EXHIBIT L-1
FUNDAMENTAL INVESTMENT RESTRICTIONS RECOMMENDED TO BE AMENDED
AS DESCRIBED IN PROPOSAL 4
| FUNDAMENTAL INVESTMENT | |||
Franklin California Tax-Free Income Fund, Inc. | ||||
Franklin California Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin California Tax-Free Trust | ||||
Franklin California Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin California Intermediate-Term Tax-Free | 1). | Borrowing | ||
Income Fund | 2). | Underwriting | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin California Limited-Term Tax-Free Income | 1). | Lending | 1). | Borrowing |
Fund | 2). | Investments in Real Estate | 2). | Underwriting |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin California Tax-Exempt Money Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Capital Growth Fund |
| |||
1). | Borrowing | 1). | Underwriting | |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate | 3). | Diversification of Investments | |
4). | Investments in Commodities | |||
5). | Issuing Senior Securities |
L-1-1
| FUNDAMENTAL INVESTMENT | |||
Franklin Custodian Funds, Inc. | ||||
Franklin DynaTech Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Growth Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin U.S. Government Securities Fund | 1). | Borrowing |
| |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities |
| ||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Utilities Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Global Trust |
| |||
Franklin Large Capitalization Growth and Income | 1). | Lending | 1). | Borrowing |
Fund | 2). | Investments in Real Estate | 2). | Underwriting |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Small Capitalization Equity Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments |
L-1-2
FUNDAMENTAL INVESTMENT RESTRICTIONS TO BE AMENDED | FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Global Real Estate Fund | 1). | Underwriting | 1). | Borrowing |
2). | Lending | 2). | Issuing Senior Securities | |
3). | Investments in Real Estate | 3). | Diversification of Investments - | |
4). | Investments in Commodities | Non-diversified | ||
5). | Concentration | |||
Franklin Templeton Core Fixed Income Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
|
| 4). | Concentration | |
5). | Diversification of Investments | |||
Franklin International Smaller Companies Growth | 1). | Borrowing | 1). | Underwriting |
Fund | 2). | Lending | 2). | Concentration |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Templeton Core Plus Fixed Income Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments – | |||
Non-diversified | ||||
Franklin Templeton Emerging Market Debt | 1). | Lending | 1). | Borrowing |
Opportunities Fund | 2). | Investments in Real Estate | 2). | Underwriting |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments – | |||
Non-diversified | ||||
Franklin Templeton High Income Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Gold and Precious Metals Fund |
| |||
1). | Borrowing | 1). | Underwriting | |
2). | Lending | 2). | Diversification of Investments | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities – | |||
special conditions | ||||
5). | Issuing Senior Securities | |||
6). | Concentration | |||
Franklin High Income Trust |
| |||
Franklin High Income Fund | 1). | Borrowing |
| |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-3
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Investors Securities Trust | ||||
Franklin Adjustable U.S. Government Securities Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Balanced Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Franklin Convertible Securities Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Equity Income Fund | 1). | Borrowing |
| |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities |
| ||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Floating Rate Daily Access Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Diversification of Investments | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Concentration | |||
Franklin Limited Maturity U.S. Government | 1). | Borrowing | ||
Securities Fund | 2). | Underwriting |
| |
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Low Duration Total Return Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Real Return Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments |
L-1-4
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Total Return Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Managed Trust | ||||
Franklin Rising Dividends Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate |
| ||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Municipal Securities Trust | ||||
Franklin California High Yield Municipal Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Tennessee Municipal Bond Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities |
| ||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Mutual Recovery Fund | ||||
1). | Underwriting | 1). | Borrowing | |
2). | Lending | 2). | Issuing Senior Securities | |
3). | Investments in Real Estate | 3). | Diversification of Investments | |
4). | Investments in Commodities | |||
5). | Concentration | |||
Franklin Mutual Series Fund Inc. | ||||
Mutual Beacon Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Mutual Discovery Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments |
L-1-5
FUNDAMENTAL INVESTMENT RESTRICTIONS TO BE AMENDED | FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Mutual European Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Mutual Financial Services Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Mutual Qualified Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Mutual Shares Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Investments in Commodities | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Franklin New York Tax-Free Income Fund | ||||
1). | Borrowing | |||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin New York Tax-Free Trust | ||||
Franklin New York Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin New York Intermediate-Term Tax-Free | 1). | Borrowing | ||
Income Fund | 2). | Underwriting | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-6
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin New York Limited-Term Tax-Free Income | 1). | Borrowing | ||
Fund | 2). | Underwriting | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
– Non-diversified1 | ||||
Franklin New York Tax-Exempt Money Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Real Estate Securities Trust | ||||
Franklin Real Estate Securities Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Strategic Mortgage Portfolio | ||||
1). | Borrowing | |||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Strategic Series | ||||
Franklin Aggressive Growth Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Biotechnology Discovery Fund | 1). | Borrowing | 1). | Diversification of Investments – |
2). | Underwriting | Non-diversified | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration |
____________________
1 | Only the Fund’s fundamental investment restriction that prohibits the Fund from owning more than 10% of the voting securities of any one issuer is recommended to be eliminated. It is not proposed that such Fund’s status as a non-diversified investment company be changed. |
L-1-7
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Blue Chip Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Flex Cap Growth Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Global Communications Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Global Health Care Fund | 1). | Borrowing | 1). | Diversification of Investments – |
2). | Underwriting | Non-diversified | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Natural Resources Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Small Cap Growth Fund II | 1). | Borrowing | 1). | Underwriting |
2). | Lending | |||
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Concentration | |||
7). | Diversification of Investments | |||
Franklin Small-Mid Cap Growth Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-8
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Strategic Income Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Technology Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Diversification of Investments | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Concentration | |||
Franklin U.S. Long-Short Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Tax-Free Trust | ||||
Franklin Alabama Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Arizona Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Colorado Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Connecticut Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-9
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Double Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Federal Intermediate-Term Tax-Free | 1). | Borrowing | ||
Income Fund | 2). | Underwriting | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Federal Limited-Term Tax-Free | 1). | Lending | 1). | Borrowing |
Income Fund | 2). | Investments in Real Estate | 2). | Underwriting |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Diversification of Investments | 4). | Concentration | |
Franklin Florida Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Florida Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Georgia Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin High Yield Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-10
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Kentucky Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Louisiana Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Maryland Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Massachusetts Insured Tax-Free Income | 1). | Borrowing | ||
Fund | 2). | Underwriting | ||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Michigan Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Minnesota Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-11
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Missouri Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin New Jersey Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin North Carolina Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Ohio Insured Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Oregon Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Pennsylvania Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Virginia Tax-Free Income Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-12
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Templeton Fund Allocator Series | ||||
Franklin Templeton Conservative Target Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Templeton Corefolio Allocation Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Templeton Founding Funds Allocation | 1). | Lending | 1). | Borrowing |
Fund | 2). | Investments in Real Estate | 2). | Underwriting |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Templeton Growth Target Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Templeton Moderate Target Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin Templeton Perspectives Allocation Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Templeton 2015 Retirement Target Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Franklin Templeton 2025 Retirement Target Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Franklin Templeton 2035 Retirement Target Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments |
L-1-13
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Templeton 2045 Retirement Target Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Franklin Templeton Global Trust | ||||
Franklin Templeton Hard Currency Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
– Non-diversified2 | ||||
Franklin Templeton International Trust | ||||
Templeton Foreign Smaller Companies Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Templeton Global Long-Short Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | 2). | Concentration | |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Templeton Money Fund Trust | ||||
Franklin Templeton Money Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Value Investors Trust | ||||
Franklin Balance Sheet Investment Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
____________________
2 | Only the Fund’s investment restriction that relates to Subchapter M diversification requirements is recommended to be eliminated. It is not proposed that such Fund’s status as a non-diversified investment company be changed. |
L-1-14
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
Franklin Large Cap Value Fund | 1). | Borrowing | 1). | Underwriting |
2). | Lending | |||
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Concentration | |||
7). | Diversification of Investments | |||
Franklin MicroCap Value Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Franklin MidCap Value Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments | |||
Franklin Small Cap Value Fund | 1). | Borrowing | 1). | Diversification of Investments |
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
Institutional Fiduciary Trust | ||||
Franklin Cash Reserves Fund | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Franklin Structured Large Cap Core Equity | 1). | Borrowing | 1). | Underwriting |
Fund | 2). | Lending | 2). | Concentration |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Franklin Structured Large Cap Growth Equity | 1). | Borrowing | 1). | Underwriting |
Fund | 2). | Lending | 2). | Concentration |
3). | Investments in Real Estate | |||
4). | Investments in Commodities | |||
5). | Issuing Senior Securities | |||
6). | Diversification of Investments | |||
Money Market Portfolio | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments |
L-1-15
| FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |||
The Money Market Portfolios | ||||
The Money Market Portfolio | 1). | Borrowing | ||
2). | Underwriting | |||
3). | Lending | |||
4). | Investments in Real Estate | |||
5). | Investments in Commodities | |||
6). | Issuing Senior Securities | |||
7). | Concentration | |||
8). | Diversification of Investments | |||
Templeton Developing Markets Trust | ||||
1). | Lending | 1). | Borrowing | |
2). | Investments in Commodities | 2). | Underwriting | |
3). | Investments in Real Estate | |||
4). | Issuing Senior Securities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Templeton China World Fund | ||||
1). | Lending | 1). | Borrowing | |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Investments in Commodities | 3). | Issuing Senior Securities | |
4). | Concentration | |||
5). | Diversification of Investments – | |||
Non-diversified | ||||
Templeton Funds, Inc. | ||||
Templeton Foreign Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Issuing Senior Securities | |||
4). | Investments in Commodities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Templeton World Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Issuing Senior Securities | |||
4). | Investments in Commodities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Templeton Global Smaller Companies Fund | ||||
1). | Lending | 1). | Borrowing | |
2). | Investments in Real Estate | 2). | Underwriting | |
3). | Issuing Senior Securities | |||
4). | Investments in Commodities | |||
5). | Concentration | |||
6). | Diversification of Investments | |||
Templeton Income Trust | ||||
Templeton Global Bond Fund | 1). | Lending | 1). | Borrowing |
2). | Investments in Real Estate | 2). | Issuing Senior Securities | |
3). | Underwriting | |||
4). | Investments in Commodities | |||
5). | Concentration | |||
6). | Diversification of Investments – | |||
Non-diversified |
L-1-16
FUNDAMENTAL INVESTMENT RESTRICTIONS TO BE AMENDED | FUNDAMENTAL INVESTMENT RESTRICTIONS TO REMAIN UNCHANGED | |
Templeton Institutional Funds, Inc. | ||
Emerging Markets Series | 1). Borrowing | |
2). Underwriting | ||
3). Lending | ||
4). Investments in Real Estate | ||
5). Investments in Commodities | ||
6). Issuing Senior Securities | ||
7). Concentration | ||
8). Diversification of Investments | ||
Foreign Equity Series | 1). Borrowing | |
2). Underwriting | ||
3). Lending | ||
4). Investments in Real Estate | ||
5). Investments in Commodities | ||
6). Issuing Senior Securities | ||
7). Concentration | ||
8). Diversification of Investments | ||
Foreign Smaller Companies Series | 1). Lending | 1). Borrowing |
2). Investments in Real Estate | 2). Underwriting | |
3). Investments in Commodities | 3). Issuing Senior Securities | |
4). Concentration | ||
5). Diversification of Investments |
L-1-17