<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001124459</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-10157</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2019-07-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Franklin Global Trust</registrantFullName>
      <investmentCompFileNo>811-10157</investmentCompFileNo>
      <registrantCik>0001124459</registrantCik>
      <registrantLei>549300QA68NBC3L2Z719</registrantLei>
      <registrantstreet1>ONE FRANKLIN PARKWAY</registrantstreet1>
      <registrantcity>SAN MATEO</registrantcity>
      <registrantzipCode>94403-1906</registrantzipCode>
      <registrantstate>US-CA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>650-312-2000</registrantphoneNumber>
      <websites>
        <website webpage="ftinstitutional.com"/>
        <website webpage="franklintempleton.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LTD.</officeName>
          <officeAddress1>CANNON PLACE</officeAddress1>
          <officeAddress2>78 CANNON STREET</officeAddress2>
          <officeCity>LONDON</officeCity>
          <officeCountry>GB</officeCountry>
          <officeRecordsZipCode>EC4N 6HL</officeRecordsZipCode>
          <officePhone>800-632-2350</officePhone>
          <booksRecordsDesc>Records related to its functions as Investment manager</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</officeName>
          <officeAddress1>ONE FRANKLIN PARKWAY</officeAddress1>
          <officeCity>SAN MATEO</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CA"/>
          <officeRecordsZipCode>94403-1906</officeRecordsZipCode>
          <officePhone>650-312-2000</officePhone>
          <booksRecordsDesc>Records related to its functions as Transfer agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FRANKLIN ADVISERS, INC.</officeName>
          <officeAddress1>ONE FRANKLIN PARKWAY</officeAddress1>
          <officeCity>SAN MATEO</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CA"/>
          <officeRecordsZipCode>94403-1906</officeRecordsZipCode>
          <officePhone>650-312-2000</officePhone>
          <booksRecordsDesc>Records related to its functions as Investment manager</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FRANKLIN TEMPLETON INSTITUTIONAL, LLC</officeName>
          <officeAddress1>280 PARK AVENUE</officeAddress1>
          <officeCity>NEW YORK</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10017</officeRecordsZipCode>
          <officePhone>212-632-3000</officePhone>
          <booksRecordsDesc>Records related to its functions as Investment manager</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>THE BANK OF NEW YORK MELLON</officeName>
          <officeAddress1>111 SANDERS CREEK PARKWAY</officeAddress1>
          <officeCity>EAST SYRACUSE</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>13057</officeRecordsZipCode>
          <officePhone>855-231-1706</officePhone>
          <booksRecordsDesc>Records related to its functions as Custodian</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FRANKLIN TEMPLETON DISTRIBUTORS, INC.</officeName>
          <officeAddress1>ONE FRANKLIN PARKWAY</officeAddress1>
          <officeCity>SAN MATEO</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CA"/>
          <officeRecordsZipCode>94403-1906</officeRecordsZipCode>
          <officePhone>650-312-2000</officePhone>
          <booksRecordsDesc>Records related to its functions as Principal underwriter</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FRANKLIN TEMPLETON SERVICES, LLC</officeName>
          <officeAddress1>ONE FRANKLIN PARKWAY</officeAddress1>
          <officeCity>SAN MATEO</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CA"/>
          <officeRecordsZipCode>94403-1906</officeRecordsZipCode>
          <officePhone>650-312-2000</officePhone>
          <booksRecordsDesc>Records related to its functions as Administrative manager</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Franklin Templeton Group of Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>4</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>J. Michael Luttig</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-04784"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-03395"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Gregory E. Johnson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-08394"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mary C. Choksi</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-07288"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Harris J. Ashton</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-08226"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Terrence J. Checki</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-10157"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Larry D. Thompson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-04784"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-01700"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Rupert H. Johnson, Jr.</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-04267"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Edith E. Holiday</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-01608"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-01700"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Robert C. Rosselot</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>300 S.E. 2nd Street</ccoStreet1>
          <ccoCity>Fort Lauderdale</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-FL"/>
          <ccoZipCode>33301-1923</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-30698"/>
        <releaseNumberInfo releaseNumber="IC-33117"/>
        <releaseNumberInfo releaseNumber="IC-15534"/>
        <releaseNumberInfo releaseNumber="IC-32722"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>FRANKLIN TEMPLETON DISTRIBUTORS, INC.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-5889</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000000332</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-CA"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PRICEWATERHOUSECOOPERS LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-CA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="FRANKLIN INTERNATIONAL SMALL CAP FUND" seriesId="S000007443"/>
        <seriesInfo seriesName="FRANKLIN EMERGING MARKET DEBT OPPORTUNITIES FUND" seriesId="S000012347"/>
        <seriesInfo seriesName="FRANKLIN INTERNATIONAL GROWTH FUND" seriesId="S000022425"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin Global Listed Infrastructure Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000041984</mgmtInvSeriesId>
        <mgmtInvLei>549300A7B5NS55LP3729</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLASS C" sharesOutstandingClassId="C000130382" sharesOutstandingTickerSymbol="FLGDX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS ADVISOR" sharesOutstandingClassId="C000130385" sharesOutstandingTickerSymbol="FLGZX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R6" sharesOutstandingClassId="C000130384" sharesOutstandingTickerSymbol="FILGX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R" sharesOutstandingClassId="C000130383" sharesOutstandingTickerSymbol="FLGRX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A" sharesOutstandingClassId="C000130381" sharesOutstandingTickerSymbol="FLGIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Franklin Templeton Institutional, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-60684</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000117384</investmentAdviserCrdNo>
            <investmentAdviserLei>549300RQFX1DXB0AF136</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Franklin Templeton Investor Services, LLC</transferAgentName>
            <transferAgentFileNo>84-01036</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse AG</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Franklin Templeton Investor Services LLC</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-CA" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>549300DG7CU0C6T7Q866</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Bermuda Limited</custodianName>
            <custodianLei>0W1U67PTV5WY3WYWKD79</custodianLei>
            <custodianCountry>BM</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Bilbao Vizcaya Argentaria</custodianName>
            <custodianLei>K8MS7FD7N5Z2WQ51AZ71</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Itau CorpBanca S.A.</custodianName>
            <custodianLei>549300DDPTTIZ06NIV06</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>RR3QWICWWIPCS8A4S074</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>529900SEOICVR2VM6Y05</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S.</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PJSC ROSBANK</custodianName>
            <custodianLei>HOXMZG026UQNRK6J0C60</custodianLei>
            <custodianCountry>RU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Pekao SA</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd.</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Franklin Templeton Investor Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01036</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Sec file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Franklin Templeton Services, LLC</adminName>
            <adminLei>549300DFD0POOJZ42788</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON INVESTMENT SERVICES, INC.</brokerDealerName>
            <brokerDealerFileNo>8-43206</brokerDealerFileNo>
            <brokerDealerCrdNo>000027884</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON FINANCIAL SERVICES CORP.</brokerDealerName>
            <brokerDealerFileNo>8-29504</brokerDealerFileNo>
            <brokerDealerCrdNo>000013594</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON DISTRIBUTORS INC.</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS INC</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3836.13</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC DOMINION SECURITIES INC. (TORONTO)</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300QJJX6CVVUXLE15</brokerLei>
            <brokerCountry>CA</brokerCountry>
            <grossCommission>3015.33</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INC (FORMELYBANK OF AMERICA NA)</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>B4TYDEB6GKMZO031MB27</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2319.09</grossCommission>
          </broker>
          <broker>
            <brokerName>CREDIT SUISSE HOLDINGS (USA), INC.</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4295.01</grossCommission>
          </broker>
          <broker>
            <brokerName>SANFORD C. BERNSTEIN &amp; CO., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>54930049G8WQ5OOUSD19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17091.41</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS SECURITIES LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>BFM8T61CT2L1QCEMIK50</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3264.04</grossCommission>
          </broker>
          <broker>
            <brokerName>JP MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2225.39</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES &amp; CO INC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3053.79</grossCommission>
          </broker>
          <broker>
            <brokerName>CHINA INTL CAPITAL CORP</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>529900OS3SVVTT56QN67</brokerLei>
            <brokerCountry>CN</brokerCountry>
            <grossCommission>2300.18</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUID NET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800ZIRB79BE5XQM68</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4622.69</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>61475</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS INC</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>885500</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN, SACHS &amp; CO</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>549300K06R9ZUC3UEN80</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>587535</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC DOMINION SECURITIES INC. (TORONTO)</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>549300QJJX6CVVUXLE15</principalLei>
            <principalCountry>CA</principalCountry>
            <principalTotalPurchaseSale>283884</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP MORGAN SECURITIES LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>317100</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO INVESTMENTS LLC</principalName>
            <principalFileNo>8-38588</principalFileNo>
            <principalCrdNo>000010582</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>442350</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>2516369</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>63421216</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2000000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK , N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin Georgia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin India Growth Fund" secFileNo="811-06336"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Franklin Federal Limited Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin California Tax Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Connecticut Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Mutual International Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin New York Tax Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Templeton Frontier Markets Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small Mid Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Alabama Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Founding Funds Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Real Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Kentucky Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Pelagos Commodities Strategy Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Arizona Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin New Jersey Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin High Yield Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Federal Intermediate Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Missouri Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Minnesota Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Franklin Louisiana Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin Federal Tax Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin Michigan Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Flexible Alpha Bond Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Managed Income fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin NextStep Conservative Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin K2 Global Macro Opportunities Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Colorado Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Maryland Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin NextStep Growth Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin NextStep Moderate Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin California Intermediate Term Tax Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Florida Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Pennsylvania Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Ohio Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Virginia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Templeton Emerging Markets Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Global Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Massachusetts Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin New York Intermediate Term Tax Free Income Fund" secFileNo="811-04787"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Dynatech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Select U.S. Equity Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Payout 2019 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Dynamic Equity Fund" secFileNo="811-08226"/>
                <creditUser fundName="Templeton Global Currency Fund" secFileNo="811-04450"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Oregon Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin North Carolina Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin  Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Templeton Foreign VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Payout 2020 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin Emerging Market Debt Opportunities Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000012347</mgmtInvSeriesId>
        <mgmtInvLei>XGXXG3CR7RLU46NINB35</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Franklin Emerging Market Debt Opportunities Fund" sharesOutstandingClassId="C000033574" sharesOutstandingTickerSymbol="FEMDX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <foreignInvestments isForeignSubsidiary="Y">
          <foreignInvestment foreignSubsidiaryName="Alternative Strategies (FT) Ltd." foreignSubsidiaryLei="5493000SK6LQT8679A98"/>
        </foreignInvestments>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="Franklin Templeton Investments Corp" collateralManagerLei="5493005DRTG4H4KKYJ69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LTD</investmentAdviserName>
            <investmentAdviserFileNo>801-55170</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000111360</investmentAdviserCrdNo>
            <investmentAdviserLei>MLH7B1BVFWXZVST01715</investmentAdviserLei>
            <investmentAdviserCountry>GB</investmentAdviserCountry>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES LLC</transferAgentName>
            <transferAgentFileNo>84-1036</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>MU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>PJSC ROSBANK</custodianName>
            <custodianLei>HOXMZG026UQNRK6J0C60</custodianLei>
            <custodianCountry>RU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd.</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Privredna Banka Zagreb d.d.</custodianName>
            <custodianLei>549300ZHFZ4CSK7VS460</custodianLei>
            <custodianCountry>HR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Bermuda Limited</custodianName>
            <custodianLei>0W1U67PTV5WY3WYWKD79</custodianLei>
            <custodianCountry>BM</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The HongKong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S.</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Franklin Templeton Investor Services LLC</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-CA" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Bilbao Vizcaya Argentaria SA</custodianName>
            <custodianLei>K8MS7FD7N5Z2WQ51AZ71</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank Zambia Ltd.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>ZM</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>LK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic IBTC Bank Plc</custodianName>
            <custodianLei>029200388A7S7Z5I0H57</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>529900SEOICVR2VM6Y05</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Pekao SA</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Serbia JSC</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>RS</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank Zimbabwe, Limited</custodianName>
            <custodianLei>2549005HENFMYGRM9S10</custodianLei>
            <custodianCountry>ZW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>SEB Bankas</custodianName>
            <custodianLei>549300SBPFE9JX7N8J82</custodianLei>
            <custodianCountry>LT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Itau Uruguay S.A.</custodianName>
            <custodianLei>549300HU8OQS1VTVXN55</custodianLei>
            <custodianCountry>UY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust S.A.</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse AG</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank Uganda Limited</custodianName>
            <custodianLei>549300CU2GA4XCIHLV64</custodianLei>
            <custodianCountry>UG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>AS SEB banka</custodianName>
            <custodianLei>549300YW95G1VBBGGV07</custodianLei>
            <custodianCountry>LV</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco de Chile</custodianName>
            <custodianLei>8B4EZFY8IHJC44TT2K84</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank Botswana Limited</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>BW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CFC Stanbic Bank Limited</custodianName>
            <custodianLei>549300BEL47N4GGJM871</custodianLei>
            <custodianCountry>KE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Egypt S.A.E.</custodianName>
            <custodianLei>2138001Q77JDLESS4Y50</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank of Ghana, Ltd</custodianName>
            <custodianLei>549300M3N5M3E5WDG321</custodianLei>
            <custodianCountry>GH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Maghreb</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>MA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>RR3QWICWWIPCS8A4S074</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-1036</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Sec file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>FRANKLIN TEMPLETON SERVICES, LLC</adminName>
            <adminLei>549300DFD0POOJZ42788</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON FINANCIAL SERVICES CORP.</brokerDealerName>
            <brokerDealerFileNo>8-29504</brokerDealerFileNo>
            <brokerDealerCrdNo>000013594</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON INVESTMENT SERVICES, INC.</brokerDealerName>
            <brokerDealerFileNo>8-43206</brokerDealerFileNo>
            <brokerDealerCrdNo>000027884</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON DISTRIBUTORS INC.</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>XP INVESTIMENTOS</brokerName>
            <brokerFileNo>8-68817</brokerFileNo>
            <brokerCrdNo>000156691</brokerCrdNo>
            <brokerLei>549300CO4Q7A6U0PDU26</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4875</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN, SACHS &amp; CO</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>549300K06R9ZUC3UEN80</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>231</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5106</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>EXOTIX LTD</principalName>
            <principalFileNo>8-67668</principalFileNo>
            <principalCrdNo>000144634</principalCrdNo>
            <principalLei>2138002GNKN2GGDA1W76</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13243175</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STANDARD EQUITIES</principalName>
            <principalFileNo>8-37563</principalFileNo>
            <principalCrdNo>000019517</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-OR" principalCountry="US"/>
            <principalTotalPurchaseSale>23620685</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP MORGAN SECURITIES LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>58953530</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS INC</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>45240268</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA) INC</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>MP6I5ZYZBEU3UXPYFY54</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15505190</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES &amp; CO INC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15767653</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS BANK</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>G5GSEF7VJP5I7OUK5573</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>12220535</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INC</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>GGDZP1UYGU9STUHRDP48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17808308</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP MORGAN SECURITIES PLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>K6Q0W1PS1L1O4IQL9C32</principalLei>
            <principalCountry>GB</principalCountry>
            <principalTotalPurchaseSale>9989297</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BANCO BILBAO VIZCAYA LODN</principalName>
            <principalFileNo>8-42857</principalFileNo>
            <principalCrdNo>000027060</principalCrdNo>
            <principalLei>549300WIWQK5Q9MCUN92</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15008460</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>283327727</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>437767134</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2000000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK , N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA "/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA"/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA,  N.A."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Oregon Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Floating Rate Master Trust" secFileNo="811-09869"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Global Currency Fund" secFileNo="811-04450"/>
                <creditUser fundName="Franklin Louisiana Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Select U.S. Equity Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin New York Intermediate Term Tax Free Income Fund" secFileNo="811-04787"/>
                <creditUser fundName="Franklin North Carolina Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin NextStep Conservative Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Payout 2020 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Global Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Massachusetts Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin NextStep Moderate Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Federal Limited Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Connecticut Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Missouri Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Global Listed Infrastructure Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Kentucky Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin DynaTech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin Small Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin New Jersey Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin California Tax Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Franklin High Yield Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin  Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Florida Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin California Intermediate Term Tax Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin NextStep Growth Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin India Growth Fund" secFileNo="811-06336"/>
                <creditUser fundName="Franklin Georgia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Arizona Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Michigan Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Alabama Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Dynamic Equity Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin K2 Global Macro Opportunities Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Colorado Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Federal Tax Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Payout 2019 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Virginia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Pelagos Commodities Strategy Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Real Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Pennsylvania Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Managed Income fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small Mid Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Emerging Markets Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Templeton Foreign VIP Fund " secFileNo="811-05583"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Mutual International Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Minnesota Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin New York Tax Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Ohio Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Federal Intermediate Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Founding Funds Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Frontier Markets Fund" secFileNo="811-08226"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Flexible Alpha Bond Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Maryland Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin International Small Cap Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000007443</mgmtInvSeriesId>
        <mgmtInvLei>549300RSLZXWHCTGIE33</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLASS R" sharesOutstandingClassId="C000071209" sharesOutstandingTickerSymbol="FISDX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS ADVISOR" sharesOutstandingClassId="C000020417" sharesOutstandingTickerSymbol="FKSCX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R6" sharesOutstandingClassId="C000128790" sharesOutstandingTickerSymbol="FCAPX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A" sharesOutstandingClassId="C000071207" sharesOutstandingTickerSymbol="FINAX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C" sharesOutstandingClassId="C000071208" sharesOutstandingTickerSymbol="FCSMX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="Franklin Templeton Investments Corp" collateralManagerLei="5493005DRTG4H4KKYJ69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>FRANKLIN ADVISERS INC</investmentAdviserName>
            <investmentAdviserFileNo>801-26292</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104517</investmentAdviserCrdNo>
            <investmentAdviserLei>B1CG1NRZIDDJ0DQEXB52</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Franklin Templeton Institutional, LLC</subAdviserName>
            <subAdviserFileNo>801-60684</subAdviserFileNo>
            <subAdviserCrdNo>000117384</subAdviserCrdNo>
            <subAdviserLei>549300RQFX1DXB0AF136</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-NY" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</transferAgentName>
            <transferAgentFileNo>84-1036</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Bermuda Limited</custodianName>
            <custodianLei>0W1U67PTV5WY3WYWKD79</custodianLei>
            <custodianCountry>BM</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Pekao SA</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>EuroClear Bank</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd.</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>529900SEOICVR2VM6Y05</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse AG</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank (Malaysia)</custodianName>
            <custodianLei>529900DLWFR8HK7DR278</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Taiwan) Limited</custodianName>
            <custodianLei>549300SG184IVNYDMN03</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Bilbao Vizcaya Argentaria SA</custodianName>
            <custodianLei>K8MS7FD7N5Z2WQ51AZ71</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>RR3QWICWWIPCS8A4S074</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>549300DG7CU0C6T7Q866</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>EuroClear Bank</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-1036</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Sec file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>FRANKLIN TEMPLETON SERVICES, LLC</adminName>
            <adminLei>549300DFD0POOJZ42788</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON FINANCIAL SERVICES CORP.</brokerDealerName>
            <brokerDealerFileNo>8-29504</brokerDealerFileNo>
            <brokerDealerCrdNo>000013594</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON INVESTMENT SERVICES, INC.</brokerDealerName>
            <brokerDealerFileNo>8-43206</brokerDealerFileNo>
            <brokerDealerCrdNo>000027884</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON DISTRIBUTORS INC.</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>CREDIT SUISSE HOLDINGS (USA), INC.</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>61008</grossCommission>
          </broker>
          <broker>
            <brokerName>CHEUVREUX DE VIRIEU-CARR</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>24261</grossCommission>
          </broker>
          <broker>
            <brokerName>INVESTMENT TECHNOLOGY GROUP INC IS YATIRIM MENKUL DEGERLER AS</brokerName>
            <brokerFileNo>8-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>549300S41SMIODVIT266</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>64572</grossCommission>
          </broker>
          <broker>
            <brokerName>DAVY STOCKBROKERS</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>63540061DPCBNMCGRY22</brokerLei>
            <brokerCountry>IE</brokerCountry>
            <grossCommission>41919</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUID NET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800ZIRB79BE5XQM68</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>50358</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO INC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>I7331LVCZKQKX5T7XV54</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>29638</grossCommission>
          </broker>
          <broker>
            <brokerName>JP MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34739</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC DOMINION SECURITIES INC. (TORONTO)</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300QJJX6CVVUXLE15</brokerLei>
            <brokerCountry>CA</brokerCountry>
            <grossCommission>24374</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG LLC (Formerly BAYPOINT BASS TRADING)</brokerName>
            <brokerFileNo>8-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>213800YZXS7U4QZP6441</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>22457</grossCommission>
          </broker>
          <broker>
            <brokerName>BANQUE NATIONALE DE PARIS</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>R0MUWSFPU8MPRO8K5P83</brokerLei>
            <brokerCountry>FR</brokerCountry>
            <grossCommission>22850</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>707658</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BANK OF MONTREAL</principalName>
            <principalFileNo>8-67064</principalFileNo>
            <principalCrdNo>000137115</principalCrdNo>
            <principalLei>NQQ6HPCNCCU6TUTQYE16</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NATIONAL BANK OF CANADA</principalName>
            <principalFileNo>8-39947</principalFileNo>
            <principalCrdNo>000022698</principalCrdNo>
            <principalLei>BSGEFEIOM18Y80CKCV46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>374000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NATIONAL AUSTRALIA BANK</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>F8SB4JFBSYQFRQEH3Z21</principalLei>
            <principalCountry>AU</principalCountry>
            <principalTotalPurchaseSale>80000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ROYAL BANK OF CANADA</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ES7IP3U3RHIGC71XBU11</principalLei>
            <principalCountry>CA</principalCountry>
            <principalTotalPurchaseSale>3172600000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP MORGAN SECURITIES LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>725760</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>3715325760</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1010402144</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2000000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A. "/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA,"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin Payout 2019 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Pennsylvania Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Currency Fund" secFileNo="811-04450"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Emerging Markets Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Oregon Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin NextStep Conservative Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin DynaTech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin New Jersey Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Ohio Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Georgia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Michigan Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin New York Intermediate Term Tax Free Income Fund" secFileNo="811-04787"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Connecticut Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Colorado Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Alabama Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Global Listed Infrastructure Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Arizona Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin K2 Global Macro Opportunities Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Florida Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Kentucky Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin NextStep Growth Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Massachusetts Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Founding Funds Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Federal Intermediate Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin North Carolina Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Louisiana Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Federal Limited Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Virginia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Maryland Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Global Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin India Growth Fund" secFileNo="811-06336"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Dynamic Equity Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Flexible Alpha Bond Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Pelagos Commodities Strategy Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Mutual International Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Payout 2020 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin California Tax Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Franklin New York Tax Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Franklin  Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Select U.S. Equity Fund" secFileNo="811-00537"/>
                <creditUser fundName="Templeton Foreign VIP Fund " secFileNo="811-05583"/>
                <creditUser fundName="Franklin Minnesota Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Federal Tax Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin NextStep Moderate Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Real Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Missouri Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin California Intermediate Term Tax Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin High Yield Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Frontier Markets Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Small Mid Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Managed Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin International Growth Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000022425</mgmtInvSeriesId>
        <mgmtInvLei>549300FFQ9Q5UZ95E702</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLASS ADVISOR" sharesOutstandingClassId="C000067643" sharesOutstandingTickerSymbol="FNGZX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C" sharesOutstandingClassId="C000067641" sharesOutstandingTickerSymbol="FNGDX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R" sharesOutstandingClassId="C000067642" sharesOutstandingTickerSymbol="FNGRX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R6" sharesOutstandingClassId="C000128792" sharesOutstandingTickerSymbol="FILRX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A" sharesOutstandingClassId="C000064524" sharesOutstandingTickerSymbol="FNGAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="Franklin Templeton Investments Corp" collateralManagerLei="5493005DRTG4H4KKYJ69" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="Y"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Franklin Templeton Institutional, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-60684</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000117384</investmentAdviserCrdNo>
            <investmentAdviserLei>549300RQFX1DXB0AF136</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Franklin Templeton Investor Services, LLC</transferAgentName>
            <transferAgentFileNo>84-1036</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd.</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Bilbao Vizcaya Argentaria</custodianName>
            <custodianLei>K8MS7FD7N5Z2WQ51AZ71</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>EuroClear Bank</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Franklin Templeton Investor Services LLC</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-CA" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hong Kong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>RR3QWICWWIPCS8A4S074</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hong Kong and Shanghai Banking Corporation</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank</custodianName>
            <custodianLei>529900DLWFR8HK7DR278</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV</custodianName>
            <custodianLei>529900SEOICVR2VM6Y05</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG</custodianName>
            <custodianLei>529900LKVNEX4SG4UD38</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse AG</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-1036</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Sec file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>FRANKLIN TEMPLETON SERVICES, LLC</adminName>
            <adminLei>549300DFD0POOJZ42788</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON INVESTMENT SERVICES, INC.</brokerDealerName>
            <brokerDealerFileNo>8-43206</brokerDealerFileNo>
            <brokerDealerCrdNo>000027884</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON FINANCIAL SERVICES CORP.</brokerDealerName>
            <brokerDealerFileNo>8-29504</brokerDealerFileNo>
            <brokerDealerCrdNo>000013594</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>FRANKLIN TEMPLETON DISTRIBUTORS INC.</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>INVESTMENT TECHNOLOGY GROUP INC</brokerName>
            <brokerFileNo>8-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>549300S41SMIODVIT266</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>95067.48</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO INC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>I7331LVCZKQKX5T7XV54</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>39566.26</grossCommission>
          </broker>
          <broker>
            <brokerName>CREDIT SUISSE HOLDINGS (USA), INC.</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>115139.61</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUID NET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800ZIRB79BE5XQM68</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>43404.11</grossCommission>
          </broker>
          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS INC</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>46357.89</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INC</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>B4TYDEB6GKMZO031MB27</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>36969.92</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC DOMINION SECURITIES INC</brokerName>
            <brokerFileNo>8-1672</brokerFileNo>
            <brokerCrdNo>000006579</brokerCrdNo>
            <brokerLei>549300QJJX6CVVUXLE15</brokerLei>
            <brokerCountry>CA</brokerCountry>
            <grossCommission>113536.26</grossCommission>
          </broker>
          <broker>
            <brokerName>JP MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>97248.47</grossCommission>
          </broker>
          <broker>
            <brokerName>WELLS FARGO INVESTMENTS LLC</brokerName>
            <brokerFileNo>8-38588</brokerFileNo>
            <brokerCrdNo>000010582</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>31093.5</grossCommission>
          </broker>
          <broker>
            <brokerName>MACQUARIE SECURITIES (USA) INC</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31207.33</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>910752</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>983751527</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2000000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA, S.A"/>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Federal Intermediate Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin DynaTech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Founding Funds Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Massachusetts Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Small Mid Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Michigan Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Emerging Markets Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Pennsylvania Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Foreign VIP Fund " secFileNo="811-05583"/>
                <creditUser fundName="Franklin Payout 2020 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Minnesota Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Currency Fund" secFileNo="811-04450"/>
                <creditUser fundName="Franklin Federal Limited Term Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Global Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin New York Intermediate Term Tax Free Income Fund" secFileNo="811-04787"/>
                <creditUser fundName="Franklin  Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Connecticut Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Federal Tax Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual International Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Colorado Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Florida Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Maryland Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Payout 2019 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin High Yield Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Real Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Pelagos Commodities Strategy Fund" secFileNo="811-22641"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin NextStep Growth Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin NextStep Moderate Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin New York Tax Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Flexible Alpha Bond Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin NextStep Conservative Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Alabama Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Arizona Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Templeton Dynamic Equity Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Louisiana Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin K2 Global Macro Opportunities Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Ohio Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Frontier Markets Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin North Carolina Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin California Intermediate Term Tax Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Franklin India Growth Fund" secFileNo="811-06336"/>
                <creditUser fundName="Franklin New Jersey Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Georgia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Virginia Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Global Listed Infrastructure Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Kentucky Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Oregon Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin California Tax Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Missouri Tax Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Managed Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Franklin Select U.S. Equity Fund" secFileNo="811-06243"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>true</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Franklin Global Trust" signedDate="2019-10-10" signature="Robert Kubilis" title="Chief Financial Officer, Chief Accounting Officer and Treasurer"/>
  </formData>
</edgarSubmission>
