<SEC-DOCUMENT>0000805650-24-000027.txt : 20240820
<SEC-HEADER>0000805650-24-000027.hdr.sgml : 20240820
<ACCEPTANCE-DATETIME>20240820124848
ACCESSION NUMBER:		0000805650-24-000027
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240820
DATE AS OF CHANGE:		20240820
EFFECTIVENESS DATE:		20240820

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		40-17F2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		241223958

	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
		ORGANIZATION NAME:           	
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			FL
		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>fut17f2-20245.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head><body>
<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">UNITED
STATES</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">SECURITIES
AND EXCHANGE COMMISSION</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal;
text-decoration:none;">WASHINGTON, D.C. 20549</p><p style="font-size:8.0pt; font-family:Arial; text-align:center;
font-weight:normal; text-decoration:none;">FORM N-17F-2</p><p style="font-size:8.0pt; font-family:Arial;
text-align:center; font-weight:normal; text-decoration:none;">CERTIFICATE OF ACCOUNTING OF SECURITIES
AND SIMILAR</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">INVESTMENTS
IN THE CUSTODY OF</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal;
text-decoration:none;">MANAGEMENT INVESTMENT COMPANIES</p><p style="font-size:8.0pt; font-family:Arial;
text-align:center; font-weight:normal; text-decoration:none;">PURSUANT TO RULE N-17F-2 [17 CFR 270.17f-2]</p><table
cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:5.01%;" >&nbsp;</td><td style="width:8.99%;" >&nbsp;</td><td
style="width:17.09%;" >&nbsp;</td><td style="width:13.21%;" >&nbsp;</td><td style="width:14.64%;" >&nbsp;</td><td
style="width:6.32%;" >&nbsp;</td><td style="width:11.78%;" >&nbsp;</td><td style="width:22.96%;" >&nbsp;</td></tr><tr><td
colspan="5" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">1. Investment Company Act File Number:</p></td><td colspan="3"
style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal;
text-decoration:none;">Date Examination completed:</p></td></tr><tr><td colspan="5" style=" vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:36.0pt; font-weight:normal; text-decoration:none;">811-05569</p></td><td
colspan="3" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
text-indent:21.6pt; font-weight:normal; text-decoration:none;">March 9, 2023</p></td></tr><tr><td colspan="5"
style=" vertical-align:top; font-size:1pt;">&#160;</td><td colspan="3" style=" vertical-align:top; font-size:1pt;">&#160;</td></tr><tr><td
colspan="5" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">2. State Identification Number:</p></td><td colspan="3" style="
vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="2" style=" vertical-align:top;
font-size:1pt;">&#160;</td><td style="vertical-align:top; font-size:1pt;">&#160;</td><td style="vertical-align:top;
font-size:1pt;">&#160;</td><td colspan="2" style=" vertical-align:top; font-size:1pt;">&#160;</td><td style="vertical-align:top;
font-size:1pt;">&#160;</td><td style="vertical-align:top; font-size:1pt;">&#160;</td></tr><tr><td colspan="2"
style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal;
text-decoration:none;">AL</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial;
text-align:left; font-weight:normal; text-decoration:none;">AK</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">AZ</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">AR</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">CA </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">CO</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">CT</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">DE </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">DC</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">FL</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">GA</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">HI</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">ID</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">IL</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">IN</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">IA</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">KS</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">KY</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">LA</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">ME</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">MD</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">MA</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">MI</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">MN</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">MS</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">MO</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">MT</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">NE</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">NV </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">NH</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">NJ</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">NM</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">NY</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">NC</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">ND </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">OH</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">OK</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">OR</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">PA</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">RI</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">SC </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">SD</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">TN</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">TX </p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">UT</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">VT</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">VA</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">WA</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">WV</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">WI</p></td><td style="vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">WY</p></td><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:normal; text-decoration:none;">PUERTO RICO</p></td><td style="vertical-align:top; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="8" style="
vertical-align:top; font-size:1pt;">&#160;</td></tr><tr><td colspan="8" style=" vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">3. Exact name of investment
company as specified in registration statement:</p></td></tr><tr><td colspan="8" style=" vertical-align:top;
font-size:1pt;">&#160;</td></tr><tr><td colspan="8" style=" vertical-align:top;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Franklin Universal Trust</p></td></tr><tr><td
style="vertical-align:top; font-size:1pt;">&#160;</td><td colspan="7" style=" vertical-align:top; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:top; font-size:1pt;">&#160;</td><td colspan="7" style=" vertical-align:bottom; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:top; font-size:1pt;">&#160;</td><td colspan="7" style=" vertical-align:bottom; font-size:1pt;">&#160;</td></tr><tr><td
colspan="8" style=" vertical-align:top; font-size:1pt;">&#160;</td></tr><tr><td colspan="8" style=" vertical-align:top;"><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">4.
Address of principal executive office: (number, street, city, state, zip code)</p></td></tr><tr><td colspan="8"
style=" vertical-align:top; font-size:1pt;">&#160;</td></tr></table><p style="font-size:8.0pt; font-family:Arial;
text-align:left; font-weight:normal; text-decoration:none;">One Franklin Parkway, San Mateo, CA 94403</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">[PWC
Logo]</p><p style="font-size:11.0pt; font-family:Arial; text-align:center; font-weight:bold; font-style:normal;"><font
style="font-size:11.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Report
of Independent Registered Public Accounting Firm</font></p><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; text-decoration:none;">To the Boards of Trustees and Management
of:</p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Custodian Funds </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Franklin ETF Trust</font><br><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Franklin Floating Rate Master Trust </font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Fund Allocator Series </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Global Trust</font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Gold and Precious
Metals Fund </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Franklin High Income Trust</font><br><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Franklin Investors Securities Trust </font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Limited Duration Income Trust </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Managed Trust</font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Real Estate
Securities Trust </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Franklin Strategic Mortgage Portfolio </font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Strategic Series</font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Templeton ETF Trust</font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Franklin Templeton Variable Insurance Products Trust </font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Universal Trust</font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
U.S. Government Money Fund </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Institutional Fiduciary Trust</font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton China World
Fund </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Templeton Developing Markets Trust </font><br><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Templeton Emerging Markets Fund</font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Emerging Markets Income Fund </font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Funds</font><br><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Templeton Global Income Fund </font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Growth Fund, Inc.</font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Templeton Global Investment Trust </font><br><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Templeton Income Trust </font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Institutional Funds</font></p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">And the Boards of Directors and Management of: </font><br><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton Dragon Fund,
Inc.</font></p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:36.0pt;
text-decoration:none;">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 February 28,
2022. The Funds&#8217; management is responsible for its assertion and the Funds' compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the Funds' compliance with
the specified requirements based on our examination.</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal;
text-decoration:none;">[PWC Logo]</p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:36.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Our examination was conducted in accordance
with the standards of the Public Company Accounting Oversight Board (United States) and in accordance
with attestation standards established by the American Institute of Certified Public Accountants. Those
standards require that we plan and perform the examination to obtain reasonable assurance about whether
management&#8217;s assertion about compliance with the specified requirements is fairly stated, in all material
respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance
with those requirements and performing such other procedures as we considered necessary in the circumstances.
Included among our procedures were the following tests performed as of February 28, 2022, and with respect
to agreement of security purchases and sales, for the period from January 1, 2022 (see Attachment A for
details) through February 28, 2022:</font><br></p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
text-indent:-18.0pt; font-weight:normal; margin-left:77.35pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="word-spacing:10.0pt;">&#160;</font><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Confirmation
of all securities held by Franklin Templeton Investors Services, Inc. (the &#8220;Transfer Agent&#8221;), as
they pertain to the security positions owned by the Funds and held in</font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">book entry form</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; text-indent:-18.0pt; font-weight:normal;
margin-left:77.35pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">-</font><font style="word-spacing:10.0pt;">&#160;</font><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Reconciliation
of all such securities to the books and records of the Funds and the Transfer</font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Agent</font></p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:77.35pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="word-spacing:10.0pt;">&#160;</font><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Agreement of 132 security purchases and 141 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="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:36.0pt; text-decoration:none;">We believe that our examination provides, and that the evidence
we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Funds&#8217; compliance with the specified requirements.</p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:36.0pt;
text-decoration:none;">We are required to be independent and to meet our other ethical responsibilities
in accordance with relevant ethical requirements related to the engagement.</p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:36.0pt; text-decoration:none;">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 February 28, 2022
with respect to securities reflected in the investment accounts of the Funds is fairly stated, in all
material respects.</p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:36.0pt; text-decoration:none;">This report is intended solely for the information and use
of management and the Boards of Trustees or Boards of 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 the specified parties.</p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:41.3pt;
text-decoration:none;">/s/PRICEWATERHOUSECOOPERS, LLP</p><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:41.3pt; text-decoration:none;">March 9, 2023</p><p style="font-size:9.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:36.0pt; text-decoration:none;">2</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">[PWC
Logo]</p><p style="font-size:11.0pt; font-family:Arial; text-align:left; font-weight:bold; margin-left:14.0pt;
text-decoration:none;">Attachment A</p><table cellspacing="0" style="border-collapse:collapse" width="100%"
cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td style="width:57.15%;" >&nbsp;</td><td
style="width:42.85%;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Templeton
Global Investment Trust:</p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:9.0pt; text-decoration:none;">Examination Period</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Emerging Markets Small Cap Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Global Balanced Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series EM </font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"><sup>a</sup></font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Real Estate Securities Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Real Estate
Securities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
Strategic Series:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Biotechnology Discovery Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Growth Opportunities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Natural Resources Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small Cap Growth Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small-Mid Cap Growth Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Strategic Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series E </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series I </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin High Income Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin High Income
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Institutional Fiduciary Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Money Market Portfolio
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Global Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Emerging Market
Debt Opportunities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin International
Growth Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin U.S. Government
Money Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Gold and Precious
Metals Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Universal Trust
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton China World Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Emerging Markets Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Emerging Markets Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Templeton Funds:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton International
Climate Change Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr></table><p style="font-size:9.0pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:36.0pt; text-decoration:none;">3</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">[PWC
Logo]</p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:57.08%;" >&nbsp;</td><td style="width:42.92%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:6.5pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:bold; text-decoration:none;">Templeton Global Income Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Growth Fund, Inc.</font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Templeton Income Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton Sustainable
Emerging Markets Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Global Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton Global Total
Return Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton International
Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin Custodian Funds:</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
DynaTech Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Growth Fund
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin U.S. Government Securities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Utilities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; color:#000000;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; color:#212121; font-weight:normal; text-decoration:none;">Franklin Focused Growth
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; color:#000000; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Strategic Mortgage
Portfolio </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
Investors Securities Trust:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Adjustable U.S. Government Securities Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Convertible Securities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Equity Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Floating Rate Daily Access Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Low Duration Total Return Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Managed Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Total Return Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Developing Markets Trust </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Fund Allocator Series:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Conservative
Allocation Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Corefolio Allocation
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Emerging Market Core Equity (IU) Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Global Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Growth Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin International Core Equity (IU) Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart Retirement Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2020 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2025 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2030 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2035 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2040 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr></table><p
style="font-size:11.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:36.0pt;
font-style:normal;"><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">4</font></p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">[PWC
Logo]</p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:57.1%;" >&nbsp;</td><td style="width:42.9%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:6.5pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Franklin LifeSmart 2045 Retirement Target
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2050 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2055 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2060 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Moderate Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin U.S. Core Equity (IU) Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Templeton Variable Insurance Products Trust:</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Allocation VIP Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin DynaTech VIP
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Income VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Rising Dividends VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small Cap Value VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small-Mid Cap Growth VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Strategic Income VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin VolSmart Allocation VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Developing Markets VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Foreign VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; color:#000000;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Templeton </font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; color:#212121; font-weight:normal; text-decoration:none;">Global
Bond VIP Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Templeton
Dragon Fund, Inc. </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Templeton
Institutional Funds:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">International Equity Series </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin ETF Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Liberty Short
Duration U.S. Government ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Equity Portfolio</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Fixed Income Portfolio</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
Floating Rate Master Trust:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Floating Rate Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Floating Rate Master Series </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Franklin Limited Duration Income Trust </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Managed Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Rising Dividends
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Templeton ETF Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Equity ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Mid Cap Equity ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Small Cap Equity ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
LibertyQ Global Equity</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Liberty Ultra Short Bond ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Liberty U.S. Treasury Bond ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE Asia ex Japan ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE China ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE Europe Hedged ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin FTSE Japan
ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin FTSE Japan Hedged ETF </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr></table>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:57.1%;" >&nbsp;</td><td style="width:42.9%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Franklin U.S. Core Bond ETF </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Exponential Data ETF </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr></table><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; margin-left:14.0pt; text-decoration:none;">Legend:</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:14.0pt; text-decoration:none;">a:
December 31, 2021 represents the date of our last examination.</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; color:#004FA6; font-weight:bold;
font-style:normal;"><img src="img_5b702ab215c04.jpg"><font style="font-size:12.0pt; font-family:Arial;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">
                                                                 </font><font style="font-size:8.0pt;
font-family:Sans-Serif; font-style:normal; color:#004FA6; font-weight:bold; text-decoration:none;">
              </font></p><p style="font-size:6.0pt; font-family:Serif; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal;
color:#004FA6; font-weight:bold; text-decoration:none;">Franklin Templeton Services, LLC</font></p><p
style="font-size:6.0pt; font-family:Serif; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal;
text-decoration:none;">3355 Data Drive</font></p><p style="font-size:6.0pt; font-family:Serif; text-align:right;
color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Sans-Serif;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rancho Cordova, CA 95670</font></p><p
style="font-size:6.0pt; font-family:Serif; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">tel</font><font
style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal;
text-decoration:none;"> (800) 632.2350</font></p><p style="font-size:18.0pt; font-family:Serif; text-align:right;
color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Sans-Serif;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">franklintempleton.com</font></p><div
style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; padding:0pt 0pt
1pt 0pt;"><div style="font-size:8.0pt; font-family:Arial; font-style:normal; text-align:left; font-weight:bold;"></div></div><p
style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; font-style:normal;"><br><font
style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Management
Statement Regarding Compliance with Certain</font></p><p style="font-size:8.0pt; font-family:Arial; text-align:center;
font-weight:bold; text-decoration:none;">Provisions of the Investment Company Act of 1940</p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">We, as members of management
of the Franklin Templeton Funds indicated in Attachment A (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. We are also responsible for
establishing and maintaining effective internal controls over compliance with those requirements. We
have performed an evaluation of the Funds' compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 as of February 28, 2022, and for the periods indicated in Attachment A. </p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Based on this evaluation,
we assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule
17f-2 of the Investment Company Act of 1940 as of February 28, 2022, and for the periods indicated in
Attachment A, with respect to securities reflected in the investment accounts of the Funds.</p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">By:</p><p style="font-size:10.0pt;
font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:underline;">/s/MATTHEW T. HINKLE</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Matthew
T. Hinkle</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal;
font-style:italic;"><font style="font-size:10.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">Chief Executive Officer - Finance and Administration</font></p><p style="font-size:10.0pt;
font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:10.0pt;
font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">Franklin Templeton Group
of Funds</font></p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">Date </font><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:underline;">March 9, 2023</font></p><p style="font-size:10.0pt; font-family:Sans-Serif;
text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:underline;">/s/Christopher Kings</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Christopher
Kings</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:italic;"><font
style="font-size:10.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">Chief
Financial Officer, Chief Accounting Officer and Treasurer</font></p><p style="font-size:10.0pt; font-family:Sans-Serif;
text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:10.0pt; font-family:Arial;
font-style:italic; font-weight:normal; text-decoration:none;">Franklin Funds</font></p><p style="font-size:10.0pt;
font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:10.0pt;
font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">Templeton Funds</font></p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Date
</font><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:underline;">March
9, 2023</font></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal;
font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:underline;">/s/VIVEK PAI</font></p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:bold; text-decoration:none;">Vivek Pai</p><p style="font-size:10.0pt; font-family:Sans-Serif;
text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:10.0pt; font-family:Arial;
font-style:italic; font-weight:normal; text-decoration:none;">Chief Financial Officer, Chief Accounting
Officer and Treasurer</font></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left;
font-weight:normal; font-style:italic;"><font style="font-size:10.0pt; font-family:Arial; font-style:italic;
font-weight:normal; text-decoration:none;">Franklin Templeton ETF Trust</font></p><p style="font-size:10.0pt;
font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:10.0pt;
font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">Franklin ETF Trust</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Date
</font><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:underline;">March
9, 2023</font></p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; margin-left:14.0pt;
font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold;
text-decoration:none;">Attachment A</font><br></p><table cellspacing="0" style="border-collapse:collapse"
width="100%" cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td style="width:57.15%;"
>&nbsp;</td><td style="width:42.85%;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Templeton
Global Investment Trust:</p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:9.0pt; text-decoration:none;">Examination Period</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Emerging Markets Small Cap Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Global Balanced Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series EM</font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Real Estate Securities Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Real Estate
Securities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
Strategic Series:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Biotechnology Discovery Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Growth Opportunities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Natural Resources Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small Cap Growth Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small-Mid Cap Growth Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Strategic Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series E </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Templeton SMACS: Series I </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin High Income Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin High Income
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Institutional Fiduciary Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Money Market Portfolio
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Global Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Emerging Market
Debt Opportunities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin International
Growth Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin U.S. Government
Money Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Gold and Precious
Metals Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Universal Trust
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton China World Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Emerging Markets Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Emerging Markets Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Templeton Funds:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton International
Climate Change Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr></table><table cellspacing="0" style="border-collapse:collapse"
width="100%" cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td style="width:57.1%;" >&nbsp;</td><td
style="width:42.9%;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Templeton
Global Income Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Templeton Growth Fund,
Inc.</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
b</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Templeton Income Trust:</p></td><td style="vertical-align:top;"><p
style="font-size:9.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:9.0pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</font></p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Sustainable Emerging Markets Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton
Global Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton Global Total
Return Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Templeton International
Bond Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin Custodian Funds:</p></td><td
style="vertical-align:top;"><p style="font-size:9.0pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:9.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</font></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin DynaTech Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Growth Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr></table>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:57.1%;" >&nbsp;</td><td style="width:42.9%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:6.5pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:normal; text-decoration:none;">Franklin U.S. Government Securities Fund
</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Utilities Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; color:#000000;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; color:#212121; font-weight:normal; text-decoration:none;">Franklin Focused Growth
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; color:#000000; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Franklin Strategic Mortgage
Portfolio </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin Investors Securities
Trust:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Adjustable U.S. Government Securities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Convertible Securities Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Equity Income Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Floating Rate
Daily Access Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Low Duration
Total Return Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Managed Income
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Total Return Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Templeton Developing Markets Trust </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Fund Allocator Series:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Conservative
Allocation Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Corefolio Allocation
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Emerging Market Core Equity (IU) Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Global Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Growth Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin International Core Equity (IU) Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart Retirement Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2020 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2025 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2030 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2035 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2040 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2045 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2050 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2055 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin LifeSmart 2060 Retirement Target Fund </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Moderate Allocation Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin U.S. Core Equity (IU) Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Templeton Variable Insurance Products Trust:</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Allocation VIP Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin DynaTech VIP
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Income VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Rising Dividends VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small Cap Value VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Small-Mid Cap Growth VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Strategic Income VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin VolSmart Allocation VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Developing Markets VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Templeton Foreign VIP Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; color:#000000;
font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Templeton </font><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; color:#212121; font-weight:normal; text-decoration:none;">Global
Bond VIP Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr></table>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>
<p style="page-break-before:always;"></p>


<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:57.1%;" >&nbsp;</td><td style="width:42.9%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:6.5pt; font-family:Arial; text-align:left;
font-weight:normal; margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial;
font-style:normal; font-weight:bold; text-decoration:none;">Templeton Dragon Fund, Inc. </font><font
style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Templeton Institutional Funds:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">International Equity
Series </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
ETF Trust:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Liberty Short Duration U.S. Government ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Equity Portfolio</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Fixed Income Portfolio</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; margin-left:10.0pt; text-decoration:none;">Franklin
Floating Rate Master Trust:</p></td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Floating Rate Income Fund </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Floating Rate Master Series </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:10.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:bold; text-decoration:none;">Franklin Limited Duration Income Trust </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Managed Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin Rising Dividends
Fund </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold;
margin-left:10.0pt; text-decoration:none;">Franklin Templeton ETF Trust:</p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Equity ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Mid Cap Equity ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin LibertyQ U.S.
Small Cap Equity ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
LibertyQ Global Equity ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Liberty Ultra Short Bond ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Liberty U.S. Treasury Bond ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE Asia ex Japan ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE China ETF</font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;"> a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January
1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt;
font-family:Arial; text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
FTSE Europe Hedged ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">a</font></p></td><td style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February
28, 2022</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial;
text-align:left; font-weight:normal; margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Franklin FTSE Japan
ETF </font><font style="font-size:6.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:6.5pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin FTSE Japan Hedged ETF </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin U.S. Core Bond ETF </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:17.4pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin Exponential Data ETF </font><font style="font-size:6.5pt;
font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p></td><td
style="vertical-align:top;"><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal;
margin-left:9.0pt; text-decoration:none;">January 1, 2022 &#8211; February 28, 2022</p></td></tr></table><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; margin-left:14.0pt; text-decoration:none;">Legend:</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; margin-left:14.0pt; text-decoration:none;">a:
December 31, 2021 represents the date of our last examination.</p>
<!-- PAGEBREAK_START -->


<p><hr color="black" noshade="noshade"></p>

</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img_5b702ab215c04.jpg
<TEXT>
begin 644 img_5b702ab215c04.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  E ,H# 2(  A$! Q$!_\0
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MB6."W@CDFGGF=8H888E+RRRRN52..-%9Y)'8*B@LQ !-9EGXI?LY_P#!2?\
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MU^9^C7AO]I_]H'Q;^P7HW[7FB_!GX6OX\U_X26?QWTWX0WGQ=\06FA-X O\
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MWAJ^UBR\7Z+XUT;4HHO$%G<:A%XL;3K+3(;Y+B]DANIHH)VEN)2]S$$^FO\
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1CXW$HH%=V2Z*]OG:_P"1_]D!

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