<SEC-DOCUMENT>0001137439-19-000562.txt : 20191218
<SEC-HEADER>0001137439-19-000562.hdr.sgml : 20191218
<ACCEPTANCE-DATETIME>20191218121745
ACCESSION NUMBER:		0001137439-19-000562
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191218
DATE AS OF CHANGE:		20191218
EFFECTIVENESS DATE:		20191218

SUBJECT COMPANY:	

	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:		40-17F2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		191291839

	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

FILED BY:		

	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:		40-17F2

	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>40-17F2
<SEQUENCE>1
<FILENAME>fut17f2122019.htm
<TEXT>
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    <div style="text-align: center;">UNITED STATES</div>
    <div style="text-align: center;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center;">FORM N-17F-2</div>
    <div><br>
    </div>
    <div style="text-align: center;">CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR</div>
    <div style="text-align: center;">INVESTMENTS IN THE CUSTODY OF</div>
    <div style="text-align: center;">MANAGEMENT INVESTMENT COMPANIES</div>
    <div><br>
    </div>
    <div style="text-align: center;">PURSUANT TO RULE N-17F-2 [17 CFR 270.17F-2]</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z39c13ca5df42403a802e215fdaefc8c9">

        <tr>
          <td colspan="5" style="width: 58.94%; vertical-align: top;">
            <div>1. Investment Company Act File Number:</div>
          </td>
          <td colspan="4" style="width: 41.06%; vertical-align: top;">
            <div>Date Examination completed:</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 58.94%; vertical-align: top;">
            <div style="text-indent: 36pt;">811 -05569</div>
          </td>
          <td colspan="4" style="width: 41.06%; vertical-align: top;">
            <div style="text-indent: 30.6pt;">August 30, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 58.94%; vertical-align: top;">&#160;</td>
          <td colspan="4" style="width: 41.06%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="5" style="width: 58.94%; vertical-align: top;">
            <div>2. State Identification Number:</div>
          </td>
          <td colspan="4" style="width: 41.06%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">&#160;</td>
          <td style="width: 17.08%; vertical-align: top;">&#160;</td>
          <td style="width: 13.24%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 21%; vertical-align: top;">&#160;</td>
          <td style="width: 11.87%; vertical-align: top;">&#160;</td>
          <td style="width: 15.41%; vertical-align: top;">&#160;</td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>AL</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>AK</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>AZ</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>AR</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>CA</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>CO</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>CT</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>DE</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>DC</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>FL</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>GA</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>HI</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>ID</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>IL</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>IN</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>IA</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>KS</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>KY</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>LA</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>ME</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>MD</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>MA</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>MI</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>MN</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>MS</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>MO</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>MT</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>NE</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>NV</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>NH</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>NJ</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>NM</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>NY</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>NC</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>ND</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>OH</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>OK</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>OR</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>PA</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>RI</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>SC</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>SD</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>TN</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>TX</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>UT</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>VT</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">
            <div>VA</div>
          </td>
          <td style="width: 15.41%; vertical-align: top;">
            <div>WA</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 13.95%; vertical-align: top;">
            <div>WV</div>
          </td>
          <td style="width: 17.08%; vertical-align: top;">
            <div>WI</div>
          </td>
          <td style="width: 13.24%; vertical-align: top;">
            <div>WY</div>
          </td>
          <td colspan="2" style="width: 21%; vertical-align: top;">
            <div>PUERTO RICO</div>
          </td>
          <td style="width: 11.87%; vertical-align: top;">&#160;</td>
          <td style="width: 15.41%; vertical-align: top;">&#160;</td>
          <td style="width: 7.45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">
            <div>3. Exact name of investment company as specified in registration statement:</div>
          </td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">
            <div>Franklin Universal Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.07%; vertical-align: top;">&#160;</td>
          <td colspan="8" style="width: 94.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.07%; vertical-align: top;">&#160;</td>
          <td colspan="8" style="width: 94.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.07%; vertical-align: top;">&#160;</td>
          <td colspan="8" style="width: 94.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">
            <div>4. Address of principal executive office: (number, street, city, state, zip code)</div>
          </td>
        </tr>
        <tr>
          <td colspan="9" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">One Franklin Parkway, San Mateo, CA 94403</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div>[PWC LOGO]</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Report of Independent Accountants</div>
    <div><br>
    </div>
    <div>To the Board of Trustees of</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zff9f020645b44868be74c718b00dced7">

        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Limited Duration Income Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Global Investment Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Real Estate Securities Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Strategic Series</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin High Income Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin U.S Government Money Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Templeton Money Fund Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Institutional Fiduciary Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Global Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Gold and Precious Metals Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Universal Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton China World Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Emerging Markets Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Emerging Markets Income Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Funds</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Global Income Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Global Smaller Companies Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Income Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Custodian Funds</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Strategic Mortgage Portfolio</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Investors Securities Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Templeton Global Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Templeton International Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Value Investors Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Developing Markets Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Fund Allocator Series</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Templeton Variable Insurance Products Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Templeton Institutional Funds</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin ETF Trust</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div>Franklin Managed Trust</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>and the Board of Directors of</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zff707dbd8e1a4e80a3ef2b62da24f454">

        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>Templeton Growth Fund, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>Templeton Dragon Fund, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>Templeton Global Opportunities Trust</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 8pt;">PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that each of the Funds listed in Attachment I (hereafter referred to as
      the &#8220;Funds&#8221;) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (&#8220;the Act&#8221;) as of March 31, 2018.&#160; The Funds&#8217; management is responsible for its assertion and the Company&#8217;s compliance with
      those requirements.&#160; Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.</div>
    <div><br>
    </div>
    <div>Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants.
      Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management&#8217;s assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly,
      included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.&#160; Included among our procedures were the following tests performed
      as of March 31, 2018, and with respect to agreement of security purchases and sales, for the period from January 31, 2018 (the date of our last examinations), through March 31, 2018:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0fe5d7576b644a99ac7fa6b91a1043a">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Without prior notice to management, confirmation of all securities held by Franklin Templeton Investors Services, Inc., transfer agent, as they pertain to the security positions owned by the Funds and held in book entry form.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8705ea3429d2461e9809adbdf07f3930">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Reconciliation of such security positions to the books and records of the Funds.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea1cf59f0c7b44798b19969ed5dbe890">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Agreement of 55 security purchases and 55 security sales, since our last report, from the books and records of the Funds to the records of the transfer agent.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion.&#160; Our examination does not provide a legal determination on the Funds' compliance with
      specified requirements.</div>
    <div><br>
    </div>
    <div>In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of March 31, 2018 with respect to securities reflected in the investment
      accounts of the Funds is fairly stated, in all material respects.</div>
    <div><br>
    </div>
    <div>This report is intended solely for the information and use of management and the Board of Directors and Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these
      specified parties.</div>
    <div><br>
    </div>
    <div>/s/PRICEWATERHOUSECOOPERS, LLP</div>
    <div><br>
    </div>
    <div>August 30, 2018</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za3afe1652c674e9e8a3c72f406f8f565">

        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><img width="154" height="76" src="image0.jpg"></div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; font-weight: bold;">Franklin Templeton Services, LLC</div>
            <div style="font-size: 8pt;">3310 Quality Drive</div>
            <div style="font-size: 8pt;">Rancho Cordova, CA 95670</div>
            <div style="font-size: 8pt;"><font style="font-weight: bold;">tel</font>&#160;&#160; (800) 632.2350</div>
            <div style="font-size: 8pt;">franklintempleton.com</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Management Statement Regarding Compliance with Certain</div>
    <div style="text-align: center; font-weight: bold;">Provisions of the Investment Company Act of 1940</div>
    <div><br>
    </div>
    <div>We, as members of management of the Franklin Templeton Funds indicated in Attachment I (the &#8220;Funds&#8221;), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, &#8220;Custody of Investments by Registered Management
      Investment Companies,&#8221; of the Investment Company Act of 1940.&#160; We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements.&#160; We have performed an evaluation of the Funds&#8217; compliance
      with the requirements of subsection (b) of Rule 17f-2, as interpreted in Franklin Investors Securities Trust SEC No-Action Letter (publicly available September 24, 1992), and subsection (c) of Rule 17f-2 of the Investment Company Act of 1940, as of
      March 31, 2018, and for the periods indicated in Attachment I.</div>
    <div><br>
    </div>
    <div>Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) of Rule 17f-2, as interpreted in Franklin Investors Securities Trust SEC No-Action Letter (publicly available September 24, 1992), and
      subsection (c) of Rule 17f-2 of the Investment Company Act of 1940, as of March 31, 2018, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.</div>
    <div><br>
    </div>
    <div>By:</div>
    <div><br>
    </div>
    <div><u>/s/GASTON GARDEY</u></div>
    <div style="font-weight: bold;">Gaston Gardey</div>
    <div style="font-style: italic;">Chief Financial Officer and Chief Accounting Officer</div>
    <div style="text-indent: 9pt; font-style: italic;">Franklin Funds Board</div>
    <div>Date <u>August 30, 2018</u></div>
    <div><br>
    </div>
    <div><u>/s/ROBERT G. KUBILIS</u></div>
    <div style="font-weight: bold;">Robert G. Kubilis</div>
    <div style="font-style: italic;">Chief Financial Officer and Chief Accounting Officer</div>
    <div style="text-indent: 9pt; font-style: italic;">Templeton, New Jersey and Alternative Strategies Funds Board</div>
    <div>Date <u>August 30, 2018</u></div>
    <div><br>
    </div>
    <div><u>/s/MATTHEW T. HINKLE</u></div>
    <div style="font-weight: bold;">Matthew T. Hinkle</div>
    <div style="font-style: italic;">Chief Executive Officer - Finance and Administration</div>
    <div>Date <u>August 30, 2018</u></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;">Attachment I</font><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3b55544c72b244c6814925cc0a0ce44e">

        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Period</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Limited Duration Income Trust</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Global Investment Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Emerging Markets Balanced Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Emerging Markets Small Cap Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Frontier Markets Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Global Balanced Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Dynamic Equity Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Real Estate Securities Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Real Estate Securities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Strategic Series:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Biotechnology Discovery Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Flexible Alpha Bond Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Focused Core Equity Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Growth Opportunities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Natural Resources Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Small Cap Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Small-Mid Cap Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Strategic Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin High Income Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin High Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin U.S. Government Money Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Templeton Money Fund Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Templeton U.S. Government Money Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Institutional Fiduciary Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Money Market Portfolio</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Global Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Emerging Market Debt Opportunities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin International Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Global Listed Infrastructure Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Gold and Precious Metals Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Universal Trust</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton China World Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Emerging Markets Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Emerging Markets Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;">Attachment I</font></div>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9a7b5b179eee4b829a98b7eec0aa06ee">

        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Funds:</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Foreign Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton World Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Global Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Global Smaller Companies Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Growth Fund, Inc.</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Income Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Emerging Markets Bond Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Global Bond Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Global Total Return Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton International Bond Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Custodian Funds:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin DynaTech Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin U.S. Government Securities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Utilities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Focused Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Strategic Mortgage Portfolio</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Investors Securities Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Adjustable U.S. Government Securities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Balanced Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Convertible Securities Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Equity Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Floating Rate Daily Access Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Low Duration Total Return Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Real Return Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Total Return Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Templeton Global Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Global Currency Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Templeton International Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin India Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Value Investors Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Balance Sheet Investment Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin MicroCap Value Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Small Cap Value Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Developing Markets Trust</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;">Attachment I</font></div>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z10c9c0d69a9446dd8b931de65237209f">

        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Fund Allocator Series:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Conservative Allocation Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Corefolio Allocation Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Founding Funds Allocation Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Growth Allocation Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart Retirement Income Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2020 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2025 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2030 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2035 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2040 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2045 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2050 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin LifeSmart 2055 Retirement Target Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Moderate Allocation Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin NextStep Conservative Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin NextStep Moderate Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin NextStep Growth Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Payout 2018 Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Payout 2019 Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Payout 2020 Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Payout 2021 Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Payout 2022 Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Templeton Variable Insurance Products Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Flex Cap Growth VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Founding Funds Allocation VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Income VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Mutual Global Discovery VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Mutual Shares VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Rising Dividends VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Small Cap Value VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Small-Mid Cap Growth VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Strategic Income VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin VolSmart Allocation VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Developing Markets VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Foreign VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Growth VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Templeton Global Bond VIP Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Dragon Fund, Inc.</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Global Opportunities Trust</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 10.89%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Templeton Institutional Funds:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Foreign Equity Series</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Foreign Smaller Companies Series</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 47.27%; vertical-align: bottom;">
            <div>Global Equity Series</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;">Attachment I</font></div>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z851e430b3cd44d5bb74bd13c17461404">

        <tr>
          <td colspan="2" style="width: 51.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin ETF Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Liberty Short Duration U.S. Government ETF</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 51.63%; vertical-align: bottom;">
            <div style="font-style: italic; font-weight: bold;">Franklin Managed Trust:</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td style="width: 47.27%; vertical-align: bottom;">
            <div>Franklin Rising Dividends Fund</div>
          </td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">
            <div>February 1, 2018 - March 31, 2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.36%; vertical-align: bottom;">&#160;</td>
          <td style="width: 47.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.16%; vertical-align: top;">&#160;</td>
          <td style="width: 44.2%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
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    </div>
    <div><br>
    </div>
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</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
