Proxy Voting Policies and Voting Records

Franklin Templeton is pleased to provide the proxy voting policies and procedures of its affiliated investment advisors, as well as the proxy voting records of its mutual funds. With years of experience, Franklin Templeton's investment advisors understand that their proxy voting decisions may affect the value of shareholdings. Each investment advisor 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.

New Fund

Launch Date – May 1, 2020

• Franklin Global Aggregate Bond Fund

Fund Mergers

Effective as of the close of business on November 15, 2019 and November 22, 2019, as listed below, the following terminating funds were merged with the Continuing Funds:

Terminating FundsContinuing FundsEffective Date of the Mergers

Templeton Asian Growth Corporate Class

Templeton Frontier Markets Corporate Class

Templeton Emerging Markets Fund

November 15, 2019

Franklin Quotential Fixed Income Portfolio

Franklin Bissett Core Plus Bond Fund

November 15, 2019

Franklin Select U.S. Equity Fund

Franklin U.S. Opportunities Fund

November 15, 2019

Franklin Bissett Canadian All Cap Balanced Fund

Franklin Bissett Canadian All Cap Balanced Corporate Class

Franklin Bissett Monthly Income and Growth Fund

November 22, 2019

Franklin Bissett Energy Corporate Class

Franklin Bissett Canadian Equity Fund

November 22, 2019

Franklin Bissett Microcap Fund

Franklin Bissett Small Cap Corporate Class

Franklin Bissett Small Cap Fund

November 22, 2019

Franklin Mutual U.S. Shares Fund

Franklin Mutual U.S. Shares Corporate Class

Franklin U.S. Rising Dividends Fund

November 22, 2019

Full details of the mergers are set out in the amendment no. 2 of the Simplified Prospectus dated June 25, 2019 for Franklin Select U.S. Equity Fund and amendment no. 3 of the Simplified Prospectus dated September 3, 2019 for the remainder of the Terminating Funds.

Fund Termination

Effective as of the close of business on November 15, 2019, Templeton Asian Growth Fund, Templeton Frontier Markets Fund, Franklin Global Small-Mid Cap Fund, Franklin Mutual European Fund and Franklin Target Return Fund (collectively, the “Funds”) were terminated. The decision to terminate the Funds was due to the small number of investors in the Funds and the associated costs of maintaining smaller funds.

Effective as of the close of business on January 17, 2020, Franklin Templeton Canadian Large Cap Fund (the “Fund”) was terminated. The Fund was originally created as an investment option for certain Franklin Templeton portfolios. The portfolio management team for these portfolios has decided to allocate its investments to other investment funds to more effectively implement its asset allocation strategies.

Fund Legal & Financial Documents