13F-HR LIVE false false false 0001499094 XXXXXXXX 09-30-2020 09-30-2020 false Rare Infrastructure Ltd

Level 13, 35 Clarence Street Sydney C3 2000

13F COMBINATION REPORT 028-16543 0000038777 028-00734 FRANKLIN RESOURCES INC Y Legg Mason, Inc., 13F File Number 028-01700 ("LMI"), was acquired by Franklin Resources, Inc. ("FRI") on July 31, 2020. Through the quarter ended June 30, 2020 Rare Infrastructure Ltd was an Other Manager Reporting for LMI and reported its holdings of 13F Securities on a 13F Holdings Report. As a result of that acquisition, beginning with this Form 13F, Rare Infrastructure Ltd is now listed as an Other Manager Reporting for FRI and is reporting its holdings of 13F Securities on a 13F Combination Report. Annette Golden 61-2-9397-7366 /s/ANNETTE GOLDEN Sydney C3 11-12-2020 0 24 1911465