<SEC-DOCUMENT>0000038721-25-000053.txt : 20250814
<SEC-HEADER>0000038721-25-000053.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814160058
ACCESSION NUMBER:		0000038721-25-000053
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814
EFFECTIVENESS DATE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		ORGANIZATION NAME:           	
		EIN:				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:		251218401

	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:           	
		EIN:				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>fut17f2-20253.htm
<DESCRIPTION>FORM 17F2
<TEXT>
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<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;">August 5, 2025</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
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>
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<p style="font-size:10.0pt; 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 Accountants</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 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 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 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;">Franklin
Universal Trust</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 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 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><font style="font-size:10.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;"><br><br></font><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; 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
(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;) (the &#8220;specified requirements&#8221;) as of April 30, 2025. The Funds&#8217;
management is responsible for its assertion and the Funds' compliance with the specified 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><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; text-decoration:none;">Our examination was conducted 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. An examination involves performing procedures to obtain evidence about whether management&#8217;s
assertion is fairly stated in all material respects. The nature, timing and extent of the procedures
selected depend on our judgment, including an assessment of the risks of material misstatement of management&#8217;s
assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and
appropriate to provide a reasonable basis for our opinion.</p><p style="font-size:7.5pt; font-family:Arial;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">PricewaterhouseCoopers LLP,
405 Howard Street, Suite 600, San Francisco, CA 94105 T: (415) 498 5000, www.pwc.com/us</p>
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<p style="font-size:10.0pt; font-family:Arial; 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; text-decoration:none;">Included
among our procedures were the following tests performed as of April 30, 2025, and with respect to agreement
of security purchases and sales or maturities, for the periods as indicated in Attachment A:</p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:46.8pt; 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;),</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;">as</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;">they pertain</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;">to</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;">the</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;">security</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;">positions</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;">owned
by</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;">the</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;">Funds</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;">and</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;">held</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;">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</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;">entry</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;">form</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; text-indent:-18.0pt; font-weight:normal;
margin-left:46.8pt; 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:46.8pt; 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</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;">of</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;">410</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;">security</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;">purchases</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;">and</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;">490</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;">security</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;">sales</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;">or</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;">maturities</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;">since</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;">our</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;">last</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;">report
from the books and records of the Funds to the records of the Transfer Agent</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;">confirmations</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">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; 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; text-decoration:none;">In our opinion, management's assertion that the Funds complied
with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940
as of April 30, 2025 with respect to securities reflected in the investment accounts of the Funds are
fairly stated, in all material respects.</p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:normal; 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 these specified parties.</p><p
style="font-size:10.0pt; font-family:Arial; text-align:justify; font-weight:normal; margin-left:36.0pt;
text-decoration:none;">/s/PRICEWATERHOUSECOOPERS, LLP</p><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:normal; text-decoration:none;">                   </p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">                  August
5, 2025</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">2</p>
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<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:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Custodian</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Funds:</font><font
style="word-spacing:10.0pt;">&#160;</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:bold; text-decoration:none;">Examination</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:bold; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:bold; text-decoration:none;">Period</font></p><p style="font-size:6.5pt;
font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">DynaTech</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                      December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                           December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                          December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                      December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Utilities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                          December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Short</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Allocator</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Series:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Conservative</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Corefolio</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                 December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2020</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2030</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2035</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2040</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2045</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2050</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2055</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                          December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2060</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Moderate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                   December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Debt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Opportunities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                    December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                  December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Gold</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">and</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Precious</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Metals</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                            </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">High</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">High</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
    December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Investors</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Convertible</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Floating</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Daily</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Access</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Long</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Credit</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Low Duration Total Return Fund                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Low Duration U.S. Government Securities Fund                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Managed</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Total</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Return</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
  December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p>
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<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:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Limited</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                           </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Managed</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rising</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividends</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Real</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Estate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Real</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Estate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Series:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Biotechnology</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Discovery</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Opportunities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Natural</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Resources</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small-Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Plus</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(formerly,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">

                   December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">E</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                               December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">I</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
ETF</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">                             December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Exponential</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Data</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                          December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Focused</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Asia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ex</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Australia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Brazil</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Canada</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">China</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Europe</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Eurozone</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Germany</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Hong</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Kong</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">India</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                   December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Hedged</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Latin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">America</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Mexico</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Saudi</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Arabia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">South</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Korea</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Switzerland</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Taiwan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">United</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Kingdom</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Focus</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
ETF</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
  December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; text-indent:-315.0pt; font-weight:normal;
margin-left:315.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multiplier</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                January</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">21,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(commencement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
operations)</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Ultra</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Short</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; text-indent:-310.5pt; font-weight:normal;
margin-left:310.5pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multiplier</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                January</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">21,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(commencement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
operations)</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p>
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<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:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Large</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF
                                                       </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Treasury</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Variable</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Insurance</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Products</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">DynaTech</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                  December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rising</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividends</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Value</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                  December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small-Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                      December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VolSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                           December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Developing</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Foreign</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal;
text-decoration:none;">Global</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
color:#1C1C1C; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">Bond</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;"> </font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal;
text-decoration:none;">Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
color:#1C1C1C; font-weight:normal; text-decoration:none;">
                           </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Money</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                             </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Universal</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                                           </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Institutional</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fiduciary</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Money</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Portfolio</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                        December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Developing</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                  </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                     </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                     </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Investment</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">EM</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                           December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                               December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Balanced</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Total</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Return</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Sustainable</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Institutional</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Funds:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                  December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Dragon</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Inc.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                                 </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:8.0pt; font-family:Georgia; text-align:left; font-weight:bold; text-decoration:none;">Legend:</p><p
style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a:</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">November</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">represents</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">the</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">date</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">our</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">last</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">examination.</font><br><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b:</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">was</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">not</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">in</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">scope</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">for</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">the</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">November</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">examination.</font></p>
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<p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; color:#004FA6; font-weight:bold;
font-style:normal;"><img src="img_3f8961e3b4d44.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 Funds listed in Attachment A (the &#8220;Funds&#8221;), are responsible for complying with the requirements
of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, 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 April 30,
2025, 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 April 30, 2025, and for the periods indicated in Attachment A, with respect
to securities reflected in the investment account 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/CHRISTOPHER KINGS</font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Christopher
Kings</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;">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;">August 5, 2025</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/JEFFREY W. WHITE</font><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Jeffrey
W. White</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;">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 &amp; Templeton
Funds Boards</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;">August 5, 2025</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><br><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Vivek
Pai</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;">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>
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<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;">August
5, 2025</font></p>
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<p style="font-size:11.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Attachment
A</p><p style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Custodian</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Funds:</font><font
style="word-spacing:10.0pt;">&#160;</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:bold; text-decoration:none;">Examination</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:bold; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:bold; text-decoration:none;">Period</font></p><p style="font-size:6.5pt;
font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">DynaTech</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                      December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                           December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                          December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                      December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Utilities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                          December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Short</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Allocator</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Series:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Conservative</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Corefolio</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                 December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2020</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2030</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2035</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2040</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2045</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2050</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2055</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                          December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">LifeSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2060</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Retirement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Target</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                         December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Moderate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                   December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(IU)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Debt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Opportunities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                    December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                  December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Gold</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">and</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Precious</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Metals</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                            </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">High</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">High</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
    December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Investors</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Convertible</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Floating</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Daily</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Access</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Long</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Credit</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Low Duration Total Return Fund                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin
Low Duration U.S. Government Securities Fund                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Managed</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Total</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Return</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
  December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p>
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<p style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Limited</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Duration</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                           </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Managed</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rising</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividends</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Real</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Estate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Real</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Estate</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Securities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Series:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Biotechnology</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Discovery</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Opportunities</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Natural</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Resources</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small-Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Plus</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(formerly,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund)</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">

                   December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">E</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                               December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">I</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
ETF</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">                             December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Exponential</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Data</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                          December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Focused</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Asia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ex</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Australia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Brazil</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Canada</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">China</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Europe</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Eurozone</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Germany</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Hong</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Kong</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">India</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                    December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                   December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Japan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Hedged</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Latin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">America</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                    December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Mexico</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Saudi</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Arabia</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                       December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">South</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Korea</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Switzerland</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Taiwan</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                 December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">FTSE</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">United</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Kingdom</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Focus</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
ETF</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;">
  December</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; text-indent:-315.0pt; font-weight:normal;
margin-left:315.0pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multiplier</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                January</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">21,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(commencement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
operations)</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Ultra</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Short</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                         December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                            December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Core</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Tilt</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; text-indent:-310.5pt; font-weight:normal;
margin-left:310.5pt; font-style:normal;"><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">Franklin</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividend</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multiplier</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                January</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">21,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">(commencement</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
operations)</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p>
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<p style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Large</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF
                                                       </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Multifactor</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Index</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                              December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Treasury</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">ETF</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Variable</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Insurance</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Products</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">DynaTech</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                  December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Rising</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Dividends</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Value</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                  December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small-Mid</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Growth</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                      December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Strategic</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VolSmart</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Allocation</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                           December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Developing</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                        December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Foreign</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                              December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal;
text-decoration:none;">Global</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
color:#1C1C1C; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">Bond</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;"> </font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">VIP</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; color:#1C1C1C; font-weight:normal;
text-decoration:none;">Fund</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
color:#1C1C1C; font-weight:normal; text-decoration:none;">
                           </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">U.S.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Government</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Money</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                             </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Universal</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                                           </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Institutional</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fiduciary</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Money</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Market</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Portfolio</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                        December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Developing</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                  </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                     </font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                     </font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal;
font-weight:normal; text-decoration:none;">December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Investment</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Franklin</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">SMACS:</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">EM</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                           December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Small</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Cap</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                               December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Balanced</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                      December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Income</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Trust:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                             December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Global</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Total</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Return</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                 December</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Sustainable</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Emerging</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Markets</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Bond</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                  December</font><font style="font-size:10.0pt; font-family:Georgia;
font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:10.0pt; font-family:Georgia; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Institutional</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Funds:</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">International</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Equity</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Series</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
                                                                                  December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:6.5pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Templeton</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Dragon</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Fund,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">Inc.</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:bold; text-decoration:none;">
                                                                 </font><font style="font-size:10.0pt;
font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">December</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">1,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">-</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">April</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2025</font><font
style="font-size:10.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:6.5pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a</font></p><p
style="font-size:8.0pt; font-family:Georgia; text-align:left; font-weight:bold; text-decoration:none;">Legend:</p><p
style="font-size:8.0pt; font-family:Georgia; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">a:</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">November</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">represents</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">the</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">date</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">of</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">our</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">last</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">examination.</font></p><p
style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">b:</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">Fund</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">was</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">not</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">in</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">scope</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">for</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">the</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">November</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">30,</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">2024</font><font
style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Georgia; font-style:normal; font-weight:normal; text-decoration:none;">examination.</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
