Voting a Proxy

PROXY STATEMENT

From time to time, you may be asked to vote on certain business matters regarding the fund(s) in which you are invested. If your fund requires a proxy vote, the request, along with an explanation of the matter will be sent to you. You may vote your proxy online, by phone or by mail.

PROXY VENDOR

To avoid a conflict of interest and to keep in line with industry standards, we work with a third party vendor to manage the proxy/vote gathering process. If your fund requires a proxy vote, you most likely will receive communications on the matter directly from the vendor.

PROXY VOTING

Franklin Templeton Investments provides the proxy voting policies and procedures of its U.S. registered Investment Managers, as well as the proxy voting records of its mutual funds. Franklin Templeton's Investment Managers understand that their proxy voting decisions may affect the value of shareholdings. Each Investment Manager is committed to fulfilling their fiduciary duty to vote proxies in the best interests of their shareholders. The proxy voting policies and procedures serve as a guideline for proxy voting decisions and detail the process by which such decisions are made.