FRANKLIN UNIVERSAL TRUST — Audit Report / Information 2019

40-17F2 1 fut_17f2-113019.htm fut_17f2-113019.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-17F-2

CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR

INVESTMENTS IN THE CUSTODY OF

MANAGEMENT INVESTMENT COMPANIES

PURSUANT TO RULE N-17F-2 [17 CFR 270.17F-2]

| 1. Investment
Company Act File Number: | | | | | |
| --- | --- | --- | --- | --- | --- |
| 811
-05569 | | | November
19, 2020 | | |
| 2. State
Identification Number: | | | | | |
| AL | AK | AZ | AR | CA | CO |
| CT | DE | DC | FL | GA | HI |
| ID | IL | IN | IA | KS | KY |
| LA | ME | MD | MA | MI | MN |
| MS | MO | MT | NE | NV | NH |
| NJ | NM | NY | NC | ND | OH |
| OK | OR | PA | RI | SC | SD |
| TN | TX | UT | VT | VA | WA |
| WV | WI | WY | PUERTO RICO | | |
| 3. Exact name of
investment company as specified in registration statement: | | | | | |
| Franklin Universal
Trust | | | | | |
| 4. Address of
principal executive office: (number, street, city, state, zip code) | | | | | |
| One Franklin Parkway, San Mateo, CA 94403 | | | | | |

[PWC LOGO]

Report of Independent Accountants

To the Board of Trustees and Management of:

| Franklin Custodian
Funds |
| --- |
| Franklin ETF Trust |
| Franklin Fund Allocator
Series |
| Franklin Floating
Rate Master Trust |
| Franklin Global
Trust |
| Franklin Gold and
Precious Metals Fund |
| Franklin High
Income Trust |
| Franklin Investors
Securities Trust |
| Franklin Limited
Duration Income Trust |
| Franklin Managed
Trust |
| Franklin Real
Estate Securities Trust |
| Franklin Strategic
Mortgage Portfolio |
| Franklin Strategic
Series |
| Franklin Templeton
ETF Trust |
| Franklin Templeton
Variable Insurance Products Trust |
| Franklin Universal
Trust |
| Franklin U.S.
Government Money Fund Trust |
| Institutional
Fiduciary Trust |
| Templeton China
World Fund |
| Templeton
Developing Markets Trust |
| Templeton Emerging
Markets Fund |
| Templeton Emerging
Markets Income Fund |
| Templeton Funds |
| Templeton Global
Income Fund |
| Templeton Global
Investment Trust |
| Templeton Global
Smaller Companies Fund |
| Templeton Income
Trust |
| Templeton
Institutional Funds |

and the Board of Directors and Management of:

| Templeton Dragon
Fund, Inc. |
| --- |
| Templeton Growth
Fund, Inc. |

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the Funds listed in Attachment A (collectively, the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) as of November 30, 2019. The Funds’ management is responsible for its assertion and the Funds’ compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of November 30, 2019, and with respect to agreement of security purchases and sales, for the period from May 31, 2019 (see Attachment A for details) through November 30, 2019:

· Without prior notice to management, confirmation of all securities held by Franklin Templeton Investors Services, Inc., (the “Transfer Agent”), as they pertain to the security positions owned by the Funds and held in book entry form

· Reconciliation of all such securities to the books and records of the Funds and the Transfer Agent

· Agreement of 55 security purchases and 55 security sales across the Funds since our last report from the books and records of the Funds to the records of the Transfer Agent

We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Funds' compliance with specified requirements.

In our opinion, management's assertion that the Funds listed in Attachment A complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2019 with respect to securities reflected in the investment accounts of the Funds is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Trustees or Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/PRICEWATERHOUSECOOPERS, LLP

November 19, 2020

PricewaterhouseCoopers LLP, 405 Howard Street Suite 600, San Francisco, California 94105

T: +1(415) 598 5000, F: +1(415) 498 7000, www.pwc.com

| Attachment A | Examination
Period |
| --- | --- |
| Templeton
Global Investment Trust: | |
| Templeton Emerging
Markets Small Cap Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Frontier
Markets Fund a | May 31, 2019 – November
30, 2019 |
| Templeton Global
Balanced Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Real Estate Securities Trust: | |
| Franklin Real
Estate Securities Fund | May 31, 2019 –
November 30, 2019 |
| Franklin
Strategic Series: | |
| Franklin
Biotechnology Discovery Fund | May 31, 2019 –
November 30, 2019 |
| Franklin Flexible
Alpha Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Select
U.S. Equity Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Opportunities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Natural
Resources Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small Cap
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small-Mid
Cap Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Strategic
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series E b | June 31, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series H b | June 31, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series I b | June 31, 2019 –
November 30, 2019 |
| Franklin
High Income Trust: | |
| Franklin High
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Institutional
Fiduciary Trust: | |
| Money Market
Portfolio a | May 31, 2019 –
November 30, 2019 |
| Franklin
Global Trust: | |
| Franklin Emerging
Market Debt Opportunities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
International Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
U.S. Government Money Fund Trust | |
| Franklin U.S.
Government Money Fund c | May 31, 2019 –
November 30, 2019 |
| Franklin
Gold and Precious Metals Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Universal Trust a | May 31, 2019 – November
30, 2019 |
| Templeton
China World Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Emerging Markets Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Emerging Markets Income Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Funds: | |
| Templeton Foreign
Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
International Climate Change Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Global Income Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Global Smaller Companies Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Growth Fund, Inc. a | May 31, 2019 –
November 30, 2019 |
| Templeton
Income Trust: | |
| Templeton Emerging
Markets Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Total Return Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
International Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Custodian Funds: | |
| Franklin DynaTech
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Income
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin U.S.
Government Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Utilities
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Focused
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Strategic Mortgage Portfolio | May 31, 2019 –
November 30, 2019 |
| Franklin
Investors Securities Trust: | |
| Franklin
Adjustable U.S. Government Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Convertible Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Equity
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Floating
Rate Daily Access Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Low
Duration Total Return Fund a a | May 31, 2019 –
November 30, 2019 |
| Franklin Managed
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Real
Return Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Total
Return Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Developing Markets Trust a | May 31, 2019 –
November 30, 2019 |
| Franklin
Fund Allocator Series: | |
| Franklin
Conservative Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Corefolio
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Founding
Funds Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
Retirement Income Fund | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2020 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2025 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2030 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2035 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2040 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2045 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2050 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2055 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Moderate
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Conservative Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Moderate Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2019 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2020 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2021 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2022 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Templeton Variable Insurance Products Trust: | |
| Franklin Flex Cap
Growth VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Founding
Funds Allocation VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Income
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Large Cap
Growth VIP Fund c | May 31, 2019 –
November 30, 2019 |
| Franklin Mutual
Global Discovery VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Mutual
Shares VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Rising
Dividends VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small Cap
Value VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small-Mid
Cap Growth VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Strategic
Income VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin VolSmart
Allocation VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Developing Markets VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Foreign
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Growth
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Bond VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Dragon Fund, Inc. a | May 31, 2019 –
November 30, 2019 |
| Templeton
Institutional Funds: | |
| Foreign Small
Companies Series c | May 31, 2019 –
November 30, 2019 |
| International
Equity Series a | May 31, 2019 –
November 30, 2019 |
| Franklin ETF
Trust: | |
| Franklin Liberty
Short Duration U.S. Government ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin
Floating Rate Master Trust: | |
| Franklin Floating
Rate Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Floating
Rate Master Series a | May 31, 2019 –
November 30, 2019 |
| Franklin
Limited Duration Income Trust a | May 31, 2019 –
November 30, 2019 |
| Franklin
Managed Trust: | |
| Franklin Rising
Dividends Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Templeton ETF Trust: | |
| Franklin LibertyQ
Emerging Markets ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
Global Equity ETF c | May 31, 2019 – November
30, 2019 |
| Franklin LibertyQ
Small Cap Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
Mid Cap Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
U.S. Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE Asia
ex Japan ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Europe Hedged ETF C | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Japan ETF C | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Japan Hedged ETF c | May 31, 2019 – November
30, 2019 |
| Franklin FTSE
South Korea ETF a | May 31, 2019 –
November 30, 2019 |

Legend:

a: May 31, 2019 represents the date of our last examination.

b: Fund incepted on June 3, 2019 which falls in between the beginning and ending dates of the current count.

c: Fund was not in scope for the May 31, 2019 examination.

Management Statement Regarding Compliance with Certain

Provisions of the Investment Company Act of 1940

We, as members of management of the Franklin Templeton Funds indicated in Attachment I (the “Funds”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds’ compliance with the requirements of subsection (b) of Rule 17f-2 as of November 30, 2019, and for the periods indicated in Attachment I.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) of Rule 17f-2 as of November 30, 2019, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.

By:

/s/GASTON GARDEY

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer

Franklin Funds Board

Date November 19, 2020

/s/ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

Templeton, New Jersey and Alternative Strategies Funds Board

Date November 19, 2020

/s/MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date November 19, 2020

| Attachment I | Examination
Period |
| --- | --- |
| Templeton
Global Investment Trust: | |
| Templeton Emerging
Markets Small Cap Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Frontier
Markets Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Balanced Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Real Estate Securities Trust: | |
| Franklin Real
Estate Securities Fund | May 31, 2019 –
November 30, 2019 |
| Franklin
Strategic Series: | |
| Franklin
Biotechnology Discovery Fund | May 31, 2019 –
November 30, 2019 |
| Franklin Flexible
Alpha Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Select
U.S. Equity Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Opportunities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Natural
Resources Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small Cap
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small-Mid
Cap Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Strategic
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series E b | June 3, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series H b | June 3, 2019 –
November 30, 2019 |
| Franklin Templeton
SMACS Series I b | June 3, 2019 –
November 30, 2019 |
| Franklin
High Income Trust: | |
| Franklin High
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Institutional
Fiduciary Trust: | |
| Money Market
Portfolio a | May 31, 2019 –
November 30, 2019 |
| Franklin
Global Trust: | |
| Franklin Emerging
Market Debt Opportunities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
International Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
U.S. Government Money Fund Trust | |
| Franklin U.S.
Government Money Fund c | May 31, 2019 –
November 30, 2019 |
| Franklin
Gold and Precious Metals Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Universal Trust a | May 31, 2019 –
November 30, 2019 |
| Templeton
China World Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Emerging Markets Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Emerging Markets Income Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Funds: | |
| Templeton Foreign
Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
International Climate Change Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Global Income Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global Smaller Companies Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Growth Fund, Inc. a | May 31, 2019 –
November 30, 2019 |
| Templeton
Income Trust: | |
| Templeton Emerging
Markets Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Total Return Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
International Bond Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Custodian Funds: | |
| Franklin DynaTech
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Income
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin U.S.
Government Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Utilities
Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Focused
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Strategic Mortgage Portfolio | May 31, 2019 –
November 30, 2019 |
| Franklin
Investors Securities Trust: | |
| Franklin
Adjustable U.S. Government Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Convertible Securities Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Equity
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Floating
Rate Daily Access Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Low
Duration Total Return Fund a a | May 31, 2019 –
November 30, 2019 |
| Franklin Managed
Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Real
Return Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Total
Return Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Developing Markets Trust a | May 31, 2019 –
November 30, 2019 |
| Franklin
Fund Allocator Series: | |
| Franklin
Conservative Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Corefolio
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Founding
Funds Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Growth
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
Retirement Income Fund | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2020 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2025 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2030 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2035 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2040 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2045 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2050 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin LifeSmart
2055 Retirement Target Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Moderate
Allocation Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Conservative Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Moderate Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin NextStep
Growth Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2019 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2020 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2021 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Payout
2022 Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Templeton Variable Insurance Products Trust: | |
| Franklin Flex Cap
Growth VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Founding
Funds Allocation VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Income
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Large Cap
Growth VIP Fund c | May 31, 2019 –
November 30, 2019 |
| Franklin Mutual
Global Discovery VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Mutual
Shares VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Rising
Dividends VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small Cap
Value VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Small-Mid
Cap Growth VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Strategic
Income VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin VolSmart
Allocation VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Developing Markets VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Foreign
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Growth
VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton Global
Bond VIP Fund a | May 31, 2019 –
November 30, 2019 |
| Templeton
Dragon Fund, Inc. a | May 31, 2019 –
November 30, 2019 |
| Templeton
Institutional Funds: | |
| Foreign Small
Companies Series c | May 31, 2019 –
November 30, 2019 |
| International
Equity Series a | May 31, 2019 –
November 30, 2019 |
| Franklin ETF
Trust: | |
| Franklin Liberty
Short Duration U.S. Government ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin
Floating Rate Master Trust: | |
| Franklin Floating
Rate Income Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin Floating
Rate Master Series a | May 31, 2019 –
November 30, 2019 |
| Franklin
Limited Duration Income Trust a | May 31, 2019 –
November 30, 2019 |
| Franklin
Managed Trust: | |
| Franklin Rising
Dividends Fund a | May 31, 2019 –
November 30, 2019 |
| Franklin
Templeton ETF Trust: | |
| Franklin LibertyQ
Emerging Markets ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
Global Equity ETF c | May 31, 2019 – November
30, 2019 |
| Franklin LibertyQ
Small Cap Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
Mid Cap Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin LibertyQ
U.S. Equity ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE Asia
ex Japan ETF a | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Europe Hedged ETF C | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Japan ETF C | May 31, 2019 –
November 30, 2019 |
| Franklin FTSE
Japan Hedged ETF c | May 31, 2019 – November
30, 2019 |
| Franklin FTSE
South Korea ETF a | May 31, 2019 –
November 30, 2019 |

Legend:

a: May 31, 2019 represents the date of our last examination.

b: Fund incepted on June 3, 2019 which falls in between the beginning and ending dates of the current count.

c: Fund was not in scope for the May 31, 2019 examination.