SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. __)

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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 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

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IMPORTANT NOTICE YOUR RESPONSE IS NEEDED

FRANKLIN TEMPLETON FUNDS

One Franklin Parkway, San Mateo, California 94403-1906

November 1, 2017

Dear Shareholder:

We urgently need you to vote your shares of the Franklin Templeton Funds today in order to pass important initiatives that are critical to the operation of one or more of your Funds.

On October 30, 2017, a Joint Special Meeting of shareholders was held for 112 Franklin Templeton Funds. At the meeting, shareholders were asked to elect the Funds’ Board of Trustees, and to vote on important proposals that will improve operating efficiencies and provide greater investment flexibility for your Funds. All of these initiatives have the overwhelming support of those shareholders who have already voted. There are several Funds, however, that still require additional shareholder support to approve these important items – including one or more of the Funds you own.

The Meeting for the Fund(s) noted on the enclosed proxy card(s) has been adjourned to December 15, 2017 to give you additional time to provide your voting instructions. These are extremely important initiatives that require shareholder approval to better position your Funds for the future. Please help your Funds avoid the unnecessary cost and delay of further adjournments by voting your shares today.

Further information about the Joint Special Meeting and the proposals can be found on the proxy card(s) provided or in the statement found at www.proxyonline.com/docs/FTproxy. Please use one of the voting options listed below to vote your shares. Should you have any questions regarding the proposals or to vote your shares, please call 1 (800) 967-5068.

Voting is easy. Please take a moment now to cast your vote using one of the options listed below:

	1.	Vote by Mail. Cast your vote by signing, dating and mailing the enclosed proxy card in the postage-prepaid return envelope provided.
	2.	Vote via the Internet. Visit the website indicated on the enclosed proxy card.
	3.	Vote by Touch-tone Phone. You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed proxy card.
	4.	Vote by Phone with a live operator. Dial toll-free 1 (800) 967-5068. Please have your proxy card available at the time of the call.