<SEC-DOCUMENT>0000833040-20-000017.txt : 20201230
<SEC-HEADER>0000833040-20-000017.hdr.sgml : 20201230
<ACCEPTANCE-DATETIME>20201230090425
ACCESSION NUMBER:		0000833040-20-000017
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201230
DATE AS OF CHANGE:		20201230
EFFECTIVENESS DATE:		20201230

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:		201424249

	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>fut_17f2-13120.htm
<TEXT>

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   <TITLE>fut_17f2-13120.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">UNITED STATES</font></p>

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">WASHINGTON, D.C. 20549</font></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">FORM N-17F-2</font></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">CERTIFICATE OF ACCOUNTING OF SECURITIES AND
SIMILAR </font></p>

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">INVESTMENTS IN THE CUSTODY OF </font></p>

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">MANAGEMENT INVESTMENT COMPANIES</font></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">PURSUANT TO RULE N-17F-2 [17 CFR 270.17F-2]</font></p>

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

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

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

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:624.200012pt;">
 <tr>
  <td colspan=5 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">1. Investment
  Company Act File Number:</font></p>
  </td>
 <td colspan=4 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Date Examination
  completed:</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-indent:.5in;"><font face="courier new" style="font-size:10.0pt;">811
  -05569</font></p>
  </td>
 <td colspan=4 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-indent:30.6pt;"><font face="courier new" style="font-size:10.0pt;">December
  18, 2020</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">2. State
  Identification Number:</font></p>
  </td>
 <td colspan=4 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">AL</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">AK</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">AZ</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">AR</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">CA </font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">CO</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">CT</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">DE </font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">DC</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">FL</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">GA</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">HI</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">ID</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">IL</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">IN</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">IA</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">KS</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">KY</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">LA</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">ME</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MD</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MA</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MI</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MN</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MS</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MO</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">MT</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NE</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NV </font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NH</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NJ</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NM</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NY</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">NC</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">ND </font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">OH</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">OK</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">OR</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">PA</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">RI</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">SC </font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">SD</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">TN</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">TX </font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">UT</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">VT</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">VA</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">WA</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">WV</font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">WI</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">WY</font></p>
  </td>
 <td colspan=2 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">PUERTO RICO</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">3. Exact name of
  investment company as specified in registration statement:</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-indent:26.1pt;"><font face="courier new" style="font-size:10.0pt;">Franklin
  Universal Trust</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=8 valign=top width=94% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.5pt;">
  <td valign=top width=6% style="height:11.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=8 valign=top width=94% style="height:11.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.5pt;">
  <td valign=top width=6% style="height:11.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=8 valign=top width=94% style="height:11.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">4. Address of
  principal executive office: (number, street, city, state, zip code)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=9 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="courier new" style="font-size:10.0pt;">One Franklin Parkway, San Mateo, CA 94403</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=6%>&nbsp;</td>
 <td width=9%>&nbsp;</td>
 <td width=16%>&nbsp;</td>
 <td width=13%>&nbsp;</td>
 <td width=14%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=12%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 </tr>
</table></div>

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





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">[PWC
LOGO]</font></p>

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

<h1 style="margin:0in;page-break-after:auto;text-align:center;"><b><font face="courier new" style="font-size:10.0pt;">Report of Independent Accountants</font></b></h1>

<p align=center style="margin:0in;text-align:center;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">To the Board of
Trustees and Management of:</font></p>

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:.45in;width:343.799988pt;">
 <tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Custodian
  Funds</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin ETF Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Floating
  Rate Master Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Fund
  Allocator Series</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Global
  Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Gold and
  Precious Metals Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin High
  Income Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Investors
  Securities Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Limited
  Duration Income Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Managed
  Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Real
  Estate Securities Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Strategic
  Mortgage Portfolio</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Strategic
  Series</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Templeton
  ETF Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Templeton
  Variable Insurance Products Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Universal
  Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin U.S.
  Government Money Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Institutional
  Fiduciary Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton China
  World Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton
  Developing Markets Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Emerging
  Markets Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Emerging
  Markets Income Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Funds</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Income Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Investment Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Smaller Companies Fund</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Income
  Trust</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton
  Institutional Funds</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=100% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">and the Board of
Directors and Management of:</font></p>

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:.45in;width:343.799988pt;">
 <tr style="height:13.6pt;">
  <td nowrap width=100% style="height:13.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Dragon
  Fund, Inc.</font></p>
  </td>
 </tr>
</table></div>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 the Funds listed in Attachment A (collectively, 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 January 31, 2020.&#160; The
Funds&#8217; management is responsible for its assertion and the Funds&#8217; 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.</font></p>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 January 31, 2020, and with
respect to agreement of security purchases and sales, for the period from
November 30, 2019 (see Attachment A for details) through January 31, 2020:</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<p style="margin:0in;margin-left:.5in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Without prior notice to
management, confirmation of all securities held by Franklin Templeton </font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Investors Services, Inc.,
(the &#8220;Transfer Agent&#8221;), as they pertain to the security positions owned by the
Funds and held in book entry form</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Reconciliation of all
such securities to the books and records of the Funds and the Transfer Agent</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Agreement of 55 security
purchases and 55 security sales across the Funds since our last report from the
books and records of the Funds to the records of the Transfer Agent</font></p>

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

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

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">In our opinion,
management's assertion that the Funds listed in Attachment A complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of January 31, 2020 with respect to securities reflected in the
investment accounts of the Funds is fairly stated, in all material respects.</font></p>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">This report is
intended solely for the information and use of management and the Board of
Trustees or Directors 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.</font></p>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">/s/PRICEWATERHOUSECOOPERS,
LLP</font></p>

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">December 18, 2020</font></p>

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

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

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:8.0pt;">PricewaterhouseCoopers
LLP, 405 Howard Street Suite 600, San Francisco, California 94105</font></p>

<p style="margin:0in;"><font face="courier new" lang=EN-US style="font-size:8.0pt;">T:
+1(415) 598 5000, F: +1(415) 498 7000, www.pwc.com</font></p>

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

<p align=center style="margin:0in;text-align:center;"><font color=black face="courier new" lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;"><font color=black face="courier new" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:736.799988pt;">
 <tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="border-bottom:solid windowtext 1.0pt;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Attachment A</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="border-bottom:solid windowtext 1.0pt;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="border-bottom:solid windowtext 1.0pt;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Examination
  Period</font></i></b></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Global Investment Trust:</font></i></b></p>
  </td>
 <td valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Emerging
  Markets Small Cap Fund<sup>a</sup></font></p>
  </td>
 <td valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Frontier
  Markets Fund<sup>a</sup></font></p>
  </td>
 <td valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Balanced Fund<sup>a</sup></font></p>
  </td>
 <td valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.55pt;">
  <td nowrap valign=bottom width=4% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Real Estate Securities Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:17.1pt;">
  <td nowrap valign=bottom width=4% style="height:17.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:17.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Real
  Estate Securities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:17.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:17.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.1in;">
  <td nowrap valign=bottom width=4% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Strategic Series:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.85pt;">
  <td nowrap valign=bottom width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin
  Biotechnology Discovery Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Growth
  Opportunities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Natural
  Resources Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Small Cap
  Growth Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Small-Mid
  Cap Growth Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Strategic
  Income Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Templeton
  SMACS Series E<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.85pt;">
  <td nowrap valign=bottom width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Templeton
  SMACS Series I<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:9.9pt;">
  <td nowrap valign=bottom width=4% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  High Income Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin High
  Income Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:6.75pt;">
  <td nowrap valign=bottom width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Institutional
  Fiduciary Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.25in;">
  <td nowrap valign=bottom width=4% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Money Market
  Portfolio<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:6.75pt;">
  <td nowrap valign=bottom width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Global Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td nowrap valign=bottom width=4% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Emerging
  Market Debt Opportunities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin
  International Growth Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.15in;">
  <td nowrap valign=bottom width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  U.S. Government Money Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.1pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Gold and Precious Metals Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:7.65pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Universal Trust</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.55pt;">
  <td nowrap valign=bottom width=4% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  China World Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:7.65pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Emerging Markets Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:7.65pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Emerging Markets Income Fund<sup>a</sup></font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.15in;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton Funds:</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton
  International Climate Change Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:7.65pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Global Income Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.15pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Global Smaller Companies Fund</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:5.85pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:5.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:5.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:5.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:5.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Income Trust:</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Emerging
  Markets Bond Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Bond Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Total Return Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton
  International Bond Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.15in;">
  <td nowrap valign=bottom width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Custodian Funds:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin DynaTech
  Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Growth
  Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Income
  Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=4% style="height:15.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:15.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin U.S.
  Government Securities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:15.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:15.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Utilities
  Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Focused
  Growth Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:4.95pt;">
  <td nowrap valign=bottom width=4% style="height:4.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:4.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:4.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:4.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Strategic Mortgage Portfolio</font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.55pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:8.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Investors Securities Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=4% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin
  Adjustable U.S. Government Securities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin
  Convertible Securities Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Equity
  Income Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Floating
  Rate Daily Access Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Low
  Duration Total Return Fund<sup>a a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Managed
  Income Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Total
  Return Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.15in;">
  <td nowrap valign=bottom width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.15in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Developing Markets Trust</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:7.65pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:7.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Fund Allocator Series:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin
  Conservative Allocation Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Corefolio
  Allocation Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Founding
  Funds Allocation Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Growth
  Allocation Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td nowrap valign=bottom width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  Retirement Income Fund</font></p>
  </td>
 <td valign=top width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:22.05pt;">
  <td nowrap valign=bottom width=4% style="height:22.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:22.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2020 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:22.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:22.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=4% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2025 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=4% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2030 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:22.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:22.95pt;">
  <td nowrap valign=bottom width=4% style="height:22.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:22.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2035 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:22.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:22.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:27.9pt;">
  <td nowrap valign=bottom width=4% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2040 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:23.4pt;">
  <td nowrap valign=bottom width=4% style="height:23.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:23.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2045 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:23.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:23.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:27.9pt;">
  <td nowrap valign=bottom width=4% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2050 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:27.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td nowrap valign=bottom width=4% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LifeSmart
  2055 Retirement Target Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Moderate
  Allocation Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin NextStep
  Conservative Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin NextStep
  Moderate Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:15.3pt;">
  <td nowrap valign=bottom width=4% style="height:15.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:15.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin NextStep
  Growth Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:15.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:15.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Payout
  2020 Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Payout
  2021 Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Payout
  2022 Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:9.45pt;">
  <td nowrap valign=bottom width=4% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Templeton Variable Insurance Products Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Flex Cap
  Growth VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Founding
  Funds Allocation VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Income
  VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td nowrap valign=bottom width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Large Cap
  Growth VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Rising
  Dividends VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Small Cap
  Value VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Small-Mid
  Cap Growth VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Strategic
  Income VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td nowrap valign=bottom width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin VolSmart
  Allocation VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;">
  <td nowrap valign=bottom width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton
  Developing Markets VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td nowrap valign=bottom width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Foreign
  VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Templeton Global
  Bond VIP Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:13.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=4% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Dragon Fund, Inc.</font></i></b><sup><font face="courier new" style="font-size:10.0pt;">a</font></sup></p>
  </td>
 <td nowrap valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:6.3pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:6.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=top width=4% style="height:6.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:6.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Templeton
  Institutional Funds:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Foreign Small
  Companies Series<sup>c</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">International
  Equity Series<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.1pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin ETF
  Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=4% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Liberty
  Short Duration U.S. Government ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:24.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.1in;">
  <td nowrap valign=bottom width=4% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.1in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Floating Rate Master Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Floating
  Rate Income Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Floating
  Rate Master Series<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:8.1pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Limited Duration Income Trust</font></i></b><font face="courier new" style="font-size:10.0pt;">
  <sup>a</sup></font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:9.45pt;">
  <td colspan=2 nowrap valign=bottom width=15% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td valign=top width=4% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:9.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Managed Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.85pt;">
  <td nowrap valign=bottom width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin Rising
  Dividends Fund<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:14.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:6.75pt;">
  <td nowrap valign=bottom width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:6.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td colspan=3 nowrap valign=bottom width=54% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">Franklin
  Templeton ETF Trust:</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=42% style="height:14.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:17.55pt;">
  <td nowrap valign=bottom width=4% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LibertyQ
  Emerging Markets ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:16.65pt;">
  <td nowrap valign=bottom width=4% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LibertyQ
  U.S. Small Cap Equity ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:.25in;">
  <td nowrap valign=bottom width=4% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LibertyQ
  U.S. Mid Cap Equity ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:.25in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:17.55pt;">
  <td nowrap valign=bottom width=4% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin LibertyQ
  U.S. Equity ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:17.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin FTSE Asia
  ex Japan ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.15pt;">
  <td nowrap valign=bottom width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin FTSE
  China ETF<sup>b</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.15pt;">
  <td nowrap valign=bottom width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin FTSE
  Europe Hedged ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.15pt;">
  <td nowrap valign=bottom width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin FTSE
  Japan ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr style="height:12.15pt;">
  <td nowrap valign=bottom width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><i><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=50% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">Franklin FTSE
  Japan Hedged ETF<sup>a</sup></font></p>
  </td>
 <td valign=top width=4% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=42% style="height:12.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="courier new" style="font-size:10.0pt;">November 30, 2019
  &#8211; January 31, 2020</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=4%>&nbsp;</td>
 <td width=11%>&nbsp;</td>
 <td width=39%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=42%>&nbsp;</td>
 </tr>
</table></div>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<A name="page_5"></A>

<a name="_bclPageBorder5"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Lege&nbsp; Legend:</FONT></B></P>

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">a: N&nbsp; <FONT style="FONT-SIZE: 10pt" face="Courier New">a: </FONT>November&nbsp;30, 2019 represents the date of our last examination.</FONT></P>

<P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">b&nbsp;&nbsp; b: Fund was not in scope for the November 30, 2019 examination.</FONT></P>

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

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_6"></A>

<a name="_bclPageBorder6"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center>
<IMG src="x20122912243300.jpg" width=625 height=90></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-GB style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face="courier new"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-GB style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face="courier new">Management Statement Regarding Compliance with Certain</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Provisions of the Investment Company Act of 1940</FONT></B></P>

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

<P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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.&nbsp; We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements.&nbsp; We have performed an evaluation of the Funds&#8217; compliance with the requirements of subsection (b) of Rule 17f-2 as of January 31, 2020, and for the periods indicated in Attachment I.</FONT></P>

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

<P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) of Rule 17f-2 as of January 31, 2020, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.</FONT></P>

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

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

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

<P style="MARGIN: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/GASTON GARDEY </FONT></U></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Gaston Gardey</FONT></B></P>

<P style="MARGIN: 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Chief Financial Officer and Chief Accounting Officer</FONT></I></P>

<P style="MARGIN: 0in; TEXT-INDENT: 9pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Franklin Funds Board</FONT></I></P>

<P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">December 18, 2020</FONT></U></P>

<P style="MARGIN: 0in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/ROBERT G. KUBILIS</FONT></U></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Robert G. Kubilis</FONT></B></P>

<P style="MARGIN: 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Chief Financial Officer and Chief Accounting Officer</FONT></I></P>

<P style="MARGIN: 0in; TEXT-INDENT: 9pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Templeton, New Jersey and Alternative Strategies Funds Board</FONT></I></P>

<P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">December 18, 2020</FONT></U></P>

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<P style="MARGIN: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/MATTHEW T. HINKLE</FONT></U></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Matthew T. Hinkle</FONT></B></P>

<P style="MARGIN: 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Chief Executive Officer - Finance and Administration</FONT></I></P>

<P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">December 18, 2020</FONT></U></P>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Attachment I</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Examination Period</FONT></I></B></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Investment Trust:</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Emerging Markets Small Cap Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Frontier Markets Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Balanced Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Real Estate Securities Trust:</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Real Estate Securities Fund<SUP>a</SUP> </FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Strategic Series:</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Biotechnology Discovery Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Growth Opportunities Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Natural Resources Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Small Cap Growth Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Small-Mid Cap Growth Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Strategic Income Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Templeton SMACS Series E<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Templeton SMACS Series I<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin High Income Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin High Income Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

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

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Institutional Fiduciary Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Money Market Portfolio<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Global Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 23.85pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Emerging Market Debt Opportunities Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 23.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin International Growth Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin U.S. Government Money Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"> </FONT></I></B></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 8.1pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 8.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Gold and Precious Metals Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" noWrap>

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

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Universal Trust</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 8.55pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 0.2in">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton China World Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Emerging Markets Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 7.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Emerging Markets Income Fund<SUP>a</SUP></FONT></I></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Funds:</FONT></I></B></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton International Climate Change Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 8.55pt">

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 8.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

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

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Income Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

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

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Smaller Companies Fund</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 5.85pt">

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Income Trust:</FONT></I></B></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Emerging Markets Bond Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Bond Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Total Return Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton International Bond Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%" colSpan=3 noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Custodian Funds:</FONT></I></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%">

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

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin DynaTech Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Growth Fund<SUP>a</SUP></FONT></P></TD>

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

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Income Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin U.S. Government Securities Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Utilities Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Focused Growth Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 4.95pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Strategic Mortgage Portfolio</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 8.55pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Investors Securities Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 24.75pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Adjustable U.S. Government Securities Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 24.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Convertible Securities Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Equity Income Fund<SUP>a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Floating Rate Daily Access Fund<SUP>a</SUP></FONT></P></TD>

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

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Low Duration Total Return Fund<SUP>a a</SUP></FONT></P></TD>

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

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Managed Income Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Total Return Fund<SUP>a</SUP></FONT></P></TD>

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   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

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

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Fund Allocator Series:</FONT></I></B></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Conservative Allocation Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Corefolio Allocation Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Founding Funds Allocation Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Growth Allocation Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart Retirement Income Fund</FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2020 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2025 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2030 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2035 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2040 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2045 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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<TR style="HEIGHT: 27.9pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2050 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LifeSmart 2055 Retirement Target Fund<SUP>a</SUP></FONT></P></TD>

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<TR style="HEIGHT: 13.05pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Moderate Allocation Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin NextStep Conservative Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin NextStep Moderate Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin NextStep Growth Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Payout 2020 Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Payout 2021 Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Payout 2022 Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Templeton Variable Insurance Products Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 11.7pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Allocation VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.6pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Flex Cap Growth VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Income VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Large Cap Growth VIP Fund<SUP>c</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.05pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Rising Dividends VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Small Cap Value VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Small-Mid Cap Growth VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.05pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Strategic Income VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

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   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin VolSmart Allocation VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.05pt">

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   <TD style="HEIGHT: 13.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Developing Markets VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <TD style="HEIGHT: 13.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Foreign VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Global Bond VIP Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Dragon Fund, Inc.</FONT></I></B><SUP><FONT style="FONT-SIZE: 10pt" face="courier new">a</FONT></SUP></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Templeton Institutional Funds:</FONT></I></B></P></TD>

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

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Foreign Small Companies Series<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">International Equity Series<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin ETF Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 24.75pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Liberty Short Duration U.S. Government ETF<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Floating Rate Master Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Floating Rate Income Fund<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Floating Rate Master Series<SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Limited Duration Income Trust</FONT></I></B><FONT style="FONT-SIZE: 10pt" face="courier new"> <SUP>a</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 9.45pt">

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<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Managed Trust:</FONT></I></B></P></TD>

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<TR style="HEIGHT: 14.85pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Rising Dividends Fund<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="HEIGHT: 6.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 6.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 6.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin Templeton ETF Trust:</FONT></I></B></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

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

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

<TR style="HEIGHT: 17.55pt">

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LibertyQ Emerging Markets ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 23.4pt">

   <TD style="HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LibertyQ U.S. Small Cap Equity ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 17.55pt">

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LibertyQ U.S. Mid Cap Equity ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 17.55pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin LibertyQ U.S. Equity ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.6pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin FTSE Asia ex Japan ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

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   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin FTSE China ETF<SUP>b</SUP></FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin FTSE Europe Hedged ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin FTSE Japan ETF<SUP>a</SUP> </FONT></P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in"><B><I><FONT style="FONT-SIZE: 10pt" face="courier new"></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%" colSpan=2 noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">Franklin FTSE Japan Hedged ETF<SUP>a</SUP></FONT></P></TD>

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

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

   <TD style="HEIGHT: 12.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="courier new">November 30, 2019 &#8211; January 31, 2020</FONT></P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

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   <TD width="4%">&nbsp;</TD>

   <TD width="43%">&nbsp;</TD></TR></TABLE></DIV></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_8"></A>

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

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Lege&nbsp;&nbsp; Legend:</FONT></B></P>

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt">&nbsp;</P>

<P style="MARGIN: 0in; TEXT-INDENT: -31.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">a: No <FONT style="FONT-SIZE: 10pt" face="Courier New">a: November </FONT>30, 2019 represents the date of our last examination.</FONT></P>

<P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">b:&nbsp; b: Fund was not in scope for the November 30, 2019 examination.</FONT></P></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
