<SEC-DOCUMENT>0000833040-15-000004.txt : 20150212
<SEC-HEADER>0000833040-15-000004.hdr.sgml : 20150212
<ACCEPTANCE-DATETIME>20150212143514
ACCESSION NUMBER:		0000833040-15-000004
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20150320
FILED AS OF DATE:		20150212
DATE AS OF CHANGE:		20150212
EFFECTIVENESS DATE:		20150212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		15605171

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fut2015proxy_sec.htm
<DESCRIPTION>FUT
<TEXT>

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   <TITLE>fut2015proxy_sec.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face=courier lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face=courier lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">SCHEDULE 14A INFORMATION</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Proxy Statement Pursuant to
Section 14(a)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">of the Securities Exchange Act of
1934</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">(Amendment No.)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Filed by
the Registrant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [X]</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Filed by
a party other than the Registrant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [ ]</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Check
the appropriate box:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ]&#160;&#160;
Preliminary Proxy Statement</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[X]&#160;&#160;
Definitive Proxy Statement</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ]&#160;&#160;
Definitive Additional Materials</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ]&#160;&#160;
Soliciting Material Pursuant to Section.240-14a-12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">FRANKLIN UNIVERSAL TRUST</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">(Name of Registrant as Specified
in its Charter)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;(Name of Person(s) Filing Proxy
Statement)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Payment
of Filing Fee (Check the appropriate box):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[X] No
fee required</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ] Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;
(1)&#160;&#160; Title of each class of securities to which transaction applies:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;
(2)&#160;&#160; Aggregate number of securities to which transaction applies:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;
(3)&#160;&#160; Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
calculated and state how it was determined):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;
(4)&#160;&#160; Proposed maximum aggregate value of transaction:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; (5)&#160;&#160; Total fee paid:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ] Fee
paid previously with preliminary material.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">[ ]
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; 1)
Amount Previously Paid:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; 2)
Form, Schedule or Registration Statement No.:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; 3)
Filing Party:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; 4)
Date Filed:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<font color=black face=timesnewromanps style="line-height:115%;">
</font>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


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<p style="line-height:115%;margin:0in;margin-bottom:10.0pt;"><font color=black face=timesnewromanps style="line-height:115%;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">FRANKLIN
UNIVERSAL TRUST</font></b></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">IMPORTANT
SHAREHOLDER INFORMATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">We have enclosed important information about the Annual
Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) of Franklin Universal Trust (the &#8220;Fund&#8221;)
scheduled for Friday, March 20, 2015, at 2:00 p.m., Pacific Time. </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">These materials discuss the proposal to be
voted on at the Meeting, and contain the Notice of Meeting, proxy statement and
proxy card. 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 Fund. If you
complete, sign and return the proxy card, we&#8217;ll vote it as you indicated. If
you simply sign, date and return the proxy card, but do not specify a vote on
the proposal listed thereon, your proxy will be voted </font><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> the election
of the nominees to the position of Trustee (the &#8220;Proposal&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">We urge you to spend a few minutes reviewing the Proposal in the
proxy statement. Then, please fill out and sign the proxy card and return it to
us in the enclosed postage-paid envelope so that we know how you would like to
vote. When shareholders return their proxy cards promptly, the Fund may be able
to save money by not having to conduct additional mailings. Returning your
proxy card does not preclude you from attending the Meeting or later changing
your vote prior to its being cast.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">We welcome your comments. If you have any
questions, please call Fund Information at (800) DIAL BEN/342-5236.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">

<p align=center style="border:none;margin:0in;margin-bottom:15.0pt;padding:0in;text-align:center;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">TELEPHONE
AND INTERNET VOTING</font></b></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">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.</font></b></p>

</div>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:15.0pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


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<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:15.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

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</font></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">FRANKLIN UNIVERSAL TRUST</font></b></p>
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<p align=center style="line-height:15.0pt;margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">NOTICE OF 2015 ANNUAL SHAREHOLDERS&#8217; MEETING</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The Annual Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) of Franklin
Universal Trust (the &#8220;Fund&#8221;) will be held at the Fund&#8217;s offices, One Franklin
Parkway, San Mateo, California 94403, on Friday, March 20, 2015, at 2:00 p.m.,
Pacific Time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">During the Meeting, shareholders of the Fund will vote on the
following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#8226;&nbsp;The election of a Board of
Trustees of the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#8226;&nbsp;Such other matters as may
properly come before the Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The Board of Trustees has fixed January 16, 2015 as the record
date for the determination of shareholders entitled to vote at the Meeting.</font><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:228.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">By Order of the Board of
Trustees,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Karen L. Skidmore</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Vice President&amp; Secretary</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">San Mateo, California</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Dated: February 13, 2015</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">&nbsp;</font></p>

<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">

<p style="border:none;line-height:15.0pt;margin:0in;margin-bottom:6.0pt;padding:0in;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF
PROXY MATERIALS FOR THE ANNUAL SHAREHOLDERS&#8217; MEETING TO BE HELD ON MARCH 20,
2015.&#160; </font></b></p>

<p style="border:none;line-height:15.0pt;margin:0in;margin-bottom:6.0pt;padding:0in;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Fund&#8217;s Notice of 2015 Annual Shareholders&#8217;
Meeting, proxy statement, and form of proxy are available on the Internet </font></b><b><font face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">at </font></b><u><font color=black face="courier new" lang=EN-CA style="font-size:12.0pt;letter-spacing:.5pt;">https://www.proxy-direct.com/fra-26292</font></u><b><font face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">
The form of proxy on the Internet site cannot be used to cast your vote.</font></b></p>

</div>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.25pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">Please sign and promptly return
your proxy card in the self-addressed envelope regardless of the number of
shares you own.
</font></p>
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<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.25pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.25pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">FRANKLIN UNIVERSAL TRUST</font></b></p>

<p align=center style="line-height:15.0pt;margin:0in;margin-bottom:15.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">PROXY STATEMENT</font></b></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&#9830;</font><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;"> INFORMATION ABOUT VOTING</font></i></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Who is asking for my vote?</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.7pt;margin-right:0in;margin-top:0in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">This proxy statement is for the Annual Shareholders&#8217; Meeting (the
&#8220;Meeting&#8221;) of Franklin Universal Trust (the &#8220;Fund&#8221;), which will be held at the
Fund&#8217;s offices, One Franklin Parkway, San Mateo, California 94403, on Friday,
March 20, 2015, at 2:00 p.m., Pacific Time. The Fund&#8217;s Board of Trustees (the
&#8220;Board&#8221; or the &#8220;Trustees&#8221;) is </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">unanimously</font><font color=black face="courier new" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;"> </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">asking you
to vote </font><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;"> t</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">he election of </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">your
Board&#8217;s </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">ten </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">nominees </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">to the position of &#173;Trustee</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;"> (the
&#8220;Proposal&#8221;) by promptly completing, signing, dating and returning the enclosed
proxy card. </font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:6.0pt;"><b><i><font face="courier new" lang=EN-US style="font-size:12.0pt;">Who is eligible to vote?</font></i></b></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">Shareholders of record at the close of
business on January 16, 2015, are entitled to be present and to vote at the
Meeting or any adjourned Meeting. Each share of record is entitled to one vote
(and a proportionate fractional vote for each fractional share) on each matter
presented at the Meeting. The Notice of Meeting, the proxy statement, and the
proxy card were first mailed to shareholders of record on or about February 13,
2015.</font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font face="courier new" lang=EN-US style="font-size:12.0pt;">On what issue am I being asked to vote?</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font face=times lang=EN-US style="font-size:11.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">You
are being asked to vote on one Proposal:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&#8226;&nbsp;The election of a Board of Trustees of
the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:6.0pt;"><b><i><font face="courier new" lang=EN-US style="font-size:12.0pt;">How do the Fund&#8217;s Trustees
recommend that I vote?</font></i></b></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">The Trustees unanimously recommend that you
vote </font><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> the election of all nominees.</font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">How do I ensure that my vote is accurately recorded?</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">You may attend the Meeting and vote in person or you may complete
and return the enclosed proxy card. If you are eligible to vote by telephone or
through the Internet, separate instructions are enclosed. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">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 for the Proposal, your proxy
will be voted as you indicate. If you simply sign, date and return the proxy
card, but don&#8217;t specify a vote on the Proposal, your shares will be voted </font><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font face="courier new" lang=EN-US style="font-size:12.0pt;">
the election of the nominees for the Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">May I revoke my proxy?</font></i></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


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<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">You may revoke your proxy at any
time before it is voted by forwarding a written revocation or a later-dated
proxy to the Fund that is received by the Fund at or prior to the Meeting, or
by attending the Meeting and voting in &#173;person.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">What if my shares are held in a bank or brokerage account?</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">If your shares are held by your bank or broker, then in order to
vote in person at the Meeting, you will need to obtain a &#8220;Legal Proxy&#8221; from
your bank or broker and present it to the Inspector of Election at the Meeting.
Also, in order to revoke your proxy, you may need to forward your written
revocation or a later-dated proxy card to your broker rather than to the Fund.</font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&#9830;</font><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;"> THE </font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">PROPOSAL: ELECTION OF TRUSTEES</font></b></p>

<p style="line-height:14.5pt;margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">How are
nominees selected?</font></i></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">T</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">he Board
has a Nominating Committee</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> consisting of Harris J. Ashton, Mary C.
Choksi, Sam Ginn, Edith E. Holiday, J. Michael Luttig, Larry D. Thompson and
John B. Wilson, none of whom is an &#8220;interested person&#8221; of the Fund as defined
by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). Mary C.
Choksi was appointed as Trustee effective 10/1/2014. </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Trustees who are not interested
persons of the Fund are referred to as &#8220;Independent Trustees,&#8221;</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> and Trustees who are interested persons of the
Fund are referred to as &#8220;Interested Trustees.&#8221;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">The
Nominating Committee is responsible for selecting candidates to serve as
Trustees 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&#8217;s qualifications, the </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Nominating Committee generally
considers the potential candidate&#8217;s educational background,</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> business or
professional experience, and reputation. In addition, the Nominating Committee
has established as minimum qualifications for Board membership as an
Independent Trustee </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">(1) that such candidate be independent from
relationships with the Fund&#8217;s investment manager</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> and other principal service
providers both within the terms and the spirit of the statutory </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">independence
requirements specified under the 1940 Act and the rules thereunder; (2) that
such candidate demonstrate</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> 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 U.S. registered 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. The Nominating
Committee has not adopted any specific </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">policy on the
issue of diversity, but will take this into account, among other factors, in
its consideration of new candidates to the Board.</font></p>
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<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">When the 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 Trustees, including any recommendations by &#8220;Qualifying
Fund Shareholders&#8221; (as defined below).&#160; Such individuals are evaluated based
upon the criteria described above. To date, the 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. The Nominating Committee
will, however, 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 Fund&#8217;s offices and are presented
with appropriate background material concerning the candidate that demonstrates
his or her ability to serve as a Trustee, including as an Independent Trustee,
of the Fund.&#160; A Qualifying Fund Shareholder is a shareholder who (i) has
continuously owned of record, or beneficially through a financial intermediary,
shares of the Fund having a net asset value of not less than two hundred and
fifty thousand dollars ($250,000) during the twenty-four 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 Fund which are owned of record and beneficially by such
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
(&#8220;SEC&#8221;) 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 &#8220;interested person&#8221; of the Fund, as defined in the 1940 Act;
and (g) the written consent of each person recommended to serve as a Trustee of
the Fund if so nominated and elected/appointed.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The 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.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">The Board has adopted and approved a formal
written charter for the Nominating Committee. A copy of the charter was
attached as &#8220;Appendix A&#8221; </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">to the proxy statement for the
2014 Annual Shareholders&#8217; Meeting.</font></p>
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</DIV>


<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Who are the
Fund&#8217;s Nominees and current members of the Board of Trustees?</font></i></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0pt;margin-right:0in;margin-top:0in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Fund&#8217;s nominees and the current Trustees
of the Fund are </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">Harris J. Ashton, Mary C. Choksi, Sam Ginn, Edith E.
Holiday, Gregory E. Johnson, </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Rupert H. Johnson, Jr., J. Michael Luttig,
Frank A. Olson, Larry D. Thompson and John B. Wilson.&#160; As described more fully
below, these nominees </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">have significant experience managing investment
vehicles.&#160; Several of the Fund&#8217;s nominees have been Trustees since the Fund was
launched in 1988, and are also on the Boards of other open-end and closed-end
Franklin Templeton funds.&#160; They have had experience as senior officers and
directors of major business corporations, and some have also held senior
positions in state and federal government.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">Interested Trustees of the Fund
hold director and/or officer positions with Franklin Resources, Inc.</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">(&#8220;Resources&#8221;)
and its affiliates. Resources is a &#173;publicly owned holding company, a principal</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> shareholder
of which is Rupert H. Johnson, Jr., who owned </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">approximately 17.18% of its
outstanding shares as of December 31, 2014</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">. </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">The
shares deemed to be beneficially owned by Rupert H. Johnson, Jr. include
certain shares held by a private charitable foundation or by his spouse, of
which he disclaims beneficial ownership.</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;"> Resources, a global investment management
organization operating as Franklin Templeton Investments, is primarily engaged,
through its 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, Inc. (&#8220;NYSE&#8221;)
listed holding company (NYSE: BEN). Rupert H. Johnson, Jr., Chairman, Trustee
and Senior Vice President of the Fund, is the uncle of Gregory E. Johnson, a
Trustee of the Fund.&#160; There are no other family relationships among the
Trustees or nominees for Trustees.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">Each nominee is currently
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 as Trustees.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">In addition to personal qualities, such as integrity, in
considering candidates for the Board, the Nominating Committee seeks to find
persons of good reputation whose experience and background evidences that such
person has the ability to comprehend, discuss and critically analyze materials
and issues presented in exercising judgments and reaching informed conclusions
relevant to fulfillment of a Fund Trustee's duties and fiduciary obligations.
Information on the business activities of the nominees and other Trustees
during the past five years and beyond appears below and it is believed that the
specific background of each Trustee evidences such ability and is appropriate
to his or her serving on the </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">Fund's Board. As
indicated in the table below, Harris J. Ashton, Frank A. Olson and Sam Ginn
have each served as chief executive officers of New York Stock Exchange listed
public corporations; Larry D. Thompson and Edith E. Holiday each have legal
backgrounds, including high level legal positions with departments of the U.S.
government; John B. Wilson has served as chief operating officer of a New York
Stock Exchange listed public corporation, as well as chief financial officer of
a NASDAQ listed public corporation; J. Michael Luttig has fifteen years of
judicial experience as a Federal Appeals Court Judge; Mary C. Choksi has served
as the managing director of investment management firms; and Rupert H. Johnson,
Jr. and Gregory E. Johnson are high ranking executive officers of Franklin
Templeton Investments.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>


<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Listed below, for each nominee,
is his or her name, year of birth and address, as well as position and length
of service with the Fund, a brief description of recent professional
experience, the number of portfolios in the Franklin Templeton Investments fund
complex that he or she oversees, </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">and other directorships held.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Nominees for Independent Trustee</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td width=20% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of Birth and Address</font></b></p>
  </td>
 <td width=20% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time Served</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Number of Portfolios in Fund Complex Overseen by Board Member*</font></b></p>
  </td>
 <td width=26% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Other Directorships Held During at Least the Past 5 Years</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Harris J. Ashton
  (1932)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Since
  1988</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Bar-S Foods (meat
  packing company) (1981-2010).</font></p>
  </td>
 </tr>
<tr style="height:33.25pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:33.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Director of
  various companies; and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">, 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).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Mary C. Choksi
  (1950)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since October 2014</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">111</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Avis Budget Group
  Inc. (car rental), Omnicom Group Inc. (advertising and marketing
  communications services) and H.J. Heinz Company
  (processed foods and allied products) (1998-2006)</font></p>
  </td>
 </tr>
<tr style="height:33.25pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:33.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Founding Partner
  and Senior Managing Director, Strategic Investment Group (investment
  management group)(1987&#8211;present); director of various companies; and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly,</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">
  Founding Partner and Managing Director, Emerging Markets Management LLC (investment
  management firm) (1987-2011); Loan Officer/Senior Loan Officer/Senior Pension
  Investment Officer, World Bank Group (international financial institution)
  (1977-1987).</font></p>
  </td>
 </tr>
</table></div>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Sam Ginn (1937)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;layout-grid-mode:line;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;layout-grid-mode:line;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2007</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">111</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">ICO Global
  Communications (Holdings) Limited (satellite company) (2006-2010), Chevron
  Corporation (global energy company) (1989-2009), Hewlett-Packard Company
  (technology company) (1996-2002), Safeway, Inc. (grocery retailer)
  (1991-1998) and TransAmerica Corporation (insurance company) (1989-1999).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Private investor;
  and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly,</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;"> Chairman, First Responder Network Authority (FirstNet)
  (interoperable wireless broadband network) (2012-2014); Chairman of the
  Board, Vodafone AirTouch, PLC (wireless company) (1999-2000); Chairman of the
  Board and Chief Executive Officer, AirTouch Communications (cellular
  communications) (1993-1998) and Pacific Telesis Group (telephone holding
  company) (1988-1994).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Edith E. Holiday
  (1952)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Since
  2004</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Hess Corporation
  (exploration and refining of oil and gas), H.J. Heinz Company (processed
  foods and allied products)(1994-2013), RTI International Metals, Inc. (manufacture
  and distribution of titanium), Canadian National Railway
  (railroad) and White Mountains Insurance Group, Ltd. (holding company).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Director or
  Trustee of various companies and trusts; and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">, 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).</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter12"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader13"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">J. Michael Luttig
  (1954)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2009</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Boeing Capital
  Corporation (aircraft financing)(2006-2013).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Executive Vice
  President, General Counsel and member of Executive Council, The Boeing
  Company (aerospace company); and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">, Federal Appeals Court
  Judge, U.S. Court of Appeals for the Fourth Circuit (1991-2006).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Frank A. Olson
  (1932)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2005</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Hess Corporation
  (exploration and refining of oil and gas) (1998-2013).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Director of
  various companies; and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">, Chairman of the Board, The Hertz
  Corporation (car rental) (1980-2000) and Chief Executive Officer
  (1977-1999)); Chairman of the Board, President and Chief Executive Officer,
  UAL Corporation (airlines) (June-December 1987).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Larry D. Thompson (1945)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">One
    Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">San
    Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Since 2007</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Cbeyond, Inc. (business communications provider) (2010-2012), The
  Southern Company (energy company) (December 2014; previously 2010-2012) and
  Graham Holdings Company  (education and media organization)
  (2011&#8211;present). </font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Principal Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Executive Vice President - Government Affairs, General Counsel and
  Corporate Secretary, PepsiCo, Inc. (consumer products) (2012-present); and </font><b><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">formerly,</font></b><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">
  John A. Sibley Professor of Corporate and Business Law, University of Georgia
  School of Law (2011-2012); 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).</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter13"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader14"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.899963pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">John B. Wilson
  (1959)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Lead
  Independent Trustee</font></p>
  </td>
 <td valign=top width=19% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee since 2006
  and Lead Independent Trustee since 2008</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">111</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">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 </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">, Chief Operating Officer and
  Executive Vice President, Gap, Inc. (retail) (1996-2000); Chief Financial
  Officer and Executive Vice President &#8211; Finance Strategy, Staples, Inc.
  (1992-1996); Senior Vice President &#8211; Corporate Planning, Northwest Airlines,
  Inc. (airlines) (1990-1992); and Vice President and Partner, Bain &amp;
  Company (consulting firm) (1986-1990).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Nominees for Interested Trustee</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td width=20% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of Birth and Address</font></b></p>
  </td>
 <td width=20% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time Served</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Number of Portfolios in Fund Complex Overseen by Board Member*</font></b></p>
  </td>
 <td width=26% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Other Directorships Held During at Least the Past 5 Years</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr style="height:80.5pt;">
  <td valign=top width=20% style="border:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">**Gregory E.
  Johnson (1961)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
    Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2013 </font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">147</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Chairman of the
  Board, Member - Office of the Chairman, Director, President 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; and Vice Chairman, Investment Company Institute.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">***Rupert H. Johnson, Jr. (1940)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font><font face="Times New Roman" style="font-size:12.0pt;">  </font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Chairman
  of Board, Trustee and Senior Vice President </font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Chairman
  of the Board since 2013 and Trustee and Senior Vice President since 1988 </font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">137</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">None</font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">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 43 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter14"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">*We base the number
of portfolios 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 managers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">**Gregory E.
Johnson is considered to be an interested person of the Fund under the federal
securities laws due to his position as an officer and director of Franklin
Resources, Inc. (Resources), which is the parent company of the Fund's
investment manager and distributor.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">***Rupert H.
Johnson, Jr. is considered to be an interested person of the Fund under the
federal securities laws due to his position as officer and director and major
shareholder of Resources, which is the parent company of the Fund's investment
manager and distributor. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Note 1: Rupert H.
Johnson, Jr. is the uncle of Gregory E. Johnson.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The following tables provide the dollar range
of equity securities of the Fund and of all funds overseen by the Trustees in
the Franklin Templeton Investments fund complex beneficially owned by the
Trustees as of December 31, 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Independent Trustee:</font></b></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:747.000000pt;">
 <tr>
  <td valign=bottom width=41% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="courier new" style="font-size:8.0pt;">Name of Nominee</font></b></p>
   </td>
 <td colspan=3 valign=bottom width=20% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Dollar&nbsp;Range&nbsp;of</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">&nbsp;Equity</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.75pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Securities in the Trust</font></b></p>
   </td>
 <td valign=bottom width=39% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Securities&nbsp;in&nbsp;all&nbsp;Funds&nbsp;Overseen&nbsp;by&nbsp;the</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Board Member in the
   Franklin Templeton</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.75pt;text-align:center;"><b><font face="courier new" style="font-size:8.0pt;">Investments Fund Complex</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;page-break-after:avoid;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Harris J.
  Ashton.................... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">$10,001 - $50,000</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Mary C. Choksi</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Sam Ginn............................ </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Edith E. Holiday.................... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">J. Michael Luttig................... </font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=19% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=40% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Frank A. Olson...................... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Larry D. Thompson................... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">John B. Wilson...................... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=41% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=56% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:12.0pt;letter-spacing:.5pt;">Interested Trustee:</font></b></p>
  </td>
 <td colspan=3 valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p style="line-height:2.0pt;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p style="line-height:2.0pt;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=41% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=timesnewromanps style="font-size:7.5pt;">Name of Nominee</font></b></p>
   </td>
 <td colspan=3 valign=bottom width=20% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Dollar&nbsp;Range</font></b><font face="Times New Roman" style="font-size:12.0pt;">   </font><b><font face=timesnewromanps style="font-size:7.5pt;">&nbsp;of&nbsp;</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Equity</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.75pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Securities in the Trust</font></b></p>
   </td>
 <td valign=bottom width=39% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Securities&nbsp;in&nbsp;all&nbsp;Funds&nbsp;Overseen&nbsp;by&nbsp;the</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Board Member in the
   Franklin Templeton</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.75pt;text-align:center;"><b><font face=timesnewromanps style="font-size:7.5pt;">Investments Fund Complex</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Gregory E. Johnson.................. </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:12.0pt;text-indent:-12.0pt;"><font face=timesnewromanps style="font-size:10.0pt;">Rupert H. Johnson, Jr............... </font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=20% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">$1-$10,000</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:10.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=41%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=16%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=39%>&nbsp;</td>
 </tr>
</table>

</div>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">How often do the Trustees meet
and what are they paid?</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:-.5in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">The role of the
Trustees is to provide general oversight of the Fund&#8217;s business, and to ensure
that the Fund is operated for the benefit of all shareholders. The Trustees
anticipate meeting at least eight</font><font color=navy face="courier new" lang=EN-US style="font-size:12.0pt;"> </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">times during
the current fiscal year to review the operations of the Fund and the Fund&#8217;s
investment performance. The Trustees also oversee the services furnished to the
Fund by Franklin Advisers, Inc., the Fund&#8217;s investment manager (the &#8220;Investment
Manager&#8221;), and various other service providers. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">The Fund&#8217;s
Independent board members constitute the sole independent directors/trustees of
27 investment companies in the Franklin Templeton Investments complex, for
which each Independent Director/Trustee currently is paid a $247,000 annual
retainer fee, together with a $7,000 per meeting fee for attendance at board meetings,
a portion of which is allocated to the Fund. To the extent held, compensation
may also be paid for attendance at specially held Board meetings. The Fund&#8217;s
lead independent trustee is paid an annual supplemental retainer of $25,000 for
service to such investment companies, a portion of which is allocated to the
Fund. Trustees who serve on the Audit Committee of the Fund and such other
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 the Fund.
John B. Wilson, who serves as chairman of the Audit Committee of the Fund and
such other funds, receives an additional fee of $50,000 per year, </font>
<FONT style="FONT-SIZE: 12pt" lang=EN-US face="courier new">a portion of which is allocated to the Fund. Members of a committee are not separately compensated for any committee meeting held on the day of a Board meeting. Independent Directors/Trustees are also reimbursed for expenses incurred in connection with attending meetings.</FONT></p>
<a name="_bclFooter16"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<A name="page_17"></A>

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<a name="_bclHeader17"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P></DIV>




<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new">During the fiscal year ended &shy;August 31, 2014, there were eight</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new"> </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new">meetings of the Board, two meetings of the Nominating Committee, and&nbsp;&nbsp; three meetings of the Audit Committee. Each of the Trustees who served on the Board during the fiscal year ended August 31, 2014 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 Trustee served.&nbsp; </FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new">The Fund does not currently have a formal policy regarding Trustees&#8217; attendance at the Annual Shareholders&#8217; Meeting. None of the Trustees attended the Fund&#8217;s last annual meeting held on March 21, 2014.</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="courier new">Certain Interested Trustees and officers of the Fund are shareholders of Resources and may receive indirect remuneration due to their participation in the management fees and other fees received from the Franklin Templeton funds by the Investment Manager and its affiliates. The Investment Manager or its affiliates pay the salaries and expenses of the officers. No pension or retirement benefits are accrued as part of Fund &shy;expenses.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 12pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 12pt" lang=EN-US color=black face="courier new">The table below indicates the aggregate compensation paid to the nominees for Independent Trustee by the Fund individually and by all of the funds in the Franklin Templeton Investments fund complex. These Trustee nominees also serve as directors or trustees of other Franklin Templeton funds, many of which hold meetings at different dates and times. The Trustees and the Fund&#8217;s management believe that having the same individuals serving on the boards of many of the funds in the Franklin Templeton Investments fund complex enhances the ability of each fund to obtain, at a relatively modest cost to each separate fund, the services of high caliber, experienced and knowledgeable Independent Trustees who can bring their experience and talents to, and more effectively oversee the management of, the funds.</FONT></P>

<P style="LINE-HEIGHT: 6pt; MARGIN: 0in 5in 3pt 0in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=timesnewromanps></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 752pt; MARGIN-LEFT: 154.45pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>Name of Trustee</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>Aggregate<BR>Compensation</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.75pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>from&nbsp;the&nbsp;Trust*</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 7.5pt" color=black face="Times New Roman">Total&nbsp;Compensation&nbsp;from<BR>Franklin Templeton<BR>Investments&nbsp;Fund&nbsp;Complex**</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>Number&nbsp;of&nbsp;Boards&nbsp;within</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>Franklin Templeton<BR>Investments&nbsp;Fund&nbsp;Complex</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.75pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" face=timesnewromanps>on&nbsp;which&nbsp;Trustee&nbsp;Serves***</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Harris J. Ashton</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>$1,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>$493,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>41</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Mary C. Choksi****</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>82,750</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>27</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Sam Ginn</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>1,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>303,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>27</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Edith E. Holiday</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>1,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>532,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>41</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="21%" colSpan=2>

   <P style="TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>J. Michael Luttig</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>3,374</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>509,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -12pt; MARGIN: 0in 0in 0pt 12pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Frank A. Olson</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>3,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>493,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>41</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -0.1pt; MARGIN: 0in 0in 0pt 0.1pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>Larry D. Thompson</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>1,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>509,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 18.65pt; MARGIN: 0in 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="22%" colSpan=3>

   <P style="TEXT-INDENT: -0.05pt; MARGIN: 0in 0in 0pt 0.05pt"><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>John B. Wilson</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>3,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>394,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>27</FONT></P></TD></TR>

<TR height=0>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="29%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="26%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">FUT Proxy 2015</FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


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<div align=center></div>

<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:0in;margin-right:5.0in;padding:0in 0in 1.0pt 0in;">

<p style="border:none;line-height:6.0pt;margin:0in;margin-bottom:3.0pt;padding:0in;"><font face="Times New Roman" lang=EN-US style="font-size:6.0pt;">&nbsp;</font></p>

<p style="border:none;line-height:6.0pt;margin:0in;margin-bottom:3.0pt;padding:0in;"><font face="Times New Roman" lang=EN-US style="font-size:6.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-indent:-.25in;"><font color=black face=timesnewromanps lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">&#160; * Compensation received for the fiscal year ended August
31, 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;text-indent:-27.0pt;"><font face=timesnewromanps lang=EN-US style="font-size:8.0pt;">&#160;** Compensation received
for the calendar year ended December 31, 2014. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:8.0pt;">***
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 or funds within each investment company
for which the Board members are responsible. Franklin Templeton Investments
currently includes 46 U.S. registered investment companies, with approximately
154 U.S. based funds or series.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:8.0pt;">****
Mary C. Choksi began serving as a Trustee for the Trust effective October 1,
2014.</font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:5.0in;margin-top:0in;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:5.0in;margin-top:0in;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:5.0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Board members historically have followed a
policy of having substantial investments in one </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">or more of the funds in Franklin Templeton
Investments, as is consistent with their individual</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">financial goals. In Feb&#173;ruary
1998, this policy was formalized through adoption of a requirement</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> that each board member invest one-third of fees
received for serving as a director or trustee </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">of a Templeton fund (excluding committee fees) in shares of one or more
Templeton funds and &#173;one-third of fees received</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> for serving as a director or 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 &#173; phase-in
period applies to such investment requirements for newly elected board members.
In implementing such policy, a board member&#8217;s fund holdings existing on Feb&#173;ruary
27, 1998, were valued as of such date with subsequent investments valued &#173;at
cost.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Who are the
Executive Officers of &#173;the Fund?</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Officers
of the Fund are appointed by the Trustees and serve at the pleasure of the
Board. Listed below, for each Executive Officer, are his or her name, year of
birth, address, a brief description of his or her professional experience for
the past 5 years, and his or her position and length of service with the Fund:</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td width=21% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of Birth and Address</font></b></p>
  </td>
 <td width=21% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=58% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time Served</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Rupert H. Johnson,
  Jr. (1940)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Chairman
  of Board, Trustee and Senior Vice President </font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Chairman
  of the Board since 2013 and Trustee and Senior Vice President since 1988 </font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Please refer to
  the table &#8220;Nominees for Interested Trustee&#8221; for additional information about
  Mr. Rupert H. Johnson, Jr.</font></p>
  </td>
 </tr>
</table></div>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Alison E. Baur</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">(1964)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
  Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA
  94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Vice President</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;">Since 2012</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years: </font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Deputy General
  Counsel, Franklin Templeton Investments; and officer of some of the other
  subsidiaries of Franklin Resources, Inc. and of 46 of the investment
  companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Laura F. Fergerson
  (1962)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
  Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">CA 94403-1906</font></p>
  </td>
 <td valign=top width=23% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Chief Executive
  Officer &#8211; Finance and Administration</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Senior Vice
  President, Franklin Templeton Services, LLC; officer of 46 of the investment
  companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Gaston Gardey
  (1967)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
  Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Treasurer, Chief
  Financial Officer and Chief Accounting Officer</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Director, Fund
  Accounting, Franklin Templeton Investments; and officer of 27 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Aliya S. Gordon
  (1973)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
  Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Vice President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Since 2009</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Principal Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Senior Associate
  General Counsel, Franklin Templeton Investments; officer of 46 of the
  investment companies in Franklin Templeton Investments; and </font><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">formerly, </font></b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Litigation
  Associate, Steefel, Levitt &amp; Weiss, LLP (2000-2004).</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter19"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_20"></a><a name="_bclPageBorder20"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader20"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Steven J. Gray
  (1955)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
    Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Vice President</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Senior Associate
  General Counsel, Franklin Templeton Investments; Vice President, Franklin
  Templeton Distributors, Inc. and Franklin Alternative Strategies Advisers,
  LLC; and officer of 46 of the investment companies in Franklin Templeton
  Investments. </font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Selena L. Holmes
  (1965)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">100
    Fountain Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">St. Petersburg, FL 33716-1205</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Vice President &#8211;
  AML </font><font color=black face=timesnewromanps style="font-size:9.0pt;letter-spacing:.5pt;">Compliance</font></p>
  </td>
 <td valign=top width=61% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2012</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Director, Global
  Compliance Monitoring; Chief Compliance Officer, Franklin Alternative
  Strategies Advisers, LLC; Vice President, Franklin Templeton Companies, LLC;
  and officer of 46 of the investment companies in Franklin Templeton
  Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Edward B.
  Jamieson (1948)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
    Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">President and
  Chief Executive Officer &#8211; Investment Management </font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">President since
  1993 and Chief Executive Officer &#8211; Investment Management since 2002</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">President, Chief
  Investment Officer 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.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Kimberly H.
  Novotny (1972)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">300 S.E. 2nd
    Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Fort
    Lauderdale,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">FL 33301-1923</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Vice President</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Associate
  General Counsel, Franklin Templeton Investments; Vice President and
  Secretary, Fiduciary Trust International of the South; Vice President,
  Templeton Investment Counsel, LLC; Assistant
  Secretary, Franklin Resources, Inc.; and officer of
  46 of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter20"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">FUT Proxy 2015</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader21"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Robert C.
  Rosselot (1960)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">300 S.E. 2nd
    Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Fort
    Lauderdale,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">FL 33301-1923</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Chief Compliance
  Officer</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Director, Global
  Compliance, Franklin Templeton Investments; Vice President, Franklin
  Templeton Companies, LLC; officer of 46 of the investment companies in
  Franklin Templeton Investments; and </font><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">, Senior Associate General
  Counsel, Franklin Templeton Investments (2007-2013); and Secretary and Vice
  President, Templeton Group of Funds (2004-2013).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Karen L.
  Skidmore (1952)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
    Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Vice President
  and Secretary</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2006 </font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Senior Associate
  General Counsel, Franklin Templeton Investments; and officer of 46 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Craig S. Tyle
  (1960)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">One Franklin
    Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=21% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Vice President</font></p>
  </td>
 <td valign=top width=58% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Since 2005</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">General Counsel
  and Executive Vice President, Franklin Resources, Inc.; and officer of some
  of the other subsidiaries of Franklin Resources, Inc. and of 46 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=21% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;layout-grid-mode:char;">Lori A. Weber (1964)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;layout-grid-mode:char;">300 S.E. 2<sup>nd</sup> Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;letter-spacing:.5pt;">Fort Lauderdale,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">FL 33301-1923</font></p>
  </td>
 <td valign=top width=19% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Vice
  President </font></p>
  </td>
 <td valign=top width=60% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Since 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=timesnewromanps style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Principal Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Senior Associate General Counsel, Franklin Templeton Investments;
  Assistant Secretary, Franklin Resources, Inc.; Vice President and Secretary,
  Templeton Investment Counsel, LLC; Vice President, Fiduciary Trust
  International of the South; and officer of 46 of the investment companies in
  Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>


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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Note 1:&#160; Officer
information is current as of the date of this report.&#160; It is possible that
after this date, information about officers may change.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></i></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&#9830;
</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">ADDITIONAL
INFORMATION ABOUT &#173;THE FUND</font></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:.3pt;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The
Investment Manager.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The Investment Manager is Franklin
Advisers, Inc., a California </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">corporation, whose principal address is One Franklin Parkway, San
Mateo, CA 94403.</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> The Investment Manager is a &#173;wholly-owned
subsidiary of Resources.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Administrator.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The administrator of the Fund is
Franklin Templeton Services, LLC (&#8220;FT Services&#8221;), whose principal address is
also One Franklin Parkway, San Mateo, CA 94403. Under an agreement with the
Investment Manager, FT Services performs certain administrative functions, such
as portfolio recordkeeping, for the Fund. FT Services is an indirect, &#173;wholly-owned
subsidiary of &#173;Resources.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Transfer Agent.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The transfer agent, registrar and
dividend disbursement agent for the Fund is </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">BNY Mellon Investment Servicing, c/o Computershare, P.O. Box
30170, College Station, Texas 77842-3170. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Custodian.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:11.0pt;letter-spacing:.5pt;">&nbsp;</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Bank of New York, Mutual Funds Division, 90 Washington
Street, New York, NY 10286, acts as custodian of the Fund&#8217;s securities and other
&#173;assets. </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Reports to
Shareholders and Financial Statements.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The Fund&#8217;s last audited
financial statements and annual report for the fiscal year ended &#173; August 31,
2014, are available free of charge. To obtain a copy, please call </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">(800) DIAL BEN/342-5236 </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">or forward a written request to </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Franklin Templeton Investor Services, LLC, P.O. Box 997151,
Sacramento, CA &#173; 95899-9983.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Principal
Shareholders.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;As of January 16, 2015, the Fund had 25,131,894
shares </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">outstanding
and total net assets of $203,568,999.&#160; The Fund&#8217;s shares are listed on the NYSE</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> (symbol: FT). From time to time, the number of
shares held in &#8220;street name&#8221; accounts of various securities dealers for the
benefit of their clients may exceed 5% of the total shares outstanding. </font><font face="courier new" lang=EN-US style="font-size:12.0pt;">To the knowledge of the Fund&#8217;s management, as
of January 16, 2015, there were no entities holding beneficially or of record
more than 5% of the Fund&#8217;s outstanding shares, except as shown in the following
table:</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;text-decoration:none;">&nbsp;</font></i></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:5.4pt;width:450.899963pt;">
 <tr>
  <td valign=top width=40% style="background:#d9d9d9;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Name and
  Address </font></b></p>
  </td>
 <td valign=top width=29% style="background:#d9d9d9;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Amount and
  Nature of Beneficial Ownership</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=31% style="background:#d9d9d9;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" style="font-size:10.0pt;letter-spacing:.5pt;">Percent of
  Outstanding Common Shares</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Financial &amp;
  Investment Group, Ltd.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">111 Cass Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">Traverse City, MI
  49684</font></p>
  </td>
 <td valign=top width=29% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:9.0pt;margin:0in;margin-bottom:2.0pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">    1,257,476<sup>1</sup></font></p>
  </td>
 <td valign=top width=31% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">           </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" style="font-size:9.0pt;letter-spacing:.5pt;">       5.00%<sup>2</sup></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face="courier new" lang=EN-US style="font-size:9.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp; </font><font face="courier new" lang=EN-US style="font-size:9.0pt;">The nature of beneficial
ownership is shared voting and dispositive power, as </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">reported on Schedule 13G, filed with the SEC as of December 31, 2014.</font></p>

<ol start=2 type=1 style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:9.0pt;">As reported on Schedule
     13G, filed with the SEC as of December 31, 2014.</font><font face="courier new" lang=EN-US style="font-size:10.0pt;"> </font></li>
</ol>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">In addition, to the knowledge of the Fund&#8217;s
management, as of January 16, 2015, no Trustee</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> of the Fund owned 1% or more of
the outstanding shares of the Fund, and the officers and Trustees of the Fund
owned, as a group, less than 1% of the outstanding shares of &#173;the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Contacting
the Board of Trustees.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;If a shareholder wishes to send a
communication to the Board, such correspondence should be in writing and
addressed to the Board of Trustees at the Fund&#8217;s offices, One Franklin Parkway,
San Mateo, California 94403. The correspondence will then be given to the Board
for their review and &#173;consideration.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></i></b></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;">&#9830;
</font></i></b><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">AUDIT
COMMITTEE</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Board has a standing Audit Committee
currently consisting of Messrs. Wilson (Chairman), Luttig and Thompson, all of
whom are Independent Trustees and also are considered to be &#8220;independent&#8221; as
that term is defined by the NYSE&#8217;s listing standards. The Fund&#8217;s Audit Committee
is responsible for the appointment, compensation and retention of the Fund&#8217;s
independent registered public accounting firm (auditors), including evaluating
their independence, recommending the selection of the Fund&#8217;s auditors to the
full Board, and meeting with such auditors to consider and review matters
relating to the Fund&#8217;s financial reports and internal accounting. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Selection of Auditors</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.&nbsp;</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The Audit Committee and the Board
have selected the firm of PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) as auditors of the
Fund for the current fiscal year. 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit Fees</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.&nbsp;</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The aggregate fees paid to PwC
for professional services rendered by PwC for the audit of the Fund&#8217;s annual
financial statements or for services that are normally provided by PwC in
connection with statutory and regulatory filings or engagements were $41,507
for the fiscal year ended August 31, 2014, and $41,902 for the fiscal year
ended August 31, 2013.</font></p>


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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit-Related Fees</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">There
were no fees paid to PwC for assurance and related services rendered by PwC to
the Fund that are reasonably related to the performance of the audit or review
of the Fund's financial statements and are not reported under &#8220;Audit Fees&#8221;
above for the fiscal years ended August 31, 2014 and August 31, 2013.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">There
were no fees paid to PwC for assurance and related services rendered by PwC to
the Investment Manager and any entity controlling, controlled by or under
common control with the Investment Manager that provides ongoing services to
the Fund that are reasonably related to the performance of the audit of
financial statements for the fiscal years ended August 31, 2014 and August 31,
2013.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Tax Fees</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">.&nbsp;There were no fees paid to PwC for
professional services rendered by PwC to the Fund for tax compliance, tax
advice and tax planning for the fiscal years ended August 31, 2014 and August
31, 2013.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The aggregate fees paid to PwC for professional services rendered
by PwC to the Investment Manager and any entity controlling, controlled by or
under common control with the Investment Manager that provides ongoing services
to the Fund for tax compliance, tax advice and tax planning were $3,830 for the
fiscal year ended August 31, 2014, and $3,100 for the fiscal year ended August
31, 2013.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">All Other Fees</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The fees paid to PwC for products
and services rendered by PwC to the Fund, not reported in previous paragraphs,
were $61 the fiscal year ended August 31, 2014 and $0 for the fiscal year ended
August 31, 2013.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=blue face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;">The
fees paid to PwC for products and services rendered by PwC to the Investment
Manager and any entity controlling, controlled by or under common control with
the Investment Manager that provides ongoing services to the Fund, not reported
in previous paragraphs, were $159,675 for the fiscal year ended August 31, 2014
and $0 for the fiscal year ended August 31, 2013.</font><font color=blue face="courier new" lang=EN-US style="font-size:12.0pt;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit Committee &#173;Pre-Approval
Policies and Procedures</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.&nbsp;</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">As of the date of this proxy
statement, the Audit Committee has not adopted &#173;pre-approval policies and
procedures. As a </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">result,
all such services described above and provided by PwC must be directly &#173;
pre-approved</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> by the Audit &#173;Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Aggregate Non-Audit Fees</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;The aggregate fees paid to
PwC for non-audit services to the Fund and to the Investment Manager and any
entity controlling, controlled by, or under common control with the Investment
Manager that provides ongoing services to the Fund, were $163,566 for the
fiscal year ended August 31, 2014, and $3,100 for the fiscal year ended August
31, 2013.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">The Audit Committee has
considered whether the provision of the non-audit </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">services
that were rendered to the Investment Manager and to any entities controlling,
controlled by, or under common control with the Investment Manager that provide
ongoing services to the Fund that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining PwC's
independence.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit Committee Report</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The
Board has adopted and approved a revised formal written charter for the Audit
Committee, which sets forth the Audit Committee&#8217;s responsibilities. A copy of
the charter is attached as </font><font face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#8220;Appendix A&#8221; to this proxy statement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">As required by the charter, the Audit
Committee reviewed the Fund&#8217;s audited financial statements and met with
management, as&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">well as with PwC, the Fund&#8217;s auditors, to
discuss the financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Audit Committee received the written
disclosures and the letter from PwC required by </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Independence Standards Board Standard No. 1. The
Audit Committee also received the report</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> of
PwC regarding the results of their audit. In connection with their review of
the financial statements and the auditors&#8217; report, the members of the Audit
Committee discussed with a </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">representative
of PwC, PwC&#8217;s independence, as well as the following: the auditors&#8217;
responsibilities</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> in accordance with
generally accepted auditing standards; the auditors&#8217; responsibilities for </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">information prepared by the Fund&#8217;s management
that accompanies the Fund&#8217;s audited financial statements</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> and any procedures performed and the results; the
initial selection of, and whether there were any changes in, significant
accounting policies or their application; the Fund&#8217;s management&#8217;s judgments and
accounting estimates; whether there were any significant audit adjustments; </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">whether
there were any disagreements with the Fund&#8217;s management; whether there was any
consultation</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> with other accountants; whether
there were any major issues discussed with the Fund&#8217;s management prior to the
auditors&#8217; retention; whether the auditors encountered any difficulties in
dealing with the Fund&#8217;s management in performing the audit; and the auditors&#8217;
judgments about the quality of the Fund&#8217;s accounting &#173; principles.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Based on its review and discussions with the
Fund&#8217;s management and the Fund&#8217;s auditors, the Audit </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Committee did not become aware of
any material misstatements or omissions in the financial</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> statements.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Accordingly, the Audit Committee recommended
to the Board that the audited financial statements be included in the Fund&#8217;s
Annual Report to Shareholders for the fiscal year ended &#173;August 31, 2014, for
filing with &#173;the </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">SEC</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THE
AUDIT &#173;COMMITTEE</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John
B. Wilson (Chairman)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
</font><font face="courier new" lang=SV style="font-size:12.0pt;">J. Michael Luttig</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=SV style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; Larry D. Thompson</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=SV style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=SV style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;letter-spacing:.5pt;">&#9830;</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> </font></b><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">ADDITIONAL
INFORMATION ABOUT THE BOARD</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=timesnewromanps lang=SV style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Board Role in Risk Oversight.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> The 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 the Board and its
counsel. These reports address certain investment, valuation and compliance
matters. The 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 the Board
meets regularly with the Investment Manager's internal audit group to review
reports on their examinations of functions and processes within Franklin
Templeton Investments that affect the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">With respect to investment risk, the Board
receives regular written reports describing and analyzing the investment
performance of the Fund. In addition, the portfolio managers of the Fund meet
regularly with the Board to discuss portfolio performance, including investment
risk. To the extent that the 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 the 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, the Investment Manager's investment risk personnel meet regularly
with the Board to discuss a variety of issues, including the impact on the Fund
of the investment in particular securities or instruments, such as derivatives.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">With respect to valuation, the Fund'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. The 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, the Fund's Audit Committee reviews valuation procedures and results
with the Fund's independent auditors in connection with such Committee's review
of the results of the audit of the Fund's year-end financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">With respect to compliance risks, the Board
receives regular compliance reports prepared by the Investment Manager's
compliance group and meets regularly with the Fund's Chief Compliance Officer
(&quot;CCO&quot;) to discuss compliance issues, including compliance risks. As </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">required under SEC rules, the Independent Trustees meet
at least quarterly in executive session with the CCO and the Fund's CCO
prepares and presents an annual written compliance report to the Board. The
Fund's Board adopts compliance policies and procedures for the Fund and
approves such procedures for the Fund's service providers. The compliance
policies and procedures are specifically designed to detect and prevent
violations of the federal securities laws.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Investment Manager 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, personnel risk, and business
continuity risk.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Board Structure.</font></i></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> Seventy-five
percent or more of Board members consist of Independent Trustees who are not
deemed to be &quot;interested persons&quot; by reason of their relationship
with the Fund's management or otherwise as provided under the 1940 Act. While
the Chairman of the Board is an interested person, the 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 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 Fund and its shareholders.</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=timesnewromanps lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:14.0pt;letter-spacing:.5pt;">&#9830;</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> FURTHER
INFORMATION ABOUT VOTING AND THE &#173;MEETING</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Solicitation
of Proxies</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font><font face="courier new" lang=EN-US style="font-size:12.0pt;">
Your vote is being solicited by the Board. The cost of soliciting these
proxies, including the fees of any proxy soliciting agent, is borne by the
Fund. The Fund reimburses brokerage firms and others for their expenses in
forwarding proxy material to the beneficial owners and soliciting them to
execute their proxies. In addition, the Fund may retain a professional proxy
solicitation firm to assist with any necessary solicitation of proxies. The
Fund expects that the solicitation would be primarily by mail, but may also
include telephone, telecopy, electronic or oral solicitations. If the Fund does
not receive your proxy by a certain time you may receive a telephone call from
a proxy soliciting agent asking you to vote. If professional proxy solicitors
are retained, it is expected that soliciting fees would be approximately
$5,000, plus expenses. The Fund does not reimburse Trustees and officers of the
Fund, or regular employees and agents of the Investment Manager, involved in
the solicitation of proxies. The Fund intends to pay all costs associated with
the solicitation and the Meeting.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Voting by &#173;Broker-Dealers</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;The
Fund expects that, before the Meeting, broker-dealer firms holding shares of
the Fund in &#8220;street name&#8221; for their 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&#8217; proxy solicitation
materials, the Fund understands that NYSE rules permit the broker-dealers to
vote on the Proposal to be considered at the Meeting on behalf of their
customers and beneficial owners. Certain broker-dealers may exercise discretion
over shares held in their name for which no instructions are received by voting
those shares in the same proportion as they vote shares for which they received
instructions.&#160; Accordingly, the Fund does not anticipate receiving any &#8220;broker
non-votes&#8221; (i.e., proxy cards returned by broker-dealers without voting
instructions for shares held of record). </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Quorum</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;Forty
percent of the shares entitled to vote &#8212; present in person or represented by
proxy &#8212; constitutes a quorum at the Meeting. The shares over which &#173;broker-dealers
have discretionary voting power, the shares that represent &#8220;broker &#173; non-votes&#8221;
(i.e., shares held by brokers or nominees as to which (i) instructions have not
been received from the beneficial </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">owners or persons entitled to vote and (ii) the broker or nominee
does not have discretionary</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> voting power on a
particular matter), and the shares whose proxies reflect an abstention on any
item are all counted as shares present and entitled to vote for purposes of
determining whether the required quorum of shares &#173;exists.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Required Vote</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;Provided
that a quorum is present, the election of Trustees requires a plurality of
shares voted, meaning that the nine nominees receiving the greatest number of
votes shall be elected. All voting rights are non-cumulative, which means that
the holders of more than 50% of the shares voting for the election of Trustees
can elect 100% of such Trustees if they choose to do so, and in such event, the
holders of the remaining shares voting will not be able to elect any Trustees. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Adjournment</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;Whether or not a quorum is present at the Meeting, the
Meeting may be adjourned by a majority vote of the shares represented at the
Meeting, either in person or by proxy, properly cast upon the question of
adjournment.&#160; If the Meeting is adjourned, notice </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">need not&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">be given of the adjourned meeting at which
the adjournment is taken, unless a new record date of the adjourned meeting is
fixed or unless the adjournment</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;"> is for more than 60 days from the date set for the original
Meeting, in which case the Board </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">of
Trustees shall set a new </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">date. At any adjourned Meeting, the Fund may
transact any business</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">
which might have been transacted at the original Meeting. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Whether or not a quorum is present, </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">the persons named as proxies may propose one or more adjournments</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">
of the Meeting to permit the further solicitation of proxies. The persons named
as proxies will vote in their </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">discretion on
questions of adjournment those shares for which proxies have been received that</font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">
grant discretionary authority to vote on matters that may properly </font><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">come before the &#173;Meeting, and on any other proposals
properly raised at the Meeting to the extent permitted by the SEC&#8217;s proxy
rules, including proposals for which management of the Fund did not have timely
notice, as set forth in the SEC&#8217;s proxy rules.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">Shareholder Proposals</font></i></b><b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">.</font></b><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp; The Fund anticipates
mailing this proxy statement on or about February 13, 2015. The Fund
anticipates that its next Annual Shareholders&#8217; Meeting will be held on or about
Friday, March 18, 2016.&#160; Shareholder proposals to be presented at the next
annual meeting must be received at the Fund&#8217;s offices, One Franklin Parkway,
San Mateo, California 94403, Attention: Secretary, no later than October 16,
2015, in order to be considered for inclusion in the Fund&#8217;s proxy statement and
proxy card relating to that meeting and presented at that meeting. Submission
of a proposal by a shareholder does not guarantee that the proposal will be
included in the proxy statement. A shareholder who wishes to make a proposal at
the 2016 Annual Shareholders&#8217; Meeting without including the proposal in the
Fund&#8217;s proxy statement must notify the Fund at the Fund&#8217;s offices of such
proposal by December 30, 2015.&#160; If a shareholder fails to give notice by this
date, then the persons named as proxies in the proxies solicited by the Board
for the 2016 Annual Shareholders&#8217; Meeting may exercise discretionary voting
power with respect to any such proposal.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">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 arise, including any question as to an adjournment or </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">postponement of the Meeting, the designated proxy holders will
vote </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">on such matters in accordance with the views of the Fund&#8217;s
management.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By
order of the Board of Trustees,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Karen L. Skidmore</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Vice
</font></i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">President&amp; </font><i><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Secretary</font></i></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Dated:
February 13, 2015</font></p>

<p style="line-height:15.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">San Mateo, California</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><b><u><font face="courier new" lang=EN-US style="font-size:12.0pt;">APPENDIX A</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:center;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">FRANKLIN FUNDS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">AUDIT COMMITTEE CHARTER</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">I.&#160; </font></b><b><u><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">The Committee</font></u></b><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160; The Audit Committee (&#8220;Committee&#8221;) is a committee of, and established
by, the Board of Directors/Trustees of the Fund (the &#8220;Board&#8221;). The Committee
shall consist of such number of members as set by the Board from time to time,
but in no event less than three, and its members shall be selected by the
Board. The Committee shall be comprised entirely of &#8220;independent&#8221; members, as
defined in Item 3(a)(2) of SEC Form N-CSR (&#8220;Disinterested Board members&#8221;).
Members shall be financially literate, meaning that each member is able to read
and understand fundamental financial statements, including the Fund&#8217;s balance
sheet and income statement. At least one member of the Committee shall be
designated by the Board as an &#8220;audit committee financial expert,&#8221; as defined in
Item 3(b) of SEC Form N-CSR, unless the Board determines that the Fund does not
have an audit committee financial expert on the Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">II. </font></b><b><u><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Purposes of
the Committee</font></u></b><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">The function of the Committee is to be directly responsible for
overseeing the Fund&#8217;s accounting and auditing processes, which shall include
the appointment, compensation, retention and oversight of the work of the
Fund&#8217;s independent registered public accounting firm (&#8220;auditors&#8221;) engaged
(including resolution of disagreements between management and the auditors
regarding financial reporting) for the purpose of preparing or issuing an audit
report or performing other audit, review or attest services for the Fund. It is
management&#8217;s responsibility to maintain appropriate systems for accounting and
internal controls. It is the auditors&#8217; responsibility to plan and carry out an
audit in accordance with the standards of the Public Company Accounting
Oversight Board and to report directly to the Committee. It is not the duty of
the Committee to plan or conduct audits or to determine that the Fund&#8217;s
financial statements are complete and in accordance with generally accepted
accounting principles; it is the responsibility of the auditors to conduct
audits and the responsibility of management to prepare the Fund&#8217;s financial
statements in accordance with generally accepted accounting principles.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">In giving its recommendations to the Board with respect to the Fund&#8217;s
financial statements, the Committee will rely on:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-1.0in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">management&#8217;s representation that such
financial statements have been prepared with integrity and objectivity and in conformity
with generally accepted accounting principles,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">the report of the Fund&#8217;s auditors with respect
to such financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Consistent with such allocation of functions, the purposes of the
Committee are:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;text-indent:27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(a)&#160;&#160;&#160;&#160; To oversee the Fund&#8217;s accounting and financial
reporting policies and practices and its internal controls, and to obtain,
where it deems appropriate, reports on internal controls of service providers
to the Fund;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;text-indent:27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(b)&#160;&#160;&#160;&#160; To oversee the quality, objectivity and integrity
of the Fund&#8217;s financial statements and the independent audit thereof;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(c)&#160;&#160;&#160;&#160; To act as a liaison between the Fund&#8217;s
auditors and the Board; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;text-indent:27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(d)&#160;&#160;&#160;&#160; To consider such other matters as it deems
appropriate in carrying out its purpose and any other matters that may be
assigned to it by the Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">In addition, the Committee shall serve as the Fund&#8217;s Qualified Legal
Compliance Committee (&#8220;QLCC&#8221;) pursuant to Section 205 of the SEC&#8217;s Standards of
Professional Conduct for Attorneys (the &#8220;Standards&#8221;). In this capacity, the
Committee is required to adopt and maintain written procedures for the
confidential receipt, retention and consideration of any report of evidence of
a material violation. &#8220;Evidence of a material violation&#8221; means credible
evidence, based upon which it would be unreasonable, under the circumstances,
for a prudent and competent attorney not to conclude that it is reasonably
likely that a material violation of an applicable U.S. federal or state
securities law, a material breach of fiduciary (or similar duty) to the Fund arising
under U.S. federal or state law, or a similar material violation of any U.S.
federal or state law has occurred, is ongoing, or is about to occur.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">III. </font></b><b><u><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Powers and
Duties</font></u></b><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">The Committee shall have the following powers and duties to carry out its
purposes:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.35pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(a)&#160;&#160;&#160;&#160; To select the auditors, subject to approval both by the Board and
by a separate vote of the Disinterested Board members, and, in connection
therewith, to evaluate the independence and qualifications of the auditors in
accordance with applicable federal securities laws and regulations and the
rules and standards of the Independence Standards Board and American Institute
of Certified Public Accountants.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(b)&#160;&#160;&#160;&#160; To be directly responsible for approving the services to be
provided by, and the compensation of, the auditors, including:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(i) pre-approval of all audit and audit related services;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(ii)&#160;&#160;&#160;&#160; pre-approval of all non-audit related services to
be provided to the Fund by the auditors;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(iii)&#160;&#160;&#160; pre-approval of all non-audit related services to
be provided by the auditors to the Fund&#8217;s investment adviser or to any entity
that controls, is controlled by or is under common control with the Fund&#8217;s
investment adviser and that provides ongoing services to the Fund where the
non-audit services relate directly to the operations or financial reporting of
the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(iv)&#160;&#160;&#160;&#160;  if deemed necessary or appropriate, as an
alternative to Committee pre-approval of services to be provided by the
auditors, as required by paragraphs (ii) and (iii) above;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A) establishment by the Committee of policies
and procedures to pre-approve such services , provided the policies and
procedures are detailed as to the particular service and the Committee is
informed of each service and such policies and procedures do not include
delegation of audit committee responsibilities, as contemplated under the
Securities Exchange Act of 1934, to management; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; delegation by the Committee to one or more
designated members of the Committee who are Disinterested Board members
authority to pre-approve such services, provided the Committee is informed of
the decisions of any member pursuant to such delegated </font><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">authority
no later than its next scheduled meeting;</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160; subject, in the case of (ii) through (iv), to any
waivers, exceptions or exemptions that may be available under applicable law or
rules.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(c)&#160;&#160;&#160;&#160; To meet with the auditors, including private meetings, as
necessary to (i) review the arrangements for and scope of the annual audit and
any special audits; (ii) discuss any matters or concerns relating to the Fund&#8217;s
financial statements, including any recorded and/or unrecorded adjustments to
such statements recommended by the auditors, or other results of audits; (iii)
consider the auditors&#8217; comments with respect to the Fund&#8217;s financial,
accounting and reporting policies, procedures and internal controls and
management&#8217;s responses thereto; and (iv) to review the form of opinion the
auditors propose to render.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(d)&#160;&#160;&#160;&#160; To receive and consider reports from the auditors:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(i) as required by generally accepted accounting
standards; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(ii)&#160;&#160;&#160;&#160; annually and by update as required by SEC
Regulation S-X, regarding:&#160; (w) all critical accounting policies and practices
of the Fund to be used; (x) alternative treatments within generally accepted
accounting principles for policies and practices related to material items that
have been discussed with management of the Fund, including ramifications of the
use of such alternative disclosures and treatments, and the treatment preferred
by the auditors; (y) other material written communications between the auditors
and management of the Fund, such as any management letter or schedule of
unadjusted differences; and (z) all non-audit services provided to any entity
in an investment company complex, as defined in SEC Regulation S-X, that were
not pre-approved by the Committee pursuant to SEC Regulation S-X.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.25in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(e)&#160;&#160;&#160;&#160; To consider the effect upon the Fund of any changes in accounting
principles or practices proposed by management or the auditors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(f)&#160;&#160;&#160;&#160; In considering the independence of the auditors, to request from,
and discuss with, the auditors a written statement, and other reports as
necessary, describing all relationships between the auditors and the Fund, the
Fund&#8217;s investment adviser and service providers, and other entities advised or
serviced by, including any entities controlling, controlled by or under common
control with, the investment adviser or any other service providers to the Fund
that, in the auditors&#8217; judgment, could be thought to bear upon the auditors&#8217;
independence; to receive and consider, if applicable, periodic reports from the
auditors regarding whether the provision of non-audit services is compatible
with maintaining the auditors&#8217; independence; and to request from the auditors a
certificate that they are independent auditors under the Federal securities
laws and are in compliance with all standards adopted by the Independence
Standards Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(g)&#160;&#160;&#160;&#160; To require that the auditors regularly provide timely information
to the Committee with respect to new rules and pronouncements by applicable
regulatory and accounting standards agencies, along with an explanation of how
such developments may affect the Fund&#8217;s financial statements and accounting
principles and practices.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(h)&#160;&#160;&#160;&#160; To review, at such times and in the manner deemed appropriate by
the Committee, the results of the annual audit of, and the report of the
auditors on the Fund&#8217;s annual financial statements, including footnotes and any
significant audit findings.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(i)&#160;&#160;&#160;&#160; To consider any reports of difficulties that may have arisen </font><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">during the course of the audit, including any limitations
of the scope of the audit, and management&#8217;s response thereto.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><i><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(j)&#160;&#160;&#160;&#160; To review certifications of the Fund&#8217;s Chief Executive Officer &#8211;
Finance and Administration, and Chief Financial Officer and Chief Accounting
Officer concerning (i) all significant deficiencies and material weaknesses in
the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the Fund&#8217;s ability to record, process, summarize
and report financial information; and (ii) any fraud, whether or not material,
that involves management or other employees who have a significant role in the
Fund&#8217;s internal controls over financial reporting, and for any other purposes
the Committee deems appropriate, as required by &#167;302 of the Sarbanes-Oxley Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(k)&#160;&#160;&#160;&#160; To inform the chief legal officer (&#8220;CLO&#8221;) and chief executive
officer (&#8220;CEO&#8221;) of the Fund (or the equivalents thereof) of any report of
evidence of a material violation by the Fund, its officers, directors/trustees,
employees (if any), or agents (collectively, &#8220;affiliates&#8221;). In connection
therewith, the Committee shall:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(i) determine whether an investigation is necessary
regarding any report of evidence of a material violation by the Fund or its
affiliates;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(ii)&#160;&#160;&#160;&#160; if the Committee determines such an investigation
is necessary or appropriate, (A) notify the Board; (B) initiate an
investigation, which may be conducted by either the CLO or by outside
attorneys; and (C) retain such additional expert personnel as the Committee
deems necessary to assist in the investigation;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(iii)&#160;&#160;&#160; at the conclusion of any such investigation, (A)
recommend by a majority vote, that the Fund implement an appropriate response
(as defined in Section 205.2(b) of the Standards) to evidence of a material
violation, and (B) inform the CLO and the CEO and the Board of the results of
such investigation and the appropriate remedial measures to be adopted;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(iv)&#160;&#160;&#160;&#160; acting by majority vote, take all other
appropriate action, including the authority to notify the SEC in the event the
Fund fails in any material respect to implement an appropriate response that
the Committee has recommended the Fund to take; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:81.0pt;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-27.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(v) otherwise respond to evidence of a material violation.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">IV. </font></b><b><u><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">Other
Functions and Procedures of the Committee</font></u></b><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(a)&#160;&#160;&#160;&#160; The Committee shall meet at least twice each year or more
frequently, in open or executive sessions, as may be necessary to fulfill its
responsibilities. The Committee shall meet as frequently as circumstances
require with (i) the auditors as provided in III (c), above; and (ii)
management&#8217;s internal audit department to review and discuss internal audit
functions and reports. The Committee may invite members of management, the
auditors, counsel, advisers and others to attend its meetings as it deems
appropriate. The Committee shall have separate sessions with the auditors,
management and others, as and when it deems appropriate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(b)&#160;&#160;&#160;&#160; The Committee shall establish procedures for (i) the receipt,
retention and treatment of complaints received by the Fund or the Fund&#8217;s
adviser regarding accounting, internal accounting controls, or accounting
matters relating to the Fund; and (ii) the confidential, anonymous submission
by employees of the Fund or the Fund&#8217;s adviser, administrator, principal
underwriter or any other provider of accounting related services for the Fund,
of concerns regarding questionable accounting or auditing matters.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(c)&#160;&#160;&#160;&#160; The Committee shall have the authority to engage special counsel,
experts and advisers as and when it determines necessary to carry out its
duties and the Fund must provide for appropriate funding, as determined by the
Committee, for payment of (i) compensation to any auditors engaged for the
purpose of preparing or issuing an audit report or performing other audit,
review or attest services for the Fund; (ii) compensation to any advisers
employed by the Committee; and (iii) ordinary administrative expenses of the
Committee that are necessary or appropriate in carrying out its duties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(d)&#160;&#160;&#160;&#160; The Committee shall have unrestricted access to the Fund&#8217;s
management and management of the Fund&#8217;s adviser, including, but not limited to,
their chief executive officer(s), chief financial officer(s), internal auditors
and any other executives and financial officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(e)&#160;&#160;&#160;&#160; The Committee shall report its activities to the Board and make
such recommendations as the Committee may deem necessary or appropriate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(f)&#160;&#160;&#160;&#160; The Committee shall review and assess the adequacy of this
Charter annually, or more frequently if it chooses, and recommend any changes
to the Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.75in;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">(g)&#160;&#160;&#160;&#160; The Chair of the Committee shall meet periodically on an informal
basis with the Chairpersons of the Audit Committees of other Funds within the
Franklin/Templeton/Mutual Series complex to share information and discuss items
of mutual interest and shall report back to the Committee on any issues of
substance discussed at such periodic meetings. In addition, the Committee shall
meet jointly with Audit Committees of other Funds within the Franklin/Templeton/Mutual
Series complex as may be appropriate, to attend presentations and review
proposals and other matters of common concern to all such Audit Committees.</font></p>

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<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;text-transform:uppercase;">ADDITIONAL STATEMENTS FOR CLOSED-END FUNDS ONLY</font></b></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">(The
provisions set forth in Appendix A hereto are intended to cover specific
requirements and wording mandated by applicable Stock Exchange listing
requirements.)</font></p>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">Appendix A</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 27.35pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">In addition to the purposes set forth above, the purposes of the Committee include:</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 27.35pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(a)&nbsp;&nbsp;&nbsp;&nbsp; preparation of the Audit Committee Disclosure Report required to be included in the Fund&#8217;s annual proxy statement; and</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(b)&nbsp;&nbsp;&nbsp;&nbsp; the assistance of oversight, as either part of the full Board or as a Committee, of the Fund&#8217;s compliance with legal and regulatory requirements.</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 27.35pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">In addition to the powers and duties set forth above, the Committee shall have the following powers and duties to carry out its purposes:</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 27.35pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(a)&nbsp; To obtain and review a report by the auditors, at least annually, describing:</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -27pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(i)</FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">All relationships between the auditors and the Fund, the Fund&#8217;s adviser, and any control affiliate of the adviser that provides ongoing services to the Fund;</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -27pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(ii)Any material issues raised by the most recent internal quality-control review, or peer review, of the auditors, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the auditors, and any steps taken to deal with any such issues; and</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -27pt; MARGIN: 0in 0in 0pt 1.5in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(iii)</FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">The auditors&#8217; internal quality-control procedures;</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt 0.75in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(b)&nbsp;&nbsp;&nbsp;&nbsp; To discuss generally, to the extent the Fund issues any earnings press releases or any financial information and earnings guidance provided to analysts and rating agencies, any such releases or information and guidance;</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(c)&nbsp;&nbsp;&nbsp;&nbsp; To discuss in a general manner, as either part of the full Board or as a Committee, the Fund&#8217;s processes with respect to risk assessment and risk management;</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(d)&nbsp;&nbsp;&nbsp;&nbsp; To review and approve, as either part of the full Board or as a Committee, clear policies relating to the hiring by entities within Franklin Templeton Investments of employees or former employees of the auditors;</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(e)</FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">To evaluate, as either part of the full Board or as a Committee, its performance at least annually; and</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 1in"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">(f)</FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">Upon appointment of a member (i) to the Committee or (ii) to the audit committee of another public company, who simultaneously serves on the audit committees of three or more public companies, to request the Board to determine that such simultaneous service would not impair the ability of such member to effectively serve on the Committee.</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: 0.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">The Committee shall comply with such other rules of the New York Stock Exchange, Inc., other applicable national securities exchanges and the U.S. Securities and Exchange Commission applicable to closed-end funds, as such may be adopted and amended from time to time.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">FUT Proxy 2015</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="arial narrow,sans-serif">EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">Please detach at perforation before mailing.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">PROXY &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRANKLIN UNIVERSAL TRUST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROXY</FONT></B></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Arial Narrow,sans-serif">ANNUAL MEETING OF SHAREHOLDERS</FONT></B></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Arial Narrow,sans-serif">TO BE HELD ON MARCH 20, 2015</FONT></B></H1>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0in 9pt 0pt 0in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>THIS PROXY IS BEING SOLICITED BY THE BOARD OF TRUSTEES OF THE FUND.</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> The undersigned hereby revokes all previous proxies for his or her shares of Franklin Universal Trust (the &#8220;Fund&#8221;) and appoints Craig S. Tyle, Karen L. Skidmore and Alison Baur, and each of them, proxies of the undersigned with full power of substitution to vote all shares of the Fund that the undersigned is entitled to vote at the Fund&#8217;s Annual Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) to be held at One Franklin Parkway, Building 920, San Mateo, CA 94403-1906 at 2:00 p.m., Pacific time, on March 20, 2015, including any postponements or adjournments thereof, upon the matter set forth on the reverse side, and instructs them to vote upon any other matters that may properly be acted upon at the Meeting.</FONT></P>

<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Board of Trustees of the Fund solicits this proxy.&nbsp; It will be voted as specified on the reverse. If no specification is made, this proxy shall be voted FOR the election of nominees for Trustee for the terms specified in the proxy statement.&nbsp; If any other matters properly come before the Meeting to be voted on, the proxy holders will vote, act and consent on those matters in accordance with the views of management.&nbsp; Management is not aware of any such matters.</FONT></B></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 9pt 0pt 0in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>You are urged to date and sign this proxy and return it promptly whether or not you plan to attend the meeting in person.&nbsp; This will save the expense of follow-up letters to shareholders who have not responded.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="99%">&nbsp;
   <IMG src="x15021210402601.gif" width=126 height=30>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   <IMG src="x15021210402600.gif" width=113 height=29></TD></TR></TABLE></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif"> Please sign exactly as your name(s) appear(s) on this Proxy. Joint</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;owners should each sign personally. When signing as attorney, executor, </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; administrator, trustee, officer of corporation or other entity or in another</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;representative capacity, please give the full title under the signature.</FONT></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________________</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature and Title, if applicable</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________________________________________________</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature (if held jointly)</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">_________________________________________________</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO</FONT></P>

<P style="LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt 3in" align=center><FONT style="POSITION: absolute; MARGIN-TOP: 4px; WIDTH: 19px; HEIGHT: 20px; MARGIN-LEFT: 596px; LEFT: 0px"></FONT><FONT style="POSITION: absolute; MARGIN-TOP: 4px; WIDTH: 17px; HEIGHT: 20px; MARGIN-LEFT: 557px; LEFT: 0px">&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I plan to attend the Annual Meeting.
<IMG src="x15021210402602.gif" width=19 height=20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG src="x15021210402603.gif" width=17 height=20></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</FONT></B></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=courier></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif">EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR </FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">THE ANNUAL SHAREHOLDERS&#8217; MEETING TO BE HELD ON MARCH 20, 2015.</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">The Fund&#8217;s Notice of 2015 Annual Shareholders&#8217; Meeting, Proxy Statement and form of Proxy are available on the Internet at </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-CA face="arial narrow,sans-serif">https://www.proxy-direct.com/fra-26292</FONT></U></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">The form of proxy on the Internet site cannot be used to cast your vote.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="arial narrow,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">Please detach at perforation before mailing.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">THIS PROXY WILL BE VOTED AS DIRECTED, OR IF NO DIRECTION IS INDICATED, WILL BE VOTED &#8220;FOR&#8221; THE ELECTION OF ALL NOMINEES.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

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<DIV align=left>&nbsp;</DIV><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp; </FONT></B><FONT lang=EN-US><BR clear=all></FONT>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:
<IMG src="x15021210402604.gif" width=12 height=21></FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">Election of Trustees</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS A VOTE FOR THE ELECTION OF ALL NOMINEES.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">Election of Trustees:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WITHHOLD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR ALL</FONT></B></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 4in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; ALL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXCEPT</FONT></B></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG style="WIDTH: 27px; HEIGHT: 29px" src="x15021210402600.gif" width=113 height=29>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG style="WIDTH: 27px; HEIGHT: 29px" src="x15021210402600.gif" width=113 height=29>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG style="WIDTH: 27px; HEIGHT: 29px" src="x15021210402600.gif" width=113 height=29></FONT></P>

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<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">01.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="POSITION: absolute; MARGIN-TOP: 2px; WIDTH: 22px; HEIGHT: 13px; MARGIN-LEFT: 611px; LEFT: 0px">
<IMG src="x15021210402605.gif" width=22 height=13></FONT><FONT style="POSITION: absolute; MARGIN-TOP: 2px; WIDTH: 22px; HEIGHT: 13px; MARGIN-LEFT: 540px; LEFT: 0px">
<IMG src="x15021210402606.gif" width=22 height=13></FONT><FONT style="POSITION: absolute; MARGIN-TOP: 2px; WIDTH: 22px; HEIGHT: 13px; MARGIN-LEFT: 479px; LEFT: 0px">
<IMG src="x15021210402607.gif" width=22 height=13></FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">Harris J. Ashton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02. Mary C. Choksi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03. Sam Ginn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">04.&nbsp;&nbsp; Edith E. Holiday&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05. Gregory E. Johnson&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;06. Rupert H. Johnson, Jr.</FONT></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">07.&nbsp;&nbsp;&nbsp; J. Michael Luttig&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08. Frank A. Olson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09. Larry D. Thompson</FONT></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">10.&nbsp;&nbsp; &nbsp;John B. Wilson</FONT></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif"></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">INSTRUCTIONS</FONT></U></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">:&nbsp; To withhold authority to vote for any individual nominee(s), mark the box</FONT></P>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number on the line provided below.</FONT></P>

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<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="arial narrow,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ________________________________________________________________________</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="arial narrow,sans-serif">PLEASE SIGN AND DATE ON THE REVERSE SIDE</FONT></B></P></DIV>

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<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="LINE-HEIGHT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT></B></P></DIV>

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