANKLIN MARYLAND TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,584,880.05
5.00
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,524,722.30
11.12
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,373,049.80
13.80
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,140,443.69
13.06
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,935,125.02
12.42
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
2,112,492.17
6.67
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
744,053.43
7.80
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,394,150.68
14.62
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,575,086.38
16.52
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,236,381.38
12.97
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,112,412.63
11.67
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97GK4
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
478,784.72
5.02
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
414,512.54
10.45
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
431,918.87
10.89
K-82
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
300,898.88
7.58
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
211,082.53
5.32
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
946,769.17
23.86
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
291,028.14
7.34
FRANKLIN MASSACHUSETTS TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,693,063.30
5.30
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,786,756.29
5.59
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
8,525,391.03
26.67
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,568,638.89
8.04
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
2,407,207.63
7.53
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
371,770.98
7.51
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
699,070.87
14.13
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
765,605.02
15.48
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
523,791.10
10.59
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
324,999.45
6.57
ADVISOR CLASS SHARES
    
K-83
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
252,479.67
7.80
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
389,737.48
12.03
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
165,115.47
5.10
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
602,471.14
18.60
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
232,064.45
7.17
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
269,816.33
8.33
FRANKLIN MICHIGAN TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
9,525,555.94
12.88
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,025,362.68
6.80
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,476,218.29
7.41
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,591,558.30
8.92
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
3,728,799.17
5.04
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
3,848,705.68
5.21
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,353,565.78
11.50
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
949,588.83
8.07
K-84
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
954,181.65
8.11
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
787,065.96
6.69
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
765,264.80
6.50
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,076,247.18
18.66
TD Ameritrade Inc.*
P.O. Box 2226
Omaha, NE 68103-2226
302,139.71
5.24
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
293,512.15
5.09
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
629,169.91
10.91
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
1,685,315.71
29.22
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
530,618.04
9.20
FRANKLIN MINNESOTA TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
13,012,400.88
23.17
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,453,129.42
9.71
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,132,594.24
7.36
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
3,469,406.46
6.18
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,461,429.61
14.10
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,978,108.83
17.06
K-85
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
995,108.43
5.70
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,845,469.92
10.57
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,225,729.73
7.02
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,660,651.07
18.05
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
2,852,592.08
19.36
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,642,029.49
11.14
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
769,715.33
5.22
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,068,849.81
7.25
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,732,049.36
11.75
FRANKLIN MISSOURI TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
31,476,938.76
42.31
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,136,776.97
6.90
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
5,594,192.55
7.52
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
4,883,523.74
6.56
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
4,603,215.09
6.19
CLASS C SHARES
    
K-86
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,899,175.24
27.61
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,183,987.57
8.38
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,500,371.91
10.62
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
932,234.83
6.60
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
713,109.59
5.05
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,374,134.82
17.67
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,721,191.44
22.14
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
423,352.18
5.45
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
478,265.28
6.15
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
657,725.72
8.46
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
517,344.69
6.65
FRANKLIN NEW JERSEY TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
4,853,689.17
7.49
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,005,676.91
9.26
National Financial Services LLC*
Attn: Mutual Fund Department 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
6,504,818.11
10.03
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,875,993.02
10.61
K-87
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/974R3
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
4,706,418.71
7.26
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,531,331.43
8.60
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,728,465.57
15.32
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
958,150.93
5.38
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,793,880.05
21.30
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
1,534,188.87
8.61
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration 97GK9
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
1,572,127.37
8.83
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,437,131.59
14.78
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Blvd
Jersey City, NJ 07310-1995
492,382.15
5.06
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
617,867.73
6.35
TD Ameritrade Inc.*
P.O. Box 2226
Omaha, NE 68103-2226
611,593.87
6.29
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,170,499.72
12.04
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
850,087.54
8.74
FRANKLIN NORTH CAROLINA TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
25,558,237.62
39.49
K-88
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,600,130.59
7.11
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
7,521,330.87
11.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
3,256,163.12
5.03
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,115,036.94
7.11
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,100,325.74
19.76
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,454,686.07
9.27
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
916,052.92
5.84
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
888,271.67
5.66
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
3,273,722.34
20.86
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GL2
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,530,665.03
9.76
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
623,023.34
6.39
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,322,522.34
23.82
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
1,272,710.65
13.05
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,840,715.83
18.88
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
762,835.18
7.82
K-89
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
631,541.45
6.48
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
680,742.25
6.98
FRANKLIN OHIO TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
15,695,622.41
17.67
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,504,879.45
11.83
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
14,048,070.29
15.82
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,079,403.60
6.84
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
4,734,787.56
5.33
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
2,541,079.77
10.07
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,219,001.91
12.76
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,591,740.38
18.20
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
1,621,068.50
6.42
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,777,858.51
7.05
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
1,832,600.12
7.26
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,123,180.85
9.29
K-90
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
1,769,720.66
14.64
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
900,874.42
7.45
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,917,080.24
15.86
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,705,614.11
14.11
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
1,293,702.10
10.70
FRANKLIN OREGON TAX-FREE INCOME FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
32,460,468.87
38.99
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
5,979,856.84
7.18
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,072,054.30
6.56
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,804,454.78
23.27
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
1,235,388.02
7.55
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
2,336,609.95
14.29
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,585,681.25
9.70
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
465,147.84
5.17
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
665,694.62
7.40
K-91
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,051,723.48
11.69
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
750,989.63
8.35
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
800,361.59
8.90
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
513,904.09
5.71
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
911,731.32
10.14
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,435,677.70
15.96
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
934,329.91
10.39
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/ 97GL5
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
452,645.19
5.03
FRANKLIN PENNSYLVANIA TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
5,141,322.03
5.53
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
10,446,416.26
11.24
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
11,329,238.04
12.19
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
12,394,813.07
13.34
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
8,562,825.43
9.21
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
6,271,700.82
6.75
CLASS C SHARES
    
K-92
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,758,034.04
6.52
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
3,154,862.96
11.70
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,096,469.55
11.49
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
1,972,936.86
7.32
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
5,041,511.70
18.71
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration 97GL5
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,560,952.46
5.79
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
815,390.10
9.33
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
717,068.81
8.21
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
913,961.70
10.46
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
687,315.33
7.87
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,266,195.04
14.49
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,432,653.65
16.40
FRANKLIN VIRGINIA TAX-FREE INCOME FUND
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
2,422,046.76
5.43
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
7,104,763.12
15.92
K-93
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,289,474.55
9.61
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,961,558.74
8.88
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,622,781.48
14.84
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
772,307.67
8.50
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
852,145.37
9.38
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
981,197.88
10.80
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,854,854.24
20.41
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
459,139.43
5.05
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
496,180.12
5.46
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GL8
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
554,165.19
6.10
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
406,823.08
5.02
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
513,120.30
6.33
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,597,718.59
32.03
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
413,308.45
5.10
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
837,879.99
10.33
K-94
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,485,428.33
18.32
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
493,854.30
6.09
FRANKLIN TEMPLETON GLOBAL TRUST
TEMPLETON GLOBAL CURRENCY FUND
CLASS A SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
330,560.46
6.57
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
561,910.89
11.16
Stifel Nicolaus & Company, Inc.*
501 North Broadway
Saint Louis, MO 63102-2131
325,843.12
6.47
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
452,854.67
7.00
ADVISOR CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
264,154.86
15.87
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
115,566.54
6.94
Peter A. Langerman
11 Arlene Court
Short Hills, NJ 07078-1112
130,715.96
7.85
TD Ameritrade Inc.*
P.O. Box 2226
Omaha, NE 68103-2226
141,485.61
8.50
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
234,177.79
14.07
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
86,362.60
5.19
FRANKLIN TEMPLETON INTERNATIONAL TRUST
FRANKLIN INDIA GROWTH
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
675,189.44
12.93
K-95
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
651,274.81
12.47
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
642,044.94
12.30
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
375,175.34
7.19
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
143,011.33
9.57
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
309,789.47
20.72
National Financial Services LLC*
Attn: Mutual Fund Department 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
102,296.29
6.84
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
157,020.33
10.50
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
81,182.71
5.43
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
240,742.47
7.84
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
489,597.05
15.95
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
164,964.17
5.37
Ellard & Company
c/o Fiduciary Trust Company International
P.O. Box 3199 Church Street Station
New York, NY 10008
583,620.42
19.01
Paul B Edgerley
119 Hyslop Road
Brookline, MA 02445-5727
190,701.22
6.21
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
216,484.49
7.05
CLASS R6 SHARES
    
K-96
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FT 2025 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
217,222.10
25.16
FT 2035 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
218,198.70
25.27
FT 2045 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
142,685.73
16.52
Franklin LifeSmartTM 2040 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
75,960.03
8.80
Franklin LifeSmartTM 2020 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
47,041.08
5.45
Franklin LifeSmartTM 2050 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
54,834.83
6.35
Franklin LifeSmartTM 2030 Retirement Target Fund
F/T Fund Allocator Series
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
87,906.29
10.18
FRANKLIN TEMPLETON MONEY FUND TRUST
FRANKLIN TEMPLETON U.S. GOVERNMENT MONEY FUND
CLASS A SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
843,495.33
17.57
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
794,743.62
16.55
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
296,461.35
6.18
CLASS C SHARES
    
K-97
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
12,075,072.37
5.02
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
16,763,817.42
6.97
Renaissance Charitable Foundation Inc.
FBO FT Charitable Giving Fund
Gregory W. Baker & Douglas W. Cox
And Steven R. Ko Trustees
8910 Purdue Road Suite 555
Indianapolis, IN 46268-3161
47,512,910.58
19.76
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
19,884,522.10
8.27
J.P. Morgan Securities LLC*
4 Chase Metrotech Center
Brooklyn, NY 11245-0001
13,741,125.59
5.71
CLASS R SHARES
    
MG Trust Trustee
Marino Transportation Services &
Mts Express
Employees Savings Trust
700 17th Street, Suite 300
Denver, CO 80202-3531
475,265.20
6.12
Reliance Trust Company*
P.O. Box 48529
Atlanta, GA 30362
744,308.35
9.59
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
927,176.94
11.95
FRANKLIN U.S. GOVERNMENT MONEY FUND
  CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
224,605,853.31
9.40
Rupert H. Johnson, Jr. Trust
Rupert H. Johnson, Jr. Trustee
1 Franklin Parkway
San Mateo, CA 94403-1906
529,348,059.97
22.16
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
69,631,246.84
99.47
INSTITUTIONAL FIDUCIARY TRUST
MONEY MARKET PORTFOLIO
CLASS A SHARES
    
K-98
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
FT Income Series
Franklin Custodian Funds, Inc.
c/o Fund Accounting Department RC Q10/2
3310 Quality Drive
Rancho Cordova, CA 95670-7342
3,125,115,374.92
16.72
Templeton Income Trust
Templeton Global Bond Fund
Attn: Robert Kubilis/U.S. Products FTL 500/13
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
5,766,199,305.07
30.85
Templeton Income Trust
Templeton Global Bond Fund
Attn: Robert Kubilis/US Products FTL 500/13
300 Southeast 2nd Street, Floor 8
Fort Lauderdale, FL 33301-1965
1,501,685,236.12
8.03
THE MONEY MARKET PORTFOLIOS
THE U.S. GOVERNMENT MONEY MARKET PORTFOLIO
MASTER CLASS
    
IFT Money Market Portfolio FD-140
Attn: Fund Accounting Operations
10600 White Rock Road
Rancho Cordova, CA 95670-6293
3,192,990,333.04
14.91
Franklin Money Fund-111
Attn: Fund Accounting Operations
3344 Quality Drive
Rancho Cordova, CA 95670-7361
2,470,644,356.49
11.53
IFT Money Market Portfolio FD-140
Attn: Fund Accounting Operations
10600 White Rock Road
Rancho Cordova, CA 95670-6293
1,462,294,262.29
6.83
IFT Money Market Portfolio FD-140
Attn: Fund Accounting Operations
10600 White Rock Road
Rancho Cordova, CA 95670-6293
8,027,263,443.17
37.48
IFT Money Market Portfolio FD - 140
Attn: Fund Accounting Operations
10600 White Rock Road
Rancho Cordova, CA 95670-6293
6,012,175,656.36
28.07
TEMPLETON CHINA WORLD FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,188,121.86
14.39
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
925,226.60
11.21
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
517,653.45
6.27
K-99
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
450,534.70
5.46
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
175,979.43
9.10
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
97,892.79
5.06
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
258,087.59
13.35
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Blvd
Jersey City, NJ 07310-1995
142,572.77
7.37
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
208,213.26
10.77
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
255,172.31
7.21
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
370,110.96
10.46
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
375,042.55
10.60
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
470,530.12
13.30
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
400,040.74
11.31
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
200,341.43
5.66
CLASS R6 SHARES
    
FIIOC*
100 Magellan Way
Covington, KY 41015-1987
30,416.52
59.97
FIIOC*
100 Magellan Way
Covington, KY 41015-1987
18,122.69
35.73
TEMPLETON FUNDS
K-100
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
TEMPLETON FOREIGN FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
79,932,513.49
16.91
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
33,177,959.30
7.02
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
38,294,514.85
8.10
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
38,947,548.95
8.24
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
6,878,007.52
14.46
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,233,601.54
8.90
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,605,406.22
7.58
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
6,649,117.69
13.98
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
2,940,426.29
6.18
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
3,462,038.32
7.28
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
14,900,262.01
7.76
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
16,964,106.40
8.84
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
11,121,911.63
5.79
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
22,169,730.70
11.55
K-101
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
9,612,623.92
5.01
Ohio Public Employees
Deferred Compensation Program
257 East Town Street, Suite 400
Columbus, OH 43215-4623
19,854,439.43
10.34
CLASS R SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive, 2nd Floor
Jacksonville, FL 32246-6484
1,760,927.89
8.81
Hartford Life Insurance Company
Attn: UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
5,387,823.42
26.95
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
1,518,806.99
7.60
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
2,121,726.44
10.61
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111-0001
1,084,071.18
5.42
CLASS R6 SHARES
    
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
14,121,385.04
7.25
FT Growth Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
11,652,771.49
5.98
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
47,398,113.26
24.32
On Balanced Model Portfolio
One Financial Way
Cincinnati, OH 45242
14,151,460.36
7.26
On Moderate Growth Model
Portfolio
One Financial Way
Cincinnati, OH 45242
33,291,132.63
17.08
TEMPLETON WORLD FUND
CLASS A SHARES
    
K-102
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
18,700,023.54
7.27
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
16,295,077.99
6.33
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,246,852.56
13.98
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
708,069.75
7.94
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
528,577.25
5.93
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,185,201.36
13.29
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
489,428.63
5.49
CLASS R6 SHARES
    
Vanguard Fiduciary Trust Company*
Attn:  Investment Services
P.O. Box 2600 VM L23
Valley Forge, PA 19482-2600
1,363,400.02
41.98
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
375,589.28
11.57
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,384,422.94
42.63
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
969,823.06
10.86
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
796,832.75
8.92
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
843,677.79
9.45
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
522,554.22
5.85
K-103
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
1,127,207.64
12.62
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
1,706,548.89
19.11
TEMPLETON GLOBAL INVESTMENT TRUST
TEMPLETON DYNAMIC EQUITY FUND
ADVISOR CLASS SHARES
    
Franklin Resources, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000,000.00
100.00
TEMPLETON EMERGING MARKETS BALANCED FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
795,081.29
33.57
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
253,826.21
10.72
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
150,398.21
6.35
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
121,601.84
5.13
CLASS C SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
35,759.96
9.09
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
45,751.73
11.63
Clifford A Dowdy
7620 County Road 1
Montrose, CO 81403-9449
23,738.87
6.03
Stifel Nicolaus & Company, Inc.*
501 North Broadway
Saint Louis, MO 63102-2131
20,667.19
5.25
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
65,904.83
16.75
ADVISOR CLASS SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
39,765.05
8.89
K-104
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
152,161.41
34.02
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
29,878.29
6.68
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
64,961.26
14.52
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
78,344.36
17.51
CLASS R SHARES
    
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
15,069.23
74.40
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
2,356.28
11.63
TEMPLETON EMERGING MARKETS SMALL CAP FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
3,336,959.21
16.65
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,472,035.46
12.34
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,506,159.18
12.51
Gerlach Company LLC Ch112286
3800 Citigroup Center, Building B3-14
Tampa, FL 33610
1,184,038.00
5.91
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
1,140,971.71
5.69
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
638,618.21
12.45
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
558,393.13
10.89
National Financial Services LLC*
Attn: Mutual Fund Department 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
593,556.05
11.57
K-105
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
513,512.14
10.01
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
265,632.14
5.18
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
306,885.90
5.98
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
2,045,772.58
5.69
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,825,744.37
7.87
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
2,257,718.70
6.28
CLASS R SHARES
    
FTIOS*
3277 Stage Road
Jericho, VT  05465-9545
2,109.27
5.09
MG Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
5,735.21
13.84
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
2,222.48
5.36
Howard Goldman FBO
American Patriot Sales Inc. 401K Plan
60 Central Street
Norwood, MA 02062
15,326.65
36.99
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
2,150.15
5.19
Ascensus Trust Company*
P.O. Box 10758
Fargo, ND 58106
2,973.80
7.18
TEMPLETON FOREIGN SMALLER COMPANIES FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
326,800.90
9.51
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
609,500.31
17.74
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
390,405.51
11.36
CLASS C SHARES
    
K-106
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
55,927.14
11.65
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
85,473.06
17.81
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
36,948.05
7.70
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
49,696.23
10.36
ADVISOR CLASS SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
356,182.05
24.57
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Blvd
Jersey City, NJ 07310-1995
284,043.55
19.59
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
245,372.28
16.92
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
78,866.24
5.44
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
83,121.00
5.73
CLASS R6 SHARES
    
Franklin Advisers, Inc.
Franklin Templeton Investments
Corporate Accounting SM970/3
1 Franklin Parkway
San Mateo, CA 94403-1906
311.915
99.70
TEMPLETON GLOBAL BALANCED FUND
CLASS A SHARES
    
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
94,142,183.03
38.63
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
19,617,531.39
8.05
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
21,500,711.26
8.82
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
12,241,837.98
5.02
CLASS A1 SHARES
    
K-107
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
17,062,051.37
17.17
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
10,216,385.11
10.28
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
6,068,530.28
6.11
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
11,452,583.92
11.52
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
7,416,024.28
7.05
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
8,534,747.96
8.11
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
13,776,426.37
13.09
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
6,119,303.70
5.81
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
12,484,012.27
11.86
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
9,274,663.51
8.81
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
5,973,844.64
5.676
CLASS C1 SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
7,054,424.33
11.45
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
6,452,444.38
10.47
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,938,066.74
6.39
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
3,912,158.88
6.35
K-108
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
9,741,038.03
15.81
RBC Capital Markets LLC*
Attn: Mutual Fund Operations Manager
510 Marquette Avenue South
Minneapolis, MN 55402-1110
3,097,281.77
5.03
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
6,582,158.27
10.68
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
5,905,982.34
7.85
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
10,941,931.40
14.55
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
8,634,792.08
11.48
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,812,367.78
6.40
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
9,793,270.75
13.02
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
4,606,373.87
6.12
CLASS R SHARES
    
State Street Bank and Trust*
as Trustee and/or Custodian
FBO ADP Access Product
1 Lincoln Street
Boston, MA 02111-2901
109,701.74
6.72
Equitable Life For Separate Accounts
200 Plaza Drive Unit HM-2
Secaucus, NJ 07094-3607
213,764.89
13.10
MG Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
130,583.05
8.00
Mid Atlantic Trust Company*
1251 Waterfront Place, Suite 525
Pittsburgh, PA 15222
127,949.09
7.84
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
533,404.95
32.68
CLASS R6 SHARES
    
K-109
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
TD Ameritrade Trust Company*
Attn: House
P.O. Box 17748
Denver, CO 80217-0748
65,351.04
15.25
Equitable Life For Separate Accounts*
200 Plaza Drive Unit HM-2
Secaucus, NJ 07094-3607
78,462.30
18.31
Matrix Trust Company*
717 17th Street, Suite 1300
Denver, CO 80202
107,066.44
24.99
Great-West Trust Company LLC*
8515 E Orchard Road 2T2
Greenwood Village, CO 80111
67,876.03
15.84
Ascensus Trust Company*
P.O.  Box 10758
Fargo, ND 58106
45,553.13
10.63
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50392
49,119.26
11.46
TEMPLETON GLOBAL OPPORTUNITIES TRUST
CLASS A SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
1,851,893.91
9.94
Edward Jones & Co.*
12555 Manchester Road
Saint Louis, MO 63131-3710
1,723,944.11
9.26
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
256,265.66
18.28
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
101,224.98
7.22
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
233,431.53
16.65
ADVISOR CLASS SHARES
    
Edward Jones & Co*
12555 Manchester Rd
Saint Louis, MO 63131-3710
169,660.85
22.73
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
48,111.98
6.45
TD Ameritrade Inc.*
P.O. Box 2226
Omaha, NE 68103-2226
49,975.84
6.70
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
132,066.97
17.70
K-110
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
54,415.06
7.29
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
43,144.07
5.78
TEMPLETON GLOBAL SMALLER COMPANIES FUND
CLASS A SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
48,603,079.19
45.19
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
246,615.32
7.33
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
811,857.53
24.12
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
292,995.09
8.70
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
203,013.79
6.03
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
206,624.58
6.14
ADVISOR CLASS SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
5,069,827.32
51.53
First Command Bank
P.O.  Box 901075
Fort Worth, TX 76101-2075
588,004.87
5.98
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
867,112.96
8.81
CLASS R6 SHARES
    
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
2,237,270.51
99.74
TEMPLETON INCOME TRUST
TEMPLETON EMERGING MARKETS BOND FUND
CLASS A SHARES
    
Franklin Advisers, Inc.
1 Franklin Parkway
San Mateo, CA 94403-1906
785,806.76
50.42
K-111
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
121,239.93
7.78
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
180,141.32
11.56
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
79,420.80
5.10
CLASS C SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
8,634.75
8.07
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
25,635.34
23.96
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
12,112.69
11.32
FTIOS*
20786 Summerfield Drive
Macomb, MI 48044-2219
10,658.21
9.96
ADVISOR CLASS SHARES
    
Cao Family Trust
Yuhui Zhu Trustee
P.O. Box 4952
Foster City, CA 94404-0952
10,577.21
7.65
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
7,195.76
5.20
LPL Financial*
Attn: Mutual Fund Trading
4707 Executive Drive
San Diego, CA 92121-3091
105,780.56
76.48
American Enterprise Investment Services*
707 2nd Avenue South
Minneapolis, MN 55402-2405
20,848.83
15.07
CLASS R SHARES
    
Franklin Advisers, Inc.
1 Franklin Parkway
San Mateo, CA 94403-1906
1,000.00
77.03
FTIOS*
41 Avenue C
Burlington, VT 05408-2510
239.23
18.43
CLASS R6 SHARES
    
Franklin Advisers, Inc.
1 Franklin Parkway
San Mateo, CA 94403-1906
492.61
100.00
TEMPLETON GLOBAL BOND FUND
CLASS A SHARES
    
K-112
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
95,109,759.31
10.20
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
72,229,722.80
7.75
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
241,450,310.52
25.89
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
55,443,021.91
5.95
CLASS C SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
38,633,213.19
12.66
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
31,806,166.91
10.42
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
26,813,459.62
8.79
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
35,861,772.34
11.75
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
19,953,640.88
6.54
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
22,861,337.24
7.49
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GM3
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
36,153,775.76
11.85
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
114,116,122.91
6.64
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
180,101,520.30
10.48
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
235,613,258.68
13.71
Charles Schwab & Co., Inc.*
211 Main Street
San Francisco, CA 94105-1905
228,854,809.12
13.32
K-113
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
103,805,347.80
6.04
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
115,213,000.12
6.70
CLASS R SHARES
    
Hartford Life Insurance Company
Attn:  UIT Operations
P.O. Box 2999
Hartford, CT 06104-2999
4,138,123.39
17.44
Voya Retirement Insurance and Annuity Co*
1 Orange Way B3N
Windsor, CT 06095-4773
2,605,185.51
10.98
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
3,627,718.66
15.29
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
1,674,244.55
7.06
CLASS R6 SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
60,469,432.69
23.68
TEMPLETON GLOBAL TOTAL RETURN FUND
CLASS A SHARES
    
Edward Jones & Co*
12555 Manchester Road
Saint Louis, MO 63131-3710
7,390,084.22
8.19
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
7,673,453.06
8.50
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
7,499,796.08
8.31
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
8,496,347.74
9.41
Raymond  James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
4,574,869.73
5.07
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/971P2
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
21,849,828.19
24.21
CLASS C SHARES
    
K-114
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
3,536,935.38
9.69
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
4,768,816.57
13.06
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,559,535.65
9.75
WFCS LLC*
2801 Market Street
Saint Louis Mo 63103-2523
3,395,655.80
9.30
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
2,701,467.70
7.40
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
3,757,660.99
10.29
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration/97GM2
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
5,247,944.66
14.37
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311-1114
20,826,089.19
8.39
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
29,430,967.49
11.85
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
28,301,352.76
11.40
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
35,139,779.27
14.15
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
15,012,858.34
6.05
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
18,782,707.05
7.56
CLASS R SHARES
    
DCGT*
Attn: NPIO Trade Desk
711 High Street
Des Moines, IA 50303
295,123.18
35.29
K-115
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Great-West Trust Co LLC*
c/o Mutual Fund Trading
8525 East Orchard Road
Greenwood Village, CO 80111-5002
51,547.08
6.16
Wachovia Bank National Association*
Attn: Shelley Anderson
One West Fourth Street
Winston-Salem, NC 27101
65,760.50
7.86
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
164,020.72
19.61
CLASS R6 SHARES
    
FT Conservative Allocation Fund
F/T Fund Allocator
c/o Fund Accounting Department
3344 Quality Drive
Rancho Cordova, CA 95670-7313
11,077,034.70
13.97
FT Moderate Allocation Fund
F/T Fund Allocator
c/o Fund Accounting
3344 Quality Drive
Rancho Cordova, CA 95670-7313
10,226,413.71
12.90
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
4,241,536.65
5.35
John Templeton Foundation
300 Conshohocken State Road, Suite 500
Conshohocken , PA 19428-3815
7,368,463.39
9.29
Comerica Bank*
P.O. Box 75000 Mail Code 3446
Detroit, MI 48275
8,812,508.90
11.11
MAC Co*
Attn: Mutual Fund Ops
500 Grant Street
Room 151-1010
Pittsburgh, PA 15258
6,029,539.97
7.60
TEMPLETON INTERNATIONAL BOND FUND
CLASS A SHARES
    
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
453,588.64
5.72
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
444,792.62
5.61
BNY Mellon Investment Servicing Inc.*
760 Moore Road
King Of Prussia, PA 19406-1212
4,917,661.97
61.98
CLASS C SHARES
    
K-116
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
102,890.54
10.70
Pershing LLC*
1 Pershing Plaza
Jersey City, NJ 07399-0001
92,062.58
9.57
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
163,719.87
17.02
WFCS LLC*
2801 Market Street
Saint Louis, MO 63103-2523
95,489.35
9.93
Raymond James*
880 Carillon Parkway
Saint Petersburg, FL 33716-1102
56,573.38
5.88
Merrill Lynch Pierce Fenner & Smith*
Attn: Fund Administration
4800 Deer Lake Drive East
Jacksonville, FL 32246-6486
111,011.08
11.54
ADVISOR CLASS SHARES
    
Morgan Stanley Smith Barney*
Attn: Mutual Fund Operations
2 Harborside Financial Center, Floor 3
Jersey City, NJ 07311
2,977,103.42
13.37
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
3,209,400.11
14.42
Ubatco Company*
P.O. Box 82535
Lincoln, NE 68501-2535
4,429,158.92
19.89
Ubatco Company*
6811 South 27th Street
Lincoln, NE 68512
3,631,518.71
16.31
UBS WM USA*
1000 Harbor Boulevard
Weehawken, NJ 07086-6761
3,324,352.58
14.93
CLASS R SHARES
    
FTIOS*
5320 Coronado Drive
Raleigh, NC 27609-5127
1,821.46
6.38
FTIOS*
2871 Burnsville Street SW
Supply, NC 28462-2329
2,596.09
9.09
MG Trust Company*
717 17th Street Suite 1300
Denver, CO 80202-3304
1,570.24
5.50
Dean Martin and Raedella Martin Trustees
Dean Martin Construction 401k Plan
1122 North Mountain Top Road
McConnellsburg, PA 17233-8051
3,102.54
10.86
K-117
EXHIBIT K (cont'd)


Name and Address of Account
Share Amount
Percentage of Class (%)
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,347.31
8.22
PAI Trust Company Inc.*
1300 Enterprise Drive
De Pere, WI 54115-0000
2,665.17
9.33
TEMPLETON INSTITUTIONAL FUNDS
INTERNATIONAL EQUITY SERIES
PRIMARY CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
38,495,924.22
16.35
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
57,056.86
9.41
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
540,850.20
89.23
Foreign Smaller Companies Series
ADVISOR CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
11,136,006.58
25.27
Charles Schwab & Co., Inc.*
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
5,005,626.69
11.36
Mitra Company*
Attn: Mutual Funds
480 Pilgrim Way, Suite 1000
Green Bay, WI 54304
3,331,690.33
7.56
GLOBAL EQUITY SERIES
ADVISOR CLASS SHARES
    
National Financial Services LLC*
Attn: Mutual Fund Department, 4th Floor
499 Washington Boulevard
Jersey City, NJ 07310-1995
2,800,408.63
9.20

 
K-118
 

 


 
 



 
 
 
 


 

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Law Offices
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103-7098
Telephone:  (215) 564-8000
Facsimile:  (215) 564-8120

July 31, 2017


VIA EDGAR TRANSMISSION

Filing Desk
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Subject:
Preliminary Proxy Solicitation Materials

Dear Sir or Madam:
Submitted herewith for filing on behalf of the registrants listed on Exhibit A (together, the "Registrants") pursuant to Rule 14a-6(a) of the Securities Exchange Act of 1934, as amended, are a Schedule 14(a) Information cover page, a Notice of Special Joint Meeting of Shareholders, a preliminary proxy statement and form of proxy card to be used in connection with a special joint meeting of shareholders of each series of each Registrant1 (together, the "Funds"). The meeting of shareholders is scheduled to be held on October 30, 2017.  Definitive proxy solicitation materials are expected to be transmitted to shareholders beginning on or about August 30, 2017.

As described in the proxy statement, among the items to be considered at the shareholder meeting are:

·
the election of trustees;
·
for substantially all Funds, approval of the use of a "manager of managers' structure whereby a Fund's investment manager would be able to hire and replace subadvisers without shareholder approval;
·
for all Funds, approval of an amended fundamental investment restriction regarding investments in commodities;
·
for three Funds of three Registrants, approval of an amended fundamental investment restriction regarding lending;
·
standardization or elimination of certain fundamental investment restrictions for the Franklin Small-Mid Cap Growth Fund, a series of Franklin Strategic Series; and
·
consideration of two shareholder proposals regarding investments in companies that contribute to genocide or crimes against humanity for various Funds of certain Registrants.

1  Other than Emerging Markets Series of Templeton Institutional Funds and Templeton Frontier Markets Fund of Templeton Global Investment Trust, which are filing separate proxy solicitation materials.

Please direct any questions or comments regarding this filing to the undersigned at (215) 564-8037 or, in my absence, to Mark A. Sheehan at (215) 564-8027 or Cory O. Hippler at (215) 564-8089.

   
 
Sincerely yours,
   
   
 
/s/ Kristin H. Ives                                         
 
Kristin H. Ives, Esq.
 
Stradley, Ronon, Stevens & Young, LLP


cc:
Steven J. Gray, Esq.
 
Lori A. Weber, Esq.
 
Bruce G. Leto, Esq.
 
EXHIBIT A



REGISTRANT
FILE NUMBER
Franklin California Tax-Free Income Fund
811-02790
Franklin California Tax-Free Trust
811-04356
Franklin Custodian Funds
811-00537
Franklin Federal Tax-Free Income Fund
811-03395
Franklin Fund Allocator Series
811-07851
Franklin Global Trust
811-10157
Franklin Gold and Precious Metals Fund
811-01700
Franklin High Income Trust
811-01608
Franklin Investors Securities Trust
811-04986
Franklin Municipal Securities Trust
811-06481
Franklin New York Tax-Free Income Fund
811-03479
Franklin New York Tax-Free Trust
811-04787
Franklin Real Estate Securities Trust
811-08034
Franklin Strategic Mortgage Portfolio
811-07288
Franklin Strategic Series
811-06243
Franklin Tax-Free Trust
811-04149
Franklin Templeton Global Trust
811-04450
Franklin Templeton International Trust
811-06336
Franklin Templeton Money Fund Trust
811-08962
Franklin U.S. Government Money Fund
811-02605
Institutional Fiduciary Trust
811-04267
The Money Market Portfolios
811-07038
Templeton China World Fund
811-07876
Templeton Funds
811-02781
Templeton Global Investment Trust
811-08226
Templeton Global Opportunities Trust
811-05914
Templeton Global Smaller Companies Fund
811-03143
Templeton Income Trust
811-04706
Templeton Institutional Funds
811-06135