<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000856119</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-05878</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="2021-10-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Franklin Value Investors Trust</registrantFullName>
      <investmentCompFileNo>811-05878</investmentCompFileNo>
      <registrantCik>0000856119</registrantCik>
      <registrantLei>549300RD0PTCJOMRSV24</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="franklintempleton.com"/>
      </websites>
      <locationBooksRecords>
        <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>
        <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>JPMorgan Chase Bank, N.A.</officeName>
          <officeAddress1>380 Madison Avenue</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10017</officeRecordsZipCode>
          <officePhone>212-270-6000</officePhone>
          <booksRecordsDesc>Records relating to its functions as Sub-Administrator and Fund Accounting Agent</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 Distributors, 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 Principal underwriter</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Franklin Mutual Advisers, LLC</officeName>
          <officeAddress1>101 John F. Kennedy Parkway</officeAddress1>
          <officeAddress2>Short Hills</officeAddress2>
          <officeCity>New Jersey</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NJ"/>
          <officeRecordsZipCode>07078-2791</officeRecordsZipCode>
          <officePhone>973-912-2000</officePhone>
          <booksRecordsDesc>Records related to its functions as Investment manager</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Franklin Templeton Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>3</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Jan Hopkins Trachtman</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-05878"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Gregory E. Johnson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-01700"/>
            <fileNumberInfo fileNumber="811-07038"/>
            <fileNumberInfo fileNumber="811-02605"/>
            <fileNumberInfo fileNumber="811-06336"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-08034"/>
            <fileNumberInfo fileNumber="811-04986"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-06243"/>
            <fileNumberInfo fileNumber="811-08962"/>
            <fileNumberInfo fileNumber="811-21357"/>
            <fileNumberInfo fileNumber="811-05569"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-09869"/>
            <fileNumberInfo fileNumber="811-04787"/>
            <fileNumberInfo fileNumber="811-10157"/>
            <fileNumberInfo fileNumber="811-04149"/>
            <fileNumberInfo fileNumber="811-06481"/>
            <fileNumberInfo fileNumber="811-05583"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-04894"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-03479"/>
            <fileNumberInfo fileNumber="811-04356"/>
            <fileNumberInfo fileNumber="811-04267"/>
            <fileNumberInfo fileNumber="811-03395"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-07288"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-00537"/>
            <fileNumberInfo fileNumber="811-07851"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-02790"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-01608"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Keith E. Mitchell</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-05387"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Edward I. Altman</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-05878"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Gregory H. Williams</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-05387"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Burton J. Greenwald</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-22641"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Ann Torre Bates</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-05459"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Robert E. Wade</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-02781"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-05459"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David W. Niemiec</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-06378"/>
            <fileNumberInfo fileNumber="811-22641"/>
            <fileNumberInfo fileNumber="811-04985"/>
            <fileNumberInfo fileNumber="811-04706"/>
            <fileNumberInfo fileNumber="811-06135"/>
            <fileNumberInfo fileNumber="811-08226"/>
            <fileNumberInfo fileNumber="811-05387"/>
            <fileNumberInfo fileNumber="811-05459"/>
            <fileNumberInfo fileNumber="811-03143"/>
            <fileNumberInfo fileNumber="811-04450"/>
            <fileNumberInfo fileNumber="811-04892"/>
            <fileNumberInfo fileNumber="811-08394"/>
            <fileNumberInfo fileNumber="811-07866"/>
            <fileNumberInfo fileNumber="811-07876"/>
            <fileNumberInfo fileNumber="811-02781"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Jennifer M. Johnson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05878"/>
            <fileNumberInfo fileNumber="811-23124"/>
            <fileNumberInfo fileNumber="811-22801"/>
            <fileNumberInfo fileNumber="811-22641"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Breda M. Beckerle</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>280 Park Avenue</ccoStreet1>
          <ccoCity>New York</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>10017</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-15534"/>
        <releaseNumberInfo releaseNumber="IC-30698"/>
        <releaseNumberInfo releaseNumber="IC-32722"/>
        <releaseNumberInfo releaseNumber="IC-33117"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Franklin Distributors, LLC</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>ERNST &amp; YOUNG LLP</publicAccountantName>
          <pcaobNumber>42</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-MA"/>
        </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 Small Cap Value Fund " seriesId="S000007356"/>
        <seriesInfo seriesName="Franklin MicroCap Value Fund" seriesId="S000007354"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin Small Cap Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000007356</mgmtInvSeriesId>
        <mgmtInvLei>5493008L8BP00V1G7510</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="ADVISOR CLASS" sharesOutstandingClassId="C000020207" sharesOutstandingTickerSymbol="FVADX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A" sharesOutstandingClassId="C000020203" sharesOutstandingTickerSymbol="FRVLX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R" sharesOutstandingClassId="C000020206" sharesOutstandingTickerSymbol="FVFRX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C" sharesOutstandingClassId="C000020205" sharesOutstandingTickerSymbol="FRVFX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS R6" sharesOutstandingClassId="C000128827" sharesOutstandingTickerSymbol="FRCSX"/>
        </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>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</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 Mutual Advisers, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-53068</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000111376</investmentAdviserCrdNo>
            <investmentAdviserLei>549300700KN6X7XAH545</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NJ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</transferAgentName>
            <transferAgentFileNo>084-01036</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>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>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 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>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</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>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>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>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>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>The Bank of New York Mellon</custodianName>
            <custodianLei>549300KP56LL8NKKFL47</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>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>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 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 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 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 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>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>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>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>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>549300KP56LL8NKKFL47</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>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>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>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-01036</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>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Franklin Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</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>0.00000000</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>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>397404.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>8-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>138087.46000000</grossCommission>
          </broker>
          <broker>
            <brokerName>ROBERT W. BAIRD &amp; CO. INCORPORATED</brokerName>
            <brokerFileNo>8-00497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>171650.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wallachbeth Capital LLC</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>183142.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>211668.57000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>152817.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital, Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>138039.39000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>233543.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>119175.72000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>91439.65000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>2949033.13000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of New York Mellon Corp.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>WFLLPEPC7FZXENRZV188</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2170583045.90000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16263607.50000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9209984.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4499214.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Fiduciary Trust Company International</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N1YKEWO2IYPRS4742F57</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>3660.16000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>2200559511.56000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4209653631.25000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2675000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA, S.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="MANUFACTURERS AND TRADERS TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="WELLS FARGO BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Massachusetts Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Maryland Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Western Asset High Yield Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Georgia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Corporate Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="BrandywineGLOBAL - Flexible Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Western Asset Municipal High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Western Asset Intermediate-Term Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin New York Tax-Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Virginia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset SMASh Series M Fund" secFileNo="811-06740"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Dynatech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset Oregon Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Connecticut Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin California Intermediate Term Tax-Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Franklin Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Franklin Louisiana Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Federal Intermediate-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Pennsylvania Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Emerging Markets Debt Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Federal Tax-Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin North Carolina Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Templeton SMACS: Series CH" secFileNo="811-06243"/>
                <creditUser fundName="BrandywineGLOBAL - Alternative Credit Fund" secFileNo="811-22338"/>
                <creditUser fundName="Western Asset Core Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Western Asset Short-Term Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin New Jersey Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Western Asset Inflation Indexed Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Municipal Green Bond Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Managed Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Kentucky Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Templeton SMACS: Series E" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Alabama Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin Ohio Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Michigan Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Small Mid-Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Western Asset Core Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Western Asset Variable Global High Yield Bond Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Global High Yield Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset Intermediate Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Managed Income fund" secFileNo="811-04986"/>
                <creditUser fundName="Western Asset Core Plus VIT Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset SMASh Series C Fund" secFileNo="811-06740"/>
                <creditUser fundName="Western Asset New Jersey Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="BrandywineGLOBAL - Global High Yield Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Florida Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Templeton SMACS: Series I" secFileNo="811-06243"/>
                <creditUser fundName="BrandywineGLOBAL - Corporate Credit Fund" secFileNo="811-06444"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Colorado Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Macro Opportunities Fund" secFileNo="811-06110"/>
                <creditUser fundName="Western Asset Ultra-Short Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Federal Limited-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin New York Intermediate-Term Tax-Free Income Fund " secFileNo="811-04787"/>
                <creditUser fundName="Western Asset SMASh Series TF Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)" secFileNo="811-22338"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Western Asset Intermediate Maturity California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin Global Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Mortgage Total Return Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Western Asset Pennsylvania Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset SMASh Series Core Completion Fund" secFileNo="811-06740"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset SMASh Series Core Plus Completion Fund" secFileNo="811-06740"/>
                <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 LifeSmart 2060 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Missouri Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Total Return Unconstrained Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Minnesota Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="BrandywineGLOBAL - International Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Templeton SMACS: Series H" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Arizona Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Massachusetts Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Western Asset Short Duration Municipal Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Short Duration High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="BrandywineGLOBAL - High Yield Fund" secFileNo="811-06444"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Fixed Income Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Western Asset Intermediate Maturity New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton Foreign VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin California Tax-Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Franklin Equity Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="BrandywineGLOBAL - Global Unconstrained Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Oregon Tax-Free Income Fund" secFileNo="811-04149"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin Mutual U.S. Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000007352</mgmtInvSeriesId>
        <mgmtInvLei>549300YEOWYM0BM8V007</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>5</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class R6" sharesOutstandingClassId="C000128824" sharesOutstandingTickerSymbol="FBSIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000020187" sharesOutstandingTickerSymbol="FRBSX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R" sharesOutstandingClassId="C000020191" sharesOutstandingTickerSymbol="FBSRX"/>
          <sharesOutstanding sharesOutstandingClassName="Advisor Class" sharesOutstandingClassId="C000020190" sharesOutstandingTickerSymbol="FBSAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000020189" sharesOutstandingTickerSymbol="FCBSX"/>
        </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>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Franklin Mutual Advisers, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-53068</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000111376</investmentAdviserCrdNo>
            <investmentAdviserLei>549300700KN6X7XAH545</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NJ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</transferAgentName>
            <transferAgentFileNo>084-01036</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>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" 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>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <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>The Bank of NY 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>Citibank Argentina</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>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>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</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</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</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>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 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>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>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 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>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>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>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>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>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>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>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>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>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>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>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>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>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>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>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-01036</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>
          <admin>
            <adminName>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</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>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Franklin Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</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>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>JonesTrading Institutional Services LLC</brokerName>
            <brokerFileNo>8-26089</brokerFileNo>
            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>2138008JJ5PA8H5UIL69</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>8913.96999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24823.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Americas LLC</brokerName>
            <brokerFileNo>8-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10090.62000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6579.75000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17395.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Berenberg Capital Markets LLC</brokerName>
            <brokerFileNo>8-68821</brokerFileNo>
            <brokerCrdNo>000156757</brokerCrdNo>
            <brokerLei>5493007EG0CYRKKG9L11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6044.36000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10290.19000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>26869.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Bay Crest Partners, LLC</brokerName>
            <brokerFileNo>8-48931</brokerFileNo>
            <brokerCrdNo>000039944</brokerCrdNo>
            <brokerLei>549300CTRRO8C3BU3H64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22110.02000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Evercore Group L.L.C.</brokerName>
            <brokerFileNo>8-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24553.34000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>202320.72000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of New York Mellon Corp.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>WFLLPEPC7FZXENRZV188</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>411391313.70999998</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1519800.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Fiduciary Trust Company International</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N1YKEWO2IYPRS4742F57</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>2001.52000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>389214.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>413302329.23000002</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>827521156.32000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2675000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="WELLS FARGO BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="MANUFACTURERS AND TRADERS TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="PNC BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA, S.A."/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Western Asset Oregon Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Maryland Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Kentucky Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Core Plus VIT Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin Oregon Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Massachusetts Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin California Tax-Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Western Asset SMASh Series Core Plus Completion Fund" secFileNo="811-06740"/>
                <creditUser fundName="Western Asset Managed Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Templeton SMACS: Series E" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Fixed Income Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - Global High Yield Fund" secFileNo="811-22338"/>
                <creditUser fundName="Western Asset SMASh Series Core Completion Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Michigan Tax-Free Income Fund" secFileNo="811-04149"/>
                <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 Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Templeton SMACS: Series I" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Missouri Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Georgia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin New York Tax-Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Western Asset California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="BrandywineGLOBAL - Flexible Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="BrandywineGLOBAL - Global Unconstrained Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Templeton SMACS: Series CH" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Arizona Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Inflation Indexed Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset Massachusetts Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Pennsylvania Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Short Duration Municipal Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Connecticut Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset SMASh Series TF Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin Templeton SMACS: Series H" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Equity Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Western Asset Corporate Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Western Asset Mortgage Total Return Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Western Asset Emerging Markets Debt Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Virginia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Municipal Green Bond Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Western Asset Intermediate Maturity California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="BrandywineGLOBAL - High Yield Fund" secFileNo="811-06444"/>
                <creditUser fundName="Western Asset High Yield Fund" secFileNo="811-06110"/>
                <creditUser fundName="BrandywineGLOBAL - Alternative Credit Fund" secFileNo="811-22338"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset Intermediate Maturity New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="Franklin Global Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Louisiana Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Small Mid-Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Franklin North Carolina Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin High Yield Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Intermediate-Term Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Short Duration High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin California Intermediate Term Tax-Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Western Asset Ultra-Short Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Short-Term Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset Total Return Unconstrained Fund" secFileNo="811-06110"/>
                <creditUser fundName="Western Asset SMASh Series M Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset Variable Global High Yield Bond Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Western Asset Pennsylvania Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Federal Intermediate-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin New York Intermediate-Term Tax-Free Income Fund " secFileNo="811-04787"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)" secFileNo="811-22338"/>
                <creditUser fundName="Franklin LifeSmart 2060 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - International Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Templeton Foreign VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Core Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Western Asset Core Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset New Jersey Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Franklin Minnesota Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Intermediate Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="BrandywineGLOBAL - Corporate Credit Fund" secFileNo="811-06444"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Global High Yield Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Ohio Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin New Jersey Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Federal Tax-Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Macro Opportunities Fund" secFileNo="811-06110"/>
                <creditUser fundName="Western Asset SMASh Series C Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Alabama Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Federal Limited-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Western Asset Municipal High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Western Asset New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Dynatech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Managed Income fund" secFileNo="811-04986"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Franklin MicroCap Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000007354</mgmtInvSeriesId>
        <mgmtInvLei>5493006EVJKC1V25UM73</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000020198" sharesOutstandingTickerSymbol="FRMCX"/>
          <sharesOutstanding sharesOutstandingClassName="Advisor Class" sharesOutstandingClassId="C000020197" sharesOutstandingTickerSymbol="FVRMX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R6" sharesOutstandingClassId="C000128826" sharesOutstandingTickerSymbol="FMCVX"/>
        </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>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Franklin Mutual Advisers, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-53068</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000111376</investmentAdviserCrdNo>
            <investmentAdviserLei>549300700KN6X7XAH545</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NJ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</transferAgentName>
            <transferAgentFileNo>084-01036</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>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>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>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <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>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 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>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>Citibank Argentina</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>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>The Bank of New York Mellon</custodianName>
            <custodianLei>N/A</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>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>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>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>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>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>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>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 SA/NV</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</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>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>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>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>Hong Kong 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>The Bank of Tokyo-Mitsubishi UFJ Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</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>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>The Bank of NY 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>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>FRANKLIN TEMPLETON INVESTOR SERVICES, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-01036</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>JPMorgan Chase Bank, N.A.</adminName>
            <adminLei>7H6GLXDRUGQFU57RNE97</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <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>0.00000000</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>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Franklin Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-5889</brokerDealerFileNo>
            <brokerDealerCrdNo>000000332</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4965.12000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wallachbeth Capital LLC</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>5983.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co., LLC</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>549300I7JYZHT7D5CO04</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5463.97000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5103.22999999</grossCommission>
          </broker>
          <broker>
            <brokerName>Piper Sandler &amp; Co.</brokerName>
            <brokerFileNo>8-15204</brokerFileNo>
            <brokerCrdNo>000000665</brokerCrdNo>
            <brokerLei>549300GRQCWQ3XGH0H10</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>6401.48000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Weeden &amp; Co. L.P.</brokerName>
            <brokerFileNo>8-37267</brokerFileNo>
            <brokerCrdNo>000016835</brokerCrdNo>
            <brokerLei>549300OYBLKSN8M8EW67</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>58360.63000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6461.18000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wall Street Access</brokerName>
            <brokerFileNo>8-25936</brokerFileNo>
            <brokerCrdNo>000010012</brokerCrdNo>
            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8129.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Susquehanna Financial Group, LLLP</brokerName>
            <brokerFileNo>8-44325</brokerFileNo>
            <brokerCrdNo>000035865</brokerCrdNo>
            <brokerLei>549300E8QX0ZMRDC2M81</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>3481.48000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Keefe, Bruyette &amp; Woods, Inc.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5654.51000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>125059.28000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of New York Mellon Corp.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>WFLLPEPC7FZXENRZV188</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>143954588.25000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Fiduciary Trust Company International</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>N1YKEWO2IYPRS4742F57</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>474.56000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>143955062.81000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>202553826.50999999</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>2675000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="ROYAL BANK OF CANADA"/>
                <lineOfCreditInstitution creditInstitutionName="MANUFACTURERS AND TRADERS TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="HSBC BANK USA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CREDIT SUISSE AG"/>
                <lineOfCreditInstitution creditInstitutionName="THE TORONTO-DOMINION BANK"/>
                <lineOfCreditInstitution creditInstitutionName="JPMORGAN CHASE BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BANK OF AMERICA, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="CITIBANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="UMB BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="PNC BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="MORGAN STANLEY BANK, N.A."/>
                <lineOfCreditInstitution creditInstitutionName="BANCO BILBAO VIZCAYA ARGENTARIA, S.A."/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NEW YORK MELLON"/>
                <lineOfCreditInstitution creditInstitutionName="WELLS FARGO BANK, NATIONAL ASSOCIATION"/>
                <lineOfCreditInstitution creditInstitutionName="BARCLAYS BANK PLC"/>
                <lineOfCreditInstitution creditInstitutionName="THE BANK OF NOVA SCOTIA"/>
                <lineOfCreditInstitution creditInstitutionName="STATE STREET BANK AND TRUST COMPANY"/>
                <lineOfCreditInstitution creditInstitutionName="DEUTSCHE BANK AG"/>
                <lineOfCreditInstitution creditInstitutionName="STANDARD CHARTERED BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Franklin Florida Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Short Duration Municipal Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="BrandywineGLOBAL - Global High Yield Fund" secFileNo="811-22338"/>
                <creditUser fundName="Western Asset Short Duration High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin International Small Cap Fund" secFileNo="811-10157"/>
                <creditUser fundName="Western Asset SMASh Series Core Completion Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin LifeSmart 2055 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Templeton China World Fund" secFileNo="811-07876"/>
                <creditUser fundName="BrandywineGLOBAL - Corporate Credit Fund" secFileNo="811-06444"/>
                <creditUser fundName="Franklin Floating Rate Master Series" secFileNo="811-09869"/>
                <creditUser fundName="Franklin Growth Opportunities Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin MicroCap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Templeton SMACS: Series H" secFileNo="811-06243"/>
                <creditUser fundName="Templeton Global Smaller Companies Fund" secFileNo="811-03143"/>
                <creditUser fundName="Franklin Rising Dividends Fund" secFileNo="811-04894"/>
                <creditUser fundName="Franklin Emerging Market Debt Opportunities Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Federal Tax-Free Income Fund" secFileNo="811-03395"/>
                <creditUser fundName="Franklin Small Mid-Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Templeton International Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Municipal Green Bond Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin U.S. Government Securities VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Foreign Smaller Companies Series" secFileNo="811-06135"/>
                <creditUser fundName="Western Asset New Jersey Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Global Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Connecticut Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="BrandywineGLOBAL - High Yield Fund" secFileNo="811-06444"/>
                <creditUser fundName="Franklin Growth and Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Growth Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Mutual Shares Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin U.S. Government Securities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Colorado Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin High Income Fund" secFileNo="811-01608"/>
                <creditUser fundName="Templeton Foreign Fund" secFileNo="811-02781"/>
                <creditUser fundName="Templeton Emerging Markets Small Cap Fund" secFileNo="811-08226"/>
                <creditUser fundName="Franklin Minnesota Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Core Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Equity Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="Templeton World Fund" secFileNo="811-02781"/>
                <creditUser fundName="Franklin Mutual Beacon Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin North Carolina Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Total Return Unconstrained Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Mutual Quest Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Utilities Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Michigan Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin California Tax-Free Income Fund" secFileNo="811-02790"/>
                <creditUser fundName="Templeton Growth Fund, Inc." secFileNo="811-04892"/>
                <creditUser fundName="Franklin K2 Alternative Strategies Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin New Jersey Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton Developing Markets VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset SMASh Series Core Plus Completion Fund" secFileNo="811-06740"/>
                <creditUser fundName="Western Asset Massachusetts Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Mutual European Fund" secFileNo="811-05387"/>
                <creditUser fundName="Franklin Federal Intermediate-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Shares VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin LifeSmart 2030 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Pennsylvania Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Global Total Return Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Managed Income fund" secFileNo="811-04986"/>
                <creditUser fundName="Western Asset Ultra-Short Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset High Yield Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Ohio Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Templeton International Climate Change Fund" secFileNo="811-02781"/>
                <creditUser fundName="Western Asset Core Plus VIT Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin LifeSmart 2060 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin New York Intermediate-Term Tax-Free Income Fund " secFileNo="811-04787"/>
                <creditUser fundName="Western Asset Core Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin VolSmart Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Strategic Mortgage Portfolio" secFileNo="811-07288"/>
                <creditUser fundName="Franklin Rising Dividends VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset Intermediate Maturity New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Oregon Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin High Yield Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Income Fund" secFileNo="811-00537"/>
                <creditUser fundName="Franklin Global Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - Alternative Credit Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Focused Growth Fund" secFileNo="811-00537"/>
                <creditUser fundName="Western Asset Oregon Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Small Cap Value VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)" secFileNo="811-22338"/>
                <creditUser fundName="Templeton Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Western Asset SMASh Series C Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin LifeSmart 2025 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Federal Limited-Term Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Templeton SMACS: Series E" secFileNo="811-06243"/>
                <creditUser fundName="Franklin California High Yield Municipal Fund" secFileNo="811-06481"/>
                <creditUser fundName="Western Asset Inflation Indexed Plus Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Low Duration Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Strategic Income Fund" secFileNo="811-06243"/>
                <creditUser fundName="Western Asset Emerging Markets Debt Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Mutual Global Discovery Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Foreign VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Maryland Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Mutual Financial Services Fund" secFileNo="811-05387"/>
                <creditUser fundName="Templeton Global Balanced Fund" secFileNo="811-08226"/>
                <creditUser fundName="Western Asset Short-Term Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Templeton Emerging Markets Bond Fund" secFileNo="811-04706"/>
                <creditUser fundName="Franklin Convertible Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Western Asset SMASh Series M Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin LifeSmart 2035 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Intermediate Maturity California Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Arizona Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin LifeSmart 2050 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - International Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Kentucky Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Municipal High Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Real Estate Securities Fund" secFileNo="811-08034"/>
                <creditUser fundName="Franklin Liberty High Yield Corporate ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin Georgia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Western Asset Income Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Small-Mid Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Massachusetts Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin K2 Long Short Credit Fund" secFileNo="811-22641"/>
                <creditUser fundName="Franklin Adjustable U.S. Government Securities Fund" secFileNo="811-04986"/>
                <creditUser fundName="Western Asset Intermediate-Term Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Missouri Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Alabama Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Natural Resources Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Large Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual U.S. Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Fixed Income Portfolio Fund" secFileNo="811-22801"/>
                <creditUser fundName="BrandywineGLOBAL - Flexible Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Liberty Senior Loan ETF" secFileNo="811-23124"/>
                <creditUser fundName="Franklin LifeSmart 2045 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Payout 2022 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Global Real Estate VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Templeton Global Bond VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Templeton SMACS: Series CH" secFileNo="811-06243"/>
                <creditUser fundName="Franklin International Growth Fund" secFileNo="811-10157"/>
                <creditUser fundName="Franklin Conservative Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset New York Municipals Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Gold and Precious Metals Fund" secFileNo="811-01700"/>
                <creditUser fundName="Franklin Corefolio Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset Variable Global High Yield Bond Portfolio" secFileNo="811-06310"/>
                <creditUser fundName="Franklin Allocation VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Flex Cap Growth VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Pennsylvania Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Dynatech Fund" secFileNo="811-00537"/>
                <creditUser fundName="Templeton Developing Markets Trust" secFileNo="811-06378"/>
                <creditUser fundName="Western Asset Corporate Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset Global High Yield Bond Fund" secFileNo="811-04254"/>
                <creditUser fundName="Franklin Payout 2021 Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Templeton SMACS: Series I" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Tennessee Municipal Bond Fund" secFileNo="811-06481"/>
                <creditUser fundName="Franklin Louisiana Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Strategic Income VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Mutual Global Discovery VIP Fund" secFileNo="811-05583"/>
                <creditUser fundName="Franklin Total Return Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin LifeSmart Retirement Income Fund" secFileNo="811-07851"/>
                <creditUser fundName="Western Asset SMASh Series TF Fund" secFileNo="811-06740"/>
                <creditUser fundName="Franklin New York Tax-Free Income Fund" secFileNo="811-03479"/>
                <creditUser fundName="Franklin Equity Income Fund" secFileNo="811-04986"/>
                <creditUser fundName="Franklin LifeSmart 2020 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - Global Opportunities Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="International Equity Series" secFileNo="811-06135"/>
                <creditUser fundName="Western Asset Macro Opportunities Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin Small Cap Growth Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Biotechnology Discovery Fund" secFileNo="811-06243"/>
                <creditUser fundName="Franklin Small Cap Value Fund" secFileNo="811-05878"/>
                <creditUser fundName="Franklin Moderate Allocation Fund" secFileNo="811-07851"/>
                <creditUser fundName="Franklin Virginia Tax-Free Income Fund" secFileNo="811-04149"/>
                <creditUser fundName="Franklin Floating Rate Daily Access Fund" secFileNo="811-04986"/>
                <creditUser fundName="Western Asset Mortgage Total Return Fund" secFileNo="811-04254"/>
                <creditUser fundName="Western Asset Intermediate Bond Fund" secFileNo="811-06110"/>
                <creditUser fundName="Franklin California Intermediate Term Tax-Free Income Fund" secFileNo="811-04356"/>
                <creditUser fundName="Franklin LifeSmart 2040 Retirement Target Fund" secFileNo="811-07851"/>
                <creditUser fundName="BrandywineGLOBAL - Global Unconstrained Bond Fund" secFileNo="811-22338"/>
                <creditUser fundName="Franklin Floating Rate Income fund" secFileNo="811-09869"/>
                <creditUser fundName="Western Asset Managed Municipals Fund" secFileNo="811-04254"/>
              </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 Value Investors Trust" signedDate="2022-01-06" signature="Jeffrey W. White" title="Assistant Treasurer"/>
  </formData>
</edgarSubmission>
